Amalgamated Financial (AMAL) came out with quarterly earnings of $0.85 per share, beating the Zacks Consensus Estimate of $0.79 per share. This compares to earnings of $0.72 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.59%. A quarter ago, it was expected that this bank would post earnings of $0.72 per share when it actually produced earnings of $0.83, delivering a surprise of 15.28%.Over the last four quarters, the compan ...

NEW YORK, July 25, 2024 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (the "Company" or "Amalgamated") (NASDAQ:AMAL), the holding company for Amalgamated Bank (the "Bank"), today announced financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Highlights (on a linked quarter basis) Net income of $26.8 million, or $0.87 per diluted share, compared to $27.2 million, or $0.89 per diluted share.Core net income1 of $26.2 million, or $0.85 per diluted share, compared to $25.6 million, ...

NEW YORK, July 25, 2024 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Highlights (on a linked quarter basis) Net income of $26.8 million, or $0.87 per diluted share, compared to $27.2 million, or $0.89 per diluted share.Core net income1 of $26.2 million, or $0.85 per diluted share, compared to $25.6 million ...

NEW YORK, July 23, 2024 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (“Amalgamated” or the “Company”) (Nasdaq: AMAL) today announced that its Board of Directors has declared a regular dividend to common stockholders of $0.12 per share, payable by the Company on August 22, 2024, to stockholders of record on August 6, 2024. The amount and timing of any future dividend payments to stockholders will be subject to the discretion of the Board of Directors. About Amalgamated Financial Corp. Amalgamated Financi ...

NEW YORK, July 11, 2024 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. ("Amalgamated" or the "Company") (NASDAQ:AMAL) today announced that its second quarter 2024 financial results will be released before market open on Thursday, July 25, 2024. The Company will host a conference call at 11:00 a.m. Eastern Time on the same day to discuss the financial results. Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) ...

NEW YORK, July 11, 2024 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (“Amalgamated” or the “Company”) (Nasdaq: AMAL) today announced that its second quarter 2024 financial results will be released before market open on Thursday, July 25, 2024. The Company will host a conference call at 11:00 a.m. Eastern Time on the same day to discuss the financial results. Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) ...

NEW YORK, May 15, 2024 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. ("Amalgamated" or the "Company") (NASDAQ:AMAL) announced that the Company has extended its commitment to invest in Residential Property Assessed Clean Energy ("R-PACE") assessments through its ongoing partnership with Home Run Finance ("HRF"). Amalgamated's commitment provides an additional $85 million of capital to fund R-PACE assessments originated by HRF. Priscilla Sims Brown, President and Chief Executive Officer, commented, "We are ...

```markdown [Cautionary Note Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section warns that forward-looking statements are subject to various risks and uncertainties that may cause actual results to differ materially from projections - **Forward-looking statements** are not historical facts and are subject to various **risks and uncertainties** that could cause actual results to differ materially from projections[11](index=11&type=chunk) - Key potential risks include **uncertain conditions in the banking industry**, **increased credit losses**, **deposit outflows**, **liquidity challenges**, **interest rate fluctuations**, **changes in legislation/regulation**, **competition**, and **operational/security system failures**[12](index=12&type=chunk) [PART I – FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [ITEM 1. Financial Statements (unaudited)](index=2&type=section&id=ITEM%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited consolidated financial statements, including the statements of financial condition, income, comprehensive income, changes in stockholders' equity, and cash flows, along with detailed notes explaining accounting policies, financial instrument breakdowns, and other relevant disclosures for the periods ended March 31, 2024, and December 31, 2023 [Consolidated Statements of Financial Condition](index=5&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) This section presents the consolidated financial condition, showing **total assets of $8.14 billion** and **total liabilities of $7.52 billion** as of March 31, 2024 | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | Change (vs Dec 31, 2023) | | :----- | :---------------------------- | :------------------------------- | :----------------------- | | Total Assets | $8,136,682 | $7,972,324 | +$164,358 | | Total Liabilities | $7,519,744 | $7,386,960 | +$132,784 | | Total Stockholders' Equity | $616,938 | $585,364 | +$31,574 | | Deposits | $7,305,765 | $7,011,988 | +$293,777 | | Loans receivable, net | $4,359,380 | $4,345,628 | +$13,752 | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) This section details the company's financial performance, reporting **net income of $27.2 million** for the three months ended March 31, 2024 | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | Change (YoY) | | :----- | :----------------------------------------------- | :----------------------------------------------- | :----------- | | Total interest and dividend income | $96,934 | $84,936 | +$11,998 | | Total interest expense | $28,897 | $17,656 | +$11,241 | | Net interest income | $68,037 | $67,280 | +$757 | | Provision for credit losses | $1,588 | $4,958 | -$3,370 | | Total non-interest income | $10,229 | $5,208 | +$5,021 | | Total non-interest expense | $38,152 | $38,627 | -$475 | | Net income | $27,249 | $21,338 | +$5,911 | | Earnings per common share - basic | $0.89 | $0.69 | +$0.20 | [Consolidated Statements of Comprehensive Income](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) This section presents the total comprehensive income, including **net income and other comprehensive income of $34.4 million** for Q1 2024 | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | Change (YoY) | | :----- | :----------------------------------------------- | :----------------------------------------------- | :----------- | | Net income | $27,249 | $21,338 | +$5,911 | | Net unrealized gains (losses) on securities | $9,771 | $15,673 | -$5,902 | | Total other comprehensive income, net of taxes | $7,132 | $11,390 | -$4,258 | | Total comprehensive income, net of taxes | $34,381 | $32,728 | +$1,653 | [Consolidated Statements of Changes in Stockholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) This