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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For transition period from to

Commission File Number: 001-40136

Amalgamated Financial Corp.

(Exact name of registrant as specified in its charter)


Delaware						85-2757101
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

275 Seventh Avenue, New York, NY 10001

(Address of principal executive offices) (Zip Code)

(212) 255-6200

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	AMAL	The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b–2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2). Yes ☐ No ☒

As of May 4, 2026, the registrant had 29,867,347 shares of common stock outstanding at $0.01 par value per share.

TABLE OF CONTENTS


		Page
Cautionary Note Regarding Forward-Looking Statements		ii

PART I – FINANCIAL INFORMATION

ITEM 1.	Financial Statements (unaudited)

	Consolidated Statements of Financial Condition as of March 31, 2026 and December 31, 2025	1
	Consolidated Statements of Income for the Three Months Ended March 31, 2026 and 2025	2
	Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 2025	3
	Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2026 and 2025	4
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025	6
	Notes to Consolidated Financial Statements	8

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	44

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	67

ITEM 4.	Controls and Procedures	67

PART II - OTHER INFORMATION

ITEM 1.	Legal Proceedings	68

ITEM 1A.	Risk Factors	68

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	68





ITEM 5.	Other Information	69

ITEM 6.	Exhibits	70

Signatures		71

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 non-performing 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;

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 exposure from the use of “big data” techniques, machine learning, and artificial intelligence;

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

24.“greenwashing claims” against the Company and environmental, social, and governance ("ESG") products and increased scrutiny and political opposition to ESG and diversity, equity, and inclusion ("DEI") practices;

25.any unanticipated or greater than anticipated adverse conditions (including the possibility of earthquakes, wildfires, and other natural disasters) affecting the markets in which the Company operates;

26.physical and transitional risks related to climate change as they impact the business and the businesses that the Company finances;

27.future repurchase of the Company’s shares through the Company’s common stock repurchase program; and

28.descriptions of assumptions underlying or relating to any of the foregoing.

We caution readers that the foregoing list of factors is not exclusive, is not necessarily in order of importance and readers should not place undue reliance on any forward-looking statements, which should be read in conjunction with the other cautionary statements that are included elsewhere in this report. Additional factors that may cause actual results to differ materially from those contemplated by any forward-looking statements may be found in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC and available at the SEC’s website at https://www.sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made and we do not intend to and, except as required by law, disclaim any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, unless required to do so under the federal securities laws.

iii


Part I Item 1. – Financial Statements Consolidated Statements of Financial Condition (Dollars in thousands except for per share amounts)
	March 31, 2026		December 31, 2025
Assets	(unaudited)
Cash and due from banks	$	11,617	$	4,501
Interest-bearing deposits in banks	168,111		286,716
Total cash and cash equivalents	179,728		291,217
Securities:
Available for sale, at fair value:
Traditional securities	1,928,067		1,580,049
Property Assessed Clean Energy ("PACE") assessments	215,198		203,502
	2,143,265		1,783,551
Held-to-maturity, at amortized cost:
Traditional securities, net of allowance for credit losses of $40 and $41, respectively	466,741		476,950
PACE assessments, net of allowance for credit losses of $709 and $703, respectively	1,081,119		1,077,065
	1,547,860		1,554,015

Loans held for sale	459		2,814
Loans receivable, net of deferred loan origination fees and costs	5,033,358		4,957,273
Allowance for credit losses	(68,155)		(57,586)
Loans receivable, net	4,965,203		4,899,687

Resell agreements	66,134		48,662
Federal Home Loan Bank of New York ("FHLBNY") stock, at cost	5,009		5,009
Accrued interest receivable	56,248		65,128
Premises and equipment, net	10,107		4,685
Bank-owned life insurance	107,802		108,941
Right-of-use lease asset	9,413		9,602
Deferred tax asset, net	31,336		30,750
Goodwill	12,936		12,936

Intangible assets, net	808		913
Equity method investments	5,578		7,979
Other assets	29,006		43,947
Total assets	$	9,170,892	$	8,869,836
Liabilities
Deposits	$	8,178,084	$	7,949,241


Borrowings	69,568		69,547
Operating leases	11,511		12,255
Other liabilities	104,155		44,329
Total liabilities	$	8,363,318	$	8,075,372

Commitments, contingencies and off balance sheet risk (see Note 11)

Stockholders’ equity
Common stock, par value $0.01 per share (70,000,000 shares authorized; 31,163,813 and 31,045,377 shares issued, respectively, and 29,856,788 and 29,818,424 shares outstanding, respectively)	$	315	$	312
Additional paid-in capital	294,464		294,134
Retained earnings	587,323		567,269



Accumulated other comprehensive loss, net of income taxes	(36,586)		(32,088)
Treasury stock, at cost (1,307,025 and 1,226,953 shares, respectively)	(37,942)		(35,163)


Total stockholders' equity	807,574		794,464
Total liabilities and stockholders’ equity	$	9,170,892	$	8,869,836

See accompanying notes to consolidated financial statements (unaudited)


Consolidated Statements of Income (unaudited) (Dollars in thousands, except for per share amounts)

	Three Months Ended March 31,
	2026		2025
INTEREST AND DIVIDEND INCOME
Loans	$	63,471	$	57,843
Securities	44,189		41,653

Interest-bearing deposits in banks	1,653		1,194
Total interest and dividend income	109,313		100,690
INTEREST EXPENSE
Deposits	28,614		28,917
Borrowed funds	543		1,196
Total interest expense	29,157		30,113
NET INTEREST INCOME	80,156		70,577
Provision for credit losses	13,488		596
Net interest income after provision for credit losses	66,668		69,981
NON-INTEREST INCOME
Trust Department fees	4,306		4,191
Service charges on deposit accounts	7,204		3,438
Bank-owned life insurance income	1,322		626
Losses on sale of securities and other assets, net	(822)		(680)
Gain on sale of loans and changes in fair value on loans held-for-sale, net	12		832

