Welcome to our dedicated page for Valley National Bancorp news (Ticker: VLY), a resource for investors and traders seeking the latest updates and insights on Valley National Bancorp stock.
Valley National Bancorp (NYSE: VLY) is a bank holding company with Valley National Bank as its principal wholly-owned subsidiary. Specializing in commercial, retail, trust, and investment services, Valley National Bancorp operates through an extensive network of 213 branches and 254 ATMs across northern and central New Jersey, New York City, Long Island, Florida, and Alabama.
As a regional bank, Valley National Bank provides a full range of banking services to both individual consumers and businesses. These services include cash management, consumer and commercial lending, investment alternatives, insurance, and estate planning solutions. Clients can access these services through traditional branches, ATMs, and digital platforms such as online banking and mobile apps.
Valley National Bancorp is distinguished by its conservative approach, which aims to safeguard the interests of its customers, shareholders, and employees, particularly during uncertain economic times. This approach allows the bank to deliver not only a wide array of resources but also customized solutions akin to those offered by local community banks. Their commitment to outstanding customer service has cemented their reputation as a trustworthy financial institution.
In recent years, Valley National Bancorp has focused on strategic acquisitions to expand its footprint beyond traditional banking. This has included an emphasis on wealth and capital management services, aiming to provide comprehensive financial solutions to its diverse clientele. The bank's core business segments are commercial lending, consumer lending, investment management, and corporate adjustments, with the majority of its interest income derived from commercial lending activities.
In terms of financial performance, Valley National Bancorp has shown consistent growth. The company's interest income is presented on a tax-equivalent basis using a 21 percent federal tax rate. Loan portfolios are net of unearned income and include non-accrual loans. The bank also manages available for sale securities based on average historical amortized costs and includes junior subordinated debentures issued to capital trusts.
Valley National Bancorp regularly updates its stakeholders with quarterly earnings reports. As of the latest update, the bank will release its fourth quarter 2023 earnings on January 25, 2024. This will be followed by a conference call hosted by CEO Ira Robbins, providing insights into the company's financial health and future plans.
For more information, you can visit their official website at valleynationalbank.com.
Valley National Bancorp (NASDAQ:VLY) has announced its regular quarterly preferred and common stock dividends. For shareholders of record on December 13, 2024, the company will pay: $0.390625 per share on Series A Preferred Stock, $0.533568 per share on Series B Preferred Stock, and $0.515625 per share on Series C Preferred Stock, all on December 30, 2024. Additionally, a common stock dividend of $0.11 per share will be paid on January 2, 2025, remaining unchanged from the previous quarter.
Valley National Bancorp (NASDAQ: VLY) has announced the pricing of a public offering of 42,780,748 shares of common stock at $9.35 per share, targeting aggregate gross proceeds of $400 million. The company granted the underwriter a 30-day option to purchase up to an additional 6,417,112 shares. The offering is expected to close on November 12, 2024. Valley plans to use the proceeds for general corporate purposes and investments in Valley National Bank as regulatory capital. J.P. Morgan is serving as the sole book-running manager for the offering.
Valley National Bancorp (NASDAQ: VLY) has announced a proposed public offering of common stock shares. The company plans to grant underwriters a 30-day option to purchase up to an additional 15% of shares at the public offering price, less underwriting discounts and commissions. J.P. Morgan will serve as the sole book-running manager for the offering. The net proceeds will be used for general corporate purposes and investments in Valley National Bank as regulatory capital. The offering will be made through an effective shelf registration statement and prospectus supplements filed with the SEC.
Valley National Bancorp (NASDAQ:VLY) reported Q3 2024 net income of $97.9 million, or $0.18 per diluted share, compared to Q2 2024 net income of $70.4 million ($0.13 per share) and Q3 2023 net income of $141.3 million ($0.27 per share). The company announced plans to sell over $800 million in performing commercial real estate loans at a 1% discount. Net interest income increased to $411.8 million, while net interest margin rose to 2.86%. Total loans decreased by $956.4 million to $49.4 billion, while deposits increased by $283.8 million to $50.4 billion. The provision for credit losses was $75.0 million, reflecting increased reserves for commercial real estate loans and impact of Hurricane Helene.
