• Amalgamated Financial Corp. Reports Second Quarter 2023 Financial Results; Immediate Liquidity Coverage at 183% of Uninsured Non Super-Core Deposits

    ソース: Nasdaq GlobeNewswire / 27 7 2023 06:25:18   America/New_York

    NEW YORK, July 27, 2023 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced its complete financial results for the second quarter ended June 30, 2023.

    Second Quarter 2023 Highlights (on a linked quarter basis)

    • Net income of $21.6 million, or $0.70 per diluted share, compared to $21.3 million, or $0.69 per diluted share.
    • Core net income1 of $22.0 million, or $0.72 per diluted share, as compared to $23.0 million, or $0.74 per diluted share.

    Deposits and Liquidity

    • Total deposits decreased $146.7 million, or 2.1%, to $6.9 billion including a $126.4 million decline in Brokered CD utilization.
    • Excluding Brokered CDs, deposits remained essentially unchanged at $6.4 billion, reflecting a strong and stable deposit base.
    • Political deposits increased $157.7 million, or 23.3%, to $835.8 million.
    • Average cost of deposits, excluding Brokered CDs, was 87 basis points for the quarter, where non-interest bearing deposits remained steady and comprised a noteworthy 46% of total deposits.
    • Super-core deposits totaled approximately $3.6 billion, had a weighted average life of 17 years, and comprised 55% of total deposits excluding Brokered CDs.
    • Total uninsured deposits were $3.9 billion, improving to 57% of total deposits. Excluding uninsured super-core deposits of approximately $2.5 billion, remaining uninsured deposits were approximately 20-23% of total deposits with immediate liquidity coverage of 183%.
    • Cash and borrowing capacity totaled $2.6 billion (immediately available) plus unpledged securities (two-day availability) of $758.3 million for total liquidity within two-days of $3.3 billion (85% of total uninsured deposits).

    Assets and Margin

    • Loans receivable, net of deferred loan origination costs, increased $53.5 million, or 1.3%, to $4.3 billion.
    • Held-to-maturity and available for sale PACE assessments grew $64.3 million to $1.1 billion.
    • Net interest income was $63.0 million, at the high-end of the guidance range provided in the first quarter. Net interest margin was 3.33%, in line with expectations.

    Share Repurchase

    • Repurchased approximately 139,000 shares, or $2.2 million of common stock under the Company’s $40 million share repurchase program announced in the first quarter of 2022.
    • The Company expects to continue repurchasing shares through its common stock share repurchase program, with $23.5 million of remaining capacity. The timing and exact amount of stock repurchase activity will be informed by economic and regulatory considerations as well as Amalgamated's overall position, earnings outlook, and capital deployment priorities.

    Investments and Capital

    • Tangible common equity ratio of 6.59%, represents another consecutive quarter of improvement.
    • Available for sale securities, which are 73% of the Company's traditional securities portfolio, had unrealized losses of 7.6%, with an effective duration of 1.8 years.
    • Traditional held-to-maturity securities, which are 27% of the Company's traditional securities portfolio, had unrecognized losses of 11.0%, with an effective duration of 4.1 years.
    • Regulatory capital remains above bank “well capitalized” standards, with a Common Equity Tier 1 ratio of 12.51% at June 30, 2023, and continues to increase in line with strategic plans.
    • Our leverage ratio was 7.78%, an increase of 28 basis points from the prior quarter.

    Priscilla Sims Brown, President and Chief Executive Officer, commented, “Amalgamated is a conservatively managed bank with a simple model, prudent asset liability management practices, efficient operations, experienced management, strong asset quality and, importantly, a uniquely stable deposit base which is beginning to benefit from strong political deposit inflows as the presidential election cycle begins.”

    1 Reconciliations of non-GAAP financial measures to the most comparable GAAP measure are set forth on the last page of the financial information accompanying this press release and may also be found on our website, www.amalgamatedbank.com.

    Second Quarter Earnings

    Net income for the second quarter of 2023 was $21.6 million, or $0.70 per diluted share, compared to $21.3 million, or $0.69 per diluted share, for the first quarter of 2023. The $0.3 million increase for the second quarter of 2023 compared to the preceding quarter was primarily driven by a $2.7 million increase in non-interest income, a $1.1 million decrease in provision expense, and a $1.1 million decrease in non-interest expense offset by a $4.3 million decrease in net interest income, and a $0.2 million increase in income tax expense.

    Core net income excluding the impact of solar tax equity investments (non-GAAP)1 for the second quarter of 2023 was $22.0 million, or $0.72 per diluted share, compared to $23.0 million, or $0.74 per diluted share, for the first quarter of 2023. Excluded from core net income for the second quarter of 2023 were $0.3 million of pre-tax losses on sales of securities and $0.3 million in severance costs. Excluded from the first quarter of 2023 were $3.1 million of pre-tax losses on the sale of securities and $0.8 million of pre-tax gains on subordinated debt repurchases.

    Net interest income was $63.0 million for the second quarter of 2023, compared to $67.3 million for the first quarter of 2023. Interest income on securities decreased $0.2 million driven by a 12 basis point increase in securities yield offset by a decrease in the average balance of securities of $102.0 million. Loan interest income increased $0.6 million driven by a $73.5 million increase in average loan balances offset by a 7 basis point decrease in loan yields. The increase in interest income was offset by higher interest expense on deposits of $5.0 million driven by a 45 basis point increase in deposit costs and an increase in the average balance of interest-bearing deposits of $165.5 million. The changes in deposit costs were primarily related to a $43.8 million increase in average Brokered CDs and a $112.5 million increase in average savings, NOW, and money market deposits.

    Net interest margin was 3.33% for the second quarter of 2023, a decrease of 26 basis points from 3.59% in the first quarter of 2023. The decrease is largely due to increased rates and average balances of interest-bearing liabilities, primarily costs for deposits. No prepayment penalties were earned in loan income in the first or second quarter of 2023.

    Provision for credit losses totaled $3.9 million for the second quarter of 2023 compared to $5.0 million in the first quarter of 2023. The decrease in the provision is largely due to a $1.2 million impairment charge on a Silicon Valley Bank (“SIVB”) senior note in the first quarter of 2023, which was subsequently sold during the second quarter.