section details changes in stockholders' equity, showing a **total equity of $616.8 million** as of March 31, 2024 | Metric | Balance at January 1, 2024 (in thousands) | Net Income (in thousands) | Repurchase of Common Stock (in thousands) | Dividends on Common Stock (in thousands) | Other Comprehensive Income (in thousands) | Balance at March 31, 2024 (in thousands) | | :----- | :---------------------------------------- | :------------------------ | :---------------------------------------- | :--------------------------------------- | :---------------------------------------- | :--------------------------------------- | | Total Amalgamated Financial Corp. Stockholders' Equity | $585,231 | $27,249 | $(285) | $(3,092) | $7,132 | $616,805 | - **Total stockholders' equity increased by $31.6 million** from January 1, 2024, to March 31, 2024, primarily due to net income and other comprehensive income, partially offset by dividends and stock repurchases[23](index=23&type=chunk)[25](index=25&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This section summarizes cash inflows and outflows from operating, investing, and financing activities, with **cash and equivalents at $155.2 million** at period end | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | Change (YoY) | | :----- | :----------------------------------------------- | :----------------------------------------------- | :----------- | | Net cash provided by operating activities | $31,262 | $34,853 | -$3,591 | | Net cash (used in) provided by investing activities | $(91,248) | $35,104 | -$126,352 | | Net cash provided by (used in) financing activities | $124,620 | $(2,600) | +$127,220 | | Increase in cash, cash equivalents, and restricted cash | $64,634 | $67,357 | -$2,723 | | Cash, cash equivalents, and restricted cash at end period | $155,204 | $130,897 | +$24,307 | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the consolidated financial statements [1. BASIS OF PRESENTATION AND CONSOLIDATION](index=12&type=section&id=1.%20BASIS%20OF%20PRESENTATION%20AND%20CONSOLIDATION) The unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information, with certain disclosures condensed or omitted - **Financial statements are unaudited** and prepared under **GAAP for interim reporting**, with some condensed disclosures[36](index=36&type=chunk) - Adoption of **ASU No. 2016-13 (CECL)** on January 1, 2023, resulted in a **$17.8 million net decrease** to **retained earnings**[37](index=37&type=chunk) | Adjustment Type | Gross Adjustment (in thousands) | Tax Impact (in thousands) | Net Retained Earnings Adjustment (in thousands) | | :-------------- | :------------------------------ | :------------------------ | :---------------------------------------------- | | Allowance for credit losses on held-to-maturity securities | $668 | $(184) | $484 | | Allowance for credit losses on loans | $21,229 | $(5,849) | $15,380 | | Allowance for credit losses on off-balance sheet credit exposures | $2,705 | $(744) | $1,961 | | **Total Day 1 Adjustment for Adoption of ASU 2016-13** | **$24,602** | **$(6,777)** | **$17,825** | [2. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)](index=13&type=section&id=2.%20ACCUMULATED%20OTHER%20COMPREHENSIVE%20INCOME%20(LOSS)) This section summarizes the components of accumulated other comprehensive income (loss), net of income taxes, showing a decrease in total accumulated other comprehensive loss from January 1, 2024, to March 31, 2024 | Component | Balance as of January 1, 2024 (in thousands) | Current Period Change (in thousands) | Income Tax Effect (in thousands) | Balance as of March 31, 2024 (in thousands) | | :-------- | :------------------------------------------- | :----------------------------------- | :------------------------------- | :------------------------------------------ | | Unrealized gains (losses) on benefits plans | $(1,481) | $43 | $(11) | $(1,449) | | Unrealized gains (losses) on available for sale securities | $(74,348) | $9,176 | $(2,508) | $(67,680) | | Unaccreted unrealized loss on securities transferred to held-to-maturity | $(10,175) | $595 | $(163) | $(9,743) | | **Total** | **$(86,004)** | **$9,814** | **$(2,682)** | **$(78,872)** | - **Net change in unrealized gains on securities was $7.1 million** for Q1 2024, contributing to a **reduction in accumulated other comprehensive loss**[45](index=45&type=chunk) [3. INVESTMENT SECURITIES](index=14&type=section&id=3.%20INVESTMENT%20SECURITIES) This section details the amortized cost and fair value of available-for-sale (AFS) and held-to-maturity (HTM) investment securities, their credit quality, and activity in the allowance for credit losses | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | Change | | :----- | :---------------------------- | :------------------------------- | :----- | | Available for Sale (Fair Value) | $1,528,051 | $1,483,042 | +$45,009 | | Held-to-Maturity (Amortized Cost) | $1,673,962 | $1,696,834 | -$22,872 | - **Available for sale securities with a fair value of $1.28 billion** and **held-to-maturity securities with a fair value of $544.5 million** were **pledged as of March 31, 2024**[48](index=48&type=chunk) - **Net realized losses on sales of available for sale securities were $(2.8 million)** for Q1 2024, compared to $(3.1 million) for Q1 2023[56](index=56&type=chunk) - **No allowance for credit losses was recorded** on available for sale securities as of March 31, 2024, as **management does not intend to sell these investments** and **expects to collect all amounts due**[63](index=63&type=chunk)[64](index=64&type=chunk) | Category | Beginning Balance (in thousands) | Recovery of Credit Losses (in thousands) | Ending Balance (in thousands) | | :------- | :------------------------------- | :--------------------------------------- | :---------------------------- | | Non-GSE commercial certificates | $54 | $(1) | $53 | | Commercial PACE | $258 | $(2) | $256 | | Residential PACE | $409 | $(8) | $401 | | **Total** | **$721** | **$(11)** | **$710** | [4. LOANS RECEIVABLE, NET](index=19&type=section&id=4.