Amalgamated Financial Corp. Reports Second Quarter 2025 Financial Results; Solid Deposit and Loan Growth; Strong Margin at 3.55%

Common Equity Tier 1 Capital Ratio of 14.13% | Tangible Book Value per Share of $24.33 NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Highlights (on a linked quarter basis) Net income of $26.0 million, or $0.84 per diluted share, compared to $25.0 million, or $0.81 per diluted share.Core net income1 of $27.0 million, or $0.88 per diluted share, compared to $27.1 million, or $0.88 per diluted share. Deposits and Liquidity On-balance sheet deposits increased $321.2 million, or 4.3%, to $7.7 billion.Excluding $112.3 million of temporary pension funding deposits received on the last day of the quarter and withdrawn on the following day, total deposits increased $208.9 million, or 2.8%, to $7.6 billion.Off-balance sheet deposits were $41.4 million at the end of the quarter.Political deposits increased $136.5 million, or 13%, to $1.2 billion, which includes both on and off-balance sheet deposits.Average cost of deposits, increased 3 basis points to 162 basis points, where non-interest-bearing deposits comprised 36% of total deposits. Assets and Margin Net interest margin remained unchanged at 3.55%.Net interest income grew $2.3 million, or 3.3%, to $72.9 million.Net loans receivable increased $35.5 million, or 0.8%, to $4.7 billion.Net loans in growth mode (commercial and industrial, commercial real estate, and multifamily) increased $60.8 million or 2.1%.Total PACE assessments grew $16.3 million, or 1.4%, to $1.2 billion.The multifamily and commercial real estate loan portfolios totaled $1.8 billion and had a concentration of 202% to total risk based capital. Capital and Returns Tier 1 leverage ratio remained constant at 9.22% and Common Equity Tier 1 ratio was 14.13%.Tangible common equity1 ratio decreased 13 basis points to 8.60% due to a larger balance sheet.Tangible book value per share1 increased $0.82, or 3.5%, to $24.33, and has increased $7.00, or 40.4% since September 2021.Core return on average tangible common equity1 of 14.90% and core return on average assets1 of 1.28%. Share Repurchase Repurchased approximately 327,000 shares, or $9.7 million of common stock, through June 30, 2025, with $30.3 million in remaining capacity under the share repurchase program approved on March 10, 2025.Approximately 74,000 shares have been repurchased from July 1 through July 22, 2025. 1 Definitions are presented under “Non-GAAP Financial Measures”. Reconciliations of non-GAAP financial measures to the most comparable GAAP measure are set forth on the last page of the financial information accompanying this press release and may also be found on the Company’s website, www.amalgamatedbank.com. Priscilla Sims Brown, President and Chief Executive Officer, commented, “We are achieving our results because our banking model is flexible. We have many levers we can pull to drive performance and that creates reliability and predictability for our shareholders, customers, and employees.” Second Quarter Earnings Net income was $26.0 million, or $0.84 per diluted share, compared to $25.0 million, or $0.81 per diluted share, for the prior quarter. The $1.0 million increase during the quarter was primarily driven by a scheduled $2.6 million increase in non-core income related to solar tax equity investments, a $2.3 million increase in net interest income, and a $1.1 million decrease in non-interest expense. This was partially offset by a $4.3 million increase in provision for credit losses, the effect from a $0.8 million net valuation gain on residential loans sold during the previous quarter, and a $0.4 million increase in losses on sales of securities and other assets compared to the linked quarter. Core net income1 was $27.0 million, or $0.88 per diluted share, compared to $27.1 million, or $0.88 per diluted share for the prior quarter. Excluded from core net income for the quarter, pre-tax, was $1.0 million of losses on the sale of securities and other assets, $0.3 million of scheduled accelerated depreciation from solar tax equity investments, $0.1 million of severance costs, and $0.1 million of ICS One-Way Sell fee income. Excluded from core net income for the first quarter of 2025, pre-tax, was $2.9 million of accelerated depreciation from solar tax equity investments, a $0.8 million net valuation gain from residential loans sold during the quarter, and $0.7 million of losses on the sale of securities. Net interest income was $72.9 million, compared to $70.6 million for the prior quarter. Loan interest income increased $0.9 million and loan yields increased 5 basis points despite a $35.6 million decrease in average loan balances, primarily due to completion of a residential loan pool sale in the prior quarter. In addition, commercial loan originations were offset by paydowns and payoffs on lower-yielding commercial and residential loans. Interest income on securities increased $2.0 million driven by an increase in the average balance of securities of $141.2 million despite a slight decline in securities yields of 4 basis points. Interest expense on total interest-bearing deposits increased $1.7 million driven primarily by an increase in the average balance of total interest-bearing deposits of $201.0 million, while interest-bearing deposits cost remained flat. Net interest margin was 3.55%, the same as the prior quarter largely due to a higher average balance of interest-bearing deposits as noted above, which resulted in a slightly higher blended cost of funds. This offset the interest income generated by the