Company Quick10K Filing
Valley National Bancorp
Price11.12 EPS1
Shares333 P/E11
MCap3,707 P/FCF9
Net Debt1,752 EBIT937
TEV5,460 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-10
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-07-23 Earnings, Regulation FD
8-K 2020-06-05
8-K 2020-05-29
8-K 2020-05-29
8-K 2020-05-01
8-K 2020-04-30
8-K 2020-01-30
8-K 2020-01-28
8-K 2019-12-01
8-K 2019-11-14
8-K 2019-10-25
8-K 2019-10-24
8-K 2019-08-22
8-K 2019-07-25
8-K 2019-07-17
8-K 2019-06-26
8-K 2019-06-25
8-K 2019-04-25
8-K 2019-04-17
8-K 2019-03-26
8-K 2019-02-13
8-K 2019-02-04
8-K 2019-01-31
8-K 2019-01-30
8-K 2019-01-22
8-K 2018-10-25
8-K 2018-10-24
8-K 2018-09-24
8-K 2018-07-26
8-K 2018-07-24
8-K 2018-04-26
8-K 2018-04-20
8-K 2018-03-12
8-K 2018-03-06
8-K 2018-02-07
8-K 2018-01-25
8-K 2018-01-02

VLY 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Business Combinations
Note 3. Earnings per Common Share
Note 4. Accumulated Other Comprehensive Loss
Note 5. New Authoritative Accounting Guidance
Note 6. Fair Value Measurement of Assets and Liabilities
Note 7. Investment Securities
Note 8. Loans and Allowance for Credit Losses for Loans
Note 9. Goodwill and Other Intangible Assets
Note 10. Borrowed Funds
Note 11. Stock - Based Compensation
Note 12. Derivative Instruments and Hedging Activities
Note 13. Balance Sheet Offsetting
Note 14. Tax Credit Investments
Note 15. Business Segments
Item 2. Management's Discussion and Analysis (MD&A) of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-3.1 vly-6302020ex31.htm
EX-10.1 vly-6302020ex101.htm
EX-31.1 vly-6302020ex311.htm
EX-31.2 vly-6302020ex312.htm
EX-32 vly-6302020ex32.htm

Valley National Bancorp Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q
(Mark One)
Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended June 30, 2020
OR
Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission File Number 1-11277 
 Valley National Bancorp
(Exact name of registrant as specified in its charter)
New Jersey
 
 
22-2477875
(State or other jurisdiction of
Incorporation or Organization)
 
 
(I.R.S. Employer
Identification Number)
 
 
 
 
 
 
One Penn Plaza
 
 
 
New York,
NY
 
 
10119
(Address of principal executive office)
 
 
(Zip code)
973-305-8800
(Registrant’s telephone number, including area code) 
 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbols
Name of exchange on which registered
Common Stock, no par value
VLY
The Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series A, no par value
VLYPP
The Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series B, no par value
VLYPO
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act (check one):
Large accelerated filer
Accelerated filer
Smaller reporting company
 
 
 
 
 
 
Non-accelerated filer
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Common Stock (no par value), of which 403,797,596 shares were outstanding as of August 5, 2020.




TABLE OF CONTENTS
 
 
 
Page
Number
PART I
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
PART II
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 6.
 
 


1




PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data)
 
June 30,
2020
 
December 31,
2019
Assets
(Unaudited)
 
 
Cash and due from banks
$
388,753

 
$
256,264

Interest bearing deposits with banks
1,521,572

 
178,423

Investment securities:
 
 
 
Equity securities
54,379

 
41,410

Available for sale debt securities
1,689,388

 
1,566,801

Held to maturity debt securities (net of allowance for credit losses of $1,593 at June 30, 2020)
2,131,834

 
2,336,095

Total investment securities
3,875,601

 
3,944,306

Loans held for sale, at fair value
120,599

 
76,113

Loans
32,314,611

 
29,699,208

Less: Allowance for loan losses
(309,614
)
 
(161,759
)
Net loans
32,004,997

 
29,537,449

Premises and equipment, net
329,889

 
334,533

Lease right of use assets
273,811

 
285,129

Bank owned life insurance
535,383

 
540,169

Accrued interest receivable
122,807

 
105,637

Goodwill
1,375,409

 
1,373,625

Other intangible assets, net
77,921

 
86,772

Other assets
1,090,523

 
717,600

Total Assets
$
41,717,265

 
$
37,436,020

Liabilities
 
 
 
Deposits:
 
 
 
Non-interest bearing
$
8,989,818

 
$
6,710,408

Interest bearing:
 
 
 
Savings, NOW and money market
14,165,415

 
12,757,484

Time
8,272,772

 
9,717,945

Total deposits
31,428,005

 
29,185,837

Short-term borrowings
2,082,880

 
1,093,280

Long-term borrowings
2,907,535

 
2,122,426

Junior subordinated debentures issued to capital trusts
55,891

 
55,718

Lease liabilities
299,260

 
309,849

Accrued expenses and other liabilities
469,206

 
284,722

Total Liabilities
37,242,777

 
33,051,832

Shareholders’ Equity
 
 
 
Preferred stock, no par value; 50,000,000 authorized shares:
 
 
 
Series A (4,600,000 shares issued at June 30, 2020 and December 31, 2019)
111,590

 
111,590

Series B (4,000,000 shares issued at June 30, 2020 and December 31, 2019)
98,101

 
98,101

Common stock (no par value, authorized 650,000,000 shares; issued 403,823,728 shares at June 30, 2020 and 403,322,773 shares at December 31, 2019)
141,667

 
141,423

Surplus
3,628,792

 
3,622,208

Retained earnings
499,511

 
443,559

Accumulated other comprehensive loss
(4,938
)
 
(32,214
)
Treasury stock, at cost (28,029 common shares at June 30, 2020 and 44,383 common shares at December 31, 2019)
(235
)
 
(479
)
Total Shareholders’ Equity
4,474,488

 
4,384,188

Total Liabilities and Shareholders’ Equity
$
41,717,265

 
$
37,436,020

See accompanying notes to consolidated financial statements.

