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Sep 30, 2020
Valley National Q3 2020 Earnings Report
Reported a 25 percent increase in net income and strong net interest income and margin.
Key Takeaways
Valley National Bancorp reported a strong Q3 2020, with net income increasing by 25% compared to Q3 2019, driven by strong net interest income and margin. The company's performance reflects the strength of its balance sheet and ability to perform in a stressed economic environment.
Net interest income on a tax equivalent basis increased by $579 thousand compared to the second quarter 2020.
Loans increased $101.0 million from June 30, 2020.
Non-interest income increased $4.4 million compared to the second quarter 2020.
Efficiency ratio was 48.20 percent.
Forward Guidance
While Valley faces a difficult and uncertain road ahead, management remains confident that Valley's strong fundamentals and commitment to its customers, employees and communities will continue to standout in the future.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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