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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For transition period from          to          
Commission File Number: 001-40136
Amalgamated Financial Corp.
(Exact name of registrant as specified in its charter)
Delaware85-2757101
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
275 Seventh Avenue, New York, NY     10001
(Address of principal executive offices) (Zip Code)
(212) 255-6200
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareAMALThe Nasdaq Global Market
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes         No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b–2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2). Yes         No 
As of August 6, 2021, the Registrant had 31,095,608 shares of common stock outstanding at $0.01 par value per share.



TABLE OF CONTENTS
Page
PART I – FINANCIAL INFORMATION
ITEM 1.
Financial Statements
Consolidated Statements of Financial Condition as of June 30, 2021 and December 31, 2020
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2021 and 2020
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2021 and 2020
Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2021 and 2020
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020
Notes to Consolidated Statements
PART II - OTHER INFORMATION
ITEM 2.
Unregistered Sales of Equity Securities and Use of Proceeds
i



EXPLANATORY NOTE

On March 1, 2021 (the “Effective Date”), Amalgamated Financial Corp., a Delaware public benefit corporation (the “Company”) acquired all of the outstanding stock of Amalgamated Bank, a New York state-chartered bank (the “Bank”), in a statutory share exchange transaction (the “Reorganization”) effected under New York law and in accordance with the terms of a Plan of Acquisition dated September 4, 2020 (the “Agreement”). Pursuant to the Reorganization, the Bank became the sole subsidiary of the Company, the Company became the holding company for the Bank and the stockholders of the Bank became stockholders of the Company.

Before the Effective Date, the Bank’s Class A common stock was registered under Section 12(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), and the Bank was subject to the information requirements of the Exchange Act and, in accordance with Section 12(i) thereof, filed quarterly reports, proxy statements and other information with the Federal Deposit Insurance Corporation (“FDIC”). As of the Effective Date, pursuant to Rule 12g-3 under the Exchange Act, the Company is the successor registrant to the Bank, the Company’s common stock is deemed to be registered under Section 12(b) of the Exchange Act, and the Company has become subject to the information requirements of the Exchange Act and files reports, proxy statements and other information with the U.S. Securities and Exchange Commission (the “SEC”).

In this report, unless the context indicates otherwise, references to “we,” “us,” and “our” refer to the Company and the Bank. However, if the discussion relates to a period before the Effective Date, the terms refer only to the Bank.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are not statements of historical or current fact nor are they assurances of future performance and generally can be identified by the use of forward-looking terminology, such as “may,” “will,” “anticipate,” “intend,” “could,” “should,” “would,” “believe,” “project,” “plan,” “goal,” “target,” “potential,” “pro-forma,” “seek,” “contemplate,” “expect,” “estimate,” and “continue,” or the negative thereof as well as other similar words and expressions of the future. These forward-looking statements include statements related to our plans, objectives, strategies, projected growth, anticipated future financial performance (including underlying assumptions), and management’s long-term performance goals, as well as statements relating to the anticipated effects or consequences of various transactions or events on our results of operations and financial condition and statements about our future performance, operations, products and services.
Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict as to timing, extent, likelihood and degree of occurrence, which could cause our actual results to differ materially from those anticipated in or by such statements. Potential risks and uncertainties include, but are not limited to, the following:
our ability to maintain our reputation;
our ability to attract customers based on shared values or mission alignment;
inaccuracy of the assumptions and estimates we make and policies that we implement in establishing our allowance for loan losses, including future changes in the allowance for loan losses resulting from the future adoption and implementation of the Current Expected Credit Loss (“CECL”) methodology;
potential deterioration in the financial condition of borrowers resulting in significant increases in loan losses, provisions for those losses that exceed our current allowance for loan losses and higher loan charge-offs;
time and effort necessary to resolve nonperforming assets;
any matter that could cause us to conclude that there was impairment of any asset, including intangible assets;
limitations on our ability to declare and pay dividends;
the availability of and access to capital, and our ability to allocate capital prudently, effectively and profitably;
restrictions or conditions imposed by our regulators on our operations or the operations of banks we acquire may make it more difficult for us to achieve our goals;
legislative or regulatory changes, including changes in tax laws, accounting standards and compliance requirements, whether of general applicability or specific to us and our subsidiaries;
the costs, effects and outcomes of litigation, regulatory proceedings, examinations, investigations, or similar matters, or adverse facts and developments related thereto;
ii



