Amalgamated Financial Corp. (AMAL) SEC Filings & Earnings Calls

Political deposit decline due to election cycle; potential volatility post-election.

“Political deposits decreased $76.5 million, or 3.7%, to $2.0 billion, in keeping with the election cycle.” · word for word

Credit risk from multifamily loan exposure; two newly identified loans requiring individual reserve analysis.

“Increases in required reserves on two newly identified multifamily loans requiring individual reserve analysis. Efforts to resolve the exposures through foreclosure.”

Charge-offs on consumer and small business loans contributed to provision expense.

“The expense in the quarter was primarily driven by charge-offs on consumer and small business loans.” · word for word

Multifamily credit concentration risk

“The increase in multifamily nonaccrual loans was primarily due to $78.0 million of multifamily loans to a single-borrower that moved to nonaccrual status after the borrower indicated an expected default during the three months ended March, 31, 2026.” · word for word

Consumer solar portfolio credit risk

“Consumer solar net charge-offs were $6.2M in H1 2026 vs $4.6M in H1 2025, and the ACL on consumer solar is $29.8M, or 9.8% of the portfolio.”

Interest rate risk from securities portfolio

“Accumulated other comprehensive loss, net of income taxes ( 40,796 ) ( 32,088 )” · word for word

Political deposit concentration

“As of June 30, 2026 and December 31, 2025, we had approximately $2.08 billion and $1.73 billion, respectively, in political deposits on- and off-balance sheet which are primarily in demand deposits.” · word for word

Provision for credit losses remained elevated at $4.4M, though normalized from $13.5M prior quarter; specific reserves on $78M multifamily loans to single borrower

“Provision for credit losses was an expense of $4.4 million, compared to an expense of $13.5 million in the prior quarter; $9.2 million of specific reserves established in the prior quarter on $78.0 million of multifamily loans to a single-borrower after the borrower indicated an expected default”

Multifamily loan exposure to single borrower with expected default; reserves increased on three nonaccrual loans

“Reserves on three of these loans that have been on nonaccrual status since the fourth quarter of 2025 were increased by a combined $1.1 million as the loans move c”

Multifamily loan credit concentration

“the increase in provision for credit losses during the three months ended March 31, 2025 was primarily driven by a $9.2 million increase in specific reserves established or increased on $78.0 million of multifamily loans to a single-borrower after the borrower indicated an expected default.” · word for word

Consumer solar portfolio credit losses

“charge-offs on our consumer solar and commercial and industrial portfolios” · word for word

Single-borrower multifamily credit event; potential for further loss if resolution fails.

“incremental $9.2 million provision tied to a single- borrower multifamily relationship that moved to nonaccrual” · word for word

Credit quality deterioration in consumer solar and business banking

“Overall, the provision expense on loans was primarily driven by charge-offs on consumer solar and business banking portfolios.” · word for word

Concentration in New York City multifamily and CRE

“Multifamily loans have 81% of their exposure in New York City; CRE loans have 64% of their exposure in New York City.” · word for word

Nonperforming assets stable at 0.32% of total assets, but classified assets increased 15 bps to 2.21% of total loans.

“Nonperforming assets were stable, increasing 1 basis point to $28.7 million, or 0.32% of total assets. Classified or criticized assets increased by 15 basis points to 2.21% of total loans” · word for word

Renewables loan portfolio has low criticized/classified loans (2.8% of C&I), indicating good credit quality.

“Criticized/Classified $36.1M (2.8% of C&I)”

Credit quality deterioration

“Provision for credit losses increased to $5.3 million in Q3 2025 from $1.8 million in Q3 2024, driven by charge-offs on a syndicated C&I loan and consumer solar/business banking portfolios.”

Deposit mix shift to higher-cost deposits

“Non-interest-bearing deposits represented 36.8% of average deposits for the three months ended September 30, 2025, compared to 49.1% for the three months ended September 30, 2024.” · word for word

Decline in fee income from ICS product

“Service charges on deposit accounts decreased $7.8 million primarily due to decreases in Insured Cash Sweep (ICS) One-Way Sell income.”