higher average balance of securities and modestly higher loan yields. Additionally, income from prepayment penalties had a one basis point impact on net interest margin in the current quarter, compared to no impact in the prior quarter. Provision for credit losses was an expense of $4.9 million, compared to an expense of $0.6 million in the prior quarter. The increase in the second quarter was primarily driven by a $2.3 million increase in reserve for one syndicated commercial and industrial loan as well as the macroeconomic forecasts used in the CECL model, primarily related to the consumer solar loan portfolio, which can be volatile. Non-interest income was $8.0 million, compared to $6.4 million in the prior quarter. Excluding all non-core income adjustments noted above, core non-interest income1 was $9.3 million, compared to $9.1 million in the prior quarter. The increase was primarily related to higher commercial banking fees, partially offset by lower income from Trust fees. Non-interest expense was $40.6 million, a decrease of $1.1 million from the prior quarter. Core non-interest expense1 was $40.4 million, also a decrease of $1.1 million from the prior quarter. This was mainly driven by a $1.5 million decrease in professional fees, partially offset by a $0.4 million increase in advertising expense. Provision for income tax expense was $9.5 million, compared to $9.7 million for the prior quarter. The effective tax rate was 26.7%, compared to 28.0% in the prior quarter. The California single-sales factor apportionment law was adopted during the quarter which resulted in an increase in the California state tax rate. A discrete tax benefit was recognized during the current quarter for the remeasurement of deferred tax assets reducing the quarterly effective tax rate. Going forward, the tax rate is expected to be 27.3%. The prior quarter effective tax rate was impacted by discrete tax items related to a city and state tax examination. Adjusted, the current quarter effective tax rate was 27.3% compared to 27.0% for the prior quarter. Balance Sheet Quarterly Summary Total assets were $8.6 billion at June 30, 2025, a $336.1 million or a 4% increase compared to $8.3 billion at March 31, 2025. On the last day of the quarter, the balance sheet was impacted by $112.3 million of temporary pension funding deposits that were withdrawn the following day. Adjusted, total assets were $8.5 billion, in line with our target for the quarter. Notable changes within individual balance sheet line items include a $177.6 million increase in securities and a $35.5 million increase in net loans receivable. On the liabilities side, on-balance sheet deposits increased by $321.2 million or $208.9 million when adjusted for the temporary deposits noted above. Off-balance sheet deposits decreased by $173.1 million in the quarter. Equity grew by $18.0 million. Total net loans receivable at June 30, 2025 were $4.7 billion, an increase of $35.5 million, or 0.8% for the quarter. A balanced increase in loans was primarily driven by a $34.2 million increase in multifamily loans, a $13.5 million increase in commercial and industrial loans, and a $13.1 million increase in commercial real estate loans, all in our identified growth portfolios. This was partially offset by a $11.0 million decrease in consumer solar loans, and a $11.8 million decrease in residential loans, both being non-growth portfolios. During the quarter, criticized or classified loans increased $13.9 million, largely related to the downgrades of four commercial and industrial loans totaling $9.7 million, the downgrade of one multifamily loan totaling $2.8 million, additional downgrades of small business loans totaling $1.0 million, and an increase of $2.1 million in residential and consumer substandard loans. This was partially offset by charge-offs of small business loans totaling $1.1 million, and an upgrade of one $0.1 million small business loan. Total on-balance sheet deposits at June 30, 2025 were $7.7 billion, an increase of $321.2 million, or 4.3%, during the quarter. Including accounts currently held off-balance sheet, deposits held by politically active customers, such as campaigns, PACs, advocacy-based organizations, and state and national party committees were $1.2 billion as of June 30, 2025, an increase of $136.5 million during the quarter. Non-interest-bearing deposits represented 38% of average total deposits and 36% of ending total deposits for the quarter, contributing to an average cost of total deposits of 162 basis points. Super-core deposits1 totaled approximately $4.2 billion, had a weighted average life of 18 years, and comprised 54% of total deposits. Total uninsured deposits were $3.9 billion, comprising 50% of total deposits. Nonperforming assets totaled $35.2 million, or 0.41% of period-end total assets at June 30, 2025, an increase of $1.3 million, compared with $33.9 million, or 0.41% on a linked quarter basis. The increase in nonperforming assets was primarily driven by a $2.4 million increase in residential non-accrual loans, partially offset by a $0.3 million decrease in commercial and industrial nonaccrual loans, a $0.3 million decrease in consumer solar nonaccrual loans, and a $0.5 million decrease in nonaccrual loans held for sale compared to the prior quarter. During the quarter, the allowance for credit losses on loans increased $1.3 million to $59.0 million. The ratio of allowance to total loans was 1.25%, an increase of 2 basis points from 1.23% in the first quarter of 2025. This is primarily due to an increase of $2.3 million in reserves for one commercial