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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) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES 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)
Delaware85-2757101
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareAMALThe 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
PART I – FINANCIAL INFORMATION
ITEM 1.
Financial Statements (unaudited)
Consolidated Statements of Financial Condition as of March 31, 2024 and December 31, 2023
Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023
Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2024 and 2023
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023
Notes to Consolidated Statements
PART II - OTHER INFORMATION
ITEM 2.
Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 5.
Other Information
i





CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Unless the context indicates otherwise, references to “we,” “us,” “our” and the “Company” refer to Amalgamated Financial Corp. and Amalgamated Bank. References to the “Bank” refer to Amalgamated Bank.

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are not statements of historical or current fact nor are they assurances of future performance and generally can be identified by the use of forward-looking terminology, such as “may,” “approximately,” “will,” “anticipate,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “possible,” and “intend,” or the negative thereof as well as other similar words and expressions of the future. These forward-looking statements include, but are not limited to, statements related to our projected growth, anticipated future financial performance, and management’s long-term performance goals, as well as statements relating to the anticipated effects on results of operations and financial condition from expected developments or events, or business and growth strategies, including anticipated internal growth.
Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict as to timing, extent, likelihood and degree of occurrence, which could cause our actual results to differ materially from those anticipated in or by such statements. Potential risks and uncertainties include, but are not limited to, 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 sufficient liquidity to meet our deposit and debt obligations as they come due, which may require that we sell investment securities at a loss, negatively impacting our net income, earnings and capital;
unfavorable conditions in the capital markets, which may cause declines in our stock price and the value of our investments;
continued fluctuation of the interest rate environment, including changes in net interest margin or changes that affect the yield curve on investments;
the general decline in the real estate and lending markets, particularly in commercial real estate in our market areas, and the effects of the enactment of or changes to rent-control and other similar regulations on multi-family housing;
changes in legislation, regulation, public policies, or administrative practices impacting the banking industry, including increased minimum capital requirements and other regulation in the aftermath of recent bank failures;
the outcome of legal or regulatory proceedings that may be instituted against us;
our inability to achieve organic loan and deposit growth and the composition of that growth;
the composition of our loan portfolio, including any concentration in industries or sectors that may experience unanticipated or anticipated adverse conditions greater than other industries or sectors in the national or local economies in which we operate;
inaccuracy of the assumptions and estimates we make and policies that we implement in establishing our allowance for credit losses, including changes in the allowance for credit losses resulting from the adoption and implementation of the Current Expected Credit Loss (“CECL”) methodology;
changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments;
any matter that would cause us to conclude that there was impairment of any asset, including intangible assets;
limitations on our ability to declare and pay dividends;
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;
increased competition for experienced members of the workforce including executives in the banking industry;
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;
increased regulatory scrutiny and exposure from the use of “big data” techniques, machine learning, and artificial intelligence;
ii



downgrade in our credit rating;
“greenwashing claims” against us and our Environmental, Social and Governance (“ESG”) products and increased scrutiny and political opposition to ESG and Diversity, Equity and Inclusion (“DEI”) practices;
any unanticipated or greater than anticipated adverse conditions (including the possibility of earthquakes, wildfires, and other natural disasters) affecting the markets in which we operate;
physical and transitional risks related to climate change as they impact our business and the businesses that we finance;
future repurchase of our shares through our common stock repurchase program; and
descriptions of assumptions underlying or relating to any of the foregoing.

We caution readers that the foregoing list of factors is not exclusive, is not necessarily in order of importance and readers should not place undue reliance on any forward-looking statements, which should be read in conjunction with the other cautionary statements that are included elsewhere in this report. Additional factors that may cause actual results to differ materially from those contemplated by any forward-looking statements may 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 at the SEC’s website at https://sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made and we do not intend to and, except as required by law, disclaim any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, unless required to do so under the federal securities laws.
iii



Part I
Item 1. – Financial Statements
Consolidated Statements of Financial Condition
(Dollars in thousands except for per share amounts)
March 31, 2024December 31, 2023
Assets(unaudited)
Cash and due from banks$3,830 $2,856 
Interest-bearing deposits in banks151,374 87,714 
Total cash and cash equivalents155,204 90,570 
Securities:
Available for sale, at fair value:
         Traditional securities
1,445,793 1,429,739 
          Property Assessed Clean Energy ("PACE") assessments
82,258 53,303 

