VALLEY NATIONAL(VLYPP) - 2025 Q2 - Quarterly Results

Executive Summary This section provides an overview of Valley National Bancorp's second quarter 2025 financial performance, including key financial highlights and CEO commentary Second Quarter 2025 Financial Performance Valley National Bancorp reported a significant increase in net income for Q2 2025 compared to both Q1 2025 and Q2 2024, with adjusted net income also showing positive growth | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :-------------------------------- | :------ | :------ | :------ | | Net Income (millions) | $133.2 | $106.1 | $70.4 | | Diluted EPS | $0.22 | $0.18 | $0.13 | | Adjusted Net Income (millions) | $134.4 | $106.1 | $71.6 | | Adjusted Diluted EPS | $0.23 | $0.18 | $0.13 | CEO Commentary CEO Ira Robbins expressed satisfaction with continued balance sheet strength, commercial loan growth, and improving profitability metrics. The company remains focused on growing low-cost deposits and noted significant improvements in credit results with a comfortable allowance coverage ratio - CEO pleased with continued balance sheet strength and commercial loan growth during Q2 2025[2] - Profitability metrics are trending positively, consistent with expectations for improvement throughout the year[2] - Company remains focused on growing low-cost deposits to support aspirations in 2025 and beyond[2] - Quarterly credit results improved significantly, with a reduction in provision for loan losses both quarter-over-quarter and year-over-year[2] Key Financial Highlights The company experienced growth in net interest income and margin, total loans (driven by C&I and auto), and deposits. Provision for credit losses decreased significantly, while non-interest income and expense both saw increases Net Interest Income and Margin Overview The company saw an increase in net interest margin and net interest income quarter-over-quarter and year-over-year - Net interest margin (tax equivalent) increased by 5 basis points to 3.01% in Q2 2025 from 2.96% in Q1 2025[3] - Net interest income (tax equivalent) of $433.7 million for Q2 2025 increased $12.3 million QoQ and $30.7 million YoY[3] Loan Portfolio Overview Total loans grew, primarily driven by commercial and industrial and automobile loans, while commercial real estate loans decreased - Total loans increased $734.3 million, or 6.0% on an annualized basis, to $49.4 billion at June 30, 2025[3] - Commercial and industrial (C&I) loans increased $719.8 million, and automobile loans increased $137.6 million[3] - Total commercial real estate (CRE) loans decreased $288.6 million, leading to a decline in the CRE loan concentration ratio to approximately 349% from 353%[3][4] Allowance and Provision for Credit Losses Overview The allowance for credit losses remained stable, while the provision for credit losses significantly decreased quarter-over-quarter and year-over-year - Allowance for credit losses for loans totaled $594.0 million at June 30, 2025, representing 1.20% of total loans[4] - Provision for credit losses for loans was $37.8 million in Q2 2025, a decrease from $62.7 million in Q1 2025 and $82.1 million in Q2 2024[4] Credit Quality Overview Net loan charge-offs remained stable, non-accrual loans slightly increased, and total accruing past due loans saw a significant rise, primarily due to specific CRE loans - Net loan charge-offs totaled $37.8 million for Q2 2025, compared to $41.9 million in Q1 2025 and $36.8 million in Q2 2024[4] - Non-accrual loans increased slightly to $354.4 million (0.72% of total loans) at June 30, 2025[4] - Total accruing past due loans increased significantly to $199.2 million (0.40% of total loans), primarily due to three CRE loans, two of which were no longer past due in July 2025[4] Deposits Overview Total deposit balances increased, driven by growth in non-interest bearing and time deposits, partially offset by a decrease in savings, NOW, and money market accounts - Total deposit balances increased $759.4 million to $50.7 billion at June 30, 2025[4] - Non-interest bearing deposits increased $118.2 million to $11.7 billion[4] Subordinated Debt Redemptions The company redeemed and repaid subordinated notes, resulting in a pre-tax loss on one redemption - Redeemed $115 million of 5.25% fixed-to-floating rate subordinated notes, resulting in a $922 thousand pre-tax