• Valley National Bancorp Announces Third Quarter 2023 Results

    Источник: Nasdaq GlobeNewswire / 26 окт 2023 07:00:58   America/New_York

    NEW YORK, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the third quarter 2023 of $141.3 million, or $0.27 per diluted common share, as compared to the second quarter 2023 net income of $139.1 million, or $0.27 per diluted common share, and net income of $178.1 million, or $0.34 per diluted common share, for the third quarter 2022. Excluding all non-core income and charges, our adjusted net income (a non-GAAP measure) was $136.4 million, or $0.26 per diluted common share, for the third quarter 2023, $147.1 million, or $0.28 per diluted common share, for the second quarter 2023, and $181.5 million, or $0.35 per diluted common share, for the third quarter 2022. 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 third quarter 2023:

    • Loan Portfolio: Loan growth in most categories slowed as expected during third quarter 2023 largely due to the impact of higher market interest rates. Total loans increased $220.3 million, or 1.8 percent on an annualized basis, to $50.1 billion at September 30, 2023 from June 30, 2023 mainly as a result of select new loan originations in the commercial real estate loan portfolio. Annualized loan growth for the nine months ended September 30, 2023 totaled 9.0 percent. See the "Loans" section below for more details.
    • Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $462.3 million and $458.7 million at September 30, 2023 and June 30, 2023, respectively, representing 0.92 percent of total loans at each respective date. For the third quarter 2023, the provision for credit losses for loans totaled $9.1 million as compared to $6.3 million and $1.8 million for the second quarter 2023 and third quarter 2022, respectively.
    • Credit Quality: Net loan charge-offs totaled $5.5 million for the third quarter 2023 as compared to $8.6 million for the second quarter 2023 and net recoveries of loan charge-offs of $5.6 million for the third quarter 2022. Total accruing past due loans increased $17.8 million to $79.5 million, or 0.16 percent of total loans, at September 30, 2023 as compared to $61.8 million, or 0.12 percent of total loans, at June 30, 2023. Non-accrual loans represented 0.52 percent and 0.51 percent of total loans at September 30, 2023 and June 30, 2023, respectively. See the "Credit Quality" section below for more details.
    • Deposits: Total deposits increased $265.5 million to $49.9 billion at September 30, 2023 as compared to $49.6 billion at June 30, 2023 largely due to increases in direct customer interest bearing deposits, partially offset by a net decrease of $338.5 million in indirect customer deposits driven by maturity of certain indirect CDs. See the "Deposits" section below for more details.
    • Net Interest Income and Margin: Net interest income on a tax equivalent basis of $413.7 million for the third quarter 2023 decreased $7.6 million compared to the second quarter 2023 and decreased $41.7 million as compared to the third quarter 2022. Our net interest margin on a tax equivalent basis decreased by 3 basis points to 2.91 percent in the third quarter 2023 as compared to 2.94 percent for the second quarter 2023. The decline in both net interest income and margin as compared to the linked second quarter reflects the impact of rising market interest rates on interest bearing deposits, net of a 23 basis point increase in the yield of average interest earnings assets for the third quarter 2023. See the "Net Interest Income and Margin" section below for more details.
    • Non-Interest Income: Non-interest income decreased $1.4 million to $58.7 million for the third quarter 2023 as compared to the second quarter 2023 mainly due to a $9.8 million decrease in capital market fees, largely offset by an increase of $6.5 million in net gains on sales of assets (mostly related to the sale of non-branch offices located in Wayne, New Jersey) and higher card fee income. The decrease in capital market fees was largely driven by the lower volume of interest rate swap transactions executed for new commercial loan customers during the third quarter 2023.
    • Non-Interest Expense: Non-interest expense decreased $15.8 million to $267.1 million for the third quarter 2023 as compared to the second quarter 2023 largely due to $11.2 million of severance expense (non-core charges) recorded within salary and employee benefits expense in the second quarter 2023 and third quarter declines in both professional and legal fees and our FDIC insurance assessment. Technology, furniture and equipment expense increased $4.8 million for the third quarter 2023 largely due to higher data processing costs.
    • Efficiency Ratio: Our efficiency ratio was 56.72 percent for the third quarter 2023 as compared to 55.59 percent and 49.76 percent for the second quarter 2023 and third quarter 2022, 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 0.92 percent, 8.56 percent and 12.39 percent for the third quarter 2023, respectively. Annualized ROA, ROE, and tangible ROE, adjusted for non-core income and charges, were 0.89 percent, 8.26 percent and 11.95 percent for the third quarter 2023, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.

    Ira Robbins, CEO commented, "I am extremely proud of the strength, stability, and resiliency reflected in our balance sheet during the third quarter. Our asset quality remains exceptional, and slower loan growth during the quarter contributed to improved capital ratios. Higher customer deposit balances enabled an incremental reduction in indirect CDs, while we paid off short-term borrowings to normalize our overnight cash position which was elevated in the second quarter."

    Mr. Robbins continued, "In early October we completed our transformational core conversion. This was an incredible accomplishment for our organization against a challenging backdrop. We now have the appropriate technology infrastructure to support sustainable growth and better efficiency going forward. In my tenure we have built our robust service capabilities and have a significant opportunity to leverage these new technologies."