1,528,051 1,483,042 
Held-to-maturity, at amortized cost:
         Traditional securities, net allowance for credit losses of $53 and $54 , respectively
616,172 620,232 
         PACE assessments, net of allowance for credit losses of $657 and $667, respectively
1,057,790 1,076,602 
1,673,962 1,696,834 
Loans held for sale2,137 1,817 
Loans receivable, net of deferred loan origination costs4,423,780 4,411,319 
Allowance for credit losses(64,400)(65,691)
Loans receivable, net4,359,380 4,345,628 
Resell agreements131,242 50,000 
Federal Home Loan Bank of New York ("FHLBNY") stock, at cost4,603 4,389 
Accrued interest receivable53,436 55,484 
Premises and equipment, net7,128 7,807 
Bank-owned life insurance106,137 105,528 
Right-of-use lease asset19,797 21,074 
Deferred tax asset, net49,171 56,603 
Goodwill12,936 12,936 
Intangible assets, net2,034 2,217 
Equity method investments14,801 13,024 
Other assets16,663 25,371 
                 Total assets$8,136,682 $7,972,324 
Liabilities
Deposits$7,305,765 $7,011,988 
Subordinated debt, net70,570 70,546 
Other borrowings69,135 234,381 
Operating leases27,250 30,646 
Other liabilities47,024 39,399 
                 Total liabilities$7,519,744 $7,386,960 
Stockholders’ equity
Common stock, par value $0.01 per share (70,000,000 shares authorized; 30,736,141 and 30,736,141 shares issued, respectively, and 30,510,393 and 30,428,359 shares outstanding, respectively)
$307 $307 
Additional paid-in capital287,198 288,232 
Retained earnings412,190 388,033 
Accumulated other comprehensive loss, net of income taxes(78,872)(86,004)
Treasury stock, at cost (225,748 and 307,782 shares, respectively)
(4,018)(5,337)
                 Total Amalgamated Financial Corp. stockholders' equity616,805 585,231 
Noncontrolling interests133 133 
                 Total stockholders' equity616,938 585,364 
                 Total liabilities and stockholders’ equity$8,136,682 $7,972,324 
See accompanying notes to consolidated financial statements (unaudited)
1



Consolidated Statements of Income (unaudited)
(Dollars in thousands, except for per share amounts)
Three Months Ended
March 31,
20242023
INTEREST AND DIVIDEND INCOME
    Loans$51,952 $44,806 
    Securities42,390 39,512 
    Interest-bearing deposits in banks2,592 618 
                 Total interest and dividend income96,934 84,936 
INTEREST EXPENSE
    Deposits25,891 13,835 
    Borrowed funds3,006 3,821 
                 Total interest expense28,897 17,656 
NET INTEREST INCOME68,037 67,280 
    Provision for credit losses1,588 4,958 
                 Net interest income after provision for credit losses66,449 62,322 
NON-INTEREST INCOME
    Trust Department fees 3,854 3,929 
    Service charges on deposit accounts 6,136 2,455 
    Bank-owned life insurance income609 781 
    Losses on sale of securities(2,774)(3,086)
    Gains on sale of loans, net47 3 
    Equity method investments income 2,072 153 
    Other income285 973 
                 Total non-interest income10,229 5,208 
NON-INTEREST EXPENSE
    Compensation and employee benefits22,273 22,014 
    Occupancy and depreciation2,904 3,399 
    Professional fees2,376 2,230 
    Data processing4,629 4,549 
    Office maintenance and depreciation663 728 
    Amortization of intangible assets183 222 
    Advertising and promotion1,219 1,587 
    Federal deposit insurance premiums1,050 718 
    Other expense2,855 3,180 
                 Total non-interest expense38,152 38,627 
Income before income taxes38,526 28,903 
    Income tax expense11,277 7,565 
                 Net income$27,249 $21,338 
Earnings per common share - basic$0.89 $0.69 
Earnings per common share - diluted$0.89 $0.69 

