0001823608-24-000121 | 10-Q | XBRL Viewer | Amalgamated Financial Corp

DEPOSITS (Tables)

3 Months Ended

Mar. 31, 2024

Statistical Disclosure for Banks [Abstract]

Deposits are summarized as follows:





	March 31, 2024				December 31, 2023
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
(In thousands)
Non-interest-bearing demand deposit accounts	$	3,182,047	0.00	%	$	2,940,398	0.00	%
NOW accounts	200,900		1.05	%	200,382		0.99	%
Money market deposit accounts	3,222,271		2.96	%	3,100,681		2.89	%
Savings accounts	341,054		1.34	%	340,860		1.20	%
Time deposits	197,265		3.44	%	187,457		3.01	%
Brokered certificates of deposit ("CDs")	162,228		4.99	%	242,210		5.09	%
Total deposits	$	7,305,765	1.60	%	$	7,011,988	1.62	%

Schedule of Maturities of Time Deposits

The scheduled maturities of time deposits and brokered CDs as of March 31, 2024 are as follows:


(In thousands)	Balance
2024	$	157,931
2025	80,544
2026	46,613
2027	39,497
2028	26,884
Thereafter	8,024
Total	$	359,493

- Definition

Tabular disclosure of type of deposit liability.

+ References

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+ Details

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

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Indicates amendment to accounting standards.

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-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 68: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 69: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 70: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 71: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 72: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

+ Details

BORROWED FUNDS	3 Months Ended
BORROWED FUNDS	Mar. 31, 2024
Advance from Federal Home Loan Bank [Abstract]
BORROWED FUNDS	BORROWED FUNDS FHLBNY advances are collateralized by the FHLBNY stock owned by the Bank plus a pledge of other eligible assets comprised of securities and mortgage loans. Assets are pledged to collateral capacity. As of March 31, 2024, the value of the other eligible assets had an estimated market value net of haircut totaling $2.07 billion (comprised of securities of $395.1 million and mortgage loans of $1.67 billion). The fair value of assets pledged to the FHLBNY is required to exceed outstanding advances. There were $9.1 million outstanding FHLB advances as of March 31, 2024 and $4.4 million in outstanding FHLBNY advances as of December 31, 2023. For the three months ended March 31, 2024, and 2023, interest expense on FHLBNY advances was zero and $3.0 million, respectively. In addition to FHLBNY advances, the Company uses other borrowings for short-term borrowing needs. Federal funds lines of credit are extended to the Company by nonaffiliated banks with which a correspondent banking relationship exists. At March 31, 2024, and December 31, 2023 there was no outstanding balance related to federal funds purchased. In addition, following the bank failures in 2023, the Federal Reserve created a new Bank Term Funding Program ("BTFP") as an additional source of liquidity against high-quality securities, offering loans of up to one year to eligible institutions pledging qualifying assets as collateral. At March 31, 2024, there was an outstanding balance of $60.0 million related to the BTFP due in 2024 with a weighted average rate of 4.71%, and an outstanding balance of $230.0 million due in 2024 with a weighted average rate of 4.50% at December 31, 2023. For the three months ended March 31, 2024, and 2023, interest expense on other borrowings was $2.4 million and $0.2 million, respectively.

VARIABLE INTEREST ENTITIES (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities


	March 31, 2024		December 31, 2023
(In thousands)
Unconsolidated Variable Interest Entities
Tax credit investments included in equity investments	$	10,801	$	9,024

Loan commitments	52,222		52,222
Funded portion of loan commitments	52,222		52,222

The following table summarizes the tax benefits conveyed by the Company’s solar generation VIE investments:


	Three Months Ended
	March 31,
	2024		2023
(In thousands)
Tax credits and other tax benefits recognized	$	863	$	813

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Fair Value of Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	$ 1,528,051	$ 1,483,042
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	1,528,051	1,483,042
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	198	199
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	1,445,595	1,429,540
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	82,258	53,303
GSE certificates & CMOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	465,788	480,615
GSE certificates & CMOs \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	465,788	480,615
GSE certificates & CMOs \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
GSE certificates & CMOs \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	465,788	480,615
GSE certificates & CMOs \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
Non-GSE certificates & CMOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	186,453	196,860
Non-GSE certificates & CMOs \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	186,453	196,860
Non-GSE certificates & CMOs \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
Non-GSE certificates & CMOs \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	186,453	196,860
Non-GSE certificates & CMOs \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	668,290	627,635
ABS \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	668,290	627,635
ABS \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
ABS \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	668,290	627,635
ABS \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	121,373	120,741
Corporate \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	121,373	120,741
Corporate \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
Corporate \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	121,373	120,741
Corporate \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	3,889	3,888
Other \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	3,889	3,888
Other \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	198	199
Other \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	3,691	3,689
Other \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
Residential PACE assessments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	82,258	53,303
Residential PACE assessments \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	82,258	53,303
Residential PACE assessments \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
Residential PACE assessments \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	0	0
Residential PACE assessments \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets carried at fair value	$ 82,258	$ 53,303

FAIR VALUE OF FINANCIAL INSTRUMENTS - Reconciliation of Assets Measured at Fair Value on a Recurring Basis, Significant Unobservable Inputs (Details) - Residential PACE Assessments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance of recurring Level 3 assets at January 1	$ 53,303	$ 0
Amortization included in interest income	261	0
Change in unrealized holding gains/losses included in other comprehensive income	536	0
Purchases	34,879	0
Sales	(6,284)	0
Principal paydowns	$ (437)	0
Balance of recurring Level 3 assets at March 31		$ 0

LEASES

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

LEASES

The Bank as a lessee has operating leases primarily consisting of real estate arrangements where the Company operates its headquarters, branches and business production offices. All leases identified as in scope are accounted for as operating leases as of March 31, 2024. These leases are typically long-term leases and generally are not complicated arrangements or structures. Several of the leases contain renewal options at a rate comparable to the fair market value based on comparable analysis to similar properties in the Bank’s geographies.

Real estate operating leases are presented as a right-of-use (“ROU”) asset and a related operating lease liability on the Consolidated Statements of Financial Condition. The ROU asset represents the Company’s right to use the underlying asset for the lease term and the operating lease liabilities represent the obligation to make lease payments arising from the lease. The Company applied its incremental borrowing rate (“IBR”) as the discount rate to the remaining lease payments to derive a present value calculation for initial measurement of the operating lease liability. The IBR reflects the interest rate the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Lease expense is recognized on a straight-line basis over the lease term.

The following table summarizes our lease cost and other operating lease information:


	Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
(In thousands)
Operating lease cost	$	1,840	$	1,777


Cash paid for amounts included in the measurement of operating leases liability	$	4,186	$	2,813



Note: Sublease income and variable income or expense considered immaterial

The weighted average remaining lease term on operating leases at March 31, 2024 and March 31, 2023 was 2.9 years and 3.6 years, respectively.

The weighted average discount rate used for the operating lease liability was 3.15% and 3.24% at March 31, 2024 and March 31, 2023, respectively.

The following table presents the remaining commitments for operating lease payments for the next five years and thereafter, as well as a reconciliation to the discounted operating leases liability recorded in the Consolidated Statements of Financial Condition as of March 31, 2024:


(In thousands)	As of March 31, 2024
2024	$	8,076
2025	10,797
2026	8,881
2027	747
2028	—
Thereafter	—
Total undiscounted operating lease payments	28,501
Less: present value adjustment	1,251
Total Operating leases liability	$	27,250

LOANS RECEIVABLE, NET (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of Loans Receivable

Loans receivable are summarized as follows:





	March 31, 2024		December 31, 2023
(In thousands)
Commercial and industrial	$	1,014,084	$	1,010,998
Multifamily	1,175,467		1,148,120
Commercial real estate	353,598		353,432
Construction and land development	23,266		23,626
Total commercial portfolio	2,566,415		2,536,176
Residential real estate lending	1,419,321		1,425,596
Consumer solar	398,501		408,260
Consumer and other	39,543		41,287
Total retail portfolio	1,857,365		1,875,143
Total loans receivable	4,423,780		4,411,319


Allowance for credit losses	(64,400)		(65,691)
Total loans receivable, net	$	4,359,380	$	4,345,628

Included in commercial and industrial loans are government guaranteed loans with a balance of $224.7 million at March 31, 2024 and $225.6 million at December 31, 2023. Due to these loans being fully guaranteed by the United States government, no allowance for credit losses is recorded in relation to these loans at March 31, 2024 and December 31, 2023.

Schedule of Quality of Bank's Loans

The following table presents information regarding the past due status of the Company’s loans as of March 31, 2024:



	30-59 Days Past Due		60-89 Days Past Due		Non- Accrual		90 Days or More Delinquent and Still Accruing Interest		Total Past Due and Non-Accrual		Current		Total Loans Receivable
(In thousands)
Commercial and industrial	$	113	$	19	$	8,750	$	—	$	8,882	$	1,005,202	$	1,014,084
Multifamily	—		—		—		—		—		1,175,467		1,175,467
Commercial real estate	—		—		4,354		—		4,354		349,244		353,598
Construction and land development	—		—		11,124		—		11,124		12,142		23,266
Total commercial portfolio	113		19		24,228		—		24,360		2,542,055		2,566,415
Residential real estate lending	9,406		5,458		4,763		—		19,627		1,399,694		1,419,321


Consumer solar	2,585		1,579		3,852		—		8,016		390,485		398,501
Consumer and other	534		876		176		—		1,586		37,957		39,543
Total retail portfolio	12,525		7,913		8,791		—		29,229		1,828,136		1,857,365
	$	12,638	$	7,932	$	33,019	$	—	$	53,589	$	4,370,191	$	4,423,780

The following table presents information regarding the past due status of the Company’s loans as of December 31, 2023:









	30-59 Days Past Due		60-89 Days Past Due		Non- Accrual		90 Days or More Delinquent and Still Accruing Interest		Total Past Due and Non-Accrual		Current		Total Loans Receivable

(In thousands)
Commercial and industrial	$	266	$	168	$	7,533	$	—	$	7,967	$	1,003,031	$	1,010,998
Multifamily	11,968		—		—		—		11,968		1,136,152		1,148,120
Commercial real estate	—		—		4,490		—		4,490		348,942		353,432
Construction and land development	5,199		—		11,166		—		16,365		7,261		23,626
Total commercial portfolio	17,433		168		23,189		—		40,790		2,495,386		2,536,176
Residential real estate lending	6,995		2,133		7,218		—		16,346		1,409,250		1,425,596


Consumer solar	2,569		2,788		2,673		—		8,030		400,230		408,260
Consumer and other	754		231		103		—		1,088		40,199		41,287
Total retail portfolio	10,318		5,152		9,994		—		25,464		1,849,679		1,875,143
	$	27,751	$	5,320	$	33,183	$	—	$	66,254	$	4,345,065	$	4,411,319

Schedule of Loan Modifications

The following table presents information regarding loan modifications granted to borrowers experiencing financial difficulty during the three months ended March 31, 2023:


	Term Extension
	Three Months Ended March 31, 2023
(Dollars in thousands)	Amortized Cost		% of Portfolio
Commercial and industrial	$	626	0.1	%
Commercial real estate	866		0.3	%
Construction and land development	6,887		18.2	%

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:


						Term Extension
						Three Months Ended March 31, 2023
Commercial and industrial						Modification added a weighted average 1.0 years to the life of the modified loan.
Commercial real estate						Modification added a weighted average 0.5 years to the life of the modified loan.
Construction and land development						Modifications added a weighted average 0.8 years to the life of the modified loans.

Schedule of Loans by Credit Quality Indicator

The following tables summarize the Company’s loan portfolio by credit quality indicator as of March 31, 2024:


	Term Loans by Origination Year
(In thousands)	2024		2023		2022		2021		2020 & Prior		Revolving loans		Revolving Loans Converted to Term		Total
Commercial and Industrial:
Pass	$	24,254	$	151,201	$	195,629	$	192,446	$	254,474	$	133,950	$	—	$	951,954
Special Mention	—		—		86		13,750		4,695		1,406		—		19,937
Substandard	—		—		570		17,844		20,549		2,078		—		41,041
Doubtful	—		—		—		—		1,091		61		—		1,152
Total commercial and industrial	$	24,254	$	151,201	$	196,285	$	224,040	$	280,809	$	137,495	$	—	$	1,014,084
Current period gross charge-offs	$	—	$	250	$	150	$	—	$	—	$	—	$	—	$	400
Multifamily:
Pass	$	50,247	$	223,462	$	364,213	$	44,108	$	482,807	$	2	$	—	$	1,164,839
Special Mention	—		—		—		—		8,347		—		—		8,347
Substandard	—		—		—		—		2,281		—		—		2,281
Doubtful	—		—		—		—		—		—		—		—
Total multifamily	$	50,247	$	223,462	$	364,213	$	44,108	$	493,435	$	2	$	—	$	1,175,467
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate:
Pass	$	15,958	$	42,021	$	59,599	$	48,314	$	175,732	$	3,847	$	—	$	345,471
Special Mention	—		—		—		—		3,773		—		—		3,773
Substandard	—		—		—		—		4,354		—		—		4,354
Doubtful	—		—		—		—		—		—		—		—
Total commercial real estate	$	15,958	$	42,021	$	59,599	$	48,314	$	183,859	$	3,847	$	—	$	353,598
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction and land development:
Pass	$	—	$	—	$	—	$	—	$	6,943	$	5,199	$	—	$	12,142
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		11,124		—		11,124
Doubtful	—		—		—		—		—		—		—		—
Total construction and land development	$	—	$	—	$	—	$	—	$	6,943	$	16,323	$	—	$	23,266
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Residential real estate lending:
Pass	$	17,544	$	136,060	$	419,329	$	316,789	$	525,799	$	—	$	—	$	1,415,521
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		722		1,029		2,049		—		—		3,800
Doubtful	—		—		—		—		—		—		—		—
Total residential real estate lending	$	17,544	$	136,060	$	420,051	$	317,818	$	527,848	$	—	$	—	$	1,419,321
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	160	$	—	$	—	$	160
Consumer solar:
Pass	$	—	$	30,527	$	101,034	$	127,718	$	135,835	$	—	$	—	$	395,114
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		24		1,409		941		1,013		—		—		3,387
Doubtful	—		—		—		—		—		—		—		—
Total consumer solar	$	—	$	30,551	$	102,443	$	128,659	$	136,848	$	—	$	—	$	398,501
Current period gross charge-offs	$	—	$	—	$	171	$	1,298	$	337	$	—	$	—	$	1,806
Consumer and other:
Pass	$	383	$	2,056	$	14,401	$	11,579	$	10,930	$	—	$	—	$	39,349
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		6		20		101		67		—		—		194
Doubtful	—		—		—		—		—		—		—		—
Total consumer and other	$	383	$	2,062	$	14,421	$	11,680	$	10,997	$	—	$	—	$	39,543
Current period gross charge-offs	$	—	$	3	$	—	$	—	$	93	$	—	$	—	$	96
Total Loans:
Pass	$	108,386	$	585,327	$	1,154,205	$	740,954	$	1,592,520	$	142,998	$	—	$	4,324,390
Special Mention	—		—		86		13,750		16,815		1,406		—		32,057
Substandard	—		30		2,721		19,915		30,313		13,202		—		66,181
Doubtful	—		—		—		—		1,091		61		—		1,152
Total loans	$	108,386	$	585,357	$	1,157,012	$	774,619	$	1,640,739	$	157,667	$	—	$	4,423,780
Current period gross charge-offs	$	—	$	253	$	321	$	1,298	$	590	$	—	$	—	$	2,462

The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2023:


	Term Loans by Origination Year
(In thousands)	2023		2022		2021		2020		2019 & Prior		Revolving loans		Revolving Loans Converted to Term		Total
Commercial and Industrial:
Pass	$	130,568	$	220,552	$	192,682	$	117,966	$	141,542	$	138,003	$	—	$	941,313
Special Mention	—		—		16,692		3,975		934		4,222		—		25,823
Substandard	—		720		—		5,143		16,927		21,072		—		43,862
Doubtful	—		—		—		—		—		—		—		—
Total commercial and industrial	$	130,568	$	221,272	$	209,374	$	127,084	$	159,403	$	163,297	$	—	$	1,010,998
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	1,726	$	—	$	—	$	1,726
Multifamily:
Pass	$	193,827	$	382,652	$	45,287	$	138,131	$	377,554	$	2	$	—	$	1,137,453
Special Mention	—		—		—		—		8,373		—		—		8,373
Substandard	—		—		—		—		2,294		—		—		2,294
Doubtful	—		—		—		—		—		—		—		—
Total multifamily	$	193,827	$	382,652	$	45,287	$	138,131	$	388,221	$	2	$	—	$	1,148,120
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	2,367	$	—	$	—	$	2,367


Commercial real estate:
Pass	$	73,089	$	42,824	$	48,624	$	36,478	$	140,674	$	3,456	$	—	$	345,145
Special Mention	—		—		—		—		3,797		—		—		3,797
Substandard	—		—		—		1,858		2,632		—		—		4,490
Doubtful	—		—		—		—		—		—		—		—
Total commercial real estate	$	73,089	$	42,824	$	48,624	$	38,336	$	147,103	$	3,456	$	—	$	353,432
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction and land development:
Pass	$	—	$	—	$	—	$	—	$	7,261	$	5,199	$	—	$	12,460
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		11,166		—		11,166
Doubtful	—		—		—		—		—		—		—		—
Total construction and land development	$	—	$	—	$	—	$	—	$	7,261	$	16,365	$	—	$	23,626
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	4,664	$	—	$	—	$	4,664
Residential real estate lending:
Pass	$	137,167	$	413,962	$	328,952	$	134,795	$	403,508	$	—	$	—	$	1,418,384
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		3,232		1,003		399		2,578		—		—		7,212
Doubtful	—		—		—		—		—		—		—		—
Total residential real estate lending	$	137,167	$	417,194	$	329,955	$	135,194	$	406,086	$	—	$	—	$	1,425,596
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	65	$	—	$	—	$	65
Consumer solar:
Pass	$	30,412	$	104,633	$	131,008	$	72,752	$	67,044	$	—	$	—	$	405,849
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		529		1,080		527		275		—		—		2,411
Doubtful	—		—		—		—		—		—		—		—
Total consumer solar	$	30,412	$	105,162	$	132,088	$	73,279	$	67,319	$	—	$	—	$	408,260
Current period gross charge-offs	$	—	$	1,525	$	3,034	$	2,095	$	312	$	—	$	—	$	6,966
Consumer and other:
Pass	$	2,730	$	14,807	$	11,866	$	—	$	11,780	$	—	$	—	$	41,183
Special Mention	—		—		—		—		—		—		—		—
Substandard	5		36		63		—		—		—		—		104
Doubtful	—		—		—		—		—		—		—		—
Total consumer and other	$	2,735	$	14,843	$	11,929	$	—	$	11,780	$	—	$	—	$	41,287
Current period gross charge-offs	$	2	$	—	$	—	$	—	$	268	$	—	$	—	$	270
Total Loans:
Pass	$	567,793	$	1,179,430	$	758,419	$	500,122	$	1,149,363	$	146,660	$	—	$	4,301,787
Special Mention	—		—		16,692		3,975		13,104		4,222		—		37,993
Substandard	5		4,517		2,146		7,927		24,706		32,238		—		71,539
Doubtful	—		—		—		—		—		—		—		—
Total loans	$	567,798	$	1,183,947	$	777,257	$	512,024	$	1,187,173	$	183,120	$	—	$	4,411,319
Current period gross charge-offs	$	2	$	1,525	$	3,034	$	2,095	$	9,402	$	—	$	—	$	16,058

