Disciplined underwriting that consistently results in low charge-offs Stable deposit franchise Track record of earnings stability Risks associated with expansion into Florida Franchise that is geographically concentrated Significant commercial real estate (CRE) exposure Standard&Poor's Ratings Services' negative outlook on Valley National Bancorp reflects the possibility of increased strategic, credit, and operational risks stemming from Valley's planned growth in Florida. We could lower our rating on Valley if we believe a change in underwriting or a regional downturn would result in asset quality deterioration, as evidenced by an increase in nonperforming assets (NPAs) or net charge-offs. We may also lower the rating if Valley announces another acquisition in Florida before the successful integration of CNLBanchares Inc. Additionally, if we
