Valley National Bancorp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Valley National Bancorp has submitted its comprehensive 2023 annual report (10-K) detailing financial performance and operations.</b>

AI Summary

VALLEY NATIONAL BANCORP (VLYPN) filed a Annual Report (10-K) with the SEC on February 29, 2024. Valley National Bancorp filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data points such as revenue, net income, and EPS are detailed within the report. The report includes information on various financial instruments and accounts, including deposit accounts and preferred stock. Valley National Bancorp is classified under SIC code 6021 for National Commercial Banks.

Why It Matters

For investors and stakeholders tracking VALLEY NATIONAL BANCORP, this filing contains several important signals. This 10-K filing provides stakeholders with a detailed overview of Valley National Bancorp's financial health, operational performance, and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's profitability, asset management, and risk exposure, informing investment decisions and future outlook.

Risk Assessment

Risk Level: medium — VALLEY NATIONAL BANCORP shows moderate risk based on this filing. The company operates in the highly regulated banking sector, facing risks related to economic downturns, interest rate fluctuations, and compliance requirements, as detailed in its 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Valley National Bancorp's performance and potential challenges in the current economic climate.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-29 — Filing Date (Date of submission)
• 173 — Public Document Count (Number of documents in the filing)
• 2023-01-01 — Reporting Period Start Date (Fiscal year start)

Key Players & Entities

• VALLEY NATIONAL BANCORP (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240229 (date) — Filing date
• 6021 (industry_code) — Standard Industrial Classification for National Commercial Banks
• NJ (location) — State of incorporation
• ONE PENN PLAZA (address) — Business address
• NEW YORK (location) — Business address city
• 10119 (postal_code) — Business address zip

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for understanding a company's financial health and operations over the past fiscal year.)

SIC Code 6021

Standard Industrial Classification code for National Commercial Banks. (Categorizes Valley National Bancorp within the banking industry, providing context for its business operations.)

Key Financial Figures

• $60.9 b — Valley had consolidated total assets of $60.9 billion, total net loans of $49.8 billion
• $49.8 b — ts of $60.9 billion, total net loans of $49.8 billion, total deposits of $49.2 billion
• $49.2 billion — ans of $49.8 billion, total deposits of $49.2 billion and total shareholders' equity of $6.7
• $6.7 billion — llion and total shareholders' equity of $6.7 billion. Valley advertises and identifies itse
• $5.08 — .8025 shares of Valley common stock and $5.08 in cash for each Bank Leumi USA common
• $113.4 million — million shares of common stock and paid $113.4 million in cash in the transaction. Based on Va
• $1.2 b — 31, 2022, the transaction was valued at $1.2 billion, inclusive of the value of option
• $1.4 billion — 1, 2021, Westchester had approximately $1.4 billion in assets, $915.0 million in loans, and
• $915.0 million — d approximately $1.4 billion in assets, $915.0 million in loans, and $1.2 billion in deposits,
• $1.2 billion — in assets, $915.0 million in loans, and $1.2 billion in deposits, after purchase accounting
• $211.1 m — total consideration for the merger was $211.1 million, consisting of approximately 15.7
• $9.2 billion — industrial loans totaled approximately $9.2 billion and represented 18.4 percent of the tot
• $1.3 billion — commercial and industrial loans totaled $1.3 billion at December 31, 2023. In addition, we p
• $32.0 billion — l estate and construction loans totaled $32.0 billion and represented 63.7 percent of the tot
• $421 million — 2,868 62.7 % * Includes approximately $421 million of loans collateralized by fully rent r

Filing Documents

• vly-20231231.htm (10-K) — 5992KB
• vly-12312023ex10aavnbrsuti.htm (EX-10.AA) — 43KB
• vly-12312023ex10bbvnbpsugr.htm (EX-10.BB) — 61KB
• vly-12312023ex23.htm (EX-23) — 3KB
• vly-12312023ex24.htm (EX-24) — 34KB
• vly-12312023ex311.htm (EX-31.1) — 8KB
• vly-12312023ex312.htm (EX-31.2) — 9KB
• vly-12312023ex32.htm (EX-32.1) — 6KB
• vly-12312023ex97clawbackpo.htm (EX-97) — 42KB
• vly-20231231_g1.jpg (GRAPHIC) — 80KB
• vly-20231231_g2.jpg (GRAPHIC) — 8KB
• vly-20231231_g3.jpg (GRAPHIC) — 14KB
• vly-20231231_g4.jpg (GRAPHIC) — 99KB
• 0000714310-24-000065.txt (&nbsp;) — 31459KB
• vly-20231231.xsd (EX-101.SCH) — 140KB
• vly-20231231_cal.xml (EX-101.CAL) — 290KB
• vly-20231231_def.xml (EX-101.DEF) — 948KB
• vly-20231231_lab.xml (EX-101.LAB) — 1858KB
• vly-20231231_pre.xml (EX-101.PRE) — 1380KB
• vly-20231231_htm.xml (XML) — 6974KB

