Valley National Q1 2024 Earnings Report

Reported a net income of $96.3 million and focused on proactively managing expenses and balance sheet adjustments in response to challenging environment.

Key Takeaways

Valley National Bancorp reported a net income of $96.3 million for Q1 2024, or $0.18 per diluted common share. The results reflect proactive expense management and balance sheet adjustments amidst a challenging environment. Asset quality remained stable, and the company slowed loan growth to enhance financial flexibility.

Net income for the first quarter 2024 was $96.3 million, or $0.18 per diluted common share.

Non-interest income increased by $8.7 million, driven by wealth management and trust fees, and service charges on deposit accounts.

Non-interest expense decreased by $60.1 million, primarily due to decreases in FDIC special assessment and merger-related expenses.

Total loans decreased by $288.3 million, influenced by loan sales and modest organic loan volumes.