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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q
(Mark One)
Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 2019
OR
Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission File Number 1-11277 
 Valley National Bancorp
(Exact name of registrant as specified in its charter)
New Jersey
 
 
22-2477875
(State or other jurisdiction of
Incorporation or Organization)
 
 
(I.R.S. Employer
Identification Number)
 
 
 
 
 
 
One Penn Plaza
 
 
 
New York,
NY
 
 
10119
(Address of principal executive office)
 
 
(Zip code)
973-305-8800
(Registrant’s telephone number, including area code) 
 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbols
Name of exchange on which registered
Common Stock, no par value
VLY
The Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series A, no par value
VLYPP
The Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series B, no par value
VLYPO
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act (check one):
Large accelerated filer
Accelerated filer
Smaller reporting company
 
 
 
 
 
 
Non-accelerated filer
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Common Stock (no par value), of which 331,800,601 shares were outstanding as of November 7, 2019.




TABLE OF CONTENTS
 
 
 
Page
Number
PART I
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
PART II
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 6.
 
 


1




PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data)
 
September 30,
2019
 
December 31,
2018
Assets
(Unaudited)
 
 
Cash and due from banks
$
312,396

 
$
251,541

Interest bearing deposits with banks
185,841

 
177,088

Investment securities:
 
 
 
Held to maturity (fair value of $2,121,203 at September 30, 2019 and $2,034,943 at December 31, 2018)
2,093,757

 
2,068,246

Available for sale
1,628,062

 
1,749,544

Total investment securities
3,721,819

 
3,817,790

Loans held for sale, at fair value
41,621

 
35,155

Loans
26,567,159

 
25,035,469

Less: Allowance for loan losses
(161,853
)
 
(151,859
)
Net loans
26,405,306

 
24,883,610

Premises and equipment, net
309,730

 
341,630

Lease right of use assets
286,960

 

Bank owned life insurance
440,026

 
439,602

Accrued interest receivable
97,282

 
95,296

Goodwill
1,084,665

 
1,084,665

Other intangible assets, net
68,150

 
76,990

Other assets
811,743

 
659,721

Total Assets
$
33,765,539

 
$
31,863,088

Liabilities
 
 
 
Deposits:
 
 
 
Non-interest bearing
$
6,379,271

 
$
6,175,495

Interest bearing:
 
 
 
Savings, NOW and money market
11,294,679

 
11,213,495

Time
7,872,172

 
7,063,984

Total deposits
25,546,122

 
24,452,974

Short-term borrowings
1,825,417

 
2,118,914

Long-term borrowings
2,250,633

 
1,654,268

Junior subordinated debentures issued to capital trusts
55,631

 
55,370

Lease liabilities
311,145

 
3,125

Accrued expenses and other liabilities
218,516

 
227,983

Total Liabilities
30,207,464

 
28,512,634

Shareholders’ Equity
 
 
 
Preferred stock, no par value; 50,000,000 authorized shares:
 
 
 
Series A (4,600,000 shares issued at September 30, 2019 and December 31, 2018)
111,590

 
111,590

Series B (4,000,000 shares issued at September 30, 2019 and December 31, 2018)
98,101

 
98,101

Common stock (no par value, authorized 450,000,000 shares; issued 332,101,525 shares at September 30, 2019 and 331,634,951 shares at December 31, 2018)
116,650

 
116,240

Surplus
2,807,266

 
2,796,499

Retained earnings
454,020

 
299,642

Accumulated other comprehensive loss
(26,468
)
 
(69,431
)
Treasury stock, at cost (295,961 common shares at September 30, 2019 and 203,734 common shares at December 31, 2018)
(3,084
)
 
(2,187
)
Total Shareholders’ Equity
3,558,075

 
3,350,454

Total Liabilities and Shareholders’ Equity
$
33,765,539

 
$
31,863,088

See accompanying notes to consolidated financial statements.