our ability to attract and retain key personnel considering, among other things, competition for experienced employees and executives in the banking industry;
adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors and those vendors performing a service on our behalf;
cybersecurity risks and the vulnerability of our network and online banking portals, and the systems of parties with whom we contract, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches that could adversely affect or disrupt our business and financial performance or reputation;
the continuing impact of COVID-19 and its variants, on our business, including the impact of the actions taken by governmental authorities to try and contain the virus or address the impact of the virus on the United States economy and the resulting effect of these items on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers;
the composition of our loan portfolio, including any concentration in industries or sectors that may experience unanticipated or anticipated adverse conditions greater than other industries or sectors in the national or local economies in which we operate;
general economic conditions may be less favorable than expected, which could result in, among other things, fluctuations in the values of our assets and liabilities and off-balance sheet exposures, a deterioration in credit quality, a reduction in demand for credit, and a decline in real estate values;
the general decline in the real estate and lending markets, particularly in our market areas, including the effects of the enactment of or changes to rent-control and other similar regulations on multi-family housing;
continuation of historically low interest rates may reduce net interest margins and/or the volumes or values of the loans made or held as well as the value of other financial assets;
our lack of geographic diversification and any unanticipated or greater than anticipated adverse conditions (including the possibility of earthquakes, wildfires, and other natural disasters) affecting the markets in which we operate;
economic, governmental or other factors may affect the projected population, residential and commercial growth in the markets in which we operate;
war or terrorist activities causing further deterioration in the economy or causing instability in credit markets;
our ability to achieve organic loan and deposit growth and the composition of such growth;
our ability to identify and effectively acquire potential acquisition or merger targets, including our ability to be seen as an acquirer of choice and our ability to obtain regulatory approval for any acquisition or merger and thereafter to successfully integrate any acquisition or merger target;
competitive pressures among depository and other financial institutions, including non-bank financial technology providers, and our ability to attract customers from other financial institutions; and
descriptions of assumptions underlying or relating to any of the foregoing.
We caution readers that the foregoing list of factors is not exclusive, is not necessarily in order of importance and readers should not place undue reliance on any forward-looking statements, which should be read in conjunction with the other cautionary statements that are included elsewhere in this report. Additional factors that may cause actual results to differ materially from those contemplated by any forward-looking statements may be found in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and current Reports on Form 8-K filed with the SEC and available at the SEC’s website at https://sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made and we do not intend to and, except as required by law, disclaim any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, unless required to do so under the federal securities laws.

iii



Part I
Item 1. – Financial Statements
Consolidated Statements of Financial Condition
(Dollars in thousands except for per share amounts)
June 30,
2021
December 31,
2020
Assets(unaudited)
Cash and due from banks$7,960 $7,736 
Interest-bearing deposits in banks539,485 31,033 
Total cash and cash equivalents547,445 38,769 
Securities:
Available for sale, at fair value (amortized cost of $1,799,993 and $1,513,409, respectively)
1,824,726 1,539,862 
Held-to-maturity (fair value of $621,954 and $502,425, respectively)
624,826 494,449 
Loans held for sale8,230 11,178 
Loans receivable, net of deferred loan origination costs (fees)3,175,461 3,488,895 
Allowance for loan losses(38,012)(41,589)
Loans receivable, net3,137,449 3,447,306 
Resell agreements141,651 154,779 
Accrued interest and dividends receivable22,648 23,970 
Premises and equipment, net12,876 12,977 
Bank-owned life insurance106,197 105,888 
Right-of-use lease asset35,072 36,104 
Deferred tax asset24,328 36,079 
Goodwill12,936 12,936 
Other intangible assets4,755 5,359 
Equity investments6,296 11,735 
Other assets46,837 47,240 
                 Total assets$6,556,272 $5,978,631 
Liabilities
Deposits$5,909,992 $5,338,711 
Operating leases51,165 53,173 
Other liabilities46,904 50,926 
                 Total liabilities6,008,061 5,442,810 
Commitments and contingencies  
Stockholders’ equity
Common stock, par value $0.01 per share (70,000,000 shares authorized; 31,073,669 and 31,049,525 shares issued and outstanding, respectively)
311 310 
Additional paid-in capital297,283 300,989 
Retained earnings234,769 217,213 
Accumulated other comprehensive income (loss), net of income taxes15,715 17,176 
                 Total Amalgamated Financial Corp. stockholders' equity548,078 535,688 
Noncontrolling interests133 133 
                 Total stockholders' equity548,211 535,821 
                 Total liabilities and stockholders’ equity$6,556,272 $5,978,631 


