# Amalgamated Financial Corp. (AMAL)

Informational only - not investment advice.

CIK: 0001823608
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-03-05
SEC page: https://www.sec.gov/edgar/browse/?CIK=1823608
Filing source: https://www.sec.gov/Archives/edgar/data/1823608/000182360826000048/amal-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-05 · accession 0001823608-26-000048 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001823608.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 422,229,000 USD | 2025 | verified |
| Net income | 104,447,000 USD | 2025 | verified |
| Assets | 8,869,836,000 USD | 2025 | verified |
| Free cash flow | 134,403,000 USD | 2025 | computed |
| Net margin | 24.74% | 2025 | computed |
| Revenue YoY | +5.22% | 2025 | computed |
| ROE | 13.15% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | AMAL | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 24.7% | 21.9% | 66 | 149 |
| Revenue growth | 5.2% | 6.0% | 48 | 148 |
| FCF margin | 31.8% | 23.8% | 77 | 133 |
| ROE | 13.1% | 9.6% | 86 | 149 |
| ROA | 1.2% | 1.1% | 64 | 149 |
| Liabilities / equity | 10.16 | 8.04 | 86 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 422229000 | USD | 2025 | 2026-03-05 |
| Net income | 104447000 | USD | 2025 | 2026-03-05 |
| Assets | 8869836000 | USD | 2025 | 2026-03-05 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001823608.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 163,964,000 | 185,954,000 | 190,495,000 | 180,526,000 | 258,489,000 | 358,077,000 | 401,296,000 | 422,229,000 |
| Net income |  | 44,654,000 | 47,202,000 | 46,188,000 | 52,937,000 | 81,477,000 | 87,978,000 | 106,434,000 | 104,447,000 |
| Diluted EPS |  | 1.46 | 1.47 | 1.48 | 1.68 | 2.61 | 2.86 | 3.44 | 3.41 |
| Operating cash flow |  | 31,019,000 | 83,461,000 | 65,771,000 | 70,538,000 | 147,322,000 | 117,224,000 | 124,065,000 | 135,782,000 |
| Capital expenditures |  | 1,427,000 | 753,000 | 1,612,000 | 2,396,000 | 1,668,000 | 1,477,000 | 1,775,000 | 1,379,000 |
| Dividends paid |  | 1,929,000 | 8,301,000 | 9,987,000 | 9,978,000 | 11,211,000 | 12,333,000 | 14,234,000 | 17,203,000 |
| Share buybacks |  | 0.00 | 5,785,000 | 7,001,000 | 2,920,000 | 12,478,000 | 8,315,000 | 1,130,000 | 32,346,000 |
| Assets |  |  | 5,325,338,000 | 5,978,631,000 | 7,077,876,000 | 7,843,124,000 | 7,972,324,000 | 8,256,892,000 | 8,869,836,000 |
| Liabilities |  |  | 4,834,794,000 | 5,442,810,000 | 6,514,001,000 | 7,334,169,000 | 7,386,960,000 | 7,549,238,000 | 8,075,372,000 |
| Stockholders' equity | 344,068,000 | 439,371,000 | 490,544,000 | 535,821,000 | 563,875,000 | 508,955,000 | 585,364,000 | 707,654,000 | 794,464,000 |
| Cash and cash equivalents |  |  | 122,538,000 | 38,769,000 | 330,485,000 | 63,540,000 | 90,570,000 | 60,749,000 | 291,217,000 |
| Free cash flow |  | 29,592,000 | 82,708,000 | 64,159,000 | 68,142,000 | 145,654,000 | 115,747,000 | 122,290,000 | 134,403,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 27.23% | 25.38% | 24.25% | 29.32% | 31.52% | 24.57% | 26.52% | 24.74% |
| Return on equity |  | 10.16% | 9.62% | 8.62% | 9.39% | 16.01% | 15.03% | 15.04% | 13.15% |
| Return on assets |  |  | 0.89% | 0.77% | 0.75% | 1.04% | 1.10% | 1.29% | 1.18% |
| Liabilities / equity |  |  | 9.86 | 10.16 | 11.55 | 14.41 | 12.62 | 10.67 | 10.16 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001823608.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.74 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.69 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.70 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 91,236,000 | 22,308,000 | 0.73 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 95,984,000 | 22,694,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 96,934,000 | 27,249,000 | 0.89 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 98,961,000 | 26,753,000 | 0.87 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 102,816,000 | 27,942,000 | 0.90 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 102,584,000 | 24,490,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 100,690,000 | 25,028,000 | 0.81 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 104,099,000 | 25,989,000 | 0.84 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 109,585,000 | 26,790,000 | 0.88 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 107,854,000 | 26,640,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 109,313,000 | 25,223,000 | 0.84 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 117,163,000 | 34,766,000 | 1.15 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from AMAL's latest 10-K: [/company/AMAL/business/](/company/AMAL/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from AMAL's latest 10-K: [/company/AMAL/risk-factors/](/company/AMAL/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1823608/000182360826000182/amal-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-04
Report date: 2026-06-30

Item 2.      Management’s Discussion and Analysis of Financial Condition and Results of Operations.

