Amalgamated Financial Corp. Reports Fourth Quarter 2024 Financial Results: Solid Loan Growth; Net Interest Margin Rises to 3.59% Common Equity Tier 1 Capital Ratio of 13.90% | Tangible Common Equity Ratio of 8.41% NEW YORK, January 23, 2025 – (GlobeNewswire) – Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced financial results for the fourth quarter and full year ended December 31, 2024. Fourth Quarter 2024 Highlights (on a linked quarter basis) • Net income of $24.5 million, or $0.79 per diluted share, compared to $27.9 million, or $0.90 per diluted share. • Core net income1 of $28.0 million, or $0.90 per diluted share, compared to $28.0 million, or $0.91 per diluted share. Deposits and Liquidity (following the Election Cycle Conclusion) • Total deposits decreased $414.0 million, or 5.5%, to $7.2 billion, including Bank initiated calls of above market rate Brokered CDs which totaled $102.1 million and brought Brokered CD balances to zero. • Excluding Brokered CDs, on-balance sheet deposits decreased $311.9 million or 4.2% to $7.2 billion. • Political deposits decreased $992.3 million to $969.6 million, resulting in an Election Cycle Conclusion balance of $326.0 million or 50.6% higher than the previous Election Cycle Conclusion balance from fourth quarter 2022. • Off-balance sheet deposits peaked at $1.3 billion during the quarter. Election Cycle Conclusion off-balance sheet deposit balance was zero. • Average cost of deposits excluding Brokered CDs, increased 1 basis point to 152 basis points, where non-interest- bearing deposits comprised 40% of total deposits. • Cash and borrowing capacity totaled $2.7 billion (immediately available) plus unpledged securities (two-day availability) of $441 million for total liquidity within two-days of $3.2 billion (86% of total uninsured deposits). Margin and Assets • Net interest margin expanded 8 basis points to 3.59%. • Net interest income grew $1.0 million, or 1.4%, to $73.1 million. • Net loans receivable increased $126.4 million, or 2.8%, to $4.6 billion. • Net loans receivable increased $167.6 million or 3.8%, excluding $36.0 million of predominantly low-yielding performing residential loans moved to held-for-sale. • Total multifamily and commercial real estate loan portfolio of $1.8 billion had concentration of 201% to total risk based capital. • Total PACE assessments grew $17.9 million, or 1.5% to $1.2 billion. Capital and Returns • Tier 1 leverage ratio grew by 43 basis points to 9.06% and the Common Equity Tier 1 ratio was 13.90% • Tangible common equity1 ratio of 8.41%, representing a ninth consecutive quarter of improvement. • Tangible book value per share1 increased $0.31, or 1.4%, to $22.60. • Strong core return on average tangible common equity1 of 16.13% and core return on average assets1 of 1.34%. Share Repurchase • Repurchased approximately 25,000 shares, or $0.8 million of common stock under the Company’s $40 million share repurchase program announced in the first quarter of 2022, with $18.7 million of remaining capacity. 1 1 Reconciliations of non-GAAP financial measures to the most comparable GAAP measure are set forth on the last page of the financial information accompanying this press release and may also be found on our website, www.amalgamatedbank.com.
Full Year 2024 Highlights (from year end 2023) • Net income of $106.4 million, or $3.44 per diluted share, compared to $88.0 million, or $2.86 per diluted share, an increase of 20.9%. • Core net income1 was $107.8 million, or $3.48 per diluted share, as compared to $90.5 million, or $2.94 per diluted share, an increase of 19.1%. • Total deposits, excluding Brokered CDs increased by $410.8 million, or 6.1% to $7.2 billion. • Net loans receivable increased $354.1 million or 8.3%, excluding $76.8 million of predominantly low-yielding performing residential loans either sold or moved to held-for-sale. • Total PACE assessments increased $66.0 million, or 5.8%, to $1.2 billion. • Net interest income increased $21.1 million or 8.1%, to $282.4 million compared to $261.3 million. • Nonperforming assets were stable, decreasing 12 basis points to $25.9 million or 0.31% of total assets. • Classified or criticized assets improved by 42 basis points to 2.06% of total loans. • Tangible book value per share increased $3.87, or 20.6%, to $22.60 from $18.74. Priscilla Sims Brown, President and Chief Executive Officer, commented, “Our fourth quarter was outstanding, particularly when considering it was an Election Cycle Conclusion quarter. Historically, an Election Cycle Conclusion quarter is one where we see the most pressure on our business due to political deposit outflows and yet in this cycle we performed substantially better across all our key metrics. We enter the new year in an envious position and ready to take advantage of the many opportunities we see to drive value for all our stakeholders.” Fourth Quarter Earnings Net income was $24.5 million, or $0.79 per diluted share, compared to $27.9 million, or $0.90 per diluted share, for the prior quarter. The $3.4 million decrease during the quarter was primarily driven by a $6.7 million decrease in non-core ICS One Way Sell fee income from the off-balance sheet deposit strategy, offset by a $1.0 million increase in net interest income, a $1.6 million decrease in losses on securities sales, and a $1.7 million decrease in income tax expense. Core net income1 was $28.0 million, or $0.90 per diluted share, compared to $28.0 million, or $0.91 per diluted share, for the prior quarter. Excluded from core net income, pre-tax, was a $4.1 million reduction in fair value on a pool of lower yielding performing residential loans moved to held for sale, $1.3 million of ICS One-Way Sell fee income, $1.0 million of losses on the sale of securities, and $0.9 million of accelerated depreciation from our solar tax equity investments. Excluded from the prior