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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, 2023
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 507,634,731 shares were outstanding as of August 7, 2023.


TABLE OF CONTENTS
 
  Page
Number
PART I
Item 1.
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2023 and 2022
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2023 and 2022
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.

1


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data)
June 30,
2023		December 31,
2022
Assets(Unaudited)
Cash and due from banks$463,318 $444,325 
Interest bearing deposits with banks1,491,091 503,622 
Investment securities:
Equity securities61,010 48,731 
Trading debt securities3,409 13,438 
Available for sale debt securities1,236,946 1,261,397 
Held to maturity debt securities (net of allowance for credit losses of $1,351 at June 30, 2023 and $1,646 at December 31, 2022)
3,765,487 3,827,338 
Total investment securities5,066,852 5,150,904 
Loans held for sale, at fair value33,044 18,118 
Loans49,877,248 46,917,200 
Less: Allowance for loan losses(436,432)(458,655)
Net loans49,440,816 46,458,545 
Premises and equipment, net386,584 358,556 
Lease right of use assets359,751 306,352 
Bank owned life insurance717,681 717,177 
Accrued interest receivable225,918 196,606 
Goodwill1,868,936 1,868,936 
Other intangible assets, net177,946 197,456 
Other assets1,471,756 1,242,152 
Total Assets$61,703,693 $57,462,749 
Liabilities
Deposits:
Non-interest bearing$12,434,307 $14,463,645 
Interest bearing:
Savings, NOW and money market22,277,326 23,616,812 
Time14,908,182 9,556,457 
Total deposits49,619,815 47,636,914 
Short-term borrowings1,088,899 138,729 
Long-term borrowings2,443,533 1,543,058 
Junior subordinated debentures issued to capital trusts56,934 56,760 
Lease liabilities420,972 358,884 
Accrued expenses and other liabilities1,498,356 1,327,602 
Total Liabilities55,128,509 51,061,947 
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at June 30, 2023 and December 31, 2022)
111,590 111,590 
Series B (4,000,000 shares issued at June 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 June 30, 2023 and December 31, 2022)
178,187 178,185 
Surplus4,974,507 4,980,231 
Retained earnings1,379,534 1,218,445 
Accumulated other comprehensive loss(164,747)(164,002)
Treasury stock, at cost (277,480 common shares at June 30, 2023 and 1,522,432 common shares at December 31, 2022)
(1,988)(21,748)
Total Shareholders’ Equity6,575,184 6,400,802 
Total Liabilities and Shareholders’ Equity$61,703,693 $57,462,749 
See accompanying notes to consolidated financial statements.
2


