VALLEY NATIONAL BANCORP

For the period ended Dec 31, 2023. Filed Feb 29, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 29, 2024

VLY$14.31+0.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Cash Flows

	Years Ended December 31,
	2023	2022	2021
(in thousands)
Cash flows from operating activities:
Net income	$498,511	$568,851	$473,840
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	43,437	41,620	29,131
Stock-based compensation	33,102	28,788	20,887
Provision for credit losses	50,184	56,817	32,633
Net accretion of discounts and amortization of premium on securities and borrowings	(2,145)	10,653	30,251
Amortization of other intangible assets	39,768	37,825	21,827
Gains on available for sale and held to maturity debt securities, net	(401)	(95)	(545)
Proceeds from sales of loans held for sale	205,575	389,666	1,180,912
Gains on sales of loans, net	(6,054)	(6,418)	(26,669)
Originations of loans held for sale	(204,686)	(267,158)	(1,003,818)
Gains on sales of assets, net	(6,809)	(897)	(901)
Loss on extinguishment of debt	—	—	8,406
Net deferred income tax (benefit) expense	(9,359)	7,485	26,827
Net change in:
Fair value of financial instruments hedged by derivative transactions	4,810	(28,907)	(3,397)
Trading debt securities	9,465	24,692	(38,130)
Lease right of use assets	(37,125)	1,831	(6,550)
Cash surrender value of bank owned life insurance	(11,843)	(8,040)	(8,817)
Accrued interest receivable	(48,892)	(74,007)	11,527
Other assets	(173,512)	(229,107)	153,381
Accrued expenses and other liabilities	(5,834)	874,880	(63,653)
Net cash provided by operating activities	378,192	1,428,479	837,142
Cash flows from investing activities:
Net loan originations and purchases	(3,346,633)	(6,868,735)	(1,036,949)
Equity securities:
Purchases	(14,011)	(11,209)	(4,051)
Sales	1,850	3,118	2,233
Held to maturity debt securities:
Purchases	(302,774)	(838,569)	(1,311,973)
Maturities, calls and principal repayments	379,536	475,327	802,167
Available for sale debt securities:
Purchases	(112,317)	(54,618)	(387,210)
Sales	18,779	12,846	91,978
Maturities, calls and principal repayments	78,588	225,942	462,273
Death benefit proceeds from bank owned life insurance	5,218	4,680	5,128
Proceeds from sales of real estate property and equipment	18,308	10,832	8,935
Proceeds from sales of loans held for investments	—	—	4,498
Purchases of real estate property and equipment	(76,046)	(68,935)	(39,428)
Cash and cash equivalents acquired in acquisitions, net	—	321,540	321,618
Net cash used in investing activities	$(3,349,502)	$(6,787,781)	$(1,080,781)
See accompanying notes to consolidated financial statements.

VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
	Years Ended December 31,
	2023	2022	2021
(in thousands)
Cash flows from financing activities:
Net change in deposits	$1,605,915	$4,974,505	$2,534,826
Net change in short-term borrowings	779,105	(620,791)	(492,232)
Proceeds from issuance of long-term borrowings, net	1,251,804	147,508	295,922
Repayments of long-term borrowings	(475,000)	—	(1,168,465)
Cash dividends paid to preferred shareholders	(14,338)	(13,146)	(12,688)
Cash dividends paid to common shareholders	(225,411)	(205,999)	(179,667)
Purchase of common shares to treasury	(11,475)	(24,123)	(23,907)
Common stock issued, net	4,006	120	11,245
Other, net	(18)	(745)	(680)
Net cash provided by financing activities	2,914,588	4,257,329	964,354
Net change in cash and cash equivalents	(56,722)	(1,101,973)	720,715
Cash and cash equivalents at beginning of year	947,947	2,049,920	1,329,205
Cash and cash equivalents at end of year	$891,225	$947,947	$2,049,920
Supplemental disclosures of cash flow information:
Cash payments for:
Interest on deposits and borrowings	$1,359,534	$281,137	$138,364
Federal and state income taxes	236,503	172,102	163,370
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned	$974	$—	$141
Transfer of loans to loans held for sale	10,000	—	—
Lease right of use assets obtained in exchange for operating lease liabilities	81,727	32,604	48,453
Acquisitions:
Non-cash assets acquired:
Equity securities	$—	$6,239	$—
Investment securities available for sale	—	505,928	—
Investment securities held to maturity	—	806,627	9,197
Loans, net	—	5,844,070	908,023
Premises and equipment	—	38,827	1,356
Lease right of use assets	—	49,434	6,745
Bank owned life insurance	—	126,861	28,756
Accrued interest receivable	—	25,717	2,179
Goodwill	—	409,928	76,566
Other intangible assets	—	159,587	10,277
Other assets	—	155,945	23,093
Total non-cash assets acquired	$—	$8,129,163	$1,066,192
Liabilities assumed:
Deposits	$—	$7,029,997	$1,161,984
Short-term borrowings	—	103,794	—
Lease liabilities	—	79,844	—
Accrued expenses and other liabilities	—	119,240	14,692
Total liabilities assumed	$—	$7,332,875	$1,176,676
Net (liabilities assumed) non-cash assets acquired	$—	$796,288	$(110,484)
Cash and cash equivalents acquired in acquisitions, net	$—	$321,540	$321,618
Common stock issued in acquisition	$—	$1,117,829	$211,134

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