Valley Q4 GAAP net income $115.7M but adjusted EPS $0.13; credit costs spike

VALLEY NATIONAL BANCORP

2024-FY EPS reported $0.69

GAAP net income $115.7M ($0.20 EPS) vs Q3 $97.9M ($0.18); adjusted net income $75.7M ($0.13 EPS).
Net interest margin (tax-equivalent) improved to 2.92% from 2.86% Q3; deposit costs fell 31bp.
Provision for credit losses jumped to $107M from $75M Q3; ACL ratio 1.17% vs 1.14% Q3.
Non-accrual loans rose to $359.5M (0.74% of loans) from $296.3M; net charge-offs $98.3M vs $42.9M.
Completed 49.2M share common stock offering (net $448.9M); CRE concentration ratio fell to 362% from 421%.

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