VALLEY NATIONAL BANCORP
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 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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Item 1. Financial Statements (Unaudited)
Item 1. Financial Statements
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data)
| March 31,2024 | December 31,2023 | |
|---|---|---|
| Assets · (Unaudited) | ||
| Cash and due from banks | $398,827 | $284,090 |
| Interest bearing deposits with banks | 542,006 | 607,135 |
| Investment securities: | ||
| Equity securities | 66,951 | 64,464 |
| Trading debt securities | 3,989 | 3,973 |
| Available for sale debt securities | 1,449,334 | 1,296,576 |
| Held to maturity debt securities (net of allowance for credit losses of $1,131 at March 31, 2024 and $1,205 at December 31, 2023) | 3,710,687 | 3,739,208 |
| Total investment securities | 5,230,961 | 5,104,221 |
| Loans held for sale (includes fair value of $17,639 at March 31, 2024 and $20,640 at December 31, 2023 for loans originated for sale) | 61,782 | 30,640 |
| Loans | 49,922,042 | 50,210,295 |
| Less: Allowance for loan losses | (469,248) | (446,080) |
| Net loans | 49,452,794 | 49,764,215 |
| Premises and equipment, net | 371,034 | 381,081 |
| Lease right of use assets | 336,330 | 343,461 |
| Bank owned life insurance | 723,398 | 723,799 |
| Accrued interest receivable | 253,893 | 245,498 |
| Goodwill | 1,868,936 | 1,868,936 |
| Other intangible assets, net | 151,469 | 160,331 |
| Other assets | 1,608,758 | 1,421,567 |
| Total Assets | $61,000,188 | $60,934,974 |
| Liabilities | ||
| Deposits: | ||
| Non-interest bearing | $11,273,331 | $11,539,483 |
| Interest bearing: | ||
| Savings, NOW and money market | 25,060,881 | 24,526,622 |
| Time | 12,743,734 | 13,176,724 |
| Total deposits | 49,077,946 | 49,242,829 |
| Short-term borrowings | 75,224 | 917,834 |
| Long-term borrowings | 3,262,341 | 2,328,375 |
| Junior subordinated debentures issued to capital trusts | 57,195 | 57,108 |
| Lease liabilities | 396,904 | 403,781 |
| Accrued expenses and other liabilities | 1,403,439 | 1,283,656 |
| Total Liabilities | 54,273,049 | 54,233,583 |
| Shareholders’ Equity | ||
| Preferred stock, no par value; 50,000,000 authorized shares: | ||
| Series A (4,600,000 shares issued at March 31, 2024 and December 31, 2023) | 111,590 | 111,590 |
| Series B (4,000,000 shares issued at March 31, 2024 and December 31, 2023) | 98,101 | 98,101 |
| Common stock (no par value, authorized 650,000,000 shares; issued 508,893,059 shares at March 31, 2024 and 507,896,910 shares at December 31, 2023) | 178,535 | 178,187 |
| Surplus | 4,989,023 | 4,989,989 |
| Retained earnings | 1,506,738 | 1,471,371 |
| Accumulated other comprehensive loss | (156,848) | (146,456) |
| Treasury stock, at cost (186,983 common shares at December 31, 2023) | — | (1,391) |
| Total Shareholders’ Equity | 6,727,139 | 6,701,391 |
| Total Liabilities and Shareholders’ Equity | $61,000,188 | $60,934,974 |
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