Financial Performance - Net income for Q2 2025 was $133.2 million, or $0.22 per diluted share, up from $106.1 million in Q1 2025 and $70.4 million in Q2 2024[1]. - Net income available to common shareholders for Q2 2025 was $126.219 million, representing a 27.4% increase from $99.103 million in Q1 2025 and a 90.5% increase from $66.316 million in Q2 2024[25]. - Net income, as reported (GAAP), for Q2 2025 was $133,167,000, compared to $106,058,000 in Q1 2025, reflecting a 25.6% growth[36]. - Adjusted net income available to common shareholders for Q2 2025 was $127,467,000, up from $99,111,000 in Q1 2025, representing a 28.5% increase[36]. - Net income for the three months ended June 30, 2025, was $133,167 thousand, compared to $70,424 thousand for the same period in 2024, reflecting an increase of 89.2%[42]. Revenue and Income Sources - Net interest income on a tax equivalent basis rose to $433.7 million, an increase of $12.3 million from Q1 2025 and $30.7 million from Q2 2024[6]. - Non-interest income increased by $4.3 million to $62.6 million in Q2 2025, primarily due to higher capital markets income and service charges[4]. - Total revenue for the first half of 2025 was $973.411 million, an increase of 7.2% compared to $907.861 million in the same period of 2024[25]. - Non-interest income totaled $62,604 thousand for the three months ended June 30, 2025, compared to $51,213 thousand for the same period in 2024, a rise of 22.3%[42]. Loans and Credit Quality - Total loans increased by $734.3 million, or 6.0% annualized, to $49.4 billion at June 30, 2025, driven by a $719.8 million increase in commercial and industrial loans[3]. - The allowance for credit losses for loans was $594.0 million, representing 1.20% of total loans at June 30, 2025[4]. - Non-accrual loans totaled $354.4 million, or 0.72% of total loans, at June 30, 2025, showing a slight increase from the previous quarter[12]. - Total accruing past due loans increased to $199.2 million, or 0.40% of total loans, at June 30, 2025, up from $51.7 million in the prior quarter[13]. - Net loan charge-offs totaled $37.8 million for the second quarter of 2025, down from $41.9 million in the first quarter of 2025[15]. - The provision for credit losses for loans was $37.795 million for the three months ended June 30, 2025, down from $62,675 in the previous quarter[29]. Deposits and Assets - Total deposits increased by $759.4 million to $50.7 billion at June 30, 2025, with time deposits rising by $962.9 million[10]. - Deposits increased to $50.725 billion as of June 30, 2025, compared to $49.966 billion as of March 31, 2025[27]. - Total assets (GAAP) as of June 30, 2025, were $62,705,358,000, up from $61,865,655,000 as of March 31, 2025[40]. - Total assets increased to $62.11 billion as of June 30, 2025, compared to $61.50 billion on March 31, 2025, reflecting a growth of 1.0%[43]. Efficiency and Ratios - The efficiency ratio improved to 55.20% in Q2 2025, compared to 55.87% in Q1 2025 and 59.62% in Q2 2024[8]. - The annualized return on average assets (ROA) was 0.86% and return on equity (ROE) was 7.08% for Q2 2025[8]. - The net interest margin for Q2 2025 improved to 3.01%, compared to 2.95% in Q1 2025 and 2.83% in Q2 2024[25]. - The annualized ratio of total net charge-offs to total average loans for June 2025 is 0.31%, compared to 0.34% in March 2025[29]. Shareholder Equity - Shareholders' equity rose to $7.575 billion as of June 30, 2025, from $7.500 billion as of March 31, 2025[27]. - The company reported a total shareholders' equity of $7,575,421 thousand as of June 30, 2025, compared to $7,435,127 thousand at December 31, 2024, an increase of 1.89%[41]. - Tangible book value per common share (non-GAAP) increased to $9.35 in Q2 2025 from $9.21 in Q1 2025[40].
Valley National Bancorp Series C Pfd(VLYPN) - 2025 Q2 - Quarterly Results