Amalgamated Financial Corp. · NASDAQ:AMAL
Amalgamated Financial — Q3 2026 Earnings Presentation
31 slides from Amalgamated Financial's earnings presentation, Oct 22, 2026
Slide 1: Third Quarter 2026 Earnings Presentation
Amalgamated Financial Corp. Third Quarter 2026 Earnings Presentation October 22, 2026 1
Slide 2: Safe Harbor Statements
Safe Harbor Statements FORWARD-LOOKING STATEMENTS Statements included in this presentation 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
Slide 3: 3Q26 Highlights
3Q26 Highlights 4.3% 3.4% 2.2% 2Q26 3Q26 2Q26 3Q26 2Q26 3Q26 Core Net Income1,2 Deposit Growth3 Net Interest Income $34.6mm $256.0mm $87.9mm 3.6% 11 bps 1 bp 2Q26 3Q26 2Q26 3Q26 2Q26 3Q26 Core EPS1,2 Leverage Ratio Net Interest Margin $1.14 9.31% 3.77% Indicates metric is a quarterly record 1 GAAP N
Slide 4: Performance Tracking
Performance Tracking TBV PER-SHARE ($) CORE ROTCE CAPITAL RATIOS 27.47 27.54 16.51% 16.57% 26.82 15.41% 15.76% 14.34% 14.40% 14.65% 14.21% 14.23% 14.20% 26.18 25.31 26.59 14.20% 12.28% 9.36% 9.40% 9.31% 9.18% 9.20% 9.33% 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 PER-
Slide 5: Deposit Portfolio
Deposit Portfolio TOTAL DEPOSITS1 TOTAL CORE DEPOSITS2 BY IMPACT SEGMENT ($bn) $9.8 ($bn) $9.3 $9.5 $9.5 $9.0 0.75 $1.0 $1.1 $0.9 CML - Labor $8.0 $1.1 $1.1 0.49 2.37 CML - NFP $0.3 0.86 CML - Political $8.2 $8.5 $8.7 $8.6 $9.5bn CML-Social/Philanthropy $7.8 $7.9 1.16 Consumer 2.18 CML - Climate/Sus
Slide 6: Investment Securities
Investment Securities SECURITIES – BOOK VALUE1,2,3 SECURITIES – YIELDS2,4 ($bn) 4.0 3.9 3.7 1.0 3.5 1.0 0.9 6.18% 6.10% 6.10% 3.4 0.9 5.81% 5.85% 0.8 1.4 1.3 1.3 5.10% 5.09% 4.88% 4.89% 4.97% 1.2 1.3 4.23% 4.04% 4.10% 4.08% 4.07% 1.6 1.6 1.5 1.4 1.3 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26
Slide 7: Investment Securities Composition
Investment Securities Composition AFS PORTFOLIO COMPOSITION1,2,3 VALUATION LOSS AS A % OF PORTFOLIO BALANCE2,3 ($mm) AFS: 71 728 $2,155mm 3.4% 1,355 2.2% 2.2% 2.0% 2.0% 3Q25 4Q25 1Q26 2Q26 3Q26 HTM PORTFOLIO COMPOSITION1,2,3 HTM: ($mm) 10.7% 21 6.5% 6.6% 6.8% 5.8% 185 $431mm 225 3Q25 4Q25 1Q26 2Q26
Slide 8: Loans Held for Investment
Loans Held for Investment TOTAL LOANS LOAN BALANCE TREND - GROWTH PORTFOLIOS ($bn) ($bn) 5.20 3.70 5.15 3.61 Commercial & Industrial, 4.96 5.03 3.45 3.35 Multifamily, and 4.79 3.13 Commercial Real Estate 5.22% 5.18% 5.21% 5.21% 5.11% Current Quarter Growth: +$90.6mm, +2.5% 3Q25 4Q25 1Q26 2Q26 3Q26 3
Slide 9: Credit Quality
Credit Quality NON-PERFORMING ASSETS / TOTAL ASSETS 3Q26 HIGHLIGHTS2,3 • Net charge-offs of 0.20% include: 1.08% 1.09% 1.08% ◦ $2.2 million in charge-offs on consumer solar loans ◦ $0.4 million in charge-offs on small business commercial and industrial loans 0.26% 0.32% • Pass rated loans are 97% of
Slide 10: Allowance for Credit Losses on Loans (ACL)
Allowance for Credit Losses on Loans (ACL) ALLOWANCE WATERFALL ACL TO TOTAL PORTFOLIO BALANCE BY LOAN TYPE ($mm) 10.46% 3.0 70.2 2.5 68.9 3.20% 0.9 0.87% 0.98% 0.56% (2.4) 0.40% 0.31% (2.6) C&I Multifamily CRE Land Residential Consumer Consumer Solar and Other ACL / TOTAL LOANS 1.35% 1.34% 1.35% 1.1
Slide 11: Non-Interest Income and Expense
Non-Interest Income and Expense % CORE NON-INTEREST INCOME1,2 % CORE NON-INTEREST EXPENSE BY CATEGORY1,2 46.0% 46.9% 58.1% 57.4% 56.9% 40.6% 55.8% 55.5% 40.0% 38.4% 42.0% 39.6% 38.0% 38.4% 38.1% 22.0% 23.2% 29.9% 28.1% 28.6% 27.2% 19.8% 26.9% 15.0% 12.0% 15.6% 14.6% 15.7% 15.8% 13.8% 3Q25 4Q25 1Q26
