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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For transition period from          to          
Commission File Number: 001-40136
Amalgamated Financial Corp.
(Exact name of registrant as specified in its charter)
Delaware85-2757101
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
275 Seventh Avenue, New York, NY     10001
(Address of principal executive offices) (Zip Code)
(212) 255-6200
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareAMALThe Nasdaq Global Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒        No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b–2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☒
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2). Yes ☐        No ☒
As of November 4, 2022, the registrant had 30,672,303 shares of common stock outstanding at $0.01 par value per share.


TABLE OF CONTENTS
Page
PART I – FINANCIAL INFORMATION
ITEM 1.
Financial Statements
Consolidated Statements of Financial Condition as of September 30, 2022 and December 31, 2021
Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2022 and 2021
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021
Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2022 and 2021
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021
Notes to Consolidated Statements
PART II - OTHER INFORMATION
ITEM 2.
Unregistered Sales of Equity Securities and Use of Proceeds
i




CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Unless the context indicates otherwise, references to “we,” “us,” “our” and the “Company” refer to Amalgamated Financial Corp. and Amalgamated Bank. References to the “Bank” refer to Amalgamated Bank.

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are not statements of historical or current fact nor are they assurances of future performance and generally can be identified by the use of forward-looking terminology, such as “may,” “will,” “anticipate,” “intend,” “could,” “should,” “would,” “believe,” “project,” “plan,” “goal,” “target,” “potential,” “pro-forma,” “seek,” “contemplate,” “expect,” “estimate,” and “continue,” or the negative thereof as well as other similar words and expressions of the future. These forward-looking statements include, but are not limited to, statements related to our projected growth, anticipated future financial performance, and management’s long-term performance goals, as well as statements relating to the anticipated effects on results of operations and financial condition from expected developments or events, or business and growth strategies, including anticipated internal growth.
Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict as to timing, extent, likelihood and degree of occurrence, which could cause our actual results to differ materially from those anticipated in or by such statements. Potential risks and uncertainties include, but are not limited to, the following:
•our ability to maintain our reputation;
•our ability to attract customers based on shared values or mission alignment;
•inaccuracy of the assumptions and estimates we make and policies that we implement in establishing our allowance for loan losses, including future changes in the allowance for loan losses resulting from the future adoption and implementation of the Current Expected Credit Loss (“CECL”) methodology;
•potential deterioration in the financial condition of borrowers resulting in significant increases in loan losses, provisions for those losses that exceed our current allowance for loan losses and higher loan charge-offs;
•time and effort necessary to resolve nonperforming assets;
•any matter that could cause us to conclude that there was impairment of any asset, including intangible assets;
•limitations on our ability to declare and pay dividends;
•the availability of and access to capital, and our ability to allocate capital prudently, effectively and profitably;
•restrictions or conditions imposed by our regulators on our operations or the operations of banks we acquire may make it more difficult for us to achieve our goals;
•legislative or regulatory changes, including changes in tax laws, accounting standards and compliance requirements, whether of general applicability or specific to us and our subsidiaries;
•the costs, effects and outcomes of litigation, regulatory proceedings, examinations, investigations, or similar matters, or adverse facts and developments related thereto;
•our ability to attract and retain key personnel considering, among other things, competition for experienced employees and executives in the banking industry;
•adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors and those vendors performing a service on our behalf;
•cybersecurity risks and the vulnerability of our network and online banking portals, and the systems of parties with whom we contract, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches that could adversely affect or disrupt our business and financial performance or reputation;
•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;
•general economic conditions may be less favorable than expected, including an economic recession in the United States and abroad as a result of inflation and high interest rates, which could result in, among other things, fluctuations in the values of our assets and liabilities and off-balance sheet exposures, a deterioration in credit quality, a reduction in demand for credit, and a decline in real estate values;
•the general decline in the real estate and lending markets, particularly in our market areas, including the effects of the enactment of or changes to rent-control and other similar regulations on multi-family housing;
•interest rate volatility resulting in fluctuating net interest margins and/or the volumes or values of the loans made or held as well as the value of other financial assets;
ii