quarter, pre-tax, was $8.1 million of ICS One-Way Sell fee income, a $4.3 million reduction in fair value on a pool of lower yielding performing residential loans moved to held for sale, $3.2 million of losses on the sale of securities, $1.1 million of accelerated depreciation from solar tax equity investments, $0.7 million of gains on subordinated debt repurchases, and $0.2 million in severance costs. Net interest income was $73.1 million compared to $72.1 million for the prior quarter. Loan interest income increased $3.9 million, and loan yields increased 21 basis points mainly as a result of a $126.2 million increase in average loan balances, as well as the recognition of a discrete $1.3 million acceleration of deferred costs on certain loans in the prior quarter. Adjusted for this discrete item, loan interest income increased by $2.6 million in the quarter. Interest income on securities decreased $2.0 million driven by a 13 basis point decrease in securities yield related to interest rate resets as well as a decrease in the average balance of securities of $75.2 million. Interest expense on total interest-bearing deposits decreased $1.5 million driven primarily by a 39 basis point decrease in cost, despite an increase in the average balance of total interest-bearing deposits of $342.2 million. The decrease in cost was primarily related to repricing on money market products and select non-time deposit accounts in tandem with Federal Reserve rate decisions. The increase in average balance was the result of managing $1.1 billion of off-balance sheet deposits to offset expected political deposit outflow. Additionally, the Bank initiated calls of above market rate Brokered CD’s which totaled $102.1 million early in the current quarter. 2
Net interest margin was 3.59%, an increase of 8 basis points from 3.51% in the prior quarter. As noted above, there was one discrete item that affected the third quarter margin. Excluding this discrete item, net interest margin improved 2 basis points from the prior quarter. Additionally, income from prepayment penalties had a one basis point impact on net interest margin in the current quarter, while there was no impact in the prior quarter. Provision for credit losses totaled an expense of $3.7 million compared to an expense of $1.8 million in the prior quarter. The expense in the quarter was primarily driven by charge-offs on consumer solar and small business portfolios, a $0.5 million charge-off in connection with the note sale of one non-performing multifamily loan, and increases to specific reserves on loans that are individually analyzed, partially offset by updates to CECL model assumptions. Non-interest income was $4.8 million, compared to $8.9 million in the prior quarter. Excluding all non-core income adjustments noted above, core non-interest income1 was $9.5 million, compared to $8.8 million in the prior quarter. The increase was primarily related to commercial banking fees, fees from treasury investment services, and modestly higher income from the trust business. Non-interest expense was $41.1 million, an increase of $0.2 million from the prior quarter. Core non-interest expense1 was $41.1 million, an increase of $0.4 million from the prior quarter. This was mainly driven by a $0.9 million increase in compensation and employee benefits expense mainly related to corporate performance accruals, as well as higher data processing expense related to the digital initiatives that began in the current quarter and are expected to continue in 2025. The already strong core efficiency ratio improved to 49.82% during the quarter. The provision for income tax expense was $8.6 million, compared to $10.3 million for prior quarter. The effective tax rate for the quarter is 25.9%, compared to 26.9% for the prior quarter. The decrease in the tax rate during the quarter was the result of discrete tax items which resulted in a tax benefit. Excluding these discrete items, the tax rate would have been 26.6%. Balance Sheet Quarterly Summary Total assets were $8.3 billion compared to $8.4 billion at September 30, 2024, in keeping with the neutral balance sheet strategy. Notable changes within individual balance sheet line items include a $88.5 million decrease in cash and cash equivalents, a $163.6 million decrease in securities mainly to fund loan originations, and a $126.4 million increase in net loans receivable. On the liabilities side, deposits excluding Brokered CDs decreased by $311.9 million. During the quarter, the Bank initiated calls on all $102.1 million of Brokered CDs that were above market rate. Additionally, $250.7 million of short-term borrowings were utilized to fund deposit runoff late in the quarter mainly related to nonprofit clients making end of year contributions in response to the election as well as regular union pension outflows. The average balance of short- term borrowings in the quarter was $31.6 million. Total net loans receivable were $4.6 billion, an increase of $126.4 million, or 2.8% for the quarter. The increase in loans was primarily driven by a $117.1 million increase in commercial and industrial loans and a $60.2 million increase in multifamily loans, partially offset by a $3.7 million decrease in the commercial real estate portfolio, a $9.0 million decrease in consumer solar loans, and a $36.7 million decrease in residential loans, primarily due to the noted loan pool sale. During the quarter, criticized or classified loans increased $7.3 million largely related to the downgrades of four commercial and industrial loans totaling $32.7 million and one $5.4 million multifamily loan to substandard and accruing, as well as an additional $0.9 million of small business loans. This was offset by upgrades and payoffs of five commercial and industrial loans totaling $14.7 million, the upgrade of one $7.9 million multifamily loan and one $4.0 million commercial real estate loan, a $2.3 million multifamily loan note sale resulting in a partial charge-off, the charge-off of one $0.4 million commercial and industrial loan, and the charge-off of six additional small business loans totaling $1.0 million. Total deposits were $7.2 billion, a decrease of $414.0 million, or 5.5%, during the quarter. Total deposits excluding Brokered CDs decreased by $311.9 million to $7.2 billion, or a 4.2% decrease. Most notably, deposits held by politically active customers, such as campaigns, PACs, advocacy-based organizations, and state and national party committees were 3
