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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q
(Mark One)
☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended June 30, 2024
OR
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission File Number 1-11277 
 Valley National Bancorp
(Exact name of registrant as specified in its charter)
New Jersey22-2477875
(State or other jurisdiction of
Incorporation or Organization)		(I.R.S. Employer
Identification Number)
One Penn Plaza
New York,NY10119
(Address of principal executive office)(Zip code)
973-305-8800
(Registrant’s telephone number, including area code) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of exchange on which registered
Common Stock, no par valueVLYThe Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series A, no par valueVLYPPThe Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series B, no par valueVLYPOThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer☒Accelerated filer
☐
Smaller reporting company
☐
Non-accelerated filer
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Common Stock (no par value), of which 509,222,110 shares were outstanding as of August 7, 2024.


TABLE OF CONTENTS
 
  Page
Number
PART I
Item 1.
Consolidated Statements of Financial Condition as of June 30, 2024 and December 31, 2023
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.

1


Glossary of Defined Terms

The following terms may be used throughout this Report, including the consolidated financial statements and related notes.

TermDefinition
ACLAllowance for credit losses
AFSAvailable for sale
ASCAccounting Standards Codification
ASUAccounting Standards Update
BankValley National Bank (Valley’s principal subsidiary)
Basel III
Capital rules under a global regulatory framework developed by the Basel Committee on Banking Supervision
BoardBoard of Directors of Valley National Bancorp
CDCertificate of deposit
CDICore deposit intangible
CECLCurrent expected credit loss model
CFPB
Consumer Financial Protection Bureau
CPIConsumer Price Index
CRACommunity Reinvestment Act
Exchange ActSecurities Exchange Act of 1934, as amended
Fannie MaeFederal National Mortgage Association
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FRBFederal Reserve Bank
FHLBFederal Home Loan Bank
Freddie MacFederal Home Loan Mortgage Corporation
GAAPU. S. Generally Accepted Accounting Principles
GDPGross domestic product
Ginnie MaeGovernment National Mortgage Association
HTMHeld to Maturity
Moody’sMoody’s Investor Services
NAVNet asset value
OCCOffice of the Comptroller of the Currency
OREOOther real estate owned
OTCOver-the-counter
PCAOBPublic Company Accounting Oversight Board
ROATEReturn on average tangible shareholders’ equity
RSURestricted stock unit
S&PStandard & Poor's
SECU.S. Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
U.S. TreasuryUnited States Department of the Treasury
Valley
May refer to Valley National Bancorp individually, Valley National Bancorp and its consolidated subsidiaries, or certain of Valley National Bancorp’s subsidiaries, as the context requires (interchangeable with the “Company,” “we,” “our” and “us”).
Valley's Annual ReportValley's Annual Report on Form 10-K for the year ended December 31, 2023
2


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data)
June 30,
2024		December 31,
2023
Assets(Unaudited)
Cash and due from banks$478,006 $284,090 
Interest bearing deposits with banks531,067 607,135 
Investment securities:
Equity securities69,105 64,464 
Trading debt securities3,979 3,973 
Available for sale debt securities2,212,092 1,296,576 
Held to maturity debt securities (net of allowance for credit losses of $1,090 at June 30, 2024 and $1,205 at December 31, 2023)
3,650,364 3,739,208 
Total investment securities5,935,540 5,104,221 
Loans held for sale (includes fair value of $11,137 at June 30, 2024 and $20,640 at December 31, 2023 for loans originated for sale)
19,887 30,640 
Loans50,311,702 50,210,295 
Less: Allowance for loan losses(519,310)(446,080)
Net loans49,792,392 49,764,215 
Premises and equipment, net363,038 381,081 
Lease right of use assets337,947 343,461 
Bank owned life insurance725,879 723,799 
Accrued interest receivable251,167 245,498 
Goodwill1,868,936 1,868,936 
Other intangible assets, net143,644 160,331 
Other assets1,611,471 1,421,567 
Total Assets$62,058,974 $60,934,974 
Liabilities
Deposits:
Non-interest bearing$11,117,746 $11,539,483 
Interest bearing:
Savings, NOW and money market24,711,083 24,526,622 
Time14,283,348 13,176,724 
Total deposits50,112,177 49,242,829 
Short-term borrowings63,770 917,834 
Long-term borrowings3,264,530 2,328,375 
Junior subordinated debentures issued to capital trusts57,282 57,108 
Lease liabilities398,179 403,781 
Accrued expenses and other liabilities1,425,299 1,283,656 
Total Liabilities55,321,237 54,233,583 
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at June 30, 2024 and December 31, 2023)
111,590 111,590 
Series B (4,000,000 shares issued at June 30, 2024 and December 31, 2023)
98,101 98,101 
Common stock (no par value, authorized 650,000,000 shares; issued 509,205,014 shares at June 30, 2024 and 507,896,910 shares at December 31, 2023)
178,645 178,187 
Surplus4,995,638 4,989,989 
Retained earnings1,516,376 1,471,371 
Accumulated other comprehensive loss(162,613)(146,456)
Treasury stock, at cost (186,983 common shares at December 31, 2023)
— (1,391)
Total Shareholders’ Equity6,737,737 6,701,391 
Total Liabilities and Shareholders’ Equity$62,058,974 $60,934,974 
See accompanying notes to consolidated financial statements.
3