•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;
•economic, governmental or other factors may affect the projected population, residential and commercial growth in the markets in which we operate;
•war or terrorist activities causing further deterioration in the economy or causing instability in credit markets;
•our ability to achieve organic loan and deposit growth and the composition of such growth;
•competitive pressures among depository and other financial institutions, including non-bank financial technology providers, and our ability to attract customers from other financial institutions;
•the outcome of any legal proceedings that may be instituted against us in connection with the termination of the Merger Agreement with Amalgamated Investments Company (“AIC”) and Amalgamated Bank of Chicago (“ABOC ”);
•the adverse effects of events beyond our control that may have a destabilizing effect on financial markets and the economy, such as epidemics and pandemics, war or terrorist activities, essential utility outages, deterioration in the global economy, instability in the credit markets, disruptions in our customers’ supply chains or disruption in transportation; and
•descriptions of assumptions underlying or relating to any of the foregoing.
We caution readers that the foregoing list of factors is not exclusive, is not necessarily in order of importance and readers should not place undue reliance on any forward-looking statements, which should be read in conjunction with the other cautionary statements that are included elsewhere in this report. Additional factors that may cause actual results to differ materially from those contemplated by any forward-looking statements may be found in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC and available at the SEC’s website at https://sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made and we do not intend to and, except as required by law, disclaim any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, unless required to do so under the federal securities laws.

iii


Part I
Item 1. – Financial Statements
Consolidated Statements of Financial Condition
(Dollars in thousands except for per share amounts)
September 30,
2022		December 31,
2021
Assets(unaudited)
Cash and due from banks$3,404 $8,622 
Interest-bearing deposits in banks62,819 321,863 
Total cash and cash equivalents66,223 330,485 
Securities:
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively)
1,957,486 2,113,410 
Held-to-maturity (fair value of $1,369,383 and $849,704, respectively)
1,492,423 843,569 
Loans held for sale17,916 3,279 
Loans receivable, net of deferred loan origination costs (fees)3,871,290 3,312,224 
Allowance for loan losses(42,122)(35,866)
Loans receivable, net3,829,168 3,276,358 
Resell agreements192,834 229,018 
Accrued interest and dividends receivable34,767 28,820 
Premises and equipment, net10,539 11,735 
Bank-owned life insurance105,915 107,266 
Right-of-use lease asset29,991 33,115 
Deferred tax asset64,046 26,719 
Goodwill12,936 12,936 
Other intangible assets3,366 4,151 
Equity investments7,683 6,856 
Other assets42,924 50,159 
                 Total assets$7,868,217 $7,077,876 
Liabilities
Deposits$7,160,307 $6,356,255 
Subordinated debt77,679 83,831 
Borrowed funds75,000 — 
Operating leases43,229 48,160 
Other liabilities24,264 25,755 
                 Total liabilities$7,380,479 $6,514,001 
Stockholders’ equity
Common stock, par value $0.01 per share (70,000,000 shares authorized; 30,672,303 and 31,130,143 shares issued and outstanding, respectively)
307 311 
Additional paid-in capital286,431 297,975 
Retained earnings308,743 260,047 
Accumulated other comprehensive income (loss), net of income taxes(107,876)5,409 
                 Total Amalgamated Financial Corp. stockholders' equity487,605 563,742 
Noncontrolling interests133 133 
                 Total stockholders' equity487,738 563,875 
                 Total liabilities and stockholders’ equity$7,868,217 $7,077,876 