2




VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for share data)
 
Three Months Ended
September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Interest Income
 
 
 
 
 
 
 
Interest and fees on loans
$
298,384

 
$
265,870

 
$
883,595

 
$
751,146

Interest and dividends on investment securities:
 
 
 
 
 
 
 
Taxable
21,801

 
21,362

 
67,166

 
64,907

Tax-exempt
4,219

 
5,023

 
13,379

 
16,383

Dividends
3,171

 
3,981

 
9,140

 
9,648

Interest on federal funds sold and other short-term investments
1,686

 
805

 
3,947

 
2,570

Total interest income
329,261

 
297,041

 
977,227

 
844,654

Interest Expense
 
 
 
 
 
 
 
Interest on deposits:
 
 
 
 
 
 
 
Savings, NOW and money market
35,944

 
28,775

 
110,247

 
75,848

Time
42,848

 
20,109

 
121,350

 
51,360

Interest on short-term borrowings
12,953

 
15,193

 
40,362

 
31,838

Interest on long-term borrowings and junior subordinated debentures
16,891

 
16,164

 
45,761

 
50,458

Total interest expense
108,636

 
80,241

 
317,720

 
209,504

Net Interest Income
220,625

 
216,800

 
659,507

 
635,150

Provision for credit losses
8,700

 
6,552

 
18,800

 
24,642

Net Interest Income After Provision for Credit Losses
211,925

 
210,248

 
640,707

 
610,508

Non-Interest Income
 
 
 
 
 
 
 
Trust and investment services
3,296

 
3,143

 
9,296

 
9,635

Insurance commissions
2,748

 
3,646

 
7,922

 
11,493

Service charges on deposit accounts
5,904

 
6,597

 
17,634

 
20,529

Losses on securities transactions, net
(93
)
 
(79
)
 
(114
)
 
(880
)
Other-than-temporary impairment losses on securities

 

 
(2,928
)
 

Portion recognized in other comprehensive income (before taxes)

 

 

 

Net impairment losses on securities recognized in earnings

 

 
(2,928
)
 

Fees from loan servicing
2,463

 
2,573

 
7,260

 
6,841

Gains on sales of loans, net
5,194

 
3,748

 
13,700

 
18,143

(Losses) gains on sales of assets, net
(159
)
 
(1,899
)
 
76,997

 
(2,121
)
Bank owned life insurance
2,687

 
2,545

 
6,779

 
6,960

Other
19,110

 
8,764

 
39,880

 
28,758

Total non-interest income
41,150

 
29,038

 
176,426

 
99,358

Non-Interest Expense
 
 
 
 
 
 
 
Salary and employee benefits expense
77,271

 
80,778

 
236,559

 
253,014

Net occupancy and equipment expense
29,203

 
26,295

 
86,789

 
81,120

FDIC insurance assessment
5,098

 
7,421

 
16,150

 
20,963

Amortization of other intangible assets
4,694

 
4,697

 
13,175

 
13,607

Professional and legal fees
5,870

 
6,638

 
15,286

 
29,022

Amortization of tax credit investments
4,385

 
5,412

 
16,421

 
15,156

Telecommunication expense
2,698

 
3,327

 
7,317

 
9,936

Other
16,658

 
17,113

 
43,712

 
52,531

Total non-interest expense
145,877

 
151,681

 
435,409

 
475,349

Income Before Income Taxes
107,198

 
87,605

 
381,724

 
234,517

Income tax expense
25,307

 
18,046

 
110,035

 
50,191

Net Income
81,891

 
69,559

 
271,689

 
184,326

Dividends on preferred stock
3,172

 
3,172

 
9,516

 
9,516

Net Income Available to Common Shareholders
$
78,719

 
$
66,387

 
$
262,173

 
$
174,810


3





VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (continued)
(in thousands, except for share data)
 
Three Months Ended
September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Earnings Per Common Share:
 
 
 
 
 
 
 
Basic
$
0.24

 
$
0.20

 
$
0.79

 
$
0.53

Diluted
0.24

 
0.20

 
0.79

 
0.53

Cash Dividends Declared per Common Share
0.11

 
0.11

 
0.33

 
0.33

Weighted Average Number of Common Shares Outstanding:
 
 
 
 
 
 
 
Basic
331,797,982

 
331,486,500

 
331,716,652

 
331,180,213

Diluted
333,405,196

 
333,000,242

 
333,039,436

 
332,694,080

See accompanying notes to consolidated financial statements.