    Core non-interest income excluding the impact of solar tax equity investments (non-GAAP)1 was $8.2 million for the second quarter of 2023, compared to $7.5 million in the first quarter of 2023. The increase of $0.7 million was primarily related to increased income from equity investments, higher Trust Department fees, and fees on treasury investments for certain clients seeking alternative yields to deposit pricing.

    Core non-interest expense (non-GAAP)1 for the second quarter of 2023 was $37.2 million, a decrease of $1.4 million from the first quarter of 2023. This was primarily driven by a $0.8 million decrease in compensation and employee benefits comprised mainly of increased payroll taxes given timing of corporate incentive payments, temporary personnel costs, and benefit insurance costs incurred during the first quarter of 2023. Additionally, advertising expense and data processing expense decreased during the quarter, offset by increased reserves for FDIC depository insurance and increased professional fees.  

    Our provision for income tax expense was $7.8 million for the second quarter of 2023, compared to $7.6 million for the first quarter of 2023. The increase reflects the higher pre-tax income in the second quarter. Our effective tax rate for the second quarter of 2023 was 26.5%, compared to 26.2% for the first quarter of 2023.

    Balance Sheet Quarterly Summary

    Total assets were $7.8 billion at June 30, 2023, compared to $7.8 billion at March 31, 2023, in keeping with our strategy to keep our balance sheet flat. Notable changes within individual balance sheet line items include a $53.5 million increase in loans receivable, net of deferred loan origination costs, funded mainly by a $58.9 million decrease in available-for-sale investment securities, and a $15.4 million decrease in resell agreements. Additionally, Brokered CDs declined by $126.4 million, offset by a $90.0 million increase in short-term borrowings.

    Total loans receivable, net of deferred loan origination costs at June 30, 2023 were $4.3 billion, an increase of $53.5 million, or 1.3%, compared to March 31, 2023. The increase in loans is primarily driven by a $32.9 million increase in multifamily loans, a $25.6 million increase in commercial and industrial loans, a $5.9 million increase in the commercial real estate portfolio, offset by a $1.6 million decrease in residential loans, and a $9.2 million decrease in construction loans. During the quarter we had $5.2 million of payoffs and upgrades of criticized or classified loans, including a payoff of a $3.8 million office related loan, as we continue to focus on the improving the credit quality of the commercial portfolio.

    Deposits at June 30, 2023 were $6.9 billion, a decrease of $146.7 million, or 2.1%, as compared to $7.0 billion as of March 31, 2023. Deposits excluding Brokered CDs decreased by $20.3 million to $6.4 billion, a 0.3% decrease compared to March 31, 2023. Deposits held by politically active customers, such as campaigns, PACs, advocacy-based organizations, and state and national party committees were $835.8 million as of June 30, 2023, an increase of $157.7 million compared to $678.1 million as of March 31, 2023. Non-interest-bearing deposits represented 45% of average total deposits and 43% of ending total deposits for the quarter ended June 30, 2023, contributing to an average cost of total deposits of 110 basis points.

    Nonperforming assets totaled $35.3 million, or 0.45% of period-end total assets at June 30, 2023, a decrease of $3.4 million, compared with $38.7 million, or 0.49% on a linked quarter basis. The decrease in non-performing assets was primarily driven by the $1.8 million SIVB senior note placed on nonaccrual status in the first quarter of 2023, which was subsequently sold in the second quarter, and a $1.3 million commercial real estate loan that was 90 days past due and accruing at March 31, 2023 was brought current in the second quarter. Additionally, a $1.7 million commercial loan was charged off in the quarter which was substantially reserved for as of the first quarter, offset by an additional $1.4 million in retail loans that were placed on nonaccrual status.

    During the quarter, the allowance for credit losses on loans increased $0.1 million to $67.4 million at June 30, 2023 from $67.3 million at March 31, 2023. The ratio of allowance to total loans was 1.59%, a decrease of 2 basis points from 1.61% in the first quarter of 2023.

    Capital Quarterly Summary

    As of June 30, 2023, our Common Equity Tier 1 Capital Ratio was 12.51%, Total Risk-Based Capital Ratio was 15.26%, and Tier-1 Leverage Capital Ratio was 7.78%, compared to 12.23%, 15.00%, and 7.50%, respectively, as of March 31, 2023. Stockholders’ equity at June 30, 2023 was $528.6 million, compared to $519.2 million at March 31, 2023. The increase in stockholders’ equity was primarily driven by $21.6 million of net income for the quarter offset by a $7.9 million increase in accumulated other comprehensive loss due to the tax effected mark-to-market on our available for sale securities portfolio.

    Our tangible book value per share was $16.78 as of June 30, 2023 compared to $16.42 as of March 31, 2023. Tangible common equity was 6.59% of tangible assets, compared to 6.43% as of March 31, 2023.

    Conference Call

    As previously announced, Amalgamated Financial Corp. will host a conference call to discuss its second quarter 2023 results today, July 27, 2023 at 11:00am (Eastern Time). The conference call can be accessed by dialing 1-877-407-9716 (domestic) or 1-201-493-6779 (international) and asking for the Amalgamated Financial Corp. Second Quarter 2023 Earnings Call. A telephonic replay will be available approximately two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671 and providing the access code 13739618. The telephonic replay will be available until August 3, 2023.

    Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of our website at https://ir.amalgamatedbank.com/. The online replay will remain available for a limited time beginning immediately following the call.

    The presentation materials for the call can be accessed on the investor relations section of our website at https://ir.amalgamatedbank.com/.

    About Amalgamated Financial Corp.

    Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country's oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of June 30, 2023, our total assets were $7.8 billion, total net loans were $4.2 billion, and total deposits were $6.9 billion. Additionally, as of June 30, 2023, our trust business held $40.3 billion in assets under custody and $14.5 billion in assets under management.