Schedule of Method for Evaluating Impairment and Allowance for Credit Loss Activity

The activities in the allowance by portfolio for the three months ended March 31, 2024 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer Solar		Consumer and Other		Total
Allowance for credit losses:


Beginning balance	$	18,331	$	2,133	$	1,276	$	24	$	13,273	$	27,978	$	2,676	$	65,691
Provision for (recovery of) credit losses	(1,938)		2,315		129		829		(853)		482		(74)		890
Charge-offs	(400)		—		—		—		(160)		(1,806)		(96)		(2,462)
Recoveries	4		—		—		—		147		121		9		281
Ending balance	$	15,997	$	4,448	$	1,405	$	853	$	12,407	$	26,775	$	2,515	$	64,400

The activities in the allowance by portfolio for the three months ended March 31, 2023 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer Solar		Consumer and Other		Total
Allowance for credit losses:
Beginning balance - ALLL	$	12,916	$	7,104	$	3,627	$	825	$	11,338	$	6,867	$	2,354	$	45,031
Adoption of ASU No. 2016-13	3,816		(1,183)		(1,321)		(466)		3,068		16,166		1,149		21,229
Beginning balance - ACL	16,732		5,921		2,306		359		14,406		23,033		3,503		66,260
Provision for (recovery of) credit losses	(263)		2,236		149		(5)		263		1,325		(93)		3,612
Charge-offs			(1,127)		—		—		(58)		(1,807)		(18)		(3,010)
Recoveries	4		—		—		—		238		211		8		461
Ending Balance - ACL	$	16,473	$	7,030	$	2,455	$	354	$	14,849	$	22,762	$	3,400	$	67,323

The amortized cost basis of loans on nonaccrual status and the specific allowance as of December 31, 2023 are as follows:


	Nonaccrual with No Allowance		Nonaccrual with Allowance		Reserve
(In thousands)
Commercial and industrial	$	612	$	6,921	$	4,485

Commercial real estate	4,490		—		—
Construction and land development	11,166		—		—
Total commercial portfolio	16,268		6,921		4,485
Residential real estate lending	7,218		—		—


Consumer solar	2,673		—		—
Consumer and other	103		—		—
Total retail portfolio	9,994		—		—
	$	26,262	$	6,921	$	4,485

The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of March 31, 2024:


	Real Estate Collateral Dependent		Associated Allowance for Credit Losses
(In thousands)


Commercial real estate	$	4,354	$	—
Construction and land development	16,323		822







	$	20,677	$	822

The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of December 31, 2023:


	Real Estate Collateral Dependent		Associated Allowance for Credit Losses
(In thousands)


Commercial real estate	$	4,490	$	—
Construction and land development	16,365		—







	$	20,855	$	—

Financing Receivable, Nonaccrual

The amortized cost basis of loans on nonaccrual status and the specific allowance as of March 31, 2024 are as follows:


	Nonaccrual with No Allowance		Nonaccrual with Allowance		Reserve
(In thousands)
Commercial and industrial	$	625	$	8,125	$	5,674

Commercial real estate	4,354		—		—
Construction and land development	8,804		2,320		822
Total commercial portfolio	13,783		10,445		6,496
Residential real estate lending	4,763		—		—


Consumer solar	3,852		—		—
Consumer and other	176		—		—
Total retail portfolio	8,791		—		—
	$	22,574	$	10,445	$	6,496

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
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
Accumulated Other Comprehensive Loss, net of income taxes
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
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
Unrealized gains (losses) on benefits plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income, before tax	43	48
Income tax expense	(11)	(13)
Total other comprehensive income, net of taxes	32	35
Unrealized gains (losses) on available for sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income, before tax	9,771	15,673
Income tax expense	(2,671)	(4,318)
Total other comprehensive income, net of taxes	7,100	11,355
Unrealized holding gains on available for sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	6,402	12,099
Reclassification adjustment for losses realized in loss on sale of securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustment	2,774	3,086
Accretion of net unrealized loss on securities transferred to held-to-maturity recognized in interest income from securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustment	595	488
Other comprehensive income, before tax	595	488
Income tax expense	(163)	(134)
Postemployment Retirement Benefits \| Change in obligation for postretirement benefits and for prior service credit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), before reclassifications, before tax	36	40
Postemployment Retirement Benefits \| Reclassification adjustment for prior service expense included in compensation and employee benefits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustment	7	7
Other Postretirement Benefits Plan \| Unrealized gains (losses) on benefits plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income, before tax	$ 0	$ 1

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Held-to-maturity, allowance for credit losses	$ 710	$ 721
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	70,000,000	70,000,000
Common stock, shares issued (in shares)	30,736,141	30,736,141
Common stock, shares outstanding (in shares)	30,510,393	30,428,359
Treasury stock, cost (in shares)	225,748	307,782
Total held-to-maturity	$ 1,673,962	$ 1,696,834
Traditional securities
Held-to-maturity, allowance for credit losses	53	54
Total held-to-maturity	616,172	620,232
Property Assessed Clean Energy ("PACE") assessments
Held-to-maturity, allowance for credit losses	657	667
Total held-to-maturity	$ 1,057,790	$ 1,076,602

BASIS OF PRESENTATION AND CONSOLIDATION (Policies)	3 Months Ended
BASIS OF PRESENTATION AND CONSOLIDATION (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting and Changes in Significant Accounting Policies	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.
Consolidation	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	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.
Reclassifications	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.
Fair Value of Financial Instruments	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assumptions are developed based on prioritizing information within a fair value hierarchy that gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. A description of the disclosure hierarchy and the types of financial instruments recorded at fair value that management believes would generally qualify for each category are as follows: Level 1 - Valuations are based on quoted prices in active markets for identical assets or liabilities. Accordingly, valuation of these assets and liabilities does not entail a significant degree of judgment. Examples include most U.S. Government securities and exchange-traded equity securities. Level 2 - Valuations are based on either quoted prices in markets that are not considered to be active or significant inputs to the methodology that are observable, either directly or indirectly. Financial instruments in this level would generally include mortgage-related securities and other debt issued by GSEs, non-GSE mortgage-related securities, corporate debt, certain redeemable fund investments and certain trust preferred securities. Level 3 - Valuations are based on inputs to the methodology that are unobservable and significant to the fair value measurement. These inputs reflect management’s own judgments about the assumptions that market participants would use in pricing the assets and liabilities.

LOANS RECEIVABLE, NET

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

LOANS RECEIVABLE, NET

Loans receivable are summarized as follows:





	March 31, 2024		December 31, 2023
(In thousands)
Commercial and industrial	$	1,014,084	$	1,010,998
Multifamily	1,175,467		1,148,120
Commercial real estate	353,598		353,432
Construction and land development	23,266		23,626
Total commercial portfolio	2,566,415		2,536,176
Residential real estate lending	1,419,321		1,425,596
Consumer solar	398,501		408,260
Consumer and other	39,543		41,287
Total retail portfolio	1,857,365		1,875,143
Total loans receivable	4,423,780		4,411,319


Allowance for credit losses	(64,400)		(65,691)
Total loans receivable, net	$	4,359,380	$	4,345,628

The following table presents information regarding the past due status of the Company’s loans as of March 31, 2024:



	30-59 Days Past Due		60-89 Days Past Due		Non- Accrual		90 Days or More Delinquent and Still Accruing Interest		Total Past Due and Non-Accrual		Current		Total Loans Receivable
(In thousands)
Commercial and industrial	$	113	$	19	$	8,750	$	—	$	8,882	$	1,005,202	$	1,014,084
Multifamily	—		—		—		—		—		1,175,467		1,175,467
Commercial real estate	—		—		4,354		—		4,354		349,244		353,598
Construction and land development	—		—		11,124		—		11,124		12,142		23,266
Total commercial portfolio	113		19		24,228		—		24,360		2,542,055		2,566,415
Residential real estate lending	9,406		5,458		4,763		—		19,627		1,399,694		1,419,321


Consumer solar	2,585		1,579		3,852		—		8,016		390,485		398,501
Consumer and other	534		876		176		—		1,586		37,957		39,543
Total retail portfolio	12,525		7,913		8,791		—		29,229		1,828,136		1,857,365
	$	12,638	$	7,932	$	33,019	$	—	$	53,589	$	4,370,191	$	4,423,780

The following table presents information regarding the past due status of the Company’s loans as of December 31, 2023:









	30-59 Days Past Due		60-89 Days Past Due		Non- Accrual		90 Days or More Delinquent and Still Accruing Interest		Total Past Due and Non-Accrual		Current		Total Loans Receivable

(In thousands)
Commercial and industrial	$	266	$	168	$	7,533	$	—	$	7,967	$	1,003,031	$	1,010,998
Multifamily	11,968		—		—		—		11,968		1,136,152		1,148,120
Commercial real estate	—		—		4,490		—		4,490		348,942		353,432
Construction and land development	5,199		—		11,166		—		16,365		7,261		23,626
Total commercial portfolio	17,433		168		23,189		—		40,790		2,495,386		2,536,176
Residential real estate lending	6,995		2,133		7,218		—		16,346		1,409,250		1,425,596


Consumer solar	2,569		2,788		2,673		—		8,030		400,230		408,260
Consumer and other	754		231		103		—		1,088		40,199		41,287
Total retail portfolio	10,318		5,152		9,994		—		25,464		1,849,679		1,875,143
	$	27,751	$	5,320	$	33,183	$	—	$	66,254	$	4,345,065	$	4,411,319

There were no loan modifications granted to borrowers experiencing financial difficulty during the three months ended March 31, 2024.

The following table presents information regarding loan modifications granted to borrowers experiencing financial difficulty during the three months ended March 31, 2023:


	Term Extension
	Three Months Ended March 31, 2023
(Dollars in thousands)	Amortized Cost		% of Portfolio
Commercial and industrial	$	626	0.1	%
Commercial real estate	866		0.3	%
Construction and land development	6,887		18.2	%

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:


						Term Extension
						Three Months Ended March 31, 2023
Commercial and industrial						Modification added a weighted average 1.0 years to the life of the modified loan.
Commercial real estate						Modification added a weighted average 0.5 years to the life of the modified loan.
Construction and land development						Modifications added a weighted average 0.8 years to the life of the modified loans.

In the prior twelve months, ten loan modifications were made to borrowers experiencing financial difficulty. One loan that was modified during this period had a payment default during the three months ended March 31, 2024.

In order to manage credit quality, we view the Company’s loan portfolio by various segments. For commercial loans, we assign individual credit ratings ranging from 1 (lowest risk) to 10 (highest risk) as an indicator of credit quality. These ratings are based on specific risk factors including (i) historical and projected financial results of the borrower, (ii) market conditions of the borrower’s industry that may affect the borrower’s future financial performance, (iii) business experience of the borrower’s

management, (iv) nature of the underlying collateral, if any, including the ability of the collateral to generate sources of repayment, and (v) history of the borrower’s payment performance. These specific risk factors are then utilized as inputs in our credit model to determine the associated allowance for credit loss. Non-rated loans generally include residential mortgages and consumer loans.

The below classifications follow regulatory guidelines and can be generally described as follows:

•pass loans are of satisfactory quality;

•special mention loans have a potential weakness or risk that may result in the deterioration of future repayment;

•substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged (these loans have a well-defined weakness, and there is a distinct possibility that the Company will sustain some loss); and

•doubtful loans, based on existing circumstances, have weaknesses that make collection or liquidation in full highly questionable and improbable.

In addition, residential loans are classified utilizing an inter-agency methodology that incorporates the extent of delinquency. Assigned risk rating grades are continuously updated as new information is obtained.

The following tables summarize the Company’s loan portfolio by credit quality indicator as of March 31, 2024:


	Term Loans by Origination Year
(In thousands)	2024		2023		2022		2021		2020 & Prior		Revolving loans		Revolving Loans Converted to Term		Total
Commercial and Industrial:
Pass	$	24,254	$	151,201	$	195,629	$	192,446	$	254,474	$	133,950	$	—	$	951,954
Special Mention	—		—		86		13,750		4,695		1,406		—		19,937
Substandard	—		—		570		17,844		20,549		2,078		—		41,041
Doubtful	—		—		—		—		1,091		61		—		1,152
Total commercial and industrial	$	24,254	$	151,201	$	196,285	$	224,040	$	280,809	$	137,495	$	—	$	1,014,084
Current period gross charge-offs	$	—	$	250	$	150	$	—	$	—	$	—	$	—	$	400
Multifamily:
Pass	$	50,247	$	223,462	$	364,213	$	44,108	$	482,807	$	2	$	—	$	1,164,839
Special Mention	—		—		—		—		8,347		—		—		8,347
Substandard	—		—		—		—		2,281		—		—		2,281
Doubtful	—		—		—		—		—		—		—		—
Total multifamily	$	50,247	$	223,462	$	364,213	$	44,108	$	493,435	$	2	$	—	$	1,175,467
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate:
Pass	$	15,958	$	42,021	$	59,599	$	48,314	$	175,732	$	3,847	$	—	$	345,471
Special Mention	—		—		—		—		3,773		—		—		3,773
Substandard	—		—		—		—		4,354		—		—		4,354
Doubtful	—		—		—		—		—		—		—		—
Total commercial real estate	$	15,958	$	42,021	$	59,599	$	48,314	$	183,859	$	3,847	$	—	$	353,598
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction and land development:
Pass	$	—	$	—	$	—	$	—	$	6,943	$	5,199	$	—	$	12,142
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		11,124		—		11,124
Doubtful	—		—		—		—		—		—		—		—
Total construction and land development	$	—	$	—	$	—	$	—	$	6,943	$	16,323	$	—	$	23,266
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Residential real estate lending:
Pass	$	17,544	$	136,060	$	419,329	$	316,789	$	525,799	$	—	$	—	$	1,415,521
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		722		1,029		2,049		—		—		3,800
Doubtful	—		—		—		—		—		—		—		—
Total residential real estate lending	$	17,544	$	136,060	$	420,051	$	317,818	$	527,848	$	—	$	—	$	1,419,321
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	160	$	—	$	—	$	160
Consumer solar:
Pass	$	—	$	30,527	$	101,034	$	127,718	$	135,835	$	—	$	—	$	395,114
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		24		1,409		941		1,013		—		—		3,387
Doubtful	—		—		—		—		—		—		—		—
Total consumer solar	$	—	$	30,551	$	102,443	$	128,659	$	136,848	$	—	$	—	$	398,501
Current period gross charge-offs	$	—	$	—	$	171	$	1,298	$	337	$	—	$	—	$	1,806
Consumer and other:
Pass	$	383	$	2,056	$	14,401	$	11,579	$	10,930	$	—	$	—	$	39,349
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		6		20		101		67		—		—		194
Doubtful	—		—		—		—		—		—		—		—
Total consumer and other	$	383	$	2,062	$	14,421	$	11,680	$	10,997	$	—	$	—	$	39,543
Current period gross charge-offs	$	—	$	3	$	—	$	—	$	93	$	—	$	—	$	96
Total Loans:
Pass	$	108,386	$	585,327	$	1,154,205	$	740,954	$	1,592,520	$	142,998	$	—	$	4,324,390
Special Mention	—		—		86		13,750		16,815		1,406		—		32,057
Substandard	—		30		2,721		19,915		30,313		13,202		—		66,181
Doubtful	—		—		—		—		1,091		61		—		1,152
Total loans	$	108,386	$	585,357	$	1,157,012	$	774,619	$	1,640,739	$	157,667	$	—	$	4,423,780
Current period gross charge-offs	$	—	$	253	$	321	$	1,298	$	590	$	—	$	—	$	2,462

The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2023:


	Term Loans by Origination Year
(In thousands)	2023		2022		2021		2020		2019 & Prior		Revolving loans		Revolving Loans Converted to Term		Total
Commercial and Industrial:
Pass	$	130,568	$	220,552	$	192,682	$	117,966	$	141,542	$	138,003	$	—	$	941,313
Special Mention	—		—		16,692		3,975		934		4,222		—		25,823
Substandard	—		720		—		5,143		16,927		21,072		—		43,862
Doubtful	—		—		—		—		—		—		—		—
Total commercial and industrial	$	130,568	$	221,272	$	209,374	$	127,084	$	159,403	$	163,297	$	—	$	1,010,998
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	1,726	$	—	$	—	$	1,726
Multifamily:
Pass	$	193,827	$	382,652	$	45,287	$	138,131	$	377,554	$	2	$	—	$	1,137,453
Special Mention	—		—		—		—		8,373		—		—		8,373
Substandard	—		—		—		—		2,294		—		—		2,294
Doubtful	—		—		—		—		—		—		—		—
Total multifamily	$	193,827	$	382,652	$	45,287	$	138,131	$	388,221	$	2	$	—	$	1,148,120
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	2,367	$	—	$	—	$	2,367


Commercial real estate:
Pass	$	73,089	$	42,824	$	48,624	$	36,478	$	140,674	$	3,456	$	—	$	345,145
Special Mention	—		—		—		—		3,797		—		—		3,797
Substandard	—		—		—		1,858		2,632		—		—		4,490
Doubtful	—		—		—		—		—		—		—		—
Total commercial real estate	$	73,089	$	42,824	$	48,624	$	38,336	$	147,103	$	3,456	$	—	$	353,432
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction and land development:
Pass	$	—	$	—	$	—	$	—	$	7,261	$	5,199	$	—	$	12,460
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		11,166		—		11,166
Doubtful	—		—		—		—		—		—		—		—
Total construction and land development	$	—	$	—	$	—	$	—	$	7,261	$	16,365	$	—	$	23,626
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	4,664	$	—	$	—	$	4,664
Residential real estate lending:
Pass	$	137,167	$	413,962	$	328,952	$	134,795	$	403,508	$	—	$	—	$	1,418,384
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		3,232		1,003		399		2,578		—		—		7,212
Doubtful	—		—		—		—		—		—		—		—
Total residential real estate lending	$	137,167	$	417,194	$	329,955	$	135,194	$	406,086	$	—	$	—	$	1,425,596
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	65	$	—	$	—	$	65
Consumer solar:
Pass	$	30,412	$	104,633	$	131,008	$	72,752	$	67,044	$	—	$	—	$	405,849
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		529		1,080		527		275		—		—		2,411
Doubtful	—		—		—		—		—		—		—		—
Total consumer solar	$	30,412	$	105,162	$	132,088	$	73,279	$	67,319	$	—	$	—	$	408,260
Current period gross charge-offs	$	—	$	1,525	$	3,034	$	2,095	$	312	$	—	$	—	$	6,966
Consumer and other:
Pass	$	2,730	$	14,807	$	11,866	$	—	$	11,780	$	—	$	—	$	41,183
Special Mention	—		—		—		—		—		—		—		—
Substandard	5		36		63		—		—		—		—		104
Doubtful	—		—		—		—		—		—		—		—
Total consumer and other	$	2,735	$	14,843	$	11,929	$	—	$	11,780	$	—	$	—	$	41,287
Current period gross charge-offs	$	2	$	—	$	—	$	—	$	268	$	—	$	—	$	270
Total Loans:
Pass	$	567,793	$	1,179,430	$	758,419	$	500,122	$	1,149,363	$	146,660	$	—	$	4,301,787
Special Mention	—		—		16,692		3,975		13,104		4,222		—		37,993
Substandard	5		4,517		2,146		7,927		24,706		32,238		—		71,539
Doubtful	—		—		—		—		—		—		—		—
Total loans	$	567,798	$	1,183,947	$	777,257	$	512,024	$	1,187,173	$	183,120	$	—	$	4,411,319
Current period gross charge-offs	$	2	$	1,525	$	3,034	$	2,095	$	9,402	$	—	$	—	$	16,058

