Valley National reports Q1 adjusted EPS 30c, consensus 33c

Valley’s total risk-based capital, common equity Tier 1 capital, Tier 1 capital and Tier 1 leverage capital ratios were 11.58 percent, 9.02 percent, 9.46 percent and 7.96 percent, respectively, at March 31, 2023. Reports tangible book value per common share $8.36. Ira Robbins, CEO commented, "I am extremely proud of our team’s ability to navigate the recent market turmoil and operate the Bank from a position of balance sheet diversification, stability and strength. We have a prudent and industry-leading risk management culture that has enabled us to successfully operate through various economic cycles over several decades and today’s fast-paced transactional environment. Our core deposit base performed very well in recent weeks, as we proactively assist our clients and communities to work towards their own financial goals. Since 1927, Valley has supported the financial well-being of the individuals and businesses in our local communities. In times of market stress, our long-standing focus on relationship-based commercial and retail banking helps differentiate our organization. Our set of customers across business lines and geographies, on both sides of the balance sheet, positions us for relative stability during adverse market conditions."