$1.0 billion as of December 31, 2024, a decrease of $992.3 million during this quarter. Non-interest-bearing deposits represented 44% of average total deposits and 40% of ending total deposits for the quarter, contributing to an average cost of total deposits of 153 basis points. Super-core deposits totaled approximately $3.8 billion, had a weighted average life of 18 years, and comprised 54% of total deposits. Total uninsured deposits were $3.7 billion, comprising 52% of total deposits, down from 59% of total deposits in the third quarter. Nonperforming assets totaled $25.9 million, or 0.31% of period-end total assets, a decrease of $2.7 million, compared with $28.6 million, or 0.34% on a linked quarter basis. The decrease in nonperforming assets was primarily driven by a $1.0 million decrease in commercial and industrial nonaccrual loans from a payoff of one nonaccrual loan and charge-offs of two small business loans. During the quarter, the allowance for credit losses on loans decreased $1.4 million to $60.1 million. The ratio of allowance to total loans was 1.29%, a decrease of 6 basis points from 1.35% in the third quarter of 2024. The decrease was primarily related to coverage ratio reductions on the multifamily and residential loan portfolios as annually updated assumptions used in the allowance for credit loss model resulted in lower required reserves. The multifamily portfolio reflected stronger forward performance expectations as certain loans repriced or exited the portfolio. Additionally, the composition of the residential portfolio reflected stronger collateral values and borrower profiles. Capital Quarterly Summary As of December 31, 2024, Common Equity Tier 1 Capital ratio was 13.90%, Total Risk-Based Capital ratio was 16.26%, and Tier-1 Leverage Capital ratio was 9.06%, compared to 13.82%, 16.25% and 8.63%, respectively, as of September 30, 2024. Stockholders’ equity at December 31, 2024 was $707.7 million, an increase of $9.4 million during the quarter. The increase in stockholders’ equity was primarily driven by $24.5 million of net income for the quarter offset by $3.7 million in dividends paid at $0.12 per outstanding share, $0.8 million of common stock repurchases, and a $11.9 million decline in accumulated other comprehensive loss primarily due to the tax effected mark-to-market on the available for sale securities portfolio. Tangible book value per share was $22.60 as of December 31, 2024 compared to $22.29 as of September 30, 2024. Tangible common equity improved to 8.41% of tangible assets, compared to 8.14% as of September 30, 2024. Conference Call As previously announced, Amalgamated Financial Corp. will host a conference call to discuss its fourth quarter and full year results today, January 23, 2025 at 11:00am (Eastern Time). The conference call can be accessed by dialing 1-877-407-9716 (domestic) or 1-201-493-6779 (international) and asking for the Amalgamated Financial Corp. Fourth Quarter 2024 Earnings Call. A telephonic replay will be available approximately two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671 and providing the access code 13743057. The telephonic replay will be available until January 30, 2025. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of our website at http://ir.amalgamatedbank.com/. The online replay will remain available for a limited time beginning immediately following the call. The presentation materials for the call can be accessed on the investor relations section of our website at https:// ir.amalgamatedbank.com/. 4
About Amalgamated Financial Corp. Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated 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. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of December 31, 2024, total assets were $8.3 billion, total net loans were $4.6 billion, and total deposits were $7.2 billion. Additionally, as of December 31, 2024, trust business held $35.0 billion in assets under custody and $14.6 billion in assets under management. Non-GAAP Financial Measures This release (and the accompanying financial information and tables) refer to certain non-GAAP financial measures including, without limitation, “Core operating revenue,” “Core non-interest expense,” “Core non-interest income,” “Core net income,” “Tangible common equity,” “Average tangible common equity,” “Core return on average assets,” “Core return on average tangible common equity,” and “Core efficiency ratio.” Management utilizes this information to compare the operating performance for December 31, 2024 versus certain periods in 2024 and 2023 and to prepare internal projections. We believe these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of operating performance. In addition, because intangible assets such as goodwill and other discrete items unrelated to the core business, which are excluded, vary extensively from company to company, we believe that the presentation of this information allows investors to more easily compare the results to those of other companies. The presentation of non-GAAP financial information, however, is not intended to be considered in isolation or as a substitute for GAAP financial measures. We strongly encourage readers to review the GAAP financial measures included in this