loss[4] - Repaid $100 million of 4.55% fixed rate subordinated notes that matured[4] Non-Interest Income Overview Non-interest income increased, primarily driven by higher capital markets income and service charges on deposit accounts - Non-interest income increased $4.3 million to $62.6 million for Q2 2025, driven by capital markets income ($2.8 million increase) and service charges on deposit accounts ($2.0 million increase)[4] Non-Interest Expense Overview Non-interest expense increased due to higher professional and legal fees and increased salary and employee benefits - Non-interest expense increased $7.5 million to $284.1 million for Q2 2025, primarily due to higher professional and legal fees ($4.3 million) and salary and employee benefits expense ($2.8 million)[4][5] Efficiency and Performance Ratios Overview The company's efficiency ratio improved, and all annualized return metrics (ROA, ROE, Tangible ROE) showed positive trends | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :-------------------------------- | :------ | :------ | :------ | | Efficiency Ratio | 55.20% | 55.87% | 59.62% | | Annualized Return on Average Assets (ROA) | 0.86% | 0.69% | 0.46% | | Annualized Return on Average Shareholders' Equity (ROE) | 7.08% | 5.69% | 4.17% | | Annualized Return on Average Tangible Shareholders' Equity (Tangible ROE) | 9.62% | 7.76% | 5.95% | Detailed Financial Review This section offers an in-depth analysis of the company's net interest income, loan and deposit trends, credit quality, and capital adequacy for the quarter Net Interest Income and Margin Net interest income and margin both improved in Q2 2025, driven by higher yields on new loan originations and increased average loan balances, despite a rise in interest expense due to higher deposit costs | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :-------------------------------- | :------ | :------ | :------ | | Net Interest Income (FTE) | $433.7M | $421.4M | $403.0M | | Net Interest Margin (FTE) | 3.01% | 2.96% | 2.84% | | Interest Income (FTE) | $806.3M | $786.0M | $834.8M | | Interest Expense | $372.6M | $364.6M | $431.8M | | Cost of Total Average Deposits | 2.67% | 2.65% | 3.18% | - Increase in interest income was mostly driven by higher yields on new loan originations, increased average loan balances (C&I), additional interest income from taxable investment purchases, and one additional day in the quarter[6] - Increase in interest expense was largely due to a $548.7 million increase in average time deposit balances, increased cost of certain non-maturity deposits, and the increased day count[6] Loans, Deposits and Other Borrowings The company experienced overall loan and deposit growth in Q2 2025, with significant increases in C&I and automobile loans, and time and non-interest bearing deposits. Subordinated debt redemptions were largely offset by new FHLB advances Loans Total loans increased, primarily driven by strong growth in commercial and industrial and automobile loans, while commercial real estate loans saw a decline | Loan Category | June 30, 2025 (in millions) | March 31, 2025 (in millions) | Change (QoQ) | | :-------------------------------- | :-------------------------- | :--------------------------- | :----------- | | Total Loans | $49,391.4 | $48,657.1 | +$734.3M | | Commercial and Industrial (C&I) | $10,870.0 | $10,150.2 | +$719.8M | | Automobile | $2,178.8 | $2,041.2 | +$137.6M | | Residential Mortgage | $5,709.9 | $5,636.4 | +$73.6M | | Total Commercial Real Estate (CRE) | $28,825.9 | $29,114.5 | -$288.6M | | Construction | $2,854.8 | $3,026.9 | -$172.1M | - C&I loans grew by 28.4% on an annualized basis due to continued strategic focus on organic growth[9] - Automobile loans increased by 27.0% on an annualized basis due to high quality consumer demand and low prepayment activity[9] - CRE loans decreased largely due to runoff from repayment activity and efforts to focus new originations on more profitable holistic banking clients[9] Deposits Total deposits increased, with notable growth in time and non-interest bearing deposits, while savings, NOW, and money market accounts decreased | Deposit Category | June 30, 2025 (in millions) | March 31, 2025 (in millions) | Change (QoQ) | | :-------------------------------- | :-------------------------- | :--------------------------- | :----------- | | Total Deposits | $50,725.3 | $49,965.8 | +$759.4M | | Non-interest Bearing | $11,746.8 | $11,628.6 | +$118.2M | | Time Deposits | $12,886.9 | $11,924.0 | +$962.9M | | Savings, NOW, Money Market | $26,091.6 | $26,413.2 | -$321.6M | - Increase in time deposit balances mainly driven by new promotional retail CD offerings and additional fully-insured indirect customer CDs[10] - Non-interest bearing deposit balances increased mostly due to higher commercial customer deposit inflows[10] - Indirect customer deposits totaled $6.5 billion at June 30, 2025, up from $6.3 billion at March 31, 2025[10] Other Borrowings Short-term borrowings increased due to FHLB advances, while long-term borrowings remained stable despite subordinated note redemptions, offset by new FHLB advances - Short-term borrowings increased $103.2 million to $162.2 million, largely due to an increase in FHLB advances[11] - Long-term borrowings remained relatively unchanged at $2.9 billion, as $215 million of subordinated notes redemptions were mostly offset by new long-term FHLB advances[11] Credit Quality Credit quality showed mixed trends, with a slight increase in non-performing assets and a notable rise in accruing past due loans, though some of the past due loans were resolved post-quarter. The provision for credit losses decreased significantly Non-Performing Assets (NPAs) Total non-performing assets and non-accrual loans increased slightly, primarily due to a rise in non-performing CRE loans, while other real estate owned decreased | Metric | June 30, 2025 (in millions) | March 31, 2025 (in millions) | Change (QoQ) | | :-------------------------------- | :-------------------------- | :--------------------------- | :----------- | | Total NPAs | $360.8 | $356.2 | +$4.6M | | Non-accrual Loans | $354.4 | $346.5 | +$7.9M | | Non-accrual Loans as % of Total Loans | 0.72% | 0.71% | +0.01% | | Other Real Estate Owned (OREO) | $4.8 | $7.7 | -$2.9M | - Increase in non-accrual loans mainly due to a net increase in non-performing CRE loans, partially offset by a decline in non-performing C&I loans due to $17.4 million in full charge-offs[12] - OREO decreased due to a fair valuation write-down related to one CRE property[12] Accruing Past Due Loans Total accruing past due loans increased significantly quarter-over-quarter, primarily driven by specific CRE and construction loans, some of which were resolved in July 2025 - Total accruing past due loans increased $147.5 million to $199.2 million (0.40% of total loans) at June 30, 2025, from $51.7 million (0.11%) at March 31, 2025[13] 30 to 59 Days Past Due Loans 30 to 59 days past due increased significantly, primarily due to specific CRE and construction loans that were subsequently resolved - Loans 30 to 59 days past due increased $89.5 million to $123.0 million, largely due to one $39.2 million CRE loan and one $35.0 million construction loan, both subsequently paid in full or resolved in July 2025[14] 60 to 89 Days Past Due Loans 60 to 89 days past due increased significantly, mainly due to a large CRE loan that was subsequently modified and brought current - Loans 60 to 89 days past due increased $62.8 million to $73.3 million, mainly due to a $60.6 million CRE loan that was subsequently modified and brought current in July 2025[14] 90 or More Days Past Due Loans 90 days or more past due decreased, primarily due to a reduction in residential mortgage loan delinquencies - Loans 90 days or more past due decreased $4.8 million to $2.9 million, mainly due to a decrease in residential mortgage loan delinquencies[14] Allowance for Credit Losses for Loans and Unfunded Commitments The allowance for credit losses for loans remained stable, while the provision for credit losses decreased, reflecting loan growth and charge-offs offset by reserve adjustments | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :-------------------------------- | :------------ | :------------- | :------------ | | Allowance for Credit Losses for Loans | $594.0M | $594.1M | $532.5M | | ACL for Loans as % of Total Loans | 1.20% | 1.22% | 1.06% | | Provision for Credit Losses for Loans | $37.8M | $62.7M | $82.1M | | Net Loan Charge-offs | $37.8M | $41.9M | $36.8M | - The Q2 2025 provision reflects the impact of loan growth (mainly C&I) and loan charge-offs, partially offset by a decline in quantitative reserves and lower specific reserves[16] - Gross