Valley National Bancorp (
NASDAQ:VLY), the holding
company for Valley National Bank, today reported net income for the
first quarter 2024 of $96.3 million, or $0.18 per diluted common
share, as compared to the fourth quarter 2023 net income of $71.6
million, or $0.13 per diluted common share, and net income of
$146.6 million, or $0.28 per diluted common share, for the first
quarter 2023. Excluding all non-core income and charges, our
adjusted net income (a non-GAAP measure) was $99.4 million, or
$0.19 per diluted common share, for the first quarter 2024, $116.3
million, or $0.22 per diluted common share, for the fourth quarter
2023, and $154.5 million, or $0.30 per diluted common share, for
the first quarter 2023. See further details below, including a
reconciliation of our non-GAAP adjusted net income, in the
"Consolidated Financial Highlights" tables.
Key financial highlights for
the first quarter
2024:
-
Non-Interest Income: Non-interest income increased
$8.7 million to $61.4 million for the first quarter 2024 as
compared to the fourth quarter 2023 mainly driven by increases in
wealth management and trust fees, including revenue associated with
our tax credit advisory subsidiary, and service charges on deposit
accounts totaling $6.0 million and $1.9 million, respectively, and
a $3.6 million net gain on the sale of our commercial premium
finance lending business in February 2024. These increases were
partially offset by lower insurance commissions income and swap
fees related to commercial loan transactions included in capital
market fees.
-
Non-Interest Expense: Non-interest expense
decreased $60.1 million to $280.3 million for the first quarter
2024 as compared to the fourth quarter 2023 largely due to
decreases in the FDIC special assessment, merger related contract
termination expenses, and consulting expenses related to our
implementation of a new single core banking system in the fourth
quarter of 2023. Other expense also declined $7.6 million from the
fourth quarter 2023 due to reductions in several general expense
categories. These decreases were partially offset by higher salary
and employee benefits expense mostly due to normal seasonal
increases in payroll taxes and other items during the first quarter
2024. We recorded estimated expenses related to the FDIC special
assessment of $7.4 million and $50.3 million during the first
quarter 2024 and fourth quarter 2023, respectively. See the
non-GAAP reconciliations in the "Consolidated Financial Highlights"
tables below for additional information regarding our non-core
charges, including the FDIC special assessment and merger related
expenses.
-
Allowance and Provision for Credit Losses for
Loans: The allowance for credit losses for loans totaled
$487.3 million and $465.6 million at March 31, 2024 and
December 31, 2023, respectively, representing 0.98 percent and
0.93 percent of total loans at each respective date. During the
first quarter 2024, we recorded a provision for credit losses for
loans of $45.3 million as compared to $20.7 million and $9.5
million for the fourth quarter 2023 and first quarter 2023,
respectively. The increase in the first quarter 2024 provision was
mostly due to higher quantitative reserves allocated to commercial
real estate loans at March 31, 2024.
- Credit
Quality: Total accruing past due loans decreased $17.2
million to $74.4 million, or 0.15 percent of total loans, at
March 31, 2024 as compared to $91.6 million, or 0.18 percent
of total loans, at December 31, 2023. Non-accrual loans
represented 0.58 percent of total loans at both March 31, 2024
and December 31, 2023. Net loan charge-offs totaled $23.6
million for the first quarter 2024 as compared to $17.5 million and
$30.4 million for the fourth quarter 2023 and first quarter 2023,
respectively. The loan charge-offs in the first quarter 2024
included partial charge-offs totaling $9.5 million related to one
non-performing taxi medallion loan relationship within the
commercial and industrial loans and $7.6 million of partial
charge-offs related to two construction loan relationships. See the
"Credit Quality" section below for more details.
- Loan
Portfolio: Total loans decreased $288.3 million, or 2.3
percent on an annualized basis, to $49.9 billion at March 31,
2024 from December 31, 2023 largely due to the sale of $196.5
million of commercial real estate and construction loans through
loan participation agreements at par value in March 2024, and the
sale of $93.6 million of commercial and industrial loans associated
with the sale of our premium finance lending division in February
2024. During the first quarter 2024, we also transferred $34.1
million of construction loans to loans held for sale at March 31,
2024. Organic loan volumes in most categories remained at modest
levels during the first quarter 2024 due to the ongoing impact of
elevated market interest rates and other factors. See the "Loans"
section below for more details.
-
Deposits: Total deposits decreased $164.9 million
to $49.1 billion at March 31, 2024 as compared to $49.2
billion at December 31, 2023. During the first quarter 2024,
the contractual run-off of higher cost time deposits combined with
a $266.2 million decrease in non-interest bearing deposits was
largely offset by solid growth in direct interest bearing deposits
across several delivery channels. See the "Deposits" section below
for more details.
- Net
Interest Income and Margin: Net interest income on a tax
equivalent basis of $394.8 million for the first quarter 2024
decreased $3.7 million compared to the fourth quarter 2023 and
decreased $42.6 million as compared to the first quarter 2023. Our
net interest margin on a tax equivalent basis decreased by 3 basis
points to 2.79 percent in the first quarter 2024 as compared to
2.82 percent for the fourth quarter 2023. The moderate decline in
both net interest income and margin as compared to the linked
quarter reflects the ongoing repricing of our interest bearing
deposits, net of a 6 basis point increase in the yield of average
interest earning assets for the first quarter 2024. See the "Net
Interest Income and Margin" section below for more details.
- Income
Tax Expense: Our effective tax rate was
25.6 percent for the first quarter 2024 as compared to 19.6 percent
for the fourth quarter 2023. The increase was mainly attributable
to larger tax credits recorded during the fourth quarter 2023
resulting in a lower effective tax rate.
-
Efficiency Ratio: Our efficiency ratio was 59.10
percent for the first quarter 2024 as compared to 60.70 percent and
53.79 percent for the fourth quarter 2023 and first quarter 2023,
respectively. See the "Consolidated Financial Highlights" tables
below for additional information regarding our non-GAAP
measures.
- Performance
Ratios: Annualized return on average assets (ROA),
shareholders’ equity (ROE) and tangible ROE were 0.63 percent, 5.73
percent and 8.19 percent for the first quarter 2024, respectively.
Annualized ROA, ROE, and tangible ROE, adjusted for non-core income
and charges, were 0.65 percent, 5.91 percent and 8.46 percent for
the first quarter 2024, respectively. See the "Consolidated
Financial Highlights" tables below for additional information
regarding our non-GAAP measures.
Ira Robbins, CEO commented, "I am extremely
pleased with the first quarter's strong financial results. Asset
quality results remain extremely stable, and our provision for
credit losses reflects the rigorous stress testing efforts that we
continue to undertake. We have proactively slowed loan growth and
undertaken modest balance sheet efforts to enhance our financial
flexibility."
Mr. Robbins continued, "Our pre-provision
earnings reflect the diversity of our revenue base. We have
responded to headwinds associated with the inverted yield curve by
more proactively managing our expense base which supported the
stronger results for the quarter. The environment remains
challenging, but I am confident that our balance sheet and
operational efforts are appropriate and will continue to contribute
to our future success."
Net Interest Income and Margin
Net interest income on a tax equivalent basis
totaling $394.8 million for the first quarter 2024 decreased $3.7
million and $42.6 million as compared to the fourth quarter 2023
and first quarter 2023, respectively. The slight decrease as
compared to the fourth quarter 2023 was mainly due to an increase
in average short-term borrowings and the higher level of interest
rates across most interest bearing deposit products, partially
offset by higher loan yields, a decline in average time deposit
balances and one less day during the first quarter 2024. As a
result of the higher cost of short-term borrowings and deposits,
total interest expense increased $14.2 million to $435.1 million
for the first quarter 2024 as compared to the fourth quarter 2023.
Interest income on a tax equivalent basis increased $10.5 million
to $830.0 million for the first quarter 2024 as compared to the
fourth quarter 2023. The increase was mostly due to higher yields
on both new originations and adjustable rate loans in our loan
portfolio, as well as higher yields on investments, partially
offset by a decline in average interest bearing deposits with banks
as we reduced overnight excess cash liquidity in the first quarter
2024.
Net interest margin on a tax equivalent basis of
2.79 percent for the first quarter 2024 decreased by 3 basis points
and 37 basis points from 2.82 percent and 3.16 percent,
respectively, for the fourth quarter 2023 and first quarter 2023.
The decrease as compared to the fourth quarter 2023 was largely
driven by the higher cost of interest bearing deposits and
short-term borrowings, partially offset by an increase in the yield
on average interest earning assets. Our cost of total average
deposits was 3.16 percent for the first quarter 2024 as compared to
3.13 percent and 1.96 percent for the fourth quarter 2023 and the
first quarter 2023, respectively. The overall cost of average
interest bearing liabilities increased 6 basis points to 4.19
percent for the first quarter 2024 as compared to the fourth
quarter 2023 primarily driven by the higher level of market
interest rates on deposits and short-term borrowings. The yield on
average interest earning assets also increased by 6 basis points to
5.86 percent on a linked quarter basis largely due to the increased
yield of the loan portfolio. The yield on average loans increased
by 4 basis points to 6.14 percent for the first quarter 2024 as
compared to the fourth quarter 2023 mostly due to the higher level
of market interest rates on new originations and adjustable rate
loans.
