Valley National falls after higher provisions hurt Q3 profit
** Regional lender Valley National Bancorp's VLY.O shares fall ~1% to $9.03 in morning trading
** VLY's net income declines to $91.7 mln in Q3, from $137.2 mln, a year earlier
** Provisions for credit losses, or capital banks set aside for loans that may go into default, balloon to $75 mln in Q3 vs $9.1 mln, a year earlier
** VLY says provisions remain "somewhat elevated" due to higher reserves for commercial real estate loans as well as commercial and industrial loan growth
** Bank discloses sale of performing CRE loans that are expected to total over $800 mln at a discount of about 1% to a single investor
** VLY also sets aside $8 mln in loan-loss provisions related to estimated impact of Hurricane Helene which hit Florida in late Sept, but adds portfolio has been resilient in the aftermath of Hurricane Helene and Milton
** "At this time, there have been relatively few loan concessions... continue to assess the impact of the hurricanes on our Florida client base" - VLY
** Co reports Q3 adjusted profit 18 cents per share, in line with Street expectations, according to estimates compiled by LSEG
** Including session moves, stock down ~17% YTD
Reporting by Manya Saini in Bengaluru
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