General

In this discussion, 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.

The following is a discussion of our consolidated financial condition as of June 30, 2026, as compared to December 31, 2025, and our results of operations for the three and six month periods ended June 30, 2026 and June 30, 2025. The purpose of this discussion is to focus on information about our financial condition and results of operations which is not otherwise apparent from our consolidated financial statements and is intended to provide insight into our results of operations and financial condition. This discussion and analysis is best read in conjunction with our unaudited consolidated financial statements and related notes as well as the financial and statistical data appearing elsewhere in this report and our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”), filed with the Securities and Exchange Commission on March 5, 2026. Historical results of operations and the percentage relationships among any amounts included, and any trends that may appear, may not indicate results of operations for any future periods.

In addition to historical information, this discussion includes certain forward-looking statements regarding business matters and events and trends that may affect our future results. For additional information regarding forward-looking statements and our related cautionary disclosures, see the “Cautionary Note Regarding Forward-Looking Statements” beginning on page ii of this report.

Overview

Our business

The Company was formed on August 25, 2020 to serve as the holding company for the Bank, effective March 1, 2021 when the Company acquired the common stock of the Bank. The Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Although we are no longer majority union-owned, the Amalgamated Clothing Workers of America’s successor, Workers United and its affiliates, affiliates of the Service Employees International Union that represents workers in the textile, distribution, food service and gaming industries, remains a significant stockholder, holding approximately 38% of our equity as of June 30, 2026. As of June 30, 2026, our total assets were $9.41 billion, our total loans, net of allowance for credit losses were $5.08 billion, our total deposits were $8.46 billion, and our stockholders' equity was $835.0 million. As of June 30, 2026, our trust business held $39.41 billion in assets under custody and $17.24 billion in assets under management.

We are a full-service commercial bank offering a complete suite of commercial and retail banking, investment management and trust and custody services, and lending services. We generate relationship deposits from our values-based commercial clients and consumer customers. We further develop new and existing relationships through our trust, custody, and investment management services, which generate fee income, and we also offer investment, brokerage, asset management, and insurance products to our retail customers through a third-party broker dealer.

Our commercial banking and trust businesses are national in scope and we also offer a full range of products and services to both commercial and retail customers through our branches and offices across New York City, Washington, D.C., Northern California, and Boston and our digital banking platform. Our corporate divisions include Commercial Banking, Trust and Investment Management and Consumer Banking. Our product line includes commercial and industrial ("C&I") loans, commercial real estate ("CRE") loans, multifamily loans, residential mortgage loans through our marketing services agreement with Embrace Home Loans, consumer loans (predominantly residential solar) and a variety of commercial and consumer deposit products, including non-interest-bearing accounts, interest-bearing demand products, savings accounts, money market accounts and certificates of deposit. We also offer online banking and bill payment services, online cash management, safe deposit box rentals, debit card and ATM card services, and the availability of a nationwide network of ATMs for our customers.

We currently offer a wide range of trust, custody and investment management services, including asset safekeeping, corporate actions, income collections, proxy services, account transition, asset transfers, and conversion management. We also offer a broad range of investment products, including both index and actively-managed funds spanning equity, fixed-income, real estate and alternative investment strategies to meet the needs of our clients. Our products and services are tailored to our target customer base that prefers a financial partner that is socially responsible, values-oriented and committed to creating positive change in the world. These customers include advocacy-based non-profits, social welfare organizations, national labor unions, political organizations, foundations, socially responsible businesses, and other for-profit companies that seek to balance their profit-making

48

activities with activities that benefit their other stakeholders, as well as the members and stakeholders of these commercial customers.

