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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 March 31, 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 filerAccelerated 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 509,182,782 shares were outstanding as of May 7, 2024.



TABLE OF CONTENTS
 
  Page
Number
PART I
Item 1.
Consolidated Statements of Financial Condition as of March 31, 2024 and December 31, 2023
Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 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)
March 31,
2024
December 31,
2023
Assets(Unaudited)
Cash and due from banks$398,827 $284,090 
Interest bearing deposits with banks542,006 607,135 
Investment securities:
Equity securities66,951 64,464 
Trading debt securities3,989 3,973 
Available for sale debt securities1,449,334 1,296,576 
Held to maturity debt securities (net of allowance for credit losses of $1,131 at March 31, 2024 and $1,205 at December 31, 2023)
3,710,687 3,739,208 
Total investment securities5,230,961 5,104,221 
Loans held for sale (includes fair value of $17,639 at March 31, 2024 and $20,640 at December 31, 2023 for loans originated for sale)
61,782 30,640 
Loans49,922,042 50,210,295 
Less: Allowance for loan losses(469,248)(446,080)
Net loans49,452,794 49,764,215 
Premises and equipment, net371,034 381,081 
Lease right of use assets336,330 343,461 
Bank owned life insurance723,398 723,799 
Accrued interest receivable253,893 245,498 
Goodwill1,868,936 1,868,936 
Other intangible assets, net151,469 160,331 
Other assets1,608,758 1,421,567 
Total Assets$61,000,188 $60,934,974 
Liabilities
Deposits:
Non-interest bearing$11,273,331 $11,539,483 
Interest bearing:
Savings, NOW and money market25,060,881 24,526,622 
Time12,743,734 13,176,724 
Total deposits49,077,946 49,242,829 
Short-term borrowings75,224 917,834 
Long-term borrowings3,262,341 2,328,375 
Junior subordinated debentures issued to capital trusts57,195 57,108 
Lease liabilities396,904 403,781 
Accrued expenses and other liabilities1,403,439 1,283,656 
Total Liabilities54,273,049 54,233,583 
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at March 31, 2024 and December 31, 2023)
111,590 111,590 
Series B (4,000,000 shares issued at March 31, 2024 and December 31, 2023)
98,101 98,101 
Common stock (no par value, authorized 650,000,000 shares; issued 508,893,059 shares at March 31, 2024 and 507,896,910 shares at December 31, 2023)
178,535 178,187 
Surplus4,989,023 4,989,989 
Retained earnings1,506,738 1,471,371 
Accumulated other comprehensive loss(156,848)(146,456)
Treasury stock, at cost (186,983 common shares at December 31, 2023)
 (1,391)
Total Shareholders’ Equity6,727,139 6,701,391 
Total Liabilities and Shareholders’ Equity$61,000,188 $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
March 31,
 20242023
Interest Income
Interest and fees on loans$771,553 $655,226 
Interest and dividends on investment securities:
Taxable35,797 32,289 
Tax-exempt4,796 5,325 
Dividends6,828 5,185 
Interest on federal funds sold and other short-term investments9,682 22,205 
Total interest income828,656 720,230 
Interest Expense
Interest on deposits:
Savings, NOW and money market232,506 150,766 
Time151,065 80,298 
Interest on short-term borrowings20,612 33,948 
Interest on long-term borrowings and junior subordinated debentures30,925 19,198 
Total interest expense435,108 284,210 
Net Interest Income393,548 436,020 
(Credit) provision for credit losses for available for sale and held to maturity securities(74)4,987 
Provision for credit losses for loans45,274 9,450 
Net Interest Income After Provision for Credit Losses348,348 421,583 
Non-Interest Income
Wealth management and trust fees17,930 9,587 
Insurance commissions2,251 2,420 
Capital markets5,670 10,892 
Service charges on deposit accounts11,249 10,476 
Gains on securities transactions, net49 378 
Fees from loan servicing3,188 2,671 
Gains on sales of loans, net1,618 489 
Gains on sales of assets, net3,694 124 
Bank owned life insurance3,235 2,584 
Other12,531 14,678 
Total non-interest income61,415 54,299 
Non-Interest Expense
Salary and employee benefits expense141,831 144,986 
Net occupancy expense24,323 23,256 
Technology, furniture and equipment expense35,462 36,508 
FDIC insurance assessment18,236 9,155 
Amortization of other intangible assets9,412 10,519 
Professional and legal fees16,465 16,814 
Amortization of tax credit investments5,562 4,253 
Other29,019 26,675 
Total non-interest expense280,310 272,166 
Income Before Income Taxes129,453 203,716 
Income tax expense33,173 57,165 
Net Income96,280 146,551 
Dividends on preferred stock 4,119 3,874 
Net Income Available to Common Shareholders$92,161 $142,677 
Earnings Per Common Share:
Basic$0.18 $0.28 
Diluted0.18 0.28 
See accompanying notes to consolidated financial statements.
4



VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)
 
 Three Months Ended
March 31,
 20242023
Net income$96,280 $146,551 
Other comprehensive (loss) income, net of tax:
Unrealized losses and gains on available for sale securities
Net (losses) gains arising during the period(10,205)17,170 
Total(10,205)17,170 
Unrealized gains and losses on derivatives (cash flow hedges)
Net gains on derivatives arising during the period 2,798 
Less reclassification adjustment for net (gains) losses included in net income(222)379 
Total(222)3,177 
Defined benefit pension and postretirement benefit plans
Amortization of actuarial net loss35 8 
Total other comprehensive (loss) income(10,392)20,355 
Total comprehensive income$85,888 $166,906 
See accompanying notes to consolidated financial statements.

5



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

For the Three Months Ended March 31, 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 

For the Three Months Ended March 31, 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 

See accompanying notes to consolidated financial statements.
6



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

 Three Months Ended
March 31,
 20242023
Cash flows from operating activities:
Net income$96,280 $146,551 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization10,794 11,515 
Stock-based compensation8,104 8,093 
Provision for credit losses45,200 14,437 
Net accretion of discounts and amortization of premium on securities and borrowings(779)(397)
Amortization of other intangible assets9,412 10,519 
Losses on available for sale and held to maturity debt securities, net7 24 
Proceeds from sales of loans held for sale at fair value41,650 27,743 
Gains on sales of loans, net(1,618)(489)
Originations of loans held for sale(37,581)(26,588)
Gains on sales of assets, net(3,694)(124)
Net change in:
Fair value of financial instruments hedged by derivative transactions3,540 4,219 
Trading debt securities(16)6,583 
Lease right of use assets7,123 3,600 
Cash surrender value of bank owned life insurance(3,235)(2,584)
Accrued interest receivable(8,395)(27,002)
Other assets(184,680)(298,077)
Accrued expenses and other liabilities117,399 (147,705)
Net cash provided by (used in) operating activities99,511 (269,682)
Cash flows from investing activities:
Net loan originations and purchases(67,432)(1,774,024)
Equity securities:
Purchases(957)(1,594)
Sales408 409 
Held to maturity debt securities:
Purchases(39,639)(79,961)
Maturities, calls and principal repayments67,777 61,213 
Available for sale debt securities:
Purchases(183,924) 
Maturities, calls and principal repayments18,338 22,264 
Death benefit proceeds from bank owned life insurance3,620 2,773 
Proceeds from sales of real estate property and equipment2,850 125 
Proceeds from sales of loans not originated for sale196,523  
Proceeds from sale of commercial premium finance lending division98,060  
Purchases of real estate property and equipment(3,639)(18,263)
Cash distribution from tax credit investments 2,500 
Net cash provided by (used in) investing activities91,985 (1,784,558)
7



VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (continued)
(in thousands)
 Three Months Ended
March 31,
 20242023
Cash flows from financing activities:
Net change in deposits$(164,883)$(45,998)
Net change in short-term borrowings(842,610)6,274,327 
Proceeds from issuance of long-term borrowings, net1,000,000 1,000,000 
Repayments of long-term borrowings(65,000)(350,000)
Cash dividends paid to preferred shareholders(4,119)(3,874)
Cash dividends paid to common shareholders(57,944)(57,612)
Purchase of common shares to treasury(7,381)(8,599)
Common stock issued, net51 3,750 
Other, net(2)(13)
Net cash (used in) provided by financing activities(141,888)6,811,981 
Net change in cash and cash equivalents49,608 4,757,741 
Cash and cash equivalents at beginning of year891,225 947,947 
Cash and cash equivalents at end of period$940,833 $5,705,688 
Supplemental disclosures of cash flow information:
Cash payments for:
Interest on deposits and borrowings$485,127 $244,246 
Federal and state income taxes6,487 8,782 
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned$ $903 
Transfer of loans to loans held for sale34,143  
Lease right of use assets obtained in exchange for operating lease liabilities4,809 7,461 

