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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 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 May 6, 2022, the registrant had 30,853,979 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 March 31, 2022 and December 31, 2021
Consolidated Statements of Income for the Three Months Ended March 31, 2022 and 2021
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2022 and 2021
Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2022 and 2021
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 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 continuing impact of COVID-19 and its variants, on our business, including the impact of the actions taken by governmental authorities to try and contain the virus or address the impact of the virus on the United States economy and the resulting effect of these items on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers;
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, 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



our lack of geographic diversification and 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;
potential adverse reactions or changes to business or employee relationships, including those resulting from the termination of the Merger Agreement with Amalgamated Investments Company (“AIC”) and Amalgamated Bank of Chicago (“ABOC”);
the outcome of any legal proceedings that may be instituted against us in connection with the termination of the Merger Agreement with AIC and 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)
March 31,
2022
December 31,
2021
Assets(unaudited)
Cash and due from banks$9,085 $8,622 
Interest-bearing deposits in banks364,958 321,863 
Total cash and cash equivalents374,043 330,485 
Securities:
Available for sale, at fair value (amortized cost of $2,474,572 and $2,103,049, respectively)
2,421,064 2,113,410 
Held-to-maturity (fair value of $921,395 and $849,704, respectively)
946,347 843,569 
Loans held for sale2,490 3,279 
Loans receivable, net of deferred loan origination costs (fees)3,470,174 3,312,224 
Allowance for loan losses(37,542)(35,866)
Loans receivable, net3,432,632 3,276,358 
Resell agreements180,150 229,018 
Accrued interest and dividends receivable27,409 28,820 
Premises and equipment, net11,654 11,735 
Bank-owned life insurance106,975 107,266 
Right-of-use lease asset33,449 33,115 
Deferred tax asset46,149 26,719 
Goodwill12,936 12,936 
Other intangible assets3,890 4,151 
Equity investments7,102 6,856 
Other assets47,041 50,159 
                 Total assets$7,653,331 $7,077,876 
Liabilities
Deposits$6,973,473 $6,356,255 
Subordinated Debt83,870 83,831 
Operating leases47,883 48,160 
Other liabilities21,343 25,755 
                 Total liabilities7,126,569 6,514,001 
Stockholders’ equity
Common stock, par value $0.01 per share (70,000,000 shares authorized; 30,995,271 and 31,130,143 shares issued and outstanding, respectively)
310 311 
Additional paid-in capital295,443 297,975 
Retained earnings271,722 260,047 
Accumulated other comprehensive income (loss), net of income taxes(40,846)5,409 
                 Total Amalgamated Financial Corp. stockholders' equity526,629 563,742 
Noncontrolling interests133 133 
                 Total stockholders' equity526,762 563,875 
                 Total liabilities and stockholders’ equity$7,653,331 $7,077,876 


See accompanying notes to consolidated financial statements (unaudited)
1



Consolidated Statements of Income (unaudited)
(Dollars in thousands, except for per share amounts)
Three Months Ended
March 31,
20222021
INTEREST AND DIVIDEND INCOME
    Loans$31,127 $31,109 
    Securities19,115 12,170 
    Federal Home Loan Bank of New York stock40 48 
    Interest-bearing deposits in banks179 90 
                 Total interest and dividend income50,461 43,417 
INTEREST EXPENSE
    Deposits1,402 1,573 
    Borrowed funds691  
                 Total interest expense2,093 1,573 
NET INTEREST INCOME48,368 41,844 
    Provision for (recovery of) loan losses2,293 (3,261)
                 Net interest income after provision for loan losses46,075 45,105 
NON-INTEREST INCOME
    Trust Department fees 3,491 3,827 
    Service charges on deposit accounts 2,447 2,178 
    Bank-owned life insurance 814 788 
    Gain (loss) on sale of securities162 21 
    Gain (loss) on sale of loans, net(157)707 
    Equity method investments432 (3,682)
    Other233 161 
                 Total non-interest income7,422 4,000 
NON-INTEREST EXPENSE
    Compensation and employee benefits17,669 18,039 
    Occupancy and depreciation3,440 3,501 
    Professional fees2,815 3,661 
    Data processing5,184 3,005 
    Office maintenance and depreciation725 655 
    Amortization of intangible assets262 302 
    Advertising and promotion854 597 
    Other3,448 3,033 
                 Total non-interest expense34,397 32,793 
Income before income taxes19,100 16,312 
    Income tax expense (benefit)4,935 4,123 
                 Net income14,165 12,189 
Net income attributable to Amalgamated Financial Corp.$14,165 $12,189 
Earnings per common share - basic$0.46 $0.39 
Earnings per common share - diluted$0.45 $0.39 

