ｱﾏﾙｶﾞﾒｲﾃｯﾄﾞﾌｧｲﾅﾝｼｬﾙの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________

FORM 8-K

現行レポート

の第13項または第15項（d）に準拠しています。

1934年証券取引所法

報告日（最も古いイベントの報告日）：2023年10月26日

Amalgamated Financial Corp.

(チャーターで指定された登録者の正確な名前)

デラウェア

001-40136

85-2757101

(会社設立の州またはその他の管轄区域)

(Commission File Number)

(I.R.S. Employer IdentificationNo.)

275 7番街、ニューヨーク、ニューヨーク10001

(最高経営責任者の住所）（郵便番号)

登録者の電話番号（市外局番を含む）。(212) 895-8988

Not Applicable

(前回の報告書以降に変更があった場合、旧姓または旧住所)

フォーム8-Kの提出が、以下のいずれかの規定（以下の一般的説明A.2.を参照）に基づく登録者の提出義務を同時に満たすことを意図している場合は、以下の該当するボックスにチェックしてください：

☐ 証券法規則425（17 CFR 230.425）に基づく書面によるコミュニケーション

☐ 取引所法の規則14a-12（17 CFR 240.14a-12）に基づく資料の勧誘

☐ 取引所法の規則14d-2(b)(17 CFR 240.14d-2(b))に基づく開始前のコミュニケーション

☐ 取引所法の規則13e-4(c)(17 CFR 240.13e-4(c))に基づく開始前のコミュニケーション

法第12条(b)に従って登録された証券：


Title of each class	Trading Symbol(s)	登録されている各取引所の名称
普通株式、額面1株あたり0.01ドル	AMAL	The Nasdaq Global Market

登録者が1933年証券法の規則405（17 CFR § 230.405）または1934年証券取引法の規則12b-2（17 CFR § 240.12b-2）で定義される新興成長企業であるかどうかをチェックマークで示す。


						Emerging growth company ☒

新興成長企業の場合、登録者が取引所法第13条(a)に従い提供される新規または改訂された財務会計基準に準拠するための移行期間の延長を利用しないことを選択した場合は、チェックマークで示す。☐

Item 2.02 営業成績および財務状況

2023 年 10 月 26 日、アマルガメーテッド・ファイナンシャル・コーポレーション（以下「当社」）は 2023 年 9 月 30 日に終了した第 3 四半期の業績を発表するプレスリリースを発表した。このプレスリリースは、本フォーム 8-K カレント・レポートの別紙 99.1 として提出されている。

本項目2.02の情報は、別紙99.1を含め、1934年証券取引法第18条にいう「提出された」ものとはみなされず、また同条の法的責任の対象となるものではなく、1933年証券法または1934年証券取引法に基づくいかなる提出書類にも参照により組み込まれるものとはみなされない。

Item 7.01 Regulation FD Disclosure

2023年10月26日午前11時（米国東部時間）より、2023年9月30日に終了した第3四半期の決算に関する決算電話会議およびウェブキャストを開催します。このプレスリリースには、電話会議およびウェブ放送へのアクセス方法が記載されています。決算説明会およびウェブキャストで使用するスライド・プレゼンテーションのコピーは、このForm 8-KのCurrent Reportの別紙99.2として添付されています。スライド・プレゼンテーションは当社ウェブサイト（www.amalgamatedbank.com）の「投資家情報」セクションからも入手可能です。

本項目7.01の情報は、別紙99.2を含め、1934年証券取引法第18条にいう「提出された」ものとはみなされず、また同条の法的責任の対象となるものではなく、1933年証券法または1934年証券取引法に基づくいかなる提出書類にも参照により組み込まれるものとはみなされないものとする。

Item 9.01 財務諸表および添付資料

(d) 出展物以下の出展物索引は、本フォーム 8-K カレント・レポートに添付または提出された出展物の一覧です：

EXHIBIT INDEX

Exhibit No.

