Valley Q1 net income $96.3M ($0.18 EPS); adjusted EPS $0.19; NIM 2.79%

VALLEY NATIONAL BANCORP

2024-Q1 EPS reported $0.18

Net income $96.3M ($0.18 diluted EPS); adjusted net income $99.4M ($0.19 adjusted EPS).
Net interest margin (tax-equivalent) 2.79%, down 3bp from Q4 2023; net interest income $394.8M.
Total loans decreased $288M (2.3% annualized) to $49.9B; sold $196.5M CRE and construction loans.
Provision for credit losses $45.3M, up from $20.7M in Q4 2023; allowance/total loans 0.98%.
Non-accrual loans 0.58% of total loans; net charge-offs $23.6M, up from $17.5M in Q4 2023.

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 first quarter 2024 results: net income $99.4 million, EPS $0.19 per diluted common share.

Period: first quarter 2024
Net income: $99.4 million
EPS: $0.19 per diluted common share
Result: reported results

Exact text from the filing

Excluding all non-core income and charges, our adjusted net income (a non-GAAP measure) was $99.4 million, or $0.19 per diluted common share, for the first quarter 2024, $116.3 million, or $0.22 per diluted common share, for the fourth quarter 2023, and $154.5 million, or $0.30 per diluted common share, for the first quarter 2023.

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Source: SEC EDGAR

accession 0000714310-24-000080

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