Amalgamated Financial Corp
For the period ended Mar 31, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended March 31, 2024
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 |
|---|
For transition period from to
Commission File Number:001-40136
Amalgamated Financial Corp.
(Exact name of registrant as specified in its charter)
| Delaware | 85-2757101 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
275 Seventh Avenue, New York, NY 10001
(Address of principal executive offices) (Zip Code)
(212)255-6200
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.01 per share | AMAL | The Nasdaq Global Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b–2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☒ | ||
|---|---|---|---|---|---|
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2). Yes☐ No☒
As of May 6, 2024, the registrant had 30,524,039 shares of common stock outstanding at $0.01 par value per share.
TABLE OF CONTENTS
| Page | ||
|---|---|---|
| Cautionary Note Regarding Forward-Looking Statements | ii | |
| PART I – FINANCIAL INFORMATION | ||
| ITEM 1. · Financial Statements (unaudited) | ||
| Consolidated Statements of Financial Condition as of March 31, 2024 and December 31, 2023 | 1 | |
| Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 | 2 | |
| Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 | 3 | |
| Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2024 and 2023 | 4 | |
| Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 | 6 | |
| Notes to Consolidated Statements | 8 | |
| ITEM 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 38 |
| ITEM 3. | Quantitative and Qualitative Disclosures About Market Risk | 60 |
| ITEM 4. | Controls and Procedures | 60 |
| PART II - OTHER INFORMATION | ||
| ITEM 1. | Legal Proceedings | 61 |
| ITEM 1A. | Risk Factors | 61 |
| ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 61 |
| ITEM 5. | Other Information | 62 |
| ITEM 6. | Exhibits | 63 |
| Signatures | 64 | |
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