secwatch.observer — SEC 8-K summary
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Issuer:     VALLEY NATIONAL BANCORP (VLY)
CIK:        0000714310
Form:       8-K
Filed at:   2024-01-25T23:59:59+00:00
Accession:  0000714310-24-000006
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Valley National Q4 net income $71.6M ($0.13 EPS); adjusted EPS $0.22, down from $0.35 YoY
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- GAAP net income $71.6M ($0.13 diluted EPS) vs $177.6M ($0.34) in Q4 2022; adjusted net income $116.3M ($0.22) vs $182.9M ($0.35).
- Net interest margin (tax-equivalent) fell to 2.82% from 2.91% in Q3; provision for credit losses rose to $20.7M from $9.1M.
- Net charge-offs increased to $17.5M from $5.5M in Q3; non-accrual loans at 0.58% of total loans vs 0.52%.
- Total deposits declined $642.5M to $49.2B; non-interest expense surged $73.3M on FDIC special assessment and tech contract termination.
- Agreed to sell commercial premium finance lending business (~$275M loans) with expected Q1 2024 close; loan growth remained modest.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/714310/000071431024000006/0000714310-24-000006-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/714310/000071431024000006/vly-20240125.htm
  HTML page:      https://secwatch.observer/filing/0000714310-24-000006

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