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 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 March 31, 2024 and for all periods presented have been made. The results of operations for the three months ended March 31, 2024 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 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.
Significant Estimates. In preparing the unaudited consolidated financial statements in conformity with 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. Earnings Per Common Share
The following table shows the calculation of both basic and diluted earnings per common share for the three months ended March 31, 2024 and 2023:
 Three Months Ended
March 31,
 20242023
 (in thousands, except for share and per share data)
Net income available to common shareholders$92,161 $142,677 
Basic weighted average number of common shares outstanding
508,340,719 507,111,295 
Plus: Common stock equivalents2,293,226 2,545,135 
Diluted weighted average number of common shares outstanding
510,633,945 509,656,430 
Earnings per common share:
Basic$0.18 $0.28 
Diluted0.18 0.28 
9



Common stock equivalents represent the dilutive effect of additional common shares issuable upon the assumed vesting or exercise, if applicable, of RSUs and common stock options to purchase Valley’s common shares. Common stock options with exercise prices that exceed the average market price of Valley’s common stock during the periods presented may have an anti-dilutive effect on the diluted earnings per common share calculation and therefore are excluded from the diluted earnings per share calculation along with RSUs. Potential anti-dilutive weighted common shares totaled approximately 1.3 million and 1.6 million for the three months ended March 31, 2024 and 2023, respectively.
Note 3. Accumulated Other Comprehensive Loss
The following tables present the after-tax changes in the balances of each component of accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023:
 Components of Accumulated Other Comprehensive LossTotal
Accumulated
Other
Comprehensive
Loss
 Unrealized Gains
and Losses on
Available for Sale
(AFS) Securities
Unrealized Gains
and Losses on
Derivatives
Defined Benefit
Pension and Postretirement Benefit Plans
 (in thousands)
December 31, 2022$(127,818)$2,233 $(38,417)$(164,002)
Other comprehensive loss before reclassification17,170 2,798  19,968 
Amounts reclassified from other comprehensive income 379 8 387 
Other comprehensive income, net17,170 3,177 8 20,355 
March 31, 2023$(110,648)$5,410 $(38,409)$(143,647)
December 31, 2023$(115,502)$2,114 $(33,068)$(146,456)
Other comprehensive loss before reclassification (10,205)  (10,205)
Amounts reclassified from other comprehensive (loss) income (222)35 (187)
Other comprehensive (loss) income, net(10,205)(222)35 (10,392)
March 31, 2024$(125,707)$1,892 $(33,033)$(156,848)
The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three months ended March 31, 2024 and 2023:
Amounts Reclassified from
Accumulated Other Comprehensive Loss
Three Months Ended
March 31,
Components of Accumulated Other Comprehensive Loss20242023Income Statement Line Item
 (in thousands) 
Unrealized gains (losses) on derivatives (cash flow hedges) before tax$298 $(531)Interest income
Tax effect(76)152 
Total net of tax222 (379)
Defined benefit pension and postretirement benefit plans:
Amortization of actuarial net loss(49)(11)*
Tax effect14 3 
Total net of tax(35)(8)
Total reclassifications, net of tax$187 $(387)
*Amortization of actuarial net loss is included in the computation of net periodic pension cost recognized within other non-interest expense.
10



