Valley Natl Bancorp Stock Price, News & Analysis

Valley National Bank is expanding its presence in the greater Philadelphia region, focusing on providing financial services to small and mid-sized businesses. With approximately $41 billion in assets, Valley emphasizes its expertise in Commercial and Industrial lending as well as Commercial Real Estate loans, offering tailored financing solutions. The bank's regional commercial lending team is led by Mark Biedermann, a seasoned professional with over 32 years of experience. The move aims to enhance personalized banking services and support local businesses in achieving their financial goals.

Valley National Bancorp (NASDAQ:VLY) reported a net income of $120.5 million for Q2 2021, up from $95.6 million in Q2 2020. Adjusted net income reached $126.6 million, reflecting strong performance in net interest income, which increased to $301.8 million. The bank's net interest margin improved to 3.18%. Total loans decreased by $229 million due to a drop in PPP loans, while non-PPP loans showed a robust annualized growth of 10.4%. Valley also announced the acquisition of The Westchester Bank, enhancing its regional market presence.

Valley Bank (NASDAQ:VLY) is enhancing its digital banking capabilities to expand its services nationwide. The bank launched Valley Direct, offering a high-yield savings account accessible via a quick online application. Valley aims to transform by investing in technology and partnerships with Fintechs, emphasizing a transition from physical branches to a comprehensive digital ecosystem. New hires, including Chris Craver and Walt Cox, bring extensive experience in financial technology, focusing on product development and digital payment systems, respectively. This marks a pivotal step in Valley's commitment to providing superior financial services.

Valley National Bancorp (NASDAQ: VLY) has announced a definitive merger agreement to acquire The Westchester Bank Holding Corporation, enhancing its presence in Westchester County, NY. The acquisition, valued at approximately $210 million in Valley stock, gives Valley access to Westchester's $1.3 billion in assets and will strengthen its commercial lending expertise. This strategic move is expected to be accretive to Valley’s earnings by about 1% and aims to promote growth in a lucrative market. The deal is anticipated to close in Q4 2021, pending regulatory and stockholder approvals.

Valley National Bancorp (NASDAQ:VLY) announced it will release its second quarter 2021 earnings before the market opens on July 22, 2021. The CEO Ira Robbins will host a conference call at 11:00 AM ET to discuss the earnings. Investors can listen by dialing 866-354-0432 or join the live webcast. Presentation materials will be available prior to the call on the company's website. Valley National Bank, with approximately $41 billion in assets, aims to empower communities and businesses across New Jersey, New York, Florida, and Alabama.

Valley National Bancorp (NASDAQ: VLY) announced the pricing of $300 million in 3.00% Fixed-to-Floating Rate Notes due 2031. Interest will be 3.00% until June 15, 2026, transitioning to a floating rate plus 236 basis points. Proceeds will enhance regulatory capital and support general corporate purposes. The offering concludes on May 28, 2021. Joint book-running managers for the offering are Piper Sandler & Co. and BofA Securities. The Notes qualify as Tier 2 capital under regulatory requirements.

Valley National Bancorp (NASDAQ:VLY) announced regular preferred and common dividends for shareholders of record on June 15, 2021. The cash dividend details are as follows: $0.390625 per share for Series A preferred stock and $0.34375 per share for Series B preferred stock, both payable on June 30, 2021. Additionally, a cash dividend of $0.11 per share will be paid on common stock on July 1, 2021. The common stock dividend remains unchanged from the previous quarter. Investors are advised that this amount should not be taken as a future indicator for dividends.

Valley National Bancorp reported a net income of $115.7 million or $0.28 per diluted share for Q1 2021, up from $87.3 million in Q1 2020. Net interest income increased to $293.6 million, driven by a rise in the SBA Paycheck Protection Program loan portfolio. Loans rose by $469.3 million to $32.7 billion. However, non-interest income fell by $16.3 million to $31.2 million. The allowance for credit losses for loans stood at $354.3 million. Overall, credit quality showed improvement with declining past-due loans.

Valley National Bancorp (NASDAQ: VLY) has released its 2020 Corporate Social Responsibility (CSR) report titled Catalyst For Change. The report emphasizes the bank's dedication to community support amidst a challenging year marked by a pandemic and social issues. Key highlights include $3.6 million in charitable giving, $2.3 billion in PPP loans to approximately 13,000 businesses, and over $2 million committed through the Community Pledge CD. The bank aims to enhance its CSR initiatives and community engagement in 2021.