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,
 2023202220232022
Interest Income
Interest and fees on loans$715,172 $415,577 $1,370,398 $732,942 
Interest and dividends on investment securities:
Taxable31,919 27,534 64,208 45,973 
Tax-exempt5,575 5,191 10,900 7,708 
Dividends7,517 3,076 12,702 4,752 
Interest on federal funds sold and other short-term investments27,276 1,569 49,481 2,030 
Total interest income787,459 452,947 1,507,689 793,405 
Interest Expense
Interest on deposits:
Savings, NOW and money market164,842 17,122 315,608 26,749 
Time125,764 3,269 206,062 6,100 
Interest on short-term borrowings50,208 4,083 84,156 4,889 
Interest on long-term borrowings and junior subordinated debentures26,880 10,313 46,078 19,838 
Total interest expense367,694 34,787 651,904 57,576 
Net Interest Income419,765 418,160 855,785 735,829 
(Credit) provision for credit losses for available for sale and held to maturity securities(282)286 4,705 343 
Provision for credit losses for loans6,332 43,712 15,782 47,212 
Net Interest Income After Provision for Credit Losses413,715 374,162 835,298 688,274 
Non-Interest Income
Wealth management and trust fees11,176 9,577 20,763 14,708 
Insurance commissions3,139 3,463 5,559 5,322 
Capital markets16,967 14,711 27,859 29,071 
Service charges on deposit accounts10,542 10,067 21,018 16,279 
Gains (losses) on securities transactions, net217 (309)595 (1,381)
Fees from loan servicing2,702 2,717 5,373 5,498 
Gains on sales of loans, net1,240 3,602 1,729 4,588 
Bank owned life insurance2,443 2,113 5,027 4,159 
Other11,649 12,592 26,451 19,559 
Total non-interest income60,075 58,533 114,374 97,803 
Non-Interest Expense
Salary and employee benefits expense149,594 154,798 294,580 262,531 
Net occupancy expense25,949 22,429 49,205 44,420 
Technology, furniture and equipment expense32,476 49,866 68,984 75,880 
FDIC insurance assessment10,426 5,351 19,581 9,509 
Amortization of other intangible assets9,812 11,400 20,331 15,837 
Professional and legal fees21,406 30,409 38,220 45,158 
Amortization of tax credit investments5,018 3,193 9,271 6,089 
Other28,290 22,284 54,965 37,646 
Total non-interest expense282,971 299,730 555,137 497,070 
Income Before Income Taxes190,819 132,965 394,535 289,007 
Income tax expense51,759 36,552 108,924 75,866 
Net Income139,060 96,413 285,611 213,141 
Dividends on preferred stock 4,030 3,172 7,904 6,344 
Net Income Available to Common Shareholders$135,030 $93,241 $277,707 $206,797 
Earnings Per Common Share:
Basic$0.27 $0.18 $0.55 $0.45 
Diluted0.27 0.18 0.55 0.44 
See accompanying notes to consolidated financial statements.
3


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)
 
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Net income$139,060 $96,413 $285,611 $213,141 
Other comprehensive loss, net of tax:
Unrealized gains and losses on available for sale securities
Net losses arising during the period(18,051)(52,269)(881)(91,161)
Less reclassification adjustment for net gains included in net income— — — (10)
Total(18,051)(52,269)(881)(91,171)
Unrealized gains and losses on derivatives (cash flow hedges)
Net (losses) gains on derivatives arising during the period(3,573)(23)(775)195 
Less reclassification adjustment for net losses (gains) included in net income516 (80)895 306 
Total(3,057)(103)120 501 
Defined benefit pension and postretirement benefit plans
Amortization of actuarial net loss8 133 16 265 
Total other comprehensive loss(21,100)(52,239)(745)(90,405)
Total comprehensive income$117,960 $44,174 $284,866 $122,736 
See accompanying notes to consolidated financial statements.

4


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

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 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) (continued)

5


For the Six Months Ended June 30, 2022
Common StockAccumulated
Preferred StockSharesAmountSurplusRetained
Earnings		Other
Comprehensive
Loss		Treasury
Stock		Total
Shareholders’
Equity
 (in thousands)
Balance - December 31, 2021$209,691 421,437 $148,482 $3,883,035 $883,645 $(17,932)$(22,855)$5,084,066 
Net income— — — — 116,728 — — 116,728 
Other comprehensive loss, net of tax— — — — — (38,166)— (38,166)
Cash dividends declared:
Preferred stock, Series A, $0.39 per share
— — — — (1,797)— — (1,797)
Preferred stock, Series B, $0.34 per share
— — — — (1,375)— — (1,375)
Common stock, $0.11 per share
— — — — (46,803)— — (46,803)
Effect of stock incentive plan, net— 972 — (10,799)(5,173)— 13,220 (2,752)
Common stock repurchased— (1,015)— — — — (13,517)(13,517)
Balance - March 31, 2022
$209,691 421,394 $148,482 $3,872,236 $945,225 $(56,098)$(23,152)$5,096,384 
Net income— — — — 96,413 — — 96,413 
Other comprehensive loss, net of tax— — — — — (52,239)— (52,239)
Cash dividends declared:
Preferred stock, Series A, $0.39 per share
— — — — (1,797)— — (1,797)
Preferred stock, Series B, $0.34 per share
— — — — (1,375)— — (1,375)
Common stock, $0.11 per share
— — — — (56,211)— — (56,211)
Effect of stock incentive plan, net— 72 1 5,125 (109)— 892 5,909 
Common stock issued— 84,863 29,702 1,088,127 — — — 1,117,829 
Balance - June 30, 2022
$209,691 506,329 $178,185 $4,965,488 $982,146 $(108,337)$(22,260)$6,204,913 

