**Amalgamated Financial Corp. Reports Annual Financial Results**
Amalgamated Financial Corp. (AMAL), a Delaware public benefit corporation and holding company for Amalgamated Bank, reported net income of $104.4 million for the year ended December 31, 2025, a slight decrease compared to $106.4 million in 2024. The company's earnings per diluted share were $3.41, down from $3.44 in the previous year. Net interest income increased to $297.8 million, up from $282.4 million in 2024, driven by higher yields on loans. However, this increase was partially offset by a rise in non-interest expenses, which reached $172.2 million, and an increase in the provision for credit losses, which totaled $16.3 million.
The company's net interest margin increased to 3.59% for the year ended December 31, 2025, compared to 3.51% for the same period in 2024. The yield on average earning assets rose to 5.09%, while the average rate on interest-bearing liabilities decreased to 2.61%. Total deposits grew to $7.95 billion, with core deposits, including checking, money market, and savings accounts, representing 97% of the total. Trust and investment management fees increased to $16.2 million, reflecting growth in the company's institutional investment client base.
Strategic developments for Amalgamated Financial Corp. included a focus on deposit-led organic growth and geographic expansion. The company continued to develop relationships with its target customer segments, leading to a 5.8% compound annual growth rate in total deposits over the last five years. In 2025, the company entered into a marketing services agreement with Embrace Home Loans to refer its customers for residential loan services, while advancing its broader strategic focus. The company also entered into new fifteen-year leases for the Company's headquarters in New York City, which will replace the current headquarters, a new office in Oakland, and a new branch in New York City, which replaces an existing branch. These leases are expected to commence in 2026.
Key operational developments included an increase in total assets to $8.87 billion, driven by loan growth and strategic investments. The company's loan portfolio reached $4.90 billion, with notable increases in multifamily and commercial & industrial lending. Nonperforming assets increased to $28.7 million, representing 0.32% of total assets. As of December 31, 2025, the company had 450 employees, approximately 21% of whom are represented by a collective bargaining agreement. The company remains committed to diversity and inclusion, with approximately 55% of employees identifying as women and 63% as minorities.
Looking ahead, Amalgamated Financial Corp. aims to enhance its franchise value by expanding organically in existing markets and strategically entering new geographies. The company will continue to focus on growing its core deposit base and prudently managing excess liquidity to optimize risk-adjusted returns. The company's business strategy is focused on providing impact banking and lending services to a customer base that cares about how their money is invested. That strategy is rooted in our 100-year history as a bank serving working people, labor unions, nonprofits, foundations, and impact businesses.
About Amalgamated Financial Corp.
Amalgamated Financial Corp. is a bank holding company for Amalgamated Bank, a full-service commercial bank focused on socially responsible banking. It offers commercial and retail banking, lending, trust, custody, and investment management services primarily to mission-aligned clients such as labor unions, nonprofits, and impact businesses. Operating mainly in New York, Washington, D.C., San Francisco, and Boston, it emphasizes values-driven relationships, sustainable finance, and personalized service.
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