NEW YORK, Jan. 23, 2025 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the fourth quarter 2024 of $115.7 million, or $0.20 per diluted common share, as compared to the third quarter 2024 net income of $97.9 million, or $0.18 per diluted common share, and net income of $71.6 million, or $0.13 per diluted common share, for the fourth quarter 2023. Excluding all non-core income and charges, our adjusted net income (a non-GAA ...

Investors in Valley National Bancorp (VLY) need to pay close attention to the stock based on moves in the options market lately. That is because the Mar 21, 2025 $02.00 Put had some of the highest implied volatility of all equity options today.What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could ...

Wall Street analysts forecast that Valley National (VLY) will report quarterly earnings of $0.15 per share in its upcoming release, pointing to a year-over-year decline of 31.8%. It is anticipated that revenues will amount to $469.49 million, exhibiting an increase of 4.3% compared to the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.8% to its current level. This demonstrates the covering analysts' collective reassessment of their initial ...

Wall Street expects a year-over-year decline in earnings on higher revenues when Valley National (VLY) reports results for the quarter ended December 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on January 23, 2025, might help the stock move higher if these key numbers are better tha ...

NEW YORK, Jan. 07, 2025 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, announced that it will release its fourth quarter 2024 earnings before the market opens on Thursday, January 23, 2025. Valley’s CEO, Ira Robbins will host a conference call on Thursday, January 23, 2025 at 11:00 AM (ET) to discuss Valley’s fourth quarter 2024 earnings. Interested parties should pre-register using this link: https://register.vevent.com/register/BIae2379032fe94367aab ...

Financial Position - As of September 30, 2024, the company reported total assets of approximately $62.1 billion, total net loans of $48.8 billion, total deposits of $50.4 billion, and total shareholders' equity of $7.0 billion[189]. - Total shareholders' equity increased by $234.6 million to $7.0 billion at September 30, 2024, primarily due to net proceeds from the issuance of Series C preferred stock and net income for the third quarter[196]. - Total deposits increased by $283.8 million to $50.4 billion at September 30, 2024, compared to $50.1 billion at June 30, 2024, primarily due to higher direct commercial customer money market and non-interest bearing deposits[202]. - Average assets for the three months ended September 30, 2024, increased to $62,242,022 thousand from $61,391,688 thousand in the same period of 2023[227]. - Average shareholders' equity for the three months ended September 30, 2024, was $6,862,555 thousand, up from $6,605,786 thousand in the same period of 2023[230]. Loan Portfolio - The concentration of commercial real estate loans was 61.6% of total loans at September 30, 2024, down from 63.2% at June 30, 2024, with a strategic goal to reduce this ratio to approximately 400% by December 31, 2024[195]. - Total loans decreased by $956.4 million, or 7.6%, to $49.4 billion at September 30, 2024, primarily due to the transfer of $823.1 million of commercial real estate loans to loans held for sale[340]. - Commercial and industrial loans increased by $320.1 million to $9.8 billion at September 30, 2024, driven by a strategic initiative to expand new loan production[341]. - Residential mortgage loans totaled $5.7 billion at September 30, 2024, with new and refinanced originations of $179.3 million in Q3 2024[344]. - The company expects low single-digit annualized loan growth for Q4 2024 compared to total loans of $49.4 billion at September 30, 2024[349]. Credit Quality - The allowance for credit losses (ACL) for loans increased to $564.7 million, representing 1.14% of total loans at September 30, 2024, with projections to rise to approximately 1.20% and 1.25% by December 31, 2024, and 2025, respectively[199]. - Non-performing assets (NPAs) as a percentage of total loans decreased to 0.61% at September 30, 2024, compared to 0.62% at June 30, 2024[200]. - The allowance for loan losses as a percentage of non-accrual loans increased to 185.05% at September 30, 2024, compared to 171.23% at June 30, 2024[361]. - Loans 30 to 59 days past due increased by $69.1 million to $115.1 million at September 30, 2024, primarily due to a $74.5 million increase in commercial real estate loans[354]. - Non-accrual loans decreased by $7.0 million to $296.3 million at September 30, 2024, with significant decreases in construction and commercial real estate loans[357]. Income and Expenses - Net income for Q3 2024 was $97.9 million, or $0.18 per diluted common share, down from $141.3 million, or $0.27 per diluted common share in Q3 2023, reflecting a $43.5 million decrease[204]. - Total non-interest income for Q3 2024 was reported at $60,671 thousand, up from $58,664 thousand in Q3 2023[232]. - Total non-interest expense for Q3 2024 was $269,471 thousand, slightly up from $267,133 thousand in Q3 2023, while adjusted non-interest expense remained stable at $263,618 thousand[232]. - The provision for credit losses increased by $65.9 million, mainly due to higher reserves for commercial real estate loans and the impact of Hurricane Helene[204]. - Income tax expense totaled $28.8 million for the third quarter 2024, with an effective tax rate of 22.7%[265]. Capital Management - The company has a strategic goal to increase common equity Tier 1 capital to 9.8% and 10% by December 31, 2024, and 2025, respectively, with expected benefits from the recent common stock issuance[198]. - The company issued 49,197,860 shares of common stock at a public offering price of $9.35 per share, resulting in net proceeds of $448.9 million for general corporate purposes and investments in regulatory capital[193]. - The total allowance for credit losses for loans was $564.7 million as of September 30, 2024, compared to $532.5 million at June 30, 2024[375]. - The company allocated $8.0 million in qualitative reserves related to the estimated impact of Hurricane Helene[375]. - The total commercial real estate loans allowance allocation was $309.0 million, with a percentage of 1.02% as of September 30, 2024[374]. Market Conditions - The Federal Reserve cut the federal funds target rate by 0.50% in September 2024, followed by an additional 0.25% cut on November 7, 2024, bringing the current range to 4.50% to 4.75%[208]. - The rate of inflation declined to 2.4% in Q3 2024, down from 3.0% in Q2 2024, indicating a moderation in price pressures[207]. - The Moody's Baseline forecast predicts GDP expansion of approximately 2.0% in Q4 2024 and unemployment at 4.1% in Q3 2024[366]. - The Federal Reserve lowered the federal funds rate by 50 basis points to a range of 4.75 - 5.00% with potential for an additional cut of 0.50% in Q4 2024[366].

Shares of Valley National Bancorp (VLY) gained 5.3% in response to third-quarter 2024 results. Its adjusted earnings per share of 18 cents met the Zacks Consensus Estimate. However, the bottom line plunged 30.8% on a year-over-year basis.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Higher non-interest income and a sequential increase in deposit balances support the results. On the other hand, a substantial rise in provisions, lower net interest income (NII) and loan balance and a ...

Valley National (VLY) reported $472.48 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 0.3%. EPS of $0.18 for the same period compares to $0.26 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $467.87 million, representing a surprise of +0.99%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.18.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- a ...

Valley National (VLY) came out with quarterly earnings of $0.18 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.26 per share a year ago. These figures are adjusted for non-recurring items.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 $0.13, delivering a surprise of -35%.Over the last four quarters, the company has not been able to surpass consensus EPS estima ...

https://files.reportify.cc/media/pro Exhibit 99.1 News Release FOR IMMEDIATE RELEASE Contact: Michael D. Hagedorn Senior Executive Vice President and Chief Financial Officer 973-872-4885 VALLEY NATIONAL BANCORP ANNOUNCES THIRD QUARTER 2024 RESULTS NEW YORK, NY – October 24, 2024 -- Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the third quarter 2024 of $97.9 million, or $0.18 per diluted common share, as compared to the second quarter 2024 ...