release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this release with other companies’ non-GAAP financial measures having the same or similar names. Reconciliations of non- GAAP financial disclosures to comparable GAAP measures found in this release are set forth in the final pages of this release and also may be viewed on our website, amalgamatedbank.com. Terminology Certain terms used in this release are defined as follows: “Core efficiency ratio” is defined as “Core non-interest expense” divided by “Core operating revenue.” We believe the most directly comparable performance ratio derived from GAAP financial measures is an efficiency ratio calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income. “Core net income” is defined as net income after tax excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, costs related to branch closures, restructuring/severance costs, acquisition costs, tax credits and accelerated depreciation on solar equity investments, and taxes on notable pre-tax items. We believe the most directly comparable GAAP financial measure is net income. 5
“Core non-interest expense” is defined as total non-interest expense excluding costs related to branch closures, restructuring/severance, and acquisitions. We believe the most directly comparable GAAP financial measure is total non- interest expense. “Core non-interest income” is defined as total non-interest income excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, and tax credits and accelerated depreciation on solar equity investments. We believe the most directly comparable GAAP financial measure is non-interest income. “Core operating revenue” is defined as total net interest income plus “core non-interest income”. We believe the most directly comparable GAAP financial measure is the total of net interest income and non-interest income. “Core return on average assets” is defined as “Core net income” divided by average total assets. We believe the most directly comparable performance ratio derived from GAAP financial measures is return on average assets calculated by dividing net income by average total assets. “Core return on average tangible common equity” is defined as “Core net income” divided by average “tangible common equity.” We believe the most directly comparable performance ratio derived from GAAP financial measures is return on average equity calculated by dividing net income by average total stockholders’ equity. “Super-core deposits” are defined as total deposits from commercial and consumer customers, with a relationship length of greater than 5 years. We believe the most directly comparable GAAP financial measure is total deposits. “Tangible assets” are defined as total assets excluding, as applicable, goodwill and core deposit intangibles. We believe the most directly comparable GAAP financial measure is total assets. “Tangible common equity”, and “Tangible book value” are defined as stockholders’ equity excluding, as applicable, minority interests, preferred stock, goodwill and core deposit intangibles. We believe that the most directly comparable GAAP financial measure is total stockholders’ equity. "Traditional securities portfolio" is defined as total investment securities excluding PACE assessments. We believe the most directly comparable GAAP financial measure is total investment securities. 6
Forward-Looking Statements Statements included in this release that are not historical in nature are intended to be, and are hereby identified as, forward- looking statements within the meaning of the Private Securities Litigation Reform Act, Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified through the use of forward- looking terminology such as “may,” “will,” “anticipate,” “aspire,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “in the future,” “may” and “intend,” as well as other similar words and expressions of the future. 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 our core markets, which may have an adverse impact on our business, operations and financial performance; 2. deterioration in the financial condition 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 our deposits, including an increase in uninsured deposits; 5. our ability to maintain sufficient liquidity to meet our deposit and debt obligations as they come due, which may require that we sell investment securities at a loss, negatively impacting our net income, earnings and capital; 6. unfavorable conditions in the capital markets, which may cause declines in our stock price and the value of our 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 our 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 our market areas, and the effects of the enactment of or changes to rent-control and other similar regulations on multi-family housing; 10. changes in legislation, regulation, public policies, or administrative practices impacting the banking industry, including increased minimum capital requirements and other regulation in the aftermath of recent bank failures; 11. the outcome of legal or regulatory proceedings that may be instituted against us; 12. our inability to achieve organic loan and deposit growth and the composition of that growth; 13. the composition of our 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 we operate; 14. inaccuracy of the assumptions and estimates we make and policies that we implement in establishing our allowance for credit losses; 15. changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; 16. any matter that would cause us to conclude that there was impairment of any asset, including intangible assets; 17. limitations on our ability to declare and pay dividends; 18. the impact of competition with other financial institutions, including pricing pressures and the resulting impact on our results, including as a result of compression to net interest margin; 19. increased competition for experienced members of the workforce including executives in the banking industry; 20. a failure in or breach of our 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; 21. increased regulatory scrutiny and exposure from the use of “big data” techniques, machine learning, and artificial intelligence; 7
