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

Source: Nasdaq GlobeNewswire / 26 Oct 2023 05:25:53 America/Chicago

NEW YORK, Oct. 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 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)¹was $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%.

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.

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.

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.

“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.

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

Consolidated Statements of Income (unaudited)

	Three Months Ended									Nine Months Ended
	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

(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.

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.

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.

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,
	2023		2023		2022		2023		2022
Selected Performance Metrics:
Return on average assets	1.12	%	1.11	%	1.15	%	1.11	%	0.98	%
Core return on average assets (non-GAAP)	1.17	%	1.13	%	1.19	%	1.17	%	1.02	%
Core return on average assets excluding solar tax impact (non-GAAP)	1.17	%	1.13	%	1.24	%	1.17	%	1.04	%
Return on average equity	16.43	%	16.45	%	17.79	%	16.69	%	14.32	%
Core return on average tangible common equity (non-GAAP)	17.67	%	17.28	%	19.11	%	18.02	%	15.25	%
Core return on average tangible common equity excluding solar tax impact (non-GAAP)	17.67	%	17.28	%	19.88	%	18.02	%	15.65	%
Average equity to average assets	6.82	%	6.77	%	6.44	%	6.67	%	6.88	%
Tangible common equity to tangible assets (non-GAAP)	6.72	%	6.59	%	6.00	%	6.72	%	6.00	%
Loan yield	4.56	%	4.33	%	4.07	%	4.43	%	3.95	%
Securities yield	4.94	%	4.85	%	3.35	%	4.84	%	2.82	%
Deposit cost	1.33	%	1.10	%	0.14	%	1.08	%	0.10	%
Net interest margin	3.29	%	3.33	%	3.48	%	3.40	%	3.11	%
Efficiency ratio⁽¹⁾	52.96	%	52.91	%	49.92	%	53.05	%	54.64	%
Core efficiency ratio (non-GAAP)	51.71	%	52.31	%	49.09	%	51.88	%	53.80	%
Core efficiency ratio excluding solar tax impact (non-GAAP)	51.71	%	52.31	%	48.24	%	51.88	%	53.22	%

Asset Quality Ratios:
Nonaccrual loans to total loans	0.79	%	0.79	%	0.51	%	0.79	%	0.51	%
Nonperforming assets to total assets	0.46	%	0.45	%	0.33	%	0.46	%	0.69	%
Allowance for credit losses on loans to nonaccrual loans⁽²⁾	197.58	%	200.19	%	212.51	%	197.58	%	212.51	%
Allowance for credit losses on loans to total loans⁽²⁾	1.55	%	1.59	%	1.09	%	1.56	%	1.09	%
Annualized net charge-offs (recoveries) to average loans	0.27	%	0.29	%	0.29	%	0.27	%	0.16	%

Capital Ratios:
Tier 1 leverage capital ratio	7.89	%	7.78	%	7.16	%	7.89	%	7.16	%
Tier 1 risk-based capital ratio	12.63	%	12.51	%	11.91	%	12.63	%	11.91	%
Total risk-based capital ratio	15.28	%	15.26	%	14.43	%	15.28	%	14.43	%
Common equity tier 1 capital ratio	12.63	%	12.51	%	11.91	%	12.63	%	11.91	%

(1) Efficiency ratio is calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income
(2) In accordance with the adoption of the CECL standard on January 1, 2023, the allowance for credit losses on loans as of September 30, 2023 and June 30, 2023 are calculated under the current expected credit losses model. For September 30, 2022, the allowance on loans presented is the allowance for loan losses calculated using the incurred loss model.

Loan and Held-to-Maturity Securities Portfolio Composition

(In thousands)	At September 30, 2023					At June 30, 2023					At September 30, 2022
	Amount			% of total loans		Amount			% of total loans		Amount			% of total loans
Commercial portfolio:
Commercial and industrial	$	1,050,355		24.1	%	$	949,403		22.3	%	$	805,087		20.8	%
Multifamily		1,094,955		25.1	%		1,095,752		25.8	%		884,790		22.9	%
Commercial real estate		324,139		7.4	%		333,340		7.8	%		338,002		8.7	%
Construction and land development		28,326		0.6	%		28,664		0.7	%		38,946		1.0	%
Total commercial portfolio		2,497,775		57.2	%		2,407,159		56.6	%		2,066,825		53.4	%

Retail portfolio:

