$AMAL

Amalgamated Financial Corp.

CIK:0001823608|SEC Filings

Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST AND DIVIDEND INCOME
Loans	$ 66,019	$ 58,723	$ 129,490	$ 116,566
Securities	49,552	43,737	93,741	85,390
Interest-bearing deposits in banks	1,592	1,639	3,246	2,833
Total interest and dividend income	117,163	104,099	226,477	204,789
INTEREST EXPENSE
Deposits	30,563	30,593	59,177	59,510
Borrowed funds	543	597	1,087	1,793
Total interest expense	31,106	31,190	60,264	61,303
NET INTEREST INCOME	86,057	72,909	166,213	143,486
Provision for credit losses	4,429	4,890	17,917	5,486
Net interest income after provision for credit losses	81,628	68,019	148,296	138,000
NON-INTEREST INCOME
Trust Department fees	4,232	3,879	8,538	8,069
Service charges on deposit accounts	6,863	3,873	14,067	7,311
Bank-owned life insurance income	648	796	1,971	1,422
Losses on sale of securities and other assets, net	(39)	(1,041)	(861)	(1,721)
Gain on sale of loans and changes in fair value on loans held-for-sale, net	0	18	12	850
Equity method investments income (loss)	227	51	850	(2,458)
Other income	373	449	1,013	957
Total non-interest income	12,304	8,025	25,590	14,430
NON-INTEREST EXPENSE
Compensation and employee benefits	27,181	23,240	52,930	46,554
Occupancy and depreciation	3,523	3,476	7,677	6,768
Professional fees	3,008	3,283	6,744	8,022
Technology	7,412	5,485	14,030	11,103
Office maintenance and depreciation	484	570	1,034	1,199
Amortization of intangible assets	105	144	209	287
Advertising and promotion	900	412	1,505	463
Federal deposit insurance premiums	1,030	900	2,035	1,800
Other expense	3,669	3,074	7,036	6,038
Total non-interest expense	47,312	40,584	93,200	82,234
Income before income taxes	46,620	35,460	80,686	70,196
Income tax expense	11,854	9,471	20,697	19,179
Net income	$ 34,766	$ 25,989	$ 59,989	$ 51,017
Earnings per common share - basic (in dollars per share)	$ 1.16	$ 0.85	$ 2.01	$ 1.67
Earnings per common share - diluted (in dollars per share)	$ 1.15	$ 0.84	$ 1.99	$ 1.65

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 59,989	$ 51,017
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and accretion, net	1,037	609
Amortization of intangible assets	209	287
Deferred income tax expense	614	3,001
Provision for credit losses	17,917	5,486
Stock-based compensation expense	4,177	3,157
Net (gain) loss from equity method investments	(850)	2,458
Net loss on sale of securities available for sale and other assets	861	1,721
Net gain on sale of loans and change in fair value on loans held-for-sale, net	(12)	(850)
Net gain on death benefits of bank-owned life insurance	(681)	(160)
Proceeds from sales of loans originated as held for sale	1,685	9,206
Originations of loans held for sale	(458)	(10,624)
Increase in cash surrender value of bank-owned life insurance	(1,290)	(1,262)
Decrease in accrued interest receivable	1,333	5,663
Decrease in other assets	13,771	1,200
Decrease in other liabilities	(11,044)	(11,770)
Net cash provided by operating activities	87,258	59,139
CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in loans	(195,639)	(43,895)
Proceeds from sales of loans originated as held for investment	470	34,844
Purchase of securities available for sale	(794,734)	(473,312)
Purchase of securities held-to-maturity	(95,915)	(35,231)
Proceeds from sales of securities available for sale	135,180	56,136
Maturities, principal payments and redemptions of securities available for sale	192,186	189,161
Maturities, principal payments and redemptions of securities held-to-maturity	78,472	55,293
Increase in resell agreements	(10,609)	(33,299)
Decrease in equity method investments	1,219	914
Decrease (increase) in FHLBNY stock, net	(240)	10,416
Purchase of premises and equipment, net	(16,953)	(1,041)
Proceeds from redemption of bank-owned life insurance	1,506	983
Proceeds from sale of owned assets	0	46
Net cash used in investing activities	(705,057)	(238,985)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits	509,173	552,667
Net increase (decrease) in other borrowings	164	(238,994)
Common stock issued under Equity Programs	1,028	1,033
Repurchase of common stock	(2,779)	(13,188)
Dividends paid on common stock	(10,375)	(8,767)
Payments related to repurchase of common stock for equity awards	(2,845)	(2,588)
Net cash provided by financing activities	494,366	290,163
Increase (decrease) in cash, cash equivalents, and restricted cash	(123,433)	110,317
Cash, cash equivalents, and restricted cash at beginning of year	291,217	60,749
Cash, cash equivalents, and restricted cash at end of period	167,784	171,066
Supplemental disclosures of cash flow information:
Interest paid during the period	60,381	61,447
Income taxes paid during the period	20,860	14,750
Supplemental non-cash activities:
Right-of-use assets obtained in exchange for lease liabilities	1,721	829
Loans transferred to held-for-investment	670	2,472
Purchase of securities available for sale, net not settled	$ 0	$ 15,157

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 4,173	$ 4,501
Interest-bearing deposits in banks	163,611	286,716
Total cash and cash equivalents	167,784	291,217
Securities:
Available for sale, at fair value:	2,240,834	1,783,551
Held-to-maturity, at amortized cost	1,571,547	1,554,015
Loans held for sale	459	2,814
Loans receivable, net of deferred loan origination fees and costs	5,149,085	4,957,273
Allowance for credit losses	(68,939)	(57,586)
Loans receivable, net	5,080,146	4,899,687
Resell agreements	59,271	48,662
Federal Home Loan Bank of New York ("FHLBNY") stock, at cost	5,249	5,009
Accrued interest receivable	63,795	65,128
Premises and equipment, net	20,237	4,685
Bank-owned life insurance	108,451	108,941
Right-of-use lease asset	7,551	9,602
Deferred tax asset, net	33,310	30,750
Goodwill	12,936	12,936
Intangible assets, net	704	913
Equity method investments	5,505	7,979
Other assets	33,762	43,947
Total assets	9,411,541	8,869,836
Liabilities
Deposits	8,458,414	7,949,241
Borrowings	69,754	69,547
Operating leases	9,094	12,255
Other liabilities	39,286	44,329
Total liabilities	8,576,548	8,075,372
Commitments, contingencies and off balance sheet risk (see Note 11)
Stockholders’ equity
Common stock, par value $0.01 per share (70,000,000 shares authorized; 31,207,172 and 31,045,377 shares issued, respectively, and 29,900,147 and 29,818,424 shares outstanding, respectively)	315	312
Additional paid-in capital	296,491	294,134
Retained earnings	616,925	567,269
Accumulated other comprehensive loss, net of income taxes	(40,796)	(32,088)
Treasury stock, at cost (1,307,025 and 1,226,953 shares, respectively)	(37,942)	(35,163)
Total stockholders' equity	834,993	794,464
Total liabilities and stockholders’ equity	9,411,541	8,869,836
Traditional securities
Securities:
Available for sale, at fair value:	2,034,532	1,580,049
Held-to-maturity, at amortized cost	441,428	476,950
Property Assessed Clean Energy ("PACE") assessments
Securities:
Available for sale, at fair value:	206,302	203,502
Held-to-maturity, at amortized cost	$ 1,130,119	$ 1,077,065