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Valley National (VLY) Reports Q3 Earnings: What Key Metrics Have to Say

Valley National (VLY) reported $471.08 million in revenue for the quarter ended September 2023, representing a year-over-year decline of 7.7%. EPS of $0.26 for the same period compares to $0.35 a year ago.

The reported revenue represents a surprise of -0.01% over the Zacks Consensus Estimate of $471.14 million. With the consensus EPS estimate being $0.26, the company has not delivered EPS surprise.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Valley National performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Efficiency Ratio: 56.7% versus 55.4% estimated by six analysts on average.

  • Net Interest Margin: 2.9% versus the six-analyst average estimate of 2.9%.

  • Total interest earning assets - Average Balance: $56.80 billion versus $57.44 billion estimated by five analysts on average.

  • Net Charge-off average loans: 0% versus 0.1% estimated by four analysts on average.

  • Total Non-performing Assets: $260.33 million versus $310.84 million estimated by two analysts on average.

  • Net interest income/interest rate spread (FTE): $413.66 million compared to the $416.50 million average estimate based on six analysts.

  • Total non-interest Income: $58.66 million compared to the $55.22 million average estimate based on six analysts.

  • Bank owned life insurance: $2.71 million versus $2.50 million estimated by five analysts on average.

  • Gains on sales of loans, net: $2.02 million versus $1.54 million estimated by five analysts on average.

  • Insurance commissions: $2.34 million versus the five-analyst average estimate of $3.30 million.

  • Wealth management and trust fees: $11.42 million versus $11.08 million estimated by five analysts on average.

  • Service charges on deposit accounts: $10.95 million versus $10.71 million estimated by five analysts on average.

View all Key Company Metrics for Valley National here>>>

Shares of Valley National have returned -7.5% over the past month versus the Zacks S&P 500 composite's -3.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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