In its upcoming report, Valley National (VLY) is predicted by Wall Street analysts to post quarterly earnings of $0.18 per share, reflecting a decline of 30.8% compared to the same period last year. Revenues are forecasted to be $467.87 million, representing a year-over-year decrease of 0.7%.The consensus EPS estimate for the quarter has been revised 1.7% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates ...

Valley National Bancorp (NASDAQ:VLY) Q2 2024 Earnings Conference Call July 25, 2024 11:00 AM ET Company Participants Travis Lan - IR Ira Robbins - CEO Tom Iadanza - President Mike Hagedorn - CFO Mark Saeger - Chief Credit Officer Conference Call Participants Frank Schiraldi - Piper Sandler Steven Alexopoulos - JPMorgan Matthew Breese - Stephens Manan Gosalia - Morgan Stanley Steve McGrady - KBW Stephen Moss - Raymond Jane Jon Arfstrom - RBC Capital Markets Jared Shaw - Barclays Operator Good day, and thank ...

Core Viewpoint - Valley National Bancorp's shares have declined 5% following Q2 earnings results, raising concerns about its commercial real estate (CRE) portfolio, particularly in the New York area. Despite this, the market may be overreacting to the situation, and the stock could present a buying opportunity [1][4]. Financial Performance - In Q2, Valley reported an adjusted EPS of $0.13, missing estimates by $0.06, and down from $0.19 in Q1 and $0.28 year-over-year. The increase in provisions for credit losses impacted earnings [4][6]. - The bank's provisions for loan losses rose to $82 million from $45 million in the previous quarter, with allowances for credit losses now at 1.06% of loans, up from 0.98% [7][10]. Commercial Real Estate Exposure - Valley has approximately $2.8 billion in office exposure, with an average loan-to-value (LTV) ratio of 55% and a debt service coverage ratio of 1.63x, indicating a buffer against significant valuation declines [5][6]. - The bank's multifamily exposure includes $2.5 billion in NYC multifamily loans, with only $600 million having over 50% rent-regulated units, suggesting limited risk from regulatory pressures [5][6]. Credit Quality and Provisions - Nonaccrual loans represent 0.6% of total loans, a slight increase from previous quarters, indicating typical credit performance for the sector [6][10]. - Management anticipates net charge-offs to be between 0.25% and 0.35% in H2, with provisions expected to slow by about $25 million in Q3/Q4 [10][11]. Deposit and Interest Income - Deposits increased by 2% sequentially to $50.1 billion, with a stable average deposit cost of 3.18% [18][19]. - The net interest margin (NIM) expanded by 5 basis points to 2.84%, with expectations for modest growth in net interest income due to stabilizing funding costs [10][19]. Future Outlook - Valley is targeting a tangible book value of $8.87, with potential upside of 14% even after accounting for increased credit reserves. The fair value is estimated between $8.50 and $9.00, suggesting the stock remains attractive [20].

This quarterly report represents an earnings surprise of -35%. A quarter ago, it was expected that this holding company for Valley National Bank would post earnings of $0.20 per share when it actually produced earnings of $0.19, delivering a surprise of -5%. Valley National, which belongs to the Zacks Banks - Northeast industry, posted revenues of $454.2 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.98%. This compares to year-ago revenues of $479.84 million. The company ...

VALLEY NATIONAL BANCORP CONSOLIDATED FINANCIAL HIGHLIGHTS | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------|-------|---------------------|-------------|-------------------------------------|-------------|---------------------|-------------|--------------------------|-------|-----------------| | ($ in thousands, except for share data) | | June 30, \n2024 | Three | Months Ended M ...

About Valley Valley's CEO, Ira Robbins will host a conference call on Thursday, July 25, 2024 at 11:00 AM (ET) to discuss Valley's second quarter 2024 earnings. Interested parties should pre-register using this link: https://register.vevent.com/register/BI59081f7b3bcb41b4807103c46e3308bb to receive the dial-in number and a personal PIN, which are required to access the conference call. Investor presentation materials will be made available prior to the conference call at www.valley.com. Contact: Michael Hag ...

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 March 31, 2024 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 jurisdict ...

Valley National Bancorp (NASDAQ:VLY) Q1 2024 Results Conference Call April 25, 2024 11:00 AM ET Company Participants Travis Lan - IR Ira Robbins - CEO Tom Iadanza - President Mike Hagedorn - CFO Mark Saeger - Chief Credit Officer Conference Call Participants Steven Alexopoulos - JPMorgan Matthew Breese - Stephens Inc Frank Schiraldi - Piper Sandler Jon Arfstrom - RBC Capital Markets Manan Gosalia - Morgan Stanley Jared Shaw - Barclays Steve Moss - Raymond James David Chiaverini - Wedbush Securities Ben Gerl ...

Exhibit 99.1 FOR IMMEDIATE RELEASE Contact: Michael D. Hagedorn Senior Executive Vice President and Chief Financial Officer 973-872-4885 VALLEY NATIONAL BANCORP ANNOUNCES FIRST QUARTER 2024 RESULTS NEW YORK, NY – April 25, 2024 -- Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the first quarter 2024 of $96.3 million, or $0.18 per diluted common share, as compared to the fourth quarter 2023 net income of $71.6 million, or $0.13 per diluted co ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ 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 ...