and industrial loan, along with increases in provision related to the macroeconomic forecasts used in the CECL model. The loan associated with the increased reserve is a commercial and industrial business loan to an originator of consumer loans for renewable energy efficiency improvements. During the quarter, $2.5 million of debtor-in-possession (“DIP”) financing was put in place, a portion of which was advanced and increased our outstanding exposure from $8.3 million to $9.3 million as of June 30, 2025. Additionally, during the third quarter, the remainder of the DIP financing was advanced bringing the total exposure to $10.8 million as of the date of this earnings release. While there remains collateral value, the situation with this loan is fluid and could result in further reserves as the workout progresses. Capital Quarterly Summary As of June 30, 2025, the Common Equity Tier 1 Capital ratio was 14.13%, the Total Risk-Based Capital ratio was 16.43%, and the Tier 1 Leverage Capital ratio was 9.22%, compared to 14.27%, 16.61% and 9.22%, respectively, as of March 31, 2025. Stockholders’ equity at June 30, 2025 was $754.0 million, an increase of $18.0 million during the quarter. The increase in stockholders’ equity was primarily driven by $26.0 million of net income for the quarter and a $4.3 million improvement in accumulated other comprehensive loss due to the tax-effected mark-to-market on available for sale securities, offset by $9.7 million in share buybacks and $4.4 million in dividends paid at $0.14 per outstanding share. Tangible book value per share1 was $24.33 as of June 30, 2025 compared to $23.51 as of March 31, 2025. Tangible common equity1 improved to 8.60% of tangible assets, compared to 8.73% as of March 31, 2025. Conference Call As previously announced, Amalgamated Financial Corp. will host a conference call to discuss its second quarter 2025 results today, July 24, 2025 at 11:00am (Eastern Time). The conference call can be accessed by dialing 1-877-407-9716 (domestic) or 1-201-493-6779 (international) and asking for the Amalgamated Financial Corp. Second Quarter 2025 Earnings Call. A telephonic replay will be available approximately two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671 and providing the access code 13754662. The telephonic replay will be available until July 31, 2025. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at https://ir.amalgamatedbank.com/. The online replay will remain available for a limited time beginning immediately following the call. The presentation materials for the call can be accessed on the investor relations section of the Company’s website at https://ir.amalgamatedbank.com/. About Amalgamated Financial Corp. Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country's oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of June 30, 2025, total assets were $8.6 billion, total net loans were $4.7 billion, and total deposits were $7.7 billion. Additionally, as of June 30, 2025, the trust business held $36.5 billion in assets under custody and $15.6 billion in assets under management. Non-GAAP Financial Measures This release (and the accompanying financial information and tables) refer to certain non-GAAP financial measures including, without limitation, “Core operating revenue,” “Core non-interest expense,” “Core non-interest income,” “Core net income,” “Tangible common equity,” “Average tangible common equity,” “Core return on average assets,” “Core return on average tangible common equity,” and “Core efficiency ratio.” Management utilizes this information to compare operating performance for June 30, 2025 versus certain periods in 2025 and 2024 and to prepare internal projections. The Company believes these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of operating performance. In addition, because intangible assets such as goodwill and other discrete items unrelated to core business, which are excluded, vary extensively from company to company, the Company believe that the presentation of this information allows investors to more easily compare results to those of other companies. The presentation of non-GAAP financial information, however, is not intended to be considered in isolation or as a substitute for GAAP financial measures. The Company strongly encourage readers to review the GAAP financial measures included in this release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this release with other companies’ non-GAAP financial measures having the same or similar names. Reconciliations of non-GAAP financial disclosures to comparable GAAP measures found in this release are set forth in the final pages of this release and also may be viewed on the Company’s website, amalgamatedbank.com. Terminology Certain terms used in this release are defined as follows: “Core efficiency ratio” is defined as “Core non-interest expense” divided by “Core operating revenue.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is an efficiency ratio calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income. “Core net income” is defined as net income after tax excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, costs related to branch closures, restructuring/severance costs, acquisition costs, tax credits and accelerated depreciation on solar equity investments, and taxes on notable pre-tax items. The Company believes the most directly comparable GAAP financial measure is net income. “Core non-interest expense” is defined as total non-interest expense excluding costs related to branch closures, and restructuring/severance. The Company believes the most directly comparable GAAP financial measure is total non-interest expense. “Core non-interest income” is defined as total non-interest income excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, and tax credits and accelerated depreciation on solar equity investments. The Company believes the most directly comparable GAAP financial measure is non-interest income. “Core operating revenue” is defined as total net interest income plus “core non-interest income”. The Company believes the most directly comparable GAAP financial measure is the total of net interest income and non-interest income. “Core return on average assets” is defined as “Core net income” divided by average total assets. The Company believes the most directly comparable performance ratio derived from GAAP financial measures is return on average assets calculated by dividing net income by average total assets. “Core return on average tangible common equity” is defined as “Core net income” divided by average “tangible common equity.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is return on average equity calculated by dividing net income by average total stockholders’ equity. “Super-core deposits” are defined as total deposits from commercial and consumer customers, with a relationship length of greater than 5 years. The Company believes the most directly comparable GAAP financial measure is total deposits. “Tangible assets” are defined as total assets excluding, as applicable, goodwill and core deposit intangibles. The Company believes the most directly comparable GAAP financial measure is total assets. “Tangible common equity”, and “Tangible book value” are defined as stockholders’ equity excluding, as applicable, minority interests, goodwill and core deposit intangibles. The Company believes that the most directly comparable GAAP financial measure is total stockholders’ equity. "Traditional securities" is defined as total investment securities excluding PACE assessments. The Company believes the most directly comparable GAAP financial measure is total investment securities. Forward-Looking Statements Statements included in this release that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act, Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified through the use of forward-looking terminology such as “may,” “will,” “anticipate,” “aspire,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “in the future,” “may” and “intend,” as well as other similar words and expressions of the future. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, any or all of which could cause actual results to differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: uncertain conditions in the banking industry and in national, regional and local economies in core markets, which may have an adverse impact on business, operations and financial performance;deterioration in the financial condition of borrowers resulting in significant increases in credit losses and provisions for those losses;deposit outflows and subsequent declines in liquidity caused by factors that could include lack of confidence in the banking system, a deterioration in market conditions or the financial condition of depositors;changes in deposits, including an increase in uninsured deposits;ability to maintain sufficient liquidity to meet deposit and debt obligations as they come due, which may require that the Company sell investment securities at a loss, negatively impacting net income, earnings and capital;unfavorable conditions in the capital markets, which may cause declines in stock price and the value of investments;negative economic and political conditions that adversely affect the general economy, housing prices, the real estate market, the job market, consumer confidence, the financial condition of borrowers and consumer spending habits, which may affect, among other things, the level of non-performing assets, charge-offs and provision expense;fluctuations or unanticipated changes in the interest rate environment including changes in net interest margin or changes in the yield curve that affect investments, loans or deposits;the general decline in the real estate and lending markets, particularly in commercial real estate in the Company’s market areas, and the effects of the enactment of or changes to rent-control and other similar regulations on multi-family housing;potential implementation by the current presidential administration of a regulatory reform agenda that is significantly different from that of the prior presidential administration, impacting the rule making, supervision, examination and enforcement of the banking regulation agencies;changes in U.S. trade policies and other global political factors beyond the Company’s control, including the imposition of tariffs, which raise economic uncertainty, potentially leading to slower growth and a decrease in loan demand;the outcome of legal or regulatory proceedings that may be instituted against us;inability to achieve organic loan and deposit growth and the composition of that growth;composition of the Company’s loan portfolio, including any concentration in industries or sectors that may experience unanticipated or anticipated adverse conditions greater than other industries or sectors in the national or local economies in which the Company operates;inaccuracy of the assumptions and estimates the Company makes and policies that the Company implements in establishing the allowance for credit losses;changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments;any matter that would cause the Company to conclude that there