Description

99.1

2023年10月26日付プレスリリース

99.2

スライド・プレゼンテーション

104

このcurrent report on form 8-kの表紙をインラインxbrlでフォーマットしたものです。

SIGNATURES

1934年証券取引法の要件に従い、登録者は本報告書に正式に権限を付与された署名者により、登録者を代表して署名させた。


	AMALGAMATED FINANCIAL CORP.

	By:	/s/ Priscilla Sims Brown
	Name:	Priscilla Sims Brown
	Title:	Chief Executive Officer

Date: October 26, 2023

EX-99.1 2 amal202309earningsreleas.htm EX-99.1 amal202309earningsreleas

Amalgamated Financial Corp. Reports Third Quarter 2023 Financial Results; Stable Net Interest Margin at 3.29%, Deposit growth excluding Brokered CDs of $172.8 million Common Equity Tier 1 Capital Ratio of 12.63% | Return on Average Assets of 1.12% NEW YORK, October 26, 2023 – (Globe Newswire) -- Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced its complete financial results for the third quarter ended September 30, 2023. Third Quarter 2023 Highlights (on a linked quarter basis) • Net income of $22.3 million, or $0.73 per diluted share, compared to $21.6 million, or $0.70 per diluted share. • Core net income1 of $23.3 million, or $0.76 per diluted share, compared to $22.0 million, or $0.72 per diluted share. Deposits and Liquidity • Total deposits increased $96.2 million, or 1.4%, to $7.0 billion including a $76.6 million decline in Brokered CDs. • Excluding Brokered CDs, deposits increased $172.8 million or 2.7% to $6.6 billion. • Political deposits increased $115.4 million, or 13.8%, to $951.2 million. • Average cost of deposits, excluding Brokered CDs, increased 24 basis points to 111 basis points for the quarter, where non-interest bearing deposits comprised 43% of total deposits. • Super-core deposits1 totaled approximately $3.4 billion, had a weighted average life of 17 years, and comprised 52% of total deposits, excluding Brokered CDs. • Total uninsured deposits were $3.8 billion, improving to 54% of total deposits. Excluding uninsured super-core deposits of approximately $2.6 billion, remaining uninsured deposits were approximately 17-20% of total deposits with immediate liquidity coverage of 224%. • Cash and borrowing capacity totaled $2.6 billion (immediately available) plus unpledged securities (two-day availability) of $576.0 million for total liquidity within two-days of $3.2 billion (85% of total uninsured deposits). Assets and Margin • Loans receivable, net of deferred loan origination costs, increased $113.0 million, or 2.7%, to $4.4 billion. • Total PACE assessments grew $48.3 million to $1.1 billion. • Net interest income was $63.7 million and net interest margin was 3.29%, with each better than the guidance range provided in the second quarter. Investments and Capital • Tangible common equity ratio of 6.72%, represents another consecutive quarter of improvement. • Traditional available-for-sale securities, which are 72% of the traditional securities portfolio, had unrealized losses of 8.1%, with an effective duration of 1.9 years. • Traditional held-to-maturity securities, which are 28% of the traditional securities portfolio, had unrecognized losses of 10.6%, with an effective duration of 3.9 years. • Regulatory capital remains above bank “well capitalized” standards. • Leverage ratio of 7.89%, increasing 11 basis points from the prior quarter and Common Equity Tier 1 ratio of 12.63% representing a conservative asset mix. Share Repurchase • Repurchased approximately 142,000 shares, or $2.6 million of common stock under the Company’s $40 million share repurchase program announced in the first quarter of 2022, with $20.9 million of remaining capacity. Priscilla Sims Brown, President and Chief Executive Officer, commented, “We are in the midst of turning over an older balance sheet as our lower yielding residential loans, multi-family loans and securities roll off over the next twelve to eighteen months and are replaced with higher yielding loans and PACE securities. When paired with our deposit franchise, I am excited about our prospects for margin expansion during 2024.” 1 1 Reconciliations of non-GAAP financial measures to the most comparable GAAP measure are set forth on the last page of the financial information accompanying this press release and may also be found on our website, www.amalgamatedbank.com.

