Amalgamated Financial Corp
For the period ended Dec 31, 2023. Filed Mar 7, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 7, 2024
AMAL$50.53+2.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1.
| Consolidated Statements of Financial Condition(Dollars in thousands except for per share amounts) | ||
|---|---|---|
| December 31,2023 | December 31,2022 | |
| Assets | ||
| Cash and due from banks | $2,856 | $5,110 |
| Interest-bearing deposits in banks | 87,714 | 58,430 |
| Total cash and cash equivalents | 90,570 | 63,540 |
| Securities: | ||
| Available for sale, at fair value: | ||
| Traditional securities | 1,429,739 | 1,812,476 |
| Property Assessed Clean Energy ("PACE") assessments | 53,303 | — |
| 1,483,042 | 1,812,476 | |
| Held-to-maturity, at amortized cost: | ||
| Traditional securities, net of allowance for credit losses of $54 at December 31, 2023 | 620,232 | 629,424 |
| PACE assessments, net of allowance for credit losses of $667 at December 31, 2023 | 1,076,602 | 911,877 |
| 1,696,834 | 1,541,301 | |
| Loans held for sale | 1,817 | 7,943 |
| Loans receivable, net of deferred loan origination costs | 4,411,319 | 4,106,002 |
| Allowance for credit losses | (65,691) | (45,031) |
| Loans receivable, net | 4,345,628 | 4,060,971 |
| Resell agreements | 50,000 | 25,754 |
| Federal Home Loan Bank of New York ("FHLBNY") stock, at cost | 4,389 | 29,607 |
| Accrued interest and dividends receivable | 55,484 | 41,441 |
| Premises and equipment, net | 7,807 | 9,856 |
| Bank-owned life insurance | 105,528 | 105,624 |
| Right-of-use lease asset | 21,074 | 28,236 |
| Deferred tax asset, net | 56,603 | 62,507 |
| Goodwill | 12,936 | 12,936 |
| Intangible assets, net | 2,217 | 3,105 |
| Equity method investments | 13,024 | 8,305 |
| Other assets | 25,371 | 29,522 |
| Total assets | $7,972,324 | $7,843,124 |
| Liabilities | ||
| Deposits | $7,011,988 | $6,595,037 |
| Subordinated debt, net | 70,546 | 77,708 |
| Other borrowings | 234,381 | 580,000 |
| Operating leases | 30,646 | 40,779 |
| Other liabilities | 39,399 | 40,645 |
| Total liabilities | 7,386,960 | 7,334,169 |
| Stockholders’ equity | ||
| Common stock, par value $0.01 per share (70,000,000 shares authorized; 30,736,141 and 30,700,198 shares issued, respectively, and 30,428,359 and 30,700,198 shares outstanding, respectively) | 307 | 307 |
| Additional paid-in capital | 288,232 | 286,947 |
| Retained earnings | 388,033 | 330,275 |
| Accumulated other comprehensive loss, net of income taxes | (86,004) | (108,707) |
| Treasury stock, at cost (307,782 and zero shares, respectively) | (5,337) | — |
| Total Amalgamated Financial Corp. stockholders' equity | 585,231 | 508,822 |
| Noncontrolling interests | 133 | 133 |
| Total stockholders' equity | 585,364 | 508,955 |
| Total liabilities and stockholders’ equity | $7,972,324 | $7,843,124 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.