Financial Performance - Net income for Q1 2025 was $106.1 million, or $0.18 per diluted share, compared to $115.7 million, or $0.20 per diluted share in Q4 2024[1] - Total revenue for Q1 2025 reached $478,399,000, up 0.5% from $474,179,000 in Q4 2024, and up 5.2% from $454,963,000 in Q1 2024[27] - Net income available to common shareholders for Q1 2025 was $99,103,000, down 8.1% from $108,686,000 in Q4 2024, but up 7.5% from $92,161,000 in Q1 2024[27] - Adjusted net income for Q1 2025 was $106,066,000, up 40.0% from $75,714,000 in Q4 2024[44] - Basic earnings per share, as adjusted, rose to $0.18 for the three months ended March 31, 2025, compared to $0.13 in the previous quarter, an increase of 38.5%[41] Loan and Credit Quality - Total loans decreased by $142.6 million, or 1.2% annualized, to $48.7 billion as of March 31, 2025[9] - The allowance for credit losses for loans totaled $594.1 million, representing 1.22% of total loans as of March 31, 2025[4] - Non-accrual loans decreased to $346.5 million, or 0.71% of total loans, from $359.5 million, or 0.74% at the end of Q4 2024[12] - The provision for credit losses for loans was $62.7 million in Q1 2025, down from $107.0 million in Q4 2024[4] - Net loan charge-offs totaled $41.9 million for the first quarter of 2025, a decrease from $98.3 million in the fourth quarter of 2024[17] Deposits and Funding - Non-interest bearing deposits increased by $199.9 million to $11.6 billion, driven by higher inflows of commercial customer deposits[10] - Total actual deposit balances decreased by $110.0 million to $50.0 billion as of March 31, 2025, primarily due to a decrease in indirect customer deposits[10] - Deposits as of March 31, 2025, totaled $49,965,844,000, down from $50,075,857,000 in Q4 2024[29] Efficiency and Profitability - The efficiency ratio improved to 55.87% in Q1 2025, compared to 57.21% in Q4 2024[8] - The net interest margin for Q1 2025 was 2.95%, up from 2.91% in Q4 2024, reflecting improved interest income generation[27] - Total non-interest expense for Q1 2025 was $276,618,000, slightly down from $278,582,000 in Q4 2024[47] Asset Quality - Total non-performing assets decreased to $356,219 thousand as of March 31, 2025, down from $373,329 thousand on December 31, 2024, a reduction of 4.4%[33] - The allowance for losses on loans as a percentage of non-accrual loans was 166.89% as of March 31, 2025, indicating strong coverage for potential losses[33] - Total accruing past due loans decreased to $51,697 thousand as of March 31, 2025, from $99,194 thousand in December 31, 2024, representing a decline of 47.9%[33] Capital and Shareholder Equity - Valley National Bancorp's total risk-based capital ratio was 13.91% as of March 31, 2025, slightly up from 13.87% at December 31, 2024[19] - The book value per common share increased to $12.76 as of March 31, 2025, compared to $12.67 in Q4 2024, indicating a strengthening of shareholder equity[29] - Tangible book value per common share increased to $9.21 in Q1 2025 from $9.10 in Q4 2024[44] Shareholder Metrics - The annualized return on average assets for Q1 2025 was 0.69%, a decrease from 0.74% in Q4 2024, but an increase from 0.63% in Q1 2024[27] - Annualized return on average shareholders' equity increased to 5.69% in Q1 2025 from 4.17% in Q4 2024[44] - The average number of shares outstanding increased to 559,613,272 for the three months ended March 31, 2025, compared to 536,159,463 in the previous quarter, an increase of 4.4%[41]
Valley National Bancorp Series C Pfd(VLYPN) - 2025 Q1 - Quarterly Results