Disciplined underwriting parameters that consistently result in low charge-off ratios Stable core deposit franchise Good track record of earnings stability Business risks associated with expansion into the South Florida market Business model is primarily focused in three states--New Jersey, New York, and Florida Significant commercial real estate (CRE) exposure Our negative outlook on Wayne, N.J.-based Valley National Bancorp reflects the possibility of increased business risks stemming from the bank's acquisition and expansion into Florida, which is outside of its current market. We could lower our ratings on the company if the growth of its Florida loan portfolio accelerates faster than we expect, resulting in exposure greater than 15% of the total loan book over the next 12-18 months. We could