    Non-GAAP Financial Measures

    This release (and the accompanying financial information and tables) refer to certain non-GAAP financial measures including, without limitation, “Core operating revenue,” “Core non-interest expense,” “Core non-interest income,” “Core net income,” “Tangible common equity,” “Average tangible common equity,” “Core return on average assets,” “Core return on average tangible common equity,” and “Core efficiency ratio.”

    Our management utilizes this information to compare our operating performance for June 30, 2023 versus certain periods in 2023 and 2022 and to prepare internal projections. We believe these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of our operating performance. In addition, because intangible assets such as goodwill and other discrete items unrelated to our core business, which are excluded, vary extensively from company to company, we believe that the presentation of this information allows investors to more easily compare our results to those of other companies.

    The presentation of non-GAAP financial information, however, is not intended to be considered in isolation or as a substitute for GAAP financial measures. We strongly encourage readers to review the GAAP financial measures included in this release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this release with other companies’ non-GAAP financial measures having the same or similar names. Reconciliations of non-GAAP financial disclosures to comparable GAAP measures found in this release are set forth in the final pages of this release and also may be viewed on our website, amalgamatedbank.com.

    Terminology

    Certain terms used in this release are defined as follows:

    “Core efficiency ratio” is defined as “Core non-interest expense” divided by “Core operating revenue.” We believe the most directly comparable performance ratio derived from GAAP financial measures is an efficiency ratio calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income.

    “Core efficiency ratio excluding solar tax impact” is defined as “Core non-interest expense” divided by “Core operating revenue excluding solar tax impact.” We believe the most directly comparable performance ratio derived from GAAP financial measures is an efficiency ratio calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income.

    “Core net income” is defined as net income after tax excluding gains and losses on sales of securities, gains on the sale of owned property, costs related to branch closures, restructuring/severance costs, acquisition costs, and taxes on notable pre-tax items. We believe the most directly comparable GAAP financial measure is net income.

    “Core net income excluding solar tax impact” is defined as net income after tax excluding gains and losses on sales of securities, gains on the sale of owned property, costs related to branch closures, restructuring/severance costs, acquisition costs, tax credits and accelerated depreciation on solar equity investments, and taxes on notable pre-tax items. We believe the most directly comparable GAAP financial measure is net income.

    “Core non-interest expense” is defined as total non-interest expense excluding costs related to branch closures, restructuring/severance, and acquisitions. We believe the most directly comparable GAAP financial measure is total non-interest expense.

    “Core non-interest income excluding the impact of solar tax equity investments” is defined as total non-interest income excluding gains and losses on sales of securities, gains on the sale of owned property, and tax credits and depreciation on solar equity investments. We believe the most directly comparable GAAP financial measure is non-interest income.

    “Core operating revenue” is defined as total net interest income plus “core non-interest income”, defined as non-interest income excluding gains and losses on sales of securities and gains on the sale of owned property. We believe the most directly comparable GAAP financial measure is the total of net interest income and non-interest income.

    “Core operating revenue excluding solar tax impact” is defined as total net interest income plus non-interest income excluding gains and losses on sales of securities, gains on the sale of owned property, and tax credits and depreciation on solar equity investments. We believe the most directly comparable GAAP financial measure is the total of net interest income and non-interest income.

    “Core return on average assets” is defined as “Core net income” divided by average total assets. We believe the most directly comparable performance ratio derived from GAAP financial measures is return on average assets calculated by dividing net income by average total assets.

    “Core return on average assets excluding solar tax impact” is defined as “Core net income excluding solar tax impact” divided by average total assets. We believe the most directly comparable performance ratio derived from GAAP financial measures is return on average assets calculated by dividing net income by average total assets.

    “Core return on average tangible common equity” is defined as “Core net income” divided by “Average tangible common equity.” We believe the most directly comparable performance ratio derived from GAAP financial measures is return on average equity calculated by dividing net income by average total stockholders’ equity.

    “Core return on average tangible common equity excluding solar tax impact” is defined as “Core net income excluding solar tax impact” divided by “Average tangible common equity.” We believe the most directly comparable performance ratio derived from GAAP financial measures is return on average equity calculated by dividing net income by average total stockholders’ equity.

    “Super-core deposits” are defined as total deposits from commercial and consumer customers, with a relationship length of greater than 5 years. We believe the most directly comparable GAAP financial measure is total deposits.

    “Tangible assets” are defined as total assets excluding, as applicable, goodwill and core deposit intangibles. We believe the most directly comparable GAAP financial measure is total assets.

    “Tangible common equity”, and “Tangible book value” are defined as stockholders’ equity excluding, as applicable, minority interests, preferred stock, goodwill and core deposit intangibles. We believe that the most directly comparable GAAP financial measure is total stockholders’ equity.

    "Traditional securities portfolio" is defined as total investment securities excluding PACE assessments. We believe the most directly comparable GAAP financial measure is total investment securities.

    Forward-Looking Statements

    Statements included in this release that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act, Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified through the use of forward-looking terminology such as “may,” “will,” “anticipate,” “aspire,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “in the future,” “may” and “intend,” as well as other similar words and expressions of the future. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, any or all of which could cause actual results to differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: (i) uncertain conditions in the banking industry and in national, regional and local economies in our core markets, which may have an adverse impact on our business, operations and financial performance; (ii) deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses; (iii) deposit outflows and subsequent declines in liquidity caused by factors that could include lack of confidence in the banking system, a deterioration in market conditions or the financial condition of depositors; (iv) changes in our deposits, including an increase in uninsured deposits; (v) unfavorable conditions in the capital markets, which may cause declines in our stock price and the value of our investments; (vi) continued fluctuation of the interest rate environment, including changes in net interest margin or changes that affect the yield curve on investments; (vii) potential deterioration in real estate collateral values; (viii) changes in legislation, regulation, public policies, or administrative practices impacting the banking industry, including increased regulation and FDIC assessments in the aftermath of recent bank failures; (ix) the outcome of legal or regulatory proceedings that may be instituted against us; (x) our inability to maintain the historical growth rate of the loan portfolio; (xi) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (xii) the impact of competition with other financial institutions, including pricing pressures and the resulting impact on our results, including as a result of compression to net interest margin; (xiii) any matter that would cause us to conclude that there was impairment of any asset, including intangible assets; (xiv) the risk that the preliminary financial information reported herein and our current preliminary analysis will be different when our review is finalized; (xv) increased competition for experienced members of the workforce including executives in the banking industry; (xvi) a failure in or breach of our operational or security systems or infrastructure, or those of third party vendors or other service providers, including as a result of unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; (xvii) a downgrade in our credit rating; (xviii) increased political opposition to Environmental, Social and Governance (“ESG”) practices; (xix) recessionary conditions; (xx) the ongoing economic effects of the COVID-19 pandemic; (xxi) physical and transitional risks related to climate change as they impact our business and the businesses that we finance, and (xxii) future repurchase of our shares through our common stock repurchase program. Additional factors which could affect the forward-looking statements can 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 on the SEC's website at https://www.sec.gov/. We disclaim any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.

