• Valley National Bancorp Announces First Quarter 2024 Results

    Источник: Nasdaq GlobeNewswire / 25 апр 2024 06:00:21   America/Chicago

    NEW YORK, April 25, 2024 (GLOBE NEWSWIRE) -- 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 BANCORP
    CONSOLIDATED 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 BANCORP
    CONSOLIDATED 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 BANCORP
    CONSOLIDATED 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 BANCORP
    Quarterly Analysis of Average Assets, Liabilities and Shareholders' Equity and
    Net 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 RELATIONS
    Requests 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

    Primary Logo

Опубликовать