Valley National Bancorp(US:VLY) Globenewswire·2025-04-24 11:00Core Insights - Valley National Bancorp reported a net income of $106.1 million for Q1 2025, a decrease from $115.7 million in Q4 2024 but an increase from $96.3 million in Q1 2024, with diluted earnings per share remaining stable at $0.18 [1][25] - The adjusted net income for Q1 2025 was $106.1 million, compared to $75.7 million in Q4 2024 and $99.4 million in Q1 2024 [1][25] Financial Performance - Net interest income for Q1 2025 was $421.4 million, a decrease of $2.9 million from Q4 2024 but an increase of $26.5 million from Q1 2024 [3][5] - The net interest margin increased by 4 basis points to 2.96% in Q1 2025 compared to 2.92% in Q4 2024 [3][6] - Non-interest income rose by $7.1 million to $58.3 million in Q1 2025, driven by net gains on loan sales [8] Loan Portfolio - Total loans decreased by $142.6 million, or 1.2% annualized, to $48.7 billion as of March 31, 2025, primarily due to normal repayment activity [3][9] - Commercial and industrial loans increased by $218.8 million, or 8.8% annualized, to $10.2 billion, while automobile loans grew by $140.2 million, or 29.5% annualized, to $2.0 billion [9] Credit Quality - The provision for loan losses was $62.7 million in Q1 2025, down from $107.0 million in Q4 2024, indicating improved credit quality [12][16] - 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][13] Deposits - Total deposits decreased by $110.0 million to $50.0 billion as of March 31, 2025, largely due to a $726.5 million decrease in indirect customer deposits [4][10] - Non-interest bearing deposits increased by $199.9 million to $11.6 billion, reflecting higher inflows from commercial customers [4][10] Capital Adequacy - Valley's total risk-based capital ratio was 13.91% as of March 31, 2025, slightly up from 13.87% at the end of Q4 2024 [17]