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Valley National Bancorp (VLY)
NASDAQ:VLY
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Earnings Data
Report Date
Jan 23, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
0.14Last Year’s EPS
0.22Same Quarter Last Year
Based on 8 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 25, 2018
|% Change Since: 6.32%
|Next Earnings Date:Jul 26, 2018
Earnings Call Sentiment|Neutral
The earnings call highlighted a significant improvement in earnings and strategic growth in areas such as C&I loans and deposit growth. However, challenges remain with higher expected net charge-offs and a decline in net interest income due to a planned CRE loan sale. Overall, the bank is making strategic adjustments to improve financial health and profitability.Company Guidance
During the third quarter of 2024, Valley National Bancorp reported a net income of approximately $98 million, equating to diluted earnings per share of $0.18, which marked a significant improvement from the previous quarter's net income of $70 million and EPS of $0.13. The company's balance sheet goals showed progress with a 53 percentage point year-to-date reduction in the CRE concentration ratio. Valley announced plans to sell upwards of $800 million in performing commercial real estate loans in the fourth quarter, aiming to enhance balance sheet metrics and regulatory capital ratios, which are expected to benefit by 16 to 20 basis points. The bank's allowance coverage ratio is projected to reach approximately 1.25% by the end of 2025, up from the current 1.14%, indicating a slower pace of reserve build. Additionally, Valley expects low single-digit annualized loan growth in the fourth quarter, focusing on expanding C&I and consumer portfolios, while net interest income is anticipated to decline slightly due to the CRE loan sale. The company also achieved a 22 basis point reduction in customer deposit costs following the September Fed rate cut, reflecting an outperforming deposit beta of 44%.Significant Improvement in Earnings
Net income increased to approximately $98 million and diluted earnings per share to $0.18, compared to $70 million and $0.13 in the previous quarter.
CRE Loan Sale
Expected sale of $800 million of performing commercial real estate loans at a 1% discount, improving balance sheet metrics.
C&I Loan Growth
C&I loans grew at a mid-teens annualized rate for the second consecutive quarter, contributing to strategic growth.
Deposit Growth
Total deposits increased by $300 million, with a significant portion being noninterest-bearing, and deposit costs reduced by 22 basis points.
Strategic Adjustments and Projections
Anticipated CET1 goal of approximately 9.8% by the end of 2024, and a CRE concentration ratio of 375% by the end of 2025.
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VLY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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VLY Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 24, 2024 | $9.02 | $9.50 | +5.32% |
| Jul 25, 2024 | $7.64 | $7.88 | +3.14% |
| Apr 25, 2024 | $7.53 | $7.46 | -0.93% |
| Jan 25, 2024 | $10.23 | $9.77 | -4.50% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Valley National Bancorp (VLY) report earnings?
Valley National Bancorp (VLY) is schdueled to report earning on Jan 23, 2025, TBA Not Confirmed.
What is Valley National Bancorp (VLY) earnings time?
Valley National Bancorp (VLY) earnings time is at Jan 23, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is VLY EPS forecast?
VLY EPS forecast for the fiscal quarter 2024 (Q4) is 0.14.
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