Company Profile
- Valley National Bancorp (NASDAQ: VLY) (“the company”) is the bank holding company for primary subsidiary, Valley National Bank (est. 1927). VLY operates a broad retail network with over 200 branch locations based largely in New Jersey, New York City, and Florida as well as a smaller presence in Alabama. The company’s primary operations are in traditional consumer and commercial banking services, though also include offerings of more specialized services such as investment and wealth management and insurance.
- The loan portfolio includes an elevated concentration in investor CRE (+450% of total risk-based capital at 1Q24), comprising nearly 50% of total loans at 1Q24 with over 30% of CRE in multi-family, including $2.3 billion of multi-family loans in NYC. Of note, VLY’s exposure to rent regulated multi-family was considered manageable, with about $500 million (~1% of total loans) of loans to properties with at least 50% of its units rent regulated.…