was impairment of any asset, including intangible assets;limitations on the ability to declare and pay dividends;the impact of competition with other financial institutions, including pricing pressures and the resulting impact on results, including as a result of compression to net interest margin;increased competition for experienced members of the workforce including executives in the banking industry;a failure in or breach of operational or security systems or infrastructure, or those of third party vendors or other service providers, including as a result of unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches;increased regulatory scrutiny and exposure from the use of “big data” techniques, machine learning, and artificial intelligence;a downgrade in the Company’s credit rating;“greenwashing claims” against the Company and environmental, social, and governance (“ESG”) products and increased scrutiny and political opposition to ESG and diversity, equity, and inclusion (“DEI”) practices;any unanticipated or greater than anticipated adverse conditions (including the possibility of earthquakes, wildfires, and other natural disasters) affecting the markets in which the Company operates;physical and transitional risks related to climate change as they impact the business and the businesses that the Company finances;future repurchase of the Company’s shares through the Company’s common stock repurchase program; anddescriptions of assumptions underlying or relating to any of the foregoing. Additional factors which could affect the forward-looking statements can be found in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available on the SEC's website at https://www.sec.gov/. The Company disclaims any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law. Investor Contact:Jamie LillisSolebury Strategic Communicationsshareholderrelations@amalgamatedbank.com800-895-4172 Consolidated Statements of Income (unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, ($ in thousands)2025 2025 2024 2025 2024 INTEREST AND DIVIDEND INCOME Loans$58,723 $57,843 $51,293 $116,566 $103,245 Securities 43,737 41,653 44,978 85,390 87,368 Interest-bearing deposits in banks 1,639 1,194 2,690 2,833 5,282 Total interest and dividend income 104,099 100,690 98,961 204,789 195,895 INTEREST EXPENSE Deposits 30,593 28,917 28,882 59,510 54,773 Borrowed funds 597 1,196 887 1,793 3,893 Total interest expense 31,190 30,113 29,769 61,303 58,666 NET INTEREST INCOME 72,909 70,577 69,192 143,486 137,229 Provision for credit losses 4,890 596 3,161 5,486 4,749 Net interest income after provision for credit losses 68,019 69,981 66,031 138,000 132,480 NON-INTEREST INCOME Trust Department fees 3,879 4,191 3,657 8,069 7,511 Service charges on deposit accounts 3,873 3,438 8,614 7,311 14,750 Bank-owned life insurance income 796 626 615 1,422 1,224 Losses on sale of securities and other assets (1,041) (680) (2,691) (1,721) (5,465) Gain (loss) on sale of loans and changes in fair value on loans held-for-sale, net 18 832 69 850 116 Equity method investments income (loss) 51 (2,508) (1,551) (2,458) 521 Other income 449 507 545 957 830 Total non-interest income 8,025 6,406 9,258 14,430 19,487 NON-INTEREST EXPENSE Compensation and employee benefits 23,240 23,314 23,045 46,554 45,318 Occupancy and depreciation 3,476 3,293 3,379 6,768 6,283 Professional fees 3,283 4,739 2,332 8,022 4,708 Technology 5,485 5,619 4,786 11,103 9,415 Office maintenance and depreciation 570 629 580 1,199 1,243 Amortization of intangible assets 144 144 182 287 365 Advertising and promotion 412 51 1,175 463 2,394 Federal deposit insurance premiums 900 900 1,050 1,800 2,100 Other expense 3,074 2,961 2,983 6,038 5,838 Total non-interest expense 40,584 41,650 39,512 82,234 77,664 Income before income taxes 35,460 34,737 35,777 70,196 74,303 Income tax expense 9,471 9,709 9,024 19,179 20,301 Net income$25,989 $25,028 $26,753 $51,017 $54,002 Earnings per common share - basic$0.85 $0.82 $0.88 $1.67 $1.77 Earnings per common share - diluted$0.84 $0.81 $0.87 $1.65 $1.75 Consolidated Statements of Financial Condition ($ in thousands)June 30, 2025 March 31, 2025 December 31, 2024 Assets(unaudited) (unaudited) Cash and due from banks$4,049 $4,196 $4,042 Interest-bearing deposits in banks 167,017 61,518 56,707 Total cash and cash equivalents 171,066 65,714 60,749 Securities: Available for sale, at fair value Traditional securities 1,713,077 1,546,127 1,477,047 Property Assessed Clean Energy (“PACE”) assessments 178,247 161,147 152,011 1,891,324 1,707,274 1,629,058 Held-to-maturity, at amortized cost: Traditional securities, net of allowance for credit losses of $47, $47, and $49,respectively 529,418 535,065 542,246 PACE assessments, net of allowance for credit losses of $657, $654, and $655,respectively 1,037,220 1,038,052 1,043,959 1,566,638 1,573,117 1,586,205 Loans held for sale 2,545 3,667 37,593 Loans receivable, net of deferred loan origination fees and costs 4,714,344 4,677,506 4,672,924 Allowance for credit losses (58,998) (57,676) (60,086) Loans receivable, net 4,655,346 4,619,830 4,612,838 Resell agreements 57,040 41,651 23,741 Federal Home Loan Bank of New York (“FHLBNY”) stock, at cost 5,277 4,679 15,693 Accrued interest receivable 55,509 55,092 61,172 Premises and equipment, net 8,823 7,366 6,386 Bank-owned life insurance 108,465 108,652 108,026 Right-of-use lease asset 11,379 12,477 14,231 Deferred tax asset, net 33,685 33,799 42,437 Goodwill 12,936 12,936 12,936 Intangible assets, net 1,200 1,343 1,487 Equity method investments 5,110 5,639 8,482 Other assets 34,995 31,991 35,858 Total