See accompanying notes to consolidated financial statements (unaudited)
2



Consolidated Statements of Comprehensive Income (unaudited)
(Dollars in thousands)
Three Months Ended
March 31,
20222021
Net income$14,165 $12,189 
Other comprehensive income (loss), net of taxes:
Change in total obligation for postretirement benefits, prior service credit, and other benefits59 (357)
Net unrealized gains (losses) on securities available for sale:
Unrealized holding gains (losses) (63,704)(5,436)
Reclassification adjustment for losses (gains) realized in income (165)(18)
Net unrealized gains (losses) on securities available for sale(63,869)(5,454)
Other comprehensive income (loss), before tax (63,810)(5,811)
Income tax benefit (expense)17,555 1,446 
Total other comprehensive income (loss), net of taxes(46,255)(4,365)
Total comprehensive income (loss), net of taxes$(32,090)$7,824 


















See accompanying notes to consolidated financial statements (unaudited)
3



Consolidated Statements of Changes in Stockholders’ Equity (unaudited)
(Dollars in thousands)
Three Months Ended March 31, 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— — 14,165 — 14,165 — 14,165 
Common stock issued— 52 — — 52 — 52 
Dividends, $0.08 per share
— (2,490)— (2,490)— (2,490)
Repurchase of common stock(1)(2,940)— — (2,941)— (2,941)
Exercise of stock options— (305)— — (305)— (305)
Stock-based compensation expense— 661 — — 661 — 661 
Other comprehensive income (loss), net of taxes— — — (46,255)(46,255)— (46,255)
Balance at March 31, 2022$310 $295,443 $271,722 $(40,846)$526,629 $133 $526,762 
Three Months Ended March 31, 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— — 12,189 — 12,189 — 12,189 
Dividends, $0.08 per share
— — (2,515)— (2,515)— (2,515)
Repurchase of shares— (420)— — (420)— (420)
Exercise of stock options, net of repurchases2 (988)— — (986)— (986)
Restricted stock unit vesting, net of repurchases— (90)— — (90)— (90)
Stock-based compensation expense— 588 — — 588 — 588 
Other comprehensive income (loss), net of taxes— — — (4,365)(4,365)— (4,365)
Balance at March 31, 2021$312 $300,079 $226,887 $12,811 $540,089 $133 $540,222 

See accompanying notes to consolidated financial statements (unaudited)
4



Consolidated Statements of Cash Flows (unaudited)
(Dollars in thousands)
Three Months Ended
March 31,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income$14,165 $12,189 
  Adjustments to reconcile net income to net cash provided by operating activities:
    Depreciation and amortization899 854 
    Amortization of intangible assets262 302 
    Deferred income tax expense (benefit)(1,876)3,234 
    Provision for (recovery of) loan losses2,293 (3,261)
    Stock-based compensation expense661 588 
    Net amortization (accretion) on loan fees, costs, premiums, and discounts285 684 
    Net amortization on securities1,175 751 
    OTTI loss (gain) recognized in earnings(3)3 
    Net loss (income) from equity method investments(432)3,682 
    Net loss (gain) on sale of securities available for sale(162)(21)
    Net loss (gain) on sale of loans157 (707)
    Net (gain) on redemption of bank-owned life insurance(313)(266)
    Proceeds from sales of loans held for sale5,913 39,037 
    Originations of loans held for sale(5,298)(43,777)
    Decrease (increase) in cash surrender value of bank-owned life insurance(501)(522)
    Decrease (increase) in accrued interest and dividends receivable1,411 2,505 
    Decrease (increase) in other assets (1)
2,784 9,723 
    Increase (decrease) in accrued expenses and other liabilities (2)
(4,591)(12,856)
                      Net cash provided by operating activities16,829 12,142 
CASH FLOWS FROM INVESTING ACTIVITIES
    Net decrease (increase) in loans(158,836)224,323 
    Purchase of securities available for sale(448,390)(212,959)
    Purchase of securities held to maturity(146,276)(58,907)
    Proceeds from sales of securities available for sale162 14,431 
    Maturities, principal payments and redemptions of securities available for sale76,842 85,482 
    Maturities, principal payments and redemptions of securities held to maturity42,352 21,372 
    Decrease (increase) in resell agreements48,868 2,511 
    Purchase of equity method investments186 220 
    Purchases of premises and equipment(818)(847)
    Proceeds from redemption of bank-owned life insurance1,105 1,010 
    Proceeds from sale of other real estate owned  
                      Net cash (used in) provided by investing activities(584,805)76,636 
CASH FLOWS FROM FINANCING ACTIVITIES
    Net increase (decrease) in deposits617,218 381,356 
    Issuance of common stock52 2 
    Repurchase of shares(2,941)(420)
    Dividends paid(2,490)(2,484)
    Exercise of stock options, net(305)(1,079)
    Restricted stock unit vesting, net 1 
                      Net cash provided by financing activities611,534 377,376 
5