    Net Interest Income and Margin

    Net interest income on a tax equivalent basis totaling $413.7 million for the third quarter 2023 decreased $7.6 million and $41.7 million as compared to the second quarter 2023 and third quarter 2022, respectively. The decrease as compared to the second quarter 2023 was mainly due to increased interest rates on most interest bearing deposit products, partially offset by higher loan yields and a reduction in average short-term borrowings. As a result of the higher cost of deposits, total interest expense increased $32.9 million to $400.6 million for the third quarter 2023 as compared to the second quarter 2023. Interest income on a tax equivalent basis increased $25.3 million to $814.3 million in the third quarter 2023 as compared to the second quarter 2023. The increase was mostly due to higher yields on both new originations and adjustable rate loans in our portfolio and a $561.5 million increase in average loan balances driven by organic new loan volumes over the last six months and a continuation of slower loan prepayments in the third quarter 2023.

    Net interest margin on a tax equivalent basis of 2.91 percent for the third quarter 2023 decreased by 3 basis points and 69 basis points from 2.94 percent and 3.60 percent, respectively, for the second quarter 2023 and third quarter 2022. The decrease as compared to the second quarter 2023 was largely driven by higher interest rates on interest bearing deposits, partially offset by a 23 basis point increase in the yield on average interest earning assets. The yield on average loans increased by 25 basis points to 6.03 percent for the third quarter 2023 as compared to the second quarter 2023 largely due to higher interest rates on new originations and adjustable rate loans. Our cost of total average deposits was 2.94 percent for the third quarter 2023 as compared to 2.45 percent and 0.59 percent for the second quarter 2023 and the third quarter 2022, respectively. The overall cost of average interest bearing liabilities also increased 33 basis points to 3.92 percent for the third quarter 2023 as compared to the second quarter 2023 primarily driven by the continued rise in the market interest rates on deposits.

    Loans, Deposits and Other Borrowings

    Loans. Loans increased $220.3 million to approximately $50.1 billion at September 30, 2023 from June 30, 2023 mainly due to slower, but continued organic loan growth in the commercial real estate loan category and low levels of prepayment activity during the third quarter 2023. Total commercial real estate (including construction) increased $265.5 million, or 3.4 percent on an annualized basis during the third quarter 2023. Home equity loans also increased $13.4 million or 10.0 percent on an annualized basis during the third quarter 2023 due to higher utilization of lines of credit. Automobile loans decreased by $46.9 million, or 11.5 percent on an annualized basis during the third quarter 2023 largely due to continued low demand for vehicle financing because of the high interest rate environment. During the third quarter 2023, we sold $80.8 million of residential mortgage loans originated for sale as compared to $44.5 million in the second quarter 2023.

    Deposits. Total deposits increased $265.5 million to $49.9 billion at September 30, 2023 from June 30, 2023 mainly due to increases of $833.5 million in savings, NOW and money market deposits and $194.8 million in time deposits, partially offset by a $762.8 million decrease in non-interest bearing deposits. The increase in savings, NOW and money market deposits was driven by increases in digital and national specialized deposits, as well as some shift in customer balances from non-interest bearing deposits during the third quarter 2023. The increase in time deposits was largely due to successful retail deposit campaigns, partially offset by the maturity of indirect time deposits. Non-interest bearing balances continued to be challenged by the high level of market interest rates which has caused some customers to pursue attractive investment alternatives, including our interest bearing products, or use cash in place of financing. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 24 percent, 46 percent and 30 percent of total deposits as of September 30, 2023, respectively, as compared to 25 percent, 45 percent and 30 percent of total deposits as of June 30, 2023, respectively.

    Other Borrowings. Short-term borrowings decreased $1.0 billion to $89.8 million at September 30, 2023 as compared to June 30, 2023 mainly due to maturities and repayment of FHLB advances and a decrease in our excess overnight cash positions as part of our liquidity management strategies during the third quarter 2023. Long-term borrowings totaled $2.3 billion at September 30, 2023 as compared to $2.4 billion at June 30, 2023. The decrease was largely due to the maturity and repayment of $125.0 million of 5.125 percent subordinated notes issued in September 2013 and due on September 27, 2023, which had already been fully disallowed from a regulatory capital perspective.

    Credit Quality

    Non-Performing Assets (NPAs). Total NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, increased $4.2 million to $260.3 million at September 30, 2023 as compared to June 30, 2023 mostly driven by an increase in non-accrual loans. Non-accrual commercial and industrial loans increased $3.2 million to $87.7 million at September 30, 2023 mainly due to one new non-performing loan relationship totaling $4.2 million at September 30, 2023. Non-accrual loans represented 0.52 percent of total loans at September 30, 2023 compared to 0.51 percent at June 30, 2023.

    Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $17.8 million to $79.5 million, or 0.16 percent of total loans, at September 30, 2023 as compared to $61.8 million, or 0.12 percent of total loans at June 30, 2023.

    Loans 30 to 59 days past due increased $13.6 million to $47.4 million at September 30, 2023 as compared to June 30, 2023 mainly due to increases in commercial and (secured) consumer loans within this early stage delinquency category.

    Loans 60 to 89 days past due increased $6.8 million to $19.8 million at September 30, 2023 as compared to June 30, 2023 largely due to higher residential mortgage delinquencies and a $2.3 million commercial real estate loan that migrated from the 30-59 days past due category reported at June 30, 2023.