See accompanying notes to consolidated financial statements (unaudited)
2



Consolidated Statements of Comprehensive Income (unaudited)
(Dollars in thousands)
Three Months Ended
March 31,
20242023
Net income$27,249 $21,338 
Other comprehensive income (loss), net of taxes:
Change in total obligation for postretirement benefits, prior service credit, and other benefits43 48 
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities available for sale6,402 12,099 
Reclassification adjustment for losses realized in income 2,774 3,086 
Accretion of net unrealized loss on securities transferred to held-to-maturity595 488 
Net unrealized gains (losses) on securities9,771 15,673 
Other comprehensive income, before tax
9,814 15,721 
Income tax expense
(2,682)(4,331)
Total other comprehensive income, net of taxes
7,132 11,390 
Total comprehensive income, net of taxes
$34,381 $32,728 

















See accompanying notes to consolidated financial statements (unaudited)
3



Consolidated Statements of Changes in Stockholders’ Equity (unaudited)
(Dollars in thousands)
Three Months Ended March 31, 2024
Number of Shares of Common StockCommon
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss, net of income taxes
Treasury Stock, at cost
Total
Amalgamated Financial Corp. Stockholders'
Equity
Noncontrolling
Interest
Total Stockholders'
Equity
Balance at January 1, 202430,428,359 $307 $288,232 $388,033 $(86,004)$(5,337)$585,231 $133 $585,364 
Net income— — — 27,249 — — 27,249 — 27,249 
Repurchase of common stock(10,000)— — — — (285)(285)— (285)
Common stock issued under Employee Stock Purchase Plan10,175 — 60 — — 184 244 — 244 
Dividends on common stock, $0.10 per share
— — — (3,092)— — (3,092)— (3,092)
Exercise of stock options, net of repurchases24,540 — (426)— — 426 — —  
Restricted stock units vesting, net of repurchases57,319 — (1,749)— — 994 (755)— (755)
Stock-based compensation expense— — 1,081 — — — 1,081 — 1,081 
Other comprehensive income, net of taxes— — — — 7,132 — 7,132 — 7,132 
Balance at March 31, 202430,510,393 $307 $287,198 $412,190 $(78,872)$(4,018)$616,805 $133 $616,938 
4



Three Months Ended March 31, 2023
Number of Shares of Common StockCommon
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss, net of income taxes
Treasury Stock, at cost
Total
Amalgamated Financial Corp. Stockholders'
Equity
Noncontrolling
Interest
Total Stockholders'
Equity
Balance at January 1, 202330,700,198 $307 $286,947 $330,275 $(108,707)$ $508,822 $133 $508,955 
Cumulative effect of adoption of ASU No. 2016-13— — — (17,825)— — (17,825)(17,825)
Balance at January 1, 2023 adjusted for change in accounting principle30,700,198 307 286,947 312,450 (108,707) 490,997 133 491,130 
Net income— — — 21,338 — — 21,338 — 21,338 
Repurchase of common stock(128,803)— — — — (2,425)(2,425)— (2,425)
Common stock issued under Employee Stock Purchase Plan21,919 — (25)— — 413 388 — 388 
Dividends on common stock, $0.10 per share
— — — (3,115)— — (3,115)— (3,115)
Exercise of stock options, net of repurchases6,631 — (91)— — — (91)— (91)
Restricted stock units vesting, net of repurchases42,354 — (354)— — (140)(494)— (494)
Stock-based compensation expense— — 1,037 — — — 1,037 — 1,037 
Other comprehensive income, net of taxes— — — — 11,390 — 11,390 — 11,390 
Balance at March 31, 202330,642,299 $307 $287,514 $330,673 $(97,317)$(2,152)$519,025 $133 $519,158 
See accompanying notes to consolidated financial statements (unaudited)
5