1


See accompanying notes to consolidated financial statements (unaudited)
Consolidated Statements of Income (unaudited)
(Dollars in thousands, except for per share amounts)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
INTEREST AND DIVIDEND INCOME
    Loans$38,264 $29,915 $103,157 $91,180 
    Securities31,580 14,655 75,087 40,008 
    Interest-bearing deposits in banks971 230 1,701 451 
                 Total interest and dividend income70,815 44,800 179,945 131,639 
INTEREST EXPENSE
    Deposits2,491 1,413 5,374 4,416 
    Borrowed funds696 — 2,077 — 
                 Total interest expense3,187 1,413 7,451 4,416 
NET INTEREST INCOME67,628 43,387 172,494 127,223 
    Provision for (recovery of) loan losses5,363 (2,276)10,568 (3,855)
                 Net interest income after provision for loan losses62,265 45,663 161,926 131,078 
NON-INTEREST INCOME
    Trust Department fees 3,872 3,353 10,842 10,471 
    Service charges on deposit accounts 2,735 2,466 8,008 6,941 
    Bank-owned life insurance 785 539 2,882 1,858 
    Gain (loss) on sale of securities(1,844)413 (2,264)755 
    Gain (loss) on sale of loans, net(367)280 (32)1,706 
    Gain (loss) on other real estate owned, net— — — (407)
    Equity method investments(1,151)(483)(1,357)(5,720)
    Other973 134 1,592 424 
                 Total non-interest income5,003 6,702 19,671 16,028 
NON-INTEREST EXPENSE
    Compensation and employee benefits19,527 17,482 55,242 52,485 
    Occupancy and depreciation3,481 3,440 10,378 10,293 
    Professional fees3,173 2,348 8,733 9,219 
    Data processing4,149 4,521 13,660 10,848 
    Office maintenance and depreciation807 887 2,316 2,362 
    Amortization of intangible assets262 301 785 905 
    Advertising and promotion795 1,023 2,410 2,248 
    Other4,064 3,032 11,477 8,863 
                 Total non-interest expense36,258 33,034 105,001 97,223 
Income before income taxes31,010 19,331 76,596 49,883 
    Income tax expense (benefit)8,066 4,915 19,874 12,870 
                 Net income$22,944 $14,416 $56,722 $37,013 
Earnings per common share - basic$0.75 $0.46 $1.84 $1.19 
Earnings per common share - diluted$0.74 $0.46 $1.82 $1.17 

See accompanying notes to consolidated financial statements (unaudited)
2


Consolidated Statements of Comprehensive Income (unaudited)
(Dollars in thousands)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Net income$22,944 $14,416 $56,722 $37,013 
Other comprehensive income (loss), net of taxes:
Change in total obligation for postretirement benefits, prior service credit, and other benefits60 94 178 (171)
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities available for sale(43,422)(5,640)(159,460)(7,021)
Reclassification adjustment for losses (gains) realized in income 1,831 (421)2,248 (760)
Accretion of net unrealized loss on securities transferred to held to maturity548 — 757 — 
Net unrealized gains (losses) on securities(41,043)(6,061)(156,455)(7,781)
Other comprehensive income (loss), before tax (40,983)(5,967)(156,277)(7,952)
Income tax benefit (expense)11,275 1,629 42,992 2,153 
Total other comprehensive income (loss), net of taxes(29,708)(4,338)(113,285)(5,799)
Total comprehensive income (loss), net of taxes$(6,764)$10,078 $(56,563)$31,214 

















See accompanying notes to consolidated financial statements (unaudited)
3


Consolidated Statements of Changes in Stockholders’ Equity (unaudited)
(Dollars in thousands)
Three Months Ended September 30, 2022
Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
Stockholders'
Equity		Noncontrolling
Interest		Total
Equity
Balance at June 30, 2022$307 $286,901 $288,868 $(78,168)$497,908 $133 $498,041 
Net income— — 22,944 — 22,944 — 22,944 
Common stock issued— 168 — — 168 — 168 
Dividends, $0.10 per share
— — (3,069)— (3,069)— (3,069)
Repurchase of common stock(1)(744)— — (745)— (745)
Exercise of stock options, net of repurchases1 (502)— — (501)— (501)
Restricted stock units vesting, net of repurchases— — — — — — — 
Stock-based compensation expense— 608 — — 608 — 608 
Other comprehensive income (loss), net of taxes— — — (29,708)(29,708)— (29,708)
Balance at September 30, 2022$307 $286,431 $308,743 $(107,876)$487,605 $133 $487,738 
Nine Months Ended September 30, 2022
Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
Stockholders'
Equity		Noncontrolling
Interest		Total
Equity
Balance at December 31, 2021$311 $297,975 $260,047 $5,409 $563,742 $133 $563,875 
Net income— — 56,722 — 56,722 — 56,722 
Common stock issued— 516 — — 516 — 516 
Dividends, $0.26 per share
— — (8,026)— (8,026)— (8,026)
Repurchase of common stock(7)(12,471)— — (12,478)— (12,478)
Exercise of stock options, net of repurchases3 (1,541)— — (1,538)— (1,538)
Restricted stock units vesting, net of repurchases— (2)— — (2)— (2)
Stock-based compensation expense— 1,954 — — 1,954 — 1,954 
Other comprehensive income (loss), net of taxes— — — (113,285)(113,285)— (113,285)
Balance at September 30, 2022$307 $286,431 $308,743 $(107,876)$487,605 $133 $487,738 