Our goal is to be the go-to financial partner for people and organizations who strive to make a meaningful impact in our society and who care about their communities, the environment, and social justice. The growth of our business is fundamental to our social mission and how we deliver impact and value for our stakeholders. The Company has obtained B CorporationTM certification, a distinction earned after being evaluated under rigorous standards of social and environmental performance, accountability, and transparency. The Company is also the largest of twelve commercial financial institutions in the United States that are members of the Global Alliance for Banking on Values, a network of banking leaders from around the world committed to advancing positive change in the banking sector. We hold governance positions in the United Nations ("UN") convened Net Zero Banking Alliance and the Global Partnership for Carbon Accounting Financials ("PCAF") and an advisory role for the Glasgow Finance Alliance for Net Zero.

Critical and Significant Accounting Policies and Estimates

Our consolidated financial statements are prepared based on the application of accounting policies generally accepted in the United States, or GAAP, and conform to general practices within the banking industry. Our significant accounting policies are more fully described in Note 1 of our audited consolidated financial statements included in our 2025 Annual Report.

There has been no significant change to our significant accounting policies, or the estimates made pursuant to those policies as described in our 2025 Annual Report.

Management has identified accounting policies that, due to the estimates, assumptions and judgments inherent in those policies, are critical in understanding our financial statements. Management has presented the application of these policies to the Audit Committee of our Board of Directors.

Allowance for credit losses on loans

Methods and Assumptions Underlying the Estimate

The allowance for credit losses is established and maintained through a provision for credit losses based on expected losses inherent in our loan portfolio. Management evaluates the adequacy of the allowance on a quarterly basis, and additions to the allowance are charged to expense and subsequent changes (favorable and unfavorable) in expected credit losses are recognized immediately in net income as a credit loss expense or a reversal of credit loss expense. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed, and expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain.

For segments other than the consumer solar loan segment, we calculate the quantitative portion of the allowance for credit losses using the discounted cash flow methodology ("DCF") whereby the amortized cost basis of the loan is compared to the net present value of expected cash flows to be collected. For segments with reserves calculated under the DCF model, a peer group by segment is used to develop periodic default rates, and statistical regression is utilized to relate historical macro-economic variables to historical credit loss experience of that peer group of banks. The DCF model includes a four-quarter reasonable and supportable economic forecast period followed by a four-quarter straight-line reversion to historical loss rates. In addition, the model incorporates assumptions for curtailment rates and recovery lag periods in its calculation of quantitative allowance.

For the consumer solar loan segment, the weighted average remaining maturity ("WARM") methodology calculates expected credit losses based on historical loss rates and forecasts those losses over the weighted average remaining maturity of the portfolio. The core assumption of the WARM methodology is based on use of internal loss data applied to a straight-line balance reduction, which aligns with the nature of repayment of these loans as well as the Company’s strategy of portfolio runoff.

Adjustments to the quantitative results for both DCF and WARM models are made using qualitative factors. These factors include: (1) borrowers' financial condition; (2) borrowers' ability to pay; (3) nature and volume of financial assets; (4) value of the underlying collateral; (5) lending policies and procedures; (6) quality of the loan review system; (7) the experience, ability, and depth of staff; (8) regulatory and legal environment; (9) changes in market conditions; and (10) changes in economic conditions. Factors are weighted based on level of impact and assigned a risk rating that determine the amount of required qualitative reserves. The level of impact and risk ratings are evaluated each quarter.

For loans that do not share risk characteristics, the Company evaluates these loans on an individual basis based on various factors. Factors that may be considered are borrowers delinquency trends and nonaccrual status, probability of foreclosure or note sale,

49

changes in the borrowers' circumstances or cash collections, borrowers' industry, or other facts and circumstances of the loan or collateral. The expected credit loss is measured based on net realizable value, that is, the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the amortized cost basis of the loan. For collateral dependent loans, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral, less estimated costs to sell where applicable.

Economic parameters are developed using available information relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit experience provides the basis for the estimation of expected credit losses, with qualitative adjustments made to loan segments for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels and terms, as well as for changes in environmental conditions, such as changes in unemployment rates, property values or other relevant factors.

Uncertainties Regarding t

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1823608/000182360826000048/amal-20251231.htm
Complete FY 2025 MD&A: /company/AMAL/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-05
Report date: 2025-12-31

Item 7.      Management’s Discussion and Analysis of Financial Condition and Results of Operations.

General

The following is a discussion of our consolidated financial condition as of December 31, 2025, as compared to December 31, 2024, and our results of operations for the years ended December 31, 2025, December 31, 2024, and December 31, 2023. The purpose of this discussion is to focus on information about our financial condition and results of operations which is not otherwise apparent from our consolidated financial statements and is intended to provide insight into our results of operations and financial condition. This discussion and analysis is best read in conjunction with our consolidated financial statements and related notes as well as the financial and statistical data appearing elsewhere in this report. Historical results of operations and the percentage relationships among any amounts included, and any trends that may appear, may not indicate results of operations for any future periods.

