Valley National Offloads Roughly $925M CRE Loans to Brookfield [Yahoo! Finance]
Brookfield Corporation Class A Limited Voting Shares (BN)
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Source: Yahoo! Finance
The final loan pool sold by Valley National had a contractual balance of roughly $925 million, of which almost $823 million was identified and moved to held for sale as of Sept. 30, 2024. The loan pool has been sold at a discount of roughly 1% to par value to BAM, with VLY retaining customer-facing servicing responsibilities. VLY anticipates recognizing an immaterial incremental net loss related to a 1% discount on loans and traditional transaction-related expenses during the fourth quarter of 2024. This move aligns with Valley National's efforts to manage the CRE loan portfolio prudently and reduce its exposure to the loan category, thus mitigating concentration risk. As of Sept. 30, 2024, CRE loans accounted for 61.6% of total loans. This loan sale is expected to benefit CRE concentration by roughly 13% and add over 15 basis points of regulatory capital on a pro forma basis. Further, during the announcement of third-quarter 2024 results, management noted plans to utilize the
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Earnings
- 11/14/24 - Miss
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Sec Filings
- 12/17/24 - Form 6-K
- 12/13/24 - Form 6-K
- 12/11/24 - Form 6-K
- BN's page on the SEC website