Amalgamated Financial Corp
For the period ended Dec 31, 2023. Filed Mar 7, 2024.
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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 1A.
| Consolidated Statements of Income(Dollars in thousands, except for per share amounts) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2023 | 2022 | 2021 | |
| INTEREST AND DIVIDEND INCOME | |||
| Loans | $191,295 | $145,649 | $123,318 |
| Securities | 161,003 | 110,654 | 56,557 |
| Interest-bearing deposits in banks | 5,779 | 2,186 | 651 |
| Total interest and dividend income | 358,077 | 258,489 | 180,526 |
| INTEREST EXPENSE | |||
| Deposits | 81,124 | 11,056 | 5,823 |
| Borrowed funds | 15,642 | 7,593 | 399 |
| Total interest expense | 96,766 | 18,649 | 6,222 |
| NET INTEREST INCOME | 261,311 | 239,840 | 174,304 |
| Provision for credit losses | 14,670 | 15,002 | (287) |
| Net interest income after provision for credit losses | 246,641 | 224,838 | 174,591 |
| NON-INTEREST INCOME | |||
| Trust Department fees | 15,175 | 14,449 | 13,352 |
| Service charges on deposit accounts | 10,999 | 10,999 | 9,355 |
| Bank-owned life insurance income | 2,882 | 3,868 | 2,388 |
| Gain (loss) on sale of securities | (7,392) | (3,637) | 649 |
| Gain (loss) on sale of loans | 32 | (610) | 1,887 |
| Loss on other real estate owned | — | (168) | (407) |
| Equity method investments income (loss) | 4,932 | (2,773) | 150 |
| Other income | 2,708 | 1,769 | 1,015 |
| Total non-interest income | 29,336 | 23,897 | 28,389 |
| NON-INTEREST EXPENSE | |||
| Compensation and employee benefits | 85,774 | 74,712 | 69,844 |
| Occupancy and depreciation | 13,605 | 13,723 | 14,023 |
| Professional fees | 9,637 | 10,417 | 12,961 |
| Data processing | 17,744 | 17,732 | 16,042 |
| Office maintenance and depreciation | 2,830 | 3,012 | 3,057 |
| Amortization of intangible assets | 888 | 1,046 | 1,207 |
| Advertising and promotion | 4,181 | 3,741 | 3,230 |
| Federal deposit insurance premiums | 4,018 | 3,228 | 2,531 |
| Other expense | 12,570 | 12,960 | 9,360 |
| Total non-interest expense | 151,247 | 140,571 | 132,255 |
| Income before income taxes | 124,730 | 108,164 | 70,725 |
| Income tax expense | 36,752 | 26,687 | 17,788 |
| Net income | $87,978 | $81,477 | $52,937 |
| Earnings per common share - basic | $2.88 | $2.64 | $1.70 |
| Earnings per common share - diluted | $2.86 | $2.61 | $1.68 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.