See accompanying notes to consolidated financial statements (unaudited)
4


Consolidated Statements of Changes in Stockholders’ Equity (unaudited)
(Dollars in thousands)
Three Months Ended September 30, 2021
Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
Stockholders'
Equity		Noncontrolling
Interest		Total
Equity
Balance at June 30, 2021$311 $297,283 $234,769 $15,715 $548,078 $133 $548,211 
Net income— — 14,416 — 14,416 — 14,416 
Dividends, $0.08 per share
— — (2,520)— (2,520)— (2,520)
Exercise of stock options, net of repurchases— (2)— — (2)— (2)
Stock-based compensation expense— 623 — — 623 — 623 
Other comprehensive income (loss), net of taxes— — — (4,338)(4,338)— (4,338)
Balance at September 30, 2021$311 $297,904 $246,665 $11,377 $556,257 $133 $556,390 
Nine Months Ended September 30, 2021
Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
Stockholders'
Equity		Noncontrolling
Interest		Total
Equity
Balance at December 31, 2020$310 $300,989 $217,213 $17,176 $535,688 $133 $535,821 
Net income— — 37,013 — 37,013 — 37,013 
Dividends, $0.24 per share
— — (7,561)— (7,561)— (7,561)
Repurchase of shares(1)(2,919)— — (2,920)— (2,920)
Exercise of stock options, net of repurchases2 (1,453)— — (1,451)— (1,451)
Restricted stock units vesting, net of repurchases— (90)— — (90)— (90)
Stock-based compensation expense— 1,377 — — 1,377 — 1,377 
Other comprehensive income (loss), net of taxes— — — (5,799)(5,799)— (5,799)
Balance at September 30, 2021$311 $297,904 $246,665 $11,377 $556,257 $133 $556,390 






See accompanying notes to consolidated financial statements (unaudited)
5


Consolidated Statements of Cash Flows (unaudited)
(Dollars in thousands)
Nine Months Ended
September 30,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income$56,722 $37,013 
  Adjustments to reconcile net income to net cash provided by operating activities:
    Depreciation and amortization2,683 2,746 
    Amortization of intangible assets785 905 
    Deferred income tax expense (benefit)5,665 5,373 
    Provision for (recovery of) loan losses10,568 (3,855)
    Stock-based compensation expense1,954 1,377 
    Net amortization (accretion) on loan fees, costs, premiums, and discounts1,324 2,407 
    Net amortization on securities3,625 2,984 
    OTTI loss (gain) recognized in earnings(16)(5)
    Net loss (income) from equity method investments1,357 5,720 
    Net loss (gain) on sale of securities available for sale2,264 (755)
    Net loss (gain) on sale of loans32 (1,706)
    Net loss (gain) on sale of other real estate owned— 407 
    Net (gain) on redemption of bank-owned life insurance(1,369)(266)
    Proceeds from sales of loans held for sale17,635 103,186 
    Originations of loans held for sale(8,276)(96,478)
    Decrease (increase) in cash surrender value of bank-owned life insurance(1,513)(1,592)
    Decrease (increase) in accrued interest and dividends receivable(5,947)633 
    Decrease (increase) in other assets (1)
13,521 6,499 
    Increase (decrease) in accrued expenses and other liabilities (2)
(6,146)(11,193)
                      Net cash provided by operating activities94,868 53,400 
CASH FLOWS FROM INVESTING ACTIVITIES
    Net decrease (increase) in loans(588,730)361,309 
    Purchase of securities available for sale(672,142)(874,116)
    Purchase of securities held to maturity(508,097)(315,969)
    Proceeds from sales of securities available for sale132,105 94,899 
    Maturities, principal payments and redemptions of securities available for sale281,244 349,328 
    Maturities, principal payments and redemptions of securities held to maturity111,632 82,505 
    Decrease (increase) in resell agreements36,184 24,345 
    Decrease (increase) in equity method investments(2,184)626 
    Decrease (increase) of FHLBNY stock, net(3,162)214 
    Purchases of premises and equipment(1,487)(2,216)
    Proceeds from redemption of bank-owned life insurance4,233 1,010 
    Proceeds from sale of other real estate owned— 2,275 
                      Net cash (used in) provided by investing activities(1,210,404)(275,790)
CASH FLOWS FROM FINANCING ACTIVITIES
    Net increase (decrease) in deposits804,052 885,795