Equity method investments income (loss)	624		(2,508)
Other income	640		507
Total non-interest income	13,286		6,406
NON-INTEREST EXPENSE
Compensation and employee benefits	25,750		23,314
Occupancy and depreciation	4,155		3,293
Professional fees	3,736		4,739
Technology	6,618		5,619
Office maintenance and depreciation	550		629
Amortization of intangible assets	105		144

Advertising and promotion	605		51
Federal deposit insurance premiums	1,005		900
Other expense	3,364		2,961
Total non-interest expense	45,888		41,650
Income before income taxes	34,066		34,737
Income tax expense	8,843		9,709
Net income	$	25,223	$	25,028


Earnings per common share - basic	$	0.85	$	0.82
Earnings per common share - diluted	$	0.84	$	0.81

See accompanying notes to consolidated financial statements (unaudited)


Consolidated Statements of Comprehensive Income (unaudited) (Dollars in thousands)

	Three Months Ended March 31,
	2026		2025

Net income	$	25,223	$	25,028
Other comprehensive (loss) income, net of taxes:



Change in total obligation for postretirement benefits, prior service credit, and other benefits	43		42
Net unrealized (losses) gains on securities:
Unrealized holding (losses) gains on securities available for sale	(6,678)		14,170
Reclassification adjustment for losses realized in income	822		680

Accretion of net unrealized loss on securities transferred to held-to-maturity	439		502
Net unrealized (losses) gains on securities	(5,417)		15,352
Net change in unrealized (losses) gains on derivatives:
Unrealized holding (losses) gains on cash flow hedges	(603)		212
Reclassification adjustment for losses (gains) realized in income from cash flow hedges	42		(115)
Reclassification adjustment for unrealized holding losses on available for sale securities realized in income related to fair value hedges	(203)		—
Net unrealized (losses) gains on derivatives	(764)		97
Other comprehensive (loss) income, before tax	(6,138)		15,491
Income tax effect	1,640		(4,162)
Total other comprehensive (loss) income, net of taxes	(4,498)		11,329
Total comprehensive income, net of taxes	$	20,725	$	36,357

See accompanying notes to consolidated financial statements (unaudited)

Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

(Dollars in thousands)


	Three Months Ended March 31, 2026
	Number of Shares of Common Stock Outstanding	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss, net of income taxes		Treasury Stock, at cost		Total Stockholders' Equity
Balance at January 1, 2026	29,818,424	$	312	$	294,134	$	567,269	$	(32,088)	$	(35,163)	$	794,464
Net income	—	—		—		25,223		—		—		25,223

Common stock issued under Equity Programs	7,991	1		749		—		—		—		750
Dividends declared on common stock, $0.17 per share	—	—		—		(5,169)		—		—		(5,169)
Repurchase of common stock	(80,072)	—		—		—		—		(2,779)		(2,779)

Restricted stock units vesting, net of repurchases	110,445	2		(2,456)		—		—		—		(2,454)
Stock-based compensation expense	—	—		2,037		—		—		—		2,037
Other comprehensive loss, net of taxes	—	—		—		—		(4,498)		—		(4,498)
Balance at March 31, 2026	29,856,788	$	315	$	294,464	$	587,323	$	(36,586)	$	(37,942)	$	807,574


	Three Months Ended March 31, 2025
	Number of Shares of Common Stock Outstanding	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss, net of income taxes		Treasury Stock, at cost		Total Stockholders' Equity
Balance at January 1, 2025	30,670,982	$	308	$	288,656	$	480,144	$	(58,637)	$	(2,817)	$	707,654
Net income	—	—		—		25,028		—		—		25,028

Common stock issued under Equity Programs	10,435	—		790		—		—		—		790
Dividends declared on common stock, $0.14 per share	—	—		—		(4,389)		—		—		(4,389)
Repurchase of common stock	(105,038)	—		—		—		—		(3,510)		(3,510)
Exercise of stock options, net of repurchases	17,607	—		(209)		—		—		—		(209)
Restricted stock units vesting, net of repurchases	102,954	1		(2,135)		—		—		—		(2,134)
Stock-based compensation expense	—	—		1,437		—		—		—		1,437
Other comprehensive income, net of taxes	—	—		—		—		11,329		—		11,329
Balance at March 31, 2025	30,696,940	$	309	$	288,539	$	500,783	$	(47,308)	$	(6,327)	$	735,996

See accompanying notes to consolidated financial statements (unaudited)


Consolidated Statements of Cash Flows (unaudited) (Dollars in thousands)










	Three Months Ended March 31,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES


Net income	$	25,223	$	25,028
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,991		265
Amortization of intangible assets	105		144
Deferred income tax expense	1,053		4,476

Provision for credit losses	13,488		596
Stock-based compensation expense	2,037		1,437



Net (gain) loss from equity method investments	(624)		2,508
Net loss on sale of securities available for sale and other assets	822		680
Net gain on sale of loans and change in fair value on loans held-for-sale, net	(12)		(832)


Net gain on death benefits of bank-owned life insurance	(681)		—
Proceeds from sales of loans originated as held for sale	1,685		3,534
Originations of loans held for sale	(458)		(5,562)
Increase in cash surrender value of bank-owned life insurance	(641)		(626)

Decrease in accrued interest receivable	8,880		6,080
Decrease in other assets	18,194		6,278



Increase in other liabilities	(14,286)		(9,792)
Net cash provided by operating activities	56,776		34,214
CASH FLOWS FROM INVESTING ACTIVITIES


