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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, 2022
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 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 (check one):
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 506,305,454 shares were outstanding as of May 6, 2022.



TABLE OF CONTENTS
 
  Page
Number
PART I
Item 1.
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 1A.
Item 2.
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)
March 31,
2022
December 31,
2021
Assets(Unaudited)
Cash and due from banks$424,035 $205,156 
Interest bearing deposits with banks306,885 1,844,764 
Investment securities:
Equity securities35,992 36,473 
Trading debt securities11,739 38,130 
Available for sale debt securities1,015,034 1,128,809 
Held to maturity debt securities (net of allowance for credit losses of $1,222 at March 31, 2022 and $1,165 at December 31, 2021)
3,071,983 2,667,532 
Total investment securities4,134,748 3,870,944 
Loans held for sale, at fair value77,632 139,516 
Loans35,364,405 34,153,657 
Less: Allowance for loan losses(362,510)(359,202)
Net loans35,001,895 33,794,455 
Premises and equipment, net337,479 326,306 
Lease right of use assets258,512 259,117 
Bank owned life insurance566,440 566,770 
Accrued interest receivable102,667 96,882 
Goodwill1,468,354 1,459,008 
Other intangible assets, net74,884 70,386 
Other assets797,926 813,139 
Total Assets$43,551,457 $43,446,443 
Liabilities
Deposits:
Non-interest bearing$11,947,001 $11,675,748 
Interest bearing:
Savings, NOW and money market20,285,967 20,269,620 
Time3,414,368 3,687,044 
Total deposits35,647,336 35,632,412 
Short-term borrowings484,181 655,726 
Long-term borrowings1,409,142 1,423,676 
Junior subordinated debentures issued to capital trusts56,500 56,413 
Lease liabilities282,437 283,106 
Accrued expenses and other liabilities575,477 311,044 
Total Liabilities38,455,073 38,362,377 
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at March 31, 2022 and December 31, 2021)
111,590 111,590 
Series B (4,000,000 shares issued at March 31, 2022 and December 31, 2021)
98,101 98,101 
Common stock (no par value, authorized 650,000,000 shares; issued 423,034,027 shares at March 31, 2022 and December 31, 2021)
148,482 148,482 
Surplus3,872,236 3,883,035 
Retained earnings945,225 883,645 
Accumulated other comprehensive loss(56,098)(17,932)
Treasury stock, at cost (1,639,750 common shares at March 31, 2022 and 1,596,959 common shares at December 31, 2021)
(23,152)(22,855)
Total Shareholders’ Equity5,096,384 5,084,066 
Total Liabilities and Shareholders’ Equity$43,551,457 $43,446,443 
See accompanying notes to consolidated financial statements.
2



VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for share data)
 Three Months Ended
March 31,
 20222021
Interest Income
Interest and fees on loans$317,365 $313,181 
Interest and dividends on investment securities:
Taxable18,439 13,166 
Tax-exempt2,517 3,356 
Dividends1,676 1,871 
Interest on federal funds sold and other short-term investments461 224 
Total interest income340,458 331,798 
Interest Expense
Interest on deposits:
Savings, NOW and money market9,627 11,125 
Time2,831 11,093 
Interest on short-term borrowings806 1,758 
Interest on long-term borrowings and junior subordinated debentures9,525 15,155 
Total interest expense22,789 39,131 
Net Interest Income317,669 292,667 
Provision (credit) for credit losses for held to maturity securities57 (358)
Provision for credit losses for loans3,500 9,014 
Net Interest Income After Provision for Credit Losses314,112 284,011 
Non-Interest Income
Trust and investment services5,131 3,329 
Insurance commissions1,859 1,558 
Service charges on deposit accounts6,212 5,103 
(Losses) gains on securities transactions, net(1,072)101 
Fees from loan servicing2,781 2,899 
Gains on sales of loans, net986 3,513 
Bank owned life insurance2,046 2,331 
Other21,327 12,399 
Total non-interest income39,270 31,233 
Non-Interest Expense
Salary and employee benefits expense107,733 88,103 
Net occupancy and equipment expense36,806 32,259 
FDIC insurance assessment4,158 3,276 
Amortization of other intangible assets4,437 6,006 
Professional and legal fees14,749 6,272 
Amortization of tax credit investments2,896 2,744 
Telecommunication expense3,271 3,160 
Other23,290 18,393 
Total non-interest expense197,340 160,213 
Income Before Income Taxes156,042 155,031 
Income tax expense39,314 39,321 
Net Income116,728 115,710 
Dividends on preferred stock 3,172 3,172 
Net Income Available to Common Shareholders$113,556 $112,538 
3




VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (continued)
(in thousands, except for share data)
 Three Months Ended
March 31,
 20222021
Earnings Per Common Share:
Basic$0.27 $0.28 
Diluted0.27 0.28 
Cash Dividends Declared per Common Share0.11 0.11 
Weighted Average Number of Common Shares Outstanding:
Basic421,573,843 405,152,605 
Diluted423,506,550 407,636,765 
See accompanying notes to consolidated financial statements.
4



VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)
 
 Three Months Ended
March 31,
 20222021
Net income$116,728 $115,710 
Other comprehensive loss, net of tax:
Unrealized gains and losses on available for sale securities
Net losses arising during the period(38,892)(10,436)
Less reclassification adjustment for net (gains) losses included in net income(10)44 
Total(38,902)(10,392)
Unrealized gains and losses on derivatives (cash flow hedges)
Net gains on derivatives arising during the period218 174 
Less reclassification adjustment for net losses included in net income386 651 
Total604 825 
Defined benefit pension plan
Amortization of actuarial net loss132 280 
Total other comprehensive loss(38,166)(9,287)
Total comprehensive income$78,562 $106,423 
See accompanying notes to consolidated financial statements.

