Company Quick10K Filing
Quick10K
Valley National Bancorp
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$10.38 331 $3,440
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-25 Earnings, Regulation FD
8-K 2019-07-17 Officers, Exhibits
8-K 2019-06-26 Regulation FD, Other Events
8-K 2019-06-25 Enter Agreement, Exhibits
8-K 2019-04-25 Earnings, Regulation FD
8-K 2019-04-17 Shareholder Vote
8-K 2019-02-13 Enter Agreement, Regulation FD, Exhibits
8-K 2019-02-04 Officers, Exhibits
8-K 2019-01-31 Earnings, Regulation FD
8-K 2019-01-30 Officers
8-K 2019-01-22 Officers
8-K 2019-01-22 Officers
8-K 2018-10-25 Earnings, Regulation FD
8-K 2018-10-24 Amend Bylaw, Exhibits
8-K 2018-09-24 Regulation FD
8-K 2018-07-26 Earnings, Regulation FD
8-K 2018-07-24 Officers
8-K 2018-04-26 Earnings, Regulation FD
8-K 2018-04-20 Shareholder Vote
8-K 2018-03-12 Regulation FD, Exhibits
8-K 2018-03-06 Regulation FD, Exhibits
8-K 2018-02-07 Regulation FD, Exhibits
8-K 2018-01-25 Earnings, Regulation FD
8-K 2018-01-02 M&A, Officers, Other Events
OC Owens Corning 5,450
AEL American Equity Investment Life Holding 2,740
TTEC TTEC Holdings 1,760
PRIM Primoris Services 1,050
GRC Gorman Rupp 860
AFMD Affimed 230
SEAC SeaChange 47
BOXL Boxlight 45
GMO General Moly 24
CLTH Cleantech Biofuels 0
VLY 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Earnings per Common Share
Note 3. Accumulated Other Comprehensive Loss
Note 4. New Authoritative Accounting Guidance
Note 5. Fair Value Measurement of Assets and Liabilities
Note 6. Investment Securities
Note 7. Loans
Note 8. Allowance for Credit Losses
Note 9. Leases
Note 10. Goodwill and Other Intangible Assets
Note 11. Stock-Based Compensation
Note 12. Derivative Instruments and Hedging Activities
Note 13. Balance Sheet Offsetting
Note 14. Tax Credit Investments
Note 15. Income Taxes
Note 16. 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-31.1 vly-6302019ex311.htm
EX-31.2 vly-6302019ex312.htm
EX-32 vly-6302019ex32.htm

Valley National Bancorp Earnings 2019-06-30

VLY 10Q Quarterly Report

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, 2019
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 331,792,538 shares were outstanding as of August 6, 2019.




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,
2019
 
December 31,
2018
Assets
(Unaudited)
 
 
Cash and due from banks
$
276,291

 
$
251,541

Interest bearing deposits with banks
178,905

 
177,088

Investment securities:
 
 
 
Held to maturity (fair value of $2,184,792 at June 30, 2019 and $2,034,943 at December 31, 2018)
2,168,236

 
2,068,246

Available for sale
1,679,350

 
1,749,544

Total investment securities
3,847,586

 
3,817,790

Loans held for sale, at fair value
36,641

 
35,155

Loans
25,802,162

 
25,035,469

Less: Allowance for loan losses
(155,105
)
 
(151,859
)
Net loans
25,647,057

 
24,883,610

Premises and equipment, net
312,627

 
341,630

Lease right of use assets
283,348

 

Bank owned life insurance
442,343

 
439,602

Accrued interest receivable
99,065

 
95,296

Goodwill
1,084,665

 
1,084,665

Other intangible assets, net
70,585

 
76,990

Other assets
748,628

 
659,721

Total Assets
$
33,027,741

 
$
31,863,088

Liabilities
 
 
 
Deposits:
 
 
 
Non-interest bearing
$
6,327,789

 
$
6,175,495

Interest bearing:
 
 
 
Savings, NOW and money market
11,107,952

 
11,213,495

Time
7,338,188

 
7,063,984

Total deposits
24,773,929

 
24,452,974

Short-term borrowings
2,387,784

 
2,118,914

Long-term borrowings
1,800,182

 
1,654,268

Junior subordinated debentures issued to capital trusts
55,544

 
55,370

Lease liabilities
307,405

 
3,125

Accrued expenses and other liabilities
198,779

 
227,983

Total Liabilities
29,523,623

 
28,512,634

Shareholders’ Equity
 
 
 
