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Sep 30, 2023
Valley National Q3 2023 Earnings Report
Valley National's financial performance remained strong with stable asset quality and improved capital ratios.
Key Takeaways
Valley National Bancorp reported a net income of $141.3 million for Q3 2023, or $0.27 per diluted common share. Loan growth slowed, but total loans increased to $50.1 billion. Deposits increased to $49.9 billion. The company completed a core conversion to enhance technology infrastructure.
Net income for the third quarter 2023 was $141.3 million, or $0.27 per diluted common share.
Total loans increased to $50.1 billion, with slower growth in most categories due to higher interest rates.
Total deposits increased to $49.9 billion, driven by increases in direct customer interest-bearing deposits.
Net interest income decreased to $413.7 million, and net interest margin decreased to 2.91 percent.
Forward Guidance
No specific forward guidance mentioned in the provided document.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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