On its third-quarter 2026 earnings call, held on Oct. 22, 2026, Valley National (NASDAQ:VLY) announced that its efficiency ratio, which measures overhead expenses relative to revenue, fell below 50% one quarter ahead of schedule. Cheaper core deposit growth and lower debt costs are driving operating leverage across the franchise. Three key takeaways explain why this balance sheet transition matters for long-term investors. Valley National is swapping expensive wholesale borrowing for sticky small-business deposit accounts through acquisitions. Replacing higher-cost liabilities expands net interest margin, which represents the spread between what the bank earns on loans and pays on funding.
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