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for per share data)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202320242023
Interest Income
Interest and fees on loans$770,964 $715,172 $1,542,517 $1,370,398 
Interest and dividends on investment securities:
Taxable40,460 31,919 76,257 64,208 
Tax-exempt4,799 5,575 9,595 10,900 
Dividends6,341 7,517 13,169 12,702 
Interest on federal funds sold and other short-term investments10,902 27,276 20,584 49,481 
Total interest income833,466 787,459 1,662,122 1,507,689 
Interest Expense
Interest on deposits:
Savings, NOW and money market231,597 164,842 464,103 315,608 
Time160,442 125,764 311,507 206,062 
Interest on short-term borrowings691 50,208 21,303 84,156 
Interest on long-term borrowings and junior subordinated debentures39,051 26,880 69,976 46,078 
Total interest expense431,781 367,694 866,889 651,904 
Net Interest Income401,685 419,765 795,233 855,785 
(Credit) provision for credit losses for available for sale and held to maturity securities(41)(282)(115)4,705 
Provision for credit losses for loans82,111 6,332 127,385 15,782 
Net Interest Income After Provision for Credit Losses319,615 413,715 667,963 835,298 
Non-Interest Income
Wealth management and trust fees13,136 11,176 31,066 20,763 
Insurance commissions3,958 3,139 6,209 5,559 
Capital markets7,779 16,967 13,449 27,859 
Service charges on deposit accounts11,212 10,542 22,461 21,018 
Gains on securities transactions, net3 217 52 595 
Fees from loan servicing2,691 2,702 5,879 5,373 
Gains on sales of loans, net884 1,240 2,502 1,729 
(Losses) gains on sales of assets, net(2)161 3,692 285 
Bank owned life insurance4,545 2,443 7,780 5,027 
Other7,007 11,488 19,538 26,166 
Total non-interest income51,213 60,075 112,628 114,374 
Non-Interest Expense
Salary and employee benefits expense140,815 149,594 282,646 294,580 
Net occupancy expense24,252 25,949 48,575 49,205 
Technology, furniture and equipment expense35,203 32,476 70,665 68,984 
FDIC insurance assessment14,446 10,426 32,682 19,581 
Amortization of other intangible assets8,568 9,812 17,980 20,331 
Professional and legal fees17,938 21,406 34,403 38,220 
Amortization of tax credit investments5,791 5,018 11,353 9,271 
Other30,484 28,290 59,503 54,965 
Total non-interest expense277,497 282,971 557,807 555,137 
Income Before Income Taxes93,331 190,819 222,784 394,535 
Income tax expense22,907 51,759 56,080 108,924 
Net Income70,424 139,060 166,704 285,611 
Dividends on preferred stock 4,108 4,030 8,227 7,904 
Net Income Available to Common Shareholders$66,316 $135,030 $158,477 $277,707 
Earnings Per Common Share:
Basic$0.13 $0.27 $0.31 $0.55 
Diluted0.13 0.27 0.31 0.55 
See accompanying notes to consolidated financial statements.
4


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)
 
