Valley National Bancorp Q3 net income rises 45% to $178.1M; NIM expands to 3.60%

VALLEY NATIONAL BANCORP

2022-Q3 EPS reported $0.79

Net income $178.1M ($0.34 diluted EPS) vs $122.6M ($0.29) year ago; adjusted EPS $0.35.
Net interest income (tax-equivalent) $455.3M, up 51% YoY; NIM expanded 45bp to 3.60%.
Loans grew $1.6B to $45.2B (15% annualized); non-accrual loans fell to 0.65% of loans.
Efficiency ratio improved to 49.76%; issued $150M of 6.25% subordinated notes due 2032.
Provision for credit losses just $1.8M vs $43.7M prior quarter; net recoveries of $5.6M.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

VALLEY NATIONAL BANCORP reported third quarter 2021 results: net income $122.6 million, EPS $0.29 per diluted common share.

Period: third quarter 2021
Net income: $122.6 million
EPS: $0.29 per diluted common share
Result: reported results

Exact text from the filing

third quarter 2021 earnings of $122.6 million, or $0.29 per diluted common share

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

VALLEY NATIONAL BANCORP reported third quarter 2022 results: net income $178.1 million, EPS $0.34 per diluted common share.

Period: third quarter 2022
Net income: $178.1 million
EPS: $0.34 per diluted common share
Result: reported results

Exact text from the filing

Valley National Bancorp ( NASDAQ:VLY ), the holding company for Valley National Bank, today reported net income for the third quarter 2022 of $178.1 million, or $0.34 per diluted common share

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

VALLEY NATIONAL BANCORP reported second quarter 2022 results: net income $96.4 million, EPS $0.18 per diluted common share.

Period: second quarter 2022
Net income: $96.4 million
EPS: $0.18 per diluted common share
Result: reported results

Exact text from the filing

net income of $96.4 million, or $0.18 per diluted common share, for the second quarter 2022

View on SEC.gov

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Source: SEC EDGAR

accession 0000714310-22-000128

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