secwatch.observer — SEC 8-K summary
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Issuer:     VALLEY NATIONAL BANCORP (VLY)
CIK:        0000714310
Form:       8-K
Filed at:   2023-04-27T23:59:59+00:00
Accession:  0000714310-23-000100
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Valley National Q1 net income $146.6M ($0.28 EPS); adjusted EPS $0.30; NIM down 41bp to 3.16%
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- Net income $146.6M ($0.28 diluted EPS) vs $116.7M ($0.27) a year ago and $177.6M ($0.34) in Q4 2022; adjusted EPS $0.30.
- Net interest margin (tax-equivalent) fell 41bp QoQ to 3.16%; net interest income $437.5M, down $29.8M linked quarter.
- Total loans grew $1.7B to $48.7B; deposits flat at $47.6B; short-term borrowings rose $6.3B to bolster liquidity in March.
- Provision for credit losses $9.5M for loans and $5.0M for AFS securities (Signature Bank bond charged off).
- Non-accrual loans 0.50% of total loans; net charge-offs $30.4M, mainly one previously reserved C&I loan participation.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/714310/000071431023000100/0000714310-23-000100-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/714310/000071431023000100/vly-20230427.htm
  HTML page:      https://secwatch.observer/filing/0000714310-23-000100

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