Amalgamated Bank reported earnings results for the fourth quarter and full year of 2018. For the fourth quarter, core earnings were $9.7 million or $0.30 per share as compared to $4.8 million or $0.17 per share in the fourth quarter of 2017. Core earnings in the fourth quarter of 2018 excludes $1.6 million of expenses related to the New Resource Bank acquisition and other more minor onetime adjustments. Net interest income for the fourth quarter of 2018 was $40.2 million, which compares to $40.0 million in the linked quarter and an approximately $9.0 million increase as compared to $31.3 million in the same quarter of 2017.

For the year, net interest income was $149.7 million, which compares to $121.3 million in the year prior. Now onto noninterest income. Noninterest income for the fourth quarter of 2018 was $7.6 million, remaining relatively flat from $7.5 million in the third quarter of 2018 and a $1.3 million increase compared with the fourth quarter of 2017. Noninterest income for the full year was $28.3 million, an increase of 3.5% compared to 2017. The full year increase was due to a $1.4 million increase in fees from service charges on deposit accounts and investment management fees due to an increase in customers and customer activity and the New Resource acquisition. This increase was partially offset by an increase in losses related to the disposition of loans and own residential real estate.

For the full year 2019, the company is forecasting pretax pre-provision earnings of $62 million to $67 million. Deposit growth for the full year is forecasted to be between 7% or 10% off of the adjusted $3.8 billion starting deposit base.