Loans, Deposits and Other Borrowings
Loans. Total loans decreased
$288.3 million to $49.9 billion at March 31, 2024 from
December 31, 2023. Total commercial real estate (including
construction) decreased $264.6 million, or 3.3 percent on an
annualized basis during the first quarter 2024. This decline was
primarily driven by the sale of $151.0 million and $45.6 million of
commercial real estate and construction loans, respectively,
through loan participation agreements with Bank Leumi Le-Israel
B.M. (BLITA) in March 2024. During the first quarter 2024, we also
transferred $34.1 million of construction loans from loans held for
investment to loans held for sale as of March 31, 2024 and
subsequently sold the loans at par value to BLITA in April 2024.
Commercial and industrial loans declined $126.4 million during
the first quarter 2024 mostly due to the sale of $93.6 million of
loans associated with our premium finance lending division and the
contractual run-off of premium finance loans that were retained and
not sold. Our retained commercial premium finance portfolio totaled
$145.7 million at March 31, 2024 and is expected to mostly run-off
at their scheduled maturity dates over the next 12 months. Our
residential mortgage portfolio increased $49.3 million during
the first quarter 2024 as we continue to retain a large portion of
new originations for investment. We sold $40.2 million and
$49.9 million of residential mortgage loans held for sale
during the first quarter 2024 and fourth quarter 2023,
respectively. Automobile loan balances increased by $80.1 million,
or 19.8 percent on an annualized basis during the first quarter
2024 mainly due to a slight uptick in application volume and slower
repayments as compared to the fourth quarter 2024.
Deposits. Total deposits
decreased $164.9 million to $49.1 billion at March 31, 2024
from December 31, 2023 mainly due to decreases of $433.0
million and $266.2 million in time deposits and non-interest
bearing deposits, respectively, largely offset by an increase of
$534.3 million in savings, NOW and money market deposits. The
decrease in time deposits was primarily due to intentional run-off
of higher cost government banking time deposits which had matured.
Non-interest bearing balances declined during the first quarter
2024, though remained unchanged as a percentage of total deposits,
as some customers continue to closely manage balances and shift
funds into other higher-yielding alternatives. The solid growth in
savings, NOW and money market deposits was mostly attributable to
inflows from our specialty niche deposits, traditional branch and
online delivery channels. Non-interest bearing deposits; savings,
NOW and money market deposits; and time deposits represented
approximately 23 percent, 51 percent and 26 percent of total
deposits as of March 31, 2024, respectively, as compared to 23
percent, 50 percent and 27 percent of total deposits as of
December 31, 2023, respectively.
Other
Borrowings. Short-term borrowings
decreased $842.6 million to $75.2 million at March 31, 2024 as
compared to December 31, 2023 mainly due to maturities and
repayment of FHLB advances. Long-term borrowings increased $934.0
million to $3.3 billion at March 31, 2024 as compared to $2.3
billion at December 31, 2023. The increase was due to $1.0
billion of new FHLB advances issued during early March 2024 as
management elected to shift its maturing higher cost short-term
FHLB funding to lower cost long-term borrowings. The $1.0 billion
in new FHLB borrowings has a weighted average rate of 4.52 percent
and a weighted average remaining contractual term of 3.6 years at
March 31, 2024.
Credit Quality
Non-Performing Assets (NPAs).
Total NPAs, consisting of non-accrual loans, other real estate
owned (OREO) and other repossessed assets, decreased $4.6 million
to $288.8 million at March 31, 2024 as compared to
December 31, 2023 mainly due to lower non-accrual construction
loan balances. Non-accrual construction loans decreased $9.0
million to $51.8 million at March 31, 2024 as compared to
December 31, 2023 largely due to partial loan charge-offs
related to two loan relationships during the first quarter 2024.
Non-accrual commercial and industrial loans increased $2.5 million
to $102.4 million at March 31, 2024 as compared to
December 31, 2023 mainly due to one new non-performing loan
relationship totaling $13.3 million, which was largely offset by
$9.5 million of partial charge-offs of taxi cab medallion loans
during the first quarter 2024. Non-accrual loans represented 0.58
percent of total loans at both March 31, 2024 and
December 31, 2023.
Accruing Past Due Loans. Total
accruing past due loans (i.e., loans past due 30 days or more and
still accruing interest) decreased $17.2 million to $74.4 million,
or 0.15 percent of total loans, at March 31, 2024 as compared
to $91.6 million, or 0.18 percent of total loans at
December 31, 2023. Loans 30 to 59 days past due decreased
$12.4 million to $46.8 million at March 31, 2024 as compared
to December 31, 2023 largely due to lower residential
mortgage, consumer and commercial and industrial loan
delinquencies. Loans 60 to 89 days past due decreased $5.1 million
to $14.2 million at March 31, 2024 as compared to
December 31, 2023 also largely due to lower delinquencies
across most of the loan categories. Loans 90 days or more past due
and still accruing interest totaled $13.4 million at March 31,
2024 and remained relatively unchanged as compared to
December 31, 2023. All loans 90 days or more past due and
still accruing interest are well-secured and in the process of
collection.
Allowance for Credit Losses for Loans
and Unfunded Commitments. The following table summarizes
the allocation of the allowance for credit losses to loan
categories and the allocation as a percentage of each loan category
at March 31, 2024, December 31, 2023 and March 31,
2023:
| |
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
| |
|
|
|
Allocation |
|
|
|
Allocation |
|
|
|
Allocation |
| |
|
|
|
as a % of |
|
|
|
as a % of |
|
|
|
as a % of |
| |
|
Allowance |
|
Loan |
|
Allowance |
|
Loan |
|
Allowance |
|
Loan |
| |
Allocation |
|
Category |
|
Allocation |
|
Category |
|
Allocation |
|
Category |
| |
($ in thousands) |
| Loan
Category: |
|
|
|
|
|
|
|
|
|
|
|
| Commercial and
industrial loans |
$ |
138,593 |
|
|
1.52 |
% |
|
$ |
133,359 |
|
|
1.44 |
% |
|
$ |
127,992 |
|
|
1.42 |
% |
| Commercial real
estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
209,355 |
|
|
0.74 |
|
|
|
194,820 |
|
|
0.69 |
|
|
|
190,420 |
|
|
0.70 |
|
| |
Construction |
|
56,492 |
|
|
1.59 |
|
|
|
54,778 |
|
|
1.47 |
|
|
|
52,912 |
|
|
1.42 |
|
| Total commercial
real estate loans |
|
265,847 |
|
|
0.84 |
|
|
|
249,598 |
|
|
0.78 |
|
|
|
243,332 |
|
|
0.79 |
|
| Residential
mortgage loans |
|
44,377 |
|
|
0.79 |
|
|
|
42,957 |
|
|
0.77 |
|
|
|
41,708 |
|
|
0.76 |
|
| Consumer
loans: |
|
|
|
|
|
|
|
|
|
|
|
| |
Home equity |
|
2,809 |
|
|
0.50 |
|
|
|
3,429 |
|
|
0.61 |
|
|
|
4,417 |
|
|
0.86 |
|
| |
Auto and other consumer |
|
17,622 |
|
|
0.60 |
|
|
|
16,737 |
|
|
0.58 |
|
|
|
19,449 |
|
|
0.69 |
|
| Total consumer
loans |
|
20,431 |
|
|
0.58 |
|
|
|
20,166 |
|
|
0.59 |
|
|
|
23,866 |
|
|
0.71 |
|
| Allowance for loan
losses |
|
469,248 |
|
|
0.94 |
|
|
|
446,080 |
|
|
0.89 |
|
|
|
436,898 |
|
|
0.90 |
|
| Allowance for
unfunded credit commitments |
|
18,021 |
|
|
|
|
|
19,470 |
|
|
|
|
|
24,071 |
|
|
|
| Total allowance
for credit losses for loans |
$ |
487,269 |
|
|
|
|
$ |
465,550 |
|
|
|
|
$ |
460,969 |
|
|
|
| |
Allowance for credit losses
for loans as a % total loans |
|
|
0.98 |
% |
|
|
|
0.93 |
% |
|
|
|
0.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Our loan portfolio, totaling $49.9 billion at
March 31, 2024, had net loan charge-offs totaling $23.6
million for the first quarter 2024 as compared to $17.5 million and
$30.4 million for the fourth quarter 2023 and the first quarter
2023, respectively. The increase in net loan charge-offs for the
first quarter 2024 as compared to the fourth quarter 2023 was
mainly due to higher commercial and industrial loan and
construction loan charge-offs. The loan charge-offs in the first
quarter 2024 included partial charge-offs totaling $9.5 million
related to one non-performing taxi medallion loan relationship
within the commercial and industrial loans and $7.6 million of
partial charge-offs related to two construction loan
relationships.