The activities in the allowance by portfolio for the three months ended March 31, 2024 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer Solar		Consumer and Other		Total
Allowance for credit losses:


Beginning balance	$	18,331	$	2,133	$	1,276	$	24	$	13,273	$	27,978	$	2,676	$	65,691
Provision for (recovery of) credit losses	(1,938)		2,315		129		829		(853)		482		(74)		890
Charge-offs	(400)		—		—		—		(160)		(1,806)		(96)		(2,462)
Recoveries	4		—		—		—		147		121		9		281
Ending balance	$	15,997	$	4,448	$	1,405	$	853	$	12,407	$	26,775	$	2,515	$	64,400

The activities in the allowance by portfolio for the three months ended March 31, 2023 are as follows:


(In thousands)	Commercial and Industrial		Multifamily		Commercial Real Estate		Construction and Land Development		Residential Real Estate Lending		Consumer Solar		Consumer and Other		Total
Allowance for credit losses:
Beginning balance - ALLL	$	12,916	$	7,104	$	3,627	$	825	$	11,338	$	6,867	$	2,354	$	45,031
Adoption of ASU No. 2016-13	3,816		(1,183)		(1,321)		(466)		3,068		16,166		1,149		21,229
Beginning balance - ACL	16,732		5,921		2,306		359		14,406		23,033		3,503		66,260
Provision for (recovery of) credit losses	(263)		2,236		149		(5)		263		1,325		(93)		3,612
Charge-offs			(1,127)		—		—		(58)		(1,807)		(18)		(3,010)
Recoveries	4		—		—		—		238		211		8		461
Ending Balance - ACL	$	16,473	$	7,030	$	2,455	$	354	$	14,849	$	22,762	$	3,400	$	67,323

The amortized cost basis of loans on nonaccrual status and the specific allowance as of March 31, 2024 are as follows:


	Nonaccrual with No Allowance		Nonaccrual with Allowance		Reserve
(In thousands)
Commercial and industrial	$	625	$	8,125	$	5,674

Commercial real estate	4,354		—		—
Construction and land development	8,804		2,320		822
Total commercial portfolio	13,783		10,445		6,496
Residential real estate lending	4,763		—		—


Consumer solar	3,852		—		—
Consumer and other	176		—		—
Total retail portfolio	8,791		—		—
	$	22,574	$	10,445	$	6,496

The amortized cost basis of loans on nonaccrual status and the specific allowance as of December 31, 2023 are as follows:


	Nonaccrual with No Allowance		Nonaccrual with Allowance		Reserve
(In thousands)
Commercial and industrial	$	612	$	6,921	$	4,485

Commercial real estate	4,490		—		—
Construction and land development	11,166		—		—
Total commercial portfolio	16,268		6,921		4,485
Residential real estate lending	7,218		—		—


Consumer solar	2,673		—		—
Consumer and other	103		—		—
Total retail portfolio	9,994		—		—
	$	26,262	$	6,921	$	4,485

The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of March 31, 2024:


	Real Estate Collateral Dependent		Associated Allowance for Credit Losses
(In thousands)


Commercial real estate	$	4,354	$	—
Construction and land development	16,323		822







	$	20,677	$	822

The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of December 31, 2023:


	Real Estate Collateral Dependent		Associated Allowance for Credit Losses
(In thousands)


Commercial real estate	$	4,490	$	—
Construction and land development	16,365		—







	$	20,855	$	—

As of March 31, 2024 and December 31, 2023, mortgage loans with an unpaid principal balance of $2.37 billion and $2.35 billion, respectively, were pledged to the FHLBNY to secure outstanding advances and letters of credit.

There were $1.5 million in related party loans outstanding as of March 31, 2024 compared to $1.7 million related party loans as of December 31, 2023.

The Company has certain non-performing loans included in the balance of Loans held for sale on the Consolidated Statements of Financial Condition. There were $1.0 million and $1.0 million such loans as of March 31, 2024 and December 31, 2023, respectively.

EARNINGS PER SHARE - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Number of antidilutive shares (in shares)	21	50

VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

Tax Credit Investments

The Company makes investments in unconsolidated entities that construct, own and operate solar generation facilities. An unrelated third party is the managing member and has control over the significant activities of the variable interest entities ("VIE"). The Company generates a return through the receipt of tax credits allocated to the projects, as well as operational distributions. The primary risk of loss is generally mitigated by policies requiring that the project qualify for the expected tax credits prior to the Company making its investment. Any loans to the VIE are secured. As of March 31, 2024, the Company's maximum exposure to loss is $63.0 million.


	March 31, 2024		December 31, 2023
(In thousands)
Unconsolidated Variable Interest Entities
Tax credit investments included in equity investments	$	10,801	$	9,024

Loan commitments	52,222		52,222
Funded portion of loan commitments	52,222		52,222

The following table summarizes the tax benefits conveyed by the Company’s solar generation VIE investments:


	Three Months Ended
	March 31,
	2024		2023
(In thousands)
Tax credits and other tax benefits recognized	$	863	$	813

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Factors Used in Earnings Per Share Calculation

Following is a table setting forth the factors used in the earnings per share computation follow:



	Three Months Ended March 31,
	2024		2023
(In thousands, except per share amounts)
Net income attributable to Amalgamated Financial Corp.	$	27,249	$	21,338
Dividends paid on preferred stock	—		—
Income attributable to common stock	$	27,249	$	21,338
Weighted average common shares outstanding, basic	30,476		30,706
Basic earnings per common share	$	0.89	$	0.69

Income attributable to common stock	$	27,249	$	21,338
Weighted average common shares outstanding, basic	30,476		30,706
Incremental shares from assumed conversion of options and RSUs	261		233
Weighted average common shares outstanding, diluted	30,737		30,939
Diluted earnings per common share	$	0.89	$	0.69

LOANS RECEIVABLE, NET - Schedule of Activity in Allowance by Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Allowance for credit losses:
Beginning balance	$ 65,691	$ 45,031	$ 45,031
Provision for (recovery of) credit losses	890	3,612
Charge-offs	(2,462)	(3,010)
Recoveries	281	461
Ending balance	64,400	67,323	65,691
Adoption of ASU No. 2016-13 \| Accounting Standards Update 2016-13
Allowance for credit losses:
Beginning balance		21,229	21,229
Beginning balance - ACL
Allowance for credit losses:
Beginning balance	65,691	66,260	66,260
Ending balance			65,691
Commercial portfolio \| Commercial and industrial
Allowance for credit losses:
Beginning balance		12,916	12,916
Provision for (recovery of) credit losses	(1,938)	(263)
Charge-offs	(400)		(1,726)
Recoveries	4	4
Ending balance	15,997	16,473
Commercial portfolio \| Commercial and industrial \| Adoption of ASU No. 2016-13 \| Accounting Standards Update 2016-13
Allowance for credit losses:
Beginning balance		3,816	3,816
Commercial portfolio \| Commercial and industrial \| Beginning balance - ACL
Allowance for credit losses:
Beginning balance	18,331	16,732	16,732
Ending balance			18,331
Commercial portfolio \| Multifamily
Allowance for credit losses:
Beginning balance		7,104	7,104
Provision for (recovery of) credit losses	2,315	2,236
Charge-offs	0	(1,127)	(2,367)
Recoveries	0	0
Ending balance	4,448	7,030
Commercial portfolio \| Multifamily \| Adoption of ASU No. 2016-13 \| Accounting Standards Update 2016-13
Allowance for credit losses:
Beginning balance		(1,183)	(1,183)
Commercial portfolio \| Multifamily \| Beginning balance - ACL
Allowance for credit losses:
Beginning balance	2,133	5,921	5,921
Ending balance			2,133
Commercial portfolio \| Commercial real estate
Allowance for credit losses:
Beginning balance		3,627	3,627
Provision for (recovery of) credit losses	129	149
Charge-offs	0	0	0
Recoveries	0	0
Ending balance	1,405	2,455
Commercial portfolio \| Commercial real estate \| Adoption of ASU No. 2016-13 \| Accounting Standards Update 2016-13
Allowance for credit losses:
Beginning balance		(1,321)	(1,321)
Commercial portfolio \| Commercial real estate \| Beginning balance - ACL
Allowance for credit losses:
Beginning balance	1,276	2,306	2,306
Ending balance			1,276
Commercial portfolio \| Construction and land development
Allowance for credit losses:
Beginning balance		825	825
Provision for (recovery of) credit losses	829	(5)
Charge-offs	0	0	(4,664)
Recoveries	0	0
Ending balance	853	354
Commercial portfolio \| Construction and land development \| Adoption of ASU No. 2016-13 \| Accounting Standards Update 2016-13
Allowance for credit losses:
Beginning balance		(466)	(466)
Commercial portfolio \| Construction and land development \| Beginning balance - ACL
Allowance for credit losses:
Beginning balance	24	359	359
Ending balance			24
Commercial portfolio \| Residential real estate lending
Allowance for credit losses:
Provision for (recovery of) credit losses	(853)
Charge-offs	(160)
Recoveries	147
Ending balance	12,407
Commercial portfolio \| Residential real estate lending \| Beginning balance - ACL
Allowance for credit losses:
Beginning balance	13,273
Ending balance			13,273
Retail portfolio \| Residential real estate lending
Allowance for credit losses:
Beginning balance		11,338	11,338
Provision for (recovery of) credit losses		263
Charge-offs	(160)	(58)	(65)
Recoveries		238
Ending balance		14,849
Retail portfolio \| Residential real estate lending \| Adoption of ASU No. 2016-13 \| Accounting Standards Update 2016-13
Allowance for credit losses:
Beginning balance		3,068	3,068
Retail portfolio \| Residential real estate lending \| Beginning balance - ACL
Allowance for credit losses:
Beginning balance		14,406	14,406
Retail portfolio \| Consumer solar
Allowance for credit losses:
Beginning balance		6,867	6,867
Provision for (recovery of) credit losses	482	1,325
Charge-offs	(1,806)	(1,807)	(6,966)
Recoveries	121	211
Ending balance	26,775	22,762
Retail portfolio \| Consumer solar \| Adoption of ASU No. 2016-13 \| Accounting Standards Update 2016-13
Allowance for credit losses:
Beginning balance		16,166	16,166
Retail portfolio \| Consumer solar \| Beginning balance - ACL
Allowance for credit losses:
Beginning balance	27,978	23,033	23,033
Ending balance			27,978
Retail portfolio \| Consumer and Other
Allowance for credit losses:
Beginning balance		2,354	2,354
Provision for (recovery of) credit losses	(74)	(93)
Charge-offs	(96)	(18)	(270)
Recoveries	9	8
Ending balance	2,515	3,400
Retail portfolio \| Consumer and Other \| Adoption of ASU No. 2016-13 \| Accounting Standards Update 2016-13
Allowance for credit losses:
Beginning balance		1,149	1,149
Retail portfolio \| Consumer and Other \| Beginning balance - ACL
Allowance for credit losses:
Beginning balance	$ 2,676	$ 3,503	3,503
Ending balance			$ 2,676

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

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,
	2024		2023
(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 benefits	7		7
Change in obligation for other benefits	—		1
Change in total obligation for postretirement benefits and for prior service credit and for other benefits	43		48
Income tax expense	(11)		(13)
Net change in total obligation for postretirement benefits and prior service credit and for other benefits	32		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 securities	595		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

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.10	$ 0.10

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Reserve for credit risk inherent in off balance sheet credit commitments	$ 4.9		$ 4.2
Allowance for credit losses on off-balance sheet credit exposures	0.7	$ 0.1
Property Assessed Clean Energy Commitments
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Investment obligations, amount fulfilled	753.7
Remaining commitment	$ 119.7

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets Measured on Recurring Basis

The following summarizes those financial instruments measured at fair value on a recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy:


	March 31, 2024
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Traditional securities:
GSE certificates & CMOs	$	—	$	465,788	$	—	$	465,788
Non-GSE certificates & CMOs	—		186,453		—		186,453
ABS	—		668,290		—		668,290
Corporate	—		121,373		—		121,373
Other	198		3,691		—		3,889

PACE assessments:
Residential PACE assessments	—		—		82,258		82,258





Total assets carried at fair value	$	198	$	1,445,595	$	82,258	$	1,528,051


	December 31, 2023
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Traditional securities:
GSE certificates & CMOs	$	—	$	480,615	$	—	$	480,615
Non-GSE certificates & CMOs	—		196,860		—		196,860
ABS	—		627,635		—		627,635
Corporate	—		120,741		—		120,741
Other	199		3,689		—		3,888
PACE assessments:
Residential PACE assessments	—		—		53,303		53,303






Total assets carried at fair value	$	199	$	1,429,540	$	53,303	$	1,483,042

Schedule of Assets Measured at Fair Value on a Recurring Basis

The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2024 and March 31, 2023:


	Residential PACE Assessments
	March 31, 2024		March 31, 2023
(In thousands)
Balance of recurring Level 3 assets at January 1	$	53,303	$	—
Amortization included in interest income	261		—
Change in unrealized holding gains/losses included in other comprehensive income	536		—
Purchases	34,879		—
Sales	(6,284)		—
Principal paydowns	(437)		—

Balance of recurring Level 3 assets at March 31	$	82,258	$	—

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table presents quantitative information about recurring Level 3 fair value measurements at March 31, 2024 and December 31, 2023:

March 31, 2024

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

(In thousands)

Residential PACE assessments

82,258

Discounted cash flow

Conditional prepayment rate

7.0%-26.0% (18.2%)

December 31, 2023

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

(In thousands)

Residential PACE assessments

53,303

Discounted cash flow

Conditional prepayment rate

7.0%-26.0% (18.2%)

Schedule of Assets Measured on Nonrecurring Basis

The following tables summarize assets measured at fair value on a non-recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy:





	March 31, 2024
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Fair Value Measurements:
Individually analyzed loans	$	1,498	$	—	$	—	$	1,498	$	1,498

	$	1,498	$	—	$	—	$	1,498	$	1,498

Schedule of Basis and Estimated Fair Values of Financial Instruments

The following table summarizes the financial statement basis and estimated fair values for significant categories of financial instruments:







	March 31, 2024
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value

Financial assets:
Cash and cash equivalents	$	155,204	$	155,204	$	—	$	—	$	155,204


Held-to-maturity securities	1,673,962		—		571,999		949,622		1,521,621
Loans held for sale	2,137		—		—		2,137		2,137
Loans receivable, net	4,359,380		—		—		4,026,693		4,026,693

Resell agreements	131,242		—		—		131,242		131,242
Accrued interest receivable	53,436		281		13,111		40,044		53,436




Financial liabilities:
Deposits payable on demand	$	6,946,272	$	—	$	6,946,272	$	—	$	6,946,272
Time deposits and brokered CDs	359,493		—		357,684		—		357,684
FHLBNY advances	9,135		—		8,818		—		8,818
Other borrowings	60,000		—		59,958		—		59,958
Subordinated debt, net	70,570		—		56,456		—		56,456
Accrued interest payable	6,640		—		6,640		—		6,640


	December 31, 2023
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	90,570	$	90,570	$	—	$	—	$	90,570


Held-to-maturity securities	1,696,834		—		575,418		974,091		1,549,509
Loans held for sale	1,817		—				1,817		1,817
Loans receivable, net	4,345,628		—		—		4,029,142		4,029,142

Resell agreements	50,000		—		—		50,000		50,000
Accrued interest receivable	55,484		43		12,645		42,796		55,484


Financial liabilities:
Deposits payable on demand	$	6,582,321	$	—	$	6,582,321	$	—	$	6,582,321
Time deposits and brokered CDs	429,667		—		428,116		—		428,116
FHLBNY advances	4,381		—		4,381		—		4,381
Other borrowings	230,000		—		229,711		—		229,711
Subordinated debt, net	70,546		—		56,790		—		56,790
Accrued interest payable	12,270		—		12,270		—		12,270

DEPOSITS - Schedule of Maturities of Time Deposits and Brokered CDs (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Balance
2024	$ 157,931
2025	80,544
2026	46,613
2027	39,497
2028	26,884
Thereafter	8,024
Total	$ 359,493

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and due from banks	$ 3,830	$ 2,856
Interest-bearing deposits in banks	151,374	87,714
Total cash and cash equivalents	155,204	90,570
Securities:
Available for sale, at fair value	1,528,051	1,483,042
Held-to-maturity, at amortized cost	1,673,962	1,696,834
Loans held for sale	2,137	1,817
Loans receivable, net of deferred loan origination costs	4,423,780	4,411,319
Allowance for credit losses	(64,400)	(65,691)
Loans receivable, net	4,359,380	4,345,628
Resell agreements	131,242	50,000
Federal Home Loan Bank of New York ("FHLBNY") stock, at cost	4,603	4,389
Accrued interest receivable	53,436	55,484
Premises and equipment, net	7,128	7,807
Bank-owned life insurance	106,137	105,528
Right-of-use lease asset	19,797	21,074
Deferred tax asset, net	49,171	56,603
Goodwill	12,936	12,936
Intangible assets, net	2,034	2,217
Equity method investments	14,801	13,024
Other assets	16,663	25,371
Total assets	8,136,682	7,972,324
Liabilities
Deposits	7,305,765	7,011,988
Subordinated debt, net	70,570	70,546
Other Borrowings	69,135	234,381
Operating leases	27,250	30,646
Other liabilities	47,024	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 capital	287,198	288,232
Retained earnings	412,190	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' equity	616,805	585,231
Noncontrolling interests	133	133
Total stockholders' equity	616,938	585,364
Total liabilities and stockholders’ equity	8,136,682	7,972,324
Traditional securities
Securities:
Available for sale, at fair value	1,445,793	1,429,739
Held-to-maturity, at amortized cost	616,172	620,232
Property Assessed Clean Energy ("PACE") assessments
Securities:
Available for sale, at fair value	82,258	53,303
Held-to-maturity, at amortized cost	$ 1,057,790	$ 1,076,602

EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($)		3 Months Ended
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($)	Apr. 28, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of stock options, minimum (in dollars per share)		$ 11.00
Exercise price of stock options, maximum (in dollars per share)		$ 14.65
Fair value of options outstanding		$ 3,200,000		$ 4,700,000
Proceeds from stock options exercised		$ 0
Grant period		6 months
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost		$ 0	$ 0
Stock repurchased and retired during period (in shares)		17,460	3,999
Restricted Stock Units (RSUs) and Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)		516,003
Restricted Stock Units (RSUs) and Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)		334,375
Restricted Stock Units (RSUs) and Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)		606,817
Restricted Stock Units (RSUs) and Performance Shares \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost		$ 1,000,000	$ 900,000
Restricted Stock Units (RSUs) and Performance Shares \| Employee \| Employees and Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 11,900,000
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for stock-based awards (in shares)		1,300,000
Number of shares available for issuance (in shares)		1,046,692
Number of shares granted (in shares)		106,235
Fair value of shares granted (in dollars per share)		$ 23.20
Stock repurchased and retired during period (in shares)		30,183	21,738
Unvested shares (in shares)		334,375		291,762
Restricted Stock Units \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost		$ 100,000	$ 100,000
Restricted Stock Units \| Employee \| Employees and Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, period for recognition		1 year 4 months 24 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)		79,545
Fair value of shares granted (in dollars per share)		$ 22.26
Unvested shares (in shares)		181,628		125,963
Performance Shares \| Grant Date Fair Value, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares granted (in dollars per share)		$ 23.20
Performance Shares \| Grant Date Fair Value, Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost		$ 66,000
Number of shares granted (in shares)		4,423
Fair value of shares granted (in dollars per share)		$ 14.97
Performance Shares \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Number of shares reserved for issuance (in shares)		272,442
Performance Shares \| Employee \| Grant Date Fair Value, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)		36,737
Performance Shares \| Employee \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)		0
Performance Shares \| Employee \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)		55,106
Market-Based Restricted Stock Units \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)		38,385
Fair value of shares granted (in dollars per share)		$ 22.21
Vesting period		3 years
Market-Based Restricted Stock Units \| Employee \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)		0
Market-Based Restricted Stock Units \| Employee \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of achievable awards (in shares)		57,578
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost		$ 37,000	$ 58,000
Number of shares authorized for stock-based awards (in shares)	500,000			424,848
Number of shares available for issuance (in shares)		414,673
Maximum withholding percentage for each employee of eligible compensation	15.00%
Maximum value of shares eligible to be purchased by employees for each calendar year	$ 25,000
Purchase price of common stock, percentage of fair market value	85.00%

Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
INTEREST AND DIVIDEND INCOME
Loans	$ 51,952	$ 44,806
Securities	42,390	39,512
Interest-bearing deposits in banks	2,592	618
Total interest and dividend income	96,934	84,936
INTEREST EXPENSE
Deposits	25,891	13,835
Borrowed funds	3,006	3,821
Total interest expense	28,897	17,656
NET INTEREST INCOME	68,037	67,280
Provision for credit losses	1,588	4,958
Net interest income after provision for credit losses	66,449	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 income	609	781
Losses on sale of securities	(2,774)	(3,086)
Gains on sale of loans, net	47	3
Equity method investments income	2,072	153
Other income	285	973
Total non-interest income	10,229	5,208
NON-INTEREST EXPENSE
Compensation and employee benefits	22,273	22,014
Occupancy and depreciation	2,904	3,399
Professional fees	2,376	2,230
Data processing	4,629	4,549
Office maintenance and depreciation	663	728
Amortization of intangible assets	183	222
Advertising and promotion	1,219	1,587
Federal deposit insurance premiums	1,050	718
Other expense	2,855	3,180
Total non-interest expense	38,152	38,627
Income before income taxes	38,526	28,903
Income tax expense	11,277	7,565
Net income	$ 27,249	$ 21,338
Earnings per common share - basic (in dollars per share)	$ 0.89	$ 0.69
Earnings per common share - diluted (in dollars per share)	$ 0.89	$ 0.69

LOANS RECEIVABLE, NET - Term Extension (Details) - Commercial portfolio	3 Months Ended
	Mar. 31, 2023
Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extension	1 year
Commercial real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extension	6 months
Construction and land development
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extension	9 months 18 days

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK

Credit Commitments

The Company is party to various credit related financial instruments with off balance sheet risk. The Company, in the normal course of business, issues such financial instruments in order to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated statements of financial condition.

The following financial instruments were outstanding whose contract amounts represent credit risk as of the related periods:





	March 31, 2024		December 31, 2023
(In thousands)
Commitments to extend credit	$	511,509	$	514,206
Standby letters of credit	31,213		31,678
Total	$	542,722	$	545,884

Commitments to extend credit are contracts to lend to a customer as long as there is no violation of any condition established in the contract. These commitments have fixed expiration dates and other termination clauses and generally require the payment of nonrefundable fees. Since a portion of the commitments are expected to expire without being drawn upon, the contractual principal amounts do not necessarily represent future cash requirements. The Company’s maximum exposure to credit risk is represented by the contractual amount of these instruments. These instruments represent ultimate exposure to credit risk only to the extent they are subsequently drawn upon by customers.

Standby letters of credit are conditional lending commitments issued by the Company to guarantee the financial performance of a customer to a third party. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan facilities to customers. The balance sheet carrying value of standby letters of credit approximates any nonrefundable fees received but not yet recorded as income. The Company considers this carrying value, which is not material, to approximate the estimated fair value of these financial instruments.

The Company reserves for the credit risk inherent in off balance sheet credit commitments. This allowance, which is included in other liabilities, amounted to approximately $4.9 million as of March 31, 2024, compared to an allowance of $4.2 million as of December 31, 2023. The provision for credit losses related to off balance sheet credit commitments was $0.7 million for the three months ended March 31, 2024, and $0.1 million for the three months ended March 31, 2023.

Investment Obligations

The Company is a party to agreements with Pace Funding Group LLC, which operates Home Run Financing, for the purchase of PACE assessment securities until January 2025. As of March 31, 2024, the Company had purchased $753.7 million of these obligations and had an estimated remaining commitment of $119.7 million. The PACE assessments have equal-lien priority with property taxes and generally rank senior to first lien mortgages. These investments are currently held in the Company's held-to-maturity investment portfolio. The Company evaluates these obligations for credit risk and the recorded reserve is immaterial.

Other Commitments and Contingencies

In the ordinary course of business, there are various legal proceedings pending against the Company. Based on the opinion of counsel, management believes that the aggregate liabilities, if any, arising from such actions would not have a material adverse effect on the consolidated financial position or results of operations of the Company. As part of the Company's ongoing investments in VIE projects, we also have commitments to provide financing, which are included in footnote 14.

LEASES - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 1,840	$ 1,777
Cash paid for amounts included in the measurement of operating leases liability	$ 4,186	$ 2,813

LOANS RECEIVABLE, NET - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans receivable	$ 4,423,780	$ 4,411,319
Total loans receivable, net	4,359,380	4,345,628
Related party loans outstanding	1,500	1,700
Commercial portfolio
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans receivable	2,566,415	2,536,176
Commercial portfolio \| Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans receivable	1,014,084	1,010,998
Commercial portfolio \| Commercial and industrial \| Loans Insured or Guaranteed by US Government Authorities
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans receivable	224,700	225,600
Nonperforming Financial Instruments
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans receivable, net	1,000	1,000
Asset Pledged as Collateral without Right \| Federal Home Loan Bank Advances
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total loans receivable, net	$ 2,370,000	$ 2,350,000

BASIS OF PRESENTATION AND CONSOLIDATION

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

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 Adjustment		Tax Impact		Net Adjustment to Retained Earnings
Assets:
Allowance for credit losses on held-to-maturity securities	$	668	$	(184)	$	484
Allowance for credit losses on loans	21,229		(5,849)		15,380

Liabilities:
Allowance for credit losses on off-balance sheet credit exposures	2,705		(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.

INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Value of Available for Sale 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 & CMOs	206,361			—			(19,908)			186,453
ABS		685,746			315			(17,771)			668,290
Corporate		140,026			—			(18,653)			121,373
Other		4,197			—			(308)			3,889
		1,539,887			578			(94,672)			1,445,793
PACE assessments:
Residential PACE assessments		81,282			976			—			82,258







Total available for sale		$	1,621,169		$	1,554		$	(94,672)		$	1,528,051

		Amortized Cost			Gross Unrecognized Gains			Gross Unrecognized Losses			Fair Value
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs		$	193,070		$	952		$	(20,712)		$	173,310
Non-GSE certificates & CMOs		78,510			—			(6,706)			71,804
ABS		278,249			96			(6,519)			271,826
Municipal		66,396			126			(11,463)			55,059

		616,225			1,174			(45,400)			571,999
PACE assessments:
Commercial PACE assessments		256,661			—			(29,767)			226,894
Residential PACE assessments		801,786			—			(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

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 Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair 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 & CMOs	218,550		—		(21,690)		196,860
ABS	648,585		40		(20,990)		627,635
Corporate	140,038		—		(19,297)		120,741
Other	4,197		—		(309)		3,888
	1,532,471		99		(102,832)		1,429,739
PACE assessments:
Residential PACE assessments	52,863		440		—		53,303






Total available for sale	$	1,585,334	$	539	$	(102,831)	$	1,483,042

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs	$	194,329	$	1,099	$	(19,693)	$	175,735
Non-GSE certificates & CMOs	79,406		9		(6,686)		72,729
ABS	279,916		23		(8,678)		271,261
Municipal	66,635		165		(11,107)		55,693

	620,286		1,296		(46,164)		575,418
PACE assessments:
Commercial PACE assessments	258,306		—		(29,211)		229,095
Residential PACE assessments	818,963		—		(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

Schedule of Amortized Cost and Fair Value of Held to Maturity 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 & CMOs	206,361			—			(19,908)			186,453
ABS		685,746			315			(17,771)			668,290
Corporate		140,026			—			(18,653)			121,373
Other		4,197			—			(308)			3,889
		1,539,887			578			(94,672)			1,445,793
PACE assessments:
Residential PACE assessments		81,282			976			—			82,258







Total available for sale		$	1,621,169		$	1,554		$	(94,672)		$	1,528,051

		Amortized Cost			Gross Unrecognized Gains			Gross Unrecognized Losses			Fair Value
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs		$	193,070		$	952		$	(20,712)		$	173,310
Non-GSE certificates & CMOs		78,510			—			(6,706)			71,804
ABS		278,249			96			(6,519)			271,826
Municipal		66,396			126			(11,463)			55,059

		616,225			1,174			(45,400)			571,999
PACE assessments:
Commercial PACE assessments		256,661			—			(29,767)			226,894
Residential PACE assessments		801,786			—			(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

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 Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair 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 & CMOs	218,550		—		(21,690)		196,860
ABS	648,585		40		(20,990)		627,635
Corporate	140,038		—		(19,297)		120,741
Other	4,197		—		(309)		3,888
	1,532,471		99		(102,832)		1,429,739
PACE assessments:
Residential PACE assessments	52,863		440		—		53,303






Total available for sale	$	1,585,334	$	539	$	(102,831)	$	1,483,042

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs	$	194,329	$	1,099	$	(19,693)	$	175,735
Non-GSE certificates & CMOs	79,406		9		(6,686)		72,729
ABS	279,916		23		(8,678)		271,261
Municipal	66,635		165		(11,107)		55,693

	620,286		1,296		(46,164)		575,418
PACE assessments:
Commercial PACE assessments	258,306		—		(29,211)		229,095
Residential PACE assessments	818,963		—		(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

Schedule of Investments by Contractual Maturity

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 Sale				Held-to-maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
(In thousands)
Due within one year	$	3,000	$	2,938	$	—	$	—
Due after one year through five years	63,881		59,373		9,443		9,129
Due after five years through ten years	305,694		291,046		118,141		117,180
Due after ten years	538,676		522,453		1,275,508		1,150,198
	$	911,251	$	875,810	$	1,403,092	$	1,276,507

Schedule of Proceeds Received and Gains (Losses) on Sale of Available for Sale Securities

Proceeds received and gains and losses realized on sales of available for sale securities are summarized below:


	Three Months Ended,
	March 31, 2024		March 31, 2023
(In thousands)
Proceeds	$	78,827	$	145,305

Realized gains	$	—	$	—
Realized losses	(2,774)		(3,086)
Net realized losses	$	(2,774)	$	(3,086)

Schedule of Unrealized Losses

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 Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
Traditional securities:
GSE certificates & CMOs	$	13,115	$	52	$	394,753	$	37,980	$	407,868	$	38,032
Non-GSE certificates & CMOs	—		—		186,453		19,908		186,453		19,908
ABS	49,551		33		411,349		17,738		460,900		17,771
Corporate	—		—		121,373		18,653		121,373		18,653
Other	198		1		3,691		307		3,889		308








Total available for sale	$	62,864	$	86	$	1,117,619	$	94,586	$	1,180,483	$	94,672


	December 31, 2023
	Less Than Twelve Months				Twelve Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
Traditional securities:
GSE certificates & CMOs	$	—	$	—	$	460,239	$	40,545	$	460,239	$	40,545
Non-GSE certificates & CMOs	—		—		196,860		21,690		196,860		21,690
ABS	53,133		122		526,868		20,868		580,001		20,990
Corporate	—		—		120,741		19,297		120,741		19,297
Other	—		—		3,888		309		3,888		309








Total available for sale	$	53,133	$	122	$	1,308,596	$	102,709	$	1,361,729	$	102,831

Debt Securities, Held-to-Maturity, Allowance for Credit Loss

The following table presents the activity in the allowance for credit losses for securities held-to-maturity for the three months ended March 31, 2024:


(In thousands)	Non-GSE commercial certificates		Commercial PACE		Residential PACE		Total
Allowance for credit losses:
Beginning balance	$	54	$	258	$	409	$	721

Recovery of credit losses	(1)		(2)		(8)		(11)
Charge-offs	—		—		—		—
Recoveries	—		—		—		—
Ending balance	$	53	$	256	$	401	$	710

The following table presents the activity in the allowance for credit losses for securities held-to-maturity for the three months ended March 31, 2023:


(In thousands)	Non-GSE commercial certificates		Commercial PACE		Residential PACE		Total
Allowance for credit losses:
Beginning balance	$	—	$	—	$	—	$	—
Adoption of ASU No. 2016-13	85		255		328		668
Provision for (recovery of) credit losses	(1)		7		39		45
Charge-offs	(26)		—		—		(26)
Recoveries	—		—		—		—
Ending balance	$	58	262		367		687

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assumptions are developed based on prioritizing information within a fair value hierarchy that gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. A description of the disclosure hierarchy and the types of financial instruments recorded at fair value that management believes would generally qualify for each category are as follows:

Level 1 - Valuations are based on quoted prices in active markets for identical assets or liabilities. Accordingly, valuation of these assets and liabilities does not entail a significant degree of judgment. Examples include most U.S. Government securities and exchange-traded equity securities.

Level 2 - Valuations are based on either quoted prices in markets that are not considered to be active or significant inputs to the methodology that are observable, either directly or indirectly. Financial instruments in this level would generally include mortgage-related securities and other debt issued by GSEs, non-GSE mortgage-related securities, corporate debt, certain redeemable fund investments and certain trust preferred securities.

Level 3 - Valuations are based on inputs to the methodology that are unobservable and significant to the fair value measurement. These inputs reflect management’s own judgments about the assumptions that market participants would use in pricing the assets and liabilities.

Assets Measured at Fair Value on a Recurring Basis

Available for sale securities

The Company’s available for sale securities are reported at fair value. Investments in fixed income securities are generally valued based on evaluations provided by an independent pricing service. These evaluations represent an exit price or their opinion as to what a buyer would pay for a security, typically in an institutional round lot position, in a current sale. The pricing service utilizes evaluated pricing techniques that vary by asset class and incorporate available market information and, because many fixed income securities do not trade on a daily basis, applies available information through processes such as benchmark curves, benchmarking of available securities, sector groupings and matrix pricing. Model processes, such as option adjusted spread models, are used to value securities that have prepayment features. In those limited cases where pricing service evaluations are not available for a fixed income security, management will typically value those instruments using observable market inputs in a discounted cash flow analysis.


	March 31, 2024
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Traditional securities:
GSE certificates & CMOs	$	—	$	465,788	$	—	$	465,788
Non-GSE certificates & CMOs	—		186,453		—		186,453
ABS	—		668,290		—		668,290
Corporate	—		121,373		—		121,373
Other	198		3,691		—		3,889

PACE assessments:
Residential PACE assessments	—		—		82,258		82,258





Total assets carried at fair value	$	198	$	1,445,595	$	82,258	$	1,528,051


	December 31, 2023
(In thousands)	Level 1		Level 2		Level 3		Total
Available for sale securities:
Traditional securities:
GSE certificates & CMOs	$	—	$	480,615	$	—	$	480,615
Non-GSE certificates & CMOs	—		196,860		—		196,860
ABS	—		627,635		—		627,635
Corporate	—		120,741		—		120,741
Other	199		3,689		—		3,888
PACE assessments:
Residential PACE assessments	—		—		53,303		53,303






Total assets carried at fair value	$	199	$	1,429,540	$	53,303	$	1,483,042


	Residential PACE Assessments
	March 31, 2024		March 31, 2023
(In thousands)
Balance of recurring Level 3 assets at January 1	$	53,303	$	—
Amortization included in interest income	261		—
Change in unrealized holding gains/losses included in other comprehensive income	536		—
Purchases	34,879		—
Sales	(6,284)		—
Principal paydowns	(437)		—

Balance of recurring Level 3 assets at March 31	$	82,258	$	—

The fair value of the Company's PACE assessments are determined internally by calculating discounted cash flows using expected conditional prepayment rates, market spreads, and the Treasury yield curve. Qualitative assessments from recent commentary from dealers or investors or issuers, information revealed from secondary market trades of clean energy senior asset-backed securities, and volatility in the marketplace are reviewed and incorporated into the calculations.

The following table presents quantitative information about recurring Level 3 fair value measurements at March 31, 2024 and December 31, 2023:

March 31, 2024

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

(In thousands)

Residential PACE assessments

82,258

Discounted cash flow

Conditional prepayment rate

7.0%-26.0% (18.2%)

December 31, 2023

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

(In thousands)

Residential PACE assessments

53,303

Discounted cash flow

Conditional prepayment rate

7.0%-26.0% (18.2%)

Assets Measured at Fair Value on a Non-recurring Basis

Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis. That is, they are subject to fair value adjustments in certain circumstances. Financial assets measured at fair value on a non-recurring basis include certain individually evaluated loans (or impaired loans prior to the adoption of ASU 2016-13) reported at the fair value of the underlying collateral if repayment is expected solely from the collateral.





	March 31, 2024
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Fair Value Measurements:
Individually analyzed loans	$	1,498	$	—	$	—	$	1,498	$	1,498

	$	1,498	$	—	$	—	$	1,498	$	1,498

At December 31, 2023, there were no individually analyzed collateral-dependent loans.

Financial Instruments Not Measured at Fair Value

For those financial instruments that are not recorded at fair value in the consolidated statements of financial condition, but are measured at fair value for disclosure purposes, management follows the same fair value measurement principles and guidance as for instruments recorded at fair value. For a description of the methods, factors and significant assumptions utilized in estimating the fair values for significant categories of financial instruments not measured at fair value, refer to footnote 14, Fair Value of Financial Instruments, included in the Annual Report on Form 10-K for the year ended December 31, 2023.

There are significant limitations in estimating the fair value of financial instruments for which an active market does not exist. Due to the degree of management judgment that is often required, such estimates tend to be subjective, sensitive to changes in assumptions and imprecise. Such estimates are made as of a point in time and are impacted by then-current observable market conditions; also such estimates do not give consideration to transaction costs or tax effects if estimated unrealized gains or losses were to become realized in the future. Because of inherent uncertainties of valuation, the estimated fair value may differ significantly from the value that would have been used had a ready market for the investment existed and the difference could be material. Lastly, consideration is not given to nonfinancial instruments, including various intangible assets, which could represent substantial value. Fair value estimates are not necessarily representative of the Company’s total enterprise value.