22. a downgrade in our credit rating; 23. “greenwashing claims” against us and our Environmental, Social and Governance (“ESG”) products and increased scrutiny and political opposition to ESG and Diversity, Equity and Inclusion (“DEI”) practices; 24. any unanticipated or greater than anticipated adverse conditions (including the possibility of earthquakes, wildfires, and other natural disasters) affecting the markets in which we operate; 25. physical and transitional risks related to climate change as they impact our business and the businesses that we finance; 26. future repurchase of our shares through our common stock repurchase program; and 27. descriptions of assumptions underlying or relating to any of the foregoing. Additional factors which could affect the forward-looking statements can 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 on the SEC's website at https://www.sec.gov/. We disclaim any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law. Investor Contact: Jamie Lillis Solebury Strategic Communications shareholderrelations@amalgamatedbank.com 800-895-4172 8
Consolidated Statements of Income December 31, September 30, December 31, December 31, ($ in thousands) 2024 2024 2023 2024 2023 INTEREST AND DIVIDEND INCOME (unaudited) (unaudited) (unaudited) (unaudited) Loans $ 58,024 $ 54,110 $ 51,551 $ 215,380 $ 191,295 Securities 43,448 46,432 42,014 177,247 161,003 Interest-bearing deposits in banks 1,113 2,274 2,419 8,669 5,779 Total interest and dividend income 102,585 102,816 95,984 401,296 358,077 INTEREST EXPENSE Deposits 28,582 30,105 25,315 113,461 81,124 Borrowed funds 908 604 3,350 5,405 15,642 Total interest expense 29,490 30,709 28,665 118,866 96,766 NET INTEREST INCOME 73,095 72,107 67,319 282,430 261,311 Provision for credit losses 3,686 1,849 3,756 10,284 14,670 Net interest income after provision for credit losses 69,409 70,258 63,563 272,146 246,641 NON-INTEREST INCOME Trust Department fees 3,971 3,704 3,562 15,186 15,175 Service charges on deposit accounts 5,337 12,091 3,102 32,178 10,999 Bank-owned life insurance income 661 613 828 2,498 2,882 Losses on sale of securities (1,003) (3,230) (2,340) (9,698) (7,392) Gain (loss) on sale of loans and changes in fair value on loans held-for-sale, net (4,090) (4,223) 2 (8,197) 32 Equity method investments income (loss) (529) (823) 3,671 (831) 4,932 Other income 442 807 581 2,079 2,708 Total non-interest income 4,789 8,939 9,406 33,215 29,336 NON-INTEREST EXPENSE Compensation and employee benefits 24,691 23,757 21,249 93,766 85,774 Occupancy and depreciation 3,376 3,423 3,421 13,081 13,605 Professional fees 2,674 2,575 2,426 9,957 9,637 Data processing 5,299 5,087 4,568 19,802 17,744 Office maintenance and depreciation 578 651 700 2,471 2,830 Amortization of intangible assets 183 183 222 730 888 Advertising and promotion 314 1,023 750 3,731 4,181 Federal deposit insurance premiums 715 900 1,000 3,715 4,018 Other expense 3,313 3,365 3,416 12,519 12,570 Total non-interest expense 41,143 40,964 37,752 159,772 151,247 Income before income taxes 33,055 38,233 35,217 145,589 124,730 Income tax expense 8,564 10,291 12,522 39,155 36,752 Net income $ 24,491 $ 27,942 $ 22,695 $ 106,434 $ 87,978 Earnings per common share - basic $ 0.80 $ 0.91 $ 0.75 $ 3.48 $ 2.88 Earnings per common share - diluted $ 0.79 $ 0.90 $ 0.74 $ 3.44 $ 2.86 Three Months Ended Year Ended 9
Consolidated Statements of Financial Condition ($ in thousands) December 31, 2024 September 30, 2024 December 31, 2023 Assets (unaudited) (unaudited) Cash and due from banks $ 4,042 $ 3,946 $ 2,856 Interest-bearing deposits in banks 56,707 145,261 87,714 Total cash and cash equivalents 60,749 149,207 90,570 Securities: Available for sale, at fair value Traditional securities 1,477,047 1,617,045 1,429,739 Property Assessed Clean Energy (“PACE”) assessments 152,011 149,500 53,303 1,629,058 1,766,545 1,483,042 Held-to-maturity, at amortized cost: Traditional securities, net of allowance for credit losses of $49, $51 and $54 , respectively 542,246 583,788 620,232 PACE assessments, net of allowance for credit losses of $655, $641 and $667 , respectively 1,043,959 1,028,588 1,076,602 1,586,205 1,612,376 1,696,834 Loans held for sale 37,593 38,623 1,817 Loans receivable, net of deferred loan origination costs 4,672,924 4,547,903 4,411,319 Allowance for credit losses (60,086) (61,466) (65,691) Loans receivable, net 4,612,838 4,486,437 4,345,628 Resell agreements 23,741 74,883 50,000 Federal Home Loan Bank of New York ("FHLBNY") stock, at cost 15,693 4,625 4,389 Accrued interest receivable 61,172 54,268 55,484 Premises and equipment, net 6,386 6,413 7,807 Bank-owned life insurance 108,026 107,365 105,528 Right-of-use lease asset 14,231 16,125 21,074 Deferred tax asset, net 42,437 38,510 56,603 Goodwill 12,936 12,936 12,936 Intangible assets, net 1,487 1,669 2,217 Equity method investments 8,482 11,514 13,024 Other assets 35,858 32,144 25,371 Total assets $ 8,256,892 $ 8,413,640 $ 7,972,324 Liabilities Deposits $ 7,180,605 $ 7,594,564 $ 7,011,988 Borrowings 314,409 68,436 304,927 Operating leases 19,734 22,292 30,646 Other liabilities 34,490 30,016 39,399 Total liabilities 7,549,238 7,715,308 7,386,960 Stockholders’ equity Common stock, par value $.01 per share 308 308 307 Additional paid-in capital 288,656 287,167 288,232 Retained earnings 480,144 459,398 388,033 Accumulated other comprehensive loss, net of income taxes (58,637) (46,702) (86,004) Treasury stock, at cost (2,817) (1,972) (5,337) Total Amalgamated Financial Corp. stockholders' equity 707,654 698,199 585,231 Noncontrolling interests — 133 133 Total stockholders' equity 707,654 698,332 585,364 Total liabilities and stockholders’ equity $ 8,256,892 $ 8,413,640 $ 7,972,324 10