Consolidated Statements of Cash Flows (unaudited)
(Dollars in thousands)
Three Months Ended
March 31,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income$27,249 $21,338 
  Adjustments to reconcile net income to net cash provided by operating activities:
    Depreciation and amortization886 869 
    Amortization of intangible assets183 222 
    Deferred income tax expense4,750 3,308 
    Provision for credit losses
1,588 4,958 
    Stock-based compensation expense1,081 1,037 
    Net amortization on loan fees, costs, premiums, and discounts792 36 
    Net amortization on securities premiums, discounts, and net unrealized loss on securities transferred to held-to-maturity341 408 
    Net income from equity method investments
(2,072)(153)
    Net loss on sale of securities available for sale
2,774 3,086 
    Net gain on sale of loans
(47)(3)
    Net gain on redemption of bank-owned life insurance (225)
    Proceeds from sales of loans held for sale7,084 3,459 
    Originations of loans held for sale(7,357)(1,176)
    Increase in cash surrender value of bank-owned life insurance(609)(556)
    Net gain on repurchase of subordinated debt (780)
    Decrease in accrued interest receivable2,048 597 
    Decrease in other assets9,985 6,403 
    Decrease in other liabilities(17,414)(7,975)
                      Net cash provided by operating activities31,262 34,853 
CASH FLOWS FROM INVESTING ACTIVITIES
    Net increase in loans
(15,434)(94,742)
    Purchase of securities available for sale(142,368)(17,220)
    Purchase of securities held-to-maturity(38,918)(98,893)
    Proceeds from sales of securities available for sale78,827 145,305 
    Maturities, principal payments and redemptions of securities available for sale46,038 42,144 
    Maturities, principal payments and redemptions of securities held-to-maturity61,975 21,082 
    Decrease (increase) in resell agreements(81,242)10,323 
    Increase in equity method investments295 288 
    Decrease (increase) in FHLBNY stock, net(214)26,100 
    Purchases of premises and equipment, net(207)(263)
    Proceeds from redemption of bank-owned life insurance 980 
                      Net cash (used in) provided by investing activities
(91,248)35,104 
CASH FLOWS FROM FINANCING ACTIVITIES
    Net increase in deposits293,777 446,324 
    Net decrease in other borrowings
(165,246)(440,000)
    Repurchase of subordinated debt
 (3,220)
    Common stock issued under Employee Stock Purchase Plan244 388 
    Repurchase of common stock(285)(2,425)
6



    Dividends paid(3,115)(3,082)
    Payments related to repurchase of common stock for equity awards(755)(585)
                      Net cash provided by (used in) financing activities124,620 (2,600)
                      Increase in cash, cash equivalents, and restricted cash
64,634 67,357 
Cash, cash equivalents, and restricted cash at beginning of year90,570 63,540 
Cash, cash equivalents, and restricted cash at end period$155,204 $130,897 
Supplemental disclosures of cash flow information:
    Interest paid during the period$34,527 $15,509 
    Income taxes paid during the period317 291 
    Right-of-use assets obtained in exchange for lease liabilities560  
    Purchase of securities available for sale, net not settled21,000  

See accompanying notes to consolidated financial statements (unaudited)
7




Notes to Consolidated Financial Statements (unaudited)
1.    BASIS OF PRESENTATION AND CONSOLIDATION

Basis of Accounting and Changes in Significant Accounting Policies
In this discussion, unless the context indicates otherwise, references to “we,” “us,” “our” and the “Company” refer to Amalgamated Financial Corp. and Amalgamated Bank. References to the “Bank” refer to Amalgamated Bank.
The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, or GAAP and predominant practices within the banking industry. The Company uses the accrual basis of accounting for financial statement purposes.    

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The annualized results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All significant inter-company transactions and balances are eliminated in consolidation. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial position and the results of operations as of the dates and for the interim periods presented have been included. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes appearing in the Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). A more detailed description of our accounting policies is included in the 2023 Annual Report, which remain significantly unchanged.

There have been no other significant changes to our accounting policies, or the estimates made pursuant to those policies as described in our 2023 Annual Report.

Recently Adopted Accounting Standards

ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments

The Company adopted ASU No. 2016-13 on a modified retrospective basis with a cumulative-effect adjustment to retained earnings as of the adoption date and, accordingly, the Company recorded a net of tax decrease of $17.8 million to retained earnings as of January 1, 2023. The results for prior period amounts continue to be reported in accordance with previously applicable GAAP.