Net increase in loans	(77,998)		(4,670)
Proceeds from sales of loans originated as held for investment	470		34,844
Purchase of securities available for sale	(437,602)		(144,007)
Purchase of securities held-to-maturity	(14,382)		(17,807)
Proceeds from sales of securities available for sale	46,158		16,119
Maturities, principal payments and redemptions of securities available for sale	96,645		86,048
Maturities, principal payments and redemptions of securities held-to-maturity	20,482		31,176
Increase in resell agreements	(17,472)		(17,910)
Decrease in equity method investments	920		335

Decrease in FHLBNY stock, net	—		11,014
Purchase of premises and equipment, net	(6,079)		(1,753)
Proceeds from redemption of bank-owned life insurance	1,506		—



Net cash used in investing activities	(387,352)		(6,611)
CASH FLOWS FROM FINANCING ACTIVITIES
Net decrease in deposits	228,843		231,467

Net increase in other borrowings	—		(244,754)

Common stock issued under Equity Programs	750		790

Repurchase of common stock	(2,779)		(3,510)
Dividends paid on common stock	(5,273)		(4,288)
Payments related to repurchase of common stock for equity awards	(2,454)		(2,343)


Net cash provided by (used in) financing activities	219,087		(22,638)
Increase (decrease) in cash, cash equivalents, and restricted cash	(111,489)		4,965


Cash, cash equivalents, and restricted cash at beginning of year	291,217		60,749
Cash, cash equivalents, and restricted cash at end period	$	179,728	$	65,714

Supplemental disclosures of cash flow information:
Interest paid during the period	$	28,574	$	29,561
Income taxes paid during the period	20,860		1,508

Supplemental non-cash activities:
Right-of-use assets obtained in exchange for lease liabilities	$	1,721	$	—
Receivable for redemption of bank-owned life insurance included in other assets	955		—

Loans transferred to held-for-sale	—		1,942
Loans transferred to held-for-investment	670		—


Purchase of securities available for sale, net not settled	70,995		22,000

See accompanying notes to consolidated financial statements (unaudited)


Notes to Consolidated Financial Statements (unaudited)

1. BASIS OF PRESENTATION AND CONSOLIDATION

Basis of Accounting and Changes in Significant Accounting Policies

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 accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, or GAAP and predominant practices within the banking industry. The Company uses the accrual basis of accounting for financial statement purposes.

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The annualized results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All significant inter-company transactions and balances are eliminated in consolidation. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial position and the results of operations as of the dates and for the interim periods presented have been included. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes appearing in the Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”). A more detailed description of our accounting policies is included in the 2025 Annual Report, which remain significantly unchanged.


Notes to Consolidated Financial Statements (unaudited)

2. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following is a summary of the accumulated comprehensive income (loss) balances, net of income taxes:


	Unrealized loss on benefits plans		Unrealized loss on available for sale securities		Unaccreted unrealized loss on securities transferred to held-to-maturity		Unrealized gains (losses) on derivatives		Total Accumulated Other Comprehensive Loss
(In thousands)
Balance as of January 1, 2026	$	(1,324)	$	(23,927)	$	(7,112)	$	275	$	(32,088)
Current Period Change	43		(5,856)		439		(764)		(6,138)
Income Tax Effect	(13)		1,565		(117)		205		1,640
Balance as of March 31, 2026	$	(1,294)	$	(28,218)	$	(6,790)	$	(284)	$	(36,586)

Balance as of January 1, 2025	$	(1,364)	$	(49,136)	$	(8,608)	$	471	$	(58,637)
Current Period Change	42		14,850		502		97		15,491
Income Tax Effect	(11)		(3,989)		(136)		(26)		(4,162)
Balance as of March 31, 2025	$	(1,333)	$	(38,275)	$	(8,242)	$	542	$	(47,308)


Notes to Consolidated Financial Statements (unaudited)

Other comprehensive income (loss) components and related income tax effects were as follows:


	Three Months Ended March 31,
	2026		2025
(In thousands)
Postretirement Benefit Plans
Change in obligation for postretirement benefits and for prior service credit	$	34	$	35
Reclassification adjustment for prior service expense included in other expense and in compensation and employee benefits	7		7
Change in obligation for other benefits	2		—
Change in total obligation for postretirement benefits and for prior service credit and for other benefits	43		42
Income tax effect	(13)		(11)
Net change in total obligation for postretirement benefits and prior service credit and for other benefits	30		31

Securities
Unrealized holding (losses) gains on available for sale securities	(6,678)		14,170
Reclassification adjustment for net losses realized in income	822		680
Accretion of net unrealized loss on securities transferred to held-to-maturity	439		502
Change in unrealized (losses) gains on available for sale securities	(5,417)		15,352
Income tax effect	1,448		(4,125)
Net change in unrealized (losses) gains on securities	(3,969)		11,227

Derivatives
Unrealized holding gains (losses) on cash flow hedges	(603)		212
Reclassification adjustment for losses (gains) realized in income from cash flow hedges	42		(115)
Reclassification adjustment for unrealized holding losses on available for sale securities realized in income related to fair value hedges	(203)		—
Change in unrealized gains (losses) on derivatives	(764)		97
Income tax effect	205		(26)
Net change in unrealized gains (losses) on derivatives	(559)		71

Total	$	(4,498)	$	11,329


Notes to Consolidated Financial Statements (unaudited)

3. INVESTMENT SECURITIES

The amortized cost and fair value of investment securities available for sale and held-to-maturity as of March 31, 2026 are as follows:






