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David Charles Smith

Managing Director and Senior Equity Analyst at Truist Financial Corp.

David Charles Smith is a Managing Director and Senior Equity Analyst at Truist Securities, specializing in coverage of leading financial services firms including Charles Schwab, Webster Financial, BNY Mellon, and Zions Bancorporation. Recognized for his strong performance, Smith maintains an 82.8% success rate and an average return of 8.6% per TipRanks, frequently earning three-star analyst ratings for his recommendations. His distinguished career spans over 25 years, with previous executive leadership roles at CitiMortgage and Keller Williams before joining Truist, where he now oversees consumer lending strategies and serves on the Operating Council. Smith is a CFA charterholder and holds a bachelor's degree from the University of Utah and an MBA from the University of Colorado Denver.

David Charles Smith's questions to VALLEY NATIONAL BANCORP (VLY) leadership

Question · Q3 2025

David Charles Smith asked about the competitive landscape impacting C&I loan declines and deposit cost increases, seeking expectations for Q4 and 2026. He also inquired about Valley National Bancorp's capital allocation strategy, specifically the buyback opportunity versus conserving capital for organic growth, given current CET1 and tangible book value.

Answer

Travis Lan, CFO, explained that spot deposit costs declined, with further reductions expected into 2026, despite a competitive environment for new relationships. Gino Martocci, President of Commercial Banking, noted strong demand in C&I and CRE, ample market liquidity, and some spread declines. Regarding capital, Travis Lan, CFO, stated that while the near-term CET1 target is 11%, the bank is comfortable in a 10.50%-11% range, and buybacks will be an increasing source of capital deployment given confidence in investing in the company.

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