    Investor Contact:
    Jamie Lillis
    Solebury Strategic Communications
    shareholderrelations@amalgamatedbank.com
    800-895-4172


    Consolidated Statements of Income (unaudited)

     Three Months Ended Six Months Ended
     June 30, March 31, June 30, June 30,
    ($ in thousands) 2023   2023   2022   2023   2022 
    INTEREST AND DIVIDEND INCOME         
    Loans$45,360  $44,806  $33,766  $90,166  $64,893 
    Securities 39,506   39,512   24,352   79,018   43,507 
    Interest-bearing deposits in banks 1,056   618   551   1,673   730 
    Total interest and dividend income 85,922   84,936   58,669   170,857   109,130 
    INTEREST EXPENSE         
    Deposits 18,816   13,835   1,481   32,651   2,883 
    Borrowed funds 4,121   3,821   690   7,942   1,381 
    Total interest expense 22,937   17,656   2,171   40,593   4,264 
    NET INTEREST INCOME 62,985   67,280   56,498   130,264   104,866 
    Provision for credit losses(1) 3,940   4,958   2,912   8,899   5,205 
    Net interest income after provision for credit losses 59,045   62,322   53,586   121,365   99,661 
    NON-INTEREST INCOME         
    Trust Department fees 4,006   3,929   3,479   7,935   6,970 
    Service charges on deposit accounts 2,712   2,455   2,826   5,166   5,273 
    Bank-owned life insurance income 546   781   1,283   1,327   2,097 
    Losses on sale of securities (267)  (3,086)  (582)  (3,353)  (420)
    Gains on sale of loans, net 2   3   492   4   335 
    Loss on other real estate owned, net —   —   —   —   — 
    Equity method investments income 556   153   (638)  711   (206)
    Other income 389   973   386   1,360   619 
    Total non-interest income 7,944   5,208   7,246   13,150   14,668 
    NON-INTEREST EXPENSE         
    Compensation and employee benefits 21,165   22,014   18,046   43,180   35,715 
    Occupancy and depreciation 3,436   3,399   3,457   6,835   6,897 
    Professional fees 2,759   2,230   2,745   4,989   5,560 
    Data processing 4,082   4,549   4,327   8,631   9,511 
    Office maintenance and depreciation 718   728   784   1,445   1,509 
    Amortization of intangible assets 222   222   261   444   523 
    Advertising and promotion 1,028   1,587   761   2,615   1,615 
    Federal deposit insurance premiums 1,100   718   761   1,818   1,427 
    Other expense 3,019   3,180   3,204   6,199   5,986 
    Total non-interest expense 37,529   38,627   34,346   76,156   68,743 
    Income before income taxes 29,460   28,903   26,486   58,359   45,586 
    Income tax expense 7,818   7,565   6,873   15,383   11,808 
    Net income$21,642  $21,338  $19,613  $42,976  $33,778 
    Earnings per common share - basic$0.71  $0.69  $0.64  $1.40  $1.09 
    Earnings per common share - diluted$0.70  $0.69  $0.63  $1.39  $1.08 

    (1) In accordance with the adoption of the Current Expected Credit Losses (“CECL”) standard on January 1, 2023, the provision for credit losses as of June 30, 2023 and March 31, 2023 is calculated under the current expected credit losses model. For June 30, 2022, the provision presented is the provision for loan losses calculated using the incurred loss model.

    Consolidated Statements of Financial Condition

    ($ in thousands)June 30, 2023 March 31, 2023 December 31, 2022
    Assets(unaudited) (unaudited)  
    Cash and due from banks$4,419  $5,192  $5,110 
    Interest-bearing deposits in banks 61,296   125,705   58,430 
    Total cash and cash equivalents 65,715   130,897   63,540 
    Securities:     
    Available for sale, at fair value 1,580,248   1,639,105   1,812,476 
    Held-to-maturity, at amortized cost:     
    Traditional securities, net of allowance for credit losses of $57 and $58 at June 30, 2023 and March 31, 2023, respectively 617,380   622,741   629,424 
    PACE assessments, net of allowance for credit losses of $650 and $629 at June 30, 2023 and March 31, 2023, respectively 1,037,151   995,766   911,877 
      1,654,531   1,618,507   1,541,301 
          
    Loans held for sale 2,458   5,653   7,943 
    Loans receivable, net of deferred loan origination costs 4,251,738   4,198,170   4,106,002 
    Allowance for credit losses(1) (67,431)  (67,323)  (45,031)
    Loans receivable, net 4,184,307   4,130,847   4,060,971 
          