assets$8,621,338 $8,285,227 $8,256,892 Liabilities Deposits 7,733,272 7,412,072 7,180,605 Borrowings 75,457 69,676 314,409 Operating leases 15,395 17,190 19,734 Other liabilities 43,230 50,293 34,490 Total liabilities 7,867,354 7,549,231 7,549,238 Stockholders’ equity Common stock, par value $0.01 per share 310 309 308 Additional paid-in capital 290,256 288,539 288,656 Retained earnings 522,405 500,783 480,144 Accumulated other comprehensive loss, net of income taxes (42,982) (47,308) (58,637) Treasury stock, at cost (16,005) (6,327) (2,817) Total stockholders' equity 753,984 735,996 707,654 Total liabilities and stockholders’ equity$8,621,338 $8,285,227 $8,256,892 Select Financial Data As of and for theThree Months Ended As of and for theSix Months Ended June 30, March 31, June 30, June 30, (Shares in thousands)2025 2025 2024 2025 2024 Selected Financial Ratios and Other Data: Earnings per share Basic$0.85 $0.82 $0.88 $1.67 $1.77 Diluted 0.84 0.81 0.87 1.65 1.75 Core net income (non-GAAP) Basic$0.88 $0.88 $0.86 $1.77 $1.70 Diluted 0.88 0.88 0.85 1.75 1.68 Book value per common share (excluding minority interest)$24.79 $23.98 $21.09 $24.79 $21.09 Tangible book value per share (non-GAAP)$24.33 $23.51 $20.61 $24.33 $20.61 Common shares outstanding, par value $0.01 per share(1) 30,412 30,697 30,630 30,412 30,630 Weighted average common shares outstanding, basic 30,558 30,682 30,551 30,619 30,513 Weighted average common shares outstanding, diluted 30,758 30,946 30,832 30,872 30,789 (1) 70,000,000 shares authorized; 30,983,139, 30,940,480, and 30,743,666 shares issued for the periods ended June 30, 2025, March 31, 2025, and June 30, 2024 respectively, and 30,412,241, 30,696,940, and 30,630,386 shares outstanding for the periods ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Select Financial Data As of and for theThree Months Ended As of and for theSix Months Ended June 30, March 31, June 30, June 30, 2025 2025 2024 2025 2024 Selected Performance Metrics: Return on average assets1.23% 1.22% 1.30% 1.23% 1.33% Core return on average assets (non-GAAP)1.28% 1.33% 1.27% 1.30% 1.27% Return on average equity14.06% 14.05% 17.27% 14.06% 17.75% Core return on average tangible common equity (non-GAAP)14.90% 15.54% 17.34% 15.21% 17.46% Average equity to average assets8.78% 8.71% 7.53% 8.75% 7.48% Tangible common equity to tangible assets (non-GAAP)8.60% 8.73% 7.66% 8.60% 7.66% Loan yield5.05% 5.00% 4.68% 5.03% 4.72% Securities yield5.11% 5.15% 5.22% 5.13% 5.21% Deposit cost1.62% 1.59% 1.55% 1.61% 1.51% Net interest margin3.55% 3.55% 3.46% 3.55% 3.47% Efficiency ratio (1)50.14% 54.10% 50.37% 52.07% 49.56% Core efficiency ratio (non-GAAP)49.21% 52.11% 50.80% 50.64% 50.60% Asset Quality Ratios: Nonaccrual loans to total loans0.74% 0.70% 0.78% 0.74% 0.78% Nonperforming assets to total assets0.41% 0.41% 0.43% 0.41% 0.43% Allowance for credit losses on loans to nonaccrual loans170.02% 175.07% 182.83% 170.02% 182.83% Allowance for credit losses on loans to total loans1.25% 1.23% 1.42% 1.25% 1.42% Annualized net charge-offs to average loans0.30% 0.22% 0.25% 0.26% 0.22% Liquidity Ratios: 2 day Liquidity Coverage of Uninsured Deposits %96.73% 93.75% 100.83% 96.73% 100.83% Cash and Borrowing Capacity Coverage of Uninsured, Non-SupercoreDeposits (%)167.94% 163.71% 174.24% 167.94% 174.24% Capital Ratios: Tier 1 leverage capital ratio9.22% 9.22% 8.42% 9.22% 8.42% Tier 1 risk-based capital ratio14.13% 14.27% 13.48% 14.13% 13.48% Total risk-based capital ratio16.43% 16.61% 16.04% 16.43% 16.04% Common equity tier 1 capital ratio14.13% 14.27% 13.48% 14.13% 13.48% (1) Efficiency ratio is calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income. Loan and PACE Assessments Portfolio Composition (In thousands)At June 30, 2025 At March 31, 2025 At June 30, 2024 Amount % of total Amount % of total Amount % of total Commercial portfolio: Commercial and industrial$1,196,804 25.4% $1,183,297 25.3% $1,012,400 22.6% Multifamily 1,406,193 29.8% 1,371,950 29.4% 1,230,545 27.5% Commercial real estate 422,068 9.0% 409,004 8.7% 377,484 8.4% Construction and land development 20,330 0.4% 20,690 0.4% 23,254 0.5% Total commercial portfolio 3,045,395 64.6% 2,984,941 63.8% 2,643,683 59.0% Retail portfolio: Residential real estate lending 1,292,013 27.4% 1,303,856 27.9% 1,404,624 31.4% Consumer solar 345,604 7.3% 356,601 7.6% 385,567 8.6% Consumer and other 31,332 0.7% 32,108 0.7% 37,965 1.0% Total retail portfolio 1,668,949 35.4% 1,692,565 36.2% 1,828,156 41.0% Total loans held for investment 4,714,344 100.0% 4,677,506 100.0% 4,471,839 100.0% Allowance for credit losses (58,998) (57,676) (63,444) Loans receivable, net$4,655,346 $4,619,830 $4,408,395 PACE assessments: Available for sale, at fair value Residential PACE assessments 178,247 14.7% 161,147 13.4% 112,923 9.7% Held-to-maturity, at amortized cost Commercial PACE assessments 278,006 22.9% 271,200 22.6% 256,663 22.0% Residential PACE assessments 759,871 62.4% 767,507 64.0% 798,561 68.4% Total Held-to-maturity PACEassessments 1,037,877 85.3% 1,038,707 86.6% 1,055,224 90.4% Total PACE assessments 1,216,124 100.0% 1,199,854 100.0% 1,168,147 100.0% Allowance for credit losses (657) (654) (655) Total PACE assessments, net$1,215,467 $1,199,200 $1,167,492 Loans receivable, net and total PACEassessments, net as a % of Deposits 75.9% 78.5% 74.9% Loans receivable, net and total PACEassessments, net as a % of Depositsexcluding Brokered CDs 75.9% 78.5% 76.4% Net Interest Income Analysis Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 (In thousands)AverageBalance Income /Expense Yield /Rate AverageBalance Income /Expense Yield /Rate