Valley National Q3 net income $97.9M ($0.18 EPS), NIM 2.86%; plans $800M+ CRE loan sale

VALLEY NATIONAL BANCORP

2024-Q3 EPS reported $0.49

Q3 net income $97.9M ($0.18 EPS), up from $70.4M ($0.13) in Q2; adjusted EPS $0.18.
Net interest margin 2.86% (up 2 bps QoQ); tax-equivalent NII $411.8M, up $8.8M QoQ.
Total loans fell $956.4M to $49.4B, driven by $823.1M CRE loans transferred to held-for-sale.
Provision for credit losses $75.0M, incl. $8M qualitative reserve for Hurricane Helene; net charge-offs $42.9M.
Agreement to sell >$800M performing CRE loans at ~1% discount, expected close Q4 2024.

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