Valley National Q1 net income $146.6M ($0.28 EPS); adjusted EPS $0.30; NIM down 41bp to 3.16%

VALLEY NATIONAL BANCORP

2023-Q1 EPS reported $0.28

Net income $146.6M ($0.28 diluted EPS) vs $116.7M ($0.27) a year ago and $177.6M ($0.34) in Q4 2022; adjusted EPS $0.30.
Net interest margin (tax-equivalent) fell 41bp QoQ to 3.16%; net interest income $437.5M, down $29.8M linked quarter.
Total loans grew $1.7B to $48.7B; deposits flat at $47.6B; short-term borrowings rose $6.3B to bolster liquidity in March.
Provision for credit losses $9.5M for loans and $5.0M for AFS securities (Signature Bank bond charged off).
Non-accrual loans 0.50% of total loans; net charge-offs $30.4M, mainly one previously reserved C&I loan participation.

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 0.9

VALLEY NATIONAL BANCORP reported first quarter 2023 results: net income $146.6 million, EPS $0.28 per diluted common share.

Period: first quarter 2023
Net income: $146.6 million
EPS: $0.28 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 first quarter 2023 of $146.6 million, or $0.28 per diluted common share, as compared to the first quarter 2022 net income of $116.7 million, or $0.27 per diluted common share, and net income of $177.6 million, or $0.34 per diluted common share, for the fourth quarter 2022.

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Source: SEC EDGAR

accession 0000714310-23-000100

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