Valley National Bancorp Files Q2 2024 10-Q

TL;DR

VLY 10-Q filed: Q2 2024 financials out, check common & preferred stock details.

AI Summary

Valley National Bancorp filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including information on its common stock and preferred stock series A and B. The company's fiscal year ends on December 31st, and this report covers the second quarter of 2024.

Why It Matters

This filing provides investors and analysts with the latest financial data for Valley National Bancorp, crucial for understanding the bank's performance and making informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 2024 Q2 — Reporting Period (Covers the second quarter of 2024.)
• 12/31 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• VALLEY NATIONAL BANCORP (company) — Filer
• 20240630 (date) — Period of Report
• 20240808 (date) — Filing Date
• 0000714310 (company) — Central Index Key
• NJ (location) — State of Incorporation

FAQ

Filing Documents

• vly-20240630.htm (10-Q) — 4317KB
• vly-06302024ex311.htm (EX-31.1) — 9KB
• vly-06302024ex312.htm (EX-31.2) — 8KB
• vly-06302024ex32.htm (EX-32) — 6KB
• 0000714310-24-000151.txt ( ) — 20615KB
• vly-20240630.xsd (EX-101.SCH) — 76KB
• vly-20240630_cal.xml (EX-101.CAL) — 171KB
• vly-20240630_def.xml (EX-101.DEF) — 610KB
• vly-20240630_lab.xml (EX-101.LAB) — 1017KB
• vly-20240630_pre.xml (EX-101.PRE) — 851KB
• vly-20240630_htm.xml (XML) — 4899KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Statements of Financial Condition as of June 30, 2024 and December 31, 2023 3 Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

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 49

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 88

Controls and Procedures

Item 4. Controls and Procedures 88

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 89

Risk Factors

Item 1A. Risk Factors 89

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 90

Other Information

Item 5. Other Information 90

Exhibits

Item 6. Exhibits 91

SIGNATURES

SIGNATURES 92 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) June 30, 2024 December 31, 2023 Assets (Unaudited) Cash and due from banks $ 478,006 $ 284,090 Interest bearing deposits with banks 531,067 607,135 Investment securities: Equity securities 69,105 64,464 Trading debt securities 3,979 3,973 Available for sale debt securities 2,212,092 1,296,576 Held to maturity debt securities (net of allowance for credit losses of $ 1,090 at June 30, 2024 and $ 1,205 at December 31, 2023) 3,650,364 3,739,208 Total investment securities 5,935,540 5,104,221 Loans held for sale (includes fair value of $ 11,137 at June 30, 2024 and $ 20,640 at December 31, 2023 for loans originated for sale) 19,887 30,640 Loans 50,311,702 50,210,295 Less: Allowance for loan losses ( 519,310 ) ( 446,080 ) Net loans 49,792,392 49,764,215 Premises and equipment, net 363,038 381,081 Lease right of use assets 337,947 343,461 Bank owned life insurance 725,879 723,799 Accrued interest receivable 251,167 245,498 Goodwill 1,868,936 1,868,936 Other intangible assets, net 143,644 160,331 Other assets 1,611,471 1,421,567 Total Assets $ 62,058,974 $ 60,934,974 Liabilities Deposits: Non-interest bearing $ 11,117,746 $ 11,539,483 Interest bearing: Savings, NOW and money market 24,711,083 24,526,622 Time 14,283,348 13,176,724 Total deposits 50,112,177 49,242,829 Short-term borrowings 63,770 917,834 Long-term borrowings 3,264,530 2,328,375 Junior subordinated debentures issued to capital trusts 57,282 57,108 Lease liabilities 398,179 403,781 Accrued expenses and other liabilities 1,425,299 1,283,656 Total Liabilities 55,321,237 54,233,583 Shareholders' Equity Preferred stock, no par value; 50,000,000 authorized shares: Series A ( 4,600,000 shares issued at June 30, 2024 and December 31, 2023) 111,590 111,590 Series B ( 4,000,000 shares issued at June 30, 2024 and December 31, 2023) 98,10

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 June 30, 2024 and for all periods presented have been made. The results of operations for the three and six months ended June 30, 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

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