Third Quarter Earnings Net income for the third quarter of 2023 was $22.3 million, or $0.73 per diluted share, compared to $21.6 million, or $0.70 per diluted share, for the second quarter of 2023. The $0.7 million increase for the third quarter of 2023 compared to the preceding quarter was primarily driven by a $1.9 million decrease in the provision for credit losses, a $0.7 million increase in net interest income, and a $0.2 million decrease in non-interest expense, offset by an increase in net losses on sales of available for sale securities of $0.8 million, and a $1.0 million increase in income tax expense. Core net income excluding the impact of solar tax equity investments (non-GAAP)1 for the third quarter of 2023 was $23.3 million, or $0.76 per diluted share, compared to $22.0 million, or $0.72 per diluted share, for the second quarter of 2023. Excluded from core net income for the third quarter of 2023 were $1.7 million of pre-tax losses on sales of securities, $0.6 million of pre-tax gains on subordinated debt repurchases, and $0.3 million in severance costs. Excluded from the second quarter of 2023 were $0.3 million of pre-tax losses on the sale of securities and $0.3 million in severance costs. Net interest income was $63.7 million for the third quarter of 2023, compared to $63.0 million for the second quarter of 2023. Loan interest income increased $4.2 million driven by a $111.9 million increase in average loan balances coupled with a 23 basis point increase in loan yields. Interest income on securities increased $0.6 million driven by a 9 basis point increase in securities yield offset by a decrease in the average balance of securities of $51.5 million. The increase in interest income was offset by higher interest expense on total interest-bearing deposits of $4.3 million driven by a 30 basis point increase in cost and an increase in the average balance of total interest-bearing deposits of $219.3 million. The changes in deposit costs were primarily related to increased rates on select non-time deposit products and also a 99 basis point increase in the cost of time deposits. Net interest margin was 3.29% for the third quarter of 2023, a decrease of 4 basis points from 3.33% in the second quarter of 2023. The modest decrease is largely due to increased rates and average balances of interest-bearing liabilities, primarily costs for deposits. No prepayment penalties were earned in loan income in the second or third quarter of 2023. Provision for credit losses totaled $2.0 million for the third quarter of 2023 compared to $3.9 million in the second quarter of 2023. Provision expense is primarily driven by portfolio growth, certain individual reserves, and $2.0 million of solar charge-offs, offset by improvements in macro economic forecasts used in the CECL model and releases of reserves for lower unfunded exposures. Core non-interest income excluding the impact of solar tax equity investments (non-GAAP)1 was $7.8 million for the third quarter of 2023, compared to $8.2 million in the second quarter of 2023. The decrease was primarily related to a decrease in Trust Department fees and miscellaneous fee income. Core non-interest expense (non-GAAP)1 for the third quarter of 2023 was $37.0 million, a decrease of $0.2 million from the second quarter of 2023. This was mainly driven by a $0.6 million decrease in professional fees, offset by a $0.4 million increase in data processing expense primarily as a result of a sales tax credit recognized in the previous quarter. Our provision for income tax expense was $8.8 million for the third quarter of 2023, compared to $7.8 million for the second quarter of 2023. The increase is driven by higher pre-tax earnings in the quarter and also reflects a higher effective tax rate for the year. As a result, our effective tax rate for the third quarter of 2023 was 28.4%, compared to 26.5% for the second quarter of 2023. Our full year annual estimated tax rate is expected to approximate 27.4%. 2