%20LOANS%20RECEIVABLE%2C%20NET) This section provides a detailed breakdown of the loan portfolio by type, past due status, credit quality indicators, and activity in the allowance for credit losses | Loan Type | March 31, 2024 (in thousands) | % of Total Loans (Mar 31, 2024) | December 31, 2023 (in thousands) | % of Total Loans (Dec 31, 2023) | | :-------- | :---------------------------- | :------------------------------ | :------------------------------- | :------------------------------ | | Commercial and industrial | $1,014,084 | 22.9% | $1,010,998 | 22.9% | | Multifamily | $1,175,467 | 26.6% | $1,148,120 | 26.1% | | Commercial real estate | $353,598 | 8.0% | $353,432 | 8.0% | | Construction and land development | $23,266 | 0.5% | $23,626 | 0.5% | | Residential real estate lending | $1,419,321 | 32.1% | $1,425,596 | 32.3% | | Consumer solar | $398,501 | 9.0% | $408,260 | 9.3% | | Consumer and other | $39,543 | 0.9% | $41,287 | 0.9% | | **Total loans receivable** | **$4,423,780** | **100.0%** | **$4,411,319** | **100.0%** | | Allowance for credit losses | $(64,400) | | $(65,691) | | | **Total loans receivable, net** | **$4,359,380** | | **$4,345,628** | | | Category | 30-59 Days Past Due (in thousands) | 60-89 Days Past Due (in thousands) | NonAccrual (in thousands) | Total Past Due and NonAccrual (in thousands) | | :------- | :--------------------------------- | :--------------------------------- | :------------------------ | :------------------------------------------- | | Commercial portfolio | $113 | $19 | $24,228 | $24,360 | | Retail portfolio | $12,525 | $7,913 | $8,791 | $29,229 | | **Total** | **$12,638** | **$7,932** | **$33,019** | **$53,589** | - **No loan modifications were granted** to borrowers experiencing financial difficulty in Q1 2024, compared to $8.4 million in Q1 2023[77](index=77&type=chunk)[79](index=79&type=chunk) | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :----- | :----------------------------------------------- | :----------------------------------------------- | | Beginning balance | $65,691 | $66,260 (adjusted for CECL) | | Provision for credit losses | $890 | $3,612 | | Net charge-offs | $(2,181) | $(2,549) | | **Ending balance** | **$64,400** | **$67,323** | [5. DEPOSITS](index=26&type=section&id=5.%20DEPOSITS) This section provides a summary of deposit types, weighted average rates, and maturities, showing an increase in total deposits | Deposit Type | March 31, 2024 (in thousands) | Weighted Average Rate (Mar 31, 2024) | December 31, 2023 (in thousands) | Weighted Average Rate (Dec 31, 2023) | | :----------- | :---------------------------- | :----------------------------------- | :------------------------------- | :----------------------------------- | | Non-interest-bearing demand deposit accounts | $3,182,047 | 0.00% | $2,940,398 | 0.00% | | Money market deposit accounts | $3,222,271 | 2.96% | $3,100,681 | 2.89% | | Time deposits | $197,265 | 3.44% | $187,457 | 3.01% | | Brokered certificates of deposit ("CDs") | $162,228 | 4.99% | $242,210 | 5.09% | | **Total deposits** | **$7,305,765** | **1.60%** | **$7,011,988** | **1.62%** | - **Total deposits increased by $293.8 million** from December 31, 2023, to March 31, 2024[105](index=105&type=chunk) - **Political deposits totaled approximately $1.44 billion** at March 31, 2024, **up from $1.19 billion** at December 31, 2023, primarily in demand deposits[270](index=270&type=chunk) - **Total estimated uninsured deposits were $4.07 billion** at March 31, 2024[272](index=272&type=chunk) [6. BORROWED FUNDS](index=27&type=section&id=6.%20BORROWED%20FUNDS) This section details the company's borrowed funds, including FHLBNY advances and other borrowings like the Bank Term Funding Program (BTFP) - **FHLBNY advances outstanding were $9.1 million** at March 31, 2024, **up from $4.4 million** at December 31, 2023[109](index=109&type=chunk) - **Outstanding balance related to the BTFP was $60.0 million** at March 31, 2024 (due 2024, 4.71% weighted average rate), **down from $230.0 million** at December 31, 2023 (due 2024, 4.50% weighted average rate)[110](index=110&type=chunk) - **Interest expense on FHLBNY advances was zero** for Q1 2024, compared to $3.0 million for Q1 2023. **Interest expense on other borrowings was $2.4 million** for Q1 2024, compared to $0.2 million for Q1 2023[109](index=109&type=chunk)[110](index=110&type=chunk) [7. SUBORDINATED DEBT](index=28&type=section&id=7.%20SUBORDINATED%20DEBT) This section describes the **$85.0 million** Fixed-to-Floating Rate subordinated notes due 2031, with no repurchases in Q1 2024 - **The Company has $85.0 million of 3.25% Fixed-to-Floating Rate subordinated notes due 2031**[112](index=112&type=chunk) - **No subordinated notes were repurchased in Q1 2024**. In Q1 2023, **$4.0 million par value was repurchased for $3.2 million cash**, **resulting in a $0.8 million gain**[113](index=113&type=chunk)[114](index=114&type=chunk) - **Interest expense on subordinated debt was $0.6 million** for both Q1 2024 and Q1 2023[113](index=113&type=chunk) [8. EARNINGS PER SHARE](index=29&type=section&id=8.%20EARNINGS%20PER%20SHARE) This section presents the basic and diluted earnings per common share, with **basic EPS at $0.89** for Q1 2024 | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :----- | :-------------------------------- | :-------------------------------- | | Net income attributable to Amalgamated Financial Corp. (in thousands) | $27,249 | $21,338 | | Weighted average common shares outstanding, basic (in thousands) | 30,476 | 30,706 | | **Basic earnings per common share** | **$0.89** | **$0.69** | | Weighted average common shares outstanding, diluted (in thousands) | 30,737 | 30,939 | | **Diluted earnings per common share** | **$0.89** | **$0.69** | [9. EMPLOYEE BENEFIT PLANS](index=30&type=section&id=9.%20EMPLOYEE%20BENEFIT%20PLANS) This section details the company's employee benefit plans, including stock options, restricted stock units, and the Employee Stock Purchase Plan - **No compensation cost was attributable to stock options** for Q1 2024 or Q1 2023, as all options were fully expensed by December 31, 2020[122](index=122&type=chunk) - **Compensation expense attributable to RSUs and PSUs was $1.0 million** for Q1 2024, **up from $0.9 million** for Q1 2023[131](index=131&type=chunk) - As of March 31, 2024, there was **$11.9 million of total unrecognized compensation cost** related to non-vested RSUs and PSUs, **expected to be recognized over 1.4 years**[131](index=131&type=chunk) - **The ESPP allows employees to purchase shares at 85% of fair market value**, with **414,673 shares remaining available for purchase** as of March 31, 2024[132](index=132&type=chunk)[134](index=134&type=chunk) [10. FAIR VALUE OF FINANCIAL INSTRUMENTS](index=33&type=section&id=10.%20FAIR%20VALUE%20OF%20FINANCIAL%20INSTRUMENTS) This section explains the fair value hierarchy and presents financial instruments measured at fair value on a recurring and non-recurring basis - **Fair value hierarchy categorizes valuations based on observability of inputs**: **Level 1 (quoted prices in active markets)**, **Level 2 (observable inputs other than quoted prices)**, and **Level 3 (unobservable inputs)**[136](index=136&type=chunk)[137](index=137&type=chunk) | Asset Type | Level 1 (in thousands) | Level 2 (in thousands) | Level 3 (in thousands) | Total (in thousands) | | :--------- | :--------------------- | :--------------------- | :--------------------- | :------------------- | | Traditional securities (AFS) | $198 | $1,445,595 | $0 | $1,445,793 | | Residential PACE assessments (AFS) | $0 | $0 | $82,258 | $82,258 | | **Total assets carried at fair value** | **$198** | **$1,445,595** | **$82,258** | **$1,528,051** | - **Residential PACE assessments are Level 3 assets**, valued using discounted cash flow with a **conditional prepayment rate range of 7.0%-26.0% (18.2% weighted average)**[142](index=142&type=chunk)[145](index=145&type=chunk) | Loan Type | Carrying Value (in thousands) | Level 3 (in thousands) | Estimated Fair Value (in thousands) | | :-------- | :---------------------------- | :--------------------- | :---------------------------------- | | Individually analyzed loans | $1,498 | $1,498 | $1,498 | [11. COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK](index=38&type=section&id=11.