See accompanying notes to consolidated financial statements.
6


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

 Six Months Ended
June 30,
 20232022
Cash flows from operating activities:
Net income$285,611 $213,141 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization21,425 18,297 
Stock-based compensation16,773 13,420 
Provision for credit losses20,487 47,555 
Net amortization of premiums and accretion of discounts on securities and borrowings(639)9,680 
Amortization of other intangible assets20,331 15,837 
Losses (gains) on available for sale and held to maturity debt securities, net33 (69)
Proceeds from sales of loans held for sale72,925 331,298 
Gains on sales of loans, net(1,729)(4,588)
Originations of loans held for sale(76,943)(210,048)
(Gains) losses on sales of assets, net(286)265 
Net change in:
Fair value of borrowings hedged by derivative transactions(291)(20,194)
Trading debt securities10,029 39,580 
Lease right of use assets(53,412)521 
Cash surrender value of bank owned life insurance(5,722)(4,159)
Accrued interest receivable(29,312)(12,083)
Other assets(230,017)(191,597)
Accrued expenses and other liabilities233,419 558,675 
Net cash provided by operating activities282,682 805,531 
Cash flows from investing activities:
Net loan originations and purchases(3,009,649)(3,495,486)
Equity securities:
Purchases(9,662)(1,538)
Sales771 1,110 
Held to maturity debt securities:
Purchases(114,544)(545,934)
Maturities, calls and principal repayments175,492 294,052 
Available for sale debt securities:
Purchases(41,470)(38,000)
Sales17,910 12,846 
Maturities, calls and principal repayments44,534 150,262 
Death benefit proceeds from bank owned life insurance5,218 3,089 
Proceeds from sales of real estate property and equipment490 7,265 
Purchases of real estate property and equipment(49,468)(35,164)
Cash and cash equivalent acquired in acquisitions, net— 321,540 
Net cash used in investing activities(2,980,378)(3,325,958)
7


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (continued)
(in thousands)
 Six Months Ended
June 30,
 20232022
Cash flows from financing activities:
Net change in deposits$1,982,901 $1,218,642 
Net change in short-term borrowings950,170 763,284 
Proceeds from issuance of long-term borrowings, net1,250,000 — 
Repayments of long-term borrowings(350,000)— 
Cash dividends paid to preferred shareholders(7,904)(6,344)
Cash dividends paid to common shareholders(113,611)(92,618)
Purchase of common shares to treasury(11,133)(23,886)
Common stock issued, net3,750 106 
Other, net(15)(365)
Net cash provided by financing activities3,704,158 1,858,819 
Net change in cash and cash equivalents1,006,462 (661,608)
Cash and cash equivalents at beginning of year947,947 2,049,920 
Cash and cash equivalents at end of period$1,954,409 $1,388,312 
Supplemental disclosures of cash flow information:
Cash payments for:
Interest on deposits and borrowings$571,741 $57,151 
Federal and state income taxes122,130 77,285 
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned$903 $— 
Transfer of loans to loans held for sale10,000 — 
Lease right of use assets obtained in exchange for operating lease liabilities81,727 24,745 
Acquisitions:
Non-cash assets acquired:
Equity securities — 6,239 
Investment securities available for sale— 505,928 
Investment securities held to maturity— 806,627 
Loans, net— 5,844,070 
Premises and equipment, net— 38,827 
Lease right of use assets— 49,434 
Bank owned life insurance— 126,861 
Accrued interest receivable— 25,717 
Goodwill— 407,522 
Other intangible assets, net— 159,587 
Other assets— 158,352 
Total non-cash assets acquired$— $8,129,164 
Liabilities assumed:
Deposits— 7,029,997 
Short-term borrowings— 103,794 
Lease liabilities— 79,844 
Accrued expenses and other liabilities— 119,240 
Total liabilities assumed$— $7,332,875 
Non-cash net assets acquired— 796,289 
Net cash and cash equivalents acquired in acquisition$— $321,540 
Common stock issued in acquisition$— $1,117,829 
See accompanying notes to consolidated financial statements.
8