Balance Sheet Quarterly Summary Total assets were $7.9 billion at September 30, 2023, compared to $7.8 billion at June 30, 2023, in keeping with our strategy to keep our balance sheet flat. Notable changes within individual balance sheet line items include a $113.0 million increase in loans receivable, net of deferred loan origination costs, funded mainly by a $88.7 million decrease in available- for-sale investment securities. Additionally, deposits excluding Brokered CDs increased by $172.8 million, while Brokered CDs decreased $76.6 million. The net increase in deposits is primarily reflected by a corresponding $74.5 million increase in cash. Total loans receivable, net of deferred loan origination costs at September 30, 2023 were $4.4 billion, an increase of $113.0 million, or 2.7%, compared to June 30, 2023. The increase in loans is primarily driven by a $101.0 million increase in commercial and industrial loans, and a $21.0 million increase in residential loans, offset by a $9.2 million decrease in the commercial real estate portfolio, and a $0.8 million decrease in multifamily loans. During the quarter we had $37.4 million of payoffs and net upgrades of criticized or classified loans, including $20.9 million of commercial real estate loan upgrades, $4.7 million in multifamily loan upgrades, and a full payoff of an $8.0 million multifamily loan, as we continue to focus on the improving the credit quality of the commercial portfolio. Deposits at September 30, 2023 were $7.0 billion, an increase of $96.2 million, or 1.4%, during the quarter. Deposits excluding Brokered CDs increased by $172.8 million to $6.6 billion, or a 2.7% increase. Deposits held by politically active customers, such as campaigns, PACs, advocacy-based organizations, and state and national party committees were $951.2 million, an increase of $115.4 million during the quarter. Non-interest-bearing deposits represented 42% of average total deposits and 40% of ending total deposits for the quarter, contributing to an average cost of total deposits of 133 basis points. Nonperforming assets totaled $36.5 million, or 0.46% of period-end total assets, an increase of $1.2 million, compared with $35.3 million, or 0.45% on a linked quarter basis. The increase in non-performing assets was primarily driven by a $2.4 million construction loan and $0.5 million in residential loans placed on nonaccrual status, offset by a $1.2 million partial charge-off on a multifamily loan moved to held for sale and subsequently sold in October, and the sale of $0.6 million of nonaccrual consumer loans held-for-sale. During the quarter, the allowance for credit losses on loans increased $0.4 million to $67.8 million. The ratio of allowance to total loans was 1.55%, a decrease of 4 basis points from 1.59% in the second quarter of 2023. Capital Quarterly Summary As of September 30, 2023, our Common Equity Tier 1 Capital Ratio was 12.63%, Total Risk-Based Capital Ratio was 15.28%, and Tier-1 Leverage Capital Ratio was 7.89%, compared to 12.51%, 15.26%, and 7.78%, respectively, as of June 30, 2023. Stockholders’ equity at September 30, 2023 was $546.3 million, an increase of $17.7 million during the quarter. The increase in stockholders’ equity was primarily driven by $22.3 million of net income for the quarter offset by $3.1 million in dividends paid at $0.10 per outstanding share, $2.6 million of common stock repurchases, and a $0.1 million increase in accumulated other comprehensive loss due to the tax effected mark-to-market on our available for sale securities portfolio. Our tangible book value per share was $17.43 as of September 30, 2023 compared to $16.78 as of June 30, 2023. Tangible common equity improved to 6.72% of tangible assets, compared to 6.59% as of June 30, 2023. 3

