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) reported Q2 2022 net income of $96.4 million, or $0.18 per diluted share, down from $120.5 million in Q2 2021. The results included $95.5 million in merger-related expenses from the acquisition of Bank Leumi USA, which added $8.1 billion in assets. Adjusted net income without these charges was $165.8 million, or $0.32 per diluted share. Loan portfolio increased by $8.2 billion to $43.6 billion. Net interest income surged to $419.6 million, largely due to organic growth and rising interest rates, though non-interest expenses rose significantly due to merger costs.
Valley National Bancorp (NASDAQ:VLY) will release its second quarter 2022 earnings before the market opens on July 28, 2022.
CEO Ira Robbins will lead a conference call at 11:00 AM ET on the same day to discuss the results. Interested participants can pre-register via a provided link to receive the dial-in number.
A live webcast of the call will be available, with an archived version accessible until August 29, 2022. Investor presentation materials will also be available prior to the call on the company's website.
Valley National Bancorp (NASDAQ:VLY) announced its quarterly dividends for shareholders of record on June 15, 2022. A cash dividend of $0.390625 per share will be paid on the 6.25% Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock Series A, and $0.34375 per share for the 5.50% Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock Series B, both on June 30, 2022. Additionally, a cash dividend of $0.11 per share will be distributed for common stock on July 1, 2022. The common stock dividend remains unchanged from the previous quarter.
Valley National Bancorp (NASDAQ:VLY) reported a net income of $116.7 million for Q1 2022, slightly up from $115.7 million in Q1 2021. Adjusted net income was $120.3 million. Total loans surged by $1.2 billion to $35.4 billion, driven primarily by commercial real estate and residential mortgage growth. Net interest income increased to $318.4 million, though net interest margin fell to 3.16%. Non-interest income rose to $39.3 million. Credit quality remained strong with non-accrual loans at 0.65%.
Valley National Bancorp (NASDAQ:VLY) announced a stock repurchase program authorized by its Board, allowing for the buyback of up to 25 million shares of common stock by April 25, 2024. This decision follows the termination of a previous repurchase program from 2007. The buybacks will depend on market conditions and are subject to compliance with SEC regulations. Valley operates with approximately $50 billion in assets and recently acquired Bank Leumi USA, enhancing its regional presence.
Valley National Bancorp (NASDAQ:VLY) will announce its first quarter 2022 earnings before market opening on April 28, 2022. CEO Ira Robbins will host a conference call on the same day at 11:00 AM ET to discuss the earnings report. Interested listeners can participate by calling toll-free 866-354-0432, using Conference ID 3674992, or joining via a live webcast available on Valley's website, with an archive accessible until May 30, 2022. The bank, with approximately $50 billion in assets, continues its commitment to providing comprehensive banking services across several states.
Valley National Bancorp (NASDAQ: VLY) has completed its acquisition of Bank Leumi Le-Israel Corporation as of April 1, 2022. Valley issued approximately 85 million shares and paid $113 million in cash for the transaction, with shareholders of Leumi USA receiving 3.8025 shares of Valley stock and $5.08 in cash for each of their shares. Bank Leumi brings around $8.3 billion in assets and strengthens Valley's commercial banking expertise, particularly in technology and private banking, positioning them for growth in diverse markets.
Valley Bank and Bank Leumi USA have released their inaugural Present & Future of Proptech report, highlighting significant investment trends in the property technology sector. In 2021, a record
Valley National Bancorp (NASDAQ:VLY) announced it has received all necessary regulatory approvals for its acquisition of Bank Leumi Le-Israel Corporation, the U.S. subsidiary of Bank Leumi Le-Israel B.M. This includes approvals from the Federal Reserve Bank of New York, the Office of the Comptroller of the Currency, the New York State Department of Financial Services, and the Bank of Israel. The merger is expected to close on April 1, 2022, pending customary conditions. Valley National Bank operates with approximately $43 billion in assets, focusing on community support and innovative banking services.
Pronto Housing, an innovative affordable housing compliance Software-as-a-Service (SaaS) platform, has announced new partnerships with key investors including Valley National Bank (NASDAQ: VLY) and Fifth Wall. This follows their successful
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