Risk Factors

Item 1A. Risk Factors 22

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 35

Cybersecurity

Item 1C. Cybersecurity 35

Properties

Item 2. Properties 37

Legal Proceedings

Item 3. Legal Proceedings 38

Mine and Safety Disclosures

Item 4. Mine and Safety Disclosures 38 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38

[Reserved]

Item 6. [Reserved] 39

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 39

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 77

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data: 78 Consolidated Statements of Financial Condition 78 Consolidated Statements of Income 79 Consolidated Statements of Comprehensive Income 80 Consolidated Statements of Changes in Shareholders' Equity 81 Consolidated Statements of Cash Flows 82

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 84 Report of Independent Registered Public Accounting Firm 151

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 154

Controls and Procedures

Item 9A. Controls and Procedures 154

Other Information

Item 9B. Other Information 157

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 157 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 157

Executive Compensation

Item 11. Executive Compensation 157

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 157

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 157

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 157 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 158

Signatures

Signatures 162 Glossary of Defined Terms The following terms may be used throughout this Report, including the consolidated financial statements and related notes. Term Definition ACL Allowance for credit losses AFS Available-for-sale ARG Associate Resource Group ASC Accounting Standards Codification ASU Accounting Standards Update Bank Valley National Bank Basel III Capital rules under a global regulatory framework developed by the Basel Committee on Banking Supervision BHC Act Bank Holding Company Act of 1956, as amended Board Board of Directors of Valley National Bancorp BSA Bank Secrecy Act BSA/AML Procedures designed to assure and monitor compliance with BSA regulatory requirements CD Certificate of deposit CDI Core deposit intangible CECL Current expected credit loss model CET1 Common equity tier 1 CFPB Consumer Financial Protection Bureau CPI Consumer Price Index CRA Community Reinvestment Act DEI Diversity, Equity and Inclusion DIF Deposit Insurance Fund administered by the FDIC Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 EGRRCPA The 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act ESG Environmental, Social and Governance Exchange Act Securities Exchange Act of 1934, as amended Fannie Mae Federal National Mortgage Association FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation FDICIA Federal Deposit Insurance Corporation Improvement Act of 1991 Federal Reserve Board of Governors of the Federal Reserve System FRB Federal Reserve Bank FHLB Federal Home Loan Bank FICO Fair Isaac Corporation FinCEN Financial Crimes Enforcement Network FINRA Financial Industry Regulatory Authority, Inc. Fintech Financial technology Freddie Mac Federal Home Loan Mortgage Corporation GAAP U. S. Generally Accepted Accounting Principles GDP Gross domestic product Ginnie Mae Government National Mortgage Association HTM Held to Maturity Insiders

Business

Item 1. Business The disclosures set forth in this item are qualified by Item 1A. Risk Factors and the section captioned "Cautionary Statement Concerning Forward-Looking Statements" in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") of this Report and other cautionary statements set forth elsewhere in this Report. General Valley National Bancorp, headquartered in Morristown, New Jersey, is a New Jersey corporation organized in 1983 and is registered as a bank holding company and a financial holding company with the Federal Reserve under the BHC Act. At December 31, 2023, Valley had consolidated total assets of $60.9 billion, total net loans of $49.8 billion, total deposits of $49.2 billion and total shareholders' equity of $6.7 billion. Valley advertises and identifies itself under the trade names "Valley Bank" and "Valley." Valley's principal subsidiary, Valley National Bank (commonly referred to as the "Bank" in this Report), has been chartered as a national banking association under the laws of the United States since 1927. Valley, through the Bank and its subsidiaries, offers a full suite of national and regional banking solutions through various commercial, private banking, retail, insurance and wealth management financial services products. Valley provides personalized service and customized solutions to assist its customers with their financial service needs. Our solutions include, but are not limited to, traditional consumer and commercial deposit and lending products, commercial real estate financing, asset-based loans, small business loans, equipment financing, insurance and wealth management solutions, and personal financing solutions, such as residential mortgages, home equity loans and automobile financing. Valley also offers niche financial services, including loan and deposit products for homeowners associations, cannabis-related business banking and venture banking, which we offer nationall

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View this 10-K filing on SEC EDGAR