The following table summarizes the financial statement basis and estimated fair values for significant categories of financial instruments:







	March 31, 2024
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value

Financial assets:
Cash and cash equivalents	$	155,204	$	155,204	$	—	$	—	$	155,204


Held-to-maturity securities	1,673,962		—		571,999		949,622		1,521,621
Loans held for sale	2,137		—		—		2,137		2,137
Loans receivable, net	4,359,380		—		—		4,026,693		4,026,693

Resell agreements	131,242		—		—		131,242		131,242
Accrued interest receivable	53,436		281		13,111		40,044		53,436




Financial liabilities:
Deposits payable on demand	$	6,946,272	$	—	$	6,946,272	$	—	$	6,946,272
Time deposits and brokered CDs	359,493		—		357,684		—		357,684
FHLBNY advances	9,135		—		8,818		—		8,818
Other borrowings	60,000		—		59,958		—		59,958
Subordinated debt, net	70,570		—		56,456		—		56,456
Accrued interest payable	6,640		—		6,640		—		6,640


	December 31, 2023
(In thousands)	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	90,570	$	90,570	$	—	$	—	$	90,570


Held-to-maturity securities	1,696,834		—		575,418		974,091		1,549,509
Loans held for sale	1,817		—				1,817		1,817
Loans receivable, net	4,345,628		—		—		4,029,142		4,029,142

Resell agreements	50,000		—		—		50,000		50,000
Accrued interest receivable	55,484		43		12,645		42,796		55,484


Financial liabilities:
Deposits payable on demand	$	6,582,321	$	—	$	6,582,321	$	—	$	6,582,321
Time deposits and brokered CDs	429,667		—		428,116		—		428,116
FHLBNY advances	4,381		—		4,381		—		4,381
Other borrowings	230,000		—		229,711		—		229,711
Subordinated debt, net	70,546		—		56,790		—		56,790
Accrued interest payable	12,270		—		12,270		—		12,270

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

BASIS OF PRESENTATION AND CONSOLIDATION - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on off-balance sheet credit exposures	$ 616,938	$ 585,364	$ 519,158		$ 508,955
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on off-balance sheet credit exposures	$ 412,190	$ 388,033	$ 330,673		$ 330,275
Retained Earnings \| Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on off-balance sheet credit exposures				$ (17,825)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

BORROWED FUNDS (Details) - USD ($) $ in Thousands	3 Months Ended
BORROWED FUNDS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Other eligible assets pledged as collateral	$ 2,070,000
FHLBNY advances	9,100		$ 4,400
Interest expense on federal home loan bank and federal reserve bank advances,	0	$ 3,000
Other Borrowings	69,135		234,381
Interest expense	3,006	3,821
Bank Term Funding Program
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Other Borrowings	$ 60,000		$ 230,000
Weighted average interest rate	4.71%		4.50%
Interest expense	$ 2,400	$ 200
Compromised Securities
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Other eligible assets pledged as collateral	395,100
Mortgage-related
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Other eligible assets pledged as collateral	$ 1,670,000

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measurement Inputs and Valuation Techniques (Details) - Residential PACE assessments - Level 3 - Discounted cash flow $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 82,258	$ 53,303
Conditional prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 82,258
Conditional prepayment rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, percent	0.070	0.070
Conditional prepayment rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, percent	0.260	0.260
Conditional prepayment rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, percent	0.182	0.182

GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Total
2024	$ 547
2025	574
2026	419
2027	265
2028	111
Thereafter	118
Total	$ 2,034

INVESTMENT SECURITIES - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Allowance for credit losses:
Beginning balance	$ 721	$ 0
Recovery of credit losses	(11)	45
Charge-offs	0	(26)
Recoveries	0	0
Ending Balance	710	687
Adoption of ASU No. 2016-13
Allowance for credit losses:
Beginning balance		668
Non-GSE commercial certificates
Allowance for credit losses:
Beginning balance	54	0
Recovery of credit losses	(1)	(1)
Charge-offs	0	(26)
Recoveries	0	0
Ending Balance	53	58
Non-GSE commercial certificates \| Adoption of ASU No. 2016-13
Allowance for credit losses:
Beginning balance		85
Commercial PACE
Allowance for credit losses:
Beginning balance	258	0
Recovery of credit losses	(2)	7
Charge-offs	0	0
Recoveries	0	0
Ending Balance	256	262
Commercial PACE \| Adoption of ASU No. 2016-13
Allowance for credit losses:
Beginning balance		255
Residential PACE
Allowance for credit losses:
Beginning balance	409	0
Recovery of credit losses	(8)	39
Charge-offs	0	0
Recoveries	0	0
Ending Balance	$ 401	367
Residential PACE \| Adoption of ASU No. 2016-13
Allowance for credit losses:
Beginning balance		$ 328

BASIS OF PRESENTATION AND CONSOLIDATION - Adoption of ASU (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on held-to-maturity securities		$ (710)	$ (687)	$ (721)	$ 0
Allowance for credit losses		(64,400)	(67,323)	(65,691)	(45,031)
Allowance for credit losses on off-balance sheet credit exposures		(4,900)		(4,200)
Tax Impact
Income tax expense		11,277	7,565
Net Adjustment to Retained Earnings		616,938	519,158	585,364	508,955
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on held-to-maturity securities	$ (668)
Allowance for credit losses	(21,229)
Allowance for credit losses on off-balance sheet credit exposures	(2,705)
Total Day 1 Adjustment for Adoption of ASU 2016-13	24,602
Tax Impact
Allowance for credit losses on held-to-maturity securities	(184)
Allowance for credit losses on loans	(5,849)
Allowance for credit losses on off-balance sheet credit exposures	(744)
Income tax expense	(6,777)
Retained Earnings
Tax Impact
Net Adjustment to Retained Earnings		$ 412,190	$ 330,673	$ 388,033	$ 330,275
Retained Earnings \| Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on held-to-maturity securities	484
Allowance for credit losses	15,380
Allowance for credit losses on off-balance sheet credit exposures	1,961
Tax Impact
Net Adjustment to Retained Earnings	$ (17,825)

EMPLOYEE BENEFIT PLANS (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of the status of the Company’s options as of March 31, 2024 follows:





	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Intrinsic Value (in thousands)
Outstanding, January 1, 2024	342,260	$	13.17	2.6	years
Granted	—	—		—
Forfeited/ Expired	—	—		—
Exercised	(42,000)	11.00		—
Outstanding, March 31, 2024	300,260	13.47		2.6	years	$	3,161
Vested and Exercisable, March 31, 2024	300,260	$	13.47	2.6	years	$	3,161

Schedule of Restricted Stock Unit Activity

A summary of the status of the Company’s time-based vesting RSUs as of March 31, 2024 follows:


	Shares	Grant Date Fair Value
Unvested, January 1, 2024	291,762	$	19.48
Awarded	106,235	23.20
Forfeited/Expired	—	—
Vested	(63,622)	20.22
Unvested, March 31, 2024	334,375	$	20.52

A summary of the status of the Company’s performance-based vesting RSUs as of March 31, 2024 follows:


	Shares	Grant Date Fair Value
Unvested, January 1, 2024	125,963	$	19.68
Awarded	79,545	22.26
Forfeited/Expired	—	—
Vested	(23,880)	14.97
Unvested, March 31, 2024	181,628	$	21.43

Schedule of Shares Purchased Under the ESPP since Inception

The below following summarizes the shares purchased under the ESPP since the inception of the plan:


			Number of Shares
Shares available for purchase at December 31, 2023			424,848
Purchases during the three months ended:
March 31, 2024			(10,175)

Remaining shares available for purchase at March 31, 2024			414,673

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 12,936		$ 12,936
Accumulated amortization of intangible assets	7,000
Amortization of intangible assets	$ 183	$ 222

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

VARIABLE INTEREST ENTITIES - Tax Credit Benefit (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Tax credits and other tax benefits recognized	$ 863	$ 813

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

BASIS OF PRESENTATION AND CONSOLIDATION (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Accounting Standards Update and Change in Accounting Principle

The below table illustrates the impact of the adoption of ASU 2016-13.


	January 1, 2023
	Gross Adjustment		Tax Impact		Net Adjustment to Retained Earnings
Assets:
Allowance for credit losses on held-to-maturity securities	$	668	$	(184)	$	484
Allowance for credit losses on loans	21,229		(5,849)		15,380

Liabilities:
Allowance for credit losses on off-balance sheet credit exposures	2,705		(744)		1,961

Total Day 1 Adjustment for Adoption of ASU 2016-13	$	24,602	$	(6,777)	$	17,825

FAIR VALUE OF FINANCIAL INSTRUMENTS - Securities Measured on Non-Recurring Basis (Details) - Fair Value, Nonrecurring $ in Thousands	Mar. 31, 2024 USD ($)
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Individually analyzed loans	$ 1,498
Total value of assets measured on non-recurring basis	1,498
Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Individually analyzed loans	1,498
Total value of assets measured on non-recurring basis	1,498
Estimated Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Individually analyzed loans	0
Total value of assets measured on non-recurring basis	0
Estimated Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Individually analyzed loans	0
Total value of assets measured on non-recurring basis	0
Estimated Fair Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Individually analyzed loans	1,498
Total value of assets measured on non-recurring basis	$ 1,498

VARIABLE INTEREST ENTITIES - Unconsolidated Variable Interest Entities (Details) - Unconsolidated Variable Interest Entities - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Tax credit investments included in equity investments	$ 10,801	$ 9,024
Loan commitments	52,222	52,222
Funded portion of loan commitments	$ 52,222	$ 52,222

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

EMPLOYEE BENEFIT PLANS - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Options
Outstanding, balance at the beginning of the period (in shares)	342,260
Granted (in shares)	0
Forfeited/expired (in shares)	0
Exercised (in shares)	(42,000)
Outstanding, balance at the end of the period (in shares)	300,260	342,260
Vested and exercisable (in shares)	300,260
Weighted Average Exercise Price
Outstanding, balance at the beginning of the period (in dollars per share)	$ 13.17
Granted (in dollars per share)	0
Forfeited/expired (in dollars per share)	0
Exercised (in dollars per share)	11.00
Outstanding, balance at the end of the period (in dollars per share)	13.47	$ 13.17
Vested and exercisable (in dollars per share)	$ 13.47
Weighted Average Remaining Contractual Term
Options outstanding	2 years 7 months 6 days	2 years 7 months 6 days
Options vested and exercisable	2 years 7 months 6 days
Intrinsic Value (in thousands)
Options outstanding	$ 3,161
Options exercisable	$ 3,161

INVESTMENT SECURITIES - Schedule of Unrealized Losses on Available for Sale Securities and Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	$ 62,864	$ 53,133
Available for sale, less than 12 months, unrealized losses	86	122
Available for sale, 12 months or longer, fair value	1,117,619	1,308,596
Available for sale, 12 months or longer, unrealized losses	94,586	102,709
Available for sale, total fair value	1,180,483	1,361,729
Available for sale, total unrealized losses	94,672	102,831
GSE certificates & CMOs
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	13,115	0
Available for sale, less than 12 months, unrealized losses	52	0
Available for sale, 12 months or longer, fair value	394,753	460,239
Available for sale, 12 months or longer, unrealized losses	37,980	40,545
Available for sale, total fair value	407,868	460,239
Available for sale, total unrealized losses	38,032	40,545
Non-GSE certificates & CMOs
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	0	0
Available for sale, less than 12 months, unrealized losses	0	0
Available for sale, 12 months or longer, fair value	186,453	196,860
Available for sale, 12 months or longer, unrealized losses	19,908	21,690
Available for sale, total fair value	186,453	196,860
Available for sale, total unrealized losses	19,908	21,690
ABS
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	49,551	53,133
Available for sale, less than 12 months, unrealized losses	33	122
Available for sale, 12 months or longer, fair value	411,349	526,868
Available for sale, 12 months or longer, unrealized losses	17,738	20,868
Available for sale, total fair value	460,900	580,001
Available for sale, total unrealized losses	17,771	20,990
Corporate
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	0	0
Available for sale, less than 12 months, unrealized losses	0	0
Available for sale, 12 months or longer, fair value	121,373	120,741
Available for sale, 12 months or longer, unrealized losses	18,653	19,297
Available for sale, total fair value	121,373	120,741
Available for sale, total unrealized losses	18,653	19,297
Other
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Available for sale, less than 12 months, fair value	198	0
Available for sale, less than 12 months, unrealized losses	1	0
Available for sale, 12 months or longer, fair value	3,691	3,888
Available for sale, 12 months or longer, unrealized losses	307	309
Available for sale, total fair value	3,889	3,888
Available for sale, total unrealized losses	$ 308	$ 309

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Summary of Accumulated Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 585,364	$ 508,955
Current Period Change	9,814	15,721
Income Tax Effect	(2,682)	(4,331)
Ending balance	616,938	519,158
Accumulated Other Comprehensive Loss, net of income taxes
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(86,004)	(108,707)
Current Period Change	9,814	15,721
Income Tax Effect	(2,682)	(4,331)
Ending balance	(78,872)	(97,317)
Unrealized gains (losses) on benefits plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,481)	(1,652)
Current Period Change	43	48
Income Tax Effect	(11)	(13)
Ending balance	(1,449)	(1,617)
Unrealized gains (losses) on available for sale securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(74,348)	(95,539)
Current Period Change	9,176	15,185
Income Tax Effect	(2,508)	(4,184)
Ending balance	(67,680)	(84,538)
Unaccreted unrealized loss on securities transferred to held-to-maturity
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(10,175)	(11,516)
Current Period Change	595	488
Income Tax Effect	(163)	(134)
Ending balance	$ (9,743)	$ (11,162)

- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

SUBORDINATED DEBT	3 Months Ended
SUBORDINATED DEBT	Mar. 31, 2024
Federal Home Loan Banks [Abstract]
SUBORDINATED DEBT	SUBORDINATED DEBT On November 8, 2021, the Company completed a public offering of $85.0 million of aggregated principal amount of 3.25% Fixed-to-Floating Rate subordinated notes due 2031 (the "Notes"). The fixed rate period is defined from and including November 8, 2021 to, but excluding, November 15, 2026, or the date of earlier redemption. The floating rate period is defined from and including November 15, 2026 to, but excluding, November 15, 2031, or the date of earlier redemption. The floating rate per annum is equal to three-month term SOFR (the "benchmark rate") plus a spread of 230 basis points for each quarterly interest period during the floating rate period, provided however, that if the benchmark rate is less than zero, the benchmark rate shall be deemed to be zero. The subordinated notes will mature on November 15, 2031. The Company may, at its option, beginning with the interest payment date of November 15, 2026, and on any interest payment date thereafter, redeem the Notes, in whole or in part, from time to time, subject to obtaining prior approval of the Board of Governors of the Federal Reserve System (the "Federal Reserve Board") to the extent such approval is then required under the capital adequacy rules of the Federal Reserve Board, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption. Interest expense on subordinated debt for the three months ended March 31, 2024 and 2023 was $0.6 million and $0.6 million, respectively. During the three months ended March 31, 2024 the Company did not repurchase any subordinated notes. During the three months ended March 31, 2023, the Company repurchased subordinated notes with a par value of $4.0 million for cash paid of $3.2 million, respectively. Gains on repurchases of subordinated debt for the three months ended March 31, 2024 and 2023 were zero and $0.8 million, respectively, and are recorded in Non-interest income - other on the consolidated statements of income.

LEASES (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Lease Cost and Other Information

The following table summarizes our lease cost and other operating lease information:


	Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
(In thousands)
Operating lease cost	$	1,840	$	1,777


Cash paid for amounts included in the measurement of operating leases liability	$	4,186	$	2,813



Note: Sublease income and variable income or expense considered immaterial

Schedule of Remaining Commitments of Operating Lease Payments


(In thousands)	As of March 31, 2024
2024	$	8,076
2025	10,797
2026	8,881
2027	747
2028	—
Thereafter	—
Total undiscounted operating lease payments	28,501
Less: present value adjustment	1,251
Total Operating leases liability	$	27,250

DEPOSITS - Schedule of Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amount
Non-interest-bearing demand deposit accounts	$ 3,182,047	$ 2,940,398
NOW accounts	200,900	200,382
Money market deposit accounts	3,222,271	3,100,681
Savings accounts	341,054	340,860
Time deposits	197,265	187,457
Brokered certificates of deposit ("CDs")	162,228	242,210
Total deposits	$ 7,305,765	$ 7,011,988
Weighted Average Rate
NOW accounts	1.05%	0.99%
Money market deposit accounts	2.96%	2.89%
Savings accounts	1.34%	1.20%
Time deposits	3.44%	3.01%
Brokered certificates of deposit ("CDs")	4.99%	5.09%
Deposits	1.60%	1.62%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 27,249	$ 21,338

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INVESTMENT SECURITIES - Amortized Cost and Fair Value of AFS Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 1,621,169	$ 1,585,334
Gross Unrealized Gains	1,554	539
Gross Unrealized Losses	(94,672)	(102,831)
Fair Value	1,528,051	1,483,042
Traditional securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	1,539,887	1,532,471
Gross Unrealized Gains	578	99
Gross Unrealized Losses	(94,672)	(102,832)
Fair Value	1,445,793	1,429,739
Government sponsored entities ("GSE") residential CMOs ("collateralized mortgage obligations")
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	503,557	521,101
Gross Unrealized Gains	263	59
Gross Unrealized Losses	(38,032)	(40,545)
Fair Value	465,788	480,615
Non-GSE certificates & CMOs
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	206,361	218,550
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(19,908)	(21,690)
Fair Value	186,453	196,860
ABS
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	685,746	648,585
Gross Unrealized Gains	315	40
Gross Unrealized Losses	(17,771)	(20,990)
Fair Value	668,290	627,635
Corporate
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	140,026	140,038
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(18,653)	(19,297)
Fair Value	121,373	120,741
Other
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	4,197	4,197
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(308)	(309)
Fair Value	3,889	3,888
Property Assessed Clean Energy ("PACE") assessments
Debt Securities, Available-for-Sale [Line Items]
Fair Value	82,258	53,303
Residential PACE assessments
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	81,282	52,863
Gross Unrealized Gains	976	440
Gross Unrealized Losses	0	0
Fair Value	$ 82,258	$ 53,303

EMPLOYEE BENEFIT PLANS - ESPP (Details) - Employee Stock - shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Apr. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for purchase at December 31, 2023 (in shares)		424,848	500,000
Purchases (in shares)	(10,175)
Remaining shares available for purchase at March 31, 2024 (in shares)	414,673

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Estimated Amortization Expense

The following table reflects the estimated amortization expense, comprised entirely by the Company’s core deposit intangible asset, for the next five years and thereafter:


(In thousands)	Total
2024	$	547
2025	574
2026	419
2027	265
2028	111
Thereafter	118
Total	$	2,034

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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 amortization	886	869
Amortization of intangible assets	183	222
Deferred income tax expense	4,750	3,308
Provision for credit losses	1,588	4,958
Stock-based compensation expense	1,081	1,037
Net amortization on loan fees, costs, premiums, and discounts	792	36
Net amortization on securities premiums, discounts, and net unrealized loss on securities transferred to held-to-maturity	341	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	0	(225)
Proceeds from sales of loans held for sale	7,084	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	0	(780)
Decrease in accrued interest receivable	2,048	597
Decrease in other assets	9,985	6,403
Decrease in other liabilities	(17,414)	(7,975)
Net cash provided by operating activities	31,262	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 sale	78,827	145,305
Maturities, principal payments and redemptions of securities available for sale	46,038	42,144
Maturities, principal payments and redemptions of securities held-to-maturity	61,975	21,082
Decrease (increase) in resell agreements	(81,242)	10,323
Increase in equity method investments	295	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	0	980
Net cash (used in) provided by investing activities	(91,248)	35,104
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits	293,777	446,324
Net decrease in other borrowings	(165,246)	(440,000)
Repurchase of subordinated debt	0	(3,220)
Common stock issued under Employee Stock Purchase Plan	244	388
Repurchase of common stock	(285)	(2,425)
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 activities	124,620	(2,600)
Increase in cash, cash equivalents, and restricted cash	64,634	67,357
Cash, cash equivalents, and restricted cash at beginning of year	90,570	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 period	317	291
Right-of-use assets obtained in exchange for lease liabilities	560	0
Purchase of securities available for sale, net not settled	$ 21,000	$ 0