See accompanying notes to consolidated financial statements (unaudited)
1



Consolidated Statements of Income (unaudited)
(Dollars in thousands, except for per share amounts)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
INTEREST AND DIVIDEND INCOME
    Loans$30,156 $35,225 $61,265 $70,837 
    Securities13,094 11,746 25,264 24,299 
    Federal Home Loan Bank of New York stock41 66 89 135 
    Interest-bearing deposits in banks131 83 221 479 
                 Total interest and dividend income43,422 47,120 86,839 95,750 
INTEREST EXPENSE
    Deposits1,431 2,681 3,003 6,596 
    Borrowed funds   27 
                 Total interest expense1,431 2,681 3,003 6,623 
NET INTEREST INCOME41,991 44,439 83,836 89,127 
    Provision for (recovery of) loan losses1,682 8,221 (1,579)16,808 
                 Net interest income after provision for loan losses40,309 36,218 85,415 72,319 
NON-INTEREST INCOME
    Trust Department fees 3,292 3,980 7,118 8,066 
    Service charges on deposit accounts 2,296 1,850 4,475 4,261 
    Bank-owned life insurance 531 1,111 1,319 1,495 
    Gain (loss) on sale of investment securities available for sale, net321 486 342 985 
    Gain (loss) on sale of loans, net720 162 1,426 297 
    Gain (loss) on other real estate owned, net(407)(283)(407)(306)
    Equity method investments(1,555)1,289 (5,237)1,289 
    Other129 76 290 1,702 
                 Total non-interest income5,327 8,671 9,326 17,789 
NON-INTEREST EXPENSE
    Compensation and employee benefits16,964 17,334 35,003 34,792 
    Occupancy and depreciation3,352 4,241 6,853 9,747 
    Professional fees3,211 1,988 6,871 4,971 
    Data processing3,322 2,977 6,327 5,241 
    Office maintenance and depreciation820 818 1,475 1,675 
    Amortization of intangible assets302 342 604 685 
    Advertising and promotion628 672 1,225 1,339 
    Other2,796 2,696 5,831 4,889 
                 Total non-interest expense31,395 31,068 64,189 63,339 
Income before income taxes14,241 13,821 30,552 26,769 
    Income tax expense (benefit)3,833 3,447 7,955 6,850 
                 Net income10,408 10,374 22,597 19,919 
Net income attributable to Amalgamated Financial Corp.$10,408 $10,374 $22,597 $19,919 
Earnings per common share - basic$0.33 $0.33 $0.73 $0.64 
Earnings per common share - diluted$0.33 $0.33 $0.72 $0.64 

See accompanying notes to consolidated financial statements (unaudited)
2



Consolidated Statements of Comprehensive Income (unaudited)
(Dollars in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
Net income$10,408 $10,374 $22,597 $19,919 
Other comprehensive income (loss), net of taxes:
Change in total obligation for postretirement benefits, prior service credit, and other benefits92 74 (265)147 
Net unrealized gains (losses) on securities available for sale:
Unrealized holding gains (losses) 4,055 30,811 (1,381)6,443 
Reclassification adjustment for losses (gains) realized in income (321)(485)(339)(984)
Net unrealized gains (losses) on securities available for sale3,734 30,326 (1,720)5,459 
Other comprehensive income (loss), before tax 3,826 30,400 (1,985)5,606 
Income tax benefit (expense)(922)(8,463)524 (1,561)
Total other comprehensive income (loss), net of taxes2,904 21,937 (1,461)4,045 
Total comprehensive income (loss), net of taxes$13,312 $32,311 $21,136 $23,964 



















See accompanying notes to consolidated financial statements (unaudited)
3




Consolidated Statements of Changes in Stockholders’ Equity (unaudited)
(Dollars in thousands)

