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Jun 30, 2020
Valley National Q2 2020 Earnings Report
Reported a net income increase and strong operational efficiency.
Key Takeaways
Valley National Bancorp reported a strong second quarter with a 25% increase in net income, driven by a significant reduction in funding costs and an increase in average loan balances due to PPP loan originations. The adjusted efficiency ratio was below 50% for the second consecutive quarter.
Loans increased by $1.9 billion, driven by $2.2 billion of SBA Paycheck Protection Program (PPP) loans.
Net interest income increased by $17.2 million compared to the first quarter, driven by lower funding costs and higher average loan balances.
Non-interest income increased by $3.4 million, primarily due to gains on sales of residential mortgage loans and BOLI income.
Efficiency ratio improved to 48.01 percent, with an adjusted efficiency ratio of 46.84 percent.
Revenue by Segment
Historical Earnings Impact
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Avg. Return Before/After Earnings
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