Slide 12: 2026 Guidance - Raised
2026 Guidance - Raised Implied YoY (in $ millions) 4Q26 FY26 Growth Net Interest Income $87-88 $341-342 $43 - 44 (14-15%) Core Pre-Tax Pre-Provision Earnings $48-49 $193-194 $27 - 28 (16-17%) PERFORMANCE TARGETS PROJECTED FY • ~ 1.29% annual core ROAA • Above 1.30% • ~ 15% annual core ROTCE • Above
Slide 13: Technology-Led Scalability
Technology-Led Scalability **AI Efficiency KEY FINANCIAL Enterprise Platforms & AI Efficiency** MEASUREMENTS Client & Partner Services Enables interoperability Core Efficiency across systems Middleware & Core Platforms Compensation as % of Opex Integration Layer Insulates the ecosystem from core con
Slide 14: Appendix
Appendix
Slide 15: Metrics Index
Metrics Index DEPOSITS LOANS & CREDIT QUALITY Change Change Metric 3Q26 2Q26 Metric 3Q26 2Q26 QoQ QoQ Total Deposits ex Brokered ($bn) 8.71 8.46 0.25 Total Mission-Aligned Loans ($bn) 2.97 2.93 0.04 Political Deposits ($mm) 1,999 2,075 -76 Pass-Rated Loans as a % of Loan Portfolio 96.9% 97.0% (0.1)%
Slide 16: Metrics Index
Metrics Index SECURITIES Change Change Metric 3Q26 2Q26 Metric 3Q26 2Q26 QoQ QoQ Weighted Avg Duration5, (years) Total Investment Securities Book Value1 ($bn) 4.0 3.9 0.1 Total Securities Portfolio, excl. PACE 2.61 2.75 (0.14) AFS Yield, excl. PACE 4.81% 4.81% —% AFS - total 2.44 2.54 (0.10) AFS - e
Slide 17: Impact of Tax Credit
Impact of Tax Credit EARNINGS PER SHARE ($)1,2 1.14 1.10 0.99 As of and for the Three Months ended: QoQ Change: 0.91 1.12 1.08 0.80 0.91 September 30, (in thousands) June 30, 2026 2026 3Q25 4Q25 1Q26 2Q26 3Q26 Core net income (non-GAAP)1 $ 34,570 $ 33,137 $ 1,433 CORE ROAA1,2 1.42% 1.44% Less: Benef
Slide 18: Tangible Book Value (TBV)
Tangible Book Value (TBV) TANGIBLE COMMON EQUITY & TANGIBLE BOOK VALUE 3Q26 SUMMARY ($mm) • TBV per share increase of 0.2% primarily driven by $36.4 36 million in quarterly net income 3 (5) • Offset by: (7) — ◦ $5.0 million equity impact of dividend payment 821 820 28.69 ◦ $6.5 million equity impact
Slide 19: Tangible Common Equity Ratio (TCE)
Tangible Common Equity Ratio (TCE) TANGIBLE COMMON EQUITY & TCE RATIO 3Q26 SUMMARY ($mm) • Tangible Common Equity Ratio was 8.44%, down 30bps, or 3.4% from OCI Impact1 Operational Impact Asset 8.74% in the prior quarter Growth 36 • TCE Ratio decreased primarily due to a $322.6 million increase in 82
Slide 20: Real Estate Portfolio Composition
Real Estate Portfolio Composition MULTIFAMILY COMPOSITION BY RENT STABILIZATION1 CRE COMPOSITION BY PROPERTY TYPE1 Weighted Weighted Weighted Weighted Category2 Category Avg. LTV Avg. DSCR3 Avg. LTV Avg. DSCR3 19.7% Pre 1974 RS 58.3% 1.58 17.6% Office-Only 37.6% 1.91 21.5% 17.3% Office - Owner Secti
Slide 21: Selected Real Estate Risk Exposure Profile
Selected Real Estate Risk Exposure Profile MULTIFAMILY GEOGRAPHIC DISTRIBUTION1 PRE-1974 RS2 AND OFFICE-ONLY LOAN DISTRIBUTION BY COUNTY1 ($mm) ($mm) 11.9% 7.9% NY 2.7% 4.7% DC Manhattan, NY 9.3% $1,903mm $456mm CA Brooklyn, NY 39.1% 53.0% NJ Other, NY 71.4% Other CRE GEOGRAPHIC DISTRIBUTION1 RISK E
Slide 22: Multifamily NYC Risk Exposure Profile
Multifamily NYC Risk Exposure Profile MULTIFAMILY NEW YORK CITY LOAN DISTRIBUTION1 MULTIFAMILY NEW YORK CITY-ONLY LOANS BY SEGMENT1 ($mm) ($mm) Pre 1974 RS (2) 17.3% 11.8% 31.5% Manhattan 3.1% 421a 2.0% 31.4% Brooklyn FHEPs $1,903mm Queens $1,304mm 31.0% 19.7% Other Bronx 16.6% Section 8 Non-NYC 32.
