Valley National posts record quarterly profit, EPS rises to 36 cents

Valley National Bancorp reported record quarterly net income as revenue growth and tight expense control pushed its efficiency ratio below 50%.

Net income for the third quarter was $206.3 million, or 36 cents a share, up from $170.9 million, or 29 cents, in the second quarter and $163.4 million, or 28 cents, a year earlier, according to the earnings release the bank filed with an 8-K on Thursday. Adjusted net income was $206.4 million, also 36 cents a share.

"Strong revenue growth and disciplined expense management drove record quarterly net income for Valley and an efficiency ratio below 50 percent," CEO Ira Robbins said in the release. He said the bank remains on track to achieve, and likely exceed, its goal of a 15% return on average tangible common equity by the end of 2027.

Deals pending

Robbins called the pending acquisitions of Providence Financial Corporation and Bluevine Inc. "a natural extension of our strategy to further optimize our funding base." He said Providence will expand Valley's presence in the Chicago area, while Bluevine is expected to broaden its ability to serve small businesses nationwide through digital capabilities.

Buybacks

Valley repurchased 2.5 million shares during the quarter at an average price of $13.86 under its current repurchase plan.

By the numbers

• Net income: $206.3 million, a record
• Diluted EPS: $0.36, versus $0.29 in Q2 and $0.28 a year ago
• Efficiency ratio: below 50%
• Shares repurchased: 2.5 million at $13.86 average
• ROTCE goal: 15% by end of 2027

Sources

1. Valley National Bancorp, Form 8-K (Items 2.02 and 7.01) with Exhibit 99.1 earnings release dated Oct. 22, 2026, accession 0000714310-26-000045

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