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202320242023
Net income$70,424 $139,060 $166,704 $285,611 
Other comprehensive loss, net of tax:
Unrealized losses and gains on available for sale securities
Net losses arising during the period(5,600)(18,051)(15,805)(881)
Less reclassification adjustment for net losses included in net income8 — 8 — 
Total(5,592)(18,051)(15,797)(881)
Unrealized gains and losses on derivatives (cash flow hedges)
Net losses on derivatives arising during the period— (3,573)— (775)
Less reclassification adjustment for net (gains) losses included in net income(210)516 (432)895 
Total(210)(3,057)(432)120 
Defined benefit pension and postretirement benefit plans
Amortization of actuarial net loss37 8 72 16 
Total other comprehensive loss(5,765)(21,100)(16,157)(745)
Total comprehensive income$64,659 $117,960 $150,547 $284,866 
See accompanying notes to consolidated financial statements.

5


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

For the Six Months Ended June 30, 2024
Common StockAccumulated
Preferred StockSharesAmountSurplusRetained
Earnings		Other
Comprehensive
Loss		Treasury
Stock		Total
Shareholders’
Equity
 ($ in thousands)
Balance - December 31, 2023$209,691 507,710 $178,187 $4,989,989 $1,471,371 $(146,456)$(1,391)$6,701,391 
Net income— — — — 96,280 — — 96,280 
Other comprehensive loss, net of tax— — — — — (10,392)— (10,392)
Cash dividends declared:
Preferred stock, Series A, $0.39 per share
— — — — (1,797)— — (1,797)
Preferred stock, Series B, $0.58 per share
— — — — (2,322)— — (2,322)
Common stock, $0.11 per share
— — — — (56,794)— — (56,794)
Effect of stock incentive plan, net
— 1,183 348 (966)— — 1,391 773 
Balance - March 31, 2024$209,691 508,893 $178,535 $4,989,023 $1,506,738 $(156,848)$— $6,727,139 
Net income— — — — 70,424 — — 70,424 
Other comprehensive loss, net of tax— — — — — (5,765)— (5,765)
Cash dividends declared:
Preferred stock, Series A, $0.39 per share
— — — — (1,797)— — (1,797)
Preferred stock, Series B, $0.58 per share
— — — — (2,311)— — (2,311)
Common stock, $0.11 per share
— — — — (56,678)— — (56,678)
Effect of stock incentive plan, net
— 312 110 6,615 — — — 6,725 
Balance - June 30, 2024
$209,691 509,205 $178,645 $4,995,638 $1,516,376 $(162,613)$— $6,737,737 

6


For the Six Months Ended June 30, 2023
Common StockAccumulated
Preferred StockSharesAmountSurplusRetained
Earnings		Other
Comprehensive
Loss		Treasury
Stock		Total
Shareholders’
Equity
 ($ in thousands)
Balance - December 31, 2022$209,691 506,374 $178,185 $4,980,231 $1,218,445 $(164,002)$(21,748)$6,400,802 
Adjustment due to the adoption of ASU 2022-02— — — — 990 — — 990 
Balance - January 1, 2023209,691 506,374 178,185 4,980,231 1,219,435 (164,002)(21,748)6,401,792 
Net income— — — — 146,551 — — 146,551 
Other comprehensive income, net of tax— — — — — 20,355 — 20,355 
Cash dividends declared:
Preferred stock, Series A, $0.39 per share
— — — — (1,797)— — (1,797)
Preferred stock, Series B, $0.52 per share
— — — — (2,077)— — (2,077)
Common stock, $0.11 per share
— — — — (56,488)— — (56,488)
Effect of stock incentive plan, net
— 1,061 1 (12,569)(3,994)— 16,057 (505)
Common stock issued— 327 — — (650)— 4,400 3,750 
Balance - March 31, 2023
$209,691 507,762 $178,186 $4,967,662 $1,300,980 $(143,647)$(1,291)$6,511,581 
Net income— — — — 139,060 — — 139,060 
Other comprehensive loss, net of tax— — — — — (21,100)— (21,100)
Cash dividends declared:
Preferred stock, Series A, $0.39 per share
— — — — (1,797)— — (1,797)
Preferred stock, Series B, $0.56 per share
— — — — (2,233)— — (2,233)
Common stock, $0.11 per share
— — — — (56,474)— — (56,474)
Effect of stock incentive plan, net— 157 1 6,845 (2)— 1,395 8,239 
Common stock repurchased— (300)— — — — (2,092)(2,092)
Balance - June 30, 2023
$209,691 507,619 $178,187 $4,974,507 $1,379,534 $(164,747)$(1,988)$6,575,184 

