Amalgamated Financial Corp. Reports $25M Net Income in Q1 2025, Down from $27.2M Last Year

Amalgamated Financial Corp. reported a net income of $25.0 million for the first quarter of 2025, translating to earnings of $0.81 per diluted share, a decrease from $27.2 million or $0.89 per diluted share in the same period last year. The decline in profitability was attributed to a $3.8 million drop in non-interest income, a $3.5 million rise in non-interest expenses, and a $1.2 million increase in interest expenses. However, the company did see a $3.8 million increase in interest and dividend income, alongside a $1.6 million reduction in income tax expenses and a $1.0 million decrease in provisions for credit losses.

Total assets for Amalgamated Financial Corp. reached $8.29 billion as of March 31, 2025, up from $8.26 billion at the end of 2024. The increase was driven by a $231.5 million rise in deposits, a $65.1 million increase in securities, and a $17.9 million rise in resell agreements. Loans receivable, net of allowance for credit losses, were reported at $4.62 billion, a slight increase from $4.61 billion at the end of the previous year. The allowance for credit losses decreased to $57.7 million, representing 1.23% of total loans, compared to 1.29% at the end of 2024.

In terms of strategic developments, Amalgamated Financial Corp. continues to focus on its mission-driven banking model, which emphasizes socially responsible practices. The company has maintained its commitment to providing a full suite of commercial and retail banking services, alongside investment management and trust services. As of March 31, 2025, the bank operated three branches in New York City, one in Washington, D.C., and one in San Francisco, with a digital banking platform that supports its national operations.

Operationally, the bank's customer base has shown resilience, with total deposits increasing to $7.41 billion, up from $7.18 billion at the end of 2024. The bank's commercial loan portfolio, which includes commercial and industrial loans, multifamily loans, and commercial real estate loans, comprised 63.8% of the total loan portfolio. The multifamily loan segment saw a 1.5% increase, while the commercial real estate segment experienced a slight decline of 0.6%. The bank's focus on sustainable lending practices, particularly in the solar financing sector, remains a key component of its growth strategy.

Looking ahead, Amalgamated Financial Corp. anticipates continued growth in its loan portfolio, particularly in the commercial and multifamily sectors, while managing credit risk through rigorous underwriting standards. The bank's strategic focus on socially responsible banking and its commitment to community engagement are expected to drive future performance, despite potential challenges in the broader economic landscape.