Amalgamated Financial reports $36.43 million net income

Financial Statements (unaudited)

Notes to Consolidated Financial Statements¹

Exhibits

Signatures

78 i

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Unless the context indicates otherwise, references to "we," "us," "our" and the "Company" refer to Amalgamated Financial Corp. and Amalgamated Bank. References to the "Bank" refer to Amalgamated Bank.

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are not statements of historical or current fact nor are they assurances of future performance and generally can be identified by the use of forward-looking terminology, such as "may," "will," "anticipate," "aspire," "should," "would," "believe," "contemplate," "expect," "estimate," "continue," "in the future," and "intend," as well as other similar words and expressions of the future. These forward-looking statements include, but are not limited to, statements related to our projected growth, anticipated future financial performance, and management's long-term performance goals, as well as statements relating to the anticipated effects on results of operations and financial condition from expected developments or events, or business and growth strategies, including anticipated internal growth.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, any or all of which could cause actual results to differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to:

1. uncertain conditions in the banking industry and in national, regional and local economies in core markets, which may have an adverse impact on business, operations and financial performance;

2. deterioration in the financial condition of borrowers, as well as deterioration in the reputational profile of borrowers, resulting in significant increases in credit losses and provisions for those losses;

3. deposit outflows and subsequent declines in liquidity caused by factors that could include lack of confidence in the banking system, a deterioration in market conditions or the financial condition of depositors;

4. changes in deposits, including an increase in uninsured deposits;

5. ability to maintain sufficient liquidity to meet deposit and debt obligations as they come due, which may require that the Company sell investment securities at a loss, negatively impacting net income, earnings and capital;

6. unfavorable conditions in the capital markets, which may cause declines in stock price and the value of investments;

7. negative economic and political conditions that adversely affect the general economy, housing prices, the real estate market, the job market, consumer confidence, the financial condition of borrowers and consumer spending habits, which may affect, among other things, the level of nonperforming assets, charge-offs and provision expense;

8. fluctuations or unanticipated changes in the interest rate environment including changes in net interest margin or changes in the yield curve that affect investments, loans or deposits;

9. the general decline in the real estate and lending markets, particularly in commercial real estate in the Company's market areas, and the effects of the enactment of or changes to rent-control and other similar regulations on multi-family housing;

10. implementation by the current presidential administration of a regulatory reform agenda that is significantly different from that of the prior presidential administration, impacting the rule making, supervision, examination and enforcement of the banking regulation agencies;

11. changes in U.S. trade policies and other global political factors beyond the Company's control, including the imposition of tariffs, which raise economic uncertainty, potentially leading to slower growth and a decrease in loan demand;

12. the outcome of legal or regulatory proceedings that may be instituted against us;

13. inability to achieve organic loan and deposit growth and the composition of that growth;

14. composition of the Company's loan portfolio, including any concentration in industries or sectors that may experience unanticipated or anticipated adverse conditions greater than other industries or sectors in the national or local economies in which the Company operates;

15. inaccuracy of the assumptions and estimates the Company makes and policies that the Company implements in establishing the allowance for credit losses;

16. changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments;

17. any matter that would cause the Company to conclude that there was impairment of any asset, including intangible assets;

18. limitations on the ability to declare and pay dividends;

19. the impact of competition with other financial institutions, including pricing pressures and the resulting impact on results, including compression to net interest margin;

20. increased competition for experienced members of the workforce including executives in the banking industry;

ii

21. a failure in or breach of operational or security systems or infrastructure, or those of third party vendors or other service providers, including as a result of unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches;

22. increased regulatory scrutiny, privacy concerns, and cyber risk and other exposure from the potential use of "big data" techniques, machine learning, and artificial intelligence in a wide range of applications including for fraud detection, credit underwriting, customer service, marketing, transaction execution, automated compliance and internal operations;

23. a downgrade in the Company's credit rating;

24. "greenwashing claims" aga

Consolidated Statements of Financial Condition

(Dollars in thousands except for per share amounts)

September 30, 2026 December 31, 2025

Assets (unaudited)

Cash and due from banks $ 4,129 $ 4,501

Interest-bearing deposits in banks 258,391 286,716

Total cash and cash equivalents 262,520 291,217

Securities:

Available for sale, at fair value:

Traditional securities

2,081,672 1,580,049

Property Assessed Clean Energy ("PACE") assessments

Held-to-maturity, at amortized cost:

Traditional securities, net of allowance for credit losses of $ 37 and $ 41 , respectively

431,393 476,950

PACE assessments, net of allowance for credit losses of $ 809 and $ 703 , respectively

1,193,946 1,077,065

1,625,339 1,554,015

See accompanying notes to consolidated financial statements (unaudited)

See accompanying notes to consolidated financial statements (unaudited)

See accompanying notes to consolidated financial statements (unaudited)

Consolidated Statements of Changes in Stockho