Company Quick10K Filing
Quick10K
Valley National Bancorp
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$10.38 331 $3,440
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 2019-07-17 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
BBVA Banco Bilbao Vizcaya Argentaria 38,250
VIAV Viavi Solutions 3,100
CVGW Calavo Growers 1,690
VCYT Veracyte 942
UCTT Ultra Clean Holdings 534
IVAC Intevac 121
ONVO Organovo Holdings 119
TRMT Tremont Mortgage Trust 25
HMG HMG Courtland Properties 14
SMID Smith Midland 0
VLY 2019-03-31
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-3312019ex311.htm
EX-31.2 vly-3312019ex312.htm
EX-32 vly-3312019ex32.htm

Valley National Bancorp Earnings 2019-03-31

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)
x
Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended March 31, 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)
 
 
1455 Valley Road
Wayne, NJ
 
07470
(Address of principal executive office)
 
(Zip code)
973-305-8800
(Registrant’s telephone number, including area code) 
 
 
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  x    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  x    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
x
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  x
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 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 331,748,009 shares were outstanding as of May 7, 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)
 
March 31,
2019
 
December 31,
2018
Assets
(Unaudited)
 
 
Cash and due from banks
$
282,250

 
$
251,541

Interest bearing deposits with banks
184,347

 
177,088

Investment securities:
 
 
 
Held to maturity (fair value of $2,066,970 at March 31, 2019 and $2,034,943 at December 31, 2018)
2,074,399

 
2,068,246

Available for sale
1,723,106

 
1,749,544

Total investment securities
3,797,505

 
3,817,790

Loans held for sale, at fair value
31,903

 
35,155

Loans
25,423,118

 
25,035,469

Less: Allowance for loan losses
(154,381
)
 
(151,859
)
Net loans
25,268,737

 
24,883,610

Premises and equipment, net
312,677

 
341,630

Lease right of use assets
289,669

 

Bank owned life insurance
440,845

 
439,602

Accrued interest receivable
100,722

 
95,296

Goodwill
1,084,665

 
1,084,665

Other intangible assets, net
73,580

 
76,990

Other assets
610,091

 
659,721

Total Assets
$
32,476,991

 
$
31,863,088

Liabilities
 
 
 
Deposits:
 
 
 
Non-interest bearing
$
6,352,135

 
$
6,175,495

Interest bearing:
 
 
 
Savings, NOW and money market
11,447,043

 
11,213,495

Time
7,108,318

 
7,063,984

Total deposits
24,907,496

 
24,452,974

Short-term borrowings
2,062,576

 
2,118,914

Long-term borrowings
1,499,727

 
1,654,268

Junior subordinated debentures issued to capital trusts
55,457

 
55,370

Lease liabilities
313,525

 
3,125

Accrued expenses and other liabilities
193,331

 
227,983

Total Liabilities
29,032,112

 
28,512,634

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

 
111,590

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

 
98,101

Common stock (no par value, authorized 450,000,000 shares; issued 332,062,473 shares at March 31, 2019 and 331,634,951 shares at December 31, 2018)
116,466

 
116,240

Surplus
2,799,434

 
2,796,499

Retained earnings
375,983

 
299,642

Accumulated other comprehensive loss
(53,257
)
 
(69,431
)
Treasury stock, at cost (329,837 common shares at March 31, 2019 and 203,734 common shares at December 31, 2018)
(3,438
)
 
(2,187
)
Total Shareholders’ Equity
3,444,879

 
3,350,454

Total Liabilities and Shareholders’ Equity
$
32,476,991

 
$
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
March 31,
 
2019
 
2018
Interest Income
 
 
 
Interest and fees on loans
$
288,277

 
$
237,586

Interest and dividends on investment securities:
 
 
 
Taxable
22,876

 
21,323

Tax-exempt
4,804

 
5,721

Dividends
3,174

 
1,939

Interest on federal funds sold and other short-term investments
1,093

 
926

Total interest income
320,224

 
267,495

Interest Expense
 
 
 
Interest on deposits:
 
 
 
Savings, NOW and money market
36,283

 
22,317

Time
38,171

 
14,616

Interest on short-term borrowings
12,549

 
5,732

Interest on long-term borrowings and junior subordinated debentures
14,573

 
17,232

Total interest expense
101,576

 
59,897

Net Interest Income
218,648

 
207,598

Provision for credit losses
8,000

 
10,948

Net Interest Income After Provision for Credit Losses
210,648

 
196,650

Non-Interest Income
 
 
 
Trust and investment services
2,904

 
3,230

Insurance commissions
2,525

 
3,821

Service charges on deposit accounts
5,903

 
7,253

Losses on securities transactions, net
(32
)
 