%20COMMITMENTS%2C%20CONTINGENCIES%20AND%20OFF%20BALANCE%20SHEET%20RISK) This section discusses the company's off-balance sheet credit commitments, including commitments to extend credit and standby letters of credit, and investment obligations | Commitment Type | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :-------------- | :---------------------------- | :------------------------------- | | Commitments to extend credit | $511,509 | $514,206 | | Standby letters of credit | $31,213 | $31,678 | | **Total** | **$542,722** | **$545,884** | - **The allowance for credit risk inherent in off-balance sheet credit commitments increased to $4.9 million** at March 31, 2024, **from $4.2 million** at December 31, 2023[158](index=158&type=chunk) - **The Company has an estimated remaining commitment of $119.7 million** for the purchase of PACE assessment securities until January 2025[159](index=159&type=chunk) [12. LEASES](index=39&type=section&id=12.%20LEASES) This section describes the company's operating leases, primarily for real estate, and their accounting treatment, including lease costs and remaining lease term - **Operating lease cost was $1.84 million** for Q1 2024, **compared to $1.78 million** for Q1 2023[165](index=165&type=chunk) - The **weighted average remaining lease term on operating leases was 2.9 years** at March 31, 2024, **down from 3.6 years** at March 31, 2023[165](index=165&type=chunk) - **Total undiscounted operating lease payments are $28.5 million**, with a **total operating lease liability of $27.25 million** as of March 31, 2024[167](index=167&type=chunk) [13. GOODWILL AND INTANGIBLE ASSETS](index=40&type=section&id=13.%20GOODWILL%20AND%20INTANGIBLE%20ASSETS) This section discusses the company's goodwill and intangible assets, noting that goodwill remained unchanged with no impairment identified - **Goodwill carrying amount was $12.9 million** at both March 31, 2024, and December 31, 2023, with **no impairment identified**[170](index=170&type=chunk) - **Amortization expense for the core deposit intangible was $0.2 million** for both Q1 2024 and Q1 2023[172](index=172&type=chunk) | Year | Total (in thousands) | | :--- | :---- | | 2024 | $547 | | 2025 | $574 | | 2026 | $419 | | 2027 | $265 | | 2028 | $111 | | Thereafter | $118 | | **Total** | **$2,034** | [14. VARIABLE INTEREST ENTITIES](index=41&type=section&id=14.%20VARIABLE%20INTEREST%20ENTITIES) This section describes the company's investments in unconsolidated entities for solar generation facilities, which generate tax credits and operational distributions - **The Company invests in unconsolidated Variable Interest Entities (VIEs)** for **solar generation facilities**, generating tax credits and operational distributions[174](index=174&type=chunk) - **Maximum exposure to loss from VIEs was $63.0 million** as of March 31, 2024[174](index=174&type=chunk) | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :----- | :---------------------------- | :------------------------------- | | Tax credit investments included in equity investments | $10,801 | $9,024 | | Loan commitments | $52,222 | $52,222 | | Funded portion of loan commitments | $52,222 | $52,222 | - **Tax credits and other tax benefits recognized were $863 thousand** for Q1 2024, **up from $813 thousand** for Q1 2023[176](index=176&type=chunk) [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides a comprehensive analysis of the company's financial condition as of March 31, 2024, compared to December 31, 2023, and its results of operations for the three months ended March 31, 2024, and 2023. It covers business overview, critical accounting policies, detailed performance metrics, balance sheet changes, liquidity, capital resources, and contractual obligations [General](index=42&type=section&id=General) This section provides an overview of the Management's Discussion and Analysis, focusing on financial condition and results of operations for Q1 2024 - **Management's Discussion and Analysis (MD&A) focuses on financial condition and results of operations for Q1 2024** compared to Q4 2023 and Q1 2023[180](index=180&type=chunk) - **Historical results of operations and trends may not indicate results for any future periods**[180](index=180&type=chunk) [Overview (Business Description)](index=42&type=section&id=Overview) This section describes Amalgamated Financial Corp. as a holding company for Amalgamated Bank, offering commercial and retail banking, investment management, and trust/custody services - **Amalgamated Financial Corp. is the holding company for Amalgamated Bank**, offering commercial and retail banking, investment management, and trust/custody services[182](index=182&type=chunk)[183](index=183&type=chunk) - As of March 31, 2024, **total assets were $8.14 billion**, **total loans (net) were $4.36 billion**, **total deposits were $7.31 billion**, and **stockholders' equity was $616.9 million**[182](index=182&type=chunk) - The company targets **socially responsible, values-oriented clients**, holds **B Corporation certification**, and is a member of the **Global Alliance for Banking on Values**[184](index=184&type=chunk)[187](index=187&type=chunk) [Critical and Significant Accounting Policies and Estimates](index=43&type=section&id=Critical%20and%20Significant%20Accounting%20Policies%20and%20Estimates) This section outlines the company's critical accounting policies and estimates, particularly regarding the allowance for credit losses on loans [Allowance for credit losses on loans](index=43&type=section&id=Allowance%20for%20credit%20losses%20on%20loans) This section explains the methodology for calculating the allowance for credit losses (ACL) under the CECL standard, which involves evaluating expected losses based on collective risk characteristics, economic forecasts, and individual loan assessments. Management judgment is critical due to inherent uncertainties in macroeconomic forecasts and their impact on estimated losses - **The Allowance for Credit Losses (ACL) is established under the CECL Standard** based on **expected losses**, with additions charged to expense and subsequent changes recognized in net