Conference Call As previously announced, Amalgamated Financial Corp. will host a conference call to discuss its third quarter 2023 results today, October 26, 2023 at 11:00am (Eastern Time). The conference call can be accessed by dialing 1-877-407-9716 (domestic) or 1-201-493-6779 (international) and asking for the Amalgamated Financial Corp. Third Quarter 2023 Earnings Call. A telephonic replay will be available approximately two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671 and providing the access code 13740860. The telephonic replay will be available until November 2, 2023. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of our website at https://ir.amalgamatedbank.com/. The online replay will remain available for a limited time beginning immediately following the call. The presentation materials for the call can be accessed on the investor relations section of our website at https:// ir.amalgamatedbank.com/. About Amalgamated Financial Corp. Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country's oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of September 30, 2023, our total assets were $7.9 billion, total net loans were $4.3 billion, and total deposits were $7.0 billion. Additionally, as of September 30, 2023, our trust business held $39.6 billion in assets under custody and $13.9 billion in assets under management. Non-GAAP Financial Measures This release (and the accompanying financial information and tables) refer to certain non-GAAP financial measures including, without limitation, “Core operating revenue,” “Core non-interest expense,” “Core non-interest income,” “Core net income,” “Tangible common equity,” “Average tangible common equity,” “Core return on average assets,” “Core return on average tangible common equity,” and “Core efficiency ratio.” Our management utilizes this information to compare our operating performance for September 30, 2023 versus certain periods in 2023 and 2022 and to prepare internal projections. We believe these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of our operating performance. In addition, because intangible assets such as goodwill and other discrete items unrelated to our core business, which are excluded, vary extensively from company to company, we believe that the presentation of this information allows investors to more easily compare our results to those of other companies. The presentation of non-GAAP financial information, however, is not intended to be considered in isolation or as a substitute for GAAP financial measures. We strongly encourage readers to review the GAAP financial measures included in this release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this release with other companies’ non-GAAP financial measures having the same or similar names. Reconciliations of non- GAAP financial disclosures to comparable GAAP measures found in this release are set forth in the final pages of this release and also may be viewed on our website, amalgamatedbank.com. 4

Terminology Certain terms used in this release are defined as follows: “Core efficiency ratio” is defined as “Core non-interest expense” divided by “Core operating revenue.” We believe the most directly comparable performance ratio derived from GAAP financial measures is an efficiency ratio calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income. “Core efficiency ratio excluding solar tax impact” is defined as “Core non-interest expense” divided by “Core operating revenue excluding solar tax impact.” We believe the most directly comparable performance ratio derived from GAAP financial measures is an efficiency ratio calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income. “Core net income” is defined as net income after tax excluding gains and losses on sales of securities, gains on the sale of owned property, costs related to branch closures, restructuring/severance costs, acquisition costs, and taxes on notable pre- tax items. We believe the most directly comparable GAAP financial measure is net income. “Core net income excluding solar tax impact” is defined as net income after tax excluding gains and losses on sales of securities, gains on the sale of owned property, costs related to branch closures, restructuring/severance costs, acquisition costs, tax credits and accelerated depreciation on solar equity investments, and taxes on notable pre-tax items. We believe the most directly comparable GAAP financial measure is net income. “Core non-interest expense” is defined as total non-interest expense excluding costs related to branch closures, restructuring/severance, and acquisitions. We believe the most directly comparable GAAP financial measure is total non- interest expense. “Core non-interest income excluding the impact of solar tax equity investments” is defined as total non-interest income excluding gains and losses on sales of securities, gains on the sale of owned property, and tax credits and depreciation on solar equity investments. We believe the most directly comparable GAAP financial measure is non-interest income. “Core operating revenue” is defined as total net interest income plus “core non-interest income”, defined as non-interest income excluding gains and losses on sales of securities and gains on the sale of owned property. We believe the most directly comparable GAAP financial measure is the total of net interest income and non-interest income. “Core operating revenue excluding solar tax impact” is defined as total net interest income plus non-interest income excluding gains and losses on sales of securities, gains on the sale of owned property, and tax credits and depreciation on solar equity investments. We believe the most directly comparable GAAP financial measure is the total of net interest income and non-interest income. “Core return on average assets” is defined as “Core net income” divided by average total assets. We believe the most directly comparable performance ratio derived from GAAP financial measures is return on average assets calculated by dividing net income by average total assets. “Core return on average assets excluding solar tax impact” is defined as “Core net income excluding solar tax impact” divided by average total assets. We believe the most directly comparable performance ratio derived from GAAP financial measures is return on average assets calculated by dividing net income by average total assets. “Core return on average tangible common equity” is defined as “Core net income” divided by “Average tangible common equity.” We believe the most directly comparable performance ratio derived from GAAP financial measures is return on average equity calculated by dividing net income by average total stockholders’ equity. 5