    Loans 90 days or more past due and still accruing interest decreased $2.6 million to $12.4 million at September 30, 2023 as compared to June 30, 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 September 30, 2023, June 30, 2023 and September 30, 2022:

     September 30, 2023 June 30, 2023 September 30, 2022
       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$133,988 1.44% $128,245 1.38% $154,051 1.77%
    Commercial real estate loans:           
    Commercial real estate 191,562 0.68   194,177 0.70   217,124 0.89 
    Construction 53,485 1.40   45,518 1.19   50,656 1.42 
    Total commercial real estate loans 245,047 0.77   239,695 0.76   267,780 0.95 
    Residential mortgage loans 44,621 0.80   44,153 0.79   36,157 0.70 
    Consumer loans:           
    Home equity 3,689 0.67   4,020 0.75   4,083 0.87 
    Auto and other consumer 14,830 0.52   20,319 0.70   13,673 0.49 
    Total consumer loans 18,519 0.55   24,339 0.71   17,756 0.55 
    Allowance for loan losses 442,175 0.88   436,432 0.88   475,744 1.05 
    Allowance for unfunded credit commitments 20,170    22,244    22,664  
    Total allowance for credit losses for loans$462,345   $458,676   $498,408  
    Allowance for credit losses for loans as a % total loans  0.92%   0.92%   1.10%
     

    Our loan portfolio, totaling $50.1 billion at September 30, 2023, had net loan charge-offs totaling $5.5 million for the third quarter 2023 as compared to $8.6 million for the second quarter 2023 and net recoveries of loan charge-offs of $5.6 million for the third quarter 2022. Gross charge-offs totaled $8.9 million for the third quarter 2023 and included a $4.0 million partial charge-off of one commercial and industrial loan relationship.

    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 0.92 percent at both September 30, 2023 and June 30, 2023, and 1.10 percent at September 30, 2022. During the third quarter 2023, the provision for credit losses for loans totaled $9.1 million as compared to $6.3 million and $1.8 million for the second quarter 2023 and third quarter 2022, respectively. The provision for credit losses for the third quarter 2023 reflects, among other factors, higher quantitative reserves related to classified loans within the commercial portfolios and specific reserves associated with collateral dependent loans, partially offset by a negative (credit) provision for unfunded credit commitments driven by a decline in these obligations at September 30, 2023. Our economic forecast related reserves at September 30, 2023 remained relatively unchanged from June 30, 2023.

    Capital Adequacy

    Valley's total risk-based capital, common equity Tier 1 capital, Tier 1 capital and Tier 1 leverage capital ratios were 11.68 percent, 9.21 percent, 9.64 percent and 8.08 percent, respectively, at September 30, 2023.

    Investor Conference Call

    Valley will host a conference call with investors and the financial community at 11:00 AM Eastern Daylight Savings Time, today to discuss the third quarter 2023 earnings and related matters. Interested parties should preregister using this link: https://register.vevent.com 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 Monday, November 27, 2023.

    About Valley

    As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with $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,” “would,” “could,” “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 Federal Reserve actions affecting the level of market interest rates and increases in business failures, specifically among our clients, as well as on our business, our employees and our ability to provide services to our customers;
    • the impact of a potential U.S. Government shutdown 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 possible future bank failures on the business environment in which we operate and resulting market volatility and reduced confidence in depository institutions, including impact on stock price, customer deposit withdrawals from Valley National Bank, or business disruptions or liquidity issues that have or may affect our customers;
    • the impact of unfavorable macroeconomic conditions or downturns, instability or volatility in financial markets, unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by and factors outside of our control, such as geopolitical instabilities or events (including the recent conflict in Israel and Gaza); natural and other disasters (including severe weather events) and health emergencies, acts of terrorism or other external events;
    • risks associated with our acquisition of Bank Leumi Le-Israel Corporation (Bank Leumi USA), including (i) the inability to realize expected cost savings and synergies from the acquisition in the amounts or timeframe anticipated and (ii) greater than expected costs or difficulties relating to integration matters;
    • the loss of or decrease in lower-cost funding sources within our deposit base;
    • the need to supplement debt or equity capital to maintain or exceed internal capital thresholds;
    • the inability to attract new customer deposits to keep pace with loan growth strategies;
    • 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;
    • 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;
    • cyber-attacks, ransomware attacks, computer viruses or other malware that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data, disable or degrade service, or sabotage our systems;
    • 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 or trademark infringement, employment related claims, and other matters;
    • changes to laws and regulations, including changes affecting oversight of the financial services industry; changes in the enforcement and interpretation of such laws and regulations; and changes in accounting and reporting standards;
    • 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;
    • results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank (FRB), 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;
    • 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; 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 the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2022 and in Item 1A of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.

    We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations. 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.

    Contact: Michael D. Hagedorn
      Senior Executive Vice President and
      Chief Financial Officer
      973-872-4885  
       


    VALLEY NATIONAL BANCORP
    CONSOLIDATED FINANCIAL HIGHLIGHTS
    GAAP Reconciliations to GAAP Financial Measures (Continued)
     