		March 31, 2026
(In thousands)		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
Available for sale:
Traditional securities:
Government sponsored entities ("GSE") certificates & Collateralized mortgage obligations ("CMOs")		$	678,895		$	3,532		$	(19,154)		$	663,273
Non-GSE certificates & CMOs	374,280			774			(10,773)			364,281
Asset-Backed Securities ("ABS")		762,635			757			(10,957)			752,435
Corporate		95,999			45			(3,475)			92,569
Other		55,800			102			(393)			55,509
		1,967,609			5,210			(44,752)			1,928,067
PACE assessments:
Residential PACE assessments		214,022			1,176			—			215,198







Total available for sale		$	2,181,631		$	6,386		$	(44,752)		$	2,143,265

		Amortized Cost			Gross Unrecognized Gains			Gross Unrecognized Losses			Fair Value
Held-to-maturity:
Traditional securities
GSE certificates & CMOs		$	183,410		$	1,056		$	(14,503)		$	169,963
Non-GSE certificates & CMOs		68,199			1			(3,505)			64,695
ABS		148,393			27			(4,989)			143,431
Municipal		63,779			153			(9,123)			54,809
Corporate		3,000			—			(23)			2,977
		466,781			1,237			(32,143)			435,875
PACE assessments:
Commercial PACE assessments		334,508			—			(31,739)			302,769
Residential PACE assessments		747,320			—			(66,759)			680,561



		1,081,828			—			(98,498)			983,330

Total held-to-maturity		$	1,548,609		$	1,237		$	(130,641)		$	1,419,205

Allowance for credit losses		(749)

Total held-to-maturity, net of allowance for credit losses		$	1,547,860

As of March 31, 2026, available for sale securities with a fair value of $1.50 billion and held-to-maturity securities with a fair value of $406.4 million were pledged. The majority of the securities were pledged to the FHLBNY to secure outstanding


Notes to Consolidated Financial Statements (unaudited)

advances, letters of credit and to provide additional borrowing potential. In addition, securities were pledged to provide capacity to borrow from the Federal Reserve Bank and to collateralize municipal deposits.

The amortized cost and fair value of investment securities available for sale and held-to-maturity as of December 31, 2025 are as follows:


	December 31, 2025
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale:
Traditional securities:
GSE residential CMOs	$	580,446	$	5,258	$	(18,634)	$	567,070
Non-GSE certificates & CMOs	281,787		1,523		(10,078)		273,232
ABS	638,635		1,005		(10,472)		629,168
Corporate	100,000		117		(4,613)		95,504
Other	15,190		37		(152)		15,075
	1,616,058		7,940		(43,949)		1,580,049
PACE assessments:
Residential PACE assessments	200,003		3,499		—		203,502






Total available for sale	$	1,816,061	$	11,439	$	(43,949)	$	1,783,551

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs	$	184,690	$	1,178	$	(13,611)	$	172,257
Non-GSE certificates & CMOs	69,198		1		(3,331)		65,868
ABS	156,020		9		(4,167)		151,862
Municipal	64,083		229		(7,891)		56,421
Corporate	3,000		6		—		3,006
	476,991		1,423		(29,000)		449,414
PACE assessments:
Commercial PACE assessments	327,735		—		(28,865)		298,870
Residential PACE assessments	750,033		—		(58,345)		691,688

	1,077,768		—		(87,210)		990,558

Total held-to-maturity	$	1,554,759	$	1,423	$	(116,210)	$	1,439,972

Allowance for credit losses	(744)

Total held-to-maturity, net of allowance for credit losses	$	1,554,015

There were no transfers to or from securities held-to-maturity during the three months ended March 31, 2026, or the three months ended March 31, 2025.


Notes to Consolidated Financial Statements (unaudited)

The following table summarizes the amortized cost and fair value of debt securities available for sale and held-to-maturity, exclusive of mortgage-backed securities, by their contractual maturity as of March 31, 2026. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty:






	Available for Sale				Held-to-maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
(In thousands)
Due within one year	$	15,018	$	14,801	$	11,765	$	11,538
Due after one year through five years	50,680		50,205		9,179		8,359
Due after five years through ten years	145,160		142,525		105,767		102,015
Due after ten years	917,598		908,180		1,170,290		1,062,636
	$	1,128,456	$	1,115,711	$	1,297,001	$	1,184,548

Proceeds received and gains and losses realized on sales of available for sale securities are summarized below:


	Three Months Ended,
	March 31, 2026		March 31, 2025
(In thousands)
Proceeds	$	46,158	$	16,119

Realized gains	$	208	$	—
Realized losses	(1,030)		(680)
Net realized losses	$	(822)	$	(680)

Tax benefit	$	213	$	190

There were no sales of held-to-maturity securities during the three months ended March 31, 2026 or the three months ended March 31, 2025.

The Company controls and monitors inherent credit risk in its securities portfolio through due diligence, diversification, concentration limits, periodic securities reviews, and by investing in low risk securities. This includes high quality Non-Agency Securities, low loan-to-value ("LTV") PACE assessments and a significant portion of the securities portfolio in GSE obligations. GSEs include the Federal Home Loan Mortgage Corporation (“FHLMC”), the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”) and the Small Business Administration (“SBA”). GNMA is a wholly owned U.S. Government corporation whereas FHLMC and FNMA are private. Mortgage-related securities may include mortgage pass-through certificates, participation certificates and CMOs. At March 31, 2026 and December 31, 2025, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders' equity.