This discussion generally focuses on 2025 and 2024 results and year-to-year comparisons between 2025 and 2024. Discussions of 2023 results and year-to-year comparisons between 2024 and 2023 can be found in the Management's Discussion and Analysis located in Part II, Item 7 of our annual report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 6, 2025.

In addition to historical information, this discussion includes certain forward-looking statements regarding business matters and events and trends that may affect our future results. For additional information regarding forward-looking statements and our related cautionary disclosures, see the “Cautionary Note Regarding Forward-Looking Statements” beginning on page ii of this report.

In this discussion, unless the context indicates otherwise, references to “we,” “us,” and “our” refer to the Company and the Bank. However, if the discussion relates to a period before the Effective Date of our Reorganization, the terms refer only to the Bank.

Overview

Our Business

Amalgamated Financial Corp., a Delaware public benefit corporation was formed on August 25, 2020 to serve as the holding company for the Bank, which was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. On March 1, 2021, the Company acquired all of the outstanding stock of the Bank and the Bank became the sole subsidiary of the Company. Although we are no longer majority union-owned, The Amalgamated Clothing Workers of America’s successor, Workers United, an affiliate of the Service Employees International Union that represents workers in the textile, distribution, food service and gaming industries, remains a significant stockholder, holding approximately 38% of our equity as of December 31, 2025. As of December 31, 2025, our total assets were $8.87 billion, our total loans, net of deferred fees and allowance were $4.90 billion, our total deposits were $7.95 billion, and our stockholders' equity was $794.5 million. As of December 31, 2025, our trust business held $38.63 billion in assets under custody and $16.63 billion in assets under management.

We offer a complete suite of commercial and retail banking, investment management and trust and custody services. Our commercial banking and trust businesses are national in scope and we also offer a full range of products and services to both commercial and retail customers through our three branch offices across New York City, one branch office in Washington, D.C., one branch office in San Francisco, one commercial office in Boston and our digital banking platform. Our corporate divisions include Commercial Banking, Trust and Investment Management and Consumer Banking. Product line includes residential mortgage loans C&I loans, CRE loans, multifamily mortgages, consumer loans (predominantly residential solar) and a variety of commercial and consumer deposit products, including non-interest bearing accounts, interest-bearing demand products, savings accounts, money market accounts and certificates of deposit. We also offer online banking and bill payment services, online cash management, safe deposit box rentals, debit card and ATM card services and the availability of a nationwide network of ATMs for our customers.

We currently offer a wide range of trust, custody, and investment management services, including asset safekeeping, corporate actions, income collections, proxy services, account transition, asset transfers, and conversion management. We also offer a broad range of investment products, including both index and actively-managed funds spanning equity, fixed-income, real estate and alternative investment strategies to meet the needs of our clients. Our products and services are tailored to our target customer

52

base that prefers a financial partner that is socially responsible, values-oriented and committed to creating positive change in the world. These customers include advocacy-based non-profits, social welfare organizations, national labor unions, political organizations, foundations, socially responsible businesses, and other for-profit companies that seek to ensure their profit-making activities align for the benefit of all their stakeholders.

Critical Accounting Estimates

Our consolidated financial statements are prepared based on the application of generally accepted accounting policies ("GAAP") in the United States, or GAAP, the most significant of which are described in Note 1 of our audited consolidated financial statements, starting on page 84 of this report. To prepare financial statements in conformity with GAAP, management makes estimates, assumptions and judgments based on available information. These estimates, assumptions and judgments affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions and judgments are based on information available as of the date of the financial statements and, as this information changes, actual results could differ from the estimates, assumptions and judgments reflected in the financial statements. In particular, management has identified accounting policies that, due to the estimates, assumptions and judgments inherent in those policies, are critical in understanding our financial statements. Management has presented the application of these policies to the Audit Committee of our Board of Directors.

The following is a discussion of the critical accounting policies and significant estimates that require us to make complex and subjective judgments. Additional information about these policies can be found in Note 1 of our consolidated financial statements, which begin on page 84 of this report.