2




VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for share data)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
Interest Income
 
 
 
 
 
 
 
Interest and fees on loans
$
321,883

 
$
296,934

 
$
654,951

 
$
585,211

Interest and dividends on investment securities:
 
 
 
 
 
 
 
Taxable
19,447

 
22,489

 
41,380

 
45,365

Tax-exempt
3,692

 
4,356

 
7,618

 
9,160

Dividends
3,092

 
2,795

 
6,493

 
5,969

Interest on federal funds sold and other short-term investments
411

 
1,168

 
1,876

 
2,261

Total interest income
348,525

 
327,742

 
712,318

 
647,966

Interest Expense
 
 
 
 
 
 
 
Interest on deposits:
 
 
 
 
 
 

Savings, NOW and money market
16,627

 
38,020

 
51,140

 
74,303

Time
29,857

 
40,331

 
72,671

 
78,502

Interest on short-term borrowings
1,980

 
14,860

 
6,687

 
27,409

Interest on long-term borrowings and junior subordinated debentures
17,502

 
14,297

 
33,922

 
28,870

Total interest expense
65,966

 
107,508

 
164,420

 
209,084

Net Interest Income
282,559

 
220,234

 
547,898

 
438,882

Provision for credit losses for held to maturity securities
41

 

 
800

 

Provision for credit losses for loans
41,115

 
2,100

 
75,039

 
10,100

Net Interest Income After Provision for Credit Losses
241,403

 
218,134

 
472,059

 
428,782

Non-Interest Income
 
 
 
 
 
 
 
Trust and investment services
2,826

 
3,096

 
6,239

 
6,000

Insurance commissions
1,659

 
2,649

 
3,610

 
5,174

Service charges on deposit accounts
3,557

 
5,827

 
9,237

 
11,730

(Losses) gains on securities transactions, net
(41
)
 
11

 
(81
)
 
(21
)
Other-than-temporary impairment losses on securities

 
(2,928
)
 

 
(2,928
)
Portion recognized in other comprehensive income (before taxes)

 

 

 

Net impairment losses on securities recognized in earnings

 
(2,928
)
 

 
(2,928
)
Fees from loan servicing
2,227

 
2,367

 
4,975

 
4,797

Gains on sales of loans, net
8,337

 
3,930

 
12,887

 
8,506

(Losses) gains on sales of assets, net
(299
)
 
(564
)
 
(178
)
 
77,156

Bank owned life insurance
5,823

 
2,205

 
8,965

 
4,092

Other
20,741

 
11,010

 
40,573

 
20,770

Total non-interest income
44,830

 
27,603

 
86,227

 
135,276

Non-Interest Expense
 
 
 
 
 
 
 
Salary and employee benefits expense
78,532

 
76,183

 
164,260

 
159,288

Net occupancy and equipment expense
33,217

 
29,700

 
65,658

 
57,586

FDIC insurance assessment
6,135

 
4,931

 
10,011

 
11,052

Amortization of other intangible assets
6,681

 
4,170

 
12,151

 
8,481

Professional and legal fees
7,797

 
4,145

 
13,884

 
9,416

Amortization of tax credit investments
3,416

 
4,863

 
6,644

 
12,036

Telecommunication expense
2,866

 
2,351

 
5,153

 
4,619

Other
18,522

 
15,394

 
35,061

 
27,054

Total non-interest expense
157,166

 
141,737

 
312,822

 
289,532

Income Before Income Taxes
129,067

 
104,000

 
245,464

 
274,526

Income tax expense
33,466

 
27,532

 
62,595

 
84,728

Net Income
95,601

 
76,468

 
182,869

 
189,798

Dividends on preferred stock
3,172

 
3,172

 
6,344

 
6,344

Net Income Available to Common Shareholders
$
92,429

 
$
73,296

 
$
176,525

 
$
183,454


3





VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (continued)
(in thousands, except for share data)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
Earnings Per Common Share:
 
 
 
 
 
 
 
Basic
$
0.23

 
$
0.22

 
$
0.44

 
$
0.55

Diluted
0.23

 
0.22

 
0.44

 
0.55

Cash Dividends Declared per Common Share
0.11

 
0.11

 
0.22

 
0.22

Weighted Average Number of Common Shares Outstanding:
 
 
 
 
 
 
 
Basic
403,790,242

 
331,748,552

 
403,654,665

 
331,675,313

Diluted
404,631,845

 
332,959,802

 
405,043,183

 
332,929,359

See accompanying notes to consolidated financial statements.

4




VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
Net income
$
95,601

 
$
76,468

 
$
182,869

 
$
189,798

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
Unrealized gains and losses on available for sale securities
 
 
 
 
 
 
 
Net gains arising during the period
3,013

 
18,488

 
29,081

 
34,755

Less reclassification adjustment for net losses (gains) included in net income
31

 
(8
)
 
58

 
18

Total
3,044

 
18,480