income[189](index=189&type=chunk) - Determining the ACL involves **complex management judgment**, relying on **baseline loss rates, severity rates, reasonable and supportable economic forecasts, and prepayment rates**[190](index=190&type=chunk) - The **adequacy of the allowance is highly dependent on macroeconomic forecasts**, and changes in these forecasts could significantly impact the anticipated amount of estimated loan defaults and losses[191](index=191&type=chunk) [Recent Accounting Pronouncements](index=44&type=section&id=Recent%20Accounting%20Pronouncements) This section discusses recently issued accounting standards, ASU 2023-07 (Segment Reporting) and ASU 2023-09 (Income Tax Disclosures), which are effective for fiscal years beginning after December 15, 2023, and December 15, 2024, respectively. The company is currently evaluating their impact - **ASU 2023-07 (Segment Reporting)** aims to improve segment disclosures and is **effective for fiscal years beginning after December 15, 2023**[198](index=198&type=chunk) - **ASU 2023-09 (Income Tax Disclosures)** enhances income tax information and is **effective for annual periods beginning after December 15, 2024**[200](index=200&type=chunk) - **The Company is currently evaluating the impact** of both new ASUs on its consolidated financial statements and related disclosures[198](index=198&type=chunk)[200](index=200&type=chunk) [Results of Operations](index=45&type=section&id=Results%20of%20Operations) This section analyzes the company's financial performance, detailing net interest income, non-interest income, expenses, and income taxes [General](index=45&type=section&id=General_Results_of_Operations) This section states that results of operations are primarily driven by net interest income (interest income minus interest expense) and non-interest income, along with provisions for credit losses, income taxes, and non-interest expenses - **Net income for Q1 2024 was $27.2 million ($0.89 diluted EPS)**, **up $5.9 million from $21.3 million ($0.69 diluted EPS) in Q1 2023**[202](index=202&type=chunk) - The increase in net income was primarily due to **higher interest income on loans and securities**, **increased non-interest income**, and a **decrease in provision for credit losses**, partially offset by **higher interest expense and income tax expense**[202](index=202&type=chunk) [Net Interest Income](index=45&type=section&id=Net%20Interest%20Income) Net interest income increased slightly due to higher yields and average balances on interest-earning assets, partially offset by increased costs on interest-bearing liabilities | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change (YoY) | | :----- | :-------------------------------- | :-------------------------------- | :----------- | | Net interest income | $68,037 thousand | $67,280 thousand | +$757 thousand | | Net interest spread | 2.24% | 2.72% | -48 bps | | Net interest margin | 3.49% | 3.59% | -10 bps | | Yield on average earning assets | 4.97% | 4.53% | +44 bps | | Average rate on interest-bearing liabilities | 2.73% | 1.81% | +92 bps | - The **increase in net interest income was primarily driven by higher yields and average balances on interest-earning assets**, **offset by higher costs and average balances on interest-bearing liabilities**[207](index=207&type=chunk) - **Non-interest-bearing deposits represented 44% of average deposits in Q1 2024**, **down from 48% in Q1 2023**[210](index=210&type=chunk) [Provision for Credit Losses](index=47&type=section&id=Provision%20for%20Credit%20Losses) Provision for credit losses decreased significantly in Q1 2024 compared to Q1 2023, driven by macroeconomic forecasts despite specific loan reserve increases | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :----- | :----------------------------------------------- | :----------------------------------------------- | | Provision for credit losses | $1,588 | $4,958 | | Provision for credit losses on loans | $900 (approx) | N/A | | Provision for credit losses on securities | $(11) (recovery) | N/A | | Provision for credit losses on off-balance sheet credit exposures | $700 (approx) | N/A | - The **decrease in provision expense was primarily due to improvements in macro-economic forecasts** used in the CECL model, **despite increases in specific loan reserves and solar loan charge-offs**[214](index=214&type=chunk)[216](index=216&type=chunk) [Non-Interest Income](index=48&type=section&id=Non-Interest%20Income) Non-interest income increased substantially in Q1 2024, primarily due to a significant rise in service charges on deposit accounts and increased income from equity method investments | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | Change (YoY) | | :----- | :----------------------------------------------- | :----------------------------------------------- | :----------- | | Trust Department fees | $3,854 | $3,929 | -$75 | | Service charges on deposit accounts | $6,136 | $2,455 | +$3,681 | | Bank-owned life insurance income | $609 | $781 | -$172 | | Losses on sale of securities | $(2,774) | $(3,086) | +$312 | | Gains on sale of loans, net | $47 | $3 | +$44 | | Equity method investments income | $2,072 | $153 | +$1,919 | | Other income | $285 | $973 | -$688 | | **Total non-interest income** | **$10,229** | **$5,208** | **+$5,021** | - **The $5.0 million increase in non-interest income was primarily driven by a $3.6 million increase in service charges on deposit accounts (due to ICS One-Way Sell income) and a $1.9 million increase in equity method investments income**[219](index=219&type=chunk) [Non-Interest Expense](index=48&type=section&id=Non-Interest%20Expense) Non-interest expense slightly decreased in Q1 2024, mainly due to lower occupancy and depreciation, advertising and promotion, partially offset by increases in federal deposit insurance premiums | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | Change (YoY) | | :----- | :----------------------------------------------- | :----------------------------------------------- | :----------- | | Compensation and employee benefits | $22,273 | $22,014 | +$259 | | Occupancy and depreciation | $2,904 | $3,399 | -$495 | | Professional fees | $2,376 | $2,230 | +$146 | | Data processing | $4,629 | $4,549 | +$80 | | Advertising and promotion | $1,219 | $1,587 | -$368 | | Federal deposit insurance premiums | $1,050 | $718 | +$332 | | Other expense | $2,855 | $3,180 | -$325 | | **Total non-interest expense** | **$38,152** | **$38,627** | **-$475** | - **The decrease in non-interest expense was primarily driven by a $0.5 million decrease in occupancy and depreciation (due to a lease termination gain) and a $0.4 million decrease in advertising and promotion**[223](index=223&type=chunk) [Income Taxes](index=49&type=section&id=Income%20Taxes) Income tax expense increased in Q1 2024, leading to a higher