    Resell agreements —   15,431   25,754 
    Federal Home Loan Bank of New York ("FHLBNY") stock, at cost 4,192   3,507   29,607 
    Accrued interest and dividends receivable 44,104   40,844   41,441 
    Premises and equipment, net 8,933   9,250   9,856 
    Bank-owned life insurance 105,951   105,405   105,624 
    Right-of-use lease asset 24,721   26,516   28,236 
    Deferred tax asset, net 63,477   62,504   62,507 
    Goodwill 12,936   12,936   12,936 
    Intangible assets, net 2,661   2,883   3,105 
    Equity method investments 11,657   8,170   8,305 
    Other assets 26,921   24,001   29,522 
    Total assets$7,792,812  $7,836,456  $7,843,124 
    Liabilities     
    Deposits$6,894,651  $7,041,361  $6,595,037 
    Subordinated debt, net 73,766   73,737   77,708 
    FHLBNY advances —   —   580,000 
    Other borrowings 230,000   140,000   — 
    Operating leases 35,801   38,333   40,779 
    Other liabilities 29,980   23,867   40,645 
    Total liabilities 7,264,198   7,317,298   7,334,169 
    Stockholders’ equity     
    Common stock, par value $.01 per share 307   307   307 
    Additional paid-in capital 286,877   287,514   286,947 
    Retained earnings 349,204   330,673   330,275 
    Accumulated other comprehensive loss, net of income taxes (105,214)  (97,317)  (108,707)
    Treasury stock, at cost (2,693)  (2,152)  — 
    Total Amalgamated Financial Corp. stockholders' equity 528,481   519,025   508,822 
    Noncontrolling interests 133   133   133 
    Total stockholders' equity 528,614   519,158   508,955 
    Total liabilities and stockholders’ equity$7,792,812  $7,836,456  $7,843,124 

    (1) In accordance with the adoption of the CECL standard on January 1, 2023, the allowance for credit losses on both loans and securities as of June 30, 2023 and March 31, 2023 is calculated under the current expected credit losses model. For December 31, 2022, no allowance was calculated on securities, and the allowance on loans presented is the allowance for loan losses calculated using the incurred loss model.


    Select Financial Data

     As of and for the As of and for the
     Three Months Ended Six Months Ended
     June 30, March 31, June 30, June 30,
    (Shares in thousands)2023 2023 2022 2023 2022
    Selected Financial Ratios and Other Data:         
    Earnings per share         
    Basic$0.71 $0.69 $0.64 $1.40 $1.09
    Diluted 0.70  0.69  0.63  1.39  1.08
    Core net income (non-GAAP)         
    Basic$0.72 $0.75 $0.66 $1.47 $1.12
    Diluted 0.72  0.74  0.65  1.46  1.11
    Core net income excluding solar tax impact (non-GAAP)         
    Basic$0.72 $0.75 $0.68 $1.47 $1.14
    Diluted 0.72  0.74  0.67  1.46  1.12
    Book value per common share (excluding minority interest)$17.29 $16.94 $16.23 $17.29 $16.23
    Tangible book value per share (non-GAAP)$16.78 $16.42 $15.69 $16.78 $15.69
    Common shares outstanding, par value $.01 per share(1) 30,573  30,642  30,684  30,573  30,684
    Weighted average common shares outstanding, basic 30,619  30,706  30,818  30,662  30,962
    Weighted average common shares outstanding, diluted 30,776  30,939  31,189  30,820  31,332
              
    (1) 70,000,000 shares authorized; 30,736,141, 30,700,198, and 30,995,271 shares issued for the periods ended June 30, 2023, March 31, 2023, and June 30, 2022 respectively, and 30,572,606, 30,700,198, and 30,995,271 shares outstanding for the periods ended June 30, 2023, March 31, 2023, and June 30, 2022, respectively.


    Select Financial Data

     As of and for the As of and for the
     Three Months Ended Six Months Ended
     June 30, March 31, June 30, June 30,
     2023 2023 2022 2023 2022
    Selected Performance Metrics:         
    Return on average assets1.11% 1.11% 1.01% 1.11% 0.90%
    Core return on average assets (non-GAAP)1.13% 1.19% 1.05% 1.16% 0.92%
    Core return on average assets excluding solar tax impact (non-GAAP)1.13% 1.19% 1.08% 1.16% 0.94%
    Return on average equity16.45% 17.22% 15.20% 16.83% 12.64%
    Core return on average tangible common equity (non-GAAP)17.28% 19.21% 16.25% 18.21% 13.38%
    Core return on average tangible common equity excluding solar tax impact (non-GAAP)17.28% 19.21% 16.76% 18.21% 13.61%
    Average equity to average assets6.77% 6.42% 6.67% 6.60% 7.11%
    Tangible common equity to tangible assets (non-GAAP)6.59% 6.43% 6.07% 6.59% 6.07%
    Loan yield4.33% 4.40% 3.82% 4.36% 3.86%
    Securities yield4.85% 4.73% 2.71% 4.79% 2.54%
    Deposit cost1.10% 0.81% 0.08% 0.96% 0.08%
    Net interest margin3.33% 3.59% 3.03% 3.46% 2.90%
    Efficiency ratio (1)52.91% 53.29% 53.88% 53.10% 57.51%
    Core efficiency ratio (non-GAAP)52.31% 51.64% 52.90% 51.97% 56.69%
    Core efficiency ratio excluding solar tax impact (non-GAAP)52.31% 51.64% 52.20% 51.97% 56.32%
              
    Asset Quality Ratios:         
    Nonaccrual loans to total loans0.79% 0.71% 0.67% 0.79% 0.67%
    Nonperforming assets to total assets0.45% 0.49% 0.82% 0.45% 0.82%
    Allowance for credit losses on loans to nonaccrual loans(2)200.19% 224.74% 161.81% 200.19% 161.81%
    Allowance for credit losses on loans to total loans(2)1.59% 1.61% 1.08% 1.59% 1.08%
    Annualized net charge-offs (recoveries) to average loans0.29% 0.25% 0.11% 0.27% 0.19%
              
    Capital Ratios:         
    Tier 1 leverage capital ratio7.78% 7.50% 7.08% 7.78% 7.08%
    Tier 1 risk-based capital ratio12.51% 12.23% 11.75% 12.51% 11.75%
    Total risk-based capital ratio15.26% 15.00% 14.41% 15.26% 14.41%
    Common equity tier 1 capital ratio12.51% 12.23% 11.75% 12.51% 11.75%
              
    (1) Efficiency ratio is calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income
    (2) In accordance with the adoption of the CECL standard on January 1, 2023, the allowance for credit losses on loans as of June 30, 2023 and March 31, 2023 are calculated under the current expected credit losses model. For June 30, 2022, the allowance on loans presented is the allowance for loan losses calculated using the incurred loss model.