The allowance for credit losses for loans,
comprised of our allowance for loan losses and unfunded credit
commitments, as a percentage of total loans was 0.98 percent at
March 31, 2024, 0.93 percent at December 31, 2023, and
0.95 percent at March 31, 2023. For the first quarter 2024,
the provision for credit losses for loans totaled $45.3 million as
compared to $20.7 million and $9.5 million for the fourth quarter
2023 and first quarter 2023, respectively. The increased provision
for credit losses for the first quarter 2024 was mainly driven by
higher quantitative reserves related to the commercial real estate,
commercial and industrial, and construction loan portfolios. This
increase was partially offset by lower qualitative and economic
forecast reserves at March 31, 2024.
Capital Adequacy
Valley's total risk-based capital, common equity
Tier 1 capital, Tier 1 capital and Tier 1 leverage capital ratios
were 11.88 percent, 9.34 percent, 9.78 percent and 8.20 percent,
respectively, at March 31, 2024.
Investor Conference Call
Valley will host a conference call with
investors and the financial community at 11:00 AM (ET) today to
discuss the first quarter 2024 earnings and related matters.
Interested parties should preregister using this link:
https://register.vevent.com/register to receive the dial-in number
and a personal PIN, which are required to access the conference
call. The teleconference will also be webcast live:
https://edge.media-server.com and archived on Valley’s website
through Friday, May 31, 2024. Investor presentation materials will
be made available prior to the conference call at
www.valley.com.
About Valley
As the principal subsidiary of Valley National
Bancorp, Valley National Bank is a regional bank with over $61
billion in assets. Valley is committed to giving people and
businesses the power to succeed. Valley operates many convenient
branch locations and commercial banking offices across New Jersey,
New York, Florida, Alabama, California and Illinois, and is
committed to providing the most convenient service, the latest
innovations and an experienced and knowledgeable team dedicated to
meeting customer needs. Helping communities grow and prosper is the
heart of Valley’s corporate citizenship philosophy. To learn more
about Valley, go to www.valley.com or call our Customer Care Center
at 800-522-4100.
Forward Looking Statements
The foregoing contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements are not historical facts and
include expressions about management’s confidence and strategies
and management’s expectations about our business, new and existing
programs and products, acquisitions, relationships, opportunities,
taxation, technology, market conditions and economic expectations.
These statements may be identified by such forward-looking
terminology as “intend,” “should,” “expect,” “believe,” “view,”
“opportunity,” “allow,” “continues,” “reflects,” “typically,”
“usually,” “anticipate,” “may,” “estimate,” “outlook,” “project” or
similar statements or variations of such terms. Such
forward-looking statements involve certain risks and uncertainties.
Actual results may differ materially from such forward-looking
statements. Factors that may cause actual results to differ
materially from those contemplated by such forward-looking
statements include, but are not limited to:
- the impact of
monetary and fiscal policies of the federal government and its
agencies, including in response to higher inflation, which could
have a material adverse effect on our clients, as well as our
business, our employees, and our ability to provide services to our
customers;
- the impact of a
potential U.S. Government shutdown, default by the U.S. government
on its debt obligations, or related credit-rating downgrades, on
economic activity in the markets in which we operate and, in
general, on levels of end market demand in the economy;
- the impact of
unfavorable macroeconomic conditions or downturns, instability or
volatility in financial markets, unanticipated loan delinquencies,
loss of collateral, decreased service revenues, increased business
disruptions or failures, reductions in employment, and other
potential negative effects on our business, employees or clients
caused by factors outside of our control, such as geopolitical
instabilities or events (including the Israel-Hamas war); natural
and other disasters (including severe weather events); health
emergencies; acts of terrorism or other external events;
- the impact of
potential instability within the U.S. financial sector in the
aftermath of the banking failures in 2023, including the
possibility of a run on deposits by a coordinated deposit base, and
the impact of the actual or perceived soundness, or concerns about
the creditworthiness of other financial institutions, including any
resulting disruption within the financial markets, increased
expenses, including FDIC insurance premiums, or adverse impact on
our stock price, deposits or our ability to borrow or raise
capital;
- the impact of
negative public opinion regarding Valley or banks in general that
damages our reputation and adversely impacts business and
revenues;
- greater than
expected costs or difficulties related to Valley's new core banking
system implemented in the fourth quarter 2023 and continued
enhancements to processes and systems under Valley's current
technology roadmap;
- the loss of or
decrease in lower-cost funding sources within our deposit
base;
- damage verdicts
or settlements or restrictions related to existing or potential
class action litigation or individual litigation arising from
claims of violations of laws or regulations, contractual claims,
breach of fiduciary responsibility, negligence, fraud,
environmental laws, patent, trademark or other intellectual
property infringement, misappropriation or other violation,
employment related claims, and other matters;
- a prolonged
downturn in the economy, as well as an unexpected decline in
commercial real estate values collateralizing a significant portion
of our loan portfolio;
- higher or lower
than expected income tax expense or tax rates, including increases
or decreases resulting from changes in uncertain tax position
liabilities, tax laws, regulations and case law;
- the inability to
grow customer deposits to keep pace with loan growth;
- a material
change in our allowance for credit losses under CECL due to
forecasted economic conditions and/or unexpected credit
deterioration in our loan and investment portfolios;
- the need to
supplement debt or equity capital to maintain or exceed internal
capital thresholds;
- greater than
expected technology related costs due to, among other factors,
prolonged or failed implementations, additional project staffing
and obsolescence caused by continuous and rapid market
innovations;
- cyberattacks,
ransomware attacks, computer viruses, malware or other
cybersecurity incidents that may breach the security of our
websites or other systems or networks to obtain unauthorized access
to personal, confidential, proprietary or sensitive information,
destroy data, disable or degrade service, or sabotage our systems
or networks;
- results of
examinations by the Office of the Comptroller of the Currency
(OCC), the Federal Reserve Bank, the Consumer Financial Protection
Bureau (CFPB) and other regulatory authorities, including the
possibility that any such regulatory authority may, among other
things, require us to increase our allowance for credit losses,
write-down assets, reimburse customers, change the way we do
business, or limit or eliminate certain other banking
activities;
- our inability or
determination not to pay dividends at current levels, or at all,
because of inadequate earnings, regulatory restrictions or
limitations, changes in our capital requirements or a decision to
increase capital by retaining more earnings;
- unanticipated
loan delinquencies, loss of collateral, decreased service revenues,
and other potential negative effects on our business caused by
severe weather, pandemics or other public health crises, acts of
terrorism or other external events; and
- unexpected
significant declines in the loan portfolio due to the lack of
economic expansion, increased competition, large prepayments,
changes in regulatory lending guidance or other factors.
A detailed discussion of factors that could
affect our results is included in our SEC filings, including Item
1A. "Risk Factors" of our Annual Report on Form 10-K for the year
ended December 31, 2023.
We undertake no duty to update any
forward-looking statement to conform the statement to actual
results or changes in our expectations, except as required by law.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or
achievements.
-Tables to Follow-
VALLEY NATIONAL
BANCORPCONSOLIDATED FINANCIAL
HIGHLIGHTS
SELECTED FINANCIAL DATA
| |
Three Months Ended |
| |
March 31, |
|
December 31, |
|
March 31, |
| ($ in thousands, except for
share data and stock price) |
2024 |
|
2023 |
|
2023 |
| FINANCIAL
DATA: |
|
|
|
|
|
|
Net interest income - FTE(1) |
$ |
394,847 |
|
|
$ |
398,581 |
|
|
$ |
437,458 |
|
| Net interest income |
|
393,548 |
|
|
|
397,275 |
|
|
|
436,020 |
|
| Non-interest income |
|
61,415 |
|
|
|
52,691 |
|
|
|
54,299 |
|
| Total revenue |
|
454,963 |
|
|
|
449,966 |
|
|
|
490,319 |
|
| Non-interest expense |
|
280,310 |
|
|
|
340,421 |
|
|
|
272,166 |
|
| Pre-provision net revenue |
|
174,653 |
|
|
|
109,545 |
|
|
|
218,153 |
|
| Provision for credit
losses |
|
45,200 |
|
|
|
20,580 |
|
|
|
14,437 |
|
| Income tax expense |
|
33,173 |
|
|
|
17,411 |
|
|
|
57,165 |
|
| Net income |
|
96,280 |
|
|
|
71,554 |
|
|
|
146,551 |
|
| Dividends on preferred
stock |
|
4,119 |
|
|
|
4,104 |
|
|
|
3,874 |
|
| Net income available to common
shareholders |
$ |
92,161 |
|
|
$ |
67,450 |
|
|
$ |
142,677 |
|
| Weighted average number of
common shares outstanding: |
|
|
|
|
|
|
Basic |
|
508,340,719 |
|
|
|
507,683,229 |
|
|
|
507,111,295 |
|
|
Diluted |
|
510,633,945 |
|
|
|
509,714,526 |
|
|
|
509,656,430 |
|
| Per common share data: |
|
|
|
|
|
|
Basic earnings |
$ |
0.18 |
|
|
$ |
0.13 |
|
|
$ |
0.28 |
|
|
Diluted earnings |
|
0.18 |
|
|
|
0.13 |
|
|
|
0.28 |
|
|
Cash dividends declared |
|
0.11 |
|
|
|
0.11 |
|
|
|
0.11 |
|
| Closing stock price -
high |
|
10.80 |
|
|
|
11.10 |
|
|
|
12.59 |
|
| Closing stock price - low |
|
7.43 |
|
|
|
7.71 |
|
|
|
9.06 |
|
| FINANCIAL
RATIOS: |
|
|
|
|
|
| Net interest margin |
|
2.78 |
% |
|
|
2.81 |
% |
|
|
3.15 |
% |
| Net interest margin -
FTE(1) |
|
2.79 |
|
|
|
2.82 |
|
|
|
3.16 |
|
| Annualized return on average
assets |
|
0.63 |
|
|
|
0.47 |
|
|
|
0.98 |
|
| Annualized return on avg.
