secwatch.observer — SEC 8-K summary
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Issuer:     VALLEY NATIONAL BANCORP (VLY)
CIK:        0000714310
Form:       8-K
Filed at:   2024-10-24T23:59:59+00:00
Accession:  0000714310-24-000159
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/714310/000071431024000159/0000714310-24-000159-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/714310/000071431024000159/vly-20241024.htm
  HTML page:      https://secwatch.observer/filing/0000714310-24-000159

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