Three Months Ended June 30, 2021
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
Noncontrolling
Interest
Total
Equity
Balance at March 31, 2021$312 $300,079 $226,887 $12,811 $540,089 $133 $540,222 
Net income— — 10,408 — 10,408 — 10,408 
Dividends, $0.08 per share
— — (2,526)— (2,526)— (2,526)
Repurchase of shares(1)(2,499)— — (2,500)— (2,500)
Exercise of stock options— (463)— — (463)— (463)
Stock-based compensation expense— 166 — — 166 — 166 
Other comprehensive income (loss), net of taxes— — — 2,904 2,904 — 2,904 
Balance at June 30, 2021$311 $297,283 $234,769 $15,715 $548,078 $133 $548,211 

Six Months Ended June 30, 2021
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
Noncontrolling
Interest
Total
Equity
Balance at December 31, 2020$310 $300,989 $217,213 $17,176 $535,688 $133 $535,821 
Net income— — 22,597 — 22,597 — 22,597 
Dividends, $0.16 per share
— — (5,041)— (5,041)— (5,041)
Repurchase of shares(1)(2,919)— — (2,920)— (2,920)
Exercise of stock options, net of repurchases2 (1,451)— — (1,449)— (1,449)
Restricted stock unit vesting, net of repurchases— (90)— — (90)— (90)
Stock-based compensation expense— 754 — — 754 — 754 
Other comprehensive income (loss), net of taxes— — — (1,461)(1,461)— (1,461)
Balance at June 30, 2021$311 $297,283 $234,769 $15,715 $548,078 $133 $548,211 




4



Consolidated Statements of Changes in Stockholders’ Equity (unaudited)
(Dollars in thousands)

Three Months Ended June 30, 2020
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
Noncontrolling
Interest
Total
Equity
Balance at March 31, 2020$310 $299,332 $188,160 $(14,667)$473,135 $134 $473,269 
Net income— — 10,374 — 10,374 — 10,374 
Dividends, $0.08 per share
— — (2,543)— (2,543)— (2,543)
Shares issued under stock-based compensation plan16 16 — 16 
Exercise of stock options, net of repurchases— (132)— — (132)— (132)
Stock-based compensation expense— 781 — — 781 — 781 
Other comprehensive income (loss), net of taxes— — — 21,937 21,937 — 21,937 
Balance at June 30, 2020$310 $299,997 $195,991 $7,270 $503,568 $134 $503,702 

Six months ended June 30, 2020
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
Noncontrolling
Interest
Total
Equity
Balance at December 31, 2019315 305,738 181,132 3,225 490,410 134 490,544 
Net income— — 19,919 — 19,919 — 19,919 
Dividends, $0.16 per share
— — (5,060)— (5,060)— (5,060)
Shared issued under stock-based incentive plan16 16 16 
Repurchase of shares(5)(6,996)— — (7,001)— (7,001)
Exercise of stock options, net of repurchases— (155)— — (155)— (155)
Stock-based compensation expense— 1,394 — — 1,394 — 1,394 
Other comprehensive income (loss), net of taxes— — — 4,045 4,045 — 4,045 
Balance at June 30, 2020$310 $299,997 $195,991 $7,270 $503,568 $134 $503,702 