shareholders' equity |
|
5.73 |
|
|
|
4.31 |
|
|
|
9.10 |
|
| NON-GAAP FINANCIAL
DATA AND RATIOS:(3) |
|
|
|
|
|
| Basic earnings per share, as
adjusted |
$ |
0.19 |
|
|
$ |
0.22 |
|
|
$ |
0.30 |
|
| Diluted earnings per share, as
adjusted |
|
0.19 |
|
|
|
0.22 |
|
|
|
0.30 |
|
| Annualized return on average
assets, as adjusted |
|
0.65 |
% |
|
|
0.76 |
% |
|
|
1.03 |
% |
| Annualized return on average
shareholders' equity, as adjusted |
|
5.91 |
|
|
|
7.01 |
|
|
|
9.60 |
|
| Annualized return on avg.
tangible shareholders' equity |
|
8.19 |
% |
|
|
6.21 |
% |
|
|
13.39 |
% |
| Annualized return on average
tangible shareholders' equity, as adjusted |
|
8.46 |
|
|
|
10.10 |
|
|
|
14.12 |
|
| Efficiency ratio |
|
59.10 |
|
|
|
60.70 |
|
|
|
53.79 |
|
| |
|
|
|
|
|
| AVERAGE BALANCE SHEET
ITEMS: |
|
|
|
|
|
| Assets |
$ |
61,256,868 |
|
|
$ |
61,113,553 |
|
|
$ |
59,867,002 |
|
| Interest earning assets |
|
56,618,797 |
|
|
|
56,469,468 |
|
|
|
55,362,790 |
|
| Loans |
|
50,246,591 |
|
|
|
50,039,429 |
|
|
|
47,859,371 |
|
| Interest bearing
liabilities |
|
41,556,588 |
|
|
|
40,753,313 |
|
|
|
37,618,750 |
|
| Deposits |
|
48,575,974 |
|
|
|
49,460,571 |
|
|
|
47,152,919 |
|
| Shareholders' equity |
|
6,725,695 |
|
|
|
6,639,906 |
|
|
|
6,440,215 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
| |
As Of |
| BALANCE SHEET
ITEMS: |
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
| (In thousands) |
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
Assets |
$ |
61,000,188 |
|
|
$ |
60,934,974 |
|
|
$ |
61,183,352 |
|
|
$ |
61,703,693 |
|
|
$ |
64,309,573 |
|
| Total loans |
|
49,922,042 |
|
|
|
50,210,295 |
|
|
|
50,097,519 |
|
|
|
49,877,248 |
|
|
|
48,659,966 |
|
| Deposits |
|
49,077,946 |
|
|
|
49,242,829 |
|
|
|
49,885,314 |
|
|
|
49,619,815 |
|
|
|
47,590,916 |
|
| Shareholders' equity |
|
6,727,139 |
|
|
|
6,701,391 |
|
|
|
6,627,299 |
|
|
|
6,575,184 |
|
|
|
6,511,581 |
|
| |
|
|
|
|
|
|
|
|
|
| LOANS: |
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
|
|
|
|
|
|
|
|
| Commercial and industrial |
$ |
9,104,193 |
|
|
$ |
9,230,543 |
|
|
$ |
9,274,630 |
|
|
$ |
9,287,309 |
|
|
$ |
9,043,946 |
|
| Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
28,148,953 |
|
|
|
28,243,239 |
|
|
|
28,041,050 |
|
|
|
27,793,072 |
|
|
|
27,051,111 |
|
|
Construction |
|
3,556,511 |
|
|
|
3,726,808 |
|
|
|
3,833,269 |
|
|
|
3,815,761 |
|
|
|
3,725,967 |
|
|
Total commercial real estate |
|
31,705,464 |
|
|
|
31,970,047 |
|
|
|
31,874,319 |
|
|
|
31,608,833 |
|
|
|
30,777,078 |
|
| Residential mortgage |
|
5,618,355 |
|
|
|
5,569,010 |
|
|
|
5,562,665 |
|
|
|
5,560,356 |
|
|
|
5,486,280 |
|
| Consumer: |
|
|
|
|
|
|
|
|
|
|
Home equity |
|
564,083 |
|
|
|
559,152 |
|
|
|
548,918 |
|
|
|
535,493 |
|
|
|
516,592 |
|
|
Automobile |
|
1,700,508 |
|
|
|
1,620,389 |
|
|
|
1,585,987 |
|
|
|
1,632,875 |
|
|
|
1,717,141 |
|
|
Other consumer |
|
1,229,439 |
|
|
|
1,261,154 |
|
|
|
1,251,000 |
|
|
|
1,252,382 |
|
|
|
1,118,929 |
|
|
Total consumer loans |
|
3,494,030 |
|
|
|
3,440,695 |
|
|
|
3,385,905 |
|
|
|
3,420,750 |
|
|
|
3,352,662 |
|
| Total loans |
$ |
49,922,042 |
|
|
$ |
50,210,295 |
|
|
$ |
50,097,519 |
|
|
$ |
49,877,248 |
|
|
$ |
48,659,966 |
|
| |
|
|
|
|
|
|
|
|
|
| CAPITAL
RATIOS: |
|
|
|
|
|
|
|
|
|
| Book value per common
share |
$ |
12.81 |
|
|
$ |
12.79 |
|
|
$ |
12.64 |
|
|
$ |
12.54 |
|
|
$ |
12.41 |
|
| Tangible book value per common
share(3) |
|
8.84 |
|
|
|
8.79 |
|
|
|
8.63 |
|
|
|
8.51 |
|
|
|
8.36 |
|
| Tangible common equity to
tangible assets(3) |
|
7.62 |
% |
|
|
7.58 |
% |
|
|
7.40 |
% |
|
|
7.24 |
% |
|
|
6.82 |
% |
| Tier 1 leverage capital |
|
8.20 |
|
|
|
8.16 |
|
|
|
8.08 |
|
|
|
7.86 |
|
|
|
7.96 |
|
| Common equity tier 1
capital |
|
9.34 |
|
|
|
9.29 |
|
|
|
9.21 |
|
|
|
9.03 |
|
|
|
9.02 |
|
| Tier 1 risk-based capital |
|
9.78 |
|
|
|
9.72 |
|
|
|
9.64 |
|
|
|
9.47 |
|
|
|
9.46 |
|
| Total risk-based capital |
|
11.88 |
|
|
|
11.76 |
|
|
|
11.68 |
|
|
|
11.52 |
|
|
|
11.58 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| |
Three Months Ended |
| ALLOWANCE FOR CREDIT
LOSSES: |
March 31, |
|
December 31, |
|
March 31, |
| ($ in thousands) |
2024 |
|
2023 |
|
2023 |
| Allowance for credit
losses for loans |
|
|
|
|
|
|
Beginning balance |
$ |
465,550 |
|
|
$ |
462,345 |
|
|
$ |
483,255 |
|
| Impact of the adoption of ASU
No. 2022-02 |
|
— |
|
|
|
— |
|
|
|
(1,368 |
) |
| Beginning balance,
adjusted |
|
465,550 |
|
|
|
462,345 |
|
|
|
481,887 |
|
| Loans charged-off: |
|
|
|
|
|
|
Commercial and industrial |
|
(14,293 |
) |
|
|
(10,616 |
) |
|
|
(26,047 |
) |
|
Commercial real estate |
|
(1,204 |
) |
|
|
(8,814 |
) |
|
|
— |
|
|
Construction |
|
(7,594 |
) |
|
|
(1,906 |
) |
|
|
(5,698 |
) |
|
Residential mortgage |
|
— |
|
|
|
(25 |
) |
|
|
— |
|
|
Total consumer |
|
(1,809 |
) |
|
|
(1,274 |
) |
|
|
(828 |
) |
| Total loans charged-off |
|
(24,900 |
) |
|
|
(22,635 |
) |
|
|
(32,573 |
) |
| Charged-off loans
recovered: |
|
|
|
|
|
|
Commercial and industrial |
|
682 |
|
|
|
4,655 |
|
|
|
1,399 |
|
|
Commercial real estate |
|
241 |
|
|
|
1 |
|
|
|
24 |
|
|
Residential mortgage |
|
25 |
|
|
|
15 |
|
|
|
21 |
|
|
Total consumer |
|
397 |
|
|
|
473 |
|
|
|
761 |
|
| Total loans recovered |
|
1,345 |
|
|
|
5,144 |
|
|
|
2,205 |
|
| Total net charge-offs |
|
(23,555 |
) |
|
|
(17,491 |
) |
|
|
(30,368 |
) |
| Provision for credit losses
for loans |
|
45,274 |
|
|
|
20,696 |
|
|
|
9,450 |
|
| Ending balance |
$ |
487,269 |
|
|
$ |
465,550 |
|
|
$ |
460,969 |
|
| Components of
allowance for credit losses for loans: |
|
|
|
|
|
|
Allowance for loan losses |
$ |
