Valley National Q4 net income $71.6M ($0.13 EPS); adjusted EPS $0.22, down from $0.35 YoY

VALLEY NATIONAL BANCORP

2023-FY EPS reported $0.95

GAAP net income $71.6M ($0.13 diluted EPS) vs $177.6M ($0.34) in Q4 2022; adjusted net income $116.3M ($0.22) vs $182.9M ($0.35).
Net interest margin (tax-equivalent) fell to 2.82% from 2.91% in Q3; provision for credit losses rose to $20.7M from $9.1M.
Net charge-offs increased to $17.5M from $5.5M in Q3; non-accrual loans at 0.58% of total loans vs 0.52%.
Total deposits declined $642.5M to $49.2B; non-interest expense surged $73.3M on FDIC special assessment and tech contract termination.
Agreed to sell commercial premium finance lending business (~$275M loans) with expected Q1 2024 close; loan growth remained modest.

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 1.0

VALLEY NATIONAL BANCORP reported fourth quarter 2023 results: net income $71.6 million, or $0.13 per diluted common share.

Period: fourth quarter 2023
Net income: $71.6 million, or $0.13 per diluted common share
Result: reported results

Exact text from the filing

Valley National Bancorp (“Valley”) issued a press release announcing fourth quarter 2023 results of operations.

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VALLEY NATIONAL BANCORP filing history →

Source: SEC EDGAR

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