Amalgamated Financial Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Amalgamated Financial Corp. has submitted its 2023 10-K filing detailing financial performance and position.</b>

AI Summary

Amalgamated Financial Corp. (AMAL) filed a Annual Report (10-K) with the SEC on March 7, 2024. Amalgamated Financial Corp. filed its 2023 annual report on Form 10-K on March 7, 2024. The company is classified under Standard Industrial Classification code 6022 for State Commercial Banks. The fiscal year end for Amalgamated Financial Corp. is December 31st. The filing includes data for the fiscal years 2023, 2022, and 2021. Key financial statement elements such as Common Stock, Additional Paid-In Capital, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for multiple year-ends.

Why It Matters

For investors and stakeholders tracking Amalgamated Financial Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Amalgamated Financial Corp.'s financial health and operational performance for the fiscal year ending December 31, 2023, crucial for investors and stakeholders to assess the company's stability and growth prospects. The detailed breakdown of financial statement components and historical data allows for trend analysis and comparison against industry benchmarks, aiding in investment decisions and risk assessment.

Risk Assessment

Risk Level: low — Amalgamated Financial Corp. shows low risk based on this filing. The filing is a standard annual report (10-K) for a publicly traded company, indicating routine disclosure rather than an immediate event or crisis.

Analyst Insight

Review the detailed financial statements and footnotes within the 10-K to understand Amalgamated Financial Corp.'s performance and financial position for fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period for the 10-K.)
• 2024-03-07 — Filing Date (The date the 10-K was filed with the SEC.)
• 6022 — SIC Code (Standard Industrial Classification for State Commercial Banks.)

Key Players & Entities

• Amalgamated Financial Corp. (company) — Filer of the 10-K report.
• 2023-12-31 (date) — Conformed period of report for the 10-K filing.
• 2024-03-07 (date) — Filing date of the 10-K report.
• New York (location) — City of Amalgamated Financial Corp.'s business and mailing address.
• DE (location) — State of incorporation for Amalgamated Financial Corp.

FAQ

Industry Context

Amalgamated Financial Corp. operates within the State Commercial Banks industry, as indicated by its SIC code.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, which governs the reporting requirements for public companies.

What Investors Should Do

1. Analyze the financial statements (balance sheets, income statements, cash flow statements) for the fiscal year 2023.
2. Review management's discussion and analysis (MD&A) for insights into the company's performance and outlook.
3. Examine any disclosed risk factors or legal proceedings that could impact the company.

Key Dates

• 2023-12-31: Fiscal Year End — Defines the period covered by the financial statements in the 10-K.
• 2024-03-07: Filing Date — Date Amalgamated Financial Corp. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share AMAL The Nasdaq Global Market
• $16.09 — ,116 based on the closing sale price of $16.09 per share on June 30, 2023. For purpose
• $20 — U.S. bank to raise our minimum wage to $20 per hour. Over the course of 2021, we p

Filing Documents

• amal-20231231.htm (10-K) — 4277KB
• ex10202023equityincentivep.htm (EX-10.20) — 38KB
• a202312_amal10-kxex211.htm (EX-21.1) — 15KB
• a202312_amalxex231xcrowe.htm (EX-23.1) — 3KB
• a202312_amal-ex311.htm (EX-31.1) — 9KB
• a202312_amal-ex312.htm (EX-31.2) — 9KB
• a202312_amal-ex321.htm (EX-32.1) — 6KB
• ex971clawbackpolicywithexa.htm (EX-97.1) — 39KB
• amal-20231231_g1.jpg (GRAPHIC) — 54KB
• 0001823608-24-000076.txt (&nbsp;) — 21449KB
• amal-20231231.xsd (EX-101.SCH) — 83KB
• amal-20231231_cal.xml (EX-101.CAL) — 190KB
• amal-20231231_def.xml (EX-101.DEF) — 621KB
• amal-20231231_lab.xml (EX-101.LAB) — 1213KB
• amal-20231231_pre.xml (EX-101.PRE) — 984KB
• amal-20231231_htm.xml (XML) — 4571KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 32 Item 1B. Unresolved Staff Comments 48 Item 1C. C ybersecurity 48 Item 2.

Properties

Properties 50 Item 3.

Legal Proceedings

Legal Proceedings 50 Item 4. Mine Safety Disclosures 50 Part II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 51

[Reserved]

Item 6. [Reserved] 54 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 54 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 77 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 79 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 140 Item 9A.

Controls and Procedures

Controls and Procedures 140 Item 9B. Other Information 140 Item 9C. Disclosures Regarding Foreign Jurisdiction that Prevent Inspection 140 Part III. Item 10. Directors, Executive Officers and Corporate Governance 141 Item 11.

Executive Compensation

Executive Compensation 141 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 141 Item 13. Certain Relationships and Related Transactions and Director Independence 141 Item 14. Principal Accounting Fees and Services 141 Part IV. Item 15. Exhibits, Financial Statement Schedules 142

Form 10-K Summary

Item 16. Form 10-K Summary 142 Signatures. 146 2 Part I CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS These forward-looking statements involve significant risks and uncertainties that could cause our actual results to differ materially from those anticipated in such statements. Potential risks and uncertainties include, but are not limited to, those described under " Risk Factors " and the following: 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; deterioration in the financial condition of borrowers resulting in significant increases in credit losses and provisions for those losses; 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; changes in our deposits, including an increase in uninsured deposits; our ability to maintain

Business

Item 1. Business General Overview Amalgamated Financial Corp., a Delaware public benefit corporation ("we" or the "Company"), was formed on August 25, 2020 to serve as the holding company for Amalgamated Bank and is a bank holding company registered with the Board of Governors of the Federal Reserve under the Bank Holding Company Act of 1956, as amended. On March 1, 2021 (the "Effective Date"), the Company acquired all of the outstanding stock of Amalgamated Bank, a New York state-chartered commercial bank in a statutory share exchange transaction (the "Reorganization") effected under New York law and in accordance with the terms of a Plan of Acquisition dated September 4, 2020 (the "Agreement"). Pursuant to the Reorganization, the Bank became the sole subsidiary of the Company, the Company became the holding company for the Bank and the stockholders of the Bank became stockholders of the Company. The 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. Although we are no longer majority union-owned, the Amalgamated Clothing Workers of America's successor, Workers United, an affiliate of the Service Employees International Union that represents workers in the textile, distribution, food service and gaming industries, remains a significant stockholder, holding approximately 42% of our equity as of December 31, 2023. We offer a complete suite of commercial and retail banking, investment management and trust and custody services. Our commercial banking and trust businesses are national in scope and we also offer a full range of products and services to both commercial and retail customers through our three branch offices across New York City, one branch office in Washington, D.C., one branch office in San Francisco, one commercial office in Boston and our digital banking platform. Our corporate divisions include Commercial Banking, Trust and Investment Management and Consu

View Full Filing

View this 10-K filing on SEC EDGAR