Short answer
Amalgamated Financial Corp. (AMAL) filed its fiscal 2025 10-K annual report with the SEC on Mar 5, 2026. It reported revenue of $422M (+5.2% year over year) and net income of $104M.
- Top risk flagged: U.S. Supreme Court ruling limiting President’s tariff powers under International Emergency Economic Powers Act, creating tariff enforcement uncertainty
FY2025 key financial metrics · XBRL
- Revenue
- $422M
- +5.2% YoY
- Net income
- $104M
- −1.9% YoY
- EPS (diluted)
- $3.41
- −0.9% YoY
- ROE
- 13.1%
- −1.9 pp YoY
- Operating cash flow
- $136M
- +9.4% YoY
Source: XBRL data from the Amalgamated Financial Corp. (AMAL) FY2025 10-K on SEC EDGAR. USD.
Amalgamated Financial Corp. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Full-service commercial bank focused on values-based commercial and retail banking, investment management, trust and custody, and specialty lending
- New marketing agreement with Embrace Home Loans initiated February 2026 for residential loan referrals supporting broader strategic focus
- Strategic emphasis on being America’s socially responsible bank with leadership in climate finance and net zero targets validated by SBTi
- Assets under custody $38.63B, assets under management $16.63B as of December 31, 2025, with investment/trust fees of $16.2M in 2025 versus $15.2M in 2024
- Deposits growth CAGR 5.8% over 5 years to $7.75B core deposits, with 41% non-interest-bearing accounts and low average cost of 160 basis points
Management Discussion & Analysis
- Revenue: Net interest income $297.8M in 2025, up $15.4M (5.4%) YoY from $282.4M in 2024
- Profitability: Net interest margin 3.59% in 2025 vs 3.51% in 2024; net interest spread 2.48% vs 2.14%
- Best segment: Loans grew to $4.72B with 5.10% yield; largest contributor to net interest income growth
- Worst segment: Service charges on deposit accounts declined by $14.8M, reducing non-interest income to $30.9M from $33.2M
- Cash flow/capex: No explicit capex, buyback, or dividend details disclosed in provided text
- Forward outlook: Management highlights macroeconomic uncertainty affecting credit losses; adverse scenario increases reserves by ~3% due to higher unemployment and lower GDP
Risk Factors
- U.S. Supreme Court ruling limiting President’s tariff powers under International Emergency Economic Powers Act, creating tariff enforcement uncertainty
- 82.4% of CRE, multifamily, and construction loan collateral concentrated in NY, CA, and Washington, D.C., exposing to regional social unrest and terrorist risks
- Heavily invested in GSE securities, exposed to liquidity and credit risks from potential U.S. government debt default or credit rating downgrades
- Majority real estate-secured loans with 33.2% multifamily and 7.3% commercial exposure risk losses if real estate values decline
- Interest rate risk amid FOMC maintaining 3.5%-3.75% range, potential net interest margin compression from asset-liability repricing mismatches
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