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$14.30+1.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Financial Condition
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| (in thousands except for share data) | ||
| Assets | ||
| Cash and due from banks | $284,090 | $444,325 |
| Interest bearing deposits with banks | 607,135 | 503,622 |
| Investment securities: | ||
| Equity securities | 64,464 | 48,731 |
| Trading debt securities | 3,973 | 13,438 |
| Available for sale debt securities | 1,296,576 | 1,261,397 |
| Held to maturity debt securities (net of allowance for credit losses of $1,205 at December 31, 2023 and $1,646 at December 31, 2022) | 3,739,208 | 3,827,338 |
| Total investment securities | 5,104,221 | 5,150,904 |
| Loans held for sale (includes fair value of $20,640 at December 31, 2023 and $18,118 at December 31, 2022 for loans originated for sale) | 30,640 | 18,118 |
| Loans | 50,210,295 | 46,917,200 |
| Less: Allowance for loan losses | (446,080) | (458,655) |
| Net loans | 49,764,215 | 46,458,545 |
| Premises and equipment, net | 381,081 | 358,556 |
| Lease right of use assets | 343,461 | 306,352 |
| Bank owned life insurance | 723,799 | 717,177 |
| Accrued interest receivable | 245,498 | 196,606 |
| Goodwill | 1,868,936 | 1,868,936 |
| Other intangible assets, net | 160,331 | 197,456 |
| Other assets | 1,421,567 | 1,242,152 |
| Total Assets | $60,934,974 | $57,462,749 |
| Liabilities | ||
| Deposits: | ||
| Non-interest bearing | $11,539,483 | $14,463,645 |
| Interest bearing: | ||
| Savings, NOW and money market | 24,526,622 | 23,616,812 |
| Time | 13,176,724 | 9,556,457 |
| Total deposits | 49,242,829 | 47,636,914 |
| Short-term borrowings | 917,834 | 138,729 |
| Long-term borrowings | 2,328,375 | 1,543,058 |
| Junior subordinated debentures issued to capital trusts | 57,108 | 56,760 |
| Lease liabilities | 403,781 | 358,884 |
| Accrued expenses and other liabilities | 1,283,656 | 1,327,602 |
| Total Liabilities | 54,233,583 | 51,061,947 |
| Shareholders’ Equity | ||
| Preferred stock, no par value; authorized 50,000,000 shares: | ||
| Series A (4,600,000 shares issued at December 31, 2023 and December 31, 2022) | 111,590 | 111,590 |
| Series B (4,000,000 shares issued at December 31, 2023 and December 31, 2022) | 98,101 | 98,101 |
| Common stock (no par value, authorized 650,000,000 shares; issued 507,896,910 shares at December 31, 2023 and December 31, 2022) | 178,187 | 178,185 |
| Surplus | 4,989,989 | 4,980,231 |
| Retained earnings | 1,471,371 | 1,218,445 |
| Accumulated other comprehensive loss | (146,456) | (164,002) |
| Treasury stock, at cost (186,983 common shares at December 31, 2023 and 1,522,432 common shares at December 31, 2022) | (1,391) | (21,748) |
| Total Shareholders’ Equity | 6,701,391 | 6,400,802 |
| Total Liabilities and Shareholders’ Equity | $60,934,974 | $57,462,749 |
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