Valley National Bank, a subsidiary of Valley National Bancorp (NASDAQ: VLY), has closed a $150 million five-year Senior Secured Term Loan Facility for Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), a leading cannabis company. Green Thumb will use the proceeds to retire its $225 million senior secured debt due April 30, 2025. Valley acted as the Sole Lead Arranger, Sole Bookrunner, and Administrative Agent for the deal.
This transaction marks a significant milestone as it's considered a first-of-its-kind credit facility for the U.S. cannabis industry. Green Thumb, headquartered in Chicago, operates 20 manufacturing facilities and 98 retail locations across 14 U.S. markets, employing approximately 4,700 people.
Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, has announced its upcoming third quarter 2024 earnings release and conference call. The company will release its Q3 2024 earnings before market open on Thursday, October 24, 2024. Following the release, CEO Ira Robbins will host a conference call at 11:00 AM (ET) on the same day to discuss the results.
Interested parties can pre-register for the call using a provided link to receive dial-in information. The call will also be webcast live and archived on Valley's website until December 2, 2024. Investor presentation materials will be made available on the company's website prior to the conference call.
Valley National Bancorp (NASDAQ:VLY) has announced its regular quarterly preferred and common stock dividends. For shareholders of record on September 13, 2024, the following dividends will be paid:
- $0.390625 per share on Series A Non-Cumulative Perpetual Preferred Stock
- $0.598871 per share on Series B Non-Cumulative Perpetual Preferred Stock
- $0.320833 per share on Series C Non-Cumulative Perpetual Preferred Stock
- $0.11 per share on common stock
All preferred stock dividends will be paid on September 30, 2024, while the common stock dividend will be paid on October 1, 2024. The common stock dividend remains unchanged from the previous quarter.
Valley National Bancorp (NASDAQ: VLY) has announced the pricing of a public offering of 6,000,000 shares of its 8.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C. The offering is expected to raise $150 million in gross proceeds, with each share priced at $25. Dividends will accrue quarterly at 8.250% per annum until September 30, 2029, after which the rate will reset based on the five-year U.S. treasury rate plus 4.182%.
The underwriters have a 30-day option to purchase up to 900,000 additional shares. Valley plans to list the Preferred Stock on the Nasdaq Global Select Market within 30 days of issuance. The offering is set to close on August 5, 2024. Proceeds will be used for general corporate purposes and to boost regulatory capital at Valley National Bank.
KBRA has assigned and affirmed ratings for Valley National Bancorp (NASDAQ: VLY) and its lead subsidiary, Valley National Bank. Key points include:
1. Preferred stock rating of BBB- assigned to VLY
2. Senior unsecured debt rating of BBB+ affirmed
3. Subordinated debt rating of BBB affirmed
4. Short-term debt rating of K2 affirmed
5. Stable outlook for all long-term ratings
The ratings are supported by VLY's strong credit quality track record and regional diversification. However, challenges include elevated CRE concentration, below-peer earnings, and capital levels. VLY aims to increase its CET1 ratio to 10% by year-end 2024 and reduce CRE concentration below 400% in 1-2 years.
Valley National Bancorp (NASDAQ:VLY) reported net income of $70.4 million ($0.13 per diluted share) for Q2 2024, down from $96.3 million ($0.18 per share) in Q1 2024 and $139.1 million ($0.27 per share) in Q2 2023. Adjusted net income was $71.6 million ($0.13 per share). Key highlights include:
- Net interest income increased to $403.0 million, up $8.1 million from Q1 2024
- Total loans grew 3.1% annualized to $50.3 billion
- Deposits increased $1.0 billion to $50.1 billion
- Provision for credit losses rose to $82.1 million
- Non-performing assets increased to $312.9 million (0.60% of total loans)
- Allowance for credit losses for loans increased to 1.06% of total loans
The company completed a credit risk transfer transaction on $1.5 billion of auto loans, boosting capital ratios by approximately 20 basis points.
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