Valley National Bancorp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Valley National Bancorp submitted its Q1 2024 10-Q filing detailing financial positions and operational data.</b>

AI Summary

VALLEY NATIONAL BANCORP (VLYPN) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Valley National Bancorp filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial data points such as common stock, preferred stock (Series A and B), additional paid-in capital, retained earnings, and accumulated other comprehensive income are detailed for the periods ending March 31, 2024, December 31, 2023, and December 31, 2022. The report includes information on investment advisory, management, and administrative services, as well as deposit accounts for the periods ending March 31, 2024, and March 31, 2023. The company's principal executive offices are located at One Penn Plaza, New York, NY 10119.

Why It Matters

For investors and stakeholders tracking VALLEY NATIONAL BANCORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Valley National Bancorp, crucial for understanding the company's performance and financial health in the first quarter of 2024. The detailed breakdown of equity accounts and segment revenues allows for a granular analysis of the bank's capital structure and revenue-generating activities.

Risk Assessment

Risk Level: — VALLEY NATIONAL BANCORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new risks or material adverse events beyond typical business operations.

Analyst Insight

Monitor future filings for trends in deposit growth and investment advisory revenue to assess the bank's strategic performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-08 — Filing Date (Filed As Of Date)
• 2024 Q1 — Fiscal Quarter (Filing Values)

Key Players & Entities

• VALLEY NATIONAL BANCORP (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-08 (date) — Filed as of date
• One Penn Plaza, New York, NY 10119 (address) — Business address
• NJ (state) — State of incorporation
• 6021 (sic_code) — Standard Industrial Classification

FAQ

Industry Context

Valley National Bancorp operates within the National Commercial Banks sector (SIC 6021).

Regulatory Implications

The filing is a standard 10-Q report under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the detailed balance sheet data for changes in assets and liabilities.
2. Analyze the equity section for movements in common and preferred stock.
3. Examine the revenue-related disclosures for trends in investment advisory and deposit account services.

Year-Over-Year Comparison

This filing is the quarterly report for the period ending March 31, 2024, following the annual report (10-K) for the year ended December 31, 2023.

Filing Documents

• vly-20240331.htm (10-Q) — 3615KB
• vly-03312024ex101.htm (EX-10.1) — 23KB
• vly-03312024ex311.htm (EX-31.1) — 9KB
• vly-03312024ex312.htm (EX-31.2) — 8KB
• vly-03312024ex32.htm (EX-32) — 6KB
• 0000714310-24-000084.txt (&nbsp;) — 18166KB
• vly-20240331.xsd (EX-101.SCH) — 75KB
• vly-20240331_cal.xml (EX-101.CAL) — 171KB
• vly-20240331_def.xml (EX-101.DEF) — 580KB
• vly-20240331_lab.xml (EX-101.LAB) — 899KB
• vly-20240331_pre.xml (EX-101.PRE) — 770KB
• vly-20240331_htm.xml (XML) — 4290KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Statements of Financial Condition as of March 31, 2024 and December 31, 2023 3 Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 46

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 82

Controls and Procedures

Item 4. Controls and Procedures 82

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 83

Risk Factors

Item 1A. Risk Factors 83

Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 83

Other Information

Item 5. Other Information 83

Exhibits

Item 6. Exhibits 84

SIGNATURES

SIGNATURES 84 1 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 ASC Accounting Standards Codification ASU Accounting Standards Update Bank Valley National Bank (Valley's principal subsidiary) Basel III Capital rules under a global regulatory framework developed by the Basel Committee on Banking Supervision Board Board of Directors of Valley National Bancorp CD Certificate of deposit CDI Core deposit intangible CECL Current expected credit loss model CFPB Consumer Financial Protection Bureau CPI Consumer Price Index CRA Community Reinvestment Act 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 Federal Reserve Board of Governors of the Federal Reserve System FRB Federal Reserve Bank FHLB Federal Home Loan Bank 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 Moody's Moody's Investor Services NAV Net asset value OCC Office of the Comptroller of the Currency OREO Other real estate owned OTC Over-the-counter PCAOB Public Company Accounting Oversight Board ROATE Return on average tangible shareholders' equity RSU Restricted stock unit S&P Standard & Poor's SEC U.S. Securities and Exchange Commission SOFR Secured Overnight Financing Rate U.S. Treasury United States Department of the Treasury Valley May refer to Valley National Bancorp individually, Valley National Bancorp and its consolidated subsidiaries, or certain of Valley National Bancorp's subsidiaries, as the context requires (interchangeable with the " Company, " " we, " " our " and " us " ). Valley's Ann

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements VALLEY NATIONAL BANCORP CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (in thousands, except for share data) March 31, 2024 December 31, 2023 Assets (Unaudited) Cash and due from banks $ 398,827 $ 284,090 Interest bearing deposits with banks 542,006 607,135 Investment securities: Equity securities 66,951 64,464 Trading debt securities 3,989 3,973 Available for sale debt securities 1,449,334 1,296,576 Held to maturity debt securities (net of allowance for credit losses of $ 1,131 at March 31, 2024 and $ 1,205 at December 31, 2023) 3,710,687 3,739,208 Total investment securities 5,230,961 5,104,221 Loans held for sale (includes fair value of $ 17,639 at March 31, 2024 and $ 20,640 at December 31, 2023 for loans originated for sale) 61,782 30,640 Loans 49,922,042 50,210,295 Less: Allowance for loan losses ( 469,248 ) ( 446,080 ) Net loans 49,452,794 49,764,215 Premises and equipment, net 371,034 381,081 Lease right of use assets 336,330 343,461 Bank owned life insurance 723,398 723,799 Accrued interest receivable 253,893 245,498 Goodwill 1,868,936 1,868,936 Other intangible assets, net 151,469 160,331 Other assets 1,608,758 1,421,567 Total Assets $ 61,000,188 $ 60,934,974 Liabilities Deposits: Non-interest bearing $ 11,273,331 $ 11,539,483 Interest bearing: Savings, NOW and money market 25,060,881 24,526,622 Time 12,743,734 13,176,724 Total deposits 49,077,946 49,242,829 Short-term borrowings 75,224 917,834 Long-term borrowings 3,262,341 2,328,375 Junior subordinated debentures issued to capital trusts 57,195 57,108 Lease liabilities 396,904 403,781 Accrued expenses and other liabilities 1,403,439 1,283,656 Total Liabilities 54,273,049 54,233,583 Shareholders' Equity Preferred stock, no par value; 50,000,000 authorized shares: Series A ( 4,600,000 shares issued at March 31, 2024 and December 31, 2023) 111,590 111,590 Series B ( 4,000,000 shares issued at March 31, 2024 and December 31, 2023)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1. Basis of Presentation The unaudited consolidated financial state ments of Valley include the accounts of the Bank and all other entities in which Valley has a controlling financial interest. All inter-company transactions and balances have been eliminated. The accounting and reporting policies of Valley conform to GAAP and general practices within the financial services industry. In accordance with applicable accounting standards, Valley does not consolidate statutory trusts established for the sole purpose of issuing trust preferred securities and related trust common securities. Certain prior period amounts have been reclassified to conform to the current presentation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly Valley's financial position, results of operations, changes in shareholders' equity and cash flows at March 31, 2024 and for all periods presented have been made. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the entire fiscal year or any subsequent interim period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP and industry practice have been condensed or omitted pursuant to rules and regulations of the SEC. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in Valley's Annual Report. Significant Estimates. In preparing the unaudited consolidated financial statements in conformit y with GAAP, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and results of operations for the periods indicated. Material estimates that require application of management's mos

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