effective tax rate, partly due to an adjustment related to a state and city tax examination | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :----- | :----------------------------------------------- | :----------------------------------------------- | | Income tax expense | $11,277 | $7,565 | | Effective tax rate | 29.2% | 26.2% | - **The effective tax rate for Q1 2024 was 29.2%**, **including a $0.9 million adjustment from a state and city tax examination**; **excluding this, the rate was 26.9%**[224](index=224&type=chunk) [Financial Condition (Balance Sheet)](index=49&type=section&id=Financial%20Condition) This section analyzes the company's balance sheet, detailing changes in assets, liabilities, and equity from December 31, 2023, to March 31, 2024 [General](index=49&type=section&id=General_Financial_Condition) Total assets increased to **$8.14 billion** at March 31, 2024, from **$7.97 billion** at December 31, 2023, driven by increases in resell agreements, cash, and securities - **Total assets increased by $164.3 million to $8.14 billion** at March 31, 2024, **from $7.97 billion** at December 31, 2023[17](index=17&type=chunk)[225](index=225&type=chunk) - **Notable changes include an $81.2 million increase in resell agreements**, **$64.6 million increase in cash**, **$22.1 million increase in securities**, **$13.8 million increase in net loans**, **$293.8 million increase in deposits**, and **$165.3 million decrease in other borrowings**[225](index=225&type=chunk) [Investment Securities](index=49&type=section&id=Investment%20Securities) The securities portfolio aims to provide liquidity, investment return, and manage interest rate risk, with a focus on low-risk, diversified investments - **Available for sale securities were $1.53 billion** at March 31, 2024 (**up from $1.48 billion** at Dec 31, 2023), and **held-to-maturity securities were $1.67 billion** (**down from $1.70 billion**)[230](index=230&type=chunk) - The **securities portfolio primarily consists of high-quality investments** in **mortgage-backed securities to government-sponsored entities and other asset-backed securities and PACE assessments**[238](index=238&type=chunk) - The **allowance for credit losses for held-to-maturity securities was $0.7 million** at both March 31, 2024, and December 31, 2023[231](index=231&type=chunk) - The **provision for credit losses for held-to-maturity securities was a recovery of $11 thousand** for Q1 2024, **compared to an expense of $45 thousand** for Q1 2023[231](index=231&type=chunk) [Loans](index=53&type=section&id=Loans) Total loans, net of deferred origination fees and allowance for credit losses, increased slightly, with commercial loans showing growth and retail loans a slight decrease | Loan Type | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | Change | | :-------- | :---------------------------- | :------------------------------- | :----- | | Commercial and industrial | $1,014,084 | $1,010,998 | +0.3% | | Multifamily mortgages | $1,175,467 | $1,148,120 | +2.4% | | Residential real estate lending | $1,419,321 | $1,425,596 | -0.4% | | Consumer solar | $398,501 | $408,260 | -2.4% | - **Total loans, net of deferred origination fees and allowance for credit losses, were $4.36 billion** at March 31, 2024, **up from $4.35 billion** at December 31, 2023[240](index=240&type=chunk) - **Commercial loans comprised 58.0% of the total loan portfolio** at March 31, 2024, **up from 57.5%** at December 31, 2023[243](index=243&type=chunk) - **The average current LTV of multifamily loans is approximately 55%**[245](index=245&type=chunk) [Allowance for Credit Losses](index=56&type=section&id=Allowance%20for%20Credit%20Losses) The allowance for credit losses on loans decreased slightly to **$64.4 million** at March 31, 2024, with the ratio of allowance to total loans at **1.46%** - **Allowance for credit losses on loans decreased by $1.3 million to $64.4 million** at March 31, 2024[255](index=255&type=chunk) - The **ratio of allowance to total loans was 1.46%** at March 31, 2024, **down from 1.49%** at December 31, 2023[255](index=255&type=chunk) - **Allowance for credit losses on held-to-maturity securities was $0.7 million** at both March 31, 2024, and December 31, 2023[256](index=256&type=chunk) | Loan Type | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :-------- | :---------------------------- | :------------------------------- | | Commercial and industrial | $15,997 | $18,331 | | Multifamily | $4,448 | $2,133 | | Construction and land development | $853 | $24 | | Consumer Solar | $26,775 | $27,978 | | **Total allowance for credit losses on loans** | **$64,400** | **$65,691** | [Nonperforming Assets](index=57&type=section&id=Nonperforming%20Assets) Nonperforming assets slightly decreased to **$34.0 million**, or **0.42% of total assets**, at March 31, 2024, driven by a decrease in residential real estate nonaccrual loans | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | Change | | :----- | :---------------------------- | :------------------------------- | :----- | | Total nonperforming assets | $34,039 | $34,203 | -$164 | | Nonperforming assets to total assets | 0.42% | 0.43% | -0.01% | | Nonaccrual loans to total loans | 0.75% | 0.75% | 0.00% | | Allowance for credit losses on loans to nonaccrual loans | 195.04% | 197.97% | -2.93% | - The **decrease in nonperforming assets was primarily due to a $2.5 million decrease in residential real estate nonaccrual loans**, **offset by increases in C&I ($1.2 million) and consumer solar ($1.2 million) nonaccrual loans**[264](index=264&type=chunk) - **Potential problem loans (special mention, substandard-accruing, or 30-89 days past due) totaled $88.4 million** at March 31, 2024[265](index=265&type=chunk) [Resell Agreements](index=59&type=section&id=Resell%20Agreements) Resell agreements, short-term investments backed by residential first-lien mortgage loans, increased significantly to **$131.2 million** at March 31, 2024 - **Resell agreements increased to $131.2 million** at March 31, 2024 (**weighted interest rate 6.68%**), **from $50.0 million** at December 31, 2023 (**weighted interest rate 6.34%**)[267](index=267&type=chunk) [Deferred Tax Asset](index=59&type=section&id=Deferred%20Tax%20Asset) The net deferred tax asset decreased to **$49.2 million** at March 31, 2024, with management concluding the asset is fully realizable - **Net deferred tax asset decreased to $49.2 million** at March 31, 2024, **from $56.6 million** at December 31, 2023[268](index=268&type=chunk) - **Management believes the deferred tax asset is fully realizable**, with **no valuation allowance held**[268](index=268&type=chunk) [Deposits](index=59&type=section&id=Deposits_Financial_Condition) Total deposits increased to **$7.31 billion** at March 31, 2024, driven by growth in core deposits and political deposits - **Total