Amalgamated Financial Corp
For the period ended Dec 31, 2024. Filed Mar 6, 2025.
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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.
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Item 3.
| Consolidated Statements of Cash Flows(Dollars in thousands) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2024 | 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $106,434 | $87,978 | $81,477 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 4,703 | 5,509 | 9,304 |
| Amortization of intangible assets | 730 | 888 | 1,046 |
| Deferred income tax expense | 5,175 | 4,244 | 14,375 |
| Provision for credit losses | 10,284 | 14,670 | 15,002 |
| Stock-based compensation expense | 5,534 | 4,687 | 2,682 |
| OTTI gain recognized in earnings | — | — | (16) |
| Net (income) loss from equity method investments | 831 | (4,932) | 2,773 |
| Net loss on sale of securities available for sale | 9,698 | 7,392 | 3,637 |
| Net (gain) loss on sale of loans and change in fair value on loans held-for-sale, net | 8,197 | (32) | 610 |
| Net loss on sale of other real estate owned | — | — | 168 |
| Net gain on redemption of bank-owned life insurance | — | (613) | (1,895) |
| Net gain on repurchase of subordinated debt | (1,076) | (1,417) | (617) |
| Proceeds from sales of loans held for sale | 22,131 | 17,799 | 28,414 |
| Originations of loans held for sale | (21,702) | (14,558) | (8,391) |
| Increase in cash surrender value of bank-owned life insurance | (2,498) | (2,269) | (1,973) |
| Decrease in accrued interest receivable | (5,688) | (14,043) | (12,621) |
| Decrease (increase) in other assets | (2,440) | 11,740 | 19,114 |
| Increase (decrease) in other liabilities | (16,248) | 181 | (5,767) |
| Net cash provided by operating activities | 124,065 | 117,224 | 147,322 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Net increase in loans | (360,157) | (317,211) | (826,273) |
| Proceeds from sales of loans | 36,590 | — | — |
| Purchase of securities available for sale | (824,549) | (116,453) | (678,910) |
| Purchase of securities held-to-maturity | (92,169) | (264,498) | (584,906) |
| Proceeds from sales of securities available for sale | 394,118 | 285,408 | 249,936 |
| Maturities, principal payments and redemptions of securities available for sale | 310,786 | 167,783 | 325,614 |
| Maturities, principal payments and redemptions of securities held-to-maturity | 204,346 | 108,877 | 139,326 |
| Decrease (increase) in resell agreements | 26,259 | (24,246) | 203,264 |
| Decrease (increase) in equity method investments | 1,908 | (757) | (7,359) |
| Decrease (increase) in FHLBNY stock, net | (11,304) | 25,218 | (25,887) |
| Purchases of premises and equipment, net | (1,775) | (1,477) | (1,668) |
| Proceeds from redemption of bank-owned life insurance | — | 2,949 | 4,233 |
| Proceeds from sale of other real estate owned | — | — | 139 |
| Net cash provided by (used in) investing activities | (315,947) | (134,407) | (1,202,491) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Net increase in deposits | 168,617 | 416,951 | 238,782 |
| Increase (decrease) in other borrowings, net | 16,325 | (345,619) | 580,000 |
| Repurchase of subordinated debt | (5,925) | (6,047) | (5,633) |
| Common stock issued under Employee Stock Purchase Plan and Dividend Reinvestment Plan | 789 | 804 | 665 |
| Redemption of AREMCO class B shares | (152) | — | — |
|---|---|---|---|
| Repurchase of common stock | (1,130) | (8,315) | (12,478) |
| Dividends paid on common stock | (14,234) | (12,333) | (11,211) |
| Payments related to repurchase of common stock for equity awards | (2,229) | (1,228) | (1,901) |
| Net cash provided by financing activities | 162,061 | 44,213 | 788,224 |
| Increase (decrease) in cash, cash equivalents, and restricted cash | (29,821) | 27,030 | (266,945) |
| Cash, cash equivalents, and restricted cash at beginning of year | 90,570 | 63,540 | 330,485 |
| Cash, cash equivalents, and restricted cash at end of year | $60,749 | $90,570 | $63,540 |
| Supplemental disclosures of cash flow information: | |||
| Interest paid during the year | $128,780 | $85,714 | $18,000 |
| Income taxes paid during the year | 30,108 | 22,625 | 6,646 |
| Supplemental non-cash activities: | |||
| Right-of-use assets obtained in exchange for lease liabilities | 560 | — | 2,337 |
| Loans transferred from held-for-sale | — | 4,664 | 25,304 |
| Loans transferred to held-for-sale | 81,589 | 3,581 | — |
| 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 | — |
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