Valley National Bancorp (VLY) Financial Statements (2024 and earlier)

Company Profile

Business Address ONE PENN PLAZA
NEW YORK, NY 10119
State of Incorp. NJ
Fiscal Year End December 31
Industry (SIC) 6021 - National Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments1,010,1162,124,5231,358,583476,097428,629416,110
Cash and cash equivalents947,9472,049,9201,329,205434,687428,629416,110
Short-term investments62,16974,60329,37841,410  
Financing receivable, accrued interest, after allowance for credit loss175,900  
Debt securities, held-to-maturity, accrued interest, after allowance for credit loss   
Total current assets:1,186,0162,124,5231,358,583476,097428,629416,110
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization 35403760874
Operating lease, right-of-use asset 306,317258,714251,293284,255
Property, plant and equipment358,556326,306319,797334,533341,630287,705
Intangible assets, net (including goodwill)2,066,3921,529,3941,452,8911,460,3971,161,655733,144
Goodwill1,868,9361,459,0081,382,4421,373,6251,084,665690,637
Intangible assets, net (excluding goodwill)197,45670,38670,44986,77276,99042,507
Total noncurrent assets:2,731,3002,114,8172,024,7412,080,0591,503,2851,020,849
Other undisclosed assets53,545,43339,207,10337,302,75234,879,86429,931,17422,565,347
TOTAL ASSETS:57,462,74943,446,44340,686,07637,436,02031,863,08824,002,306
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt138,729655,7261,147,9581,093,2802,118,914748,628
Total current liabilities:138,729655,7261,147,9581,093,2802,118,914748,628
Noncurrent Liabilities
Long-term debt and lease obligation   113,300  136,000
Long-term debt, excluding current maturities   113,300  136,000
Total noncurrent liabilities:   113,300  136,000
Other undisclosed liabilities50,923,21837,706,65134,832,69831,958,55226,393,72020,584,513
Total liabilities:51,061,94738,362,37736,093,95633,051,83228,512,63421,469,141
Equity
Equity, attributable to parent, including:6,400,8025,084,0664,592,1204,384,1883,350,4542,533,165
Common stock178,185148,482141,746141,423116,24092,727
Treasury stock, value(21,748)(22,855)(225)(479)(2,187)(337)
Additional paid in capital4,980,2313,883,0353,637,4683,622,2082,796,4992,060,356
Accumulated other comprehensive loss(164,002)(17,932)(7,718)(32,214)(69,431)(46,005)
Retained earnings1,218,445883,645611,158443,559299,642216,733
Other undisclosed equity, attributable to parent209,691209,691209,691209,691209,691209,691
Total equity:6,400,8025,084,0664,592,1204,384,1883,350,4542,533,165
TOTAL LIABILITIES AND EQUITY:57,462,74943,446,44340,686,07637,436,02031,863,08824,002,306

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues1,982,0121,366,9671,430,8121,393,6101,171,225899,233
Net investment income1,963,6191,332,4881,381,1631,315,2771,156,012840,626
Cost of revenue (48,236)(27,507)(123,922)(24,218)(32,501)(9,942)
Provision for loan, lease, and other losses (48,236)(27,507)(123,922)(24,218)(32,501)
Financial services costs(9,942)
Other undisclosed gross profit      
Gross profit:1,933,7761,339,4601,306,8901,369,3921,138,724889,291
Operating expenses(132,177)(164,433)(166,275)(146,154)(139,281)(366,749)
Other operating income, net
(Noninterest Income, Other Operating Income)
     43,20616,702
Operating income:1,801,5991,175,0271,140,6151,223,2381,042,649539,244
Nonoperating income
(Bank Owned Life Insurance Income)
8,0408,81710,0838,2328,6917,338
Interest and debt expense(321,043)(132,731)(276,851)(454,947)(302,045)(174,107)
Other undisclosed loss from continuing operations before equity method investments, income taxes   (343,781)(319,728)(419,602)(119,737)
Income from continuing operations before equity method investments, income taxes:1,488,5961,051,113530,066456,795329,693252,738
Other undisclosed loss from continuing operations before income taxes(707,929)(410,374)    
Income from continuing operations before income taxes:780,667640,739530,066456,795329,693252,738
Income tax expense(211,816)(166,899)(139,460)(147,002)(68,265)(90,831)
Income from continuing operations:568,851473,840390,606309,793261,428161,907
Income before gain (loss) on sale of properties:473,840390,606309,793261,428161,907
Net income attributable to parent:568,851473,840390,606309,793261,428161,907
Preferred stock dividends and other adjustments(13,146)(12,688)(12,688)(12,688)(12,688)(9,449)
Net income available to common stockholders, diluted:555,705461,152377,918297,105248,740152,458

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:568,851473,840390,606309,793261,428161,907
Other comprehensive income (loss)(146,070)(10,214)24,49637,217(22,885)4,015
Other undisclosed comprehensive loss      
Comprehensive income:422,781463,626415,102347,010238,543165,922
Other undisclosed comprehensive income, net of tax, attributable to parent      
Comprehensive income, net of tax, attributable to parent:422,781463,626415,102347,010238,543165,922

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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