AverageBalance Income /Expense Yield /Rate Interest-earning assets: Interest-bearing deposits in banks$161,965 $1,639 4.06% $121,321 $1,194 3.99% $213,725 $2,690 5.06% Securities(1) 3,361,812 42,850 5.11% 3,220,590 40,867 5.15% 3,308,881 42,937 5.22% Resell agreements 52,621 887 6.76% 30,169 786 10.57% 122,618 2,041 6.69% Loans receivable, net (2) 4,659,667 58,723 5.05% 4,695,264 57,843 5.00% 4,406,843 51,293 4.68% Total interest-earning assets 8,236,065 104,099 5.07% 8,067,344 100,690 5.06% 8,052,067 98,961 4.94% Non-interest-earning assets: Cash and due from banks 5,622 5,045 6,371 Other assets 203,992 220,589 217,578 Total assets$8,445,679 $8,292,978 $8,276,016 Interest-bearing liabilities: Savings, NOW and money marketdeposits$4,457,620 $28,653 2.58% $4,242,786 $26,806 2.56% $3,729,858 $24,992 2.69% Time deposits 218,835 1,940 3.56% 232,683 2,111 3.68% 210,565 1,898 3.63% Brokered CDs — — 0.00% — — 0.00% 156,086 1,992 5.13% Total interest-bearing deposits 4,676,455 30,593 2.62% 4,475,469 28,917 2.62% 4,096,509 28,882 2.84% Borrowings 75,741 597 3.16% 134,340 1,196 3.61% 104,560 887 3.41% Total interest-bearing liabilities 4,752,196 31,190 2.63% 4,609,809 30,113 2.65% 4,201,069 29,769 2.85% Non-interest-bearing liabilities: Demand and transaction deposits 2,895,845 2,901,061 3,390,941 Other liabilities 56,203 59,728 60,982 Total liabilities 7,704,244 7,570,598 7,652,992 Stockholders' equity 741,435 722,380 623,024 Total liabilities and stockholders'equity$8,445,679 $8,292,978 $8,276,016 Net interest income / interest ratespread $72,909 2.44% $70,577 2.41% $69,192 2.09% Net interest-earning assets / netinterest margin$3,483,869 3.55% $3,457,535 3.55% $3,850,998 3.46% Total deposits excluding BrokeredCDs / total cost of deposits excludingBrokered CDs$7,572,300 1.62% $7,376,530 1.59% $7,331,364 1.48% Total deposits / total cost of deposits$7,572,300 1.62% $7,376,530 1.59% $7,487,450 1.55% Total funding / total cost of funds$7,648,041 1.64% $7,510,870 1.63% $7,592,010 1.58% (1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income.(2) Includes prepayment penalty interest income in 2Q2025, 1Q2025, or 2Q2024 of $200,076, $0, and $0, respectively (in thousands). Net Interest Income Analysis Six Months Ended June 30, 2025 June 30, 2024 (In thousands)AverageBalance Income /Expense Yield /Rate AverageBalance Income /Expense Yield /Rate Interest-earning assets: Interest-bearing deposits in banks$141,756 $2,833 4.03% $209,547 $5,282 5.07% Securities 3,291,591 83,717 5.13% 3,239,619 84,000 5.21% Resell agreements 41,457 1,673 8.14% 100,814 3,368 6.72% Total loans, net (1)(2) 4,677,367 116,566 5.03% 4,398,665 103,245 4.72% Total interest-earning assets 8,152,171 204,789 5.07% 7,948,645 195,895 4.96% Non-interest-earning assets: Cash and due from banks 5,335 5,720 Other assets 212,245 221,924 Total assets$8,369,751 $8,176,289 Interest-bearing liabilities: Savings, NOW and money market deposits$4,350,797 $55,459 2.57% $3,660,704 $46,864 2.57% Time deposits 225,721 4,051 3.62% 199,305 3,474 3.51% Brokered CDs — — 0.00% 173,163 4,435 5.15% Total interest-bearing deposits 4,576,518 59,510 2.62% 4,033,172 54,773 2.73% Borrowings 104,879 1,793 3.45% 196,326 3,893 3.99% Total interest-bearing liabilities 4,681,397 61,303 2.64% 4,229,498 58,666 2.79% Non-interest-bearing liabilities: Demand and transaction deposits 2,898,439 3,264,590 Other liabilities 57,955 70,309 Total liabilities 7,637,791 7,564,397 Stockholders' equity 731,960 611,892 Total liabilities and stockholders' equity$8,369,751 $8,176,289 Net interest income / interest rate spread $143,486 2.43% $137,229 2.17% Net interest-earning assets / net interest margin$3,470,774 3.55% $3,719,147 3.47% Total deposits excluding Brokered CDs / total cost ofdeposits excluding Brokered CDs$7,474,957 1.61% $7,124,599 1.42% Total deposits / total cost of deposits$7,474,957 1.61% $7,297,762 1.51% Total funding / total cost of funds$7,579,836 1.63% $7,494,088 1.57% (1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income.(2) Includes prepayment penalty interest income in June YTD 2025 and June YTD 2024 of $200 thousand and $18 thousand, respectively. Deposit Portfolio Composition Three Months Ended (In thousands)June 30, 2025 March 31, 2025 June 30, 2024 EndingBalance AverageBalance EndingBalance AverageBalance EndingBalance AverageBalance Non-interest-bearing demand deposit accounts$2,810,489 $2,895,845 $2,895,757 $2,901,061 $3,445,068 $3,390,941 NOW accounts 177,494 177,312 187,078 177,827 192,452 191,253 Money market deposit accounts 4,216,318 3,950,346 3,772,423 3,739,548 3,093,644 3,202,365 Savings accounts 330,892 329,962 330,410 325,411 336,943 336,240 Time deposits 198,079 218,835 226,404 232,683 227,437 210,565 Brokered certificates of deposit (“CDs”) — — — — 153,444 156,086 Total deposits$7,733,272 $7,572,300 $7,412,072 $7,376,530 $7,448,988 $7,487,450 Total deposits excluding Brokered CDs$7,733,272 $7,572,300 $7,412,072 $7,376,530 $7,295,544 $7,331,364 Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 (In thousands)AverageRatePaid(1) Cost ofFunds AverageRatePaid(1) Cost ofFunds AverageRatePaid(1) Cost ofFunds Non-interest bearing demand deposit accounts0.00% 0.00% 0.00% 0.00% 0.00% 0.00% NOW accounts0.68% 0.72% 0.72% 0.70% 1.07% 1.07% Money market deposit accounts2.70% 2.77% 2.73% 2.76% 3.08% 2.93% Savings accounts1.32% 1.30% 1.28% 1.28% 1.67% 1.37% Time deposits3.22% 3.56% 3.52% 3.68% 3.50% 3.63% Brokered CDs—% —% —% —% 4.98% 5.13% Total deposits1.63% 1.62% 1.57% 1.59% 1.59% 1.55% Interest-bearing deposits excluding Brokered CDs2.56% 2.62% 2.58% 2.62% 2.88% 2.74% (1) Average