Valley National (VLY) Q1 Earnings Miss on High Provisions [Yahoo! Finance]
Valley National Bancorp (VLY)
Last valley national bancorp earnings: 4/30 08:00 am
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valleynationalbank.com
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Source: Yahoo! Finance
The bottom line declined 36.7% on a year-over-year basis. Results were adversely impacted by a rise in expenses and huge provisions. Further, lower net interest income (NII) due to rise deposit expenses, and fall in loans and deposits were spoilsports. However, a rise in non-interest income provided some relief. Results excluded non-core income and charges. After considering these, net income available to common shareholders was $96.3 million or 18 cents per share, down from $146.6 million or 28 cents per share in the year-ago quarter. Revenues Fall, Expenses Rise Quarterly total revenues were $455 million, down 7.2% year over year. However, the top line surpassed the Zacks Consensus Estimate of $447.4 million. NII (fully-taxable-equivalent or FTE basis) was $394.8 million, declining 9.7%. This was due to higher interest expenses. Net interest margin (FTE basis) was 2.79%, down 37 basis points. Non-interest income was up 13.1% to $61.4 million. It included $3.6 million of
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News
- Valley National Bancorp (NASDAQ:VLY) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Valley National Bank: Q1 Results Should Calm Fears [Seeking Alpha]Seeking Alpha
- Valley National Bancorp (NASDAQ: VLY) had its price target lowered by analysts at Wedbush from $9.00 to $8.00. They now have a "neutral" rating on the stock.MarketBeat
- Valley National Bancorp First Quarter 2024 Earnings: EPS Misses Expectations [Yahoo! Finance]Yahoo! Finance
- UPDATE 1-Valley National, Eagle Bancorp latest to disclose earnings hit due to CRE footprint [Yahoo! Finance]Yahoo! Finance
VLY
Earnings
- 4/25/24 - Miss
VLY
Sec Filings
- 4/25/24 - Form 8-K
- 4/5/24 - Form S-3ASR
- 4/5/24 - Form ARS
- VLY's page on the SEC website