Welcome to our dedicated page for Valley Natl Bancorp news (Ticker: VLY), a resource for investors and traders seeking the latest updates and insights on Valley Natl Bancorp stock.
Valley National Bancorp reports developments tied to its role as the holding company for Valley National Bank, a regional bank serving consumer, commercial, private banking, insurance and wealth management customers. Company news commonly covers quarterly earnings, deposit and loan trends, balance sheet priorities, commercial and industrial banking activity, and expansion of relationship-based banking teams across its multistate footprint.
Recurring updates also include common and preferred stock dividends, share repurchase authorizations, Community Reinvestment Act performance, small business banking initiatives, middle-market commercial customer surveys, and the activities of affiliates such as Dudley Ventures in tax credit advisory services.
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Valley National Bancorp (NASDAQ:VLY) reported a first-quarter 2023 net income of $146.6 million or $0.28 per diluted share, up from $116.7 million or $0.27 in the same quarter last year. This is lower than the $177.6 million or $0.34 reported in Q4 2022. Adjusted net income was $154.5 million for the quarter. Total loans increased by $1.7 billion or 15% annualized to $48.7 billion due to new commercial loan activity. Total deposits were stable at $47.6 billion. The allowance for credit losses for loans decreased to 0.95% of total loans. Net interest income was $437.5 million, a decrease from the previous quarter, while non-interest income increased by $1.5 million to $54.3 million. The efficiency ratio stood at 53.79%.