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Jun 30, 2023
Valley National Q2 2023 Earnings Report
Reported net income of $139.1 million, with loan portfolio increasing and deposits rising.
Key Takeaways
Valley National Bancorp reported a net income of $139.1 million for Q2 2023. The loan portfolio saw an increase of $1.2 billion, and total deposits rose by $2.0 billion. The net interest margin decreased to 2.94 percent, influenced by rising interest rates.
Total loans increased by $1.2 billion, reaching $49.9 billion.
Total deposits increased by $2.0 billion, amounting to $49.6 billion.
Net interest income decreased by $16.2 million compared to the previous quarter, totaling $421.3 million.
Non-interest income increased by $5.8 million, reaching $60.1 million, driven by higher capital market fees.
Forward Guidance
Valley National aims to navigate the inverted yield curve through methodical growth and expense management, focusing on premier clientele and community commitment.
Positive Outlook
- Strong and stable asset quality.
- Significant granularity and diversity on both sides of the balance sheet.
- Commitment to local communities.
- Ability to service and support premier clientele.
- Thoughtful and methodical growth.
Challenges Ahead
- Challenging and competitive operating environment.
- Impact of an inverted yield curve.
- Volatile market conditions.
- Rising market interest rates on interest bearing deposits.
- Incremental short-term borrowings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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