    Loan and Held-to-Maturity Securities Portfolio Composition

    (In thousands)At June 30, 2023 At March 31, 2023 At June 30, 2022
     Amount % of total loans Amount % of total loans Amount % of total loans
    Commercial portfolio:           
    Commercial and industrial$949,403  22.3% $923,853  22.0% $743,403  20.4%
    Multifamily 1,095,752  25.8%  1,062,826  25.3%  860,514  23.6%
    Commercial real estate 333,340  7.8%  327,477  7.8%  333,987  9.2%
    Construction and land development 28,664  0.7%  37,828  0.9%  43,212  1.2%
    Total commercial portfolio 2,407,159  56.6%  2,351,984  56.0%  1,981,116  54.4%
                
    Retail portfolio:           
                
    Residential real estate lending 1,388,571  32.7%  1,390,135  33.1%  1,236,088  33.9%
    Consumer solar(1) 411,873  9.7%  410,725  9.8%  382,097  10.5%
    Consumer and other(1) 44,135  1.0%  45,326  1.1%  44,297  1.2%
    Total retail portfolio 1,844,579  43.4%  1,846,186  44.0%  1,662,482  45.6%
    Total loans held for investment 4,251,738  100.0%  4,198,170  100.0%  3,643,598  100.0%
                
    Net deferred loan origination costs(2) —     —     4,806   
    Allowance for credit losses(3) (67,431)    (67,323)    (39,477)  
    Loans receivable, net$4,184,307    $4,130,847    $3,608,927   
                
    Held-to-maturity securities portfolio:           
    PACE assessments$1,037,800  62.7% $996,395  61.5% $742,146  53.9%
    Other securities 617,437  37.3%  622,799  38.5%  633,520  46.1%
    Total held-to-maturity securities 1,655,237  100.0%  1,619,194  100.0%  1,375,666  100.0%
                
    Allowance for credit losses(3) (707)    (687)    —   
    Total held-to-maturity securities, net$1,654,530    $1,618,507    $1,375,666   

    (1) The Company adopted the CECL standard on January 1, 2023. As a result, the classification of loan segments was updated, and all loan balances for presented periods have been reclassified.
    (2) With the adoption of the CECL standard, loans balances as of June 30, 2023 and March 31, 2023 are presented at amortized cost, net of deferred loan origination costs.
    (3) With the adoption of the CECL standard, the allowance for credit losses on both loans and securities as of June 30, 2023 and March 31, 2023 are calculated under the current expected credit losses model. For June 30, 2022, no allowance was calculated on securities, and the allowance on loans presented is the allowance for loan losses calculated using the incurred loss model.

    Net Interest Income Analysis

     Three Months Ended
     June 30, 2023 March 31, 2023 June 30, 2022
    (In thousands)Average
    Balance    		Income / ExpenseYield /
    Rate    		 Average
    Balance    		Income / ExpenseYield /
    Rate    		 Average
    Balance    		Income / ExpenseYield /
    Rate
                      
    Interest-earning assets:                 
    Interest-bearing deposits in banks$114,010 $1,056 3.72% $90,962 $618 2.76% $305,134 $551 0.72%
    Securities(1) 3,259,797  39,393 4.85%  3,361,750  39,193 4.73%  3,443,987  23,308 2.71%
    Resell agreements 5,570  113 8.14%  18,644  319 6.94%  231,468  1,044 1.81%
    Loans receivable, net (2)(3) 4,202,911  45,360 4.33%  4,129,460  44,806 4.40%  3,504,223  33,766 3.86%
    Total interest-earning assets 7,582,288  85,922 4.55%  7,600,816  84,936 4.53%  7,484,812  58,669 3.14%
    Non-interest-earning assets:                 
    Cash and due from banks 5,034      4,015      9,296    
    Other assets 208,944      217,020      266,186    
    Total assets$7,796,266     $7,821,851     $7,760,294    
                      
    Interest-bearing liabilities:                 
    Savings, NOW and money market deposits$3,203,681 $13,298 1.66% $3,091,228 $9,555 1.25% $3,030,788 $1,332 0.18%
    Time deposits 158,992  610 1.54%  149,814  297 0.80%  192,181  149 0.31%
    Brokered CDs 411,510  4,908 4.78%  367,684  3,983 4.39%  —  — 0.00%
    Total interest-bearing deposits 3,774,183  18,816 2.00%  3,608,726  13,835 1.55%  3,222,969  1,481 0.18%
    Other borrowings 371,004  4,121 4.46%  347,878  3,821 4.45%  83,886  690 3.30%
    Total interest-bearing liabilities 4,145,187  22,937 2.22%  3,956,604  17,656 1.81%  3,306,855  2,171 0.26%
    Non-interest-bearing liabilities:                 
    Demand and transaction deposits 3,055,770      3,286,964      3,855,735    
    Other liabilities 67,710      75,798      80,274    
    Total liabilities 7,268,667      7,319,366      7,242,864    
    Stockholders' equity 527,599      502,485      517,430    
    Total liabilities and stockholders' equity$7,796,266     $7,821,851     $7,760,294    
                      
    Net interest income / interest rate spread  $62,985 2.33%   $67,280 2.72%   $56,498 2.88%
    Net interest-earning assets / net interest margin$3,437,101   3.33% $3,644,212   3.59% $4,177,957   3.03%
                      
    Total deposits excluding Brokered CDs / total cost of deposits excluding Brokered CDs$6,418,443   0.87% $6,528,006   0.61% $7,078,704   0.08%
    Total deposits / total cost of deposits$6,829,953   1.10% $6,895,690   0.81% $7,078,704   0.08%
    Total funding / total cost of funds$7,200,957   1.28% $7,243,568   0.99% $7,162,590   0.12%

    (1) Includes FHLBNY stock in the average balance, and dividend income on FHLBNY stock in interest income.
    (2) Amounts are net of deferred origination costs. With the adoption of the CECL standard on January 1, 2023, the average balance of the allowance for credit losses on loans was reclassified for all presented periods to other assets to allow for comparability.
    (3) Includes prepayment penalty interest income in 2Q2023, 1Q2023, and 2Q2022 of $0, $0, and $379, respectively (in thousands).