loan charge-offs totaled $42.1 million for Q2 2025, including $23.1 million related to five non-performing C&I loan relationships[15] Capital Adequacy Valley's capital ratios remained strong at June 30, 2025, with a slight reduction in the total risk-based capital ratio due to the early redemption of subordinated notes | Capital Ratio | June 30, 2025 | March 31, 2025 | | :-------------------------------- | :------------ | :------------- | | Total Risk-Based Capital | 13.67% | 13.91% | | Tier 1 Capital | 11.57% | 11.53% | | Common Equity Tier 1 Capital | 10.85% | 10.80% | | Tier 1 Leverage Capital | 9.49% | 9.41% | - The reduction in the total risk-based capital ratio reflects the early redemption of $115 million of 5.25% fixed-to-floating rate subordinated notes[17] Company Information This section provides essential company details, including investor call information, a brief company overview, forward-looking statements, and shareholder relations contacts Investor Conference Call Valley's CEO, Ira Robbins, will host a conference call on July 24, 2025, to discuss the second quarter 2025 earnings, with preregistration and webcast options available - Conference call with investors and financial community scheduled for July 24, 2025, at 11:00 AM (ET)[18] - Preregistration is required to receive dial-in number and personal PIN; webcast also available[18] About Valley National Bancorp Valley National Bank, the principal subsidiary of Valley National Bancorp, is a regional bank with approximately $63 billion in assets, operating across multiple states and focused on customer service and community growth - Valley National Bank is a regional bank with approximately $63 billion in assets[19] - Operates branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois[19] Forward-Looking Statements The document includes a standard disclaimer regarding forward-looking statements, highlighting various risks and uncertainties that could cause actual results to differ materially from expectations, including macroeconomic conditions, financial market instability, regulatory changes, and cybersecurity threats - Statements are not historical facts and include expressions about management's confidence and expectations[20] - Actual results may differ materially due to factors such as market interest rates, macroeconomic downturns, instability in the U.S. financial sector, negative public opinion, and changes in regulations[20][21] - Other risks include loss of lower-cost funding, litigation, declines in commercial real estate values, technology costs, increased competition, and cyberattacks[21][23] Shareholder Relations Contact information for shareholder inquiries and reports is provided for Tina Zarkadas, Assistant Vice President, Shareholder Relations Specialist - Shareholder inquiries should be directed to Tina Zarkadas, Assistant Vice President, Shareholder Relations Specialist[46] Consolidated Financial Highlights (Tables) This section presents comprehensive financial tables, including selected financial data, balance sheet items, loan categories, capital ratios, allowance for credit losses, asset quality, and non-GAAP reconciliations Selected Financial Data This section provides a summary of key financial data, including net interest income, non-interest income, total revenue, expenses, net income, EPS, and various financial ratios for the three and six months ended June 30, 2025, and comparable periods | Metric | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :-------------------------------- | :------ | :------ | :------ | :------- | :------- | | Net interest income - FTE (thousands) | $433,675 | $421,378 | $402,984 | $855,052 | $797,831 | | Non-interest income (thousands) | $62,604 | $58,294 | $51,213 | $120,898 | $112,628 | | Total revenue (thousands) | $495,012 | $478,399 | $452,898 | $973,411 | $907,861 | | Net income (thousands) | $133,167 | $106,058 | $70,424 | $239,225 | $166,704 | | Diluted earnings per common share | $0.22 | $0.18 | $0.13 | $0.40 | $0.31 | | Net interest margin - FTE | 3.01% | 2.96% | 2.84% | 2.99% | 2.81% | | Efficiency ratio | 55.20% | 55.87% | 59.62% | 55.53% | 59.36% | Balance Sheet Items This table presents key balance sheet figures, including total assets, loans, deposits, and shareholders' equity, at various quarter-end dates | Metric | June 30, 2025 (in