Preferred stock, no par value; 50,000,000 authorized shares:
 
 
 
Series A (4,600,000 shares issued at June 30, 2019 and December 31, 2018)
111,590

 
111,590

Series B (4,000,000 shares issued at June 30, 2019 and December 31, 2018)
98,101

 
98,101

Common stock (no par value, authorized 450,000,000 shares; issued 332,101,525 shares at June 30, 2019 and 331,634,951 shares at December 31, 2018)
116,571

 
116,240

Surplus
2,804,059

 
2,796,499

Retained earnings
412,190

 
299,642

Accumulated other comprehensive loss
(35,131
)
 
(69,431
)
Treasury stock, at cost (313,376 common shares at June 30, 2019 and 203,734 common shares at December 31, 2018)
(3,262
)
 
(2,187
)
Total Shareholders’ Equity
3,504,118

 
3,350,454

Total Liabilities and Shareholders’ Equity
$
33,027,741

 
$
31,863,088

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,
 
2019
 
2018
 
2019
 
2018
Interest Income
 
 
 
 
 
 
 
Interest and fees on loans
$
296,934

 
$
247,690

 
$
585,211

 
$
485,276

Interest and dividends on investment securities:
 
 
 
 
 
 
 
Taxable
22,489

 
22,222

 
45,365

 
43,545

Tax-exempt
4,356

 
5,639

 
9,160

 
11,360

Dividends
2,795

 
3,728

 
5,969

 
5,667

Interest on federal funds sold and other short-term investments
1,168

 
839

 
2,261

 
1,765

Total interest income
327,742

 
280,118

 
647,966

 
547,613

Interest Expense
 
 
 
 
 
 
 
Interest on deposits:
 
 
 
 
 
 
 
Savings, NOW and money market
38,020

 
24,756

 
74,303

 
47,073

Time
40,331

 
16,635

 
78,502

 
31,251

Interest on short-term borrowings
14,860

 
10,913

 
27,409

 
16,645

Interest on long-term borrowings and junior subordinated debentures
14,297

 
17,062

 
28,870

 
34,294

Total interest expense
107,508

 
69,366

 
209,084

 
129,263

Net Interest Income
220,234

 
210,752

 
438,882

 
418,350

Provision for credit losses
2,100

 
7,142

 
10,100

 
18,090

Net Interest Income After Provision for Credit Losses
218,134

 
203,610

 
428,782

 
400,260

Non-Interest Income
 
 
 
 
 
 
 
Trust and investment services
3,096

 
3,262

 
6,000

 
6,492

Insurance commissions
2,649

 
4,026

 
5,174

 
7,847

Service charges on deposit accounts
5,827

 
6,679

 
11,730

 
13,932

Gains (losses) on securities transactions, net
11

 
(36
)
 
(21
)
 
(801
)
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
2,367

 
2,045

 
4,797

 
4,268

Gains on sales of loans, net
3,930

 
7,642

 
8,506

 
14,395

(Losses) gains on sales of assets, net
(564
)
 
(125
)
 
77,156

 
(222
)
Bank owned life insurance
2,205

 
2,652

 
4,092

 
4,415

Other
11,010

 
11,924

 
20,770

 
19,994

Total non-interest income
27,603

 
38,069

 
135,276

 
70,320

Non-Interest Expense
 
 
 
 
 
 
 
Salary and employee benefits expense
76,183

 
78,944

 
159,288

 
172,236

Net occupancy and equipment expense
29,700

 
26,901

 
57,586

 
54,825

FDIC insurance assessment
4,931

 
8,044

 
11,052

 
13,542

Amortization of other intangible assets
4,170

 
4,617

 
8,481

 
8,910

Professional and legal fees
4,145

 
5,337

 
9,416

 
22,384

Amortization of tax credit investments
4,863

 
4,470

 
12,036

 
9,744

Telecommunication expense
2,351

 
3,015

 
4,619

 
6,609

Other
15,394

 
18,588

 
27,054

 
35,418

Total non-interest expense
141,737

 
149,916

 
289,532

 
323,668

Income Before Income Taxes
104,000

 
91,763

 
274,526

 
146,912

Income tax expense
27,532

 
18,961

 
84,728

 
32,145

Net Income
76,468

 
72,802

 
189,798

 
114,767

Dividends on preferred stock
3,172

 
3,172

 
6,344

 
6,344

Net Income Available to Common Shareholders
$
73,296

 
$
69,630

 
$
183,454

 
$
108,423


3





 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Earnings Per Common Share:
 
