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Mar 31, 2023
Valley National Q1 2023 Earnings Report
Valley National's financial performance remained strong, marked by increased loan portfolio and stable deposits amidst market fluctuations.
Key Takeaways
Valley National Bancorp reported a net income of $146.6 million for Q1 2023, or $0.28 per diluted common share. The loan portfolio increased by $1.7 billion, and total deposits remained relatively unchanged at $47.6 billion. The bank navigated market turmoil with a diversified balance sheet and a focus on relationship-based banking.
Net income for Q1 2023 was reported at $146.6 million, or $0.28 per diluted common share.
Total loans increased by $1.7 billion to $48.7 billion, driven by commercial loan growth.
Total deposits remained stable at $47.6 billion, with a diversified deposit base.
Net interest income decreased to $437.5 million due to rising interest rates and excess cash liquidity.
Forward Guidance
Valley National did not provide specific forward guidance in this earnings report. The CEO expressed confidence in the team's ability to navigate market conditions and maintain stability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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