secwatch.observer — SEC 8-K summary
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Issuer:     VALLEY NATIONAL BANCORP (VLY)
CIK:        0000714310
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0000714310-24-000080
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Valley Q1 net income $96.3M ($0.18 EPS); adjusted EPS $0.19; NIM 2.79%
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- Net income $96.3M ($0.18 diluted EPS); adjusted net income $99.4M ($0.19 adjusted EPS).
- Net interest margin (tax-equivalent) 2.79%, down 3bp from Q4 2023; net interest income $394.8M.
- Total loans decreased $288M (2.3% annualized) to $49.9B; sold $196.5M CRE and construction loans.
- Provision for credit losses $45.3M, up from $20.7M in Q4 2023; allowance/total loans 0.98%.
- Non-accrual loans 0.58% of total loans; net charge-offs $23.6M, up from $17.5M in Q4 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/714310/000071431024000080/0000714310-24-000080-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/714310/000071431024000080/vly-20240425.htm
  HTML page:      https://secwatch.observer/filing/0000714310-24-000080

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer