Valley National Q1 Net Income Hits $163.9M as Loans and Deposits Climb
Valley National Bancorp reported Q1 net income of $163.9 million, or $0.28 per diluted share, with adjusted EPS of $0.29, topping analyst forecasts by one cent. Net interest revenue net of expense reached $541.6 million, beating estimates, while loan balances rose $692.1 million and deposits grew $676.5 million.
1. Q1 Net Income and Earnings Per Share
Valley National Bancorp recorded net income of $163.9 million for Q1, or $0.28 per diluted share, with adjusted EPS of $0.29, exceeding consensus estimates by one cent and marking a year-over-year EPS increase from $0.18.
2. Net Interest Income and Margin
Net interest income on a tax equivalent basis rose to $472.8 million, while net interest revenue net of expense reached $541.6 million, surpassing the expected $532.6 million. The bank's net interest margin held steady at 3.17%, up 21 basis points year-over-year.
3. Deposit Growth
Total deposits increased by $676.5 million to $52.9 billion, driven by $955.0 million in direct customer inflows that offset a $278.5 million reduction in brokered deposits. Non–interest-bearing deposits also climbed by $95.5 million, supported by retail and commercial clients.
4. Loan Portfolio Expansion
Total loans expanded by $692.1 million, or 5.5% annualized, to $50.8 billion. Growth was led by a $466.0 million rise in commercial real estate loans—particularly owner-occupied loans—and a $142.6 million increase in commercial and industrial lending.