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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☒ | 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
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☐ | 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)
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Delaware | | 85-2757101 |
(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:
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $0.01 per share | AMAL | The 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.
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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
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PART I – FINANCIAL INFORMATION | |
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ITEM 1. | Financial Statements | |
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| 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 | |
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ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
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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;
•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.
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Part I Item 1. – Financial Statements Consolidated Statements of Financial Condition (Dollars in thousands except for per share amounts) |
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| March 31, 2022 | | December 31, 2021 |
Assets | (unaudited) | | |
Cash and due from banks | $ | 9,085 | | | $ | 8,622 | |
Interest-bearing deposits in banks | 364,958 | | | 321,863 | |
Total cash and cash equivalents | 374,043 | | | 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 sale | 2,490 | | | 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, net | 3,432,632 | | | 3,276,358 | |
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Resell agreements | 180,150 | | | 229,018 | |
Accrued interest and dividends receivable | 27,409 | | | 28,820 | |
Premises and equipment, net | 11,654 | | | 11,735 | |
Bank-owned life insurance | 106,975 | | | 107,266 | |
Right-of-use lease asset | 33,449 | | | 33,115 | |
Deferred tax asset | 46,149 | | | 26,719 | |
Goodwill | 12,936 | | | 12,936 | |
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Other intangible assets | 3,890 | | | 4,151 | |
Equity investments | 7,102 | | | 6,856 | |
Other assets | 47,041 | | | 50,159 | |
Total assets | $ | 7,653,331 | | | $ | 7,077,876 | |
Liabilities | | | |
Deposits | $ | 6,973,473 | | | $ | 6,356,255 | |
Subordinated Debt | 83,870 | | | 83,831 | |
| | | |
Operating leases | 47,883 | | | 48,160 | |
Other liabilities | 21,343 | | | 25,755 | |
Total liabilities | 7,126,569 | | | 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 capital | 295,443 | | | 297,975 | |
Retained earnings | 271,722 | | | 260,047 | |
| | | |
| | | |
| | | |
Accumulated other comprehensive income (loss), net of income taxes | (40,846) | | | 5,409 | |
Total Amalgamated Financial Corp. stockholders' equity | 526,629 | | | 563,742 | |
Noncontrolling interests | 133 | | | 133 | |
Total stockholders' equity | 526,762 | | | 563,875 | |
Total liabilities and stockholders’ equity | $ | 7,653,331 | | | $ | 7,077,876 | |
See accompanying notes to consolidated financial statements (unaudited)
| | | | | | | | | | | | | | | |
Consolidated Statements of Income (unaudited) (Dollars in thousands, except for per share amounts) | | | | |
| | | | | | | |
| Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | |
INTEREST AND DIVIDEND INCOME | | | | | | | |
Loans | $ | 31,127 | | | $ | 31,109 | | | | | |
Securities | 19,115 | | | 12,170 | | | | | |
Federal Home Loan Bank of New York stock | 40 | | | 48 | | | | | |
Interest-bearing deposits in banks | 179 | | | 90 | | | | | |
Total interest and dividend income | 50,461 | | | 43,417 | | | | | |
INTEREST EXPENSE | | | | | | | |
Deposits | 1,402 | | | 1,573 | | | | | |
Borrowed funds | 691 | | | — | | | | | |
Total interest expense | 2,093 | | | 1,573 | | | | | |
NET INTEREST INCOME | 48,368 | | | 41,844 | | | | | |
Provision for (recovery of) loan losses | 2,293 | | | (3,261) | | | | | |
Net interest income after provision for loan losses | 46,075 | | | 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 securities | 162 | | | 21 | | | | | |
Gain (loss) on sale of loans, net | (157) | | | 707 | | | | | |
| | | | | | | |
Equity method investments | 432 | | | (3,682) | | | | | |
Other | 233 | | | 161 | | | | | |
Total non-interest income | 7,422 | | | 4,000 | | | | | |
NON-INTEREST EXPENSE | | | | | | | |
Compensation and employee benefits | 17,669 | | | 18,039 | | | | | |
Occupancy and depreciation | 3,440 | | | 3,501 | | | | | |
Professional fees | 2,815 | | | 3,661 | | | | | |
| | | | | | | |
Data processing | 5,184 | | | 3,005 | | | | | |
Office maintenance and depreciation | 725 | | | 655 | | | | | |
Amortization of intangible assets | 262 | | | 302 | | | | | |
| | | | | | | |
Advertising and promotion | 854 | | | 597 | | | | | |
| | | | | | | |
Other | 3,448 | | | 3,033 | | | | | |
Total non-interest expense | 34,397 | | | 32,793 | | | | | |
Income before income taxes | 19,100 | | | 16,312 | | | | | |
Income tax expense (benefit) | 4,935 | | | 4,123 | | | | | |
Net income | 14,165 | | | 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)
| | | | | | | | | | | | | | | | | |
Consolidated Statements of Comprehensive Income (unaudited) (Dollars in thousands) | | | | |
| | | | | | | |
| Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | |
| | | | | | | |
