Valley National Q2 2023 net income $139M ($0.27 EPS); adjusted EPS $0.28; NIM 2.94% down from 3.16%

VALLEY NATIONAL BANCORP

2023-Q2 EPS reported $0.55

Net income of $139.1M ($0.27 diluted EPS) vs $96.4M ($0.18) in Q2 2022; adjusted net income $147.1M ($0.28).
Net interest margin (tax-equivalent) fell 22 bps to 2.94% as deposit costs rose to 2.45% from 1.96% in Q1 2023.
Loans grew $1.2B to $49.9B; deposits up $2.0B to $49.6B; non-accrual loans stable at 0.51% of total loans.
Non-interest expense $283M including $11.2M workforce reduction charge; efficiency ratio 55.59%.

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 second quarter 2023 results: net income 139.1 million, EPS 0.27.

Period: second quarter 2023
Net income: 139.1 million
EPS: 0.27
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 second quarter 2023 of $139.1 million, or $0.27 per diluted common share, as compared to the second quarter 2022 net income of $96.4 million, or $0.18 per diluted common share, and net income of $146.6 million, or $0.28 per diluted common share, for the first quarter 2023.

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Source: SEC EDGAR

accession 0000714310-23-000120

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