thousands) | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | September 30, 2024 (in thousands) | June 30, 2024 (in thousands) | | :-------------------------------- | :--------------------------- | :--------------------------- | :------------------------------- | :-------------------------------- | :--------------------------- | | Assets | $62,705,358 | $61,865,655 | $62,491,691 | $62,092,332 | $62,058,974 | | Total loans | $49,391,420 | $48,657,128 | $48,799,711 | $49,355,319 | $50,311,702 | | Deposits | $50,725,284 | $49,965,844 | $50,075,857 | $50,395,966 | $50,112,177 | | Shareholders' equity | $7,575,421 | $7,499,897 | $7,435,127 | $6,972,380 | $6,737,737 | Loans by Category This table details the composition of the loan portfolio across various categories, showing trends over the past five quarters | Loan Category | June 30, 2025 (in thousands) | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | September 30, 2024 (in thousands) | June 30, 2024 (in thousands) | | :-------------------------------- | :--------------------------- | :--------------------------- | :------------------------------- | :-------------------------------- | :--------------------------- | | Commercial and industrial | $10,870,036 | $10,150,205 | $9,931,400 | $9,799,287 | $9,479,147 | | Total commercial real estate | $28,825,920 | $29,114,556 | $29,644,958 | $30,402,196 | $31,768,846 | | Residential mortgage | $5,709,971 | $5,636,407 | $5,632,516 | $5,684,079 | $5,627,113 | | Total consumer loans | $3,985,493 | $3,755,960 | $3,590,837 | $3,469,757 | $3,436,596 | | Total loans | $49,391,420 | $48,657,128 | $48,799,711 | $49,355,319 | $50,311,702 | Capital Ratios This table presents the company's regulatory capital ratios and book values per common share over the past five quarters | Capital Ratio | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | | :-------------------------------- | :------------ | :------------- | :---------------- | :----------------- | :------------ | | Book value per common share | $12.89 | $12.76 | $12.67 | $13.00 | $12.82 | | Tangible book value per common share | $9.35 | $9.21 | $9.10 | $9.06 | $8.87 | | Tangible common equity to tangible assets | 8.63% | 8.61% | 8.40% | 7.68% | 7.52% | | Tier 1 leverage capital | 9.49% | 9.41% | 9.16% | 8.40% | 8.19% | | Common equity tier 1 capital | 10.85% | 10.80% | 10.82% | 9.57% | 9.55% | | Tier 1 risk-based capital | 11.57% | 11.53% | 11.55% | 10.29% | 9.98% | | Total risk-based capital | 13.67% | 13.91% | 13.87% | 12.56% | 12.17% | Allowance for Credit Losses This table provides a detailed breakdown of the allowance for credit losses, including charge-offs, recoveries, and provision for credit losses, for the three and six months ended June 30, 2025, and comparable periods | Metric | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :-------------------------------- | :------ | :------ | :------ | :------- | :------- | | Beginning balance - Allowance for credit losses for loans (thousands) | $594,054 | $573,328 | $487,269 | $573,328 | $465,550 | | Total net charge-offs (thousands) | $(37,829) | $(41,949) | $(36,839) | $(79,778) | $(60,394) | | Provision for credit losses for loans (thousands) | $37,795 | $62,675 | $82,111 | $100,470 | $127,385 | | Ending balance (thousands) | $594,020 | $594,054 | $532,541 | $594,020 | $532,541 | | Allowance for credit losses for loans as a % of total loans | 1.20% | 1.22% | 1.06% | 1.20% | 1.06% | Asset Quality This table presents detailed asset quality metrics, including accruing past due loans by delinquency stage and non-accrual loans by category, over the past five quarters | Metric | June 30, 2025 (in thousands) | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | September 30, 2024 (in thousands) | June 30, 2024 (in thousands) | | :-------------------------------- | :--------------------------- | :--------------------------- | :------------------------------- | :-------------------------------- | :--------------------------- | | Total accruing past due loans | $199,202 | $51,697 | $99,194 | $174,696 | $72,395 | | Total non-accrual loans | $354,359 | $346,451 | $359,498 | $296,319 | $303,279 | | Total non-performing assets | $360,784 | $356,219 | $373,329 | $305,102 | $312,945 | | Total non-accrual loans as a % of loans | 0.72% | 0.71% | 0.74% | 0.60% | 0.60% | | Allowance for losses on loans as a % of non-accrual loans | 163.53% | 