Residential real estate lending		1,409,530		32.3	%		1,388,571		32.7	%		1,332,010		34.5	%
Consumer solar⁽¹⁾		415,324		9.5	%		411,873		9.7	%		420,896		10.9	%
Consumer and other⁽¹⁾		42,116		1.0	%		44,135		1.0	%		46,897		1.2	%
Total retail portfolio		1,866,970		42.8	%		1,844,579		43.4	%		1,799,803		46.6	%
Total loans held for investment		4,364,745		100.0	%		4,251,738		100.0	%		3,866,628		100.0	%

Net deferred loan origination costs⁽²⁾		—					—					4,662
Allowance for credit losses⁽³⁾		(67,815	)				(67,431	)				(42,122	)
Loans receivable, net	$	4,296,930				$	4,184,307				$	3,829,168

Held-to-maturity securities portfolio:
PACE assessments	$	1,070,504		63.6	%	$	1,037,800		62.7	%	$	856,701		57.4	%
Traditional securities		612,081		36.4	%		617,437		37.3	%		635,722		42.6	%
Total held-to-maturity securities		1,682,585		100.0	%		1,655,237		100.0	%		1,492,423		100.0	%

Allowance for credit losses⁽³⁾		(725	)				(707	)				—
Total held-to-maturity securities, net	$	1,681,860				$	1,654,530				$	1,492,423

(1) The Company adopted the CECL standard on January 1, 2023. As a result, the classification of loan segments was updated, and all loan balances for presented periods have been reclassified.
(2) With the adoption of the CECL standard, loans balances as of September 30, 2023 and June 30, 2023 are presented at amortized cost, net of deferred loan origination costs.
(3) With the adoption of the CECL standard, the allowance for credit losses on both loans and securities as of September 30, 2023 and June 30, 2023 are calculated under the current expected credit losses model. For September 30, 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.

Net Interest Income Analysis

	Three Months Ended
	September 30, 2023							June 30, 2023							September 30, 2022
(In thousands)	Average Balance		Income / Expense			Yield / Rate		Average Balance		Income / Expense			Yield / Rate		Average Balance		Income / Expense			Yield / Rate

Interest-earning assets:
Interest-bearing deposits in banks	$	170,830		$	1,687	3.92	%	$	114,010		$	1,056	3.72	%	$	222,071		$	971	1.73	%
Securities⁽¹⁾		3,208,334			39,971	4.94	%		3,259,797			39,393	4.85	%		3,522,863			29,735	3.35	%
Resell agreements		—			—	0.00	%		5,570			113	8.14	%		232,956			1,845	3.14	%
Loans receivable, net⁽²⁾⁽³⁾		4,314,767			49,578	4.56	%		4,202,911			45,360	4.33	%		3,732,976			38,264	4.07	%
Total interest-earning assets		7,693,931			91,236	4.70	%		7,582,288			85,922	4.55	%		7,710,866			70,815	3.64	%
Non-interest-earning assets:
Cash and due from banks		6,129							5,034							4,783
Other assets		204,506							208,944							226,448
Total assets	$	7,904,566						$	7,796,266						$	7,942,097

Interest-bearing liabilities:
Savings, NOW and money market deposits	$	3,446,027		$	17,157	1.98	%	$	3,203,681		$	13,298	1.66	%	$	3,031,402		$	2,329	0.30	%
Time deposits		176,171			1,122	2.53	%		158,992			610	1.54	%		184,476			162	0.35	%
Brokered CDs		371,329			4,879	5.21	%		411,510			4,908	4.78	%		—			—	0.00	%
Total interest-bearing deposits		3,993,527			23,158	2.30	%		3,774,183			18,816	2.00	%		3,215,878			2,491	0.31	%
Other borrowings		376,585			4,350	4.58	%		371,004			4,121	4.46	%		85,323			696	3.24	%
Total interest-bearing liabilities		4,370,112			27,508	2.50	%		4,145,187			22,937	2.22	%		3,301,201			3,187	0.38	%
Non-interest-bearing liabilities:
Demand and transaction deposits		2,920,737							3,055,770							4,053,953
Other liabilities		74,964							67,710							75,143
Total liabilities		7,365,813							7,268,667							7,430,297
Stockholders' equity		538,753							527,599							511,800
Total liabilities and stockholders' equity	$	7,904,566						$	7,796,266						$	7,942,097

Net interest income / interest rate spread				$	63,728	2.20	%				$	62,985	2.33	%				$	67,628	3.26	%
Net interest-earning assets / net interest margin	$	3,323,819				3.29	%	$	3,437,101				3.33	%	$	4,409,665				3.48	%