deposits increased by $293.8 million to $7.31 billion** at March 31, 2024[269](index=269&type=chunk) - **Political deposits increased to $1.44 billion** at March 31, 2024, **from $1.19 billion** at December 31, 2023[270](index=270&type=chunk) - The company uses the **IntraFi ICS network for custodial deposit transference**, with **off-balance sheet deposits totaling $456.8 million** at March 31, 2024[271](index=271&type=chunk) - **Total estimated uninsured deposits were $4.07 billion** at March 31, 2024[272](index=272&type=chunk) [Evaluation of Interest Rate Risk](index=60&type=section&id=Evaluation%20of%20Interest%20Rate%20Risk) The company uses simulation models to assess potential changes in net interest income (NII) and economic value of equity (EVE) under hypothetical interest rate scenarios - **Simulation models are used to assess interest rate risk**, showing **hypothetical impacts on Net Interest Income (NII) and Economic Value of Equity (EVE)** under various yield curve shifts[275](index=275&type=chunk) | Immediate Shift | Economic Value of Equity Change | Year 1 Net Interest Income Change | | :-------------- | :------------------------------ | :-------------------------------- | | +400 bps | -22.7% | -10.5% | | +300 bps | -14.5% | -4.9% | | +200 bps | -7.4% | -1.2% | | +100 bps | -0.9% | 0.6% | | -100 bps | -3.2% | -3.2% | | -200 bps | -8.9% | -8.0% | - **The results are hypothetical and actual outcomes may differ** due to various factors, including non-parallel yield curve shifts, changes in asset/liability growth, and management actions[277](index=277&type=chunk) [Liquidity](index=60&type=section&id=Liquidity) The company manages liquidity to fund operations, support growth, and meet obligations through liquid assets, deposits, and access to external funding sources - **Liquidity is managed to meet operational funding, asset growth, and obligations** through existing assets and additional funding[280](index=280&type=chunk) - **Cash and equivalents increased to $155.2 million (1.9% of total assets)** at March 31, 2024, **from $90.6 million (1.1%)** at December 31, 2023[285](index=285&type=chunk) - The company had **$2.03 billion in remaining FHLBNY credit availability** and **approximately $1.02 billion in borrowing capacity with the Federal Reserve's discount window/BTFP**[285](index=285&type=chunk) - **Total liquidity within two days was $3.86 billion**, **providing 95% coverage for total uninsured deposits**[286](index=286&type=chunk) [Capital Resources](index=61&type=section&id=Capital%20Resources) Total stockholders' equity increased due to net income and an improvement in accumulated other comprehensive loss, with the company remaining "well capitalized" under regulatory requirements - **Total stockholders' equity increased by $31.6 million to $616.9 million** at March 31, 2024, **driven by net income and improved AOCI**, **offset by dividends and stock repurchases**[287](index=287&type=chunk) - The **Bank was categorized as "well capitalized"** under prompt corrective action measures and **met capital conservation buffer requirements** as of March 31, 2024[290](index=290&type=chunk) | Metric | March 31, 2024 (Actual Ratio) | December 31, 2023 (Actual Ratio) | Minimum for Adequacy (Ratio) | | :----- | :---------------------------- | :------------------------------- | :--------------------------- | | Total capital to risk weighted assets | 16.35% | 15.64% | 8.00% | | Tier 1 capital to risk weighted assets | 13.68% | 12.98% | 6.00% | | Common equity tier 1 to risk weighted assets | 13.68% | 12.98% | 4.50% | | Tier 1 capital to average assets | 8.29% | 8.07% | 4.00% | [Contractual Obligations](index=63&type=section&id=Contractual%20Obligations) This section summarizes the company's contractual obligations, including FHLBNY advances, subordinated debt, other borrowings, operating leases, and certificates of deposit | Obligation Type | Total (in thousands) | Less than 1 year (in thousands) | 1-3 years (in thousands) | 3-5 years (in thousands) | More than 5 years (in thousands) | | :-------------- | :------------------- | :------------------------------ | :----------------------- | :----------------------- | :------------------------------- | | FHLBNY Advances | $9,135 | $9,135 | $0 | $0 | $0 | | Subordinated Debt | $70,570 | $0 | $0 | $0 | $70,570 | | Other Borrowings | $60,000 | $60,000 | $0 | $0 | $0 | | Operating Leases | $28,501 | $8,076 | $20,425 | $0 | $0 | | Certificates of Deposit | $359,493 | $157,931 | $166,654 | $26,884 | $8,024 | | **Total** | **$527,699** | **$235,142** | **$187,079** | **$26,884** | **$78,594** | - **The Company has an estimated remaining commitment of $119.7 million** for the purchase of PACE assessments until January 2025[294](index=294&type=chunk) [ITEM 3. Quantitative and Qualitative Disclosures About Market Risk](index=64&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section refers to the "Evaluation of Interest Rate Risk" section within Management's Discussion and Analysis for details on market risk disclosures - **Market risk disclosures are detailed in the "Evaluation of Interest Rate Risk" section of the MD&A**[296](index=296&type=chunk) - **No material changes to market risk factors were reported** compared to the 2023 Annual Report[296](index=296&type=chunk) [ITEM 4. Controls and Procedures](index=64&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes in internal control over financial reporting - **Disclosure controls and procedures were deemed effective** as of March 31, 2024[297](index=297&type=chunk) - **No material changes in internal control over financial reporting occurred** during Q1 2024[298](index=298&type=chunk) [PART II - OTHER INFORMATION](index=2&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [ITEM 1. Legal Proceedings](index=65&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is subject to various legal proceedings in the ordinary course of business, but management believes no matter would have a material adverse effect on its financial condition - **The Company is involved in ordinary course legal proceedings and regulatory examinations**[300](index=300&type=chunk) - **Management believes no legal matter would have a material adverse effect** on financial condition or results of operations[300](index=300&type=chunk) [ITEM 1A. Risk Factors](index=65&type=section&id=ITEM%201A.