Note 4. New Authoritative Accounting Guidance
New Accounting Guidance Adopted in the First Quarter 2024
ASU No. 2023-02, “Investments –Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method,” is intended to improve the accounting and disclosures for investments in certain tax credit structures. ASU No. 2023-02 allows the option to apply the proportional amortization method to account for investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met. ASU No. 2023-02 became effective on January 1, 2024 and did not have a significant impact on Valley's consolidated financial statements. Under the new guidance, Valley did not elect to apply the proportional amortization method as an accounting policy for its eligible tax credit investments and, as a result, there were no adjustments from adoption recognized in earnings on the date of adoption. See additional disclosures regarding Valley's tax credit investments at Note 14.
ASU No. 2022-03, “Fair Value Measurement of Equity Securities subject to Contractual Sale Restrictions,” updates guidance in ASC Topic 820, Fair Value Measurement and clarifies that a contractual sale restriction should not be considered in measuring fair value. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities including (i) the nature and remaining duration of the restriction; (ii) the circumstances that could cause a lapse in restrictions; and (iii) the fair value of the securities with contractual sale restrictions. ASU No. 2022-03 became effective on January 1, 2024 and Valley's adoption did not have a significant impact on its consolidated financial statements.
New Accounting Guidance Effective at December 31, 2024
ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” requires public entities to disclose detailed information about a reportable segment’s expenses on both an annual and interim basis. The ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in ASU No. 2023-07 should be applied retrospectively to all periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The adoption of ASU No. 2023-07 is not expected to have a significant impact on Valley's consolidated financial statements, other than enhanced disclosures.
Note 5. Fair Value Measurement of Assets and Liabilities
ASC Topic 820, “Fair Value Measurement,” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

Level 1    - Unadjusted exchange quoted prices in active markets for identical assets or liabilities, or identical liabilities traded as assets that the reporting entity has the ability to access at the measurement date.
Level 2 - Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly (i.e., quoted prices on similar assets) for substantially the full term of the asset or liability.
Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
Assets and Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis
The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at March 31, 2024 and December 31, 2023. The assets presented under “non-recurring fair value
11



measurements” in the tables below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized). 
 March 31,
2024
Fair Value Measurements at Reporting Date Using:
 Quoted Prices
in Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
 (in thousands)
Recurring fair value measurements:
Assets
Investment securities:
Equity securities$23,159 $23,159 $ $ 
Equity securities at net asset value (NAV)
12,267 — — — 
Trading debt securities3,989 3,989   
Available for sale debt securities:
U.S. Treasury securities285,546 285,546   
U.S. government agency securities22,754  22,754  
Obligations of states and political subdivisions187,729  187,729  
Residential mortgage-backed securities783,143  783,143  
Corporate and other debt securities170,162  170,162  
Total available for sale debt securities1,449,334 285,546 1,163,788  
Loans held for sale (1)
17,639  17,639  
Other assets (2)
522,275  522,275  
Total assets$2,028,663 $312,694 $1,703,702 $ 
Liabilities
Other liabilities (2)
$546,416 $ $546,416 $ 
Total liabilities$546,416 $ $546,416 $ 
Non-recurring fair value measurements:
Non-performing loan held for sale (3)
$10,000 $ $10,000 $ 
Collateral dependent loans 77,673   77,673 
Foreclosed assets 1,393   1,393 
Total$89,066 $ $10,000 $79,066 
12



  Fair Value Measurements at Reporting Date Using:
 December 31,
2023
Quoted Prices
in Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
 (in thousands)
Recurring fair value measurements:
Assets
Investment securities:
Equity securities $23,307 $23,307 $ $ 
Equity securities at net asset value (NAV)
12,126 — — — 
Trading debt securities3,973 3,973   
Available for sale debt securities:
U.S. Treasury securities288,157 288,157   
U.S. government agency securities23,702  23,702  
Obligations of states and political subdivisions191,690  191,690  
Residential mortgage-backed securities626,572  626,572  
Corporate and other debt securities166,455  166,455  
Total available for sale debt securities1,296,576 288,157 1,008,419  
Loans held for sale (1)
20,640  20,640  
Other assets (2)
466,227  466,227  
Total assets$1,822,849 $315,437 $1,495,286 $ 
Liabilities
Other liabilities (2)
$488,103 $ $488,103 $ 
Total liabilities$488,103 $ $488,103 $ 
Non-recurring fair value measurements:
Non-performing loan held for sale (3)
$10,000 $ $10,000 $ 
Collateral dependent loans 90,580   90,580 
Foreclosed assets