“Core return on average tangible common equity excluding solar tax impact” is defined as “Core net income excluding solar tax impact” divided by “Average tangible common equity.” We believe the most directly comparable performance ratio derived from GAAP financial measures is return on average equity calculated by dividing net income by average total stockholders’ equity. “Super-core deposits” are defined as total deposits from commercial and consumer customers, with a relationship length of greater than 5 years. We believe the most directly comparable GAAP financial measure is total deposits. “Tangible assets” are defined as total assets excluding, as applicable, goodwill and core deposit intangibles. We believe the most directly comparable GAAP financial measure is total assets. “Tangible common equity”, and “Tangible book value” are defined as stockholders’ equity excluding, as applicable, minority interests, preferred stock, goodwill and core deposit intangibles. We believe that the most directly comparable GAAP financial measure is total stockholders’ equity. "Traditional securities portfolio" is defined as total investment securities excluding PACE assessments. We believe the most directly comparable GAAP financial measure is total investment securities. 6

Forward-Looking Statements Statements included in this release that are not historical in nature are intended to be, and are hereby identified as, forward- looking statements within the meaning of the Private Securities Litigation Reform Act, Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified through the use of forward- looking terminology such as “may,” “will,” “anticipate,” “aspire,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “in the future,” “may” and “intend,” as well as other similar words and expressions of the future. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, any or all of which could cause actual results to differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: (i) uncertain conditions in the banking industry and in national, regional and local economies in our core markets, which may have an adverse impact on our business, operations and financial performance; (ii) deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses; (iii) deposit outflows and subsequent declines in liquidity caused by factors that could include lack of confidence in the banking system, a deterioration in market conditions or the financial condition of depositors; (iv) changes in our deposits, including an increase in uninsured deposits; (v) unfavorable conditions in the capital markets, which may cause declines in our stock price and the value of our investments; (vi) continued fluctuation of the interest rate environment, including changes in net interest margin or changes that affect the yield curve on investments; (vii) potential deterioration in real estate collateral values; (viii) changes in legislation, regulation, public policies, or administrative practices impacting the banking industry, including increased regulation and FDIC assessments in the aftermath of recent bank failures; (ix) the outcome of legal or regulatory proceedings that may be instituted against us; (x) our inability to maintain the historical growth rate of the loan portfolio; (xi) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (xii) the impact of competition with other financial institutions, including pricing pressures and the resulting impact on our results, including as a result of compression to net interest margin; (xiii) any matter that would cause us to conclude that there was impairment of any asset, including intangible assets; (xiv) the risk that the preliminary financial information reported herein and our current preliminary analysis will be different when our review is finalized; (xv) increased competition for experienced members of the workforce including executives in the banking industry; (xvi) a failure in or breach of our operational or security systems or infrastructure, or those of third party vendors or other service providers, including as a result of unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; (xvii) a downgrade in our credit rating; (xviii) increased political opposition to Environmental, Social and Governance (“ESG”) practices; (xix) recessionary conditions; (xx) the ongoing economic effects of the COVID-19 pandemic; (xxi) physical and transitional risks related to climate change as they impact our business and the businesses that we finance, and (xxii) future repurchase of our shares through our common stock repurchase program. Additional factors which could affect the forward-looking statements can be found in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available on the SEC's website at https://www.sec.gov/. We disclaim any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law. Investor Contact: Jamie Lillis Solebury Strategic Communications shareholderrelations@amalgamatedbank.com 800-895-4172 7