Total deposits excluding Brokered CDs / total cost of deposits excluding Brokered CDs	$	6,542,935				1.11	%	$	6,418,443				0.87	%	$	7,269,831				0.14	%
Total deposits / total cost of deposits	$	6,914,264				1.33	%	$	6,829,953				1.10	%	$	7,269,831				0.14	%
Total funding / total cost of funds	$	7,290,849				1.50	%	$	7,200,957				1.28	%	$	7,355,154				0.17	%

(1) Includes FHLBNY stock in the average balance, and dividend income on FHLBNY stock in interest income.
(2) Amounts are net of deferred origination costs. With the adoption of the CECL standard on January 1, 2023, the average balance of the allowance for credit losses on loans was reclassified for all presented periods to other assets to allow for comparability.
(3) Includes prepayment penalty interest income in 3Q2023, 2Q2023, and 3Q2022 of $0, $0, and $800, respectively (in thousands).

Net Interest Income Analysis

	Nine Months Ended
	September 30, 2023							September 30, 2022
(In thousands)	Average Balance		Income / Expense			Yield / Rate		Average Balance		Income / Expense			Yield / Rate

Interest-earning assets:
Interest-bearing deposits in banks	$	125,560		$	3,360	3.58	%	$	316,288		$	1,701	0.72	%
Securities⁽¹⁾		3,276,065			118,557	4.84	%		3,387,707			71,477	2.82	%
Resell agreements		8,003			432	7.22	%		227,932			3,610	2.12	%
Loans receivable, net⁽²⁾⁽³⁾		4,216,391			139,744	4.43	%		3,493,405			103,157	3.95	%
Total interest-earning assets		7,626,019			262,093	4.60	%		7,425,332			179,945	3.24	%
Non-interest-earning assets:
Cash and due from banks		5,067							7,752
Other assets		210,112							267,315
Total assets	$	7,841,198						$	7,700,399

Interest-bearing liabilities:
Savings, NOW and money market deposits	$	3,248,278		$	40,010	1.65	%	$	2,986,588		$	4,908	0.22	%
Time deposits		161,756			2,030	1.68	%		191,944			466	0.32	%
Brokered CDs		383,521			13,769	4.80	%		—			—	0.00	%
Total interest-bearing deposits		3,793,555			55,809	1.97	%		3,178,532			5,374	0.23	%
Other borrowings		365,262			12,292	4.50	%		84,604			2,077	3.28	%
Total interest-bearing liabilities		4,158,817			68,101	2.19	%		3,263,136			7,451	0.31	%
Non-interest-bearing liabilities:
Demand and transaction deposits		3,086,482							3,821,571
Other liabilities		72,821							85,996
Total liabilities		7,318,120							7,170,703
Stockholders' equity		523,078							529,696
Total liabilities and stockholders' equity	$	7,841,198						$	7,700,399

Net interest income / interest rate spread				$	193,992	2.41	%				$	172,494	2.93	%
Net interest-earning assets / net interest margin	$	3,467,202				3.40	%	$	4,162,196				3.11	%

Total deposits excluding Brokered CDs / total cost of deposits excluding Brokered CDs	$	6,496,516				0.87	%	$	7,000,103				0.10	%
Total deposits / total cost of deposits	$	6,880,037				1.08	%	$	7,000,103				0.10	%
Total funding / total cost of funds	$	7,245,299				1.26	%	$	7,084,707				0.14	%

(1) Includes FHLBNY stock in the average balance, and dividend income on FHLBNY stock in interest income.
(2) Amounts are net of deferred origination costs. With the adoption of the CECL standard on January 1, 2023, the average balance of the allowance for credit losses on loans was reclassified for all presented periods to other assets to allow for comparability.
(3) Includes prepayment penalty interest income in September YTD 2023 and September YTD 2022 of $0 and $1.6 million, respectively

Deposit Portfolio Composition

	Three Months Ended
(In thousands)	September 30, 2023				June 30, 2023				September 30, 2022
	Ending Balance		Average Balance		Ending Balance		Average Balance		Ending Balance		Average Balance
Non-interest-bearing demand deposit accounts	$	2,808,300	$	2,920,737	$	2,958,104	$	3,055,770	$	3,839,155	$	4,053,953
NOW accounts		192,654		192,883		199,262		193,851		204,473		210,972
Money market deposit accounts		3,059,982		2,893,930		2,744,411		2,644,580		2,549,024		2,437,920
Savings accounts		357,470		359,214		363,058		365,250		384,644		382,510
Time deposits		180,529		176,171		161,335		158,992		183,011		184,476
Brokered CDs		391,919		371,329		468,481		411,510		—		—
Total deposits	$	6,990,854	$	6,914,264	$	6,894,651	$	6,829,953	$	7,160,307	$	7,269,831

