Valley National Bancorp (VLY) Q4 FY2023 earnings: revenue $450 million, down 13.2% on the year

Valley National Bancorp (VLY) reported revenue of $450 million for Q4 FY2023, the quarter ended 31 December 2023, down 13.2% on the same quarter a year earlier. Net income was $72 million, down 59.7% on the year, and diluted earnings per share $0.13. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue$450 milliondown 13.2%

Net income$72 milliondown 59.7%

Diluted EPS$0.13

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	450	471	n/a	n/a
Interest expense	421	401	n/a	n/a
Pre-tax income	89.0	195	n/a	n/a
Income tax	17.4	53.5	n/a	n/a
Effective tax rate	19.6%	27.5%	n/a
Net income	71.6	141	n/a	n/a
Net margin	15.9%	30.0%	n/a
Diluted EPS	$0.13	$0.27	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	-279	374	n/a	n/a
Capital expenditure	4.5	22.1	n/a	n/a
Free cash flow	-283	352	n/a	n/a
Cash from investing	-103	-266	n/a	n/a
Cash from financing	129	-919	n/a	n/a
Depreciation and amortisation	11.3	10.7	n/a	n/a
Share-based compensation	7.7	8.6	n/a	n/a
Buybacks	0.2	0.1	n/a	n/a
Dividends paid	55.9	55.9	n/a	n/a
Dividend per share	n/a	$0.11	n/a	n/a
Diluted shares, weighted	509m	509m	n/a	n/a
Shares outstanding at period end	509m	508m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	6,701	6,627	n/a	n/a
Deposits	49,243	49,885	n/a	n/a
Short-term borrowings	918	89.8	n/a	n/a
Other liabilities	4,073	4,581	n/a	n/a
Total liabilities and equity	60,935	61,183	n/a	n/a
Fixed assets	381	388	n/a	n/a
Goodwill	1,869	1,869	n/a	n/a
Intangible assets	160	169	n/a	n/a
Securities held for sale or to maturity	5,037	4,985	n/a	n/a
Loans	49,764	49,655	n/a	n/a
Cash and equivalents	891	1,144	n/a	n/a
Other assets	2,832	2,973	n/a	n/a
Total assets	60,935	61,183	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	471	450	455	453	471	474	478	495	511	541	540	561
Interest expense	401	421	435	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	195	89.0	129	93.3	127	89.1	139	173	210	222	209	220
Tax rate	27%	20%	26%	25%	23%	-30%	24%	23%	22%	12%	22%	22%
Net income	141	71.6	96.3	70.4	97.9	116	106	133	163	195	164	171
Net margin	30%	16%	21%	16%	21%	24%	22%	27%	32%	36%	30%	30%
Diluted EPS	$0.27	$0.13	$0.18	$0.13	$0.18	$0.20	$0.18	$0.22	$0.28	$0.33	$0.28	$0.29
Operating cash flow	374	-279	99.5	214	-157	392	-17.1	159	5.2	197	210	164
Capital expenditure	22.1	4.5	3.6	2.7	3.3	6.4	3.0	3.1	2.8	9.1	1.4	3.3
Free cash flow	352	-283	95.9	211	-161	386	-20.2	156	2.3	188	208	160
Buybacks	0.1	0.2	0.0	0.9	0.2	0.4	2.2	2.2	12.0	n/a	51.8	20.1
Dividends paid	55.9	55.9	57.9	56.3	56.1	57.9	62.9	62.3	61.8	61.8	62.9	61.1
Shares outstanding	508m	509m	509m	509m	509m	560m	560m	560m	558m	555m	554m	553m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 29 February 2024, accession 0000714310-24-000065: the filing on EDGAR. All of Valley National Bancorp's filings: EDGAR company page.

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