 
 
 
 
 
 
Basic
$
0.22

 
$
0.21

 
$
0.55

 
$
0.33

Diluted
0.22

 
0.21

 
0.55

 
0.33

Cash Dividends Declared per Common Share
0.11

 
0.11

 
0.22

 
0.22

Weighted Average Number of Common Shares Outstanding:
 
 
 
 
 
 
Basic
331,748,552

 
331,318,381

 
331,675,313

 
331,024,531

Diluted
332,959,802

 
332,895,483

 
332,929,359

 
332,599,991

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,
 
2019
 
2018
 
2019
 
2018
Net income
$
76,468

 
$
72,802

 
$
189,798

 
$
114,767

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
Unrealized gains and losses on available for sale securities
 
 
 
 
 
 
 
Net gains (losses) arising during the period
18,488

 
(6,249
)
 
34,755

 
(27,446
)
Less reclassification adjustment for net (gains) losses included in net income
(8
)
 
42

 
18

 
574

Total
18,480

 
(6,207
)
 
34,773

 
(26,872
)
Unrealized gains and losses on derivatives (cash flow hedges)
 
 
 
 
 
 
 
Net (losses) gains on derivatives arising during the period
(683
)
 
455

 
(1,065
)
 
2,415

Less reclassification adjustment for net losses included in net income
274

 
619

 
482

 
1,655

Total
(409
)
 
1,074

 
(583
)
 
4,070

Defined benefit pension plan
 
 
 
 
 
 
 
Amortization of net loss
55

 
112

 
110

 
224

Total other comprehensive income (loss)
18,126

 
(5,021
)
 
34,300

 
(22,578
)
Total comprehensive income
$
94,594

 
$
67,781

 
$
224,098

 
$
92,189

See accompanying notes to consolidated financial statements.


5




CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

For the Six Months Ended June 30, 2019
 
 
 
Common Stock
 
 
 
 
 
Accumulated
 
 
 
 
 
Preferred Stock
 
Shares
 
Amount
 
Surplus
 
Retained
Earnings
 
Other
Comprehensive
Loss
 
Treasury
Stock
 
Total
Shareholders’
Equity
 
($ in thousands)
Balance - December 31, 2018
$
209,691

 
331,431

 
$
116,240

 
$
2,796,499

 
$
299,642

 
$
(69,431
)
 
$
(2,187
)
 
$
3,350,454

Adjustment due to the adoption of ASU No. 2016-02

 

 

 

 
4,414

 

 

 
4,414

Adjustment due to the adoption of ASU No. 2017-08

 

 

 

 
(1,446
)
 

 

 
(1,446
)
Balance - January 1, 2019
209,691

 
331,431

 
116,240

 
2,796,499

 
302,610

 
(69,431
)
 
(2,187
)
 
3,353,422

Net income

 

 

 

 
113,330

 

 

 
113,330

Other comprehensive income, net of tax

 

 

 

 

 
16,174

 

 
16,174

Cash dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock, Series A, $0.39 per share

 

 

 

 
(1,797
)
 

 

 
(1,797
)
Preferred stock, Series B, $0.34 per share

 

 

 

 
(1,375
)
 

 

 
(1,375
)
Common stock, $0.11 per share

 

 

 

 
(36,686
)
 

 

 
(36,686
)
Effect of stock incentive plan, net

 
302

 
226

 
2,935

 
(99
)
 

 
(1,251
)
 
1,811

Balance - March 31, 2019
209,691

 
331,733

 
116,466

 
2,799,434

 
375,983

 
(53,257
)
 
(3,438
)
 
3,444,879

Net income

 

 

 

 
76,468

 

 

 
76,468

Other comprehensive income, net of tax

 

 

 

 

 
18,126

 

 
18,126

Cash dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock, Series A, $0.39 per share

 

 

 

 
(1,797
)
 

 

 
(1,797
)
Preferred stock, Series B, $0.34 per share

 

 

 

 
(1,375
)
 

 

 
(1,375
)
Common stock, $0.11 per share

 

 

 

 
(36,712
)
 

 

 
(36,712
)
Effect of stock incentive plan, net

 
55

 
105

 
4,625

 
(377
)
 

 
176

 
4,529

Balance - June 30, 2019
$
209,691

 
331,788

 
$
116,571

 
$
2,804,059

 
$
412,190

 
$
(35,131
)
 
$
(3,262
)
 
$
3,504,118




















6





CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (continued)

For the Six Months Ended June 30, 2018
 
 
 
Common Stock