Valley National Bancorp (VLY)

Valley National Bancorp Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	3,092	2,887	1,828	1,257	1,285	1,199
Interest Income on Investments	248.76	251.96	148.21	76.84	99.01	122.09
Total Interest Income	3,341	3,139	1,977	1,334	1,384	1,321
Interest Paid on Deposits	1,573	1,275	256.4	67.97	182.24	311.87
Interest Paid on Borrowings	165.28	198.64	64.64	56.35	82.58	111.08
Total Interest Expense	1,738	1,473	321.04	124.33	264.82	422.95
Net Interest Income	1,603	1,665	1,656	1,210	1,119	898.05
Net Interest Income Growth (YoY)	-7.56%	0.59%	36.84%	8.13%	24.59%	4.76%
Trust Income	58.17	44.16	34.71	14.91	12.42	12.65
Gain (Loss) on Sale of Assets	3.62	6.81	0.9	0.9	-	78.33
Gain (Loss) on Sale of Investments	-20.75	-16.91	-13.64	-9.15	-12.81	-23.47
Other Non-Interest Income	110.08	126.3	129.07	89.35	109.59	84.07
Total Non-Interest Income	196.9	207.72	194.39	144.1	169.7	194.13
Non-Interest Income Growth (YoY)	-5.86%	6.86%	34.89%	-15.08%	-12.58%	76.72%
Revenues Before Loan Losses	1,800	1,873	1,850	1,354	1,289	1,092
Provision for Loan Losses	222.87	50.18	56.82	32.63	125.72	24.22
Revenue	1,577	1,823	1,793	1,321	1,163	1,068
Revenue Growth (YoY)	-17.27%	1.66%	35.71%	13.63%	8.89%	14.27%
Salaries and Employee Benefits	522.08	516.42	468.45	354.98	314.65	312.71
Occupancy Expenses	56.09	54.43	48.05	43.44	42.89	83.46
Federal Deposit Insurance	99.34	88.15	22.84	14.18	18.95	21.71
Amortization of Goodwill & Intangibles	36.37	39.77	38.69	21.83	23.83	18.12
Selling, General & Administrative	282.03	297.88	272.27	182.36	164.39	75.32
Other Non-Interest Expense	127.35	120.42	86.42	53.34	53.19	63.06
Total Non-Interest Expense	1,123	1,117	936.71	670.13	617.89	574.37
EBT Excluding Unusual Items	453.77	705.94	856.5	651.25	544.99	493.59
Asset Writedown	-	-	0.87	-	-0.82	0.04
Legal Settlements	3.79	-3.54	-	-2.1	-	-
Other Unusual Items	-8.76	-	-	-8.41	-12.04	-32
Pretax Income	438.42	678.33	780.67	640.74	530.07	456.8
Income Tax Expense	102.31	179.82	211.82	166.9	139.46	147
Net Income	336.11	498.51	568.85	473.84	390.61	309.79
Preferred Dividends & Other Adjustments	18.45	16.14	13.15	12.69	12.69	12.69
Net Income to Common	317.67	482.38	555.71	461.15	377.92	297.11
Net Income Growth	-44.40%	-12.37%	20.05%	21.31%	26.09%	18.50%
Basic Shares Outstanding	509	508	485	407	404	338
Diluted Shares Outstanding	510	509	488	410	405	340
Shares Change (YoY)	0.22%	4.39%	18.97%	1.23%	19.09%	2.23%
EPS (Basic)	0.62	0.95	1.14	1.13	0.94	0.88
EPS (Diluted)	0.62	0.95	1.14	1.12	0.93	0.87
EPS Growth	-45.98%	-16.67%	1.79%	20.43%	6.90%	16.00%
Dividend Per Share	0.440	0.440	0.440	0.440	0.440	0.440
Effective Tax Rate	23.34%	26.51%	27.13%	26.05%	26.31%	32.18%

Source: S&P Capital IQ. Banks template. Financial Sources.