%20Risk%20Factors) This section refers to the risk factors disclosed in the 2023 Annual Report on Form 10-K and the "Cautionary Note Regarding Forward-Looking Statements" - **Investing in common stock involves risks detailed in the 2023 Annual Report on Form 10-K** and the "**Cautionary Note Regarding Forward-Looking Statements**"[301](index=301&type=chunk) - **No material changes to previously disclosed risk factors were reported**[301](index=301&type=chunk) [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=65&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section provides information on common stock purchases by the company during Q1 2024, including shares withheld for options/awards and repurchases under the share repurchase program | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value That May Yet Be Purchased Under Plans or Programs | | :----- | :------------------------------- | :--------------------------- | :------------------------------------------------------------------------------- | :----------------------------------------------------------------------- | | January 1 - January 31, 2024 | 21,705 | $24.87 | — | $19,781,192 | | February 1 - February 29, 2024 | 25,441 | $24.70 | — | $19,781,192 | | March 1 - March 31, 2024 | 10,497 | $23.17 | 10,000 | $19,549,731 | | **Total** | **57,643** | **$24.48** | **10,000** | | - **$232 thousand of common stock was purchased under the $40 million share repurchase program** during Q1 2024, with **approximately $19.5 million remaining authorization**[304](index=304&type=chunk) [ITEM 5. Other Information](index=66&type=section&id=ITEM%205.%20Other%20Information) This section includes disclosures on securities trading plans of directors and executive officers [Securities Trading Plans of Directors and Executive Officers](index=66&type=section&id=Securities%20Trading%20Plans%20of%20Directors%20and%20Executive%20Officers) This section discloses that an executive officer adopted a Rule 10b5-1 trading arrangement for the sale of up to **28,020 shares** of common stock, net of taxes - **Edgar Romney, Executive Vice President, Chief Strategy and Administrative Officer, adopted a Rule 10b5-1 trading arrangement** on February 16, 2024[306](index=306&type=chunk) - The plan allows for the **sale of up to 28,020 shares of common stock (net of taxes)** **between May 16, 2024, and May 15, 2025**[306](index=306&type=chunk) [ITEM 6. Exhibits](index=67&type=section&id=ITEM%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications, interactive data files, and corporate governance documents incorporated by reference - **Exhibits include Rule 13a-14(a) Certifications of CEO and CFO, Section 1350 Certifications, and iXBRL formatted financial data**[308](index=308&type=chunk) - **Corporate documents like the Certificate of Incorporation and Bylaws are incorporated by reference**[310](index=310&type=chunk) [Signatures](index=68&type=section&id=Signatures) This section contains the required signatures from the company's principal executive, financial, and accounting officers, certifying the accuracy of the report - **The report was signed by Priscilla Sims Brown (President and CEO), Jason Darby (CFO), and Leslie Veluswamy (Chief Accounting Officer) on May 7, 2024**[313](index=313&type=chunk) ```

NEW YORK, April 29, 2024 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. ("Amalgamated" or the "Company") (NASDAQ:AMAL) today announced the mechanical completion of three community solar projects in Oregon, with commercial operations expected to commence in April and May of this year. Three additional projects are expected to be completed and commence operations by the end of the third quarter of 2024. Amalgamated financed the developments by originating a one-of-a-kind $25 million construction term facilit ...

Financial Data and Key Metrics Changes - The company reported a net income of $27.2 million or $0.89 per diluted share, with core net income increasing by 16% from the previous quarter to $25.6 million or $0.83 per diluted share [16][28] - Net interest income rose to $68 million, with a net interest margin expansion of 5 basis points to 3.49% [16][25] - Tangible book value per share increased by 5.29% to $19.73, driven primarily by quarterly earnings [17] Business Line Data and Key Metrics Changes - On-balance sheet deposits, excluding brokered CDs, increased by $373.8 million or 5.5% to $7.1 billion [18][19] - Political deposits reached approximately $1.4 billion, an increase of $250.4 million from the previous quarter [19][20] - The loan portfolio saw a slight increase of $13.8 million or 0.3%, primarily driven by multifamily loans [22] Market Data and Key Metrics Changes - Noninterest-bearing deposits represented approximately 45% of average deposits, contributing to an average cost of deposits of 146 basis points, up 11 basis points from the previous quarter [19] - The company is managing over $450 million of off-balance sheet deposits, primarily from transactional political deposits [20] Company Strategy and Development Direction - The company aims to drive organic deposit growth across core customer segments while offsetting expected political deposit outflows with lower-cost core deposits [12][29] - There is a focus on socially responsible banking, with expectations for significant investment in renewables and infrastructure over the next decade [13] - The company is cautiously expanding its loan portfolio while managing risks associated with real estate assets [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's unique business model, which is well-positioned to thrive amid economic variability [8] - The company anticipates continued deposit growth in core segments, despite expected outflows from political deposits [29] - Management is monitoring macroeconomic factors and credit quality metrics to inform future growth strategies [29] Other Important Information - The company announced a dividend increase to $0.12 per share [16] - Nonperforming assets totaled $34 million or 0.42% of total assets, with criticized assets decreasing to $100.9 million [27] Q&A Session Summary Question: Comments on sustainability initiatives and funding distribution - Management indicated that they are well-positioned to assist organizations in managing funds from sustainability initiatives, with a focus on existing relationships and expertise in renewable energy financing [32][35] Question: Impact of off-balance sheet deposits on political deposit outflows - Management confirmed that off-balance sheet deposits would likely serve as the first line of defense against expected political deposit outflows [38][40] Question: Details on multifamily loans and market conditions - Management highlighted that the growth in multifamily loans is primarily in less restricted segments, with a focus on maintaining strong credit metrics [41][66] Question: Expectations for political deposit outflows and nonpolitical deposit growth - Management anticipates needing to plug a potential $500 million to $600 million gap in deposits due to political outflows, but is optimistic about nonpolitical deposit growth [57][59] Question: Stock buyback plans as Tier 1 leverage target is approached - Management stated that stock buybacks are a consideration as they approach their Tier 1 leverage target, depending on market conditions [60]