Quarterly ResultMay 7, 2026, 04:13 PM
Valley National Q1 Net Income +58.1% to $156.7M; EPS $0.28
AI Summary
Valley National Bancorp reported a significant increase in net income and earnings per common share for the first quarter of 2026. Net income available to common shareholders rose 58.1% to $156.7 million, with basic and diluted EPS reaching $0.28. This performance was supported by a 12.2% increase in net interest income and a substantial 66.2% decrease in the provision for credit losses for loans. The company also saw growth in total assets and deposits quarter-over-quarter.
Key Highlights
- Net income available to common shareholders rose 58.1% to $156.7 million for Q1 2026.
- Basic and diluted earnings per common share increased to $0.28 from $0.18 year-over-year.
- Net interest income grew 12.2% to $471.5 million in the first quarter.
- Provision for credit losses for loans decreased 66.2% to $21.2 million.
- Total non-interest income increased 18.1% to $68.8 million.
- Total assets increased to $64.47 billion as of March 31, 2026.
- Total deposits increased to $52.86 billion as of March 31, 2026.
- Common stock dividends declared remained $0.11 per share.
- Common stock repurchases totaled $52.1 million.