Amalgamated Financial Corp. provided earnings guidance for the year 2023. For the year, the company expects net interest income of $248 million to $255 million, which considers the effect of reduced deposit growth and the forward rate curve for the remainder of 2023. Going forward, the company estimate an approximately $0.5 million decrease in annual net interest income for a parallel 25 basis point increase in interest rates, reflecting higher beta assumptions and changes in deposit mix.

For the second quarter, the company expects net interest income to decline to approximately $62 million to $63 million in the second quarter of 2023.