Valley Natl Bancorp Stock Price, News & Analysis

Valley Bank has appointed Kevin O'Connor as Market President for Long Island, NY, where he will focus on deepening current relationships, new business development initiatives, and cultivating growth opportunities. O'Connor brings over 35 years of banking experience, having previously served as CEO of Dime Community Bank and Bridgehampton National Bank, where he led significant organic growth.

O'Connor, named one of Long Island's top CEOs by Long Island Business News, previously held senior executive positions at North Fork Bank and KPMG. He currently serves on multiple boards including HI-LIA, Suffolk Community College's Board of Trustees, and chairs the Long Island chapter of Habitat for Humanity.

Valley National Bancorp (NASDAQ:VLY) has announced it will release its fourth quarter 2024 earnings before market opens on Thursday, January 23, 2025. CEO Ira Robbins will host a conference call at 11:00 AM (ET) on the same day to discuss the quarterly results.

Interested participants can pre-register through a provided link to receive dial-in details and a personal PIN for the conference call. The event will also be webcast live and archived on Valley's website until February 24, 2025. Investor presentation materials will be available on www.valley.com prior to the conference call.

Valley National Bancorp (NASDAQ: VLY) announced that President Thomas A. Iadanza will retire effective June 30, 2025. Iadanza has had a 45-year career in banking, including 13 years at Valley, where he joined through the 2012 acquisition of State Bancorp. He previously held leadership roles at Santander Bank, Independence Community Bank Corp., Citibank, and European American Bank. As President, he helped lead Valley's growth and transformation into a leading regional bank. Iadanza will continue in his role until retirement, working with the Board and executive team to ensure a smooth transition.

Valley Bank (VLY) announced a significant expansion into Staten Island with the appointment of Gail Castellano as Senior Vice President and Division Head. Castellano, bringing over 30 years of banking experience from Flagstar/New York Community Bank, will lead business development and strategic initiatives in the region. The expansion includes three additional veteran bankers: Rita Pirrone as VP and Market Manager, Narmada Tissera as VP, Retail Business Development Officer, and Mark Giacalone as VP, Business Banker II.

Castellano previously managed 16 branch locations with over $2 billion in deposits. The new team brings extensive banking experience and strong community involvement, positioning Valley Bank for strategic growth in the Staten Island market.

Valley National Bancorp (NASDAQ: VLY) announced the sale of a diverse pool of performing commercial real estate mortgage loans to Brookfield Asset Management (NYSE: BAM, TSX: BAM). The final loan pool sold had contractual balances totaling approximately $925 million, with around $823 million previously identified for sale as of September 30, 2024.

The loan pool was sold at a discount of about one percent to par value, and Valley will retain servicing responsibilities. CEO Ira Robbins stated that the sale aligns with Valley's strategic balance sheet goals, noting the transaction's modest discount reflects the strength of their portfolio.

Brookfield's Managing Partner, Bill Powell, highlighted the strategic nature of the acquisition for both parties. Valley expects to recognize an immaterial net loss in Q4 2024 due to the discount and transaction-related expenses. Morgan Stanley & Co. served as the sole advisor for the transaction.

Valley National Bancorp (NASDAQ:VLY) has announced its regular quarterly preferred and common stock dividends. For shareholders of record on December 13, 2024, the company will pay: $0.390625 per share on Series A Preferred Stock, $0.533568 per share on Series B Preferred Stock, and $0.515625 per share on Series C Preferred Stock, all on December 30, 2024. Additionally, a common stock dividend of $0.11 per share will be paid on January 2, 2025, remaining unchanged from the previous quarter.

Valley National Bancorp (NASDAQ: VLY) has announced the pricing of a public offering of 42,780,748 shares of common stock at $9.35 per share, targeting aggregate gross proceeds of $400 million. The company granted the underwriter a 30-day option to purchase up to an additional 6,417,112 shares. The offering is expected to close on November 12, 2024. Valley plans to use the proceeds for general corporate purposes and investments in Valley National Bank as regulatory capital. J.P. Morgan is serving as the sole book-running manager for the offering.

Valley National Bancorp (NASDAQ: VLY) has announced a proposed public offering of common stock shares. The company plans to grant underwriters a 30-day option to purchase up to an additional 15% of shares at the public offering price, less underwriting discounts and commissions. J.P. Morgan will serve as the sole book-running manager for the offering. The net proceeds will be used for general corporate purposes and investments in Valley National Bank as regulatory capital. The offering will be made through an effective shelf registration statement and prospectus supplements filed with the SEC.

Valley National Bancorp (NASDAQ:VLY) reported Q3 2024 net income of $97.9 million, or $0.18 per diluted share, compared to Q2 2024 net income of $70.4 million ($0.13 per share) and Q3 2023 net income of $141.3 million ($0.27 per share). The company announced plans to sell over $800 million in performing commercial real estate loans at a 1% discount. Net interest income increased to $411.8 million, while net interest margin rose to 2.86%. Total loans decreased by $956.4 million to $49.4 billion, while deposits increased by $283.8 million to $50.4 billion. The provision for credit losses was $75.0 million, reflecting increased reserves for commercial real estate loans and impact of Hurricane Helene.