See accompanying notes to consolidated financial statements (unaudited)
5



Consolidated Statements of Cash Flows (unaudited)
(Dollars in thousands)
Six Months Ended
June 30,
20212020
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income$22,597 $19,919 
  Adjustments to reconcile net income to net cash provided by operating activities:
    Depreciation and amortization1,825 2,505 
    Amortization of intangible assets604 685 
    Deferred income tax expense (benefit)4,089 (2,415)
    Provision for (recovery of) loan losses(1,579)16,808 
    Stock-based compensation expense754 1,394 
    Net amortization (accretion) on loan fees, costs, premiums, and discounts1,198 299 
    Net amortization on securities1,779 617 
    OTTI loss (gain) recognized in earnings3 1 
    Net loss (income) from equity method investments5,237 (1,289)
    Net loss (gain) on sale of securities available for sale(342)(985)
    Net loss (gain) on sale of loans(1,426)(297)
    Net loss (gain) on sale of other real estate owned407 306 
    Net loss (gain) on owned property held for sale (1,394)
    Net (gain) on redemption of bank-owned life insurance(266)(741)
    Proceeds from sales of loans held for sale81,870 19,924 
    Originations of loans held for sale(77,526)(11,114)
    Decrease (increase) in cash surrender value of bank-owned life insurance(1,053)(754)
    Decrease (increase) in accrued interest and dividends receivable1,322 (2,748)
    Decrease (increase) in other assets (1)
(720)(13,383)
    Increase (decrease) in accrued expenses and other liabilities (2)
(14,057)(9,591)
                      Net cash provided by operating activities24,716 17,747 
CASH FLOWS FROM INVESTING ACTIVITIES
    Originations (purchase) of loans, net of principal repayments310,268 (216,322)
    Purchase of securities available for sale(563,204)(529,880)
    Purchase of securities held to maturity(176,669)(97,395)
    Proceeds from sales of securities available for sale62,883 52,420 
    Maturities, principal payments and redemptions of securities available for sale228,905 120,829 
    Maturities, principal payments and redemptions of securities held to maturity44,604 19,102 
    Decrease (increase) in resell agreements13,128 (45,653)
    Purchase of equity method investments427 (2,732)
    Decrease (increase) of FHLBNY stock, net214 3,105 
    Purchases of premises and equipment(1,724)(1,126)
    Proceeds from redemption of bank-owned life insurance1,010 1,515 
    Proceeds from sale of owned assets 1,613 
    Proceeds from sale of other real estate owned2,275  
                      Net cash (used in) provided by investing activities(77,883)(694,524)
CASH FLOWS FROM FINANCING ACTIVITIES
    Net increase (decrease) in deposits571,281 1,229,337 
    Net increase (decrease) in FHLB advances (75,000)
6



    Issuance of common stock 16 
    Repurchase of shares(2,920)(7,001)
    Dividends paid(4,979)(4,997)
    Exercise of stock options, net(1,449)(155)
    Restricted stock unit vesting, net(90) 
                      Net cash provided by financing activities561,843 1,142,200 
                      Increase (decrease) in cash, cash equivalents, and restricted cash508,676 465,423 
Cash, cash equivalents, and restricted cash at beginning of year38,769 122,538 
Cash, cash equivalents, and restricted cash at end of period$547,445 $587,961 
Supplemental disclosures of cash flow information:
    Interest paid during the period$3,113 $6,936 
    Income taxes paid during the period2,285 9,355 
Supplemental non-cash investing activities:
    Loans transferred to other real estate owned2,682  
    Purchase of securities available for sale, net not settled27,000 (12,551)


(1) Includes $1.0 million and $4.5 million of right of use asset amortization for the respective periods
(2) Includes $0.7 million and $1.0 million accretion of operating lease liabilities for the respective periods


































See accompanying notes to consolidated financial statements (unaudited)
7




Notes to Consolidated Financial Statements (unaudited)
June 30, 2021 and December 31, 2020
1.    BASIS OF PRESENTATION AND CHANGES IN SIGNIFICANT ACCOUNTING POLICIES
Holding Company Reorganization

On March 1, 2021 (the “Effective Date”), Amalgamated Financial Corp., a Delaware public benefit corporation (the “Company”) acquired all of the outstanding stock of Amalgamated Bank, a New York state-chartered bank (the “Bank”), in a statutory share exchange transaction (the “Reorganization”) effected under New York law and in accordance with the terms of a Plan of Acquisition dated September 4, 2020 (the “Agreement”). Pursuant to the Reorganization, the Bank became the sole subsidiary of the Company, the Company became the holding company for the Bank and the stockholders of the Bank became stockholders of the Company. Prior to the Effective Date of the Reorganization, the Company conducted no operations other than obtaining regulatory approval for the Reorganization. Accordingly, there has been no significant financial activity at the parent company level as of June 30, 2021.

In this discussion, unless the context indicates otherwise, references to “we,” “us,” and “our” refer to the Company and the Bank. However, if the discussion relates to a period before the Effective Date, the terms refer only to the Bank.
Segment Information

Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision maker. Substantially all of our operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes our only operating segment for financial reporting purposes. We do not consider our trust and investment management business as a separate segment.

Basis of Accounting and Changes in Significant Accounting Policies
The accounting and reporting policies of Amalgamated Financial Corp. (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 include the accounts of the Company, its wholly-owned subsidiaries and its majority-owned subsidiaries and have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with GAAP. 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. A more detailed description of our accounting policies is included in the Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”). There have been no significant changes to our accounting policies, or the estimates made pursuant to those policies as described in our 2020 Annual Report. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes appearing in the 2020 Annual Report.

Reclassifications

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




8