4




VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)
 
 
Three Months Ended
September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
81,891

 
$
69,559

 
$
271,689

 
$
184,326

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
Unrealized gains and losses on available for sale securities
 
 
 
 
 
 
 
Net gains (losses) arising during the period
8,135

 
(8,683
)
 
42,890

 
(36,129
)
Less reclassification adjustment for net losses included in net income
72

 
57

 
90

 
631

Total
8,207

 
(8,626
)
 
42,980

 
(35,498
)
Unrealized gains and losses on derivatives (cash flow hedges)
 
 
 
 
 
 
 
Net gains (losses) on derivatives arising during the period
76

 
221

 
(989
)
 
2,636

Less reclassification adjustment for net losses included in net income
324

 
472

 
806

 
2,127

Total
400

 
693

 
(183
)
 
4,763

Defined benefit pension plan
 
 
 
 
 
 
 
Amortization of net loss
56

 
113

 
166

 
337

Total other comprehensive income (loss)
8,663

 
(7,820
)
 
42,963

 
(30,398
)
Total comprehensive income
$
90,554

 
$
61,739

 
$
314,652

 
$
153,928

See accompanying notes to consolidated financial statements.


5




CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

For the Nine Months Ended September 30, 2019
 
 
 
Common Stock
 
 
 
 
 
Accumulated
 
 
 
 
 
Preferred Stock
 
Shares
 
Amount
 
Surplus
 
Retained
Earnings
 
Other
Comprehensive
Loss
 
Treasury
Stock
 
Total
Shareholders’
Equity
 
($ in thousands)
Balance - December 31, 2018
$
209,691

 
331,431

 
$
116,240

 
$
2,796,499

 
$
299,642

 
$
(69,431
)
 
$
(2,187
)
 
$
3,350,454

Adjustment due to the adoption of ASU No. 2016-02

 

 

 

 
4,414

 

 

 
4,414

Adjustment due to the adoption of ASU No. 2017-08

 

 

 

 
(1,446
)
 

 

 
(1,446
)
Balance - January 1, 2019
209,691

 
331,431

 
116,240

 
2,796,499

 
302,610

 
(69,431
)
 
(2,187
)
 
3,353,422

Net income

 

 

 

 
113,330

 

 

 
113,330

Other comprehensive income, net of tax

 

 

 

 

 
16,174

 

 
16,174

Cash dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock, Series A, $0.39 per share

 

 

 

 
(1,797
)
 

 

 
(1,797
)
Preferred stock, Series B, $0.34 per share

 

 

 

 
(1,375
)
 

 

 
(1,375
)
Common stock, $0.11 per share

 

 

 

 
(36,686
)
 

 

 
(36,686
)
Effect of stock incentive plan, net

 
302

 
226

 
2,935

 
(99
)
 

 
(1,251
)
 
1,811

Balance - March 31, 2019
209,691

 
331,733

 
116,466

 
2,799,434

 
375,983

 
(53,257
)
 
(3,438
)
 
3,444,879

Net income

 

 

 

 
76,468

 

 

 
76,468

Other comprehensive income, net of tax

 

 

 

 

 
18,126

 

 
18,126

Cash dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock, Series A, $0.39 per share

 

 

 

 
(1,797
)
 

 

 
(1,797
)
Preferred stock, Series B, $0.34 per share

 

 

 

 
(1,375
)
 

 

 
(1,375
)
Common stock, $0.11 per share

 

 

 

 
(36,712
)
 

 

 
(36,712
)
Effect of stock incentive plan, net

 
55

 
105

 
4,625

 
(377
)
 

 
176

 
4,529

Balance - June 30, 2019
209,691

 
331,788

 
116,571

 
2,804,059

 
412,190

 
(35,131
)
 
(3,262
)
 
3,504,118

Net income

 

 

 

 
81,891

 

 

 
81,891

Other comprehensive income, net of tax

 

 

 

 

 
8,663

 

 
8,663

Cash dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock, Series A, $0.39 per share

 

 

 

 
(1,797
)
 

 

 
(1,797
)
Preferred stock, Series B, $0.34 per share

 

 

 

 
(1,375
)
 

 

 
(1,375
)
Common stock, $0.11 per share

 

 

 

 
(36,732
)