(765
)
Fees from loan servicing
2,430

 
2,223

Gains on sales of loans, net
4,576

 
6,753

Gains (losses) on sales of assets, net
77,720

 
(97
)
Bank owned life insurance
1,887

 
1,763

Other
9,760

 
8,070

Total non-interest income
107,673

 
32,251

Non-Interest Expense
 
 
 
Salary and employee benefits expense
83,105

 
93,292

Net occupancy and equipment expense
27,886

 
27,924

FDIC insurance assessment
6,121

 
5,498

Amortization of other intangible assets
4,311

 
4,293

Professional and legal fees
5,271

 
17,047

Amortization of tax credit investments
7,173

 
5,274

Telecommunication expense
2,268

 
3,594

Other
11,660

 
16,830

Total non-interest expense
147,795

 
173,752

Income Before Income Taxes
170,526

 
55,149

Income tax expense
57,196

 
13,184

Net Income
113,330

 
41,965

Dividends on preferred stock
3,172

 
3,172

Net Income Available to Common Shareholders
$
110,158

 
$
38,793

Earnings Per Common Share:
 
 
 
Basic
$
0.33

 
$
0.12

Diluted
0.33

 
0.12

Cash Dividends Declared per Common Share
0.11

 
0.11

Weighted Average Number of Common Shares Outstanding:
 
 
Basic
331,601,260

 
330,727,416

Diluted
332,834,466

 
332,465,527

See accompanying notes to consolidated financial statements.

3




VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)
 
 
Three Months Ended
March 31,
 
2019
 
2018
Net income
$
113,330

 
$
41,965

Other comprehensive income, net of tax:
 
 
 
Unrealized gains and losses on available for sale securities
 
 
 
Net gains (losses) arising during the period
16,267

 
(21,197
)
Less reclassification adjustment for net losses included in net income
26

 
532

Total
16,293

 
(20,665
)
Unrealized gains and losses on derivatives (cash flow hedges)
 
 
 
Net (losses) gains on derivatives arising during the period
(382
)
 
1,960

Less reclassification adjustment for net losses included in net income
208

 
1,036

Total
(174
)
 
2,996

Defined benefit pension plan
 
 
 
Amortization of net loss
55

 
112

Total other comprehensive income (loss)
16,174

 
(17,557
)
Total comprehensive income
$
129,504

 
$
24,408

See accompanying notes to consolidated financial statements.


4




CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
 
 
 
 
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


 
 
 
Common Stock
 
 
 
 
 
Accumulated
 
 
 
 
 
Preferred Stock
 
Shares
 
Amount
 
Surplus
 
Retained
Earnings
 
Other
Comprehensive
Loss
 
Treasury
Stock
 
Total
Shareholders’
Equity
 
($ in thousands)
Balance - December 31, 2017
$
209,691

 
264,469

 
$
92,727

 
$
2,060,356

 
$
216,733

 
$
(46,005
)
 
$
(337
)
 
$
2,533,165

Reclassification due to the adoption of ASU No. 2016-01

 

 

 

 
480

 
(480
)
 

 

Reclassification due to the adoption of ASU No. 2017-12

 

 

 

 
61

 
(61
)
 

 

Adjustment due to the adoption of ASU No. 2016-16

 

 

 

 
(17,611
)
 

 

 
(17,611
)
Balance - January 1, 2018
209,691

 
264,469

 
92,727

 
2,060,356

 
199,663

 
(46,546
)
 
(337
)
 
2,515,554

Net income

 

 

 

 
41,965

 

 

 
41,965

Other comprehensive loss, net of tax

 

 

 

 

 
(17,557
)
 

 
(17,557
)
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

 

 

 

 
(36,635
)
 

 

 
(36,635
)
Effect of stock incentive plan, net

 
1,714

 
355

 
8,717

 
(2,266
)
 

 
(169
)
 
6,637

Common stock issued

 
65,007

 
22,742

 
715,121

 

 

 
348

 
738,211

Balance - March 31, 2018
$
209,691

 
331,190

 
$
115,824

 
$
2,784,194

 
$
199,555

 
$
(64,103
)
 
$
(158
)
 
$
3,245,003


See accompanying notes to consolidated financial statements.