Notes to Consolidated Financial Statements (unaudited)

The following summarizes the fair value and unrealized losses for available for sale securities as of March 31, 2026 and December 31, 2025, respectively, segregated between securities that have been in an unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the respective dates:


	March 31, 2026
	Less Than Twelve Months				Twelve Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
Traditional securities:
GSE certificates & CMOs	$	211,278	$	1,461	$	121,879	$	17,693	$	333,157	$	19,154
Non-GSE certificates & CMOs	112,453		888		110,982		9,885		223,435		10,773
ABS	345,673		1,021		91,740		9,936		437,413		10,957
Corporate	14,846		154		72,678		3,321		87,524		3,475
Other	33,927		393		—		—		33,927		393








Total available for sale	$	718,177	$	3,917	$	397,279	$	40,835	$	1,115,456	$	44,752


	December 31, 2025
	Less Than Twelve Months				Twelve Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
Traditional securities:
GSE certificates & CMOs	$	57,671	$	342	$	138,879	$	18,292	$	196,550	$	18,634
Non-GSE certificates & CMOs	5,893		20		118,250		10,058		124,143		10,078
ABS	284,508		1,095		105,027		9,377		389,535		10,472
Corporate	—		—		75,386		4,613		75,386		4,613
Other	7,848		152		—		—		7,848		152








Total available for sale	$	355,920	$	1,609	$	437,542	$	42,340	$	793,462	$	43,949

Available for sale securities

As of March 31, 2026, none of the Company’s available-for-sale debt securities were in an unrealized loss position due to credit quality and therefore no allowance for credit losses on available-for-sale debt securities was required. The temporary impairment of fixed income securities is primarily attributable to changes in overall market interest rates and/or changes in credit/liquidity spreads since the investments were acquired. In general, as market interest rates rise and/or credit/liquidity spreads widen, the fair value of fixed rate securities will decrease, as market interest rates fall and/or credit spreads tighten, the fair value of fixed rate securities will increase.

With respect to the Company’s security investments that are temporarily impaired as of March 31, 2026, management does not intend to sell these investments and does not believe it will be necessary to do so before anticipated recovery. If either criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. The Company expects to collect all amounts due according to the contractual terms of these investments. Therefore, the Company does not hold an allowance for credit losses for available for sale securities at March 31, 2026.

Held-to-maturity securities

Management conducts an evaluation of expected credit losses on held-to-maturity securities on a collective basis by security type. Management monitors the credit quality of debt securities held-to-maturity through reasonable and supportable forecasts, reviews of credit trends on underlying assets, credit ratings, and other factors. Holdings of securities issued by GSEs with unrealized losses are either explicitly or implicitly guaranteed by the U.S. government, and are highly rated by major rating agencies and have a long history of no credit losses.


Notes to Consolidated Financial Statements (unaudited)

With the exception of PACE assessments, which are generally not rated, our traditional securities were rated investment grade by at least one nationally recognized statistical rating organization with only $7.0 million rated below investment grade. All issues were current as to their interest payments. We have had insignificant losses on PACE assessments that we have invested in and are not aware of any significant losses in the PACE bonds sector given the low loan-to-value position and the superior lien position on the property. Management considers that the temporary impairment of these investments as of March 31, 2026 is primarily due to an increase in interest rates and spreads since the time these investments were acquired.

Accrued interest receivable on securities totaling $32.2 million and $41.6 million at March 31, 2026 and December 31, 2025, respectively, was included in the consolidated balance sheet and excluded from the amortized cost and estimated fair value totals in the table above.

The following table presents the activity in the allowance for credit losses for securities held-to-maturity for the three months ended March 31, 2026:


(In thousands)	Non-GSE commercial certificates		Commercial PACE		Residential PACE		Total
Allowance for credit losses:
Beginning balance	$	41	$	328	$	375	$	744
Provision for (recovery of) credit losses	(1)		7		(1)		5
Charge-offs	—		—		—		—
Recoveries	—		—		—		—
Ending balance	$	40	$	335	$	374	$	749

The following table presents the activity in the allowance for credit losses for securities held-to-maturity for the three months ended March 31, 2025:


(In thousands)	Non-GSE commercial certificates		Commercial PACE		Residential PACE		Total
Allowance for credit losses:
Beginning balance	$	49	$	268	$	387	$	704
Recovery of credit losses	(2)		3		(4)		(3)
Charge-offs	—		—		—		—
Recoveries	—		—		—		—
Ending balance	$	47	$	271	$	383	$	701


Notes to Consolidated Financial Statements (unaudited)

4. LOANS RECEIVABLE, NET

Loans receivable are summarized as follows:





	March 31, 2026		December 31, 2025
(In thousands)
Commercial and industrial	$	1,293,879	$	1,334,794
Multifamily	1,776,477		1,643,779
Commercial real estate	379,922		363,266
Construction and land development	16,115		24,803
Total commercial portfolio	3,466,393		3,366,642
Residential real estate lending	1,226,041		1,237,791
Consumer solar	315,030		325,154
Consumer and other	25,894		27,686
Total retail portfolio	1,566,965		1,590,631
Total loans receivable	5,033,358		4,957,273


Allowance for credit losses	(68,155)		(57,586)
Total loans receivable, net	$	4,965,203	$	4,899,687

Included in commercial and industrial loans are government guaranteed loans with a balance of $198.4 million at March 31, 2026 and $204.9 million at December 31, 2025. Due to these loans being fully guaranteed by the United States government, no allowance for credit losses is recorded in relation to these loans at March 31, 2026 and December 31, 2025.

