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Valley National's (VLY) first-quarter earnings lag estimates due to higher expenses, a drastic rise in provisions and lower NII. However, an increase in non-interest income offers some support.
The headline numbers for Valley National (VLY) give insight into how the company performed in the quarter ended March 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Valley National (VLY) came out with quarterly earnings of $0.19 per share, missing the Zacks Consensus Estimate of $0.20 per share. This compares to earnings of $0.30 per share a year ago.
NEW YORK, April 11, 2024 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY ), the holding company for Valley National Bank, announced that it will release its first quarter 2024 earnings before the market opens on Thursday, April 25, 2024.
Two years of rapidly rising interest rates have driven down property prices and made it harder for banks' clients to pay off loans.
Ira Robbins, Valley National Bank chairman and CEO, joins 'Power Lunch' to discuss the chief executive's sentiment after hearing news about New York Community Bank, how Robbins would characterize their interactions with regulators, and more.
Valley National (VLY) announces a new share repurchase program. Given the decent liquidity and strong balance sheet position, this looks sustainable in the long run.
Valley National (VLY) benefits from improved revenues, loan balances and strategic acquisitions. Yet, mounting expenses and pressure on NIM are near-term concerns.
Ira Robbins, CEO at Valley National Bank, says, “we have not had to restructure one loan of that whole $2.8 billion” of loans that have repriced or matured in the last year as he discusses the bank's commercial real estate loan portfolio. For more on this story, please see: https://www.bloomberg.com/news/articles/2024-02-15/valley-national-s-real-estate-loans-in-strong-shape-ceo-says --------
Lower revenues, an increase in non-interest expenses and higher provisions hurt Valley National's (VLY) Q4 earnings.