The below table illustrates the impact of the adoption of ASU 2016-13.
January 1, 2023
Gross AdjustmentTax ImpactNet Adjustment to Retained Earnings
Assets:
Allowance for credit losses on held-to-maturity securities$668 $(184)$484 
Allowance for credit losses on loans21,229 (5,849)15,380 
Liabilities:
Allowance for credit losses on off-balance sheet credit exposures2,705 (744)1,961 
Total Day 1 Adjustment for Adoption of ASU 2016-13$24,602 $(6,777)$17,825 

Reclassifications

Certain reclassifications have been made to prior year amounts to conform to the current year presentation, however such reclassifications did not change stockholders' equity or net income.
8




Notes to Consolidated Financial Statements (unaudited)
2.    ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following is a summary of the accumulated comprehensive income (loss) balances, net of income taxes:
Balance as of January 1, 2024
Current
Period
Change
Income Tax
Effect
Balance as of March 31, 2024
(In thousands)
Unrealized gains (losses) on benefits plans$(1,481)$43 $(11)$(1,449)
Unrealized gains (losses) on available for sale securities(74,348)9,176 (2,508)(67,680)
Unaccreted unrealized loss on securities transferred to held-to-maturity(10,175)595 (163)(9,743)
Total$(86,004)$9,814 $(2,682)$(78,872)
Balance as of January 1, 2023
Current
Period
Change
Income Tax
Effect
Balance as of March 31, 2023
(In thousands)
Unrealized gains (losses) on benefits plans$(1,652)$48 $(13)$(1,617)
Unrealized gains (losses) on available for sale securities(95,539)15,185 (4,184)(84,538)
Unaccreted unrealized loss on securities transferred to held-to-maturity(11,516)488 (134)(11,162)
Total$(108,707)$15,721 $(4,331)$(97,317)
Other comprehensive income (loss) components and related income tax effects were as follows:
Three Months Ended
March 31,
20242023
(In thousands)
Postretirement Benefit Plans
Change in obligation for postretirement benefits and for prior service credit$36 $40 
Reclassification adjustment for prior service expense included in compensation and employee benefits7 7 
Change in obligation for other benefits 1 
Change in total obligation for postretirement benefits and for prior service credit and for other benefits43 48 
Income tax expense(11)(13)
Net change in total obligation for postretirement benefits and prior service credit and for other benefits32 35 
Securities
Unrealized holding gains on available for sale securities
6,402 12,099 
Reclassification adjustment for losses realized in loss on sale of securities
2,774 3,086 
Accretion of net unrealized loss on securities transferred to held-to-maturity recognized in interest income from securities595 488 
Change in unrealized gains on available for sale securities
9,771 15,673 
Income tax expense
(2,671)(4,318)
Net change in unrealized gains on securities
7,100 11,355 
Total$7,132 $11,390 

9




Notes to Consolidated Financial Statements (unaudited)
3.    INVESTMENT SECURITIES
The amortized cost and fair value of investment securities available for sale and held-to-maturity as of March 31, 2024 are as follows:
March 31, 2024
(In thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available for sale:
Traditional securities:
Government sponsored entities ("GSE") residential CMOs ("collateralized mortgage obligations")$503,557 $263 $(38,032)$465,788 
Non-GSE certificates & CMOs206,361  (19,908)186,453 
ABS685,746 315 (17,771)668,290 
Corporate140,026  (18,653)121,373 
Other4,197  (308)3,889 
1,539,887 578 (94,672)1,445,793 
PACE assessments:
Residential PACE assessments81,282 976  82,258 
Total available for sale$1,621,169 $1,554 $(94,672)$1,528,051 
Amortized CostGross Unrecognized GainsGross Unrecognized LossesFair Value
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs$193,070 $952 $(20,712)$173,310 
Non-GSE certificates & CMOs78,510  (6,706)71,804 
ABS278,249 96 (6,519)271,826 
Municipal66,396 126 (11,463)55,059 
616,225 1,174 (45,400)571,999 
PACE assessments:
Commercial PACE assessments256,661  (29,767)226,894 
Residential PACE assessments801,786  (79,058)722,728 
1,058,447  (108,825)949,622 
Allowance for credit losses(710)
Total held-to-maturity$1,673,962 $1,174 $(154,225)$1,521,621 

As of March 31, 2024, available for sale securities with a fair value of $1.28 billion and held-to-maturity securities with a fair value of $544.5 million were pledged. The majority of the securities were pledged to the FHLBNY to secure outstanding advances, letters of credit and to provide additional borrowing potential. In addition, securities were pledged to provide capacity to borrow from the Federal Reserve Bank and to collateralize municipal deposits.