Select Financial Data As of and for the As of and for the Three Months Ended Year Ended December 31, September 30, December 31, December 31, (Shares in thousands) 2024 2024 2023 2024 2023 Selected Financial Ratios and Other Data: Earnings per share Basic $ 0.80 $ 0.91 $ 0.75 $ 3.48 $ 2.88 Diluted 0.79 0.90 0.74 3.44 2.86 Core net income (non-GAAP) Basic $ 0.91 $ 0.91 $ 0.73 $ 3.52 $ 2.96 Diluted 0.90 0.91 0.72 3.48 2.94 Book value per common share (excluding minority interest) $ 23.07 $ 22.77 $ 19.23 $ 23.07 $ 19.23 Tangible book value per share (non-GAAP) $ 22.60 $ 22.29 $ 18.74 $ 22.60 $ 18.74 Common shares outstanding, par value $.01 per share(1) 30,671 30,663 30,428 30,671 30,428 Weighted average common shares outstanding, basic 30,677 30,646 30,418 30,588 30,555 Weighted average common shares outstanding, diluted 30,976 30,911 30,616 30,926 30,785 (1) 70,000,000 shares authorized; 30,809,484, 30,776,163, and 30,736,141 shares issued for the periods ended December 31, 2024, September 30, 2024, and December 31, 2023 respectively, and 30,670,982, 30,662,883, and 30,428,359 shares outstanding for the periods ended December 31, 2024, September 30, 2024, and December 31, 2023 respectively. 11
Select Financial Data As of and for the As of and for the Three Months Ended Year Ended December 31, September 30, December 31, December 31, 2024 2024 2023 2024 2023 Selected Performance Metrics: Return on average assets 1.17 % 1.32 % 1.13 % 1.29 % 1.12 % Core return on average assets (non-GAAP) 1.34 % 1.33 % 1.10 % 1.30 % 1.15 % Return on average equity 13.83 % 16.63 % 16.23 % 16.39 % 16.57 % Core return on average tangible common equity (non-GAAP) 16.13 % 17.04 % 16.22 % 16.99 % 17.55 % Average equity to average assets 8.48 % 7.96 % 6.95 % 7.86 % 6.74 % Tangible common equity to tangible assets (non-GAAP) 8.41 % 8.14 % 7.16 % 8.41 % 7.16 % Loan yield 5.00 % 4.79 % 4.68 % 4.81 % 4.49 % Securities yield 5.12 % 5.25 % 5.21 % 5.20 % 4.93 % Deposit cost 1.53 % 1.58 % 1.43 % 1.53 % 1.17 % Net interest margin 3.59 % 3.51 % 3.44 % 3.51 % 3.41 % Efficiency ratio (1) 52.83 % 50.54 % 49.20 % 50.62 % 52.04 % Core efficiency ratio (non-GAAP) 49.82 % 50.35 % 49.73 % 50.33 % 51.33 % Asset Quality Ratios: Nonaccrual loans to total loans 0.45 % 0.61 % 0.75 % 0.45 % 0.75 % Nonperforming assets to total assets 0.31 % 0.34 % 0.43 % 0.31 % 0.43 % Allowance for credit losses on loans to nonaccrual loans(2) 286.00 % 222.30 % 197.97 % 286.00 % 197.97 % Allowance for credit losses on loans to total loans(2) 1.29 % 1.35 % 1.49 % 1.29 % 1.49 % Annualized net charge-offs to average loans 0.36 % 0.61 % 0.51 % 0.36 % 0.51 % Capital Ratios: Tier 1 leverage capital ratio 9.06 % 8.63 % 8.07 % 9.06 % 8.07 % Tier 1 risk-based capital ratio 13.90 % 13.82 % 12.98 % 13.90 % 12.98 % Total risk-based capital ratio 16.26 % 16.25 % 15.64 % 16.26 % 15.64 % Common equity tier 1 capital ratio 13.90 % 13.82 % 12.98 % 13.90 % 12.98 % (1) Efficiency ratio is calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income (2) In accordance with the adoption of the CECL standard on January 1, 2023, the allowance for credit losses on loans as of December 31, 2024 and September 30, 2024 are calculated under the current expected credit losses model. For December 31, 2023, the allowance on loans presented is the allowance for loan losses calculated using the incurred loss model. 12
Loan and PACE Assessments Portfolio Composition (In thousands) At December 31, 2024 At September 30, 2024 At December 31, 2023 Amount % of total loans Amount % of total loans Amount % of total loans Commercial portfolio: Commercial and industrial $ 1,175,490 25.2 % $ 1,058,376 23.3 % $ 1,010,998 22.9 % Multifamily 1,351,604 28.9 % 1,291,380 28.4 % 1,148,120 26.1 % Commercial real estate 411,387 8.8 % 415,077 9.1 % 353,432 8.0 % Construction and land development 20,683 0.4 % 22,224 0.5 % 23,626 0.5 % Total commercial portfolio 2,959,164 63.3 % 2,787,057 61.3 % 2,536,176 57.5 % Retail portfolio: Residential real estate lending 1,313,617 28.1 % 1,350,347 29.7 % 1,425,596 32.3 % Consumer solar 365,516 7.8 % 374,499 8.2 % 408,260 9.3 % Consumer and other 34,627 0.8 % 36,000 0.8 % 41,287 0.9 % Total retail 1,713,760 36.7 % 1,760,846 38.7 % 1,875,143 42.5 % Total loans held for investment 4,672,924 100.0 % 4,547,903 100.0 % 4,411,319 100.0 % Allowance for credit losses (60,086) (61,466) (65,691) Loans receivable, net $ 4,612,838 $ 4,486,437 $ 4,345,628 PACE assessments: Available for sale, at fair value Residential PACE assessments 152,011 12.7 % 149,500 12.7 % 53,303 4.7 % Held-to-maturity, at amortized cost Commercial PACE assessments 268,692 22.5 % 256,128 21.7 % 258,306 22.8 % Residential PACE assessments 775,922 64.8 % 773,101 65.6 % 818,963 72.5 % Total Held-to-maturity PACE assessments 1,044,614 87.3 % 1,029,229 87.3 % 1,077,269 95.3 % Total PACE assessments 1,196,625 100.0 % 1,178,729 100.0 % 1,130,572 100.0 % Allowance for credit losses (655) (641) (667) Total PACE assessments, net $ 1,195,970 $ 1,178,088 $ 1,129,905 Loans receivable, net and total PACE assessments, net as a % of Deposits 81 % 74.6 % 78.1 % Loans receivable, net and total PACE assessments, net as a % of Deposits excluding Brokered CDs 81 % 75.6 % 80.9 % 13