    SELECTED FINANCIAL DATA
     Three Months Ended Nine Months Ended
     September 30, June 30, September 30, September 30,
    ($ in thousands, except for share data and stock price) 2023   2023   2022   2023   2022 
    FINANCIAL DATA:         
    Net interest income - FTE (1)$413,657  $421,275  $455,308  $1,272,390  $1,193,235 
    Net interest income$412,418  $419,765  $453,992  $1,268,203  $1,189,821 
    Non-interest income 58,664   60,075   56,194   173,038   153,997 
    Total revenue 471,082   479,840   510,186   1,441,241   1,343,818 
    Non-interest expense 267,133   282,971   261,639   822,270   758,709 
    Pre-provision net revenue 203,949   196,869   248,547   618,971   585,109 
    Provision for credit losses 9,117   6,050   2,023   29,604   49,578 
    Income tax expense 53,486   51,759   68,405   162,410   144,271 
    Net income 141,346   139,060   178,119   426,957   391,260 
    Dividends on preferred stock 4,127   4,030   3,172   12,031   9,516 
    Net income available to common shareholders$137,219  $135,030  $174,947  $414,926  $381,744 
    Weighted average number of common shares outstanding:         
    Basic 507,650,668   507,690,043   506,342,200   507,580,197   478,383,342 
    Diluted 509,256,599   508,643,025   508,690,997   509,204,051   480,625,357 
    Per common share data:         
    Basic earnings$0.27  $0.27  $0.35  $0.82  $0.80 
    Diluted earnings 0.27   0.27   0.34   0.81   0.79 
    Cash dividends declared 0.11   0.11   0.11   0.33   0.33 
    Closing stock price - high 10.30   9.38   12.95   12.59   15.02 
    Closing stock price - low 7.63   6.59   10.14   6.59   10.14 
    FINANCIAL RATIOS:         
    Net interest margin 2.90%  2.93%  3.59%  2.99%  3.40%
    Net interest margin - FTE (1) 2.91   2.94   3.60   3.00   3.41 
    Annualized return on average assets 0.92   0.90   1.30   0.93   1.03 
    Annualized return on avg. shareholders' equity 8.56   8.50   11.39   8.72   8.89 
    NON-GAAP FINANCIAL DATA AND RATIOS: (3)         
    Basic earnings per share, as adjusted$0.26  $0.28  $0.35  $0.84  $0.96 
    Diluted earnings per share, as adjusted 0.26   0.28   0.35   0.84   0.95 
    Annualized return on average assets, as adjusted 0.89%  0.95%  1.32%  0.96%  1.23%
    Annualized return on average shareholders' equity, as adjusted 8.26   8.99   11.60   8.94   10.62 
    Annualized return on avg. tangible shareholders' equity 12.39%  12.37%  17.21%  12.71%  13.20%
    Annualized return on average tangible shareholders' equity, as adjusted 11.95   13.09   17.54   13.04   15.77 
    Efficiency ratio 56.72   55.59   49.76   55.34   51.03 
              
    AVERAGE BALANCE SHEET ITEMS:         
    Assets$61,391,688  $61,877,464  $54,858,306  $61,050,973  $50,588,010 
    Interest earning assets 56,802,565   57,351,808   50,531,242   56,510,997   46,605,417 
    Loans 50,019,414   49,457,937   44,341,894   49,120,153   40,529,794 
    Interest bearing liabilities 40,829,078   40,925,791   31,228,739   39,802,966   29,042,253 
    Deposits 49,848,446   47,464,469   44,770,368   48,165,152   41,176,472 
    Shareholders' equity 6,605,786   6,546,452   6,256,767   6,531,424   5,869,736 
                        


     As Of
    BALANCE SHEET ITEMS:September 30, June 30, March 31, December 31, September 30,
    (In thousands) 2023   2023   2023   2022   2022 
    Assets$61,183,352  $61,703,693  $64,309,573  $57,462,749  $55,927,501 
    Total loans 50,097,519   49,877,248   48,659,966   46,917,200   45,185,764 
    Deposits 49,885,314   49,619,815   47,590,916   47,636,914   45,308,843 
    Shareholders' equity 6,627,299   6,575,184   6,511,581   6,400,802   6,273,829 
              
    LOANS:         
    (In thousands)         
    Commercial and industrial$9,274,630  $9,287,309  $9,043,946  $8,804,830  $8,701,377 
    Commercial real estate:         
    Commercial real estate 28,041,050   27,793,072   27,051,111   25,732,033   24,493,445 
    Construction 3,833,269   3,815,761   3,725,967   3,700,835   3,571,818 
    Total commercial real estate 31,874,319   31,608,833   30,777,078   29,432,868   28,065,263 
    Residential mortgage 5,562,665   5,560,356   5,486,280   5,364,550   5,177,128 
    Consumer:         
    Home equity 548,918   535,493   516,592   503,884   467,135 
    Automobile 1,585,987   1,632,875   1,717,141   1,746,225   1,711,086 
    Other consumer 1,251,000   1,252,382   1,118,929   1,064,843   1,063,775 
    Total consumer loans 3,385,905   3,420,750   3,352,662   3,314,952   3,241,996 
    Total loans$50,097,519  $49,877,248  $48,659,966  $46,917,200  $45,185,764 
              
    CAPITAL RATIOS:         
    Book value per common share$12.64  $12.54  $12.41  $12.23  $11.98 
    Tangible book value per common share (3) 8.63   8.51   8.36   8.15   7.87 
    Tangible common equity to tangible assets (3) 7.40%  7.24%  6.82%  7.45%  7.40%
    Tier 1 leverage capital 8.08   7.86   7.96   8.23   8.31 
    Common equity tier 1 capital 9.21   9.03   9.02   9.01   9.09 
    Tier 1 risk-based capital 9.64   9.47   9.46   9.46   9.56 
    Total risk-based capital 11.68   11.52   11.58   11.63   11.84 
                        


