Valley Q2 net income $70.4M ($0.13 EPS) down 27% QoQ; provision surges to $82.1M

VALLEY NATIONAL BANCORP

2024-Q2 EPS reported $0.31

Diluted EPS $0.13 vs $0.18 Q1 2024 and $0.27 Q2 2023; adjusted EPS also $0.13.
Net interest income (TE) $403M, up $8.1M QoQ but down $18.3M YoY; NIM 2.84% vs 2.79% Q1.
Provision for credit losses $82.1M, up from $45.3M Q1, driven by CRE reserves and $36.8M net charge-offs on two large relationships.
Synthetic credit risk transfer on $1.5B auto loans completed June 2024; capital ratios improved ~20 bps; ~$6M remaining premium expense in 2024.
Non-accrual loans 0.60% of total loans; total NPAs $312.9M, up $24.2M QoQ; allowance ratio 1.06% vs 0.98% Q1.

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