5




VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands)
 
Three Months Ended March 31,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
113,330

 
$
41,965

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
12,798


7,247

Stock-based compensation
4,033

 
7,395

Provision for credit losses
8,000

 
10,948

Net amortization of premiums and accretion of discounts on securities and borrowings
7,560

 
8,495

Amortization of other intangible assets
4,311

 
4,293

Losses on securities transactions, net
32

 
765

Proceeds from sales of loans held for sale
196,165

 
237,360

Gains on sales of loans, net
(4,576
)
 
(6,753
)
Originations of loans held for sale
(89,564
)
 
(227,660
)
(Gains) losses on sales of assets, net
(77,720
)
 
97

Net change in:
 
 
 
Cash surrender value of bank owned life insurance
(1,887
)
 
(1,763
)
Accrued interest receivable
(5,426
)
 
(691
)
Other assets
(38,990
)
 
19,480

Accrued expenses and other liabilities
65,212


(15,295
)
Net cash provided by operating activities
193,278

 
85,883

Cash flows from investing activities:
 
 
 
Net loan originations and purchases
(493,689
)
 
(475,346
)
Investment securities held to maturity:
 
 
 
Purchases
(77,670
)
 
(52,945
)
Maturities, calls and principal repayments
68,165

 
58,227

Investment securities available for sale:
 
 
 
Purchases

 
(174,047
)
Sales

 
38,625

Maturities, calls and principal repayments
45,351

 
60,858

Death benefit proceeds from bank owned life insurance
644

 
560

Proceeds from sales of real estate property and equipment
101,916

 
7,378

Purchases of real estate property and equipment
(3,817
)
 
(4,260
)
Cash and cash equivalents acquired in acquisition

 
156,612

Net cash used in investing activities
(359,100
)
 
(384,338
)
Cash flows from financing activities:
 
 
 
Net change in deposits
454,522

 
241,541

Net change in short-term borrowings
(56,338
)
 
219,809

Repayments of long-term borrowings
(155,000
)
 
(50,000
)
Cash dividends paid to preferred shareholders


(3,172
)
Cash dividends paid to common shareholders
(37,053
)

(29,611
)
Purchase of common shares to treasury
(1,367
)
 
(2,083
)
Common stock issued, net
(855
)
 
2,521

Other, net
(119
)
 

Net cash provided by financing activities
203,790

 
379,005

Net change in cash and cash equivalents
37,968

 
80,550

Cash and cash equivalents at beginning of year
428,629

 
416,110

Cash and cash equivalents at end of period
$
466,597

 
$
496,660



6




VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(in thousands)

 
Three Months Ended March 31,
 
2019
 
2018
Supplemental disclosures of cash flow information:
 
 
 
Cash payments for:
 
 
 
Interest on deposits and borrowings
$
93,405

 
$
58,881

Federal and state income taxes
3,204

 
8,843

Supplemental schedule of non-cash investing activities:
 
 
 
Transfer of loans to other real estate owned
$
730

 
$
145

Transfer of loans to loans held for sale
99,976

 
150,522

Lease right of use assets obtained in exchange for operating lease liabilities
289,669



Acquisition:
 
 
 
Non-cash assets acquired:
 
 
 
Investment securities held to maturity
$

 
$
214,217

Investment securities available for sale

 
308,385

Loans

 
3,736,984

Premises and equipment

 
62,066

Bank owned life insurance

 
49,052

Accrued interest receivable

 
12,123

Goodwill

 
394,028

Other intangible assets

 
45,906

Other assets

 
100,059

Total non-cash assets acquired
$

 
$
4,922,820

Liabilities assumed:
 
 
 
Deposits
$

 
$
3,564,843

Short-term borrowings

 
649,979

Long-term borrowings

 
87,283

Junior subordinated debentures issued to capital trusts

 
13,249

Accrued expenses and other liabilities

 
26,848

Total liabilities assumed

 
4,342,202

Net non-cash assets acquired
$

 
$
580,618

Net cash and cash equivalents acquired in acquisition
$

 
$
156,612

Common stock issued in acquisition
$

 
$
737,230

See accompanying notes to consolidated financial statements.








 




7




VALLEY NATIONAL BANCORP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Basis of Presentation
The unaudited consolidated financial statements of Valley National Bancorp, a New Jersey corporation ("Valley"), include the accounts of its commercial bank subsidiary, Valley National Bank (the “Bank”), and all of Valley’s direct or indirect wholly-owned subsidiaries. All inter-company transactions and balances have been eliminated. The accounting and reporting policies of Valley conform to U.S. generally accepted accounting principles (U.S. GAAP) and general practices within the financial services industry. In accordance with applicable accounting standards, Valley does not consolidate statutory trusts established for the sole purpose of issuing trust preferred securities and related trust common securities. Certain prior period amounts have been reclassified to conform to the current presentation.
In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly Valley’s financial position, results of operations and cash flows at March 31, 2019 and for all periods presented have been made. The results of operations for the three