Business
Valley National Bancorp Announces Second Quarter 2023 Results
NEW YORK, July 27, 2023 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for
About this update from Valley National Bancorp
[{"type":"text","content":"NEW YORK, July 27, 2023 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the second quarter 2023 of $139.1 million, or $0.27 per diluted common share, as compared to the second quarter 2022 net income of $96.4 million, or $0.18 per diluted common share, and net income of $146.6 million, or $0.28 per diluted common share, for the first quarter 2023. Excluding all non-core charges, our adjusted net income (a non-GAAP measure) was $147.1 million, or $0.28 per diluted common share, for the second quarter 2023, $165.8 million, or $0.32 per diluted common share, for second quarter 2022, and $154.5 million, or $0.30 per diluted common share, for the first quarter 2023. See further details below, including a reconciliation of our non-GAAP adjusted net income, in the \"Consolidated Financial Highlights\" tables. Key financial highlights for the second quarter: Loan Portfolio: Total loans increased $1.2 billion, or 10.0 percent on an annualized basis, to $49.9 billion at June 30, 2023 from March 31, 2023 mainly as a result of new commercial loan production from mostly seasoned customer relationships and the continuation of slower prepayment activity within the loan portfolio. See the \"Loans\" section below for more details.Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $458.7 million and $461.0 million at June 30, 2023 and March 31, 2023, respectively, representing 0.92 percent and 0.95 percent of total loans at each respective date. During the second quarter 2023, the provision for credit losses for loans totaled $6.3 million as compared to $9.5 million and $43.7 million for the first quarter 2023 and second quarter 2022, respectively.Credit Quality: Total accruing past due loans decreased $38.5 million to $61.8 million, or 0.12 percent of total loans, at June 30, 2023 as compared to $100.3 million, or 0.21 percent of total loans, at March 31, 2023. Non-accrual loans represented 0.51 percent and 0.50 percent of total loans at June 30, 2023 and March 31, 2023, respectively. Net loan charge-offs totaled $8.6 million for the second quarter 2023 as compared to $30.4 million and $2.3 million for the first quarter 2023 and second quarter 2022, respectively. See the \"Credit Quality\" section below for mo...