     Three Months Ended Nine Months Ended
    ALLOWANCE FOR CREDIT LOSSES:September 30, June 30, September 30, September 30,
    ($ in thousands) 2023   2023   2022   2023   2022 
    Allowance for credit losses for loans         
    Beginning balance$458,676  $460,969  $490,963  $483,255  $375,702 
    Impact of the adoption of ASU No. 2022-02          (1,368)   
    Allowance for purchased credit deteriorated (PCD) loans, net (2)             70,319 
    Beginning balance, adjusted 458,676   460,969   490,963   481,887   446,021 
    Loans charged-off:         
    Commercial and industrial (7,487)  (3,865)  (5,033)  (37,399)  (11,144)
    Commercial real estate (255)  (2,065)  (4,000)  (2,320)  (4,173)
    Construction    (4,208)     (9,906)   
    Residential mortgage (20)  (149)     (169)  (27)
    Total consumer (1,156)  (1,040)  (962)  (3,024)  (2,513)
    Total loans charged-off (8,918)  (11,327)  (9,995)  (52,818)  (17,857)
    Charged-off loans recovered:         
    Commercial and industrial 3,043   2,173   13,236   6,615   16,012 
    Commercial real estate 5   4   1,729   33   2,060 
    Residential mortgage 30   135   163   186   694 
    Total consumer 362   390   477   1,513   2,431 
    Total loans recovered 3,440   2,702   15,605   8,347   21,197 
    Total net (charge-offs) recoveries (5,478)  (8,625)  5,610   (44,471)  3,340 
    Provision for credit losses for loans 9,147   6,332   1,835   24,929   49,047 
    Ending balance$462,345  $458,676  $498,408  $462,345  $498,408 
    Components of allowance for credit losses for loans:         
    Allowance for loan losses$442,175  $436,432  $475,744  $442,175  $475,744 
    Allowance for unfunded credit commitments 20,170   22,244   22,664   20,170   22,664 
    Allowance for credit losses for loans$462,345  $458,676  $498,408  $462,345  $498,408 
    Components of provision for credit losses for loans:         
    Provision for credit losses for loans$11,221  $8,159  $1,315  $29,359  $42,883 
    (Credit) provision for unfunded credit commitments (2,074)  (1,827)  520   (4,430)  6,164 
    Total provision for credit losses for loans$9,147  $6,332  $1,835  $24,929  $49,047 
    Annualized ratio of total net charge-offs (recoveries) to total average loans 0.04%  0.07%  (0.05)%  0.12%  (0.01)%
    Allowance for credit losses for loans as a % of total loans 0.92%  0.92%  1.10%  0.92   1.10 
                        


     As Of
    ASSET QUALITY:September 30, June 30, March 31, December 31, September 30,
    ($ in thousands) 2023   2023   2023   2022   2022 
    Accruing past due loans:         
    30 to 59 days past due:         
    Commercial and industrial$10,687  $6,229  $20,716  $11,664  $19,526 
    Commercial real estate 8,053   3,612   13,580   6,638   6,196 
    Residential mortgage 13,159   15,565   12,599   16,146   13,045 
    Total consumer 15,509   8,431   7,845   9,087   6,196 
    Total 30 to 59 days past due 47,408   33,837   54,740   43,535   44,963 
    60 to 89 days past due:         
    Commercial and industrial 5,720   7,468   24,118   12,705   2,188 
    Commercial real estate 2,620         3,167   383 
    Construction             12,969 
    Residential mortgage 9,710   1,348   2,133   3,315   5,947 
    Total consumer 1,720   4,126   1,519   1,579   1,174 
    Total 60 to 89 days past due 19,770   12,942   27,770   20,766   22,661 
    90 or more days past due:         
    Commercial and industrial 6,629   6,599   8,927   18,392   15,072 
    Commercial real estate    2,242      2,292   15,082 
    Construction 3,990   3,990   6,450   3,990    
    Residential mortgage 1,348   1,165   1,668   1,866   550 
    Total consumer 391   1,006   747   47   421 
    Total 90 or more days past due 12,358   15,002   17,792   26,587   31,125 
    Total accruing past due loans$79,536  $61,781  $100,302  $90,888  $98,749 
    Non-accrual loans:         
    Commercial and industrial$87,655  $84,449  $78,606  $98,881  $135,187 
    Commercial real estate 83,338   82,712   67,938   68,316   67,319 
    Construction 62,788   63,043   68,649   74,230   61,098 
    Residential mortgage 21,614   20,819   23,483   25,160   26,564 
    Total consumer 3,545   3,068   3,318   3,174   3,227 
    Total non-accrual loans 258,940   254,091   241,994   269,761   293,395 
    Other real estate owned (OREO) 71   824   1,189   286   286 
    Other repossessed assets 1,314   1,230   1,752   1,937   1,122 
    Total non-performing assets$260,325  $256,145  $244,935  $271,984  $294,803 
    Total non-accrual loans as a % of loans 0.52%  0.51%  0.50%  0.57%  0.65%
    Total accruing past due and non-accrual loans as a % of loans 0.68   0.63   0.70   0.77   0.87 
    Allowance for losses on loans as a % of non-accrual loans 170.76   171.76   180.54   170.02   162.15 
                        

