Amalgamated Financial Corp
For the period ended Dec 31, 2024. Filed Mar 6, 2025.
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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.
FY2024 · Filed Mar 6, 2025
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, | |||
| 2024 | 2023 | 2022 | |
| INTEREST AND DIVIDEND INCOME | |||
| Loans | $215,380 | $191,295 | $145,649 |
| Securities | 177,247 | 161,003 | 110,654 |
| Interest-bearing deposits in banks | 8,669 | 5,779 | 2,186 |
| Total interest and dividend income | 401,296 | 358,077 | 258,489 |
| INTEREST EXPENSE | |||
| Deposits | 113,461 | 81,124 | 11,056 |
| Borrowed funds | 5,405 | 15,642 | 7,593 |
| Total interest expense | 118,866 | 96,766 | 18,649 |
| NET INTEREST INCOME | 282,430 | 261,311 | 239,840 |
| Provision for credit losses | 10,284 | 14,670 | 15,002 |
| Net interest income after provision for credit losses | 272,146 | 246,641 | 224,838 |
| NON-INTEREST INCOME | |||
| Trust Department fees | 15,186 | 15,175 | 14,449 |
| Service charges on deposit accounts | 32,178 | 10,999 | 10,999 |
| Bank-owned life insurance income | 2,498 | 2,882 | 3,868 |
| Losses on sale of securities | (9,698) | (7,392) | (3,637) |
| Gain (loss) on sale of loans and changes in fair value on loans held-for-sale, net | (8,197) | 32 | (610) |
| Loss on other real estate owned, net | — | — | (168) |
| Equity method investments income (loss) | (831) | 4,932 | (2,773) |
| Other income | 2,079 | 2,708 | 1,769 |
| Total non-interest income | 33,215 | 29,336 | 23,897 |
| NON-INTEREST EXPENSE | |||
| Compensation and employee benefits | 93,766 | 85,774 | 74,712 |
| Occupancy and depreciation | 13,081 | 13,605 | 13,723 |
| Professional fees | 9,957 | 9,637 | 10,417 |
| Data processing | 19,802 | 17,744 | 17,732 |
| Office maintenance and depreciation | 2,471 | 2,830 | 3,012 |
| Amortization of intangible assets | 730 | 888 | 1,046 |
| Advertising and promotion | 3,731 | 4,181 | 3,741 |
| Federal deposit insurance premiums | 3,715 | 4,018 | 3,228 |
| Other expense | 12,519 | 12,570 | 12,960 |
| Total non-interest expense | 159,772 | 151,247 | 140,571 |
| Income before income taxes | 145,589 | 124,730 | 108,164 |
| Income tax expense | 39,155 | 36,752 | 26,687 |
| Net income | $106,434 | $87,978 | $81,477 |
| Earnings per common share - basic | $3.48 | $2.88 | $2.64 |
| Earnings per common share - diluted | $3.44 | $2.86 | $2.61 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.