Valley National sees surge in delinquent CRE loans in Q3
Bank’s net charge-off rate more than doubles as $114 million in CRE loans become past due
Valley National Bank reported $120.3 million in past-due commercial real estate (CRE) loans in the third quarter, up from just $6.1 million three months earlier and the highest amount since at least 2009.
New delinquencies totalling $76.4 million entered the 30–59 days past-due category, including a new loan of $40.9 million, which the bank anticipates will be fully repaid. In the 60–89 day overdue category, an additional $43.9 million loan – currently under modification – drove the increase in
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