    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)Represents the allowance for acquired PCD loans, net of PCD loan charge-offs totaling $62.4 million in the second quarter 2022.
    (3)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 Nine Months Ended
     September 30, June 30, September 30, September 30,
    ($ in thousands, except for share data) 2023   2023   2022   2023   2022 
    Adjusted net income available to common shareholders (non-GAAP):         
    Net income, as reported (GAAP)$141,346  $139,060  $178,119  $426,957  $391,260 
    Add: Losses (gains) on available for sale and held to maturity securities transactions (net of tax)(a) 318   6   (24)  341   (74)
    Add: Restructuring charge (net of tax)(b) (484)  8,015      7,531    
    Add: Provision for credit losses for available for sale securities (c)          5,000    
    Add: Non-PCD provision for credit losses (net of tax)(d)             29,282 
    Add: Merger related expenses (net of tax)(e)       3,360   2,962   47,103 
    Add: Net gains on sales of office buildings (net of tax)(f) (4,817)        (4,817)   
    Net income, as adjusted (non-GAAP)$136,363  $147,081  $181,455  $437,974  $467,571 
    Dividends on preferred stock 4,127   4,030   3,172   12,031   9,516 
    Net income available to common shareholders, as adjusted (non-GAAP)$132,236  $143,051  $178,283  $425,943  $458,055 
              
    (a) Included in gains (losses) on securities transactions, net.
    (b) Represents severance expense related to workforce reductions within salary and employee benefits expense.
    (c) Included in provision for credit losses for available for sale and held to maturity securities (tax disallowed).
    (d) Represents provision for credit losses for non-PCD assets and unfunded credit commitments acquired during the period.
    (e) Included primarily within salary and employee benefits expense.
    (f) Included in net gains (losses) on sale of assets within non-interest income.
              
    Adjusted per common share data (non-GAAP):         
    Net income available to common shareholders, as adjusted (non-GAAP)$132,236  $143,051  $178,283  $425,943  $458,055 
    Average number of shares outstanding 507,650,668   507,690,043   506,342,200   507,580,197   478,383,342 
    Basic earnings, as adjusted (non-GAAP)$0.26  $0.28  $0.35  $0.84  $0.96 
    Average number of diluted shares outstanding 509,256,599   508,643,025   508,690,997   509,204,051   480,625,357 
    Diluted earnings, as adjusted (non-GAAP)$0.26  $0.28  $0.35  $0.84  $0.95 
    Adjusted annualized return on average tangible shareholders' equity (non-GAAP):         
    Net income, as adjusted (non-GAAP)$136,363  $147,081  $181,455  $437,974  $467,571 
    Average shareholders' equity$6,605,786  $6,546,452  $6,256,767   6,531,424   5,869,736 
    Less: Average goodwill and other intangible assets 2,042,486   2,051,591   2,117,818   2,051,727   1,917,217 
    Average tangible shareholders' equity$4,563,300  $4,494,861  $4,138,949  $4,479,697  $3,952,519 
    Annualized return on average tangible shareholders' equity, as adjusted (non-GAAP) 11.95%  13.09%  17.54%  13.04%  15.77%
              
    Adjusted annualized return on average assets (non-GAAP):         
    Net income, as adjusted (non-GAAP)$136,363  $147,081  $181,455  $437,974  $467,571 
    Average assets$61,391,688  $61,877,464  $54,858,306  $61,050,973  $50,588,010 
    Annualized return on average assets, as adjusted (non-GAAP) 0.89%  0.95%  1.32%  0.96%  1.23%
                        


    Adjusted annualized return on average shareholders' equity (non-GAAP):         
    Net income, as adjusted (non-GAAP)$136,363  $147,081  $181,455  $437,974  $467,571 
    Average shareholders' equity$6,605,786  $6,546,452  $6,256,767  $6,531,424  $5,869,736 
    Annualized return on average shareholders' equity, as adjusted (non-GAAP) 8.26%  8.99%  11.60%  8.94%  10.62%
    Annualized return on average tangible shareholders' equity (non-GAAP):         
    Net income, as reported (GAAP)$141,346  $139,060  $178,119  $426,957  $391,260 
    Average shareholders' equity$6,605,786  $6,546,452  $6,256,767   6,531,424   5,869,736 
    Less: Average goodwill and other intangible assets 2,042,486   2,051,591   2,117,818   2,051,727   1,917,217 
    Average tangible shareholders' equity$4,563,300  $4,494,861  $4,138,949  $4,479,697  $3,952,519 
    Annualized return on average tangible shareholders' equity (non-GAAP) 12.39%  12.37%  17.21%  12.71%  13.20%
    Efficiency ratio (non-GAAP):          
    Non-interest expense, as reported (GAAP)$267,133  $282,971  $261,639  $822,270  $758,709 
    Less: Restructuring charge (pre-tax) (675)  11,182      10,507    
    Less: Merger-related expenses (pre-tax)       4,707   4,133   63,831 
    Less: Amortization of tax credit investments (pre-tax) 4,191   5,018   3,105   13,462   9,194 
    Non-interest expense, as adjusted (non-GAAP)$263,617  $266,771  $253,827  $794,168  $685,684 
    Net interest income, as reported (GAAP) 412,418   419,765   453,992   1,268,203   1,189,821 
    Non-interest income, as reported (GAAP) 58,664   60,075   56,194   173,038   153,997 
    Add: Losses (gains) on available for sale and held to maturity securities transactions, net (pre-tax) 443   9   (33)  476   (102)
    Add: Net gains on sales of office buildings (pre-tax) (6,721)        (6,721)   
    Non-interest income, as adjusted (non-GAAP)$52,386  $60,084  $56,161  $166,793  $153,895 
    Gross operating income, as adjusted (non-GAAP)$464,804  $479,849  $510,153  $1,434,996  $1,343,716 
    Efficiency ratio (non-GAAP) 56.72%  55.59%  49.76%  55.34%  51.03%
     As of
     September 30, June 30, March 31, December 31, September 30,
    ($ in thousands, except for share data) 2023   2023   2023   2022   2022 
    Tangible book value per common share (non-GAAP):         
    Common shares outstanding 507,660,742   507,619,430   507,762,358   506,374,478   506,351,502 
    Shareholders' equity (GAAP)$6,627,299  $6,575,184  $6,511,581  $6,400,802  $6,273,829 
    Less: Preferred stock 209,691   209,691   209,691   209,691   209,691 
    Less: Goodwill and other intangible assets 2,038,202   2,046,882   2,056,107   2,066,392   2,079,731 
    Tangible common shareholders' equity (non-GAAP)$4,379,406  $4,318,611  $4,245,783  $4,124,719  $3,984,407 
    Tangible book value per common share (non-GAAP)$8.63  $8.51  $8.36  $8.15  $7.87 
    Tangible common equity to tangible assets (non-GAAP):         
    Tangible common shareholders' equity (non-GAAP)$4,379,406  $4,318,611  $4,245,783  $4,124,719  $3,984,407 
    Total assets (GAAP)$61,183,352  $61,703,693  $64,309,573  $57,462,749  $55,927,501 
    Less: Goodwill and other intangible assets 2,038,202   2,046,882   2,056,107   2,066,392   2,079,731 
    Tangible assets (non-GAAP)$59,145,150  $59,656,811  $62,253,466  $55,396,357  $53,847,770 
    Tangible common equity to tangible assets (non-GAAP) 7.40%  7.24%  6.82%  7.45%  7.40%
                        

