Valley National (VLY) Stock Up 3.1% Despite Q2 Earnings Miss

A substantial rise in provisions adversely impacted results. Also, lower net interest income (NII) and noninterest income were undermining factors. However, a sequential increase in loans and deposit balance and a fall in non-interest expenses acted as tailwinds. Perhaps this cheered investors as the VLY stock gained 3.1% yesterday. Revenues Fall, Expenses Down NII (fully-taxable-equivalent or FTE basis) was $403 million, declining 4.3%. This was due to higher interest expenses. Net interest margin (FTE bas ...