The following table presents information regarding the past due status of the Company’s loans as of March 31, 2026:



	30-59 Days Past Due		60-89 Days Past Due		Non- Accrual		90 Days or More Delinquent and Still Accruing Interest		Total Past Due and Non-Accrual		Current		Total Loans Receivable
(In thousands)
Commercial and industrial	$	474	$	310	$	—	$	—	$	784	$	1,293,095	$	1,293,879
Multifamily	3,100		5,334		81,820		—		90,254		1,686,223		1,776,477
Commercial real estate	—		—		—		—		—		379,922		379,922
Construction and land development	5,051		—		11,064		—		16,115		—		16,115
Total commercial portfolio	8,625		5,644		92,884		—		107,153		3,359,240		3,466,393
Residential real estate lending	9,268		1,389		1,987		—		12,644		1,213,397		1,226,041


Consumer solar	2,551		1,918		3,303		—		7,772		307,258		315,030
Consumer and other	354		374		221		—		949		24,945		25,894
Total retail portfolio	12,173		3,681		5,511		—		21,365		1,545,600		1,566,965
	$	20,798	$	9,325	$	98,395	$	—	$	128,518	$	4,904,840	$	5,033,358


Notes to Consolidated Financial Statements (unaudited)

The following table presents information regarding the past due status of the Company’s loans as of December 31, 2025:









	30-59 Days Past Due		60-89 Days Past Due		Non- Accrual		90 Days or More Delinquent and Still Accruing Interest		Total Past Due and Non-Accrual		Current		Total Loans Receivable
(In thousands)
Commercial and industrial	$	11	$	200	$	713	$	—	$	924	$	1,333,870	$	1,334,794
Multifamily	5,662		—		10,316		—		15,978		1,627,801		1,643,779
Commercial real estate	12,321		—		—		—		12,321		350,945		363,266
Construction and land development	5,194		—		11,079		—		16,273		8,530		24,803
Total commercial portfolio	23,188		200		22,108		—		45,496		3,321,146		3,366,642
Residential real estate lending	5,439		3,069		2,419		—		10,927		1,226,864		1,237,791


Consumer solar	2,819		2,280		3,129		—		8,228		316,926		325,154
Consumer and other	914		294		59		—		1,267		26,419		27,686
Total retail portfolio	9,172		5,643		5,607		—		20,422		1,570,209		1,590,631
	$	32,360	$	5,843	$	27,715	$	—	$	65,918	$	4,891,355	$	4,957,273

For the three months ended March 31, 2026, no loan modifications were made to borrowers experiencing financial difficulty.

The following table presents information regarding loan modifications granted to borrowers experiencing financial difficulty during the three months ended March 31, 2025:



	Three Months Ended March 31, 2025
(Dollars in thousands)	Term Extension		% of Portfolio
Commercial and industrial	$	3,026	0.3	%

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025.

Three Months Ended March 31, 2025

Weighted Average Years of Term Extension

Commercial and industrial

0.2

For the twelve months ended March 31, 2026, four loan modifications were made to borrowers experiencing financial difficulty. There were no loans with a payment delay or payment default during the twelve months ended March 31, 2026.

For the twelve months ended March 31, 2025, seven loan modifications were made to borrowers experiencing financial difficulty. One C&I loan of $0.4 million that was modified during this period had a payment default during the twelve months ended March 31, 2025. The remaining six loan modifications had no payment delay or payment default during the twelve months ended March 31, 2025.

In order to manage credit quality, we view the Company’s loan portfolio by various segments. For commercial loans, we assign individual credit ratings ranging from 1 (lowest risk) to 10 (highest risk) as an indicator of credit quality. These ratings are based on specific risk factors including (i) historical and projected financial results of the borrower, (ii) market conditions of the


Notes to Consolidated Financial Statements (unaudited)

borrower’s industry that may affect the borrower’s future financial performance, (iii) business experience of the borrower’s management, (iv) nature of the underlying collateral, if any, including the ability of the collateral to generate sources of repayment, and (v) history of the borrower’s payment performance. These specific risk factors are then utilized as inputs in our credit model to determine the associated credit rating. Non-rated loans generally include residential mortgages and consumer loans.

The below classifications follow regulatory guidelines and can be generally described as follows:

•pass loans are of satisfactory quality (risk rating 1 through 6);

•special mention loans have a potential weakness or risk that may result in the deterioration of future repayment (risk rating 7);

•substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged (these loans have a well-defined weakness, and there is a distinct possibility that the Company will sustain some loss) (risk rating 8 and 9); and

•doubtful loans, based on existing circumstances, have weaknesses that make collection or liquidation in full highly questionable and improbable (risk rating 10).

In addition, residential loans are classified utilizing an inter-agency methodology that incorporates the extent of delinquency. Assigned risk rating grades are continuously updated as new information is obtained.

The following table discloses risk rating of the loans. Information below evaluates the Company’s risk category of loans by class as of March 31, 2026:


	Term Loans by Origination Year
(In thousands)	2026		2025		2024		2023		2022 & Prior		Revolving loans		Revolving Loans Converted to Term		Total
Commercial and industrial:
Pass	$	68,939	$	345,409	$	218,144	$	53,786	$	458,106	$	107,607	$	441	$	1,252,432
Special Mention	—		—		—		—		15,548		345		—		15,893
Substandard	—		—		—		—		25,244		310		—		25,554
Doubtful	—		—		—		—		—		—		—		—
Total commercial and industrial	$	68,939	$	345,409	$	218,144	$	53,786	$	498,898	$	108,262	$	441	$	1,293,879
Current period gross charge-offs	$	—	$	317	$	—	$	—	$	542	$	—	$	—	$	859
Multifamily:
Pass	$	136,258	$	408,061	$	240,080	$	180,137	$	718,042	$	—	$	—	$	1,682,578
Special Mention	—		—		—		—		540		—		—		540
Substandard	—		—		—		22,229		71,130		—		—		93,359
Doubtful	—		—		—		—		—		—		—		—
Total multifamily	$	136,258	$	408,061	$	240,080	$	202,366	$	789,712	$	—	$	—	$	1,776,477
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	73	$	—	$	—	$	73
Commercial real estate:
Pass	$	24,784	$	36,306	$	100,200	$	19,101	$	196,252	$	2	$	—	$	376,645
Special Mention	—		—		—		—		3,277		—		—		3,277
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total commercial real estate	$	24,784	$	36,306	$	100,200	$	19,101	$	199,529	$	2	$	—	$	379,922
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Notes to Consolidated Financial Statements (unaudited)