Total deposits excluding Brokered CDs	$	6,598,935	$	6,542,935	$	6,426,170	$	6,418,443	$	7,160,307	$	7,269,831

	Three Months Ended
	September 30, 2023				June 30, 2023				September 30, 2022
(In thousands)	Average Rate Paid⁽¹⁾		Cost of Funds		Average Rate Paid⁽¹⁾		Cost of Funds		Average Rate Paid⁽¹⁾		Cost of Funds

Non-interest bearing demand deposit accounts	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%
NOW accounts	0.95	%	1.01	%	0.95	%	0.96	%	0.33	%	0.19	%
Money market deposit accounts	2.31	%	2.14	%	2.02	%	1.81	%	0.37	%	0.33	%
Savings accounts	1.16	%	1.14	%	1.04	%	1.00	%	0.32	%	0.19	%
Time deposits	2.88	%	2.53	%	1.77	%	1.54	%	0.44	%	0.35	%
Brokered CDs	5.14	%	5.21	%	5.02	%	4.78	%	0.00	%	—
Total deposits	1.46	%	1.33	%	1.27	%	1.10	%	0.17	%	0.14	%

Interest-bearing deposits excluding Brokered CDs	2.16	%	2.00	%	1.84	%	1.66	%	0.37	%	0.31	%

⁽¹⁾ Average rate paid is calculated as the weighted average of spot rates on deposit accounts as of September 30, 2023.

Asset Quality

(In thousands)	September 30, 2023			June 30, 2023			September 30, 2022
Loans 90 days past due and accruing	$	—		$	—		$	—
Nonaccrual loans held for sale		2,189			1,546			5,858
Nonaccrual loans - Commercial		28,041			28,078			17,764
Nonaccrual loans - Retail		6,282			5,606			2,057
Nonaccrual securities		31			35			37
Total nonperforming assets	$	36,543		$	35,265		$	25,716

Nonaccrual loans:
Commercial and industrial	$	7,575		$	7,575		$	9,356
Multifamily		—			2,376			3,494
Commercial real estate		4,575			4,660			4,914
Construction and land development		15,891			13,467			—
Total commercial portfolio		28,041			28,078			17,764

Residential real estate lending		3,009			2,470			675
Consumer solar		2,817			2,811			1,382
Consumer and other		457			325			—
Total retail portfolio		6,283			5,606			2,057
Total nonaccrual loans	$	34,324		$	33,684		$	19,821

Nonaccrual loans to total loans		0.79	%		0.79	%		0.51	%
Nonperforming assets to total assets		0.46	%		0.45	%		0.33	%
Allowance for credit losses on loans to nonaccrual loans		197.58	%		200.19	%		212.51	%
Allowance for credit losses on loans to total loans		1.55	%		1.59	%		1.09	%
Annualized net charge-offs (recoveries) to average loans		0.27	%		0.29	%		0.29	%

Credit Quality

	September 30, 2023		June 30, 2023		September 30, 2022
($ in thousands)
Criticized and classified loans
Commercial and industrial	$	45,959	$	34,987	$	26,756
Multifamily		10,999		17,668		42,105
Commercial real estate		8,762		29,788		39,628
Construction and land development		15,891		15,891		2,424
Residential real estate lending		3,009		2,470		675
Consumer solar		2,817		2,811		1,382
Consumer and other		457		325		—
Total loans	$	87,894	$	103,940	$	112,970

Criticized and classified loans to total loans
Commercial and industrial	1.05	%	0.82	%	0.69	%
Multifamily	0.25	%	0.42	%	1.09	%
Commercial real estate	0.20	%	0.70	%	1.02	%
Construction and land development	0.36	%	0.37	%	0.06	%
Residential real estate lending	0.07	%	0.06	%	0.02	%
Consumer solar	0.06	%	0.07	%	0.04	%
Consumer and other	0.01	%	0.01	%	0.00	%
	2.00	%	2.45	%	2.92	%

Reconciliation of GAAP to Non-GAAP Financial Measures
The information provided below presents a reconciliation of each of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