See accompanying notes to consolidated financial statements.
7


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands)

 Six Months Ended
June 30,
 20242023
Cash flows from operating activities:
Net income$166,704 $285,611 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization21,510 21,425 
Stock-based compensation15,718 16,773 
Provision for credit losses127,270 20,487 
Net accretion of discounts and amortization of premium on securities and borrowings(1,418)(639)
Amortization of other intangible assets17,980 20,331 
Losses on available for sale and held to maturity debt securities, net11 33 
Proceeds from sales of loans held for sale at fair value145,310 72,925 
Gains on sales of loans, net(2,502)(1,729)
Originations of loans held for sale(133,348)(76,943)
Gains on sales of assets, net(3,692)(285)
Net change in:
Fair value of financial instruments hedged by derivative transactions6,083 (291)
Trading debt securities(6)10,029 
Lease right of use assets5,506 (53,412)
Cash surrender value of bank owned life insurance(7,748)(5,722)
Accrued interest receivable(5,669)(29,312)
Other assets(176,362)(230,018)
Accrued expenses and other liabilities138,165 233,419 
Net cash provided by operating activities313,512 282,682 
Cash flows from investing activities:
Net loan originations and purchases(496,413)(3,009,649)
Equity securities:
Purchases(4,691)(9,662)
Sales751 771 
Held to maturity debt securities:
Purchases(56,672)(114,544)
Maturities, calls and principal repayments144,552 175,492 
Available for sale debt securities:
Purchases(982,861)(41,470)
Sales— 17,910 
Maturities, calls and principal repayments49,102 44,534 
Death benefit proceeds from bank owned life insurance5,667 5,218 
Proceeds from sales of real estate property and equipment2,974 490 
Proceeds from sales of loans not originated for sale230,666 — 
Proceeds from sale of commercial premium finance lending division98,060 — 
Purchases of real estate property and equipment(6,378)(49,468)
Net cash used in investing activities(1,015,243)(2,980,378)
8


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (continued)
(in thousands)
 Six Months Ended
June 30,
 20242023
Cash flows from financing activities:
Net change in deposits$869,348 $1,982,901 
Net change in short-term borrowings(854,064)950,170 
Proceeds from issuance of long-term borrowings, net1,000,000 1,250,000 
Repayments of long-term borrowings(65,000)(350,000)
Cash dividends paid to preferred shareholders(8,227)(7,904)
Cash dividends paid to common shareholders(114,256)(113,611)
Purchase of common shares to treasury(8,271)(11,133)
Common stock issued, net51 3,750 
Other, net(2)(15)
Net cash provided by financing activities819,579 3,704,158 
Net change in cash and cash equivalents117,848 1,006,462 
Cash and cash equivalents at beginning of year891,225 947,947 
Cash and cash equivalents at end of period$1,009,073 $1,954,409 
Supplemental disclosures of cash flow information:
Cash payments for:
Interest on deposits and borrowings$891,336 $571,741 
Federal and state income taxes48,252 122,130 
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned$8,059 $903 
Transfer of loans to loans held for sale— 10,000 
Lease right of use assets obtained in exchange for operating lease liabilities15,429 81,727 

See accompanying notes to consolidated financial statements.
9


VALLEY NATIONAL BANCORP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Basis of Presentation
The unaudited consolidated financial statements of Valley include the accounts of the Bank and all other entities in which Valley has a controlling financial interest. All inter-company transactions and balances have been eliminated. The accounting and reporting policies of Valley conform to GAAP and general practices within the financial services industry. In accordance with applicable accounting standards, Valley does not consolidate statutory trusts established for the sole purpose of issuing trust preferred securities and related trust common securities. Certain prior period amounts have been reclassified to conform to the current presentation.
In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly Valley’s financial position, results of operations, changes in shareholders' equity and cash flows at June 30, 2024 and for all periods presented have been made. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results t