Construction and land development:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Special Mention	—		—		—		—		—		5,051		—		5,051
Substandard	—		—		—		—		—		11,064		—		11,064
Doubtful	—		—		—		—		—		—		—		—
Total construction and land development	$	—	$	—	$	—	$	—	$	—	$	16,115	$	—	$	16,115
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Residential real estate lending:
Pass	$	15,229	$	61,166	$	63,206	$	111,061	$	960,145	$	12,962	$	—	$	1,223,769
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		2,272		—		—		2,272
Doubtful	—		—		—		—		—		—		—		—
Total residential real estate lending	$	15,229	$	61,166	$	63,206	$	111,061	$	962,417	$	12,962	$	—	$	1,226,041
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	2	$	—	$	—	$	2
Consumer solar:
Pass	$	—	$	341	$	86	$	21,187	$	290,019	$	—	$	—	$	311,633
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		61		—		131		3,205		—		—		3,397
Doubtful	—		—		—		—		—		—		—		—
Total consumer solar	$	—	$	402	$	86	$	21,318	$	293,224	$	—	$	—	$	315,030
Current period gross charge-offs	$	—	$	—	$	—	$	68	$	2,671	$	—	$	—	$	2,739
Consumer and other:
Pass	$	—	$	—	$	—	$	1,001	$	24,358	$	314	$	—	$	25,673
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		221		—		—		221
Doubtful	—		—		—		—		—		—		—		—
Total consumer and other	$	—	$	—	$	—	$	1,001	$	24,579	$	314	$	—	$	25,894
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	64	$	12	$	—	$	76
Total Loans:
Pass	$	245,210	$	851,283	$	621,716	$	386,273	$	2,646,922	$	120,885	$	441	$	4,872,730
Special Mention	—		—		—		—		19,365		5,396		—		24,761
Substandard	—		61		—		22,360		102,072		11,374		—		135,867
Doubtful	—		—		—		—		—		—		—		—
Total loans	$	245,210	$	851,344	$	621,716	$	408,633	$	2,768,359	$	137,655	$	441	$	5,033,358
Current period gross charge-offs	$	—	$	317	$	—	$	68	$	3,352	$	12	$	—	$	3,749

The following table discloses risk rating of the loans. Information below evaluates the Company’s risk category of loans by class as of December 31, 2025:


	Term Loans by Origination Year
(In thousands)	2025		2024		2023		2022		2021 & Prior		Revolving loans		Revolving Loans Converted to Term		Total
Commercial and industrial:
Pass	$	397,992	$	238,047	$	55,123	$	124,706	$	363,950	$	112,769	$	—	$	1,292,587
Special Mention	—		—		—		2,513		13,416		50		—		15,979
Substandard	347		—		—		18,574		7,307		—		—		26,228
Doubtful	—		—		—		—		—		—		—		—
Total commercial and industrial	$	398,339	$	238,047	$	55,123	$	145,793	$	384,673	$	112,819	$	—	$	1,334,794
Current period gross charge-offs	$	2,084	$	3,747	$	2,284	$	312	$	1,500	$	439	$	—	$	10,366


Notes to Consolidated Financial Statements (unaudited)


Multifamily:
Pass	$	405,722	$	241,674	$	202,857	$	342,101	$	406,238	$	2	$	—	$	1,598,594
Special Mention	—		—		—		—		7,358		—		—		7,358
Substandard	—		—		—		—		37,827		—		—		37,827
Doubtful	—		—		—		—		—		—		—		—
Total multifamily	$	405,722	$	241,674	$	202,857	$	342,101	$	451,423	$	2	$	—	$	1,643,779
Current period gross charge-offs	$	—	$	—	$	—	$	2,471	$	—	$	—	$	—	$	2,471
Commercial real estate:
Pass	$	36,358	$	100,528	$	19,213	$	40,191	$	166,973	$	3	$	—	$	363,266
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total commercial real estate	$	36,358	$	100,528	$	19,213	$	40,191	$	166,973	$	3	$	—	$	363,266
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction and land development:
Pass	$	8,531	$	—	$	—	$	—	$	—	$	—	$	—	$	8,531
Special Mention	—		—		—		—		—		5,194		—		5,194
Substandard	—		—		—		—		—		11,078		—		11,078
Doubtful	—		—		—		—		—		—		—		—
Total construction and land development	$	8,531	$	—	$	—	$	—	$	—	$	16,272	$	—	$	24,803
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Residential real estate lending:
Pass	$	62,342	$	64,765	$	116,579	$	361,067	$	616,426	$	13,933	$	—	$	1,235,112
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		431		1,914		334		—		—		2,679
Doubtful	—		—		—		—		—		—		—		—
Total residential real estate lending	$	62,342	$	64,765	$	117,010	$	362,981	$	616,760	$	13,933	$	—	$	1,237,791
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	304	$	—	$	—	$	304
Consumer solar:
Pass	$	317	$	86	$	21,963	$	84,702	$	214,957	$	—	$	—	$	322,025
Special Mention	—		—		—		—		—		—		—		—
Substandard	61		—		106		923		2,039		—		—		3,129
Doubtful	—		—		—		—		—		—		—		—
Total consumer solar	$	378	$	86	$	22,069	$	85,625	$	216,996	$	—	$	—	$	325,154
Current period gross charge-offs	$	—	$	—	$	197	$	3,365	$	6,578	$	—	$	—	$	10,140
Consumer and other:
Pass	$	—	$	—	$	1,061	$	10,168	$	16,054	$	344	$	—	$	27,627
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		21		38		—		—		59
Doubtful	—		—		—		—		—		—		—		—
Total consumer and other	$	—	$	—	$	1,061	$	10,189	$	16,092	$	344	$	—	$	27,686
Current period gross charge-offs	$	—	$	—	$	24	$	—	$	135	$	12	$	—	$	171
Total Loans:
Pass	$	911,262	$	645,100	$	416,796	$	962,935	$	1,784,598	$	127,051	$	—	$	4,847,742
Special Mention	—		—		—		2,513		20,774		5,244		—		28,531
Substandard	408		—		537		21,432		47,545		11,078		—		81,000
Doubtful	—		—		—		—		—		—		—		—
Total loans	$	911,670	$	645,100	$	417,333	$	986,880	$	1,852,917	$	143,373	$	—	$	4,957,273
Current period gross charge-offs	$	2,084	$	3,747	$	2,505	$	6,148	$	8,517	$	451	$	—	$	23,452


