secwatch.observer — SEC 8-K summary
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Issuer:     VALLEY NATIONAL BANCORP (VLY)
CIK:        0000714310
Form:       8-K
Filed at:   2024-07-25T23:59:59+00:00
Accession:  0000714310-24-000146
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/714310/000071431024000146/0000714310-24-000146-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/714310/000071431024000146/vly-20240725.htm
  HTML page:      https://secwatch.observer/filing/0000714310-24-000146

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