[Management View]
Amalgamated Financial reported a strong Q3 2025 with core EPS of $0.91, driven by robust deposit growth and loan expansion. The company emphasized its digital modernization efforts, which are enhancing productivity and supporting scaling. Management highlighted the resolution of a stressed $10.8 million loan, improving credit quality metrics.

[Outlook]
The company raised its 2025 core pretax pre-provision earnings guidance to $164-$165 million and tightened net interest income guidance to $295-$296 million. Management expects future Fed rate cuts to pressure net interest income but remains confident in managing potential volatility in rent-stabilized multifamily exposures.

[Financial Performance]
Amalgamated's net interest income grew by 4.9% to $76.4 million, exceeding guidance. Total deposits increased by $149 million, or 1.9%, to $7.6 billion. Loan growth accelerated to 3.3% in growth mode portfolios. Nonperforming assets declined by 34.6% to $23 million.

[Q&A Highlights]
Question 1: What is the $1.9 million specific reserve against?
Answer: The reserve is related to a multifamily property with an updated appraisal showing a lower valuation. The credit is moving to nonaccrual status, and the reserve accounts for a change in LTV.

Question 2: How would potential rent freezes in NYC affect your multifamily business?
Answer: Management does not expect an impact in the next 18-24 months. They are monitoring the situation and believe a balanced approach could create more housing opportunities.

Question 3: Are you concerned about federal funding being pulled from green energy projects?
Answer: Existing projects are secure with locked-in funding streams. The industry remains robust, and demand for financing is expected to continue despite changes in federal contributions.

Question 4: How is Amalgamated positioning itself against regulatory debanking efforts?
Answer: The bank follows all laws and regulations, focusing on risk management and solid performance. They do not expect material risk to their business model or customer base.

Question 5: What is the outlook for expenses and loan yields?
Answer: Expenses are expected to align with the $170 million annual target, with potential upside. Loan yields may decline due to expected rate cuts, but strong origination yields are anticipated.

[Sentiment Analysis]
Analysts showed interest in the bank's handling of regulatory and market challenges. Management maintained a confident tone, emphasizing strategic growth and risk management.

[Quarterly Comparison]
| Metric | Q3 2025 | Q2 2025 |
|----------------------------|---------|---------|
| Core EPS | $0.91 | $0.88 |
| Net Interest Income | $76.4M | $72.8M |
| Total Deposits | $7.6B | $7.45B |
| Loan Growth | 3.3% | 2.1% |
| Nonperforming Assets | $23M | $35.2M |

[Risks and Concerns]
Potential risks include regulatory changes in NYC's rent-stabilized market and federal funding shifts in green energy projects. Management is monitoring these areas closely.

[Final Takeaway]
Amalgamated Financial delivered a strong Q3 2025, marked by significant deposit and loan growth, improved credit quality, and successful digital modernization. The company is well-positioned to navigate potential regulatory and market challenges, with a focus on strategic growth and risk management. Management's confidence in their business model and future prospects remains high, supported by robust financial performance and strategic initiatives.