Notes to Consolidated Financial Statements (unaudited)

The allowance for credit losses on loans ("ACL") reflects management's estimate of expected credit losses over the life of the loan portfolio. The ACL level is influenced by past events and current conditions, as well as reasonable and supportable forecasts of future economic scenarios. The ACL level is updated quarterly based on the latest available information and assumptions.

The activities in the allowance by portfolio for the three months ended March 31, 2026 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer Solar		Consumer and Other		Total
Allowance for credit losses:


Beginning balance - ACL	$	13,276	$	4,792	$	1,779	$	1,506	$	7,157	$	28,149	$	927	$	57,586
Provision for (recovery of) credit losses	(1,173)		12,153		(82)		(43)		(261)		3,238		3		13,835
Charge-offs	(859)		(73)		—		—		(2)		(2,739)		(76)		(3,749)
Recoveries	35		—		—		—		118		313		17		483
Ending balance - ACL	$	11,279	$	16,872	$	1,697	$	1,463	$	7,012	$	28,961	$	871	$	68,155

The activities in the allowance by portfolio for the three months ended March 31, 2025 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer Solar		Consumer and Other		Total
Allowance for credit losses:
Beginning balance - ACL	$	13,505	$	2,794	$	1,600	$	1,253	$	9,493	$	29,095	$	2,346	$	60,086


Provision for (recovery of) credit losses	2,630		357		(11)		(1)		39		(2,382)		(466)		166
Charge-offs	(823)		—		—		—		(69)		(1,974)		(111)		(2,977)
Recoveries	10		—		—		—		75		266		50		401
Ending Balance - ACL	$	15,322	$	3,151	$	1,589	$	1,252	$	9,538	$	25,005	$	1,819	$	57,676

The amortized cost basis of loans on nonaccrual status and the specific allowance as of March 31, 2026 are as follows:


	Nonaccrual with No Allowance		Nonaccrual with Allowance		Reserve
(In thousands)

Multifamily	$	37,039	$	44,781	$	13,958

Construction and land development	8,794		2,270		1,463
Total commercial portfolio	$	45,833	$	47,051	$	15,421
Residential real estate lending	1,987		—		—


Consumer solar	3,303		—		—
Consumer and other	221		—		—
Total retail portfolio	5,511		—		—
	$	51,344	$	47,051	$	15,421


Notes to Consolidated Financial Statements (unaudited)

The amortized cost basis of loans on nonaccrual status and the specific allowance as of December 31, 2025 are as follows:


	Nonaccrual with No Allowance		Nonaccrual with Allowance		Reserve
(In thousands)
Commercial and industrial	$	—	$	713	$	713
Multifamily	—		10,316		1,871

Construction and land development	8,794		2,285		1,477
Total commercial portfolio	$	8,794	$	13,314	$	4,061
Residential real estate lending	2,419		—		—


Consumer solar	3,129		—		—
Consumer and other	59		—		—
Total retail portfolio	5,607		—		—
	$	14,401	$	13,314	$	4,061

The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of March 31, 2026:


	Real Estate Collateral Dependent		Associated Allowance for Credit Losses
(In thousands)

Multifamily	$	44,330	$	113

Construction and land development	16,260		1,463







	$	60,590	$	1,576

The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of December 31, 2025:


	Real Estate Collateral Dependent		Associated Allowance for Credit Losses
(In thousands)

Multifamily	$	10,316	$	1,871

Construction and land development	16,273		1,477







	$	26,589	$	3,348

As of March 31, 2026 and December 31, 2025, mortgage loans with an unpaid principal balance of $2.24 billion and $2.33 billion, respectively, were pledged to the FHLBNY to secure outstanding advances, letters of credit, and to provide additional borrowing potential.

The Company had $1.4 million and $1.5 million of loans to related parties and affiliates as of March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026 and December 31, 2025, Loans Held for Sale ("LHFS") on the Consolidated Statements of Financial Condition was $0.5 million and $2.8 million, respectively. Included in LHFS were certain non-performing loans of $0.5 million and $0.9 million as of March 31, 2026 and December 31, 2025, respectively.


Notes to Consolidated Financial Statements (unaudited)

5. DEPOSITS

Deposits are summarized as follows:





	March 31, 2026				December 31, 2025
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
(In thousands)
Non-interest-bearing demand deposit accounts	$	3,316,268	0.00	%	$	3,234,418	0.00	%
NOW accounts	184,010		0.37	%	184,635		0.40	%
Money market deposit accounts	4,145,115		2.52	%	4,000,096		2.47	%
Savings accounts	328,476		1.01	%	326,895		1.01	%
Time deposits	204,215		3.03	%	203,197		3.14	%

Amalgamated Financial Corp. 10-Q