    VALLEY NATIONAL BANCORP
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (in thousands, except for share data)

     September 30, December 31,
      2023   2022 
      (Unaudited)  
    Assets   
    Cash and due from banks$444,857  $444,325 
    Interest bearing deposits with banks 698,966   503,622 
    Investment securities:   
    Equity securities 63,191   48,731 
    Trading debt securities 3,441   13,438 
    Available for sale debt securities 1,186,524   1,261,397 
    Held to maturity debt securities (net of allowance for credit losses of $1,321 at September 30, 2023 and $1,646 at December 31, 2022) 3,797,388   3,827,338 
    Total investment securities 5,050,544   5,150,904 
    Loans held for sale, at fair value 33,834   18,118 
    Loans 50,097,519   46,917,200 
    Less: Allowance for loan losses (442,175)  (458,655)
    Net loans 49,655,344   46,458,545 
    Premises and equipment, net 387,981   358,556 
    Lease right of use assets 352,104   306,352 
    Bank owned life insurance 719,691   717,177 
    Accrued interest receivable 237,786   196,606 
    Goodwill 1,868,936   1,868,936 
    Other intangible assets, net 169,266   197,456 
    Other assets 1,564,043   1,242,152 
    Total Assets$61,183,352  $57,462,749 
    Liabilities   
    Deposits:   
    Non-interest bearing$11,671,504  $14,463,645 
    Interest bearing:   
    Savings, NOW and money market 23,110,840   23,616,812 
    Time 15,102,970   9,556,457 
    Total deposits 49,885,314   47,636,914 
    Short-term borrowings 89,802   138,729 
    Long-term borrowings 2,318,294   1,543,058 
    Junior subordinated debentures issued to capital trusts 57,021   56,760 
    Lease liabilities 413,021   358,884 
    Accrued expenses and other liabilities 1,792,601   1,327,602 
    Total Liabilities 54,556,053   51,061,947 
    Shareholders’ Equity   
    Preferred stock, no par value; 50,000,000 authorized shares:   
    Series A (4,600,000 shares issued at September 30, 2023 and December 31, 2022) 111,590   111,590 
    Series B (4,000,000 shares issued at September 30, 2023 and December 31, 2022) 98,101   98,101 
    Common stock (no par value, authorized 650,000,000 shares; issued 507,896,910 shares at September 30, 2023 and December 31, 2022) 178,187   178,185 
    Surplus 4,982,748   4,980,231 
    Retained earnings 1,460,284   1,218,445 
    Accumulated other comprehensive loss (201,892)  (164,002)
    Treasury stock, at cost (236,168 common shares at September 30, 2023 and 1,522,432 common shares at December 31, 2022) (1,719)  (21,748)
    Total Shareholders’ Equity 6,627,299   6,400,802 
    Total Liabilities and Shareholders’ Equity$61,183,352  $57,462,749 
     

    VALLEY NATIONAL BANCORP
    CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
    (in thousands, except for share data)

