Valley Natl Bancorp - VLY STOCK NEWS

Valley National Bancorp (NASDAQ: VLY) announced the sale of a diverse pool of performing commercial real estate mortgage loans to Brookfield Asset Management (NYSE: BAM, TSX: BAM). The final loan pool sold had contractual balances totaling approximately $925 million, with around $823 million previously identified for sale as of September 30, 2024.

The loan pool was sold at a discount of about one percent to par value, and Valley will retain servicing responsibilities. CEO Ira Robbins stated that the sale aligns with Valley's strategic balance sheet goals, noting the transaction's modest discount reflects the strength of their portfolio.

Brookfield's Managing Partner, Bill Powell, highlighted the strategic nature of the acquisition for both parties. Valley expects to recognize an immaterial net loss in Q4 2024 due to the discount and transaction-related expenses. Morgan Stanley & Co. served as the sole advisor for the transaction.

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.