Welcome to our dedicated page for Valley Natl Bancorp news (Ticker: VLY), a resource for investors and traders seeking the latest updates and insights on Valley Natl Bancorp stock.
Valley National Bancorp reports developments tied to its role as the holding company for Valley National Bank, a regional bank serving consumer, commercial, private banking, insurance and wealth management customers. Company news commonly covers quarterly earnings, deposit and loan trends, balance sheet priorities, commercial and industrial banking activity, and expansion of relationship-based banking teams across its multistate footprint.
Recurring updates also include common and preferred stock dividends, share repurchase authorizations, Community Reinvestment Act performance, small business banking initiatives, middle-market commercial customer surveys, and the activities of affiliates such as Dudley Ventures in tax credit advisory services.
Valley National Bancorp (NASDAQ: VLY) reported a net income of $95.6 million, or $0.23 per diluted share, for Q2 2020, up from $76.5 million in Q2 2019. Loans increased by $1.9 billion to $32.3 billion, largely due to $2.2 billion in SBA PPP loan originations. Net interest income rose to $283.5 million, boosted by reduced funding costs. However, net interest margin decreased to 3.00%. The allowance for credit losses rose to $319.7 million amid a challenging economic outlook, reflecting increased reserves for potential credit stress due to COVID-19.
Valley National Bancorp (NASDAQ:VLY) will announce its second quarter 2020 earnings before market opening on July 23, 2020. CEO Ira Robbins will host a conference call at 11:00 AM ET to discuss the earnings report. Interested parties can listen by calling 866-354-0432 using Conference ID: 2150739. The call will also be available as a live webcast and archived on the company’s website until August 28, 2020.
Valley National Bank, with approximately $39 billion in assets, operates across New Jersey, New York, Florida, and Alabama.
Valley National Bancorp (NASDAQ: VLY) has priced $115 million of 5.25% Fixed-to-Floating Rate Notes due 2030. The interest on these Notes will be fixed at 5.25% until June 15, 2025, after which it will shift to a floating rate based on Three-Month Term SOFR plus 514 basis points. Proceeds from this offering will enhance Tier 2 capital and support general corporate purposes. Closing is expected on June 5, 2020. Keefe, Bruyette & Woods, Morgan Stanley, and Piper Sandler are managing the offering.
Valley National Bancorp (NASDAQ: VLY) declared its quarterly dividends, scheduled for distribution to shareholders on June 30, 2020. The preferred stock dividends include $0.390625 per share for Series A and $0.34375 for Series B. Additionally, a common stock dividend of $0.11 per share is set for July 1, 2020. Notably, the common stock dividend remained unchanged from the previous quarter. The bank, with $39 billion in assets, continues to focus on customer service and community support while navigating economic challenges.