secwatch.observer — SEC 8-K summary
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Issuer:     VALLEY NATIONAL BANCORP (VLY)
CIK:        0000714310
Form:       8-K
Filed at:   2022-07-28T23:59:59+00:00
Accession:  0000714310-22-000116
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Valley National Q2 adjusted EPS $0.32; NIM expands 27bps to 3.43%; Bank Leumi acquisition adds $5.9B loans
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- Adjusted net income $165.8M ($0.32/diluted) vs $126.6M ($0.30) in Q2 2021; GAAP net income $96.4M ($0.18) includes $69.4M after-tax merger costs.
- Net interest margin (tax-equivalent) rose 27 bps QoQ to 3.43%; net interest income $419.6M, up $101.2M from Q1.
- Loans grew $8.2B to $43.6B including $5.9B from Bank Leumi; organic loan growth annualized 26% across commercial, CRE, and residential.
- Provision for credit losses $43.7M, largely $41M for non-PCD acquired loans; allowance for credit losses 1.13% of total loans.
- Tangible ROE (adjusted) 16.05%, efficiency ratio 50.78%; strong core operating results driven by margin expansion and acquisition synergies.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/714310/000071431022000116/0000714310-22-000116-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/714310/000071431022000116/vly-20220728.htm
  HTML page:      https://secwatch.observer/filing/0000714310-22-000116

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