Record Net Income
Valley reported net income of approximately $163 million or $0.28 per diluted share, up from $133 million or $0.22 last quarter, marking the highest level of quarterly profitability since the end of 2022.
Strong Core Deposit Growth
Valley added nearly 110,000 new deposit accounts over the past 12 months, contributing to nearly 10% core deposit growth and a 56 basis point reduction in the average cost of deposits since the third quarter of 2024.
Noninterest Income Growth
Excluding volatile net gains on loans sold, noninterest income has grown at an annual rate of 15% since 2017, three times faster than publicly traded peers in Valley's size range.
Net Interest Income and Margin Expansion
Net interest income grew for the second consecutive quarter by 3%. The net interest margin improved for the sixth consecutive quarter, with an expectation to achieve above a 3.1% NIM target for the fourth quarter of 2025.
Resilience in Credit Performance
Valley saw a significant reduction in net charge-offs and provisions during the third quarter, with expectations to sustain these levels in the fourth quarter.