Consolidated Statements of Income (unaudited) September 30, June 30, September 30, September 30, ($ in thousands) 2023 2023 2022 2023 2022 INTEREST AND DIVIDEND INCOME Loans $ 49,578 $ 45,360 $ 38,264 $ 139,744 $ 103,157 Securities 39,971 39,506 31,580 118,989 75,087 Interest-bearing deposits in banks 1,687 1,056 971 3,360 1,701 Total interest and dividend income 91,236 85,922 70,815 262,093 179,945 INTEREST EXPENSE Deposits 23,158 18,816 2,491 55,809 5,374 Borrowed funds 4,350 4,121 696 12,292 2,077 Total interest expense 27,508 22,937 3,187 68,101 7,451 NET INTEREST INCOME 63,728 62,985 67,628 193,992 172,494 Provision for credit losses(1) 2,014 3,940 5,363 10,913 10,568 Net interest income after provision for credit losses 61,714 59,045 62,265 183,079 161,926 NON-INTEREST INCOME Trust Department fees 3,678 4,006 3,872 11,613 10,842 Service charges on deposit accounts 2,731 2,712 2,735 7,897 8,008 Bank-owned life insurance income 727 546 785 2,054 2,882 Losses on sale of securities (1,699) (267) (1,844) (5,052) (2,264) Gains (losses) on sale of loans, net 26 2 (367) 30 (32) Equity method investments income (loss) 550 556 (1,151) 1,261 (1,357) Other income 767 389 973 2,127 1,592 Total non-interest income 6,780 7,944 5,003 19,930 19,671 NON-INTEREST EXPENSE Compensation and employee benefits 21,345 21,165 19,527 64,525 55,242 Occupancy and depreciation 3,349 3,436 3,481 10,184 10,378 Professional fees 2,222 2,759 3,173 7,211 8,733 Data processing 4,545 4,082 4,149 13,176 13,660 Office maintenance and depreciation 685 718 807 2,130 2,316 Amortization of intangible assets 222 222 262 666 785 Advertising and promotion 816 1,028 795 3,431 2,410 Federal deposit insurance premiums 1,200 1,100 1,014 3,018 2,440 Other expense 2,955 3,019 3,050 9,154 9,037 Total non-interest expense 37,339 37,529 36,258 113,495 105,001 Income before income taxes 31,155 29,460 31,010 89,514 76,596 Income tax expense 8,847 7,818 8,066 24,230 19,874 Net income $ 22,308 $ 21,642 $ 22,944 $ 65,284 $ 56,722 Earnings per common share - basic $ 0.73 $ 0.71 $ 0.75 $ 2.13 $ 1.84 Earnings per common share - diluted $ 0.73 $ 0.70 $ 0.74 $ 2.12 $ 1.82 Three Months Ended Nine Months Ended (1) In accordance with the adoption of the Current Expected Credit Losses (“CECL”) standard on January 1, 2023, the provision for credit losses as of September 30, 2023 and June 30, 2023 is calculated under the current expected credit losses model. For September 30, 2022, the provision presented is the provision for loan losses calculated using the incurred loss model. 8