10




Notes to Consolidated Financial Statements (unaudited)
The amortized cost and fair value of investment securities available for sale and held-to-maturity as of December 31, 2023 are as follows:    
December 31, 2023
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Available for sale:
Traditional securities:
Government sponsored entities (GSE) residential CMOs ("collateralized mortgage obligations")
$521,101 $59 $(40,545)$480,615 
Non-GSE certificates & CMOs218,550  (21,690)196,860 
ABS648,585 40 (20,990)627,635 
Corporate140,038  (19,297)120,741 
Other4,197  (309)3,888 
1,532,471 99 (102,832)1,429,739 
PACE assessments:
Residential PACE assessments52,863 440  53,303 
Total available for sale$1,585,334 $539 $(102,831)$1,483,042 
Amortized CostGross Unrecognized GainsGross Unrecognized LossesFair Value
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs$194,329 $1,099 $(19,693)$175,735 
Non-GSE certificates & CMOs79,406 9 (6,686)72,729 
ABS279,916 23 (8,678)271,261 
Municipal66,635 165 (11,107)55,693 
620,286 1,296 (46,164)575,418 
PACE assessments:
Commercial PACE assessments258,306  (29,211)229,095 
Residential PACE assessments818,963  (73,967)744,996 
1,077,269  (103,178)974,091 
Allowance for credit losses(721)
Total held-to-maturity$1,696,834 $1,296 $(149,342)$1,549,509 
There were no transfers to or from securities held-to-maturity during the three months ended March 31, 2024 or the three months ended March 31, 2023.

11




Notes to Consolidated Financial Statements (unaudited)
The following table summarizes the amortized cost and fair value of debt securities available for sale and held-to-maturity, exclusive of mortgage-backed securities, by their contractual maturity as of March 31, 2024. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty:
Available for SaleHeld-to-maturity
Amortized
Cost
Fair ValueAmortized
Cost
Fair Value
(In thousands)
Due within one year$3,000 $2,938 $ $ 
Due after one year through five years63,881 59,373 9,443 9,129 
Due after five years through ten years305,694 291,046 118,141 117,180 
Due after ten years538,676 522,453 1,275,508 1,150,198 
$911,251 $875,810 $1,403,092 $1,276,507 

Proceeds received and gains and losses realized on sales of available for sale securities are summarized below:
Three Months Ended,
March 31, 2024March 31, 2023
(In thousands)
Proceeds$78,827 $145,305 
Realized gains$ $ 
Realized losses(2,774)(3,086)
               Net realized losses$(2,774)$(3,086)
There were no sales of held-to-maturity securities during the three months ended March 31, 2024 or the three months ended March 31, 2023.
The Company controls and monitors inherent credit risk in its securities portfolio through due diligence, diversification, concentration limits, periodic securities reviews, and by investing in low risk securities. This includes high quality Non-Agency Securities, low loan-to-value ("LTV") PACE assessments and a significant portion of the securities portfolio in GSE obligations. GSEs include the Federal Home Loan Mortgage Corporation (“FHLMC”), the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”) and the Small Business Administration (“SBA”). GNMA is a wholly owned U.S. Government corporation whereas FHLMC and FNMA are private. Mortgage-related securities may include mortgage pass-through certificates, participation certificates and CMOs. At March 31, 2024 and March 31, 2023, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders' equity.
12




Notes to Consolidated Financial Statements (unaudited)
The following summarizes the fair value and unrealized losses for available for sale securities as of March 31, 2024 and December 31, 2023, respectively, segregated between securities that have been in an unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the respective dates:
March 31, 2024
Less Than Twelve Months
Twelve Months or Longer
Total
(In thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Available for sale:
Traditional securities:
GSE certificates & CMOs$13,115 $52 $394,753