Net Interest Income Analysis Three Months Ended December 31, 2024 September 30, 2024 December 31, 2023 (In thousands) Average Balance Income / Expense Yield / Rate Average Balance Income / Expense Yield / Rate Average Balance Income / Expense Yield / Rate Interest-earning assets: Interest-bearing deposits in banks $ 105,958 $ 1,113 4.18 % $ 182,981 $ 2,274 4.94 % $ 190,994 $ 2,419 5.02 % Securities(1) 3,313,349 42,632 5.12 % 3,388,580 44,678 5.25 % 3,175,784 41,741 5.21 % Resell agreements 50,938 816 6.37 % 104,933 1,754 6.65 % 16,848 273 6.43 % Loans receivable, net (2)(3) 4,619,723 58,024 5.00 % 4,493,520 54,110 4.79 % 4,370,946 51,551 4.68 % Total interest-earning assets 8,089,968 102,585 5.04 % 8,170,014 102,816 5.01 % 7,754,572 95,984 4.91 % Non-interest-earning assets: Cash and due from banks 6,291 6,144 5,357 Other assets 214,868 217,332 220,580 Total assets $ 8,311,127 $ 8,393,490 $ 7,980,509 Interest-bearing liabilities: Savings, NOW and money market deposits $ 3,971,128 $ 26,329 2.64 % $ 3,506,499 $ 26,168 2.97 % $ 3,629,658 $ 19,808 2.17 % Time deposits 220,205 2,085 3.77 % 223,337 2,148 3.83 % 183,225 1,423 3.08 % Brokered CDs 11,822 169 5.69 % 131,103 1,789 5.43 % 309,378 4,084 5.24 % Total interest-bearing deposits 4,203,155 28,583 2.71 % 3,860,939 30,105 3.10 % 4,122,261 25,315 2.44 % Other borrowings 98,768 908 3.66 % 71,948 604 3.34 % 304,869 3,350 4.36 % Total interest-bearing liabilities 4,301,923 29,491 2.73 % 3,932,887 30,709 3.11 % 4,427,130 28,665 2.57 % Non-interest-bearing liabilities: Demand and transaction deposits 3,239,251 3,721,398 2,921,961 Other liabilities 65,580 70,804 76,588 Total liabilities 7,606,754 7,725,089 7,425,679 Stockholders' equity 704,373 668,401 554,830 Total liabilities and stockholders' equity $ 8,311,127 $ 8,393,490 $ 7,980,509 Net interest income / interest rate spread $ 73,094 2.31 % $ 72,107 1.90 % $ 67,319 2.34 % Net interest-earning assets / net interest margin $ 3,788,045 3.59 % $ 4,237,127 3.51 % $ 3,327,442 3.44 % Total deposits excluding Brokered CDs / total cost of deposits excluding Brokered CDs $ 7,430,584 1.52 % $ 7,451,234 1.51 % $ 6,734,844 1.25 % Total deposits / total cost of deposits $ 7,442,406 1.53 % $ 7,582,337 1.58 % $ 7,044,222 1.43 % Total funding / total cost of funds $ 7,541,174 1.56 % $ 7,654,285 1.60 % $ 7,349,091 1.55 % (1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income. (2) Amounts are net of deferred origination costs. With the adoption of the CECL standard on January 1, 2023, the average balance of the allowance for credit losses on loans was reclassified for all presented periods to other assets to allow for comparability. (3) Includes prepayment penalty interest income in 4Q2024, 3Q2024, and 4Q2023 of $121, $0, and $167, respectively (in thousands). 14
Net Interest Income Analysis Year Ended December 31, 2024 December 31, 2023 (In thousands) Average Balance Income / Expense Yield / Rate Average Balance Income / Expense Yield / Rate Interest-earning assets: Interest-bearing deposits in banks $ 176,830 $ 8,669 4.90 % $ 142,053 $ 5,779 4.07 % Securities(1) 3,295,597 171,308 5.20 % 3,250,788 160,298 4.93 % Resell agreements 89,312 5,939 6.65 % 10,233 705 6.89 % Loans receivable, net (2)(3) 4,479,038 215,380 4.81 % 4,259,195 191,295 4.49 % Total interest-earning assets 8,040,777 401,296 4.99 % 7,662,269 358,077 4.67 % Non-interest-earning assets: Cash and due from banks 5,970 5,140 Other assets 218,033 208,902 Total assets $ 8,264,780 $ 7,876,311 Interest-bearing liabilities: Savings, NOW and money market deposits $ 3,699,972 $ 99,362 2.69 % $ 3,344,407 $ 59,818 1.79 % Time deposits 210,599 7,706 3.66 % 167,167 3,452 2.07 % Brokered CDs 122,035 6,393 5.24 % 364,833 17,854 4.89 % Total interest-bearing deposits 4,032,606 113,461 2.81 % 3,876,407 81,124 2.09 % Other borrowings 140,539 5,405 3.85 % 350,039 15,642 4.47 % Total interest-bearing liabilities 4,173,145 118,866 2.85 % 4,226,446 96,766 2.29 % Non-interest-bearing liabilities: Demand and transaction deposits 3,373,047 3,045,013 Other liabilities 69,245 73,770 Total liabilities 7,615,437 7,345,229 Stockholders' equity 649,343 531,082 Total liabilities and stockholders' equity $ 8,264,780 $ 7,876,311 Net interest income / interest rate spread $ 282,430 2.14 % $ 261,311 2.38 % Net interest-earning assets / net interest margin $ 3,867,632 3.51 % $ 3,435,823 3.41 % Total deposits excluding Brokered CDs / total cost of deposits excluding Brokered CDs $ 7,283,618 1.47 % $ 6,556,587 0.96 % Total deposits / total cost of deposits $ 7,405,653 1.53 % $ 6,921,420 1.17 % Total funding / total cost of funds $ 7,546,192 1.58 % $ 7,271,459 1.33 % (1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income (2) Amounts are net of deferred origination costs. With the adoption of the CECL standard on January 1, 2023, the average balance of the allowance for credit losses on loans was reclassified for all presented periods to other assets to allow for comparability. (3) Includes prepayment penalty interest income in December YTD 2024 and December YTD 2023 of $0.1 million and $0.1 million, respectively 15
Deposit Portfolio Composition Three Months Ended December 31, 2024 September 30, 2024 December 31, 2023 (In thousands) Ending Balance Average Balance Ending Balance Average Balance Ending Balance Average Balance Non-interest-bearing demand deposit accounts $ 2,868,506 $ 3,239,251 $ 3,801,834 $ 3,721,398 $ 2,940,398 $ 2,921,961 NOW accounts 179,765 174,963 186,557 188,250 200,382 191,889 Money market deposit accounts 3,564,423 3,471,242 2,959,264 2,986,434 3,100,681 3,090,805 Savings accounts 328,696 324,922 327,935 331,816 340,860 346,964 Time deposits 239,215 220,205 216,901 223,337 187,457 183,225 Brokered certificates of deposit ("CDs") — 11,822 102,073 131,103 242,210 309,378 Total deposits $ 7,180,605 $ 7,442,405 $ 7,594,564 $ 7,582,338 $ 7,011,988 $ 7,044,222 Total deposits excluding Brokered CDs $ 7,180,605 $ 7,430,583 $ 7,492,491 $ 7,451,235 $ 6,769,778 $ 6,734,844 Three Months Ended December 31, 2024 September 30, 2024 December 31, 2023 Average Rate Paid(1) Cost of Funds Average Rate Paid(1) Cost of Funds Average Rate Paid(1) Cost of Funds Non-interest-bearing demand deposit accounts 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % NOW accounts 0.72 % 0.81 % 0.90 % 1.09 % 0.99 % 1.00 % Money market deposit accounts 2.67 % 2.85 % 3.00 % 3.24 % 2.89 % 2.35 % Savings accounts 1.32 % 1.37 % 1.42 % 1.64 % 1.20 % 1.15 % Time deposits 3.54 % 3.77 % 3.83 % 3.83 % 3.01 % 3.08 % Brokered CDs 0.00 % 5.69 % 4.89 % 5.43 % 5.09 % 5.24 % Total deposits 1.52 % 1.53 % 1.43 % 1.58 % 1.62 % 1.43 % Interest-bearing deposits excluding brokered CDs 2.54 % 2.70 % 2.80 % 3.02 % 2.65 % 2.21 % (1) Average rate paid is calculated as the weighted average of spot rates on deposit accounts as of the period indicated. 16