	As of and for the									As of and for the
	Three Months Ended									Nine Months Ended
(in thousands)	September 30, 2023			June 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Core operating revenue
Net Interest income (GAAP)	$	63,728		$	62,985		$	67,628		$	193,992		$	172,494
Non-interest income		6,780			7,944			5,003			19,930			19,671
Less: Securities (gain) loss		1,699			267			1,844			5,052			2,264
Less: Subdebt repurchase gain		(637	)		—			(617	)		(1,417	)		(617	)
Core operating revenue (non-GAAP)		71,570			71,196			73,858			217,557			193,812
Add: Tax (credits) depreciation on solar investments		—			—			1,306			—			2,105
Core operating revenue excluding solar tax impact (non-GAAP)		71,570			71,196			75,164			217,557			195,917

Core non-interest expense
Non-interest expense (GAAP)	$	37,339		$	37,529		$	36,258		$	113,495		$	105,001
Less: Other one-time expenses⁽¹⁾		(332	)		(285	)		—			(617	)		(738	)
Core non-interest expense (non-GAAP)		37,007			37,244			36,258			112,878			104,263

Core net income
Net Income (GAAP)	$	22,308		$	21,642		$	22,944		$	65,284		$	56,722
Less: Securities (gain) loss		1,699			267			1,844			5,052			2,264
Less: Subdebt repurchase gain		(637	)		—			(617	)		(1,417	)		(617	)
Add: Other one-time expenses		332			285			—			617			738
Less: Tax on notable items		(396	)		(147	)		(319	)		(1,151	)		(619	)
Core net income (non-GAAP)		23,306			22,047			23,852			68,385			58,488
Add: Tax (credits) depreciation on solar investments		—			—			1,306			—			2,105
Add: Tax effect of solar income		—			—			(340	)		—			(546	)
Core net income excluding solar tax impact (non-GAAP)		23,306			22,047			24,818			68,385			60,047

Tangible common equity
Stockholders' equity (GAAP)	$	546,291		$	528,614		$	487,738		$	546,291		$	487,738
Less: Minority interest		(133	)		(133	)		(133	)		(133	)		(133	)
Less: Goodwill		(12,936	)		(12,936	)		(12,936	)		(12,936	)		(12,936	)
Less: Core deposit intangible		(2,439	)		(2,661	)		(3,366	)		(2,439	)		(3,366	)
Tangible common equity (non-GAAP)		530,783			512,884			471,303			530,783			471,303

Average tangible common equity
Average stockholders' equity (GAAP)	$	538,753		$	527,599		$	511,800		$	523,078		$	529,696
Less: Minority interest		(133	)		(133	)		(133	)		(133	)		(133	)
Less: Goodwill		(12,936	)		(12,936	)		(12,936	)		(12,936	)		(12,936	)
Less: Core deposit intangible		(2,547	)		(2,769	)		(3,494	)		(2,768	)		(3,754	)
Average tangible common equity (non-GAAP)		523,137			511,761			495,237			507,241			512,873

Core return on average assets
Denominator: Total average assets (GAAP)	$	7,904,566		$	7,796,266		$	7,942,097		$	7,841,198		$	7,700,399
Core return on average assets (non-GAAP)		1.17	%		1.13	%		1.19	%		1.17	%		1.02	%
Core return on average assets excluding solar tax impact (non-GAAP)		1.17	%		1.13	%		1.24	%		1.17	%		1.04	%

Core return on average tangible common equity
Denominator: Average tangible common equity	$	523,137		$	511,761		$	495,237		$	507,241		$	512,873
Core return on average tangible common equity (non-GAAP)		17.67	%		17.28	%		19.11	%		18.02	%		15.25	%
Core return on average tangible common equity excluding solar tax impact (non-GAAP)		17.67	%		17.28	%		19.88	%		18.02	%		15.65	%

Core efficiency ratio
Numerator: Core non-interest expense (non-GAAP)	$	37,007		$	37,244		$	36,258		$	112,878		$	104,263
Core efficiency ratio (non-GAAP)		51.71	%		52.31	%		49.09	%		51.88	%		53.80	%
Core efficiency ratio excluding solar tax impact (non-GAAP)		51.71	%		52.31	%		48.24	%		51.88	%		53.22	%

(1) Severance expense for positions eliminated plus, for 2022, expenses related to the termination of the merger agreement with Amalgamated Bank of Chicago.

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

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