469,248 |
|
|
$ |
446,080 |
|
|
$ |
436,898 |
|
|
Allowance for unfunded credit commitments |
|
18,021 |
|
|
|
19,470 |
|
|
|
24,071 |
|
| Allowance for credit losses
for loans |
$ |
487,269 |
|
|
$ |
465,550 |
|
|
$ |
460,969 |
|
| Components of
provision for credit losses for loans: |
|
|
|
|
|
|
Provision for credit losses for loans |
$ |
46,723 |
|
|
$ |
21,396 |
|
|
$ |
9,979 |
|
|
Credit for unfunded credit commitments |
|
(1,449 |
) |
|
|
(700 |
) |
|
|
(529 |
) |
| Total provision for credit
losses for loans |
$ |
45,274 |
|
|
$ |
20,696 |
|
|
$ |
9,450 |
|
| Annualized ratio of total net
charge-offs to total average loans |
|
0.19 |
% |
|
|
0.14 |
% |
|
|
0.25 |
% |
| Allowance for credit losses
for loans as a % of total loans |
|
0.98 |
% |
|
|
0.93 |
% |
|
|
0.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| |
As Of |
| ASSET
QUALITY: |
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
| ($ in thousands) |
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
| Accruing past due loans: |
|
|
|
|
|
|
|
|
|
| 30 to 59 days past due: |
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
6,202 |
|
|
$ |
9,307 |
|
|
$ |
10,687 |
|
|
$ |
6,229 |
|
|
$ |
20,716 |
|
|
Commercial real estate |
|
5,791 |
|
|
|
3,008 |
|
|
|
8,053 |
|
|
|
3,612 |
|
|
|
13,580 |
|
|
Residential mortgage |
|
20,819 |
|
|
|
26,345 |
|
|
|
13,159 |
|
|
|
15,565 |
|
|
|
12,599 |
|
|
Total consumer |
|
14,032 |
|
|
|
20,554 |
|
|
|
15,509 |
|
|
|
8,431 |
|
|
|
7,845 |
|
| Total 30 to 59 days past
due |
|
46,844 |
|
|
|
59,214 |
|
|
|
47,408 |
|
|
|
33,837 |
|
|
|
54,740 |
|
| 60 to 89 days past due: |
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
2,665 |
|
|
|
5,095 |
|
|
|
5,720 |
|
|
|
7,468 |
|
|
|
24,118 |
|
|
Commercial real estate |
|
3,720 |
|
|
|
1,257 |
|
|
|
2,620 |
|
|
|
— |
|
|
|
— |
|
|
Residential mortgage |
|
5,970 |
|
|
|
8,200 |
|
|
|
9,710 |
|
|
|
1,348 |
|
|
|
2,133 |
|
|
Total consumer |
|
1,834 |
|
|
|
4,715 |
|
|
|
1,720 |
|
|
|
4,126 |
|
|
|
1,519 |
|
| Total 60 to 89 days past
due |
|
14,189 |
|
|
|
19,267 |
|
|
|
19,770 |
|
|
|
12,942 |
|
|
|
27,770 |
|
| 90 or more days past due: |
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
5,750 |
|
|
|
5,579 |
|
|
|
6,629 |
|
|
|
6,599 |
|
|
|
8,927 |
|
|
Commercial real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,242 |
|
|
|
— |
|
|
Construction |
|
3,990 |
|
|
|
3,990 |
|
|
|
3,990 |
|
|
|
3,990 |
|
|
|
6,450 |
|
|
Residential mortgage |
|
2,884 |
|
|
|
2,488 |
|
|
|
1,348 |
|
|
|
1,165 |
|
|
|
1,668 |
|
|
Total consumer |
|
731 |
|
|
|
1,088 |
|
|
|
391 |
|
|
|
1,006 |
|
|
|
747 |
|
| Total 90 or more days past
due |
|
13,355 |
|
|
|
13,145 |
|
|
|
12,358 |
|
|
|
15,002 |
|
|
|
17,792 |
|
| Total accruing past due
loans |
$ |
74,388 |
|
|
$ |
91,626 |
|
|
$ |
79,536 |
|
|
$ |
61,781 |
|
|
$ |
100,302 |
|
| Non-accrual loans: |
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
102,399 |
|
|
$ |
99,912 |
|
|
$ |
87,655 |
|
|
$ |
84,449 |
|
|
$ |
78,606 |
|
|
Commercial real estate |
|
100,052 |
|
|
|
99,739 |
|
|
|
83,338 |
|
|
|
82,712 |
|
|
|
67,938 |
|
|
Construction |
|
51,842 |
|
|
|
60,851 |
|
|
|
62,788 |
|
|
|
63,043 |
|
|
|
68,649 |
|
|
Residential mortgage |
|
28,561 |
|
|
|
26,986 |
|
|
|
21,614 |
|
|
|
20,819 |
|
|
|
23,483 |
|
|
Total consumer |
|
4,438 |
|
|
|
4,383 |
|
|
|
3,545 |
|
|
|
3,068 |
|
|
|
3,318 |
|
| Total non-accrual loans |
|
287,292 |
|
|
|
291,871 |
|
|
|
258,940 |
|
|
|
254,091 |
|
|
|
241,994 |
|
| Other real estate owned
(OREO) |
|
88 |
|
|
|
71 |
|
|
|
71 |
|
|
|
824 |
|
|
|
1,189 |
|
| Other repossessed assets |
|
1,393 |
|
|
|
1,444 |
|
|
|
1,314 |
|
|
|
1,230 |
|
|
|
1,752 |
|
| Total non-performing
assets |
$ |
288,773 |
|
|
$ |
293,386 |
|
|
$ |
260,325 |
|
|
$ |
256,145 |
|
|
$ |
244,935 |
|
| Total non-accrual loans as a %
of loans |
|
0.58 |
% |
|
|
0.58 |
% |
|
|
0.52 |
% |
|
|
0.51 |
% |
|
|
0.50 |
% |
| Total accruing past due and
non-accrual loans as a % of loans |
|
0.72 |
|
|
|
0.76 |
|
|
|
0.68 |
|
|
|
0.63 |
|
|
|
0.70 |
|
| Allowance for losses on loans
as a % of non-accrual loans |
|
163.33 |
|
|
|
152.83 |
|
|
|
170.76 |
|
|
|
171.76 |
|
|
|
180.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES TO SELECTED FINANCIAL DATA
|
(1) |
|
Net interest income and net interest margin are presented on a tax
equivalent basis using a 21 percent federal tax rate. Valley
believes that this presentation provides comparability of net
interest income and net interest margin arising from both taxable
and tax-exempt sources and is consistent with industry practice and
SEC rules. |
|
(2) |
|
Non-GAAP Reconciliations. This press release
contains certain supplemental financial information, described in
the Notes below, which has been determined by methods other than
U.S. Generally Accepted Accounting Principles ("GAAP") that
management uses in its analysis of Valley's performance. The
Company believes that the non-GAAP financial measures provide
useful supplemental information to both management and investors in
understanding Valley’s underlying operational performance, business
and performance trends, and may facilitate comparisons of our
current and prior performance with the performance of others in the
financial services industry. Management utilizes these measures for
internal planning, forecasting and analysis purposes. Management
believes that Valley’s presentation and discussion of this
supplemental information, together with the accompanying
reconciliations to the GAAP financial measures, also allows
investors to view performance in a manner similar to management.
These non-GAAP financial measures should not be considered in
isolation or as a substitute for or superior to financial measures
calculated in accordance with U.S. GAAP. These non-GAAP financial
measures may also be calculated differently from similar measures
disclosed by other companies. |
|
|
|
|
| |
|
Non-GAAP Reconciliations to GAAP Financial
Measures |
|
|
|
| |
Three Months Ended |
| |
March 31, |
|
December 31, |
|
March 31, |
| ($ in thousands, except for
share data) |
2024 |
|
2023 |
|
2023 |
| Adjusted net income
available to common shareholders (non-GAAP): |
|
|
|
|
|
|
Net income, as reported (GAAP) |
$ |
96,280 |
|
|
$ |
71,554 |
|
|
$ |
146,551 |
|
|
Add: FDIC Special assessment(a) |
|
7,394 |
|
|
|
50,297 |
|
|
|
— |
|
|
Add: Losses (gains) on available for sale and held to maturity debt
securities, net(b) |
|
7 |
|
|
|
(877 |
) |
|
|
24 |
|
|
Add: Restructuring charge(c) |
|
620 |
|
|
|
(538 |
) |
|
|
— |
|
|
Less: Gain on sale of commercial premium finance lending
division(d) |
|
(3,629 |
) |
|
|
— |
|
|
|
— |
|
|
Add: Provision for credit losses for available for sale
securities(e) |
|
— |
|
|
|
— |
|
|
|
5,000 |
|
|
Add: Merger related expenses(f) |
|
— |
|
|
|
10,000 |
|
|
|
4,133 |
|
|
Add: Litigation reserve(g) |
|
— |
|
|
|
3,540 |
|
|
|
— |
|
| Total non-GAAP adjustments to
net income |
|
4,392 |
|
|
|
62,422 |
|
|
|
9,157 |
|
|
Income tax adjustments related to non-GAAP adjustments(h) |
|
(1,224 |
) |
|
|
(17,679 |
) |
|
|
(1,178 |
) |
| Net income, as adjusted
(non-GAAP) |
$ |
99,448 |
|
|
$ |
116,297 |
|
|
$ |
154,530 |
|
| Dividends on preferred
stock |
|
4,119 |
|
|
|
4,104 |
|
|
|
3,874 |
|
| Net income available to common
shareholders, as adjusted (non-GAAP) |
$ |
95,329 |
|
|
$ |
112,193 |
|
|
$ |
150,656 |
|
| __________ |
|
|
|
|
|
|
(a) Included in the FDIC insurance expense. |
|
(b) Included in gains on securities transactions, net. |
|
(c) Represents severance expense (credit) related to workforce
reductions within salary and employee benefits expense. |
|
(d) Included in net gains (losses) on sale of assets. |
|
(e) Included in provision for credit losses for available for sale
and held to maturity securities (tax disallowed). |
|
(f) Represents data processing termination costs within technology,
furniture and equipment expense during the fourth quarter 2023 and
salary and employee benefits expense during the first quarter
2023. |
|
(g) Represents legal reserves and settlement charges included in
professional and legal fees. |
|
(h) Calculated using the appropriate blended statutory tax rate for
the applicable period. |
| |
|
|
|
|
|
| Adjusted per common
share data (non-GAAP): |
|
|
|
|
|
| Net income available to common
shareholders, as adjusted (non-GAAP) |
$ |
95,329 |
|
|
$ |
112,193 |
|
|
$ |
150,656 |
|
| Average number of shares
outstanding |
|
508,340,719 |
|
|
|
507,683,229 |
|
|
|
507,111,295 |
|
|
Basic earnings, as adjusted (non-GAAP) |
$ |
0.19 |
|
|
$ |
0.22 |
|
|
$ |
0.30 |
|
| Average number of diluted
shares outstanding |
|
510,633,945 |
|
|
|
509,714,526 |
|
|
|
509,656,430 |
|
|
Diluted earnings, as adjusted (non-GAAP) |
$ |
0.19 |
|
|
$ |
0.22 |
|
|
$ |
0.30 |
|
| Adjusted annualized
return on average tangible shareholders' equity
(non-GAAP): |
|
|
|
|
|
| Net income, as adjusted
(non-GAAP) |
$ |
99,448 |
|
|
$ |
116,297 |
|
|
$ |
154,530 |
|
| Average shareholders'
equity |
$ |
6,725,695 |
|
|
$ |
6,639,906 |
|
|
$ |
6,440,215 |
|
|
Less: Average goodwill and other intangible assets |
|
2,024,999 |
|
|
|
2,033,656 |
|
|
|
2,061,361 |
|
| Average tangible shareholders'
equity |
$ |
4,700,696 |
|
|
$ |
4,606,250 |
|
|
$ |
4,378,854 |
|
| Annualized return on average
tangible shareholders' equity, as adjusted (non-GAAP) |
|
8.46 |
% |
|
|
10.10 |
% |
|
|
14.12 |
% |
| Adjusted annualized
return on average assets (non-GAAP): |
|
|
|
|
|
| Net income, as adjusted
(non-GAAP) |
$ |
99,448 |
|
|
$ |
116,297 |
|
|
$ |
154,530 |
|
| Average assets |
$ |
61,256,868 |
|
|
$ |
61,113,553 |
|
|
$ |
59,867,002 |
|
| Annualized return on average
assets, as adjusted (non-GAAP) |
|
0.65 |
% |
|
|
0.76 |
% |
|
|
1.03 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
GAAP Reconciliations to GAAP Financial Measures
(Continued) |
| |
|
| |
Three Months Ended |
| |
March 31, |
|
December 31, |
|
March 31, |
| ($ in thousands, except for
share data) |
2024 |
|
2023 |
|
2023 |
| Adjusted annualized
return on average shareholders' equity (non-GAAP): |
|
|
|
|
|
|
Net income, as adjusted (non-GAAP) |
$ |
99,448 |
|
|
$ |
116,297 |
|
|
$ |
154,530 |
|
| Average shareholders'
equity |
$ |
6,725,695 |
|
|
$ |
6,639,906 |
|
|
$ |
6,440,215 |
|
| Annualized return on average
shareholders' equity, as adjusted (non-GAAP) |
|
5.91 |
% |
|
|
7.01 |
% |
|
|
9.60 |
% |
| Annualized return on
average tangible shareholders' equity (non-GAAP): |
|
|
|
|
|
| Net income, as reported
(GAAP) |
$ |
96,280 |
|
|
$ |
71,554 |
|
|
$ |
146,551 |
|
| Average shareholders'
equity |
|
6,725,695 |
|
|
|
6,639,906 |
|
|
|
6,440,215 |
|
|
Less: Average goodwill and other intangible assets |
|
2,024,999 |
|
|
|
2,033,656 |
|
|
|
2,061,361 |
|
| Average tangible shareholders'
equity |
$ |
4,700,696 |
|
|
$ |
4,606,250 |
|
|
$ |
4,378,854 |
|
| Annualized return on average
tangible shareholders' equity (non-GAAP) |
|
8.19 |
% |
|
|
6.21 |
% |
|
|
13.39 |
% |
| Efficiency ratio
(non-GAAP): |
|
|
|
|
|
| Non-interest expense, as
reported (GAAP) |
$ |
280,310 |
|
|
$ |
340,421 |
|
|
$ |
272,166 |
|
|
Less: FDIC Special assessment (pre-tax) |
|
7,394 |
|
|
|
50,297 |
|
|
|
— |
|
|
Less: Restructuring charge (pre-tax) |
|
620 |
|
|
|
(538 |
) |
|
|
— |
|
|
Less: Merger-related expenses (pre-tax) |
|
— |
|
|
|
10,000 |
|
|
|
4,133 |
|
|
Less: Amortization of tax credit investments (pre-tax) |
|
5,562 |
|
|
|
4,547 |
|
|
|
4,253 |
|
|
Less: Litigation reserve (pre-tax) |
|
— |
|
|
|
3,540 |
|
|
|
— |
|
| Non-interest expense, as
adjusted (non-GAAP) |
$ |
266,734 |
|
|
$ |
272,575 |
|
|
$ |
263,780 |
|
| Net interest income, as
reported (GAAP) |
|
393,548 |
|
|
|
397,275 |
|
|
|
436,020 |
|
| Non-interest income, as
reported (GAAP) |
|
61,415 |
|
|
|
52,691 |
|
|
|
54,299 |
|
|
Add: Losses (gains) on available for sale and held to maturity
securities transactions, net (pre-tax) |
|
7 |
|
|
|
(877 |
) |
|
|
24 |
|
|
Less: Gain on sale of premium finance division (pre-tax) |
|
(3,629 |
) |
|
|
— |
|
|
|
— |
|
| Non-interest income, as
adjusted (non-GAAP) |
$ |
57,793 |
|
|
$ |
51,814 |
|
|
$ |
54,323 |
|
|
Gross operating income, as adjusted (non-GAAP) |
$ |
451,341 |
|
|
$ |
449,089 |
|
|
$ |
490,343 |
|
|
Efficiency ratio (non-GAAP) |
|
59.10 |
% |
|
|
60.70 |
% |
|
|
53.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| |
As of |
| |
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
| ($ in thousands, except for
share data) |
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
| Tangible book value
per common share (non-GAAP): |
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
508,893,059 |
|
|
|
507,709,927 |
|
|
|
507,660,742 |
|
|
|
507,619,430 |
|
|
|
507,762,358 |
|
| Shareholders' equity
(GAAP) |
$ |
6,727,139 |
|
|
$ |
6,701,391 |
|
|
$ |
6,627,299 |
|
|
$ |
6,575,184 |
|
|
$ |
6,511,581 |
|
|
Less: Preferred stock |
|
209,691 |
|
|
|
209,691 |
|
|
|
209,691 |
|
|
|
209,691 |
|
|
|
209,691 |
|
|
Less: Goodwill and other intangible assets |
|
2,020,405 |
|
|
|
2,029,267 |
|
|
|
2,038,202 |
|
|
|
2,046,882 |
|
|
|
2,056,107 |
|
| Tangible common shareholders'
equity (non-GAAP) |
$ |
4,497,043 |
|
|
$ |
4,462,433 |
|
|
$ |
4,379,406 |
|
|
$ |
4,318,611 |
|
|
$ |
4,245,783 |
|
|
Tangible book value per common share (non-GAAP) |
$ |
8.84 |
|
|
$ |
8.79 |
|
|
$ |
8.63 |
|
|
$ |
8.51 |
|
|
$ |
8.36 |
|
| Tangible common equity
to tangible assets (non-GAAP): |
|
|
|
|
|
|
|
|
|
| Tangible common shareholders'
equity (non-GAAP) |
$ |
4,497,043 |
|
|
$ |
4,462,433 |
|
|
$ |
4,379,406 |
|
|
$ |
4,318,611 |
|
|
$ |
4,245,783 |
|
| Total assets (GAAP) |
|
61,000,188 |
|
|
|
60,934,974 |
|
|
|
61,183,352 |
|
|
|
61,703,693 |
|
|
|
64,309,573 |
|
|
Less: Goodwill and other intangible assets |
|
2,020,405 |
|
|
|
2,029,267 |
|
|
|
2,038,202 |
|
|
|
2,046,882 |
|
|
|
2,056,107 |
|
| Tangible assets
(non-GAAP) |
$ |
58,979,783 |
|
|
$ |
58,905,707 |
|
|
$ |
59,145,150 |
|
|
$ |
59,656,811 |
|
|
$ |
62,253,466 |
|
|
Tangible common equity to tangible assets (non-GAAP) |
|
7.62 |
% |
|
|
7.58 |
% |
|
|
7.40 |
% |
|
|
7.24 |
% |
|
|
6.82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VALLEY NATIONAL BANCORPCONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION(in thousands,
except for share data)
| |
March 31, |
|
December 31, |
| |
2024 |
|
2023 |
| |
(Unaudited) |
|
|
| Assets |
|
|
|
|
Cash and due from banks |
$ |
398,827 |
|
|
$ |
284,090 |
|
| Interest bearing deposits with
banks |
|
542,006 |
|
|
|
607,135 |
|
| Investment securities: |
|
|
|
|
Equity securities |
|
66,951 |
|
|
|
64,464 |
|
|
Trading debt securities |
|
3,989 |
|
|
|
3,973 |
|
|
Available for sale debt securities |
|
1,449,334 |
|
|
|
1,296,576 |
|
| Held to maturity debt securities
(net of allowance for credit losses of $1,131 at March 31,
2024 and $1,205 at December 31, 2023) |
|
3,710,687 |
|
|
|
3,739,208 |
|
|
Total investment securities |
|
5,230,961 |
|
|
|
5,104,221 |
|
| Loans held for sale (includes
fair value of $17,639 at March 31, 2024 and $20,640 at December 31,
2023 for loans originated for sale) |
|
61,782 |
|
|
|
30,640 |
|
| Loans |
|
49,922,042 |
|
|
|
50,210,295 |
|
|
Less: Allowance for loan losses |
|
(469,248 |
) |
|
|
(446,080 |
) |
|
Net loans |
|
49,452,794 |
|
|
|
49,764,215 |
|
| Premises and equipment,
net |
|
371,034 |
|
|
|
381,081 |
|
| Lease right of use assets |
|
336,330 |
|
|
|
343,461 |
|
| Bank owned life insurance |
|
723,398 |
|
|
|
723,799 |
|
| Accrued interest receivable |
|
253,893 |
|
|
|
245,498 |
|
| Goodwill |
|
1,868,936 |
|
|
|
1,868,936 |
|
| Other intangible assets, net |
|
151,469 |
|
|
|
160,331 |
|
| Other assets |
|
1,608,758 |
|
|
|
1,421,567 |
|
|
Total Assets |
$ |
61,000,188 |
|
|
$ |
60,934,974 |
|
| Liabilities |
|
|
|
| Deposits: |
|
|
|
|
Non-interest bearing |
$ |
11,273,331 |
|
|
$ |
11,539,483 |
|
|
Interest bearing: |
|
|
|
|
Savings, NOW and money market |
|
25,060,881 |
|
|
|
24,526,622 |
|
|
Time |
|
12,743,734 |
|
|
|
13,176,724 |
|
|
Total deposits |
|
49,077,946 |
|
|
|
49,242,829 |
|
| Short-term borrowings |
|
75,224 |
|
|
|
917,834 |
|
| Long-term borrowings |
|
3,262,341 |
|
|
|
2,328,375 |
|
| Junior subordinated debentures
issued to capital trusts |
|
57,195 |
|
|
|
57,108 |
|
| Lease liabilities |
|
396,904 |
|
|
|
403,781 |
|
| Accrued expenses and other
liabilities |
|
1,403,439 |
|
|
|
1,283,656 |
|
|
Total Liabilities |
|
54,273,049 |
|
|
|
54,233,583 |
|
| Shareholders’
Equity |
|
|
|
| Preferred stock, no par value;
50,000,000 authorized shares: |
|
|
|
| Series A (4,600,000 shares issued
at March 31, 2024 and December 31, 2023) |
|
111,590 |
|
|
|
111,590 |
|
| Series B (4,000,000 shares issued
at March 31, 2024 and December 31, 2023) |
|
98,101 |
|
|
|
98,101 |
|
| Common stock (no par value,
authorized 650,000,000 shares; issued 508,893,059 shares at
March 31, 2024 and 507,896,910 shares at December 31,
2023) |
|
178,535 |
|
|
|
178,187 |
|
| Surplus |
|
4,989,023 |
|
|
|
4,989,989 |
|
| Retained earnings |
|
1,506,738 |
|
|
|
1,471,371 |
|
| Accumulated other comprehensive
loss |
|
(156,848 |
) |
|
|
(146,456 |
) |
| Treasury stock, at cost (186,983
common shares at December 31, 2023) |
|
— |
|
|
|
(1,391 |
) |
|
Total Shareholders’ Equity |
|
6,727,139 |
|
|
|
6,701,391 |
|
|
Total Liabilities and Shareholders’ Equity |
$ |
61,000,188 |
|
|
$ |
60,934,974 |
|
|
|
|
|
|
|
|
|
|
VALLEY NATIONAL BANCORPCONSOLIDATED
STATEMENTS OF INCOME (Unaudited)(in thousands,
except for share data)
| |
Three Months Ended |
| |
March 31, |
|
December 31, |
|
March 31, |
| |
2024 |
|
2023 |
|
2023 |
| Interest
Income |
|
|
|
|
|
|
Interest and fees on loans |
$ |
771,553 |
|
|
$ |
762,894 |
|
|
$ |
655,226 |
|
| Interest and dividends on
investment securities: |
|
|
|
|
|
|
Taxable |
|
35,797 |
|
|
|
34,117 |
|
|
|
32,289 |
|
|
Tax-exempt |
|
4,796 |
|
|
|
4,820 |
|
|
|
5,325 |
|
|
Dividends |
|
6,828 |
|
|
|
6,138 |
|
|
|
5,185 |
|
| Interest on federal funds sold
and other short-term investments |
|
9,682 |
|
|
|
10,215 |
|
|
|
22,205 |
|
|
Total interest income |
|
828,656 |
|
|
|
818,184 |
|
|
|
720,230 |
|
| Interest
Expense |
|
|
|
|
|
| Interest on deposits: |
|
|
|
|
|
|
Savings, NOW and money market |
|
232,506 |
|
|
|
221,501 |
|
|
|
150,766 |
|
|
Time |
|
151,065 |
|
|
|
165,351 |
|
|
|
80,298 |
|
| Interest on short-term
borrowings |
|
20,612 |
|
|
|
5,524 |
|
|
|
33,948 |
|
| Interest on long-term borrowings
and junior subordinated debentures |
|
30,925 |
|
|
|
28,533 |
|
|
|
19,198 |
|
|
Total interest expense |
|
435,108 |
|
|
|
420,909 |
|
|
|
284,210 |
|
| Net Interest
Income |
|
393,548 |
|
|
|
397,275 |
|
|
|
436,020 |
|
| (Credit) provision for credit
losses for available for sale and held to maturity securities |
|
(74 |
) |
|
|
(116 |
) |
|
|
4,987 |
|
| Provision for credit losses for
loans |
|
45,274 |
|
|
|
20,696 |
|
|
|
9,450 |
|
|
Net Interest Income After Provision for Credit
Losses |
|
348,348 |
|
|
|
376,695 |
|
|
|
421,583 |
|
| Non-Interest
Income |
|
|
|
|
|
| Wealth management and trust
fees |
|
17,930 |
|
|
|
11,978 |
|
|
|
9,587 |
|
| Insurance commissions |
|
2,251 |
|
|
|
3,221 |
|
|
|
2,420 |
|
| Capital markets |
|
5,670 |
|
|
|
6,489 |
|
|
|
10,892 |
|
| Service charges on deposit
accounts |
|
11,249 |
|
|
|
9,336 |
|
|
|
10,476 |
|
| Gains on securities transactions,
net |
|
49 |
|
|
|
907 |
|
|
|
378 |
|
| Fees from loan servicing |
|
3,188 |
|
|
|
2,616 |
|
|
|
2,671 |
|
| Gains on sales of loans, net |
|
1,618 |
|
|
|
2,302 |
|
|
|
489 |
|
| Gains (losses) on sales of
assets, net |
|
3,694 |
|
|
|
(129 |
) |
|
|
124 |
|
| Bank owned life insurance |
|
3,235 |
|
|
|
4,107 |
|
|
|
2,584 |
|
| Other |
|
12,531 |
|
|
|
11,864 |
|
|
|
14,678 |
|
|
Total non-interest income |
|
61,415 |
|
|
|
52,691 |
|
|
|
54,299 |
|
| Non-Interest
Expense |
|
|
|
|
|
| Salary and employee benefits
expense |
|
141,831 |
|
|
|
131,719 |
|
|
|
144,986 |
|
| Net occupancy expense |
|
24,323 |
|
|
|
27,590 |
|
|
|
23,256 |
|
| Technology, furniture and
equipment expense |
|
35,462 |
|
|
|
44,404 |
|
|
|
36,508 |
|
| FDIC insurance assessment |
|
18,236 |
|
|
|
60,627 |
|
|
|
9,155 |
|
| Amortization of other intangible
assets |
|
9,412 |
|
|
|
9,696 |
|
|
|
10,519 |
|
| Professional and legal fees |
|
16,465 |
|
|
|
25,238 |
|
|
|
16,814 |
|
| Amortization of tax credit
investments |
|
5,562 |
|
|
|
4,547 |
|
|
|
4,253 |
|
| Other |
|
29,019 |
|
|
|
36,600 |
|
|
|
26,675 |
|
|
Total non-interest expense |
|
280,310 |
|
|
|
340,421 |
|
|
|
272,166 |
|
| Income Before Income
Taxes |
|
129,453 |
|
|
|
88,965 |
|
|
|
203,716 |
|
| Income tax expense |
|
33,173 |
|
|
|
17,411 |
|
|
|
57,165 |
|
| Net Income |
|
96,280 |
|
|
|
71,554 |
|
|
|
146,551 |
|
| Dividends on preferred stock |
|
4,119 |
|
|
|
4,104 |
|
|
|
3,874 |
|
| Net Income Available to
Common Shareholders |
$ |
92,161 |
|
|
$ |
67,450 |
|
|
$ |
142,677 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
VALLEY NATIONAL BANCORPQuarterly
Analysis of Average Assets, Liabilities and Shareholders' Equity
andNet Interest Income on a Tax Equivalent
Basis
| |
Three Months Ended |
| |
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
| |
Average |
|
|
|
Avg. |
|
Average |
|
|
|
Avg. |
|
Average |
|
|
|
Avg. |
| ($ in thousands) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans(1)(2) |
$ |
50,246,591 |
|
|
$ |
771,577 |
|
|
6.14 |
% |
|
$ |
50,039,429 |
|
|
$ |
762,918 |
|
|
6.10 |
% |
|
$ |
47,859,371 |
|
|
$ |
655,250 |
|
|
5.48 |
% |
|
Taxable investments(3) |
|
5,094,978 |
|
|
|
42,625 |
|
|
3.35 |
|
|
|
4,950,773 |
|
|
|
40,255 |
|
|
3.25 |
|
|
|
5,033,134 |
|
|
|
37,474 |
|
|
2.98 |
|
|
Tax-exempt investments(1)(3) |
|
579,842 |
|
|
|
6,071 |
|
|
4.19 |
|
|
|
593,577 |
|
|
|
6,101 |
|
|
4.11 |
|
|
|
623,145 |
|
|
|
6,739 |
|
|
4.33 |
|
|
Interest bearing deposits with banks |
|
697,386 |
|
|
|
9,682 |
|
|
5.55 |
|
|
|
885,689 |
|
|
|
10,215 |
|
|
4.61 |
|
|
|
1,847,140 |
|
|
|
22,205 |
|
|
4.81 |
|
| Total interest earning
assets |
|
56,618,797 |
|
|
|
829,955 |
|
|
5.86 |
|
|
|
56,469,468 |
|
|
|
819,489 |
|
|
5.80 |
|
|
|
55,362,790 |
|
|
|
721,668 |
|
|
5.21 |
|
| Other assets |
|
4,638,071 |
|
|
|
|
|
|
|
4,644,085 |
|
|
|
|
|
|
|
4,504,212 |
|
|
|
|
|
| Total assets |
$ |
61,256,868 |
|
|
|
|
|
|
$ |
61,113,553 |
|
|
|
|
|
|
$ |
59,867,002 |
|
|
|
|
|
| Liabilities and
shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and money market deposits |
$ |
24,793,452 |
|
|
$ |
232,506 |
|
|
3.75 |
% |
|
$ |
23,991,093 |
|
|
$ |
221,500 |
|
|
3.69 |
% |
|
$ |
23,389,569 |
|
|
$ |
150,766 |
|
|
2.58 |
% |
|
Time deposits |
|
12,599,395 |
|
|
|
151,065 |
|
|
4.80 |
|
|
|
13,934,683 |
|
|
|
165,351 |
|
|
4.75 |
|
|
|
9,738,608 |
|
|
|
80,298 |
|
|
3.30 |
|
|
Short-term borrowings |
|
1,537,879 |
|
|
|
20,612 |
|
|
5.36 |
|
|
|
449,831 |
|
|
|
5,524 |
|
|
4.91 |
|
|
|
2,803,743 |
|
|
|
33,948 |
|
|
4.84 |
|
|
Long-term borrowings(4) |
|
2,625,862 |
|
|
|
30,925 |
|
|
4.71 |
|
|
|
2,377,706 |
|
|
|
28,533 |
|
|
4.80 |
|
|
|
1,686,830 |
|
|
|
19,198 |
|
|
4.55 |
|
| Total interest bearing
liabilities |
|
41,556,588 |
|
|
|
435,108 |
|
|
4.19 |
|
|
|
40,753,313 |
|
|
|
420,908 |
|
|
4.13 |
|
|
|
37,618,750 |
|
|
|
284,210 |
|
|
3.02 |
|
| Non-interest bearing
deposits |
|
11,183,127 |
|
|
|
|
|
|
|
11,534,795 |
|
|
|
|
|
|
|
14,024,742 |
|
|
|
|
|
| Other liabilities |
|
1,791,458 |
|
|
|
|
|
|
|
2,185,539 |
|
|
|
|
|
|
|
1,783,295 |
|
|
|
|
|
| Shareholders' equity |
|
6,725,695 |
|
|
|
|
|
|
|
6,639,906 |
|
|
|
|
|
|
|
6,440,215 |
|
|
|
|
|
| Total liabilities and
shareholders' equity |
$ |
61,256,868 |
|
|
|
|
|
|
$ |
61,113,553 |
|
|
|
|
|
|
$ |
59,867,002 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income/interest
rate spread(5) |
|
|
$ |
394,847 |
|
|
1.67 |
% |
|
|
|
$ |
398,581 |
|
|
1.67 |
% |
|
|
|
$ |
437,458 |
|
|
2.19 |
% |
| Tax equivalent adjustment |
|
|
|
(1,299 |
) |
|
|
|
|
|
|
(1,306 |
) |
|
|
|
|
|
|
(1,438 |
) |
|
|
| Net interest income, as
reported |
|
|
$ |
393,548 |
|
|
|
|
|
|
$ |
397,275 |
|
|
|
|
|
|
$ |
436,020 |
|
|
|
| Net interest margin(6) |
|
|
|
|
2.78 |
|
|
|
|
|
|
2.81 |
|
|
|
|
|
|
3.15 |
|
|
Tax equivalent effect |
|
|
|
|
0.01 |
|
|
|
|
|
|
0.01 |
|
|
|
|
|
|
0.01 |
|
| Net interest margin on a fully
tax equivalent basis(6) |
|
|
|
|
2.79 |
% |
|
|
|
|
|
2.82 |
% |
|
|
|
|
|
3.16 |
% |
____________
(1) Interest income is presented on a tax equivalent basis
using a 21 percent federal tax rate.(2) Loans are stated net
of unearned income and include non-accrual loans.(3) The
yield for securities that are classified as available for sale is
based on the average historical amortized cost.(4) Includes
junior subordinated debentures issued to capital trusts which are
presented separately on the consolidated statements of
condition.(5) Interest rate spread represents the difference
between the average yield on interest earning assets and the
average cost of interest bearing liabilities and is presented on a
fully tax equivalent basis.(6) Net interest income as a
percentage of total average interest earning assets.
| |
|
| |
SHAREHOLDERS
RELATIONSRequests for copies of reports and/or other
inquiries should be directed to Tina Zarkadas, Assistant Vice
President, Shareholder Relations Specialist, Valley National
Bancorp, 70 Speedwell Avenue, Morristown, New Jersey, 07960, by
telephone at (973) 305-3380, by fax at (973) 305-1364 or by e-mail
at tzarkadas@valley.com. |
| |
|
|
Contact: |
|
Michael D. Hagedorn |
|
|
|
Senior Executive Vice President and |
|
|
|
Chief Financial Officer |
|
|
|
973-872-4885 |
Valley National Bancorp (NASDAQ:VLY)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Valley National Bancorp (NASDAQ:VLY)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
