PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Condensed financial information of Amalgamated Financial Corp. follows:


CONDENSED BALANCE SHEET
	December 31, 2025		December 31, 2024

(in thousands)
ASSETS
Cash and cash equivalents	$	42,998	$	49,688
Investment securities	3,000		—
Investment in banking subsidiary	812,710		721,911
Other assets	595		449
Total assets	$	859,303	$	772,048

LIABILITIES AND EQUITY
Subordinated debt	$	63,787	$	63,703

Accrued expense and other liabilities	1,052		691
Stockholders' equity	794,464		707,654
Total liabilities and stockholders' equity	$	859,303	$	772,048


CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	Year Ended December 31,
	2025		2024		2023
(in thousands)
Interest income	$	73	$	—	$	—
Dividends from subsidiaries	50,000		40,000		60,000
Other income	—		1,076		1,417
Equity in undistributed subsidiary income	57,332		68,628		30,170
Interest expense	2,174		2,370		2,719
Other expense	1,827		1,702		1,669
Income before tax expense	103,404		105,632		87,199
Income tax benefit	(1,043)		(802)		(779)
Net income	$	104,447	$	106,434	$	87,978
Comprehensive income	$	130,996	$	133,801	$	110,681


CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	Year Ended December 31,
	2025		2024		2023
(in thousands)
Interest income	$	73	$	—	$	—
Dividends from subsidiaries	50,000		40,000		60,000
Other income	—		1,076		1,417
Equity in undistributed subsidiary income	57,332		68,628		30,170
Interest expense	2,174		2,370		2,719
Other expense	1,827		1,702		1,669
Income before tax expense	103,404		105,632		87,199
Income tax benefit	(1,043)		(802)		(779)
Net income	$	104,447	$	106,434	$	87,978
Comprehensive income	$	130,996	$	133,801	$	110,681


CONDENSED STATEMENT OF CASH FLOWS
	Year Ended December 31,
	2025		2024		2023
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	104,447	$	106,434	$	87,978
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed subsidiary income	(57,332)		(68,628)		(30,170)
Net gain on repurchase of subordinated debt	—		(1,076)		(1,417)
Net amortization on subordinated debt issuance cost	101		158		302
Change in other assets	(359)		27		(755)
Change in other liabilities	344		85		(4,286)
Net cash provided by operating activities	47,201		37,000		51,652

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of securities held-to-maturity	(3,000)		—		—


Net cash used by investing activities	(3,000)		—		—

CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid on common stock	(17,203)		(14,234)		(12,333)
Repurchase of common stock	(35,075)		(3,359)		(9,543)
Repurchase of subordinated debt	—		(5,925)		(6,047)

Common stock issued under Equity Programs	1,387		789		804


Net cash used by financing activities	(50,891)		(22,729)		(27,119)

Increase in cash and cash equivalents	(6,690)		14,271		24,533
Cash and cash equivalents at beginning of year	49,688		35,417		10,884
Cash and cash equivalents at end of year	$	42,998	$	49,688	$	35,417