    Net Interest Income Analysis

     Six Months Ended
     June 30, 2023 June 30, 2022
    (In thousands)Average
    Balance    		Income / ExpenseYield /
    Rate    		 Average
    Balance    		Income / ExpenseYield /
    Rate
                
    Interest-earning assets:           
    Interest-bearing deposits in banks$102,550 $1,673 3.29% $364,178 $730 0.40%
    Securities(1) 3,310,492  78,586 4.79%  3,319,009  41,743 2.54%
    Resell agreements 12,071  432 7.22%  225,378  1,764 1.58%
    Total loans, net (2)(3) 4,166,389  90,166 4.36%  3,392,788  64,893 3.86%
    Total interest-earning assets 7,591,502  170,857 4.54%  7,301,353  109,130 3.01%
    Non-interest-earning assets:           
    Cash and due from banks 4,527      9,261    
    Other assets 212,960      266,932    
    Total assets$7,808,989     $7,577,546    
                
    Interest-bearing liabilities:           
    Savings, NOW and money market deposits$3,147,765 $22,853 1.46% $2,963,809 $2,579 0.18%
    Time deposits 154,429  907 1.18%  195,741  304 0.31%
    Brokered CDs 389,718  8,891 4.60%  —  — 0.00%
    Total interest-bearing deposits 3,691,912  32,651 1.78%  3,159,550  2,883 0.18%
    Other borrowings 359,505  7,942 4.45%  84,239  1,381 3.31%
    Total interest-bearing liabilities 4,051,417  40,593 2.02%  3,243,789  4,264 0.27%
    Non-interest-bearing liabilities:           
    Demand and transaction deposits 3,170,729      3,703,455    
    Other liabilities 71,732      91,510    
    Total liabilities 7,293,878      7,038,754    
    Stockholders' equity 515,111      538,792    
    Total liabilities and stockholders' equity$7,808,989     $7,577,546    
                
    Net interest income / interest rate spread  $130,264 2.52%   $104,866 2.74%
    Net interest-earning assets / net interest margin$3,540,085   3.46% $4,057,564   2.90%
                
    Total deposits excluding Brokered CDs / total cost of deposits excluding Brokered CDs$6,472,923   0.74% $6,863,005   0.08%
    Total deposits / total cost of deposits$6,862,641   0.96% $6,863,005   0.08%
    Total funding / total cost of funds$7,222,146   1.13% $6,947,244   0.12%

    (1) Includes FHLBNY stock in the average balance, and dividend income on FHLBNY stock in interest income.
    (2) Amounts are net of deferred origination costs. With the adoption of the CECL standard on January 1, 2023, the average balance of the allowance for credit losses on loans was reclassified for all presented periods to other assets to allow for comparability.
    (3) Includes prepayment penalty interest income in June YTD 2023 and June YTD 2022 of $0 and $0.8 million, respectively.


    Deposit Portfolio Composition

     Three Months Ended
    (In thousands)June 30, 2023 March 31, 2023 June 30, 2022
     Ending Balance Average Balance Ending Balance Average Balance Ending Balance Average Balance
    Non-interest-bearing demand deposit accounts$2,958,104 $3,055,770 $3,015,558 $3,286,964 $3,965,907 $3,855,735
    NOW accounts 199,262  193,851  199,518  196,499  208,795  211,007
    Money market deposit accounts 2,744,411  2,644,580  2,702,464  2,514,835  2,540,657  2,431,571
    Savings accounts 363,058  365,250  371,240  379,894  388,185  388,210
    Time deposits 161,335  158,992  157,697  149,814  187,623  192,181
    Brokered CDs 468,481  411,510  594,884  367,684  —  —
    Total deposits$6,894,651 $6,829,953 $7,041,361 $6,895,690 $7,291,167 $7,078,704
                
    Total deposits excluding Brokered CDs$6,426,170 $6,418,443 $6,446,477 $6,528,006 $7,291,167 $7,078,704


     Three Months Ended
     June 30, 2023 March 31, 2023 June 30, 2022
    (In thousands)Average
    Rate Paid(1)    		 Cost of Funds Average
    Rate Paid(1)    		 Cost of Funds Average
    Rate Paid(1)    		 Cost of Funds
                
    Non-interest bearing demand deposit accounts0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
    NOW accounts0.95% 0.96% 0.76% 0.76% 0.13% 0.09%
    Money market deposit accounts2.02% 1.81% 1.59% 1.36% 0.20% 0.19%
    Savings accounts1.04% 1.00% 0.95% 0.78% 0.15% 0.11%
    Time deposits1.77% 1.54% 1.25% 0.80% 0.30% 0.31%
    Brokered CDs5.02% 4.78% 4.52% 4.39% 0.00% — 
    Total deposits1.27% 1.10% 1.09% 0.81% 0.09% 0.08%
                
    Interest-bearing deposits excluding Brokered CDs1.84% 1.66% 1.47% 1.23% 0.20% 0.18%

    (1) Average rate paid is calculated as the weighted average of spot rates on deposit accounts as of June 30, 2023.