                      Increase (decrease) in cash, cash equivalents, and restricted cash43,558 466,154 
Cash, cash equivalents, and restricted cash at beginning of year330,485 38,769 
Cash, cash equivalents, and restricted cash at end period$374,043 $504,923 
Supplemental disclosures of cash flow information:
    Interest paid during the period$1,388 $1,696 
    Income taxes paid during the period115 9,823 
Supplemental non-cash investing activities:
    Right-of-use assets obtained in exchange for lease liabilities$ $777 
    Loans transferred to held-for-sale2,490  
    Loans transferred to other real estate owned 2,682 
    Purchase (sale) of securities available for sale, net not settled 53,573 


(1) Includes $0.3 million and $1.7 million of right of use asset amortization for the respective periods
(2) Includes $1.4 million and $0.4 million accretion of operating lease liabilities for the respective periods


































See accompanying notes to consolidated financial statements (unaudited)
6




Notes to Consolidated Financial Statements (unaudited)
March 31, 2022 and December 31, 2021
1.    BASIS OF PRESENTATION AND CONSOLIDATION
Holding Company Reorganization

On March 1, 2021 (the “Effective Date”), Amalgamated Financial Corp., a Delaware public benefit corporation (the “Company”) acquired all of the outstanding stock of Amalgamated Bank, a New York state-chartered bank (the “Bank”), in a statutory share exchange transaction (the “Reorganization”) effected under New York law and in accordance with the terms of a Plan of Acquisition dated September 4, 2020 (the “Agreement”). Pursuant to the Reorganization, the Bank became the sole subsidiary of the Company, the Company became the holding company for the Bank and the stockholders of the Bank became stockholders of the Company. Prior to the Effective Date of the Reorganization, the Company conducted no operations other than obtaining regulatory approval for the Reorganization.

In this discussion, unless the context indicates otherwise, references to “we,” “us,” and “our” refer to the Company and the Bank. However, if the discussion relates to a period before the Effective Date, the terms refer only to the Bank.
Segment Information

Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision maker. Substantially all of our operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes our only operating segment for financial reporting purposes. We do not consider our trust and investment management business as a separate segment.

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

The accompanying unaudited consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its majority-owned subsidiaries and have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with GAAP. All significant inter-company transactions and balances are eliminated in consolidation. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial position and the results of operations as of the dates and for the interim periods presented have been included. A more detailed description of our accounting policies is included in the Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”). There have been no significant changes to our accounting policies, or the estimates made pursuant to those policies as described in our 2021 Annual Report. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes appearing in the 2021 Annual Report.

Reclassifications

Certain reclassifications have been made to prior year amounts to conform to the current year presentation, however such reclassifications did not change stockholder equity or net income.
7