166.89% | 155.45% | 185.05% | 171.23% | Notes to Selected Financial Data This section clarifies the presentation of net interest income and margin on a tax equivalent basis and provides an explanation of the non-GAAP financial measures used in the report - Net interest income and net interest margin are presented on a tax equivalent basis using a 21 percent federal tax rate for comparability[33] - Non-GAAP financial measures are used by management and investors to understand underlying operational performance and trends, and should not be considered in isolation from GAAP measures[34] Non-GAAP Reconciliations This section provides detailed reconciliations of non-GAAP financial measures, such as adjusted net income, adjusted EPS, and various adjusted return ratios, to their most directly comparable GAAP measures | Metric | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :-------------------------------- | :------ | :------ | :------ | :------- | :------- | | Net income, as reported (GAAP) (thousands) | $133,167 | $106,058 | $70,424 | $239,225 | $166,704 | | Net income, as adjusted (non-GAAP) (thousands) | $134,415 | $106,066 | $71,643 | $240,481 | $171,091 | | Diluted earnings, as adjusted (non-GAAP) | $0.23 | $0.18 | $0.13 | $0.40 | $0.32 | | Annualized return on average tangible shareholders' equity, as adjusted (non-GAAP) | 9.71% | 7.76% | 6.05% | 8.74% | 7.25% | | Efficiency ratio (non-GAAP) | 55.20% | 55.87% | 59.62% | 55.53% | 59.36% | Consolidated Statements of Financial Condition This table presents the consolidated balance sheets for Valley National Bancorp as of June 30, 2025, and December 31, 2024, detailing assets, liabilities, and shareholders' equity | Item | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :--------------------------- | :------------------------------- | | Total Assets | $62,705,358 | $62,491,691 | | Total Loans (net of allowance) | $48,811,920 | $48,240,861 | | Total Deposits | $50,725,284 | $50,075,857 | | Total Liabilities | $55,129,937 | $55,056,564 | | Total Shareholders' Equity | $7,575,421 | $7,435,127 | Consolidated Statements of Income This table provides the consolidated income statements for the three and six months ended June 30, 2025, and comparable periods, detailing interest income, interest expense, non-interest income, non-interest expense, and net income | Item | Q2 2025 (in thousands) | Q1 2025 (in thousands) | Q2 2024 (in thousands) | YTD 2025 (in thousands) | YTD 2024 (in thousands) | | :-------------------------------- | :--------------------- | :--------------------- | :--------------------- | :---------------------- | :---------------------- | | Total interest income | $805,012 | $784,752 | $833,466 | $1,589,764 | $1,662,122 | | Total interest expense | $372,604 | $364,647 | $431,781 | $737,251 | $866,889 | | Net Interest Income | $432,408 | $420,105 | $401,685 | $852,513 | $795,233 | | Provision for credit losses for loans | $37,795 | $62,675 | $82,111 | $100,470 | $127,385 | | Total non-interest income | $62,604 | $58,294 | $51,213 | $120,898 | $112,628 | | Total non-interest expense | $284,122 | $276,618 | $277,497 | $560,740 | $557,807 | | Net Income | $133,167 | $106,058 | $70,424 | $239,225 | $166,704 | Quarterly Analysis of Average Assets, Liabilities and Shareholders' Equity and Net Interest Income on a Tax Equivalent Basis This table provides a detailed quarterly analysis of average balances, interest income/expense, and rates for interest-earning assets and interest-bearing liabilities, along with net interest income and margin on a tax equivalent basis | Item | Q2 2025 Average Balance (in thousands) | Q2 2025 Average Rate | Q1 2025 Average Balance (in thousands) | Q1 2025 Average Rate | Q2 2024 Average Balance (in thousands) | Q2 2024 Average Rate | | :-------------------------------- | :----------------------------------- | :------------------- | :----------------------------------- | :------------------- | :----------------------------------- | :------------------- | | Total interest earning assets | $57,553,624 | 5.60% | $56,891,691 | 5.53% | $56,772,950 | 5.88% | | Total interest bearing liabilities | $41,913,735 | 3.56% | $41,230,709 | 3.54% | $41,576,344 | 4.15% | | Net interest income/interest rate spread | | 2.04% | | 1.99% | | 1.73% | | Net interest margin on a fully tax equivalent basis | | 3.01% | | 2.96% | | 2.84% |