SUBORDINATED DEBT (Details) - USD ($)		3 Months Ended
SUBORDINATED DEBT (Details) - USD ($)	Nov. 08, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]
Aggregate principal amount		$ 70,570,000		$ 70,546,000
Repurchase of subordinated debt		0	$ (3,220,000)
Net gain on repurchase of subordinated debt		0	780,000
Fixed-to-Floating Rate Notes \| Subordinated Debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Aggregate principal amount	$ 85,000,000
Interest rate	3.25%
Redemption price percentage	100.00%
Interest expense, subordinated debt		600,000	600,000
Repurchased subordinated debt, par value		0	4,000,000
Repurchase of subordinated debt			3,200,000
Net gain on repurchase of subordinated debt		$ 0	$ 800,000
Fixed-to-Floating Rate Notes \| Subordinated Debt \| Secured Overnight Financing Rate
Financial Instruments Owned and Pledged as Collateral [Line Items]
Variable rate	2.30%

EARNINGS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income attributable to Amalgamated Financial Corp.	$ 27,249	$ 21,338
Dividends paid on preferred stock	0	0
Income attributable to common stock	$ 27,249	$ 21,338
Weighted average common shares outstanding, basic (in shares)	30,476	30,706
Basic earnings per common share (in dollars per share)	$ 0.89	$ 0.69
Incremental shares from assumed conversion of options and RSUs (in shares)	261	233
Weighted average common shares outstanding, diluted (in shares)	30,737	30,939
Diluted earnings per common share (in dollars per share)	$ 0.89	$ 0.69

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
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-Topic 250
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-Topic 220
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

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-Topic 942
-SubTopic 220
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-Section S99
-Paragraph 1
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-Topic 944
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
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-Paragraph 7
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (e)(4)
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-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
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-Topic 942
-SubTopic 220
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
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-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
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-Topic 260
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-Section 45
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Topic 260
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-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

LEASES - Remaining Commitments of Operating Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	$ 8,076
2025	10,797
2026	8,881
2027	747
2028	0
Thereafter	0
Total undiscounted operating lease payments	28,501
Less: present value adjustment	1,251
Total Operating leases liability	$ 27,250	$ 30,646

LOANS RECEIVABLE, NET - Schedule of Quality of Bank's Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 4,423,780	$ 4,411,319
Non- Accrual	33,019	33,183
90 Days or More Delinquent and Still Accruing Interest	0	0
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	12,638	27,751
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	7,932	5,320
Total Past Due and Non-Accrual
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	53,589	66,254
Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	4,370,191	4,345,065
Commercial portfolio
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,566,415	2,536,176
Non- Accrual	24,228	23,189
90 Days or More Delinquent and Still Accruing Interest	0	0
Commercial portfolio \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	113	17,433
Commercial portfolio \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	19	168
Commercial portfolio \| Total Past Due and Non-Accrual
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	24,360	40,790
Commercial portfolio \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,542,055	2,495,386
Commercial portfolio \| Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,014,084	1,010,998
Non- Accrual	8,750	7,533
90 Days or More Delinquent and Still Accruing Interest	0	0
Commercial portfolio \| Commercial and industrial \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	113	266
Commercial portfolio \| Commercial and industrial \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	19	168
Commercial portfolio \| Commercial and industrial \| Total Past Due and Non-Accrual
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	8,882	7,967
Commercial portfolio \| Commercial and industrial \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,005,202	1,003,031
Commercial portfolio \| Multifamily
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,175,467	1,148,120
Non- Accrual	0	0
90 Days or More Delinquent and Still Accruing Interest	0	0
Commercial portfolio \| Multifamily \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	11,968
Commercial portfolio \| Multifamily \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial portfolio \| Multifamily \| Total Past Due and Non-Accrual
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	11,968
Commercial portfolio \| Multifamily \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,175,467	1,136,152
Commercial portfolio \| Commercial real estate
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	353,598	353,432
Non- Accrual	4,354	4,490
90 Days or More Delinquent and Still Accruing Interest	0	0
Commercial portfolio \| Commercial real estate \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial portfolio \| Commercial real estate \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial portfolio \| Commercial real estate \| Total Past Due and Non-Accrual
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	4,354	4,490
Commercial portfolio \| Commercial real estate \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	349,244	348,942
Commercial portfolio \| Construction and land development
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	23,266	23,626
Non- Accrual	11,124	11,166
90 Days or More Delinquent and Still Accruing Interest	0	0
Commercial portfolio \| Construction and land development \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	5,199
Commercial portfolio \| Construction and land development \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	0	0
Commercial portfolio \| Construction and land development \| Total Past Due and Non-Accrual
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	11,124	16,365
Commercial portfolio \| Construction and land development \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	12,142	7,261
Retail portfolio
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,857,365	1,875,143
Non- Accrual	8,791	9,994
90 Days or More Delinquent and Still Accruing Interest	0	0
Retail portfolio \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	12,525	10,318
Retail portfolio \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	7,913	5,152
Retail portfolio \| Total Past Due and Non-Accrual
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	29,229	25,464
Retail portfolio \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,828,136	1,849,679
Retail portfolio \| Residential real estate lending
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,419,321	1,425,596
Non- Accrual	4,763	7,218
90 Days or More Delinquent and Still Accruing Interest	0	0
Retail portfolio \| Residential real estate lending \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	9,406	6,995
Retail portfolio \| Residential real estate lending \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	5,458	2,133
Retail portfolio \| Residential real estate lending \| Total Past Due and Non-Accrual
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	19,627	16,346
Retail portfolio \| Residential real estate lending \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,399,694	1,409,250
Retail portfolio \| Consumer solar
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	398,501	408,260
Non- Accrual	3,852	2,673
90 Days or More Delinquent and Still Accruing Interest	0	0
Retail portfolio \| Consumer solar \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,585	2,569
Retail portfolio \| Consumer solar \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,579	2,788
Retail portfolio \| Consumer solar \| Total Past Due and Non-Accrual
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	8,016	8,030
Retail portfolio \| Consumer solar \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	390,485	400,230
Retail portfolio \| Consumer and Other
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	39,543	41,287
Non- Accrual	176	103
90 Days or More Delinquent and Still Accruing Interest	0	0
Retail portfolio \| Consumer and Other \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	534	754
Retail portfolio \| Consumer and Other \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	876	231
Retail portfolio \| Consumer and Other \| Total Past Due and Non-Accrual
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,586	1,088
Retail portfolio \| Consumer and Other \| Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 37,957	$ 40,199

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Schedule of Financial Instruments Outstanding Representing Credit Risk (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 542,722	$ 545,884
Commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	511,509	514,206
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total	$ 31,213	$ 31,678

LOANS RECEIVABLE, NET - Nonaccrual (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	$ 22,574	$ 26,262
Nonaccrual with Allowance	10,445	6,921
Reserve	6,496	4,485
Commercial portfolio
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	13,783	16,268
Nonaccrual with Allowance	10,445	6,921
Reserve	6,496	4,485
Commercial portfolio \| Commercial and industrial
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	625	612
Nonaccrual with Allowance	8,125	6,921
Reserve	5,674	4,485
Commercial portfolio \| Commercial real estate
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	4,354	4,490
Nonaccrual with Allowance	0	0
Reserve	0	0
Commercial portfolio \| Construction and land development
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	8,804	11,166
Nonaccrual with Allowance	2,320	0
Reserve	822	0
Retail portfolio
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	8,791	9,994
Nonaccrual with Allowance	0	0
Reserve	0	0
Retail portfolio \| Residential real estate lending
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	4,763	7,218
Nonaccrual with Allowance	0	0
Reserve	0	0
Retail portfolio \| Consumer solar
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	3,852	2,673
Nonaccrual with Allowance	0	0
Reserve	0	0
Retail portfolio \| Consumer and Other
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with No Allowance	176	103
Nonaccrual with Allowance	0	0
Reserve	$ 0	$ 0

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) - USD ($) $ in Thousands	Total	Cumulative effect of adoption of ASU No. 2016-13	Balance at January 1, 2023 adjusted for change in accounting principle	Total Amalgamated Financial Corp. Stockholders' Equity	Total Amalgamated Financial Corp. Stockholders' Equity Cumulative effect of adoption of ASU No. 2016-13	Total Amalgamated Financial Corp. Stockholders' Equity Balance at January 1, 2023 adjusted for change in accounting principle	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative effect of adoption of ASU No. 2016-13	Retained Earnings Balance at January 1, 2023 adjusted for change in accounting principle	Accumulated Other Comprehensive Loss, net of income taxes	Treasury Stock, at cost	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2022							30,700,198
Beginning balance at Dec. 31, 2022	$ 508,955	$ (17,825)	$ 491,130	$ 508,822	$ (17,825)	$ 490,997	$ 307	$ 286,947	$ 330,275	$ (17,825)	$ 312,450	$ (108,707)	$ 0	$ 133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	21,338			21,338					21,338
Repurchase of common stock (in shares)							(128,803)
Repurchase of common stock	(2,425)			(2,425)									(2,425)
Common stock issued under Employee Stock Purchase Plan (in shares)							21,919
Common stock issued under Employee Stock Purchase Plan	388			388				(25)					413
Dividends on common stock, $0.10 per share	(3,115)			(3,115)					(3,115)
Exercise of stock options, net of repurchases (in shares)							6,631
Exercise of stock options, net of repurchases	(91)			(91)				(91)
Restricted stock units vesting, net of repurchases (in shares)							42,354
Restricted stock units vesting, net of repurchases	(494)			(494)				(354)					(140)
Stock-based compensation expense	1,037			1,037				1,037
Other comprehensive income, net of taxes	11,390			11,390								11,390
Ending balance (in shares) at Mar. 31, 2023							30,642,299
Ending balance at Mar. 31, 2023	$ 519,158			519,025			$ 307	287,514	330,673			(97,317)	(2,152)	133
Beginning balance (in shares) at Dec. 31, 2023	30,428,359						30,428,359
Beginning balance at Dec. 31, 2023	$ 585,364			585,231			$ 307	288,232	388,033			(86,004)	(5,337)	133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	27,249			27,249					27,249
Repurchase of common stock (in shares)							(10,000)
Repurchase of common stock	(285)			(285)									(285)
Common stock issued under Employee Stock Purchase Plan (in shares)							10,175
Common stock issued under Employee Stock Purchase Plan	244			244				60					184
Dividends on common stock, $0.10 per share	$ (3,092)			(3,092)					(3,092)
Exercise of stock options, net of repurchases (in shares)	42,000						24,540
Exercise of stock options, net of repurchases	$ 0							(426)					426
Restricted stock units vesting, net of repurchases (in shares)							57,319
Restricted stock units vesting, net of repurchases	(755)			(755)				(1,749)					994
Stock-based compensation expense	1,081			1,081				1,081
Other comprehensive income, net of taxes	$ 7,132			7,132								7,132
Ending balance (in shares) at Mar. 31, 2024	30,510,393						30,510,393
Ending balance at Mar. 31, 2024	$ 616,938			$ 616,805			$ 307	$ 287,198	$ 412,190			$ (78,872)	$ (4,018)	$ 133

LOANS RECEIVABLE, NET - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 4,423,780	$ 4,411,319
Allowance for credit losses	(64,400)	(65,691)	$ (67,323)	$ (45,031)
Loans receivable, net	4,359,380	4,345,628
Commercial portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	2,566,415	2,536,176
Commercial portfolio \| Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,014,084	1,010,998
Allowance for credit losses	(15,997)		(16,473)	(12,916)
Commercial portfolio \| Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,175,467	1,148,120
Allowance for credit losses	(4,448)		(7,030)	(7,104)
Commercial portfolio \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	353,598	353,432
Allowance for credit losses	(1,405)		(2,455)	(3,627)
Commercial portfolio \| Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	23,266	23,626
Allowance for credit losses	(853)		(354)	(825)
Commercial portfolio \| Residential real estate lending
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	(12,407)
Retail portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,857,365	1,875,143
Retail portfolio \| Residential real estate lending
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,419,321	1,425,596
Allowance for credit losses			(14,849)	(11,338)
Retail portfolio \| Consumer solar
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	398,501	408,260
Allowance for credit losses	(26,775)		$ (22,762)	$ (6,867)
Retail portfolio \| Consumer and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 39,543	$ 41,287

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 16, 2024, Edgar Romney, Executive Vice President, Chief Strategy and Administrative Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 28,020 shares of the Company’s common stock, net of shares to be withheld for taxes upon the exercise or vesting of underlying stock awards, with such transactions to occur during sale periods beginning on or after May 16, 2024 and ending on the earlier of May 15, 2025 or the date on which all shares authorized for sale have been sold in conformance with the terms of the arrangement.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Edgar Romney [Member]
Trading Arrangements, by Individual
Name	Edgar Romney
Title	Executive Vice President, Chief Strategy and Administrative Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 16, 2024
Arrangement Duration	364 days
Aggregate Available	28,020

LOANS RECEIVABLE, NET - Dependent Collateral (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Real Estate Collateral Dependent	$ 4,423,780	$ 4,411,319
Associated Allowance for Credit Losses	64,400	65,691	$ 67,323	$ 45,031
Commercial portfolio \| Commercial real estate
Financing Receivable, Past Due [Line Items]
Real Estate Collateral Dependent	353,598	353,432
Associated Allowance for Credit Losses	1,405		2,455	3,627
Commercial portfolio \| Construction and land development
Financing Receivable, Past Due [Line Items]
Real Estate Collateral Dependent	23,266	23,626
Associated Allowance for Credit Losses	853		$ 354	$ 825
Commercial real estate
Financing Receivable, Past Due [Line Items]
Real Estate Collateral Dependent	20,677	20,855
Associated Allowance for Credit Losses	822	0
Commercial real estate \| Commercial portfolio \| Commercial real estate
Financing Receivable, Past Due [Line Items]
Real Estate Collateral Dependent	4,354	4,490
Associated Allowance for Credit Losses	0	0
Commercial real estate \| Commercial portfolio \| Construction and land development
Financing Receivable, Past Due [Line Items]
Real Estate Collateral Dependent	16,323	16,365
Associated Allowance for Credit Losses	$ 822	$ 0

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 27,249	$ 21,338
Other comprehensive income (loss), net of taxes:
Change in total obligation for postretirement benefits and for prior service credit and for other benefits	43	48
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities available for sale	6,402	12,099
Reclassification adjustment for losses realized in income	2,774	3,086
Accretion of net unrealized loss on securities transferred to held-to-maturity	595	488
Net unrealized gains (losses) on securities	9,771	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

LEASES - Narrative (Details)	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Weighted average remaining lease term	2 years 10 months 24 days	3 years 7 months 6 days
Weighted average discount rate	3.15%	3.24%

INVESTMENT SECURITIES - Amortized Cost and Fair Value of HTM Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Gross Unrealized Gains	$ 1,174	$ 1,296
Gross Unrealized Losses	(154,225)	(149,342)
Fair Value	1,521,621	1,549,509
Allowance for credit losses	(710)	(721)	$ (687)	$ 0
Total held-to-maturity	1,673,962	1,696,834
Traditional securities
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	616,225	620,286
Gross Unrealized Gains	1,174	1,296
Gross Unrealized Losses	(45,400)	(46,164)
Fair Value	571,999	575,418
Allowance for credit losses	(53)	(54)
Total held-to-maturity	616,172	620,232
GSE certificates & CMOs
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	193,070	194,329
Gross Unrealized Gains	952	1,099
Gross Unrealized Losses	(20,712)	(19,693)
Fair Value	173,310	175,735
Non-GSE certificates & CMOs
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	78,510	79,406
Gross Unrealized Gains	0	9
Gross Unrealized Losses	(6,706)	(6,686)
Fair Value	71,804	72,729
ABS
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	278,249	279,916
Gross Unrealized Gains	96	23
Gross Unrealized Losses	(6,519)	(8,678)
Fair Value	271,826	271,261
Municipal
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	66,396	66,635
Gross Unrealized Gains	126	165
Gross Unrealized Losses	(11,463)	(11,107)
Fair Value	55,059	55,693
Property Assessed Clean Energy ("PACE") assessments
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	1,058,447	1,077,269
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(108,825)	(103,178)
Fair Value	949,622	974,091
Allowance for credit losses	(657)	(667)
Total held-to-maturity	1,057,790	1,076,602
Commercial PACE assessments
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	256,661	258,306
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(29,767)	(29,211)
Fair Value	226,894	229,095
Allowance for credit losses	(256)	(258)	(262)	0
Residential PACE assessments
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Amortized Cost	801,786	818,963
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(79,058)	(73,967)
Fair Value	722,728	744,996
Allowance for credit losses	$ (401)	$ (409)	$ (367)	$ 0

INVESTMENT SECURITIES

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

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 & CMOs	206,361			—			(19,908)			186,453
ABS		685,746			315			(17,771)			668,290
Corporate		140,026			—			(18,653)			121,373
Other		4,197			—			(308)			3,889
		1,539,887			578			(94,672)			1,445,793
PACE assessments:
Residential PACE assessments		81,282			976			—			82,258







Total available for sale		$	1,621,169		$	1,554		$	(94,672)		$	1,528,051

		Amortized Cost			Gross Unrecognized Gains			Gross Unrecognized Losses			Fair Value
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs		$	193,070		$	952		$	(20,712)		$	173,310
Non-GSE certificates & CMOs		78,510			—			(6,706)			71,804
ABS		278,249			96			(6,519)			271,826
Municipal		66,396			126			(11,463)			55,059

		616,225			1,174			(45,400)			571,999
PACE assessments:
Commercial PACE assessments		256,661			—			(29,767)			226,894
Residential PACE assessments		801,786			—			(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.

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 Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair 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 & CMOs	218,550		—		(21,690)		196,860
ABS	648,585		40		(20,990)		627,635
Corporate	140,038		—		(19,297)		120,741
Other	4,197		—		(309)		3,888
	1,532,471		99		(102,832)		1,429,739
PACE assessments:
Residential PACE assessments	52,863		440		—		53,303






Total available for sale	$	1,585,334	$	539	$	(102,831)	$	1,483,042

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
Held-to-maturity:
Traditional securities:
GSE certificates & CMOs	$	194,329	$	1,099	$	(19,693)	$	175,735
Non-GSE certificates & CMOs	79,406		9		(6,686)		72,729
ABS	279,916		23		(8,678)		271,261
Municipal	66,635		165		(11,107)		55,693

	620,286		1,296		(46,164)		575,418
PACE assessments:
Commercial PACE assessments	258,306		—		(29,211)		229,095
Residential PACE assessments	818,963		—		(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.






	Available for Sale				Held-to-maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
(In thousands)
Due within one year	$	3,000	$	2,938	$	—	$	—
Due after one year through five years	63,881		59,373		9,443		9,129
Due after five years through ten years	305,694		291,046		118,141		117,180
Due after ten years	538,676		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, 2024		March 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.


