Shares of Valley National Bancorp (VLY) soared over 5% on Thursday after the regional lender reported resilient third-quarter results, despite facing headwinds from higher provisions for credit losses and the impact of recent hurricanes.
Valley National's net income declined to $91.7 million in Q3 from $137.2 million a year earlier, as provisions for credit losses ballooned to $75 million from $9.1 million. The bank attributed the higher provisions to increased reserves for commercial real estate loans and growth in commercial and industrial loans.
Additionally, the company set aside $8 million in loan-loss provisions related to the estimated impact of Hurricane Helene, which hit Florida in late September. However, Valley National noted that its portfolio has been resilient in the aftermath of Hurricane Helene and Hurricane Milton, with relatively few loan concessions required so far.
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