VALLEY NATIONAL BANCORP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Basis of Presentation
The unaudited consolidated financial statements of Valley National Bancorp, a New Jersey Corporation (Valley) include the accounts of Valley National Bank (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 U.S. generally accepted accounting principles (U.S. 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, 2023 and for all periods presented have been made. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the entire fiscal year or any subsequent interim period.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP and industry practice have been condensed or omitted pursuant to rules and regulations of the SEC. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in Valley’s Annual Report on Form 10-K for the year ended December 31, 2022.
Significant Estimates. In preparing the unaudited consolidated financial statements in conformity with U.S. GAAP, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and results of operations for the periods indicated. Material estimates that require application of management’s most difficult, subjective or complex judgment and are particularly susceptible to change include: the allowance for credit losses, the evaluation of goodwill and other intangible assets for impairment and income taxes. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual amounts or results could differ significantly from those estimates. The current economic environment has increased the degree of uncertainty inherent in these material estimates. Actual results may differ from those estimates. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date.
Note 2. Business Combinations
Acquisitions
Bank Leumi Le-Israel Corporation. On April 1, 2022, Valley completed its acquisition of Bank Leumi Le-Israel Corporation, the U.S. subsidiary of Bank Leumi Le-Israel B.M., and parent company of Bank Leumi USA, collectively referred to as "Bank Leumi USA". Bank Leumi USA maintained its headquarters in New York City with commercial banking offices in Chicago, Los Angeles, Palo Alto, and Aventura, Florida. The common shareholders of Bank Leumi USA received 3.8025 shares of Valley common stock and $5.08 in cash for each Bank Leumi USA common share that they owned. As a result, Valley issued approximately 85 million shares of common stock and paid $113.4 million in cash in the transaction. Based on Valley’s closing stock price on March 31, 2022, the transaction was valued at $1.2 billion, inclusive of the value of options. As a result of the acquisition, Bank Leumi Le-Israel B.M. owned approximately 14 percent of Valley's common stock as of April 1, 2022.
Merger expenses, primarily consisting of salary and employee benefit expense, totaled $4.1 million for the six months ended June 30, 2023. There were no merger expenses for the three months ended June 30, 2023. Merger expenses totaled $54.5 million and $58.9 million for the three and six months ended June 30, 2022, respectively,
9


and largely consisted of salary and employee benefit expense, professional and legal fees and technology related costs within non-interest expense on the consolidated statements of income.
The following table sets forth assets acquired and liabilities assumed in the Bank Leumi USA acquisition, at their estimated fair values as of the closing date of the transaction:
April 1, 2022
(in thousands)
Assets acquired:
Cash and cash equivalents$443,588 
Equity securities6,239 
Available for sale debt securities505,928 
Held to maturity debt securities 806,627 
Loans5,914,389 
Allowance for loan losses (70,319)
Loans, net5,844,070 
Premises and equipment38,827 
Lease right of use assets49,273 
Bank owned life insurance126,861 
Accrued interest receivable 25,717 
Goodwill400,582 
Other intangible assets153,380 
Other assets160,921 
Total assets acquired$8,562,013 
Liabilities assumed:
Deposits:
Non-interest bearing$4,511,537 
Interest bearing:
Savings, NOW and money market2,224,834 
Time293,626 
Total deposits7,029,997 
Short-term borrowings103,794 
Lease liabilities79,683 
Accrued expense and other liabilities117,269 
Total liabilities assumed$7,330,743 
Common stock issued in acquisition1,117,829 
Cash paid in acquisition113,441 




10


Note 3. Earnings Per Common Share
The following table shows the calculation of both basic and diluted earnings per common share for the three and six months ended June 30, 2023 and 2022:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
 (in thousands, except for share and per share data)
Net income available to common shareholders$135,030 $93,241 $277,707