	March 31, 2024
	Less Than Twelve Months				Twelve Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
Traditional securities:
GSE certificates & CMOs	$	13,115	$	52	$	394,753	$	37,980	$	407,868	$	38,032
Non-GSE certificates & CMOs	—		—		186,453		19,908		186,453		19,908
ABS	49,551		33		411,349		17,738		460,900		17,771
Corporate	—		—		121,373		18,653		121,373		18,653
Other	198		1		3,691		307		3,889		308








Total available for sale	$	62,864	$	86	$	1,117,619	$	94,586	$	1,180,483	$	94,672


	December 31, 2023
	Less Than Twelve Months				Twelve Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
Traditional securities:
GSE certificates & CMOs	$	—	$	—	$	460,239	$	40,545	$	460,239	$	40,545
Non-GSE certificates & CMOs	—		—		196,860		21,690		196,860		21,690
ABS	53,133		122		526,868		20,868		580,001		20,990
Corporate	—		—		120,741		19,297		120,741		19,297
Other	—		—		3,888		309		3,888		309








Total available for sale	$	53,133	$	122	$	1,308,596	$	102,709	$	1,361,729	$	102,831

Available for sale securities

As discussed in Note 1, upon adoption of the Current Expected Credit Losses ("CECL") standard, no allowance for credit losses was recorded on available for sale securities. During the three months ended March 31, 2023, the Company charged-off an unrealized loss position of $1.2 million related to a corporate bond related to Silicon Valley Bank following credit concerns over the issuer, and the sale of the security resulted in an immaterial additional loss.

As of March 31, 2024, none of the Company’s available-for-sale debt securities were in an unrealized loss position due to credit and therefore no allowance for credit losses on available-for-sale debt securities was required. The temporary impairment of fixed income securities is primarily attributable to changes in overall market interest rates and/or changes in credit/liquidity spreads since the investments were acquired. In general, as market interest rates rise and/or credit/liquidity spreads widen, the fair value of fixed rate securities will decrease, as market interest rates fall and/or credit spreads tighten, the fair value of fixed rate securities will increase.

With respect to the Company’s security investments that are temporarily impaired as of March 31, 2024, management does not intend to sell these investments and does not believe it will be necessary to do so before anticipated recovery. If either criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. The Company expects to collect all amounts due according to the contractual terms of these investments. Therefore, the Company does not hold an allowance for credit losses for available for sale securities at March 31, 2024.

Held-to-maturity securities

Management conducts an evaluation of expected credit losses on held-to-maturity securities on a collective basis by security type. Management monitors the credit quality of debt securities held-to-maturity through reasonable and supportable forecasts, reviews of credit trends on underlying assets, credit ratings, and other factors. Holdings of securities issued by GSEs with unrealized losses are either explicitly or implicitly guaranteed by the U.S. government, and are highly rated by major rating agencies and have a long history of no credit losses.

With the exception of PACE assessments, which are generally not rated, these securities were rated investment grade by at least one nationally recognized statistical rating organization with no ratings below investment grade. All issues were current as to their interest payments. There have been no significant losses on PACE assessments that we have invested in given the low loan-to-value position and the superior lien position on the property. Management considers that the temporary impairment of these investments as of March 31, 2024 is primarily due to an increase in interest rates and spreads since the time these investments were acquired.

Accrued interest receivable on securities totaling $31.6 million and $35.1 million at March 31, 2024 and December 31, 2023, respectively, was included in other assets in the consolidated balance sheet and excluded from the amortized cost and estimated fair value totals in the table above.

The following table presents the activity in the allowance for credit losses for securities held-to-maturity for the three months ended March 31, 2024:


(In thousands)	Non-GSE commercial certificates		Commercial PACE		Residential PACE		Total
Allowance for credit losses:
Beginning balance	$	54	$	258	$	409	$	721

Recovery of credit losses	(1)		(2)		(8)		(11)
Charge-offs	—		—		—		—
Recoveries	—		—		—		—
Ending balance	$	53	$	256	$	401	$	710

The following table presents the activity in the allowance for credit losses for securities held-to-maturity for the three months ended March 31, 2023:


(In thousands)	Non-GSE commercial certificates		Commercial PACE		Residential PACE		Total
Allowance for credit losses:
Beginning balance	$	—	$	—	$	—	$	—
Adoption of ASU No. 2016-13	85		255		328		668
Provision for (recovery of) credit losses	(1)		7		39		45
Charge-offs	(26)		—		—		(26)
Recoveries	—		—		—		—
Ending balance	$	58	262		367		687

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Under the two-class method, earnings available to common stockholders for the period are allocated between common stockholders and participating securities according to participation rights in undistributed earnings. Our time-based and performance-based restricted stock units are not considered participating securities as they do not receive dividend distributions until satisfaction of the related vesting requirements. As of March 31, 2024 and March 31, 2023, we had 21 thousand and 50 thousand anti-dilutive shares, respectively.

Following is a table setting forth the factors used in the earnings per share computation follow:



	Three Months Ended March 31,
	2024		2023
(In thousands, except per share amounts)
Net income attributable to Amalgamated Financial Corp.	$	27,249	$	21,338
Dividends paid on preferred stock	—		—
Income attributable to common stock	$	27,249	$	21,338
Weighted average common shares outstanding, basic	30,476		30,706
Basic earnings per common share	$	0.89	$	0.69

Income attributable to common stock	$	27,249	$	21,338
Weighted average common shares outstanding, basic	30,476		30,706
Incremental shares from assumed conversion of options and RSUs	261		233
Weighted average common shares outstanding, diluted	30,737		30,939
Diluted earnings per common share	$	0.89	$	0.69

INVESTMENT SECURITIES - AFS and HTM Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost
Amortized Cost	$ 1,621,169	$ 1,585,334
Fair Value
Fair Value	1,528,051	1,483,042
Fair Value
Fair Value	1,521,621	$ 1,549,509
Excluding Mortgage-Backed Securities
Amortized Cost
Due within one year	3,000
Due after one year through five years	63,881
Due after five years through ten years	305,694
Due after ten years	538,676
Amortized Cost	911,251
Fair Value
Due within one year	2,938
Due after one year through five years	59,373
Due after five years through ten years	291,046
Due after ten years	522,453
Fair Value	875,810
Amortized Cost
Due within one year	0
Due after one year through five years	9,443
Due after five years through ten years	118,141
Due after ten years	1,275,508
Amortized Cost	1,403,092
Fair Value
Due within one year	0
Due after one year through five years	9,129
Due after five years through ten years	117,180
Due after ten years	1,150,198
Fair Value	$ 1,276,507

INVESTMENT SECURITIES - Proceeds Received and Gains (Losses) Realized on Sale of Available for Sale Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Proceeds	$ 78,827	$ 145,305
Realized gains	0	0
Realized losses	(2,774)	(3,086)
Net realized losses	$ (2,774)	$ (3,086)

LOANS RECEIVABLE, NET - Quality Indicator, Prior Year (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 108,386		$ 567,798
2022	585,357		1,183,947
2021	1,157,012		777,257
2020	774,619		512,024
2019 & Prior	1,640,739		1,187,173
Revolving loans	157,667		183,120
Revolving Loans Converted to Term	0		0
Total	4,423,780		4,411,319
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Total	2,462	$ 3,010
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	108,386		567,793
2022	585,327		1,179,430
2021	1,154,205		758,419
2020	740,954		500,122
2019 & Prior	1,592,520		1,149,363
Revolving loans	142,998		146,660
Revolving Loans Converted to Term	0		0
Total	4,324,390		4,301,787
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	0		2
2022	253		1,525
2021	321		3,034
2020	1,298		2,095
2019 & Prior	590		9,402
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	2,462		16,058
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	86		16,692
2020	13,750		3,975
2019 & Prior	16,815		13,104
Revolving loans	1,406		4,222
Revolving Loans Converted to Term	0		0
Total	32,057		37,993
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		5
2022	30		4,517
2021	2,721		2,146
2020	19,915		7,927
2019 & Prior	30,313		24,706
Revolving loans	13,202		32,238
Revolving Loans Converted to Term	0		0
Total	66,181		71,539
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	1,091		0
Revolving loans	61		0
Revolving Loans Converted to Term	0		0
Total	1,152		0
Commercial portfolio \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2023	24,254		130,568
2022	151,201		221,272
2021	196,285		209,374
2020	224,040		127,084
2019 & Prior	280,809		159,403
Revolving loans	137,495		163,297
Revolving Loans Converted to Term	0		0
Total	1,014,084		1,010,998
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	0		0
2022	250		0
2021	150		0
2020	0		0
2019 & Prior	0		1,726
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	400		1,726
Commercial portfolio \| Commercial and industrial \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	24,254		130,568
2022	151,201		220,552
2021	195,629		192,682
2020	192,446		117,966
2019 & Prior	254,474		141,542
Revolving loans	133,950		138,003
Revolving Loans Converted to Term	0		0
Total	951,954		941,313
Commercial portfolio \| Commercial and industrial \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	86		16,692
2020	13,750		3,975
2019 & Prior	4,695		934
Revolving loans	1,406		4,222
Revolving Loans Converted to Term	0		0
Total	19,937		25,823
Commercial portfolio \| Commercial and industrial \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		720
2021	570		0
2020	17,844		5,143
2019 & Prior	20,549		16,927
Revolving loans	2,078		21,072
Revolving Loans Converted to Term	0		0
Total	41,041		43,862
Commercial portfolio \| Commercial and industrial \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	1,091		0
Revolving loans	61		0
Revolving Loans Converted to Term	0		0
Total	1,152		0
Commercial portfolio \| Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2023	50,247		193,827
2022	223,462		382,652
2021	364,213		45,287
2020	44,108		138,131
2019 & Prior	493,435		388,221
Revolving loans	2		2
Revolving Loans Converted to Term	0		0
Total	1,175,467		1,148,120
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	0		2,367
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0	1,127	2,367
Commercial portfolio \| Multifamily \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	50,247		193,827
2022	223,462		382,652
2021	364,213		45,287
2020	44,108		138,131
2019 & Prior	482,807		377,554
Revolving loans	2		2
Revolving Loans Converted to Term	0		0
Total	1,164,839		1,137,453
Commercial portfolio \| Multifamily \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	8,347		8,373
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	8,347		8,373
Commercial portfolio \| Multifamily \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	2,281		2,294
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	2,281		2,294
Commercial portfolio \| Multifamily \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Commercial portfolio \| Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2023	15,958		73,089
2022	42,021		42,824
2021	59,599		48,624
2020	48,314		38,336
2019 & Prior	183,859		147,103
Revolving loans	3,847		3,456
Revolving Loans Converted to Term	0		0
Total	353,598		353,432
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0	0	0
Commercial portfolio \| Commercial real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	15,958		73,089
2022	42,021		42,824
2021	59,599		48,624
2020	48,314		36,478
2019 & Prior	175,732		140,674
Revolving loans	3,847		3,456
Revolving Loans Converted to Term	0		0
Total	345,471		345,145
Commercial portfolio \| Commercial real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	3,773		3,797
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	3,773		3,797
Commercial portfolio \| Commercial real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		1,858
2019 & Prior	4,354		2,632
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	4,354		4,490
Commercial portfolio \| Commercial real estate \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Commercial portfolio \| Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	6,943		7,261
Revolving loans	16,323		16,365
Revolving Loans Converted to Term	0		0
Total	23,266		23,626
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	0		4,664
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0	0	4,664
Commercial portfolio \| Construction and land development \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	6,943		7,261
Revolving loans	5,199		5,199
Revolving Loans Converted to Term	0		0
Total	12,142		12,460
Commercial portfolio \| Construction and land development \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Commercial portfolio \| Construction and land development \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	0		0
Revolving loans	11,124		11,166
Revolving Loans Converted to Term	0		0
Total	11,124		11,166
Commercial portfolio \| Construction and land development \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Commercial portfolio \| Residential real estate lending
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Total	160
Retail portfolio \| Residential real estate lending
Financing Receivable, Credit Quality Indicator [Line Items]
2023	17,544		137,167
2022	136,060		417,194
2021	420,051		329,955
2020	317,818		135,194
2019 & Prior	527,848		406,086
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	1,419,321		1,425,596
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	160		65
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	160	58	65
Retail portfolio \| Residential real estate lending \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	17,544		137,167
2022	136,060		413,962
2021	419,329		328,952
2020	316,789		134,795
2019 & Prior	525,799		403,508
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	1,415,521		1,418,384
Retail portfolio \| Residential real estate lending \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Retail portfolio \| Residential real estate lending \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		3,232
2021	722		1,003
2020	1,029		399
2019 & Prior	2,049		2,578
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	3,800		7,212
Retail portfolio \| Residential real estate lending \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Retail portfolio \| Consumer solar
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		30,412
2022	30,551		105,162
2021	102,443		132,088
2020	128,659		73,279
2019 & Prior	136,848		67,319
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	398,501		408,260
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	0		0
2022	0		1,525
2021	171		3,034
2020	1,298		2,095
2019 & Prior	337		312
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	1,806	1,807	6,966
Retail portfolio \| Consumer solar \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		30,412
2022	30,527		104,633
2021	101,034		131,008
2020	127,718		72,752
2019 & Prior	135,835		67,044
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	395,114		405,849
Retail portfolio \| Consumer solar \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Retail portfolio \| Consumer solar \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	24		529
2021	1,409		1,080
2020	941		527
2019 & Prior	1,013		275
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	3,387		2,411
Retail portfolio \| Consumer solar \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Retail portfolio \| Consumer and Other
Financing Receivable, Credit Quality Indicator [Line Items]
2023	383		2,735
2022	2,062		14,843
2021	14,421		11,929
2020	11,680		0
2019 & Prior	10,997		11,780
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	39,543		41,287
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023	0		2
2022	3		0
2021	0		0
2020	0		0
2019 & Prior	93		268
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	96	$ 18	270
Retail portfolio \| Consumer and Other \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2023	383		2,730
2022	2,056		14,807
2021	14,401		11,866
2020	11,579		0
2019 & Prior	10,930		11,780
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	39,349		41,183
Retail portfolio \| Consumer and Other \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Retail portfolio \| Consumer and Other \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		5
2022	6		36
2021	20		63
2020	101		0
2019 & Prior	67		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	194		104
Retail portfolio \| Consumer and Other \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0		0
2022	0		0
2021	0		0
2020	0		0
2019 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	$ 0		$ 0

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Accumulated Comprehensive Income (Loss) Balances, Net

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)

Schedule of Other Comprehensive Income (Loss) Components

Other comprehensive income (loss) components and related income tax effects were as follows:


	Three Months Ended March 31,
	2024		2023
(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 benefits	7		7
Change in obligation for other benefits	—		1
Change in total obligation for postretirement benefits and for prior service credit and for other benefits	43		48
Income tax expense	(11)		(13)
Net change in total obligation for postretirement benefits and prior service credit and for other benefits	32		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 securities	595		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

LOANS RECEIVABLE, NET - Loan Modification (Details) - Extended Maturity $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost	$ 626
% of Portfolio	0.10%
Commercial real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost	$ 866
% of Portfolio	0.30%
Construction and land development
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost	$ 6,887
% of Portfolio	18.20%

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Goodwill

In accordance with GAAP, the Company performs an annual test as of June 30 to identify potential impairment of goodwill, or more frequently if events or circumstances indicate a potential impairment may exist. If the carrying amount of the Company, as a sole reporting unit, including goodwill, exceeds its fair value, an impairment loss is recognized in an amount equal to that excess up to the amount of the recorded goodwill.

The Company performed its annual test based upon market data as of June 30, 2023 and estimates and assumptions that the Company believes most appropriate for the analysis. Based on the qualitative analysis performed in accordance with ASC 350, the Company determined it more likely than not that goodwill was not impaired as of June 30, 2023. During the three months ended March 31, 2024, there were no events or circumstances that would indicate that a potential impairment exists. Changes in certain assumptions used in the Company's assessment could result in significant differences in the results of the impairment test. Should market conditions or management’s assumptions change significantly in the future, an impairment to goodwill is possible.

At March 31, 2024 and December 31, 2023, the carrying amount of goodwill was $12.9 million.

Intangible Assets

The following table reflects the estimated amortization expense, comprised entirely by the Company’s core deposit intangible asset, for the next five years and thereafter:


(In thousands)	Total
2024	$	547
2025	574
2026	419
2027	265
2028	111
Thereafter	118
Total	$	2,034

Accumulated amortization of the core deposit intangible was $7.0 million as of March 31, 2024.

Amortization expense recognized on the core deposit intangible was $0.2 million and $0.2 million for the three months ended March 31, 2024 and March 31, 2023, respectively.

INVESTMENT SECURITIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Total assets carried at fair value		$ 1,528,051	$ 1,483,042
Charge off	$ 1,200
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]		Other assets	Other assets
Accrued interest receivable		$ 31,600	$ 35,100
Traditional securities
Debt Securities, Available-for-Sale [Line Items]
Total assets carried at fair value		1,445,793	$ 1,429,739
Traditional securities \| Federal Home Loan Bank Advances \| Asset Pledged as Collateral
Debt Securities, Available-for-Sale [Line Items]
Total assets carried at fair value		1,280,000
Traditional securities \| Federal Home Loan Bank Advances \| Asset Pledged as Collateral without Right
Debt Securities, Available-for-Sale [Line Items]
Held to maturity, at fair value		$ 544,500

EMPLOYEE BENEFIT PLANS

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

EMPLOYEE BENEFIT PLANS

Long Term Incentive Plans

Stock Options:

The Company does not currently maintain an active stock option plan that is available for issuing new options. As of December 31, 2020, all options are fully vested and the Company will not incur any further expense related to options.

A summary of the status of the Company’s options as of March 31, 2024 follows:





	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Intrinsic Value (in thousands)
Outstanding, January 1, 2024	342,260	$	13.17	2.6	years
Granted	—	—		—
Forfeited/ Expired	—	—		—
Exercised	(42,000)	11.00		—
Outstanding, March 31, 2024	300,260	13.47		2.6	years	$	3,161
Vested and Exercisable, March 31, 2024	300,260	$	13.47	2.6	years	$	3,161

The range of exercise prices is $11.00 to $14.65 per share.

As noted above, there was no compensation cost attributable to the options for the three months ended March 31, 2024 or for the three months ended March 31, 2023 as all options had been fully expensed as of December 31, 2020. The fair value of all awards outstanding as of March 31, 2024 and December 31, 2023 was $3.2 million and $4.7 million, respectively. No cash was received for options exercised in the three months ended March 31, 2024 or for the three months ended March 31, 2023.

The Company repurchased 17,460 shares and 3,999 shares for options exercised in the three months ended March 31, 2024 and March 31, 2023, respectively.

Restricted Stock Units:

The Amalgamated Financial Corp. 2021 Equity Incentive Plan (the “Equity Plan”) provides for the grant of stock-based incentive awards to employees and directors of the Company. The number of shares of common stock of the Company available for stock-based awards in the Equity Plan is 1,300,000 of which 1,046,692 shares were available for issuance as of March 31, 2024.

Restricted stock units ("RSUs") represent an obligation to deliver shares to an employee or director at a future date if certain vesting conditions are met. RSUs are subject to a time-based vesting schedule, the satisfaction of performance conditions, or the satisfaction of market conditions, and are settled in shares of the Company’s common stock. RSUs do not provide dividend equivalent rights from the date of grant and do not provide voting rights. RSUs accrue dividends based on dividends paid on common shares, but those dividends are paid in cash upon satisfaction of the specified vesting requirements on the underlying RSU.