Asset Quality (In thousands) December 31, 2024 September 30, 2024 December 31, 2023 Loans 90 days past due and accruing $ — $ — $ — Nonaccrual loans held for sale 4,853 989 989 Nonaccrual loans - Commercial 16,041 17,108 23,189 Nonaccrual loans - Retail 4,968 10,542 9,994 Nonaccrual securities 8 8 31 Total nonperforming assets $ 25,870 $ 28,647 $ 34,203 Nonaccrual loans: Commercial and industrial $ 872 $ 1,849 $ 7,533 Multifamily — — — Commercial real estate 4,062 4,146 4,490 Construction and land development 11,107 11,113 11,166 Total commercial portfolio 16,041 17,108 23,189 Residential real estate lending 1,771 7,578 7,218 Consumer solar 2,827 2,848 2,673 Consumer and other 370 116 103 Total retail portfolio 4,968 10,542 9,994 Total nonaccrual loans $ 21,009 $ 27,650 $ 33,183 17
Credit Quality December 31, 2024 September 30, 2024 December 31, 2023 ($ in thousands) Criticized and classified loans Commercial and industrial $ 62,614 $ 45,329 69,843 Multifamily 8,573 13,386 10,306 Commercial real estate 4,062 8,186 8,637 Construction and land development 11,107 11,113 11,166 Residential real estate lending 6,387 7,578 7,218 Multifamily 2,827 2,848 2,673 Consumer and other 370 116 103 Total loans $ 95,940 $ 88,556 109,946 Criticized and classified loans to total loans Commercial and industrial 1.34 % 1.00 % 1.58 % Multifamily 0.18 % 0.29 % 0.23 % Commercial real estate 0.09 % 0.18 % 0.20 % Construction and land development 0.24 % 0.24 % 0.25 % Residential real estate lending 0.14 % 0.17 % 0.16 % Consumer solar 0.06 % 0.06 % 0.06 % Consumer and other 0.01 % — % — % Total loans 2.06 % 1.94 % 2.48 % December 31, 2024 September 30, 2024 December 31, 2023 Annualized net charge-offs (recoveries) to average loans ACL to total portfolio balance Annualized net charge-offs (recoveries) to average loans ACL to total portfolio balance Annualized net charge-offs (recoveries) to average loans ACL to total portfolio balance Commercial and industrial 0.53 % 1.15 % 2.14 % 1.01 % — % 1.81 % Multifamily 0.15 % 0.21 % — % 0.37 % — % 0.19 % Commercial real estate — % 0.39 % — % 0.40 % — % 0.36 % Construction and land development (7.19) % 6.06 % — % 3.73 % 71.82 % 0.04 % Residential real estate lending 0.28 % 0.71 % (0.03) % 0.91 % (0.04) % 0.93 % Consumer solar 1.71 % 7.96 % 1.58 % 7.68 % 0.99 % 6.85 % Consumer and other 0.86 % 6.83 % 1.05 % 6.44 % 0.05 % 6.48 % Total loans 0.36 % 1.29 % 0.61 % 1.35 % 0.51 % 1.49 % 18
Reconciliation of GAAP to Non-GAAP Financial Measures The information provided below presents a reconciliation of each of non-GAAP financial measures to the most directly comparable GAAP financial measure. As of and for the As of and for the Three Months Ended Year Ended (in thousands) December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Core operating revenue Net Interest Income (GAAP) $ 73,095 $ 72,107 $ 67,319 $ 282,430 $ 261,311 Non-interest income (GAAP) 4,789 8,939 9,406 33,215 29,336 Add: Securities loss 1,003 3,230 2,340 9,698 7,392 Less: ICS One-Way Sell Fee Income(1) (1,347) (8,085) — (17,194) — Less: Changes in fair value of loans held-for-sale 4,117 4,265 — 8,383 — Less: Subdebt repurchase gain(2) — (669) — (1,076) (1,417) Add: Tax (credits) depreciation on solar investments(3) 920 1,089 (3,251) 2,016 (3,251) Core operating revenue (non-GAAP) $ 82,577 $ 80,876 $ 75,814 $ 317,472 $ 293,371 Core non-interest expense Non-interest expense (GAAP) $ 41,143 $ 40,964 $ 37,752 $ 159,772 $ 151,247 Add: Gain on settlement of lease termination(4) — — — 499 — Less: Severance costs(5) (1) (241) (47) (472) (665) Core non-interest expense (non-GAAP) $ 41,142 $ 40,723 $ 37,705 $ 159,799 $ 150,582 Core net income Net Income (GAAP) $ 24,491 $ 27,942 $ 22,695 $ 106,433 $ 87,979 Less: Securities (gain) loss 1,003 3,230 2,340 9,698 7,392 Less: ICS One-Way Sell Fee Income(1) (1,347) (8,085) — (17,194) — Less: Changes in fair value of loans held-for-sale 4,117 4,265 — 8,383 — Less: Gain on settlement of lease termination(4) — — — (499) — Less: Subdebt repurchase gain(2) — (669) — (1,076) (1,417) Add: Severance costs(5) 1 241 47 472 665 Add: Tax (credits) depreciation on solar investments(3) 920 1,089 (3,251) 2,016 (3,251) Less: Tax on notable items (1,217) (19) 227 (473) (909) Core net income (non-GAAP) $ 27,968 $ 27,994 $ 22,058 $ 107,760 $ 90,459 Tangible common equity Stockholders' equity (GAAP) $ 707,654 $ 698,332 $ 585,364 $ 707,653 $ 585,364 Less: Minority interest — (133) (133) — (133) Less: Goodwill (12,936) (12,936) (12,936) (12,936) (12,936) Less: Core deposit intangible (1,487) (1,669) (2,217) (1,487) (2,217) Tangible common equity (non-GAAP) $ 693,231 $ 683,594 $ 570,078 $ 693,230 $ 570,078 Average tangible common equity Average stockholders' equity (GAAP) $ 704,373 $ 668,401 $ 554,830 $ 649,343 $ 531,082 Less: Minority interest (132) (133) (133) (133) (133) Less: Goodwill (12,936) (12,936) (12,936) (12,936) (12,936) Less: Core deposit intangible (1,575) (1,759) (2,325) (1,848) (2,656) Average tangible common equity (non-GAAP) $ 689,730 $ 653,573 $ 539,436 $ 634,426 $ 515,357 (1) Included in service charges on deposit accounts in the Consolidated Statements of Income (2) Included in other income in the Consolidated Statements of Income (3) Included in equity method investments income in the Consolidated Statements of Income (4) Included in occupancy and depreciation in the Consolidated Statements of Income (5) Included in compensation and employee benefits in the Consolidated Statements of Income 19
