Amalgamated Financial Corp
For the period ended Dec 31, 2023. Filed Mar 7, 2024.
View on SEC.govAbout this filing
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$49.56+0.4%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 3.
| Consolidated Statements of Cash Flows(Dollars in thousands) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $87,978 | $81,477 | $52,937 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 3,526 | 3,547 | 3,638 |
| Amortization of intangible assets | 888 | 1,046 | 1,207 |
| Deferred income tax expense | 4,244 | 14,375 | 7,050 |
| Provision for (recovery of) credit losses | 14,670 | 15,002 | (287) |
| Stock-based compensation expense | 4,687 | 2,682 | 1,796 |
| Net amortization on loan fees, costs, premiums, and discounts | 780 | 1,361 | 2,743 |
| Net amortization on securities premiums, discounts, and net unrealized loss on securities transferred to held-to-maturity | 1,203 | 4,396 | 3,869 |
| OTTI gain recognized in earnings | — | (16) | (5) |
| Net (income) loss from equity method investments | (4,932) | 2,773 | (150) |
| Net loss (gain) on sale of securities available for sale | 7,392 | 3,637 | (649) |
| Net (gain) loss on sale of loans | (32) | 610 | (1,887) |
| Net loss on sale of other real estate owned | — | 168 | 407 |
| Net gain on redemption of bank-owned life insurance | (613) | (1,895) | (266) |
| Net gain on repurchase of subordinated debt | (1,417) | (617) | — |
| Proceeds from sales of loans held for sale | 17,799 | 28,414 | 123,566 |
| Originations of loans held for sale | (14,558) | (8,391) | (112,833) |
| Increase in cash surrender value of bank-owned life insurance | (2,269) | (1,973) | (2,122) |
| Increase in accrued interest and dividends receivable | (14,043) | (12,621) | (4,850) |
| Decrease in other assets | 11,740 | 19,114 | 7,445 |
| Increase (decrease) in other liabilities | 181 | (5,767) | (11,071) |
| Net cash provided by operating activities | 117,224 | 147,322 | 70,538 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Net decrease (increase) in loans | (317,211) | (826,273) | 167,545 |
| Purchase of securities available for sale | (116,453) | (678,910) | (1,220,727) |
| Purchase of securities held-to-maturity | (264,498) | (584,906) | (472,615) |
| Proceeds from sales of securities available for sale | 285,408 | 249,936 | 111,274 |
| Maturities, principal payments and redemptions of securities available for sale | 167,783 | 325,614 | 508,211 |
| Maturities, principal payments and redemptions of securities held-to-maturity | 108,877 | 139,326 | 119,802 |
| Decrease (increase) in resell agreements | (24,246) | 203,264 | (74,239) |
| Increase in equity method investments | (757) | (7,359) | (5,764) |
| Decrease (increase) in FHLBNY stock, net | 25,218 | (25,887) | 214 |
| Purchases of premises and equipment, net | (1,477) | (1,668) | (2,396) |
| Proceeds from redemption of bank-owned life insurance | 2,949 | 4,233 | 1,010 |
| Proceeds from sale of other real estate owned | — | 139 | 2,275 |
| Net cash used in investing activities | (134,407) | (1,202,491) | (865,410) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Net increase in deposits | 416,951 | 238,782 | 1,017,544 |
| Net (decrease) increase in other borrowings | (345,619) | 580,000 | — |
| Proceeds from (repurchase of) subordinated debt | (6,047) | (5,633) | 83,831 |
| Common stock issued under Employee Stock Purchase Plan | 804 | 665 | — |
|---|---|---|---|
| Repurchase of common stock | (8,315) | (12,478) | (2,920) |
| Dividends paid | (12,333) | (11,211) | (9,978) |
| Repurchase of common stock for equity awards | (1,228) | (1,901) | (1,889) |
| Net cash provided by financing activities | 44,213 | 788,224 | 1,086,588 |
| Increase (decrease) in cash, cash equivalents, and restricted cash | 27,030 | (266,945) | 291,716 |
| Cash, cash equivalents, and restricted cash at beginning of year | 63,540 | 330,485 | 38,769 |
| Cash, cash equivalents, and restricted cash at end of year | $90,570 | $63,540 | $330,485 |
| Supplemental disclosures of cash flow information: | |||
| Interest paid during the year | $85,714 | $18,000 | $6,039 |
| Income taxes paid during the year | 22,625 | 6,646 | 5,692 |
| Supplemental non-cash activities: | |||
| Right-of-use assets obtained in exchange for lease liabilities | — | 2,337 | — |
| Loans transferred from held-for-sale | 4,664 | 25,304 | 1,000 |
| Loans transferred to held-for-sale | 3,581 | — | — |
| Loans transferred to other real estate owned | — | — | 2,682 |
| Purchase of securities available for sale, net not settled | — | 14,000 | — |
| Securities available for sale transferred to held-to-maturity | — | 260,112 | — |
| Cumulative change due to adoption of ASU No. 2016-13 | 17,825 | — | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.