Amalgamated Financial reports Q3 core EPS 76c, consensus 70c

Net interest margin was 3.29% for the third quarter of 2023, a decrease of 4 basis points from 3.33% in the second quarter of 2023. The modest 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 second or third quarter of 2023. Priscilla Sims Brown, President and CEO, commented, “We are in the midst of turning over an older balance sheet as our lower yielding residential loans, multi-family loans and securities roll off over the next twelve to eighteen months and are replaced with higher yielding loans and PACE securities. When paired with our deposit franchise, I am excited about our prospects for margin expansion during 2024.”