A summary of the status of the Company’s time-based vesting RSUs as of March 31, 2024 follows:


	Shares	Grant Date Fair Value
Unvested, January 1, 2024	291,762	$	19.48
Awarded	106,235	23.20
Forfeited/Expired	—	—
Vested	(63,622)	20.22
Unvested, March 31, 2024	334,375	$	20.52

A summary of the status of the Company’s performance-based vesting RSUs as of March 31, 2024 follows:


	Shares	Grant Date Fair Value
Unvested, January 1, 2024	125,963	$	19.68
Awarded	79,545	22.26
Forfeited/Expired	—	—
Vested	(23,880)	14.97
Unvested, March 31, 2024	181,628	$	21.43

During the three months ended March 31, 2024, the Company granted 36,737 performance-based RSUs at a fair value of $23.20 per share, respectively which vest subject to the achievement of the Company’s corporate goal for the three-year period from January 1, 2024 to December 31, 2026. The corporate goal is based on the Company achieving a target increase in Tangible Book Value, adjusted for certain factors. The minimum and maximum awards that are achievable are 0 and 55,106 shares, respectively.

During the three months ended March 31, 2024, the Company granted 38,385 market-based RSUs at a fair value of $22.21 per share which vest subject to the Bank’s relative total shareholder return compared to a group of peer banks over a three-year period from March 1, 2024 to February 28, 2027. The minimum and maximum awards that are achievable are 0 and 57,578 shares, respectively.

During the three months ended March 31, 2024, the Company granted 4,423 shares at a fair value of $14.97 per share, respectively, related to the vesting of performance-based RSUs to satisfy the achievement of corporate goals above target. Compensation expense attributable to the vesting of these shares was $66 thousand.

As of March 31, 2024, the Company reserved 272,442 shares for issuance upon vesting of performance-based RSUs assuming the Company’s employees achieve the maximum share payout.

The Company repurchased 30,183 shares and 21,738 shares for RSUs vested in the three months ended March 31, 2024 and 2023, respectively.

Of the 516,003 unvested RSUs and PSUs on March 31, 2024, the minimum units that will vest, solely due to a service test, are 334,375. The maximum units that will vest, assuming the highest payout on performance and market-based units, are 606,817.

Compensation expense attributable to RSUs and PSUs was $1.0 million for the three months ended March 31, 2024, and $0.9 million for the three months ended March 31, 2023. The company recorded an expense of $0.1 million and $0.1 million attributable to RSUs granted to directors for the three months ended March 31, 2024 and March 31, 2023, respectively. As of March 31, 2024, there was $11.9 million of total unrecognized compensation cost related to the non-vested RSUs and PSUs granted. This expense may increase or decrease depending on the expected number of performance-based shares to be issued. This expense is expected to be recognized over 1.4 years.

Employee Stock Purchase Plan

On April 28, 2021, the Company's stockholders approved the Amalgamated Financial Corp. Employee Stock Purchase Plan (the "ESPP") which was implemented on March 2, 2022. The aggregate number of shares of common stock that may be purchased and issued under the ESPP will not exceed 500,000 of previously authorized shares. Under the terms of the ESPP, employees may authorize the withholding of up to 15% of their eligible compensation to purchase the Company's shares of common stock, not to exceed $25,000 of the fair market value of such common stock for any calendar year. The purchase price per shares acquired under the ESPP will never be less than 85% of the fair market value of the Company's common stock on the last day of the offering period. The Company's Board of Directors in its discretion may terminate the ESPP at any time with respect to any shares for which options have not been granted.

The Compensation Committee of the Board of Directors (the "Committee") has the right to amend the ESPP without the approval of our stockholders; provided, that no such change may impair the rights of a participant with respect to any outstanding offering period without the consent of such participant, other than a change determined by the Committee to be necessary to comply with applicable law. A participant may not dispose of shares acquired under the ESPP until six months following the grant date of such shares, or any earlier date as of which the Committee has determined that the participant would qualify for a hardship distribution from the Company’s 401(k) Plan. Accordingly, the fair value award associated with their discounted purchase price is expensed at the time of purchase. The below following summarizes the shares purchased under the ESPP since the inception of the plan:


			Number of Shares
Shares available for purchase at December 31, 2023			424,848
Purchases during the three months ended:
March 31, 2024			(10,175)

Remaining shares available for purchase at March 31, 2024			414,673

The expense related to the discount on purchased shares for the three months ended March 31, 2024 and March 31, 2023 was $37 thousand and $58 thousand, respectively, and is recorded within compensation and employee benefits expense on the Consolidated Statements of Income.

COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Financial Instruments Outstanding Representing Credit Risk

The following financial instruments were outstanding whose contract amounts represent credit risk as of the related periods:





	March 31, 2024		December 31, 2023
(In thousands)
Commitments to extend credit	$	511,509	$	514,206
Standby letters of credit	31,213		31,678
Total	$	542,722	$	545,884

DEPOSITS

3 Months Ended

Mar. 31, 2024

Statistical Disclosure for Banks [Abstract]

DEPOSITS

Deposits are summarized as follows:





	March 31, 2024				December 31, 2023
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
(In thousands)
Non-interest-bearing demand deposit accounts	$	3,182,047	0.00	%	$	2,940,398	0.00	%
NOW accounts	200,900		1.05	%	200,382		0.99	%
Money market deposit accounts	3,222,271		2.96	%	3,100,681		2.89	%
Savings accounts	341,054		1.34	%	340,860		1.20	%
Time deposits	197,265		3.44	%	187,457		3.01	%
Brokered certificates of deposit ("CDs")	162,228		4.99	%	242,210		5.09	%
Total deposits	$	7,305,765	1.60	%	$	7,011,988	1.62	%

The scheduled maturities of time deposits and brokered CDs as of March 31, 2024 are as follows:


(In thousands)	Balance
2024	$	157,931
2025	80,544
2026	46,613
2027	39,497
2028	26,884
Thereafter	8,024
Total	$	359,493

Time deposits greater than $250,000 totaled $45.9 million as of March 31, 2024 and $42.2 million as of December 31, 2023.

From time to time the Company will issue time deposits through the Certificate of Deposit Account Registry Service (“CDARS”) for the purpose of providing FDIC insurance to bank customers with balances in excess of FDIC insurance limits. CDARS deposits totaled approximately $66.7 million and $63.1 million as of March 31, 2024 and December 31, 2023, respectively, and are included in Time deposits above.

Our total deposits included deposits from Workers United and its related entities, a related party, in the amounts of $61.4 million as of March 31, 2024 and $56.4 million as of December 31, 2023.

Included in total deposits are state and municipal deposits totaling $61.7 million and $51.9 million as of March 31, 2024 and December 31, 2023, respectively. Such deposits are secured by letters of credit issued by the FHLBNY or by securities pledged with the FHLBNY.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40136
Entity Registrant Name	Amalgamated Financial Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2757101
Entity Address, Address Line One	275 Seventh Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	255-6200
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	AMAL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,524,039
Entity Central Index Key	0001823608
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

LOANS RECEIVABLE, NET - Quality Indicator, Current Period (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 108,386		$ 567,798
2023	585,357		1,183,947
2022	1,157,012		777,257
2021	774,619		512,024
2020 & Prior	1,640,739		1,187,173
Revolving loans	157,667		183,120
Revolving Loans Converted to Term	0		0
Total	4,423,780		4,411,319
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Total	2,462	$ 3,010
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024	108,386		567,793
2023	585,327		1,179,430
2022	1,154,205		758,419
2021	740,954		500,122
2020 & Prior	1,592,520		1,149,363
Revolving loans	142,998		146,660
Revolving Loans Converted to Term	0		0
Total	4,324,390		4,301,787
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2024	0		2
2023	253		1,525
2022	321		3,034
2021	1,298		2,095
2020 & Prior	590		9,402
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	2,462		16,058
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	86		16,692
2021	13,750		3,975
2020 & Prior	16,815		13,104
Revolving loans	1,406		4,222
Revolving Loans Converted to Term	0		0
Total	32,057		37,993
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		5
2023	30		4,517
2022	2,721		2,146
2021	19,915		7,927
2020 & Prior	30,313		24,706
Revolving loans	13,202		32,238
Revolving Loans Converted to Term	0		0
Total	66,181		71,539
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	1,091		0
Revolving loans	61		0
Revolving Loans Converted to Term	0		0
Total	1,152		0
Commercial portfolio \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2024	24,254		130,568
2023	151,201		221,272
2022	196,285		209,374
2021	224,040		127,084
2020 & Prior	280,809		159,403
Revolving loans	137,495		163,297
Revolving Loans Converted to Term	0		0
Total	1,014,084		1,010,998
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2024	0		0
2023	250		0
2022	150		0
2021	0		0
2020 & Prior	0		1,726
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	400		1,726
Commercial portfolio \| Commercial and industrial \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024	24,254		130,568
2023	151,201		220,552
2022	195,629		192,682
2021	192,446		117,966
2020 & Prior	254,474		141,542
Revolving loans	133,950		138,003
Revolving Loans Converted to Term	0		0
Total	951,954		941,313
Commercial portfolio \| Commercial and industrial \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	86		16,692
2021	13,750		3,975
2020 & Prior	4,695		934
Revolving loans	1,406		4,222
Revolving Loans Converted to Term	0		0
Total	19,937		25,823
Commercial portfolio \| Commercial and industrial \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		720
2022	570		0
2021	17,844		5,143
2020 & Prior	20,549		16,927
Revolving loans	2,078		21,072
Revolving Loans Converted to Term	0		0
Total	41,041		43,862
Commercial portfolio \| Commercial and industrial \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	1,091		0
Revolving loans	61		0
Revolving Loans Converted to Term	0		0
Total	1,152		0
Commercial portfolio \| Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2024	50,247		193,827
2023	223,462		382,652
2022	364,213		45,287
2021	44,108		138,131
2020 & Prior	493,435		388,221
Revolving loans	2		2
Revolving Loans Converted to Term	0		0
Total	1,175,467		1,148,120
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	0		2,367
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0	1,127	2,367
Commercial portfolio \| Multifamily \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024	50,247		193,827
2023	223,462		382,652
2022	364,213		45,287
2021	44,108		138,131
2020 & Prior	482,807		377,554
Revolving loans	2		2
Revolving Loans Converted to Term	0		0
Total	1,164,839		1,137,453
Commercial portfolio \| Multifamily \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	8,347		8,373
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	8,347		8,373
Commercial portfolio \| Multifamily \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	2,281		2,294
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	2,281		2,294
Commercial portfolio \| Multifamily \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Commercial portfolio \| Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2024	15,958		73,089
2023	42,021		42,824
2022	59,599		48,624
2021	48,314		38,336
2020 & Prior	183,859		147,103
Revolving loans	3,847		3,456
Revolving Loans Converted to Term	0		0
Total	353,598		353,432
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0	0	0
Commercial portfolio \| Commercial real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024	15,958		73,089
2023	42,021		42,824
2022	59,599		48,624
2021	48,314		36,478
2020 & Prior	175,732		140,674
Revolving loans	3,847		3,456
Revolving Loans Converted to Term	0		0
Total	345,471		345,145
Commercial portfolio \| Commercial real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	3,773		3,797
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	3,773		3,797
Commercial portfolio \| Commercial real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		1,858
2020 & Prior	4,354		2,632
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	4,354		4,490
Commercial portfolio \| Commercial real estate \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Commercial portfolio \| Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	6,943		7,261
Revolving loans	16,323		16,365
Revolving Loans Converted to Term	0		0
Total	23,266		23,626
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	0		4,664
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0	0	4,664
Commercial portfolio \| Construction and land development \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	6,943		7,261
Revolving loans	5,199		5,199
Revolving Loans Converted to Term	0		0
Total	12,142		12,460
Commercial portfolio \| Construction and land development \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Commercial portfolio \| Construction and land development \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	0		0
Revolving loans	11,124		11,166
Revolving Loans Converted to Term	0		0
Total	11,124		11,166
Commercial portfolio \| Construction and land development \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Commercial portfolio \| Residential real estate lending
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Total	160
Retail portfolio \| Residential real estate lending
Financing Receivable, Credit Quality Indicator [Line Items]
2024	17,544		137,167
2023	136,060		417,194
2022	420,051		329,955
2021	317,818		135,194
2020 & Prior	527,848		406,086
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	1,419,321		1,425,596
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	160		65
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	160	58	65
Retail portfolio \| Residential real estate lending \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024	17,544		137,167
2023	136,060		413,962
2022	419,329		328,952
2021	316,789		134,795
2020 & Prior	525,799		403,508
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	1,415,521		1,418,384
Retail portfolio \| Residential real estate lending \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Retail portfolio \| Residential real estate lending \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		3,232
2022	722		1,003
2021	1,029		399
2020 & Prior	2,049		2,578
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	3,800		7,212
Retail portfolio \| Residential real estate lending \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Retail portfolio \| Consumer solar
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		30,412
2023	30,551		105,162
2022	102,443		132,088
2021	128,659		73,279
2020 & Prior	136,848		67,319
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	398,501		408,260
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2024	0		0
2023	0		1,525
2022	171		3,034
2021	1,298		2,095
2020 & Prior	337		312
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	1,806	1,807	6,966
Retail portfolio \| Consumer solar \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		30,412
2023	30,527		104,633
2022	101,034		131,008
2021	127,718		72,752
2020 & Prior	135,835		67,044
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	395,114		405,849
Retail portfolio \| Consumer solar \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Retail portfolio \| Consumer solar \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	24		529
2022	1,409		1,080
2021	941		527
2020 & Prior	1,013		275
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	3,387		2,411
Retail portfolio \| Consumer solar \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Retail portfolio \| Consumer and Other
Financing Receivable, Credit Quality Indicator [Line Items]
2024	383		2,735
2023	2,062		14,843
2022	14,421		11,929
2021	11,680		0
2020 & Prior	10,997		11,780
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	39,543		41,287
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2024	0		2
2023	3		0
2022	0		0
2021	0		0
2020 & Prior	93		268
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	96	$ 18	270
Retail portfolio \| Consumer and Other \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024	383		2,730
2023	2,056		14,807
2022	14,401		11,866
2021	11,579		0
2020 & Prior	10,930		11,780
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	39,349		41,183
Retail portfolio \| Consumer and Other \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	0		0
Retail portfolio \| Consumer and Other \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		5
2023	6		36
2022	20		63
2021	101		0
2020 & Prior	67		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	194		104
Retail portfolio \| Consumer and Other \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020 & Prior	0		0
Revolving loans	0		0
Revolving Loans Converted to Term	0		0
Total	$ 0		$ 0

VARIABLE INTEREST ENTITIES - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Maximum exposure to credit loss	$ 63.0

DEPOSITS - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statistical Disclosure for Banks [Abstract]
Time deposits at or above FDIC limit	$ 45.9	$ 42.2
CDARS deposits	66.7	63.1
Deposits from Workers United and other related entities	61.4	56.4
State and municipal deposits	$ 61.7	$ 51.9

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Basis and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial assets:
Held-to-maturity securities	$ 1,521,621	$ 1,549,509
Carrying Value
Financial assets:
Cash and cash equivalents	155,204	90,570
Held-to-maturity securities	1,673,962	1,696,834
Loans held for sale	2,137	1,817
Loans receivable, net	4,359,380	4,345,628
Resell agreements	131,242	50,000
Accrued interest receivable	53,436	55,484
Financial liabilities:
FHLBNY advances	9,135	4,381
Subordinated debt, net	70,570	70,546
Accrued interest payable	6,640	12,270
Carrying Value \| Deposits payable on demand
Financial liabilities:
Deposits	6,946,272	6,582,321
Carrying Value \| Time deposits and brokered CDs
Financial liabilities:
Deposits	359,493	429,667
Carrying Value \| Other borrowings
Financial liabilities:
Other borrowings	60,000	230,000
Estimated Fair Value
Financial assets:
Cash and cash equivalents	155,204	90,570
Held-to-maturity securities	1,521,621	1,549,509
Loans held for sale	2,137	1,817
Loans receivable, net	4,026,693	4,029,142
Resell agreements	131,242	50,000
Accrued interest receivable	53,436	55,484
Financial liabilities:
FHLBNY advances	8,818	4,381
Subordinated debt, net	56,456	56,790
Accrued interest payable	6,640	12,270
Estimated Fair Value \| Deposits payable on demand
Financial liabilities:
Deposits	6,946,272	6,582,321
Estimated Fair Value \| Time deposits and brokered CDs
Financial liabilities:
Deposits	357,684	428,116
Estimated Fair Value \| Other borrowings
Financial liabilities:
Other borrowings	59,958	229,711
Estimated Fair Value \| Level 1
Financial assets:
Cash and cash equivalents	155,204	90,570
Held-to-maturity securities	0	0
Loans held for sale	0	0
Loans receivable, net	0	0
Resell agreements	0	0
Accrued interest receivable	281	43
Financial liabilities:
FHLBNY advances	0	0
Subordinated debt, net	0	0
Accrued interest payable	0	0
Estimated Fair Value \| Level 1 \| Deposits payable on demand
Financial liabilities:
Deposits	0	0
Estimated Fair Value \| Level 1 \| Time deposits and brokered CDs
Financial liabilities:
Deposits	0	0
Estimated Fair Value \| Level 1 \| Other borrowings
Financial liabilities:
Other borrowings	0	0
Estimated Fair Value \| Level 2
Financial assets:
Cash and cash equivalents	0	0
Held-to-maturity securities	571,999	575,418
Loans held for sale	0
Loans receivable, net	0	0
Resell agreements	0	0
Accrued interest receivable	13,111	12,645
Financial liabilities:
FHLBNY advances	8,818	4,381
Subordinated debt, net	56,456	56,790
Accrued interest payable	6,640	12,270
Estimated Fair Value \| Level 2 \| Deposits payable on demand
Financial liabilities:
Deposits	6,946,272	6,582,321
Estimated Fair Value \| Level 2 \| Time deposits and brokered CDs
Financial liabilities:
Deposits	357,684	428,116
Estimated Fair Value \| Level 2 \| Other borrowings
Financial liabilities:
Other borrowings	59,958	229,711
Estimated Fair Value \| Level 3
Financial assets:
Cash and cash equivalents	0	0
Held-to-maturity securities	949,622	974,091
Loans held for sale	2,137	1,817
Loans receivable, net	4,026,693	4,029,142
Resell agreements	131,242	50,000
Accrued interest receivable	40,044	42,796
Financial liabilities:
FHLBNY advances	0	0
Subordinated debt, net	0	0
Accrued interest payable	0	0
Estimated Fair Value \| Level 3 \| Deposits payable on demand
Financial liabilities:
Deposits	0	0
Estimated Fair Value \| Level 3 \| Time deposits and brokered CDs
Financial liabilities:
Deposits	0	0
Estimated Fair Value \| Level 3 \| Other borrowings
Financial liabilities:
Other borrowings	$ 0	$ 0

EMPLOYEE BENEFIT PLANS - Restricted Stock Units Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock Units
Shares
Unvested at the beginning of the period (in shares) \| shares	291,762
Awarded (in shares) \| shares	106,235
Forfeited/Expired (in shares) \| shares	0
Vested (in shares) \| shares	(63,622)
Unvested at the end of the period (in shares) \| shares	334,375
Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share) \| $ / shares	$ 19.48
Awarded (in dollars per share) \| $ / shares	23.20
Forfeited/Expired (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	20.22
Unvested at the end of the period (in dollars per share) \| $ / shares	$ 20.52
Performance Shares
Shares
Unvested at the beginning of the period (in shares) \| shares	125,963
Awarded (in shares) \| shares	79,545
Forfeited/Expired (in shares) \| shares	0
Vested (in shares) \| shares	(23,880)
Unvested at the end of the period (in shares) \| shares	181,628
Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share) \| $ / shares	$ 19.68
Awarded (in dollars per share) \| $ / shares	22.26
Forfeited/Expired (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	14.97
Unvested at the end of the period (in dollars per share) \| $ / shares	$ 21.43