secwatch.observer — SEC 8-K summary
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Issuer:     VALLEY NATIONAL BANCORP (VLY)
CIK:        0000714310
Form:       8-K
Filed at:   2022-10-27T23:59:59+00:00
Accession:  0000714310-22-000128
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Valley National Bancorp Q3 net income rises 45% to $178.1M; NIM expands to 3.60%
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- Net income $178.1M ($0.34 diluted EPS) vs $122.6M ($0.29) year ago; adjusted EPS $0.35.
- Net interest income (tax-equivalent) $455.3M, up 51% YoY; NIM expanded 45bp to 3.60%.
- Loans grew $1.6B to $45.2B (15% annualized); non-accrual loans fell to 0.65% of loans.
- Efficiency ratio improved to 49.76%; issued $150M of 6.25% subordinated notes due 2032.
- Provision for credit losses just $1.8M vs $43.7M prior quarter; net recoveries of $5.6M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/714310/000071431022000128/0000714310-22-000128-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/714310/000071431022000128/vly-20221027.htm
  HTML page:      https://secwatch.observer/filing/0000714310-22-000128

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