Valley National Q2 adjusted EPS $0.32; NIM expands 27bps to 3.43%; Bank Leumi acquisition adds $5.9B loans

VALLEY NATIONAL BANCORP

2022-Q2 EPS reported $0.44

Adjusted net income $165.8M ($0.32/diluted) vs $126.6M ($0.30) in Q2 2021; GAAP net income $96.4M ($0.18) includes $69.4M after-tax merger costs.
Net interest margin (tax-equivalent) rose 27 bps QoQ to 3.43%; net interest income $419.6M, up $101.2M from Q1.
Loans grew $8.2B to $43.6B including $5.9B from Bank Leumi; organic loan growth annualized 26% across commercial, CRE, and residential.
Provision for credit losses $43.7M, largely $41M for non-PCD acquired loans; allowance for credit losses 1.13% of total loans.
Tangible ROE (adjusted) 16.05%, efficiency ratio 50.78%; strong core operating results driven by margin expansion and acquisition synergies.

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