     Three Months Ended Nine Months Ended
     September 30, June 30, September 30, September 30,
      2023   2023   2022   2023  2022 
    Interest Income         
    Interest and fees on loans$753,638  $715,172  $496,520  $2,124,036 $1,229,462 
    Interest and dividends on investment securities:         
    Taxable 32,383   31,919   28,264   96,591  74,416 
    Tax-exempt 4,585   5,575   5,210   15,485  12,739 
    Dividends 5,299   7,517   2,738   18,001  7,490 
    Interest on federal funds sold and other short-term investments 17,113   27,276   3,996   66,594  6,026 
    Total interest income 813,018   787,459   536,728   2,320,707  1,330,133 
    Interest Expense         
    Interest on deposits:         
    Savings, NOW and money market 201,916   164,842   50,674   517,524  77,423 
    Time 164,336   125,764   15,174   370,398  21,274 
    Interest on short-term borrowings 5,189   50,208   5,160   89,345  10,049 
    Interest on long-term borrowings and junior subordinated debentures 29,159   26,880   11,728   75,237  31,566 
    Total interest expense 400,600   367,694   82,736   1,052,504  140,312 
    Net Interest Income 412,418   419,765   453,992   1,268,203  1,189,821 
    (Credit) provision for credit losses for available for sale and held to maturity securities (30)  (282)  188   4,675  531 
    Provision for credit losses for loans 9,147   6,332   1,835   24,929  49,047 
    Net Interest Income After Provision for Credit Losses 403,301   413,715   451,969   1,238,599  1,140,243 
    Non-Interest Income         
    Wealth management and trust fees 11,417   11,176   9,281   32,180  23,989 
    Insurance commissions 2,336   3,139   3,750   7,895  9,072 
    Capital markets 7,141   16,967   13,171   35,000  42,242 
    Service charges on deposit accounts 10,952   10,542   10,338   31,970  26,617 
    (Losses) gains on securities transactions, net (398)  217   323   197  (1,058)
    Fees from loan servicing 2,681   2,702   3,138   8,054  8,636 
    Gains on sales of loans, net 2,023   1,240   922   3,752  5,510 
    Gains (losses) on sales of assets, net 6,653   161   (106)  6,938  (372)
    Bank owned life insurance 2,709   2,443   1,681   7,736  5,840 
    Other 13,150   11,488   13,696   39,316  33,521 
    Total non-interest income 58,664   60,075   56,194   173,038  153,997 
    Non-Interest Expense         
    Salary and employee benefits expense 137,292   149,594   134,572   431,872  397,103 
    Net occupancy expense 24,675   25,949   26,486   73,880  70,906 
    Technology, furniture and equipment expense 37,320   32,476   39,365   106,304  115,245 
    FDIC insurance assessment 7,946   10,426   6,500   27,527  16,009 
    Amortization of other intangible assets 9,741   9,812   11,088   30,072  26,925 
    Professional and legal fees 17,109   21,406   17,840   55,329  62,998 
    Amortization of tax credit investments 4,191   5,018   3,105   13,462  9,194 
    Other 28,859   28,290   22,683   83,824  60,329 
    Total non-interest expense 267,133   282,971   261,639   822,270  758,709 
    Income Before Income Taxes 194,832   190,819   246,524   589,367  535,531 
    Income tax expense 53,486   51,759   68,405   162,410  144,271 
    Net Income 141,346   139,060   178,119   426,957  391,260 
    Dividends on preferred stock 4,127   4,030   3,172   12,031  9,516 
    Net Income Available to Common Shareholders$137,219  $135,030  $174,947  $414,926 $381,744 
     

    VALLEY NATIONAL BANCORP
    Quarterly Analysis of Average Assets, Liabilities and Shareholders' Equity and
    Net Interest Income on a Tax Equivalent Basis

     Three Months Ended
     September 30, 2023 June 30, 2023 September 30, 2022
      Average   Avg.  Average   Avg.  Average   Avg.
    ($ in thousands) Balance Interest Rate  Balance Interest Rate  Balance Interest Rate
    Assets                 
    Interest earning assets:               
    Loans (1)(2)$50,019,414 $753,662  6.03% $49,457,937 $715,195  5.78% $44,341,894 $496,545  4.48%
    Taxable investments (3) 4,915,778  37,682  3.07   5,065,812  39,436  3.11   4,815,181  31,002  2.58 
    Tax-exempt investments (1)(3) 620,439  5,800  3.74   629,342  7,062  4.49   635,795  6,501  4.09 
    Interest bearing deposits with banks 1,246,934  17,113  5.49   2,198,717  27,276  4.96   738,372  3,996  2.16 
    Total interest earning assets 56,802,565  814,257  5.73   57,351,808  788,969  5.50   50,531,242  538,044  4.26 
    Other assets 4,589,123      4,525,656      4,327,064    
    Total assets$61,391,688     $61,877,464     $54,858,306    
    Liabilities and shareholders' equity                 
    Interest bearing liabilities:                 
    Savings, NOW and money market deposits$23,016,737 $201,916  3.51% $22,512,128 $164,843  2.93% $23,541,694 $50,674  0.86%
    Time deposits 14,880,311  164,336  4.42   12,195,479  125,764  4.12   5,192,896  15,174  1.17 
    Short-term borrowings 436,518  5,189  4.75   3,878,457  50,207  5.18   1,016,240  5,160  2.03 
    Long-term borrowings (4) 2,495,512  29,159  4.67   2,339,727  26,880  4.60   1,477,909  11,728  3.17 
    Total interest bearing liabilities 40,829,078  400,600  3.92   40,925,791  367,694  3.59   31,228,739  82,736  1.06 
    Non-interest bearing deposits 11,951,398      12,756,862      16,035,778    
    Other liabilities 2,005,426      1,648,359      1,337,022    
    Shareholders' equity 6,605,786      6,546,452      6,256,767    
    Total liabilities and shareholders' equity$61,391,688     $61,877,464     $54,858,306    
                      
    Net interest income/interest rate spread (5)  $413,657  1.81%   $421,275  1.91%   $455,308  3.20%
    Tax equivalent adjustment   (1,239)      (1,510)      (1,316)  
    Net interest income, as reported  $412,418      $419,765      $453,992   
    Net interest margin (6)    2.90      2.93      3.59 
    Tax equivalent effect    0.01      0.01      0.01 
    Net interest margin on a fully tax equivalent basis (6)    2.91%     2.94%     3.60%
      
      
    (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.


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