    Asset Quality

    (In thousands)June 30, 2023 March 31, 2023 June 30, 2022
    Loans 90 days past due and accruing$—  $1,299  $— 
    Nonaccrual loans held for sale 1,546   5,653   4,841 
    Nonaccrual loans - Commercial 28,078   25,779   22,028 
    Nonaccrual loans - Retail 5,606   4,177   2,369 
    Other real estate owned —   —   307 
    Nonaccrual securities 35   1,835   56 
    Total nonperforming assets$35,265  $38,743  $29,601 
          
    Nonaccrual loans:     
    Commercial and industrial$7,575  $9,521  $9,550 
    Multifamily 2,376   2,710   3,494 
    Commercial real estate 4,660   4,745   3,931 
    Construction and land development 13,467   8,803   5,053 
    Total commercial portfolio 28,078   25,779   22,028 
          
    Residential real estate lending 2,470   2,016   898 
    Consumer solar 2,811   2,021   1,451 
    Consumer and other 325   140   20 
    Total retail portfolio 5,606   4,177   2,369 
    Total nonaccrual loans$33,684  $29,956  $24,397 
          
    Nonaccrual loans to total loans 0.79%  0.71%  0.67%
    Nonperforming assets to total assets 0.45%  0.49%  0.82%
    Allowance for credit losses on loans to nonaccrual loans 200.19%  224.74%  161.81%
    Allowance for credit losses on loans to total loans 1.59%  1.61%  1.08%
    Annualized net charge-offs (recoveries) to average loans 0.29%  0.25%  0.11%


    Credit Quality

     June 30, 2023 March 31, 2023 June 30, 2022
    ($ in thousands)     
    Criticized and classified loans     
    Commercial and industrial$34,987 $35,823 $32,869
    Multifamily 17,668  18,710  53,347
    Commercial real estate 29,788  35,121  39,744
    Construction and land development 15,891  16,426  7,476
    Residential real estate lending 2,470  2,016  898
    Consumer solar 2,811  2,021  1,451
    Consumer and other 325  140  20
    Total loans$103,940 $110,257 $135,805


    Criticized and classified loans to total loans     
    Commercial and industrial0.82% 0.85% 0.90%
    Multifamily0.42% 0.45% 1.46%
    Commercial real estate0.70% 0.84% 1.09%
    Construction and land development0.37% 0.39% 0.20%
    Residential real estate lending0.06% 0.05% 0.02%
    Consumer solar0.07% 0.05% 0.04%
    Consumer and other0.01% 0.00% 0.00%
     2.45% 2.63% 3.71%


    Reconciliation of GAAP to Non-GAAP Financial Measures
    The information provided below presents a reconciliation of each of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

     As of and for the  As of and for the
     Three Months Ended Six Months Ended
    (in thousands)June 30, 2023 March 31, 2023 June 30, 2022 June 30, 2023 June 30, 2022
    Core operating revenue         
    Net Interest income (GAAP)$62,985  $67,280  $56,498  $130,264  $104,866 
    Non-interest income 7,944   5,208   7,246   13,150   14,668 
    Less: Securities (gain) loss 267   3,086   582   3,353   420 
    Less: Subdebt repurchase gain —   (780)  —   (780)  — 
    Core operating revenue (non-GAAP) 71,196   74,794   64,326   145,987   119,954 
    Add: Tax (credits) depreciation on solar investments —   —   862   —   798 
    Core operating revenue excluding solar tax impact (non-GAAP) 71,196   74,794   65,188   145,987   120,752 
              
    Core non-interest expense         
    Non-interest expense (GAAP)$37,529  $38,627  $34,347  $76,156  $68,743 
    Less: Other one-time expenses(1) (285)  —   (316)  (285)  (739)
    Core non-interest expense (non-GAAP) 37,244   38,627   34,031   75,871   68,004 
              
    Core net income         
    Net Income (GAAP)$21,642  $21,338  $19,613  $42,977  $33,778 
    Less: Securities (gain) loss 267   3,086   582   3,353   420 
    Less: Subdebt repurchase gain —   (780)  —   (780)  — 
    Add: Other one-time expenses 285   —   316   285   739 
    Less: Tax on notable items (147)  (604)  (233)  (753)  (300)
    Core net income (non-GAAP) 22,047   23,040   20,278   45,082   34,637 
    Add: Tax (credits) depreciation on solar investments —   —   862   —   798 
    Add: Tax effect of solar income —   —   (224)  —   (207)
    Core net income excluding solar tax impact (non-GAAP) 22,047   23,040   20,916   45,082   35,228 
              
    Tangible common equity         
    Stockholders' equity (GAAP)$528,614  $519,158  $498,041  $528,614  $498,041 
    Less: Minority interest (133)  (133)  (133)  (133)  (133)
    Less: Goodwill (12,936)  (12,936)  (12,936)  (12,936)  (12,936)
    Less: Core deposit intangible (2,661)  (2,883)  (3,628)  (2,661)  (3,628)
    Tangible common equity (non-GAAP) 512,884   503,206   481,344   512,884   481,344 
              
    Average tangible common equity         
    Average stockholders' equity (GAAP)$527,599  $502,485  $517,430  $515,111  $538,792 
    Less: Minority interest (133)  (133)  (133)  (133)  (133)
    Less: Goodwill (12,936)  (12,936)  (12,936)  (12,936)  (12,936)
    Less: Core deposit intangible (2,769)  (2,991)  (3,755)  (2,879)  (3,886)
    Average tangible common equity (non-GAAP) 511,761   486,425   500,606   499,163   521,837 
              
    Core return on average assets         
    Denominator: Total average assets$7,796,266  $7,821,851  $7,760,294  $7,808,988  $7,577,547 
    Core return on average assets (non-GAAP) 1.13%  1.19%  1.05%  1.16%  0.92%
    Core return on average assets excluding solar tax impact (non-GAAP) 1.13%  1.19%  1.08%  1.16%  0.94%
              
    Core return on average tangible common equity         
    Denominator: Average tangible common equity$511,761  $486,425  $500,606  $499,163  $521,837 
    Core return on average tangible common equity (non-GAAP) 17.28%  19.21%  16.25%  18.21%  13.38%
    Core return on average tangible common equity excluding solar tax impact (non-GAAP) 17.28%  19.21%  16.76%  18.21%  13.61%
              
    Core efficiency ratio         
    Numerator: Core non-interest expense (non-GAAP)$37,244  $38,627  $34,031  $75,871  $68,004 
    Core efficiency ratio (non-GAAP) 52.31%  51.64%  52.90%  51.97%  56.69%
    Core efficiency ratio excluding solar tax impact (non-GAAP) 52.31%  51.64%  52.20%  51.97%  56.32%

    (1) Severance expense for positions eliminated plus, for 2022, expenses related to the termination of the merger agreement with Amalgamated Bank of Chicago.

     


    Primary Logo

シェアする