Amalgamated Financial Corp. (AMAL) FY2025 10-K Annual Report
Amalgamated Financial Corp. (AMAL) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 5, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Amalgamated Financial Corp. FY2025 10-K Analysis
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
Amalgamated Financial Corp. FY2025 Key Financial MetricsXBRL
Revenue
$422M
▲ +5.2% YoY
Net Income
$104M
▼ -1.9% YoY
Net Margin
24.7%
▼ -179bp YoY
ROE
13.1%
▼ -189bp YoY
Total Assets
$8.9B
▲ +7.4% YoY
EPS (Diluted)
$3.41
▼ -0.9% YoY
Operating Cash Flow
$136M
▲ +9.4% YoY
Source: XBRL data from Amalgamated Financial Corp. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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