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 benefits | 59 | | | (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)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 repurchases | | | | 2 | | | (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)
| | | | | | | | | | | |
Consolidated Statements of Cash Flows (unaudited) (Dollars in thousands) |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Three Months Ended March 31, |
| 2022 | | 2021 |
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 amortization | 899 | | | 854 | |
Amortization of intangible assets | 262 | | | 302 | |
Deferred income tax expense (benefit) | (1,876) | | | 3,234 | |
| | | |
Provision for (recovery of) loan losses | 2,293 | | | (3,261) | |
Stock-based compensation expense | 661 | | | 588 | |
Net amortization (accretion) on loan fees, costs, premiums, and discounts | 285 | | | 684 | |
Net amortization on securities | 1,175 | | | 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 loans | 157 | | | (707) | |
| | | |
| | | |
Net (gain) on redemption of bank-owned life insurance | (313) | | | (266) | |
Proceeds from sales of loans held for sale | 5,913 | | | 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 receivable | 1,411 | | | 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 activities | 16,829 | | | 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 sale | 162 | | | 14,431 | |
Maturities, principal payments and redemptions of securities available for sale | 76,842 | | | 85,482 | |
Maturities, principal payments and redemptions of securities held to maturity | 42,352 | | | 21,372 | |
Decrease (increase) in resell agreements | 48,868 | | | 2,511 | |
Purchase of equity method investments | 186 | | | 220 | |
| | | |
| | | |
Purchases of premises and equipment | (818) | | | (847) | |
Proceeds from redemption of bank-owned life insurance | 1,105 | | | 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 deposits | 617,218 | | | 381,356 | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
Issuance of common stock | 52 | | | 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 activities | 611,534 | | | 377,376 | |
| | | | | | | | | | | |
Increase (decrease) in cash, cash equivalents, and restricted cash | 43,558 | | | 466,154 | |
Cash, cash equivalents, and restricted cash at beginning of year | 330,485 | | | 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 period | 115 | | | 9,823 | |
Supplemental non-cash investing activities: | | | |
Right-of-use assets obtained in exchange for lease liabilities | $ | — | | | $ | 777 | |
| | | |
Loans transferred to held-for-sale | 2,490 | | | — | |
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)
| | |
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.
| | |
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, | | |
| | 2022 | | 2021 | | | | |
(In thousands) | | | | | | | | |
Change in obligation for postretirement benefits and for prior service credit | | $ | 51 | | | $ | 54 | | | | | |
Change in obligation for other benefits | | 8 | | | (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 benefits | | 43 | | | (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 effect | | 17,571 | | | 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 securities | | 7,511 | | | (63,869) | | | 17,571 | | | | | (38,787) | |
| | | | | | | | | | |
| | | | | | | | | | |
Total | | $ | 5,409 | | | $ | (63,810) | | | $ | 17,555 | | | | | $ | (40,846) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Balance as of Balance as of January 1, 2021 | | Current 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 securities | | 19,232 | | | (5,454) | | | 1,489 | | | | | 15,267 | |
| | | | | | | | | | |
| | | | | | | | | | |
Total | | $ | 17,176 | | | $ | (5,811) | | | $ | 1,446 | | | | | $ | 12,811 | |
| | |
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 |
| | 2022 | | 2021 | | | | | |
(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 securities | | 3 | | | (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 | | | | | | | |
| | |
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 CMOs | | | | | | 496,866 | | | 1,100 | | | (15,501) | | | 482,465 | |
GSE commercial certificates & CMO | | | | | | 394,320 | | | 934 | | | (5,254) | | | 390,000 | |
Non-GSE residential certificates | | | | | | 150,209 | | | 6 | | | (6,065) | | | 144,150 | |
Non-GSE commercial certificates | | | | | | 135,652 | | | 3 | | | (5,624) | | | 130,031 | |
| | | | | | 1,180,551 | | | 2,043 | | | (32,498) | | | 1,150,096 | |
Other debt: | | | | | | | | | | | | |
U.S. Treasury | | | | | | 198 | | | — | | | (3) | | | 195 | |
ABS | | | | | | 1,152,180 | | | 298 | | | (18,024) | | | 1,134,454 | |
Trust preferred | | | | | | 14,632 | | | — | | | (647) | | | 13,985 | |
Corporate | | | | | | 127,011 | | | 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 certificates | | | | | | 439 | | | 4 | | | — | | | 443 | |
Non GSE commercial certificates | | | | | | 10,307 | | | — | | | (1,011) | | | 9,296 | |
Non GSE residential certificates | | | | | | 30,419 | | | — | | | (1,124) | | | 29,295 | |
| | | | | | 71,819 | | | 4 | | | (5,637) | | | 66,186 | |
Other debt: | | | | | | | | | | | | |
ABS | | | | | | 75,800 | | | — | | | (812) | | | 74,988 | |
PACE | | | | | | 723,646 | | | — | | | (10,942) | | | 712,704 | |
Municipal | | | | | | 71,982 | | | 107 | | | (7,670) | | | 64,419 | |
Other | | | | | | 3,100 | | | — | | | (2) | | | 3,098 | |
| | | | | | 874,528 | | | 107 | | | (19,426) | | | 855,209 | |
| | | | | | | | | | | | |
Total held to maturity | | | | | | $ | 946,347 | | | $ | 111 |