Notes to Consolidated Financial Statements (unaudited)
March 31, 2022 and December 31, 2021
2.    ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The Company records unrealized gains and losses, net of taxes, on securities available for sale in other comprehensive income (loss) in the Consolidated Statements of Changes in Stockholders’ Equity. Gains and losses on securities available for sale are reclassified to operations as the gains or losses are recognized. Other-than-temporary impairment (“OTTI”) losses on debt securities are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income (loss). The Company also recognizes as a component of other comprehensive income (loss) the actuarial gains or losses as well as the prior service costs or credits that arise during the period from post-retirement benefit plans.
Other comprehensive income (loss) components and related income tax effects were as follows:
Three Months Ended
March 31,
20222021
(In thousands)
Change in obligation for postretirement benefits and for prior service credit$51 $54 
Change in obligation for other benefits8 (411)
Change in total obligation for postretirement benefits and for prior service credit and for other benefits$59 $(357)
Income tax effect(16)(43)
Net change in total obligation for postretirement benefits and prior service credit and for other benefits43 (400)
Unrealized holding gains (losses) on available for sale securities$(63,704)$(5,436)
Reclassification adjustment for losses (gains) realized in income(165)(18)
Change in unrealized gains (losses) on available for sale securities(63,869)(5,454)
Income tax effect17,571 1,489 
Net change in unrealized gains (losses) on available for sale securities(46,298)(3,965)
Total$(46,255)$(4,365)

The following is a summary of the accumulated other comprehensive income (loss) balances, net of income taxes:
Balance as of January 1,
2022
Current
Period
Change
Income Tax
Effect
Balance as of March 31, 2022
(In thousands)
Unrealized gains (losses) on benefits plans$(2,102)$59 $(16)$(2,059)
Unrealized gains (losses) on available for sale securities7,511 (63,869)17,571 (38,787)
Total$5,409 $(63,810)$17,555 $(40,846)

Balance as of Balance as of January 1, 2021Current
Period
Change
Income Tax
Effect
Balance as of March 31, 2021
(In thousands)
Unrealized gains (losses) on benefits plans$(2,056)$(357)$(43)$(2,456)
Unrealized gains (losses) on available for sale securities19,232 (5,454)1,489 15,267 
Total$17,176 $(5,811)$1,446 $12,811 
8




Notes to Consolidated Financial Statements (unaudited)
March 31, 2022 and December 31, 2021
The following represents the reclassifications out of accumulated other comprehensive income (loss):
Three Months Ended
March 31,
Affected Line Item in the Consolidated Statements of Income
20222021
(In thousands)
Realized gains (losses) on sale of available for sale securities$162 $21 Gain (loss) on sale of securities
Recognized gains (losses) on OTTI securities3 (3)Non-Interest Income - other
Income tax expense (benefit)46 5 Income tax expense (benefit)
Total reclassifications, net of income tax$119 $13 
Prior service credit on pension plans and other postretirement benefits$7 $7 Compensation and employee benefits
Income tax expense (benefit)(2)(2)Income tax expense (benefit)
Total reclassifications, net of income tax$5 $5 
Total reclassifications, net of income tax$124 $18 
9




Notes to Consolidated Financial Statements (unaudited)
March 31, 2022 and December 31, 2021
3.    INVESTMENT SECURITIES
The amortized cost and fair value of investment securities available for sale and held to maturity as of March 31, 2022 are as follows:
March 31, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(In thousands)
Available for sale:
Mortgage-related:
GSE residential certificates$3,504 $ $(54)$3,450 
GSE residential CMOs496,866 1,100 (15,501)482,465 
GSE commercial certificates & CMO394,320 934 (5,254)390,000 
Non-GSE residential certificates150,209 6 (6,065)144,150 
Non-GSE commercial certificates135,652 3 (5,624)130,031 
1,180,551 2,043 (32,498)1,150,096 
Other debt:
U.S. Treasury198  (3)195 
ABS1,152,180 298 (18,024)1,134,454 
Trust preferred14,632  (647)13,985 
Corporate127,011 102 (4,779)122,334 
1,294,021 400 (23,453)1,270,968 
Total available for sale$2,474,572 $2,443 $(55,951)$2,421,064 
Held to maturity:
Mortgage-related:
GSE commercial certificates$30,654 $ $(3,502)$27,152 
GSE residential certificates439 4  443 
Non GSE commercial certificates10,307  (1,011)9,296 
Non GSE residential certificates30,419  (1,124)29,295 
71,819 4 (5,637)66,186 
Other debt:
ABS75,800  (812)74,988 
PACE723,646  (10,942)712,704 
Municipal71,982 107 (7,670)64,419 
Other3,100  (2)3,098 
874,528 107 (19,426)855,209 
Total held to maturity$946,347 $111