Valley National selloff on NYCB earnings report ‘misplaced,’ says Citi

Citi analyst Benjamin Gerlinger believes the selloff today in shares of Valley National (VLY) is “misplaced” following New York Community Bancorp’s (NYCB) Q4 report and dividend but. The analyst believes the news New York Community is “very different” than the Silicon Valley deposit run “and rather idiosyncratic in nature.” Citi, however, notes that New York City deposits might become a little more expensive over the near term via certificate of deposit pricing and incentives to retain deposits.