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Valley National Bancorp reported higher Q3 adjusted net income YOY

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Valley National Bancorp reported higher Q3 adjusted net income YOY

Wayne, N.J.-based Valley National Bancorp reported third-quarter net income available to common shareholders of $78.7 million, or 24 cents per share, an increase from $66.4 million, or 20 cents per share, in the year-ago period.

Adjusted net income available to common shareholders was $80.0 million, or 24 cents per share, compared with $70.0 million, or 21 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 23 cents.

On a fully taxable-equivalent basis, net interest margin for the third quarter stood at 2.91%, compared to 2.96% in the previous quarter and 3.12% in the year-ago period.

Net interest income for the quarter, on a fully taxable-equivalent basis, was $221.7 million, compared with $218.1 million in the same period last year. Third-quarter noninterest income was $41.2 million, an increase from $29.0 million in the year-ago period.

Provision for loan losses was $8.8 million, compared to $6.4 million in the year-ago period.

Total loans at the end of the third quarter were $26.57 billion, compared with $25.80 billion at the end of the previous quarter and $24.11 billion at the end of the year-ago period.

Total deposits at the end of the third quarter were $25.55 billion, compared with $24.77 billion at the end of the previous quarter and $22.59 billion at the end of the year-ago period.