Slide 23: Real Estate Portfolio By Maturity
Real Estate Portfolio By Maturity MULTIFAMILY PORTFOLIO MATURITY TIMELINE1 CRE PORTFOLIO MATURITY TIMELINE1 ($mm) LTV DSCR2 ($mm) LTV DSCR2 2026 $91 75.1% 1.20 2026 $3 36.5% 3.33 2027 $349 56.0% 1.48 2027 $31 54.9% 1.7 2028 $220 59.0% 1.40 2028 $70 40.4% 1.94 2029 $376 53.9% 1.57 2029 $156 39.5% 2.5
Slide 24: Multifamily DC Metro Area Exposure Profile
Multifamily DC Metro Area Exposure Profile TOTAL DC METRO AREA PORTFOLIO1 DC METRO PORTFOLIO EXCL. DELINQUENT RELATIONSHIP1 ($mm) ($mm) Weighted Weighted Weighted Weighted Category2 Category2 Avg. LTV Avg. DSCR3 Avg. LTV Avg. DSCR3 16.3% 23.8% Section 8 64.1% 1.26 Section 8 73.5% 1.13 RRh Loans4 62.
Slide 25: Reconciliation of Core Deposits
Reconciliation of Core Deposits Total Core Deposits1, $mm 9/30/2026 Core Political Deposits1, $mm 9/30/2026 Total Deposits (GAAP) 8,713.7 Political Deposits (GAAP) 1,573.5 Less: Brokered CDs — Add: Political Deposits held off-balance sheet 425.5 Total Deposits, excl. Brokered CDs 8,713.7 Total Polit
Slide 26: Super-Core Deposits
Super-Core Deposits SUPER-CORE DEPOSITS2 BY IMPACT SEGMENT 3Q26 HIGHLIGHTS ($bn) Weighted Avg. • Cash and borrowing potential totals $4.6 Total Balance % of Total Impact Segment ($M) Core Deposits Account Duration billion, or 101% of non-supercore (Years) deposits, with a total borrowings CML - Labo
Slide 27: Mission-Aligned Loan Portfolio
Mission-Aligned Loan Portfolio MULTIFAMILY LOANS BY IMPACT SEGMENT1,2 C&I LOANS BY IMPACT SEGMENT1,2 ($mm) ($mm) 27 C&I Climate Protection Detail 265 462 Solar: $676mm 1 9 1 Alternative Energy: 206 $130mm 860 Other: 1,441 $54mm CRE AND LAND LOANS BY IMPACT SEGMENT1,2 CONSUMER AND OTHER LOANS BY IMPA
Slide 28: Impact Segment Definitions
Impact Segment Definitions LOAN TYPES INCLUDED WITHIN EACH IMPACT SEGMENT Housing Climate Protection Community Empowerment • Low/Middle Income Housing • Renewable Energy • Not-for-Profits • Workforce Housing • Energy Efficiency • CDFI's • Energy Storage • Labor Unions • Political Organizations Susta
Slide 29: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials As of and for the As of and for the Three Months Ended Nine Months Ended September 30, September 30, (in thousands) September 30, 2026 June 30, 2026 September 30, 2025 2026 2025 Core operating revenue Net Interest Income (GAAP) $ 87,940 $ 86,057 $ 76,447 $ 254,1
Slide 30: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials As of and for the As of and for the Three Months Ended Nine Months Ended September 30, September 30, (in thousands) September 30, 2026 June 30, 2026 September 30, 2025 2026 2025 Tangible common equity Stockholders' equity (GAAP) $ 833,561 $ 834,993 $ 775,573 $ 8
Slide 31: Thank You
Thank You amalgamatedbank.com Member FDIC
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