Allowance for credit losses on loans

Methods and Assumptions Underlying the Estimate

The allowance for credit losses is established and maintained through a provision for credit losses based on expected losses inherent in our loan portfolio. Management evaluates the adequacy of the allowance on a quarterly basis, and additions to the allowance are charged to expense and subsequent changes (favorable and unfavorable) in expected credit losses are recognized immediately in net income as a credit loss expense or a reversal of credit loss expense. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed, and expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of inherently uncertain matters.

As described in Note 5 of the consolidated financial statements, the Company enhanced its allowance for credit loss ("ACL") calculation during 2025, which included a change in its ACL software vendor. The enhancement is intended to better align the estimation process with the nature and risk profile of the Company's loan portfolio, while enhancing operational efficiency and consistency in application. The enhancement did not have a material impact to the Company's financial statements. See Note 5 of our consolidated financial statements for additional information related to the change.

For segments other than the consumer solar loan segment, we calculate the quantitative portion of the allowance for credit losses using the discounted cash flow methodology ("DCF") whereby the amortized cost basis of the loan is compared to the net present value of expected cash flows to be collected. For segments with reserves calculated under the DCF model, a peer group by segment is used to develop periodic default rates, and statistical regression is utilized to relate historical macro-economic variables to historical credit loss experience of that peer group of banks. The DCF model includes a four-quarter reasonable and supportable economic forecast period followed by a four-quarter straight-line reversion to historical loss rates. In addition, the model incorporates assumptions for curtailment rates and recovery lag periods in its calculation of quantitative allowance.

For the consumer solar loan segment, the weighted average remaining maturity ("WARM") methodology calculates expected credit losses based on historical loss rates and forecasts those losses over the weighted average remaining maturity of the portfolio. The core assumption of the WARM methodology is based on use of internal loss data applied to a straight-line balance reduction, which aligns with the nature of repayment of these loans as well as the Company’s strategy of portfolio runoff.

Adjustments to the quantitative results for both DCF and WARM models are made using qualitative factors. These factors include: (1) borrowers' financial condition; (2) borrowers' ability to pay; (3) nature and volume of financial assets; (4) value of the underlying collateral; (5) lending policies and procedures; (6) quality of the loan review system; (7) the experience, ability, and depth of staff; (8) regulatory and legal environment; (9) changes in market conditions; and (10) changes in economic conditions. Factors are weighted based on level of impact and assigned a risk rating that determine the amount of required qualitative reserves. The level of impact and risk ratings are evaluated each quarter.

53

For loans that do not share risk characteristics, the Company evaluates these loans on an individual basis based on various factors. Factors that may be considered are borrowers delinquency trends and nonaccrual status, probability of foreclosure or note sale, changes in the borrowers' circumstances or cash collections, borrowers' industry, or other facts and circumstances of the loan or collateral. The expected credit loss is measured based on net realizable value, that is, the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the amortized cost basis of the loan. For collateral dependent loans, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral, less estimated costs to sell.

The Company assesses the sensitivity of key assumptions and economic forecasts utilized by the DCF model by segment at least annually by stressing assumptions and forecasts to understand the impact on the model. Key assumptions include peer groups per segment, macroeconomic variables used in our economic forecasts, and prepayment speeds. We apply benchmark rates for the prepayment and curtailment assumptions for statistical reference.

While management utilizes its best judgment and information available, the ultimate adequacy of our allowance is dependent upon a variety of factors beyond our control which are inherently difficult to predict, the most significant being the macroeconomic forecasts. As

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/AMAL/mda/fy2025/
All MD&A years: /company/AMAL/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/AMAL/mda/fy2024/): filed 2025-03-06; accession 0001823608-25-000015 (https://www.sec.gov/Archives/edgar/data/1823608/000182360825000015/amal-20241231.htm)
- [FY 2023 MD&A](/company/AMAL/mda/fy2023/): filed 2024-03-07; accession 0001823608-24-000076 (https://www.sec.gov/Archives/edgar/data/1823608/000182360824000076/amal-20231231.htm)
- [FY 2022 MD&A](/company/AMAL/mda/fy2022/): filed 2023-03-09; accession 0001823608-23-000031 (https://www.sec.gov/Archives/edgar/data/1823608/000182360823000031/amal-20221231.htm)
- [FY 2021 MD&A](/company/AMAL/mda/fy2021/): filed 2022-03-11; accession 0001823608-22-000044 (https://www.sec.gov/Archives/edgar/data/1823608/000182360822000044/amal-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/AMAL.md · JSON record: /company/AMAL.json · verified financials: /company/AMAL/financials.json / /company/AMAL/financials.csv · machine TOC for the whole site: /llms.txt