rate paid is calculated as the weighted average of spot rates on deposit accounts. Off-balance sheet deposits are excluded from all calculations shown. Asset Quality (In thousands)June 30, 2025 March 31, 2025 June 30, 2024 Loans 90 days past due and accruing$— $— $— Nonaccrual loans held for sale 459 989 989 Nonaccrual loans - Commercial 27,501 27,872 23,778 Nonaccrual loans - Retail 7,199 5,072 10,924 Nonaccrual securities 6 7 29 Total nonperforming assets$35,165 $33,940 $35,720 Nonaccrual loans: Commercial and industrial$12,501 $12,786 $8,428 Commercial real estate 3,893 3,979 4,231 Construction and land development 11,107 11,107 11,119 Total commercial portfolio 27,501 27,872 23,778 Residential real estate lending 3,805 1,375 7,756 Consumer solar 3,193 3,479 2,794 Consumer and other 201 218 374 Total retail portfolio 7,199 5,072 10,924 Total nonaccrual loans$34,700 $32,944 $34,702 Credit Quality June 30, 2025 March 31, 2025 June 30, 2024 ($ in thousands) Criticized and classified loans Commercial and industrial$64,305 $55,157 $53,940 Multifamily 11,324 8,540 10,242 Commercial real estate 3,893 3,979 8,311 Construction and land development 11,107 11,107 11,119 Residential real estate lending 3,805 1,375 7,756 Consumer solar 3,193 3,479 2,794 Consumer and other 201 218 374 Total loans$97,828 $83,855 $94,536 Criticized and classified loans to total loans Commercial and industrial1.36% 1.18% 1.21% Multifamily0.24% 0.18% 0.23% Commercial real estate0.08% 0.09% 0.19% Construction and land development0.24% 0.24% 0.25% Residential real estate lending0.08% 0.03% 0.17% Consumer solar0.07% 0.07% 0.06% Consumer and other—% —% 0.01% Total loans2.07% 1.79% 2.12% June 30, 2025 March 31, 2025 June 30, 2024 Annualizednet charge-offs(recoveries)to averageloans ACL to totalportfolio balance Annualizednet charge-offs(recoveries)to averageloans ACL to totalportfolio balance Annualizednet charge-offs(recoveries)to averageloans ACL to totalportfolio balance Commercial and industrial0.32 % 1.42% 0.28% 1.29% 0.32 % 1.44% Multifamily— % 0.20% —% 0.23% — % 0.38% Commercial real estate— % 0.49% —% 0.39% — % 0.40% Construction and land development— % 6.33% —% 6.05% — % 3.60% Residential real estate lending(0.01)% 0.69% —% 0.73% (0.18)% 0.88% Consumer solar2.91 % 7.26% 1.90% 7.01% 2.57 % 7.00% Consumer and other0.07 % 5.74% 0.70% 5.67% 0.01 % 6.49% Total loans0.30 % 1.25% 0.22% 1.23% 0.25 % 1.42% Reconciliation of GAAP to Non-GAAP Financial MeasuresThe information provided below presents a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure. As of and for theThree Months Ended As of and for theSix Months Ended (in thousands)June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Core operating revenue Net Interest Income (GAAP)$72,909 $70,577 $69,192 $143,486 $137,229 Non-interest income (GAAP) 8,025 6,406 9,258 14,430 19,487 Add: Loss on Sale of Securities and Other Assets 1,041 680 2,691 1,721 5,465 Less: ICS One-Way Sell Fee Income(1) (102) (9) (4,859) (111) (7,762) Less: Changes in fair value of loans held-for-sale(6) — (837) — (837) — Less: Subdebt repurchase gain(2) — — (406) — (406) Add: Tax (credits) depreciation on solar investments(3) 310 2,868 1,815 3,179 7 Core operating revenue (non-GAAP)$82,183 $79,685 $77,691 161,868 154,020 Core non-interest expense Non-interest expense (GAAP)$40,584 $41,650 $39,512 $82,234 $77,664 Add: Gain on settlement of lease termination(4) — — — — 499 Less: Severance costs(5) (142) (125) (44) (267) (228) Core non-interest expense (non-GAAP)$40,442 $41,525 $39,468 81,967 77,935 Core net income Net Income (GAAP)$25,989 $25,028 $26,753 $51,017 $54,002 Add: Loss on Sale of Securities and Other Assets 1,041 680 2,691 1,721 5,465 Less: ICS One-Way Sell Fee Income(1) (102) (9) (4,859) (111) (7,762) Less: Changes in fair value of loans held-for-sale(6) — (837) — (837) — Less: Gain on settlement of lease termination(4) — — — — (499) Less: Subdebt repurchase gain(2) — — (406) — (406) Add: Severance costs(5) 142 125 44 267 228 Add: Tax (credits) depreciation on solar investments(3) 310 2,868 1,815 3,179 7 Less: Tax on notable items (371) (731) 180 (1,109) 775 Core net income (non-GAAP)$27,009 $27,124 $26,218 54,127 51,810 Tangible common equity Stockholders' equity (GAAP)$753,984 $735,996 $646,112 $753,984 $646,112 Less: Minority interest — — (133) — (133) Less: Goodwill (12,936) (12,936) (12,936) (12,936) (12,936) Less: Core deposit intangible (1,200) (1,343) (1,852) (1,200) (1,852) Tangible common equity (non-GAAP)$739,848 $721,717 $631,191 739,848 631,191 Average tangible common equity Average stockholders' equity (GAAP)$741,435 $722,380 $623,024 $731,960 $611,892 Less: Minority interest — — (133) — (133) Less: Goodwill (12,936) (12,936) (12,936) (12,936) (12,936) Less: Core deposit intangible (1,270) (1,413) (1,941) (1,341) (2,032) Average tangible common equity (non-GAAP)$727,229 $708,031 $608,014 717,683 596,791 (1) Included in service charges on deposit accounts in the Consolidated Statements of Income.(2) Included in other income in the Consolidated Statements of Income.(3) Included in equity method investments income in the Consolidated Statements of Income.(4) Included in occupancy and depreciation in the Consolidated Statements of Income.(5) Included in compensation and employee benefits in the Consolidated Statements of Income.(6) Included in changes in fair value of loans held-for-sale in the Consolidated Statements of Income.

Amalgamated Financial Corp. Reports Second Quarter 2025 Financial Results; Solid Deposit and Loan Growth; Strong Margin at 3.55%

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