Consolidated Statements of Financial Condition ($ in thousands) September 30, 2023 June 30, 2023 December 31, 2022 Assets (unaudited) (unaudited) Cash and due from banks $ 5,494 $ 4,419 $ 5,110 Interest-bearing deposits in banks 134,725 61,296 58,430 Total cash and cash equivalents 140,219 65,715 63,540 Securities: Available for sale, at fair value 1,491,450 1,580,248 1,812,476 Held-to-maturity, at amortized cost: Traditional securities, net of allowance for credit losses of $55 and $57 at September 30, 2023 and June 30, 2023, respectively 612,026 617,380 629,424 PACE assessments, net of allowance for credit losses of $670 and $650 at September 30, 2023 and June 30, 2023, respectively 1,069,834 1,037,151 911,877 1,681,860 1,654,531 1,541,301 Loans held for sale 2,189 2,458 7,943 Loans receivable, net of deferred loan origination costs 4,364,745 4,251,738 4,106,002 Allowance for credit losses(1) (67,815) (67,431) (45,031) Loans receivable, net 4,296,930 4,184,307 4,060,971 Resell agreements — — 25,754 Federal Home Loan Bank of New York ("FHLBNY") stock, at cost 4,389 4,192 29,607 Accrued interest and dividends receivable 47,745 44,104 41,441 Premises and equipment, net 8,428 8,933 9,856 Bank-owned life insurance 105,708 105,951 105,624 Right-of-use lease asset 22,907 24,721 28,236 Deferred tax asset, net 63,322 63,477 62,507 Goodwill 12,936 12,936 12,936 Intangible assets, net 2,439 2,661 3,105 Equity method investments 11,813 11,657 8,305 Other assets 17,397 26,921 29,522 Total assets $ 7,909,732 $ 7,792,812 $ 7,843,124 Liabilities Deposits $ 6,990,854 $ 6,894,651 $ 6,595,037 Subordinated debt, net 70,427 73,766 77,708 FHLBNY advances 4,381 — 580,000 Other borrowings 230,000 230,000 — Operating leases 33,242 35,801 40,779 Other liabilities 34,537 29,980 40,645 Total liabilities 7,363,441 7,264,198 7,334,169 Stockholders’ equity Common stock, par value $.01 per share 307 307 307 Additional paid-in capital 287,579 286,877 286,947 Retained earnings 368,420 349,204 330,275 Accumulated other comprehensive loss, net of income taxes (105,294) (105,214) (108,707) Treasury stock, at cost (4,854) (2,693) — Total Amalgamated Financial Corp. stockholders' equity 546,158 528,481 508,822 Noncontrolling interests 133 133 133 Total stockholders' equity 546,291 528,614 508,955 Total liabilities and stockholders’ equity $ 7,909,732 $ 7,792,812 $ 7,843,124 (1) In accordance with the adoption of the CECL standard on January 1, 2023, the allowance for credit losses on both loans and securities as of September 30, 2023 and June 30, 2023 is calculated under the current expected credit losses model. For December 31, 2022, no allowance was calculated on securities, and the allowance on loans presented is the allowance for loan losses calculated using the incurred loss model. 9

Select Financial Data As of and for the As of and for the Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, (Shares in thousands) 2023 2023 2022 2023 2022 Selected Financial Ratios and Other Data: Earnings per share Basic $ 0.73 $ 0.71 $ 0.75 $ 2.13 $ 1.84 Diluted 0.73 0.70 0.74 2.12 1.82 Core net income (non-GAAP) Basic $ 0.76 $ 0.72 $ 0.78 $ 2.23 $ 1.90 Diluted 0.76 0.72 0.77 2.22 1.87 Core net income excluding solar tax impact (non-GAAP) Basic $ 0.76 $ 0.72 $ 0.81 $ 2.23 $ 1.95 Diluted 0.76 0.72 0.80 2.22 1.92 Book value per common share (excluding minority interest) $ 17.93 $ 17.29 $ 15.90 $ 17.93 $ 15.90 Tangible book value per share (non-GAAP) $ 17.43 $ 16.78 $ 15.37 $ 17.43 $ 15.37 Common shares outstanding, par value $.01 per share(1) 30,459 30,573 30,672 30,459 30,672 Weighted average common shares outstanding, basic 30,481 30,619 30,673 30,601 30,864 Weighted average common shares outstanding, diluted 30,590 30,776 31,032 30,738 31,223 (1) 70,000,000 shares authorized; 30,736,141, 30,736,141, and 30,672.303 shares issued for the periods ended September 30, 2023, June 30, 2023, and September 30, 2022 respectively, and 30,458,781, 30,572,606, and 30,672.303 shares outstanding for the periods ended September 30, 2023, June 30, 2023, and September 30, 2022, respectively. 10

会社

会社

会社

会社

会社

会社

会社

会社

EX-99.2 3 amal202309earningsdeckvf.htm EX-99.2 amal202309earningsdeckvf

会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべ

会社

会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧にな

会社