secwatch.observer — SEC 8-K summary
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Issuer:     VALLEY NATIONAL BANCORP (VLY)
CIK:        0000714310
Form:       8-K
Filed at:   2023-07-27T23:59:59+00:00
Accession:  0000714310-23-000120
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/714310/000071431023000120/0000714310-23-000120-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/714310/000071431023000120/vly-20230727.htm
  HTML page:      https://secwatch.observer/filing/0000714310-23-000120

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer