valley national bancorp (VLY) Key Developments
Valley National Bancorp Declares Preferred Stock Dividends and Regular Quarterly Common Stock Payable January 4, 2016
Nov 24 15
Valley National Bancorp announced that a preferred stock cash dividend of $0.390625 per share will be paid December 30, 2015 to shareholders of record on December 11, 2015 on its 6.25% Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock Series A.
The company also announced that a common stock cash dividend of $0.11 per share will be paid January 4, 2016 to shareholders of record on December 15, 2015. The dividend amount per share was unchanged as compared to the previous quarterly common cash dividend. The common cash dividend should not be used as an indicator of future dividends to Valley's common stockholders.
Valley National Bancorp Plan to Close 15 More Branches by the End of 2016
Nov 4 15
During the third quarter, Valley National Bancorp closed seven of the 13 branches, resulting in the recognition of an immaterial amount of related non-cash branch closing costs. The remaining six branches are expected to be closed by December 31, 2015. Additionally, the company plans to enhance these efforts through the closure of 15 more branches by the end of 2016. Valley estimates that the 28 branch closure plan will result in an annualized reduction of approximately USD 10 million in ongoing operating expenses, of which 45% should be realized by the end of 2016. In addition to the branch closures, Valley intends to implement a cost reduction plan aimed at achieving operational efficiencies through streamlining various aspects of Valley's business model, staff reductions and further utilization of technological enhancements. These measures are expected to save USD 5 million in pre-tax operating expenses starting in 2016 and are expected to increase to approximately USD 8 million in 2017.
Valley National Bancorp Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Effective Tax Rate Guidance for the Fourth Quarter of 2015
Oct 28 15
Valley National Bancorp reported consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported net income of $36.0 million, or $0.15 per diluted common share as compared to net income of $32.0 million, or $0.14 per diluted common share, for the second quarter of 2015 and the third quarter of 2014 earnings of $27.7 million, or $0.14 per diluted common share. Net interest income was $133.96 million compared with $114.7 million a year ago. Net income available to common shareholders was $33.9 million or $0.15 per basic and diluted share compared with $27.7 million or $0.14 per basic and diluted share a year ago. Annualized return on average assets was 0.74% compared with 0.67% a year ago. Annualized return on average shareholders' equity was 7.20% compared with 7.00% a year ago. Annualized return on average tangible shareholders' equity was 10.36% compared with 9.86% a year ago. Income before income taxes was $46.1 million compared with $38.3 million a year ago.
For the nine months, the company's net interest income was $402.2 million compared with $346.1 million a year ago. Net income was $98.3 million compared with $91.0 million a year ago. Net income available to common shareholders was $96.3 million or $0.41 per basic and diluted share compared with $91.0 million or $0.45 per basic and diluted share a year ago. Annualized return on average assets was 0.68% compared with 0.74% a year ago. Annualized return on average shareholders' equity was 6.82% compared with 7.76% a year ago. Annualized return on average tangible shareholders' equity was 10.00% compared with 11.00% a year ago. As on September 30m 2015, the company's book value per share was $8.10 and tangible book value per share was 5.48. Income before income taxes was $133.2 million compared with $114.3 million a year ago.
In the fourth quarter, the effective tax rate directly attributable to the $50 million prepayment penalty will be approximately 35%, while the company anticipates the effective rate on Valley's ordinary operating results to range between 25% and 27%, once again exclusive of the prepayment penalty.
Robert C. Soldoveri Not to Stand for Re-Election to the Board of Valley National Bancorp
Oct 27 15
Valley National Bancorp announced that, on October 23, 2015, Robert C. Soldoveri, a member of the Board of Directors of the company notified the company that he will not stand for re-election to the Board at the 2016 annual meeting of shareholders. The Board has acted to reduce the size of the Board as of the date of the 2016 annual meeting.
Valley National Bancorp Presents at 2015 East Coast Financial Services Conference, Nov-11-2015
Sep 25 15
Valley National Bancorp Presents at 2015 East Coast Financial Services Conference, Nov-11-2015 . Venue: Palm Beach, Florida, United States.