5



CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

For the Three Months Ended March 31, 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)
Purchase of treasury stock— (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 

For the Three Months Ended March 31, 2021
Common StockAccumulated
Preferred StockSharesAmountSurplusRetained
Earnings
Other
Comprehensive
Loss
Treasury
Stock
Total
Shareholders’
Equity
 (in thousands)
Balance - December 31, 2020$209,691 403,859 $141,746 $3,637,468 $611,158 $(7,718)$(225)$4,592,120 
Net income— — — — 115,710 — — 115,710 
Other comprehensive loss, net of tax— — — — — (9,287)— (9,287)
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
— — — — (45,281)— — (45,281)
Effect of stock incentive plan, net— 1,939 689 14,480 (5,764)— 175 9,580 
Balance - March 31, 2021$209,691 405,798 $142,435 $3,651,948 $672,651 $(17,005)$(50)$4,659,670 

See accompanying notes to consolidated financial statements.
6



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

 Three Months Ended
March 31,
 20222021
Cash flows from operating activities:
Net income$116,728 $115,710 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization14,346 13,848 
Stock-based compensation7,263 5,465 
Provision for credit losses3,557 8,656 
Net amortization of premiums and accretion of discounts on securities and borrowings7,487 8,293 
Amortization of other intangible assets4,437 6,006 
Losses (gains) on securities transactions, net1,072 (101)
Proceeds from sales of loans held for sale204,628 357,108 
Gains on sales of loans, net(986)(3,513)
Originations of loans held for sale(144,485)(287,765)
Gains on sales of assets, net64 196 
Net change in:
Fair value of borrowings hedged by derivative transactions(14,696) 
Trading debt securities26,391  
Cash surrender value of bank owned life insurance(2,046)(2,331)
Accrued interest receivable(5,785)(1,560)
Other assets12,999 204,948 
Accrued expenses and other liabilities265,029 (111,562)
Net cash provided by operating activities496,003 313,398 
Cash flows from investing activities:
Net loan originations and purchases(1,210,754)(475,142)
Equity securities:
Purchases(662)(1,878)
Sales848 319 
Held to maturity debt securities:
Purchases(545,462)(407,793)
Maturities, calls and principal repayments136,024 184,163 
Available for sale debt securities:
Purchases(15,000) 
Sales 41,134 
Maturities, calls and principal repayments73,008 164,235 
Death benefit proceeds from bank owned life insurance2,369 1,628 
Proceeds from sales of real estate property and equipment5,692 1,742 
Purchases of real estate property and equipment(22,749)(8,042)
Cash paid in acquisition(8,607) 
Net cash used in investing activities(1,585,293)(499,634)
7



VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (continued)
(in thousands)
 Three Months Ended
March 31,
 20222021
Cash flows from financing activities:
Net change in deposits$14,924 $649,607 
Net change in short-term borrowings(171,545)(63,292)
Repayments of long-term borrowings (51,769)
Cash dividends paid to preferred shareholders(3,172)(3,172)
Cash dividends paid to common shareholders(46,205)(45,526)
Purchase of common shares to treasury(23,627)(542)
Common stock issued, net95 5,723 
Other, net(180)(165)
Net cash (used in) provided by financing activities(229,710)490,864 
Net change in cash and cash equivalents(1,319,000)304,628 
Cash and cash equivalents at beginning of year2,049,920 1,329,205 
Cash and cash equivalents at end of period$730,920 $1,633,833 
Supplemental disclosures of cash flow information:
Cash payments for:
Interest on deposits and borrowings$19,682 $37,997 
Federal and state income taxes6,842 5,855 
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned$ $141 
Lease right of use assets obtained in exchange for operating lease liabilities6,836 21 
Non-cash net assets acquired8,607  
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 its commercial bank subsidiary, Valley National Bank (the Bank), and all of Valley’s direct or indirect wholly-owned subsidiaries. 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 March 31, 2022 and for all periods presented have been made. The results of operations for the three months ended March 31, 2022 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, 2021.
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
Landmark Insurance of the Palm Beaches. On February 1, 2022, the Bank's insurance agency subsidiary, Valley Insurance Services, acquired Landmark Insurance of the Palm Beaches Inc. (Landmark) agency. The purchase price included $8.6 million in cash and $1.0 million in contingent consideration. Goodwill and other intangible assets totaled $4.4 million and $6.2 million, respectively. The transaction was accounted for under the acquisition method of accounting and accordingly the results of Landmark's operations have been included in Valley's consolidated financial statements for the three months ended March 31, 2022 from the date of acquisition.
The Westchester Bank Holding Corporation. On December 1, 2021, Valley completed its acquisition of The Westchester Bank Holding Corporation (Westchester) and its principal subsidiary, The Westchester Bank which was headquartered in White Plains, New York. As of December 1, 2021, Westchester had approximately $1.4 billion in assets, $915.0 million in loans, and $1.2 billion in deposits, after purchase accounting adjustments, and a branch network of seven locations in Westchester County, New York. The common shareholders of Westchester
9



received 229.645 shares of Valley common stock for each Westchester share they owned prior to the merger. The total consideration for the merger was $211.1 million, consisting of approximately 15.7 million shares of Valley common stock.
During the first quarter 2022, Valley revised the estimated fair values of the acquired assets as of the acquisition date of Westchester based upon additional information obtained that existed as of December 1, 2021. The adjustments related to the fair value of deferred tax assets and resulted in a $5.0 million increase in goodwill (see Note 9 for more information). If additional information (that existed as of the acquisition date) becomes available, the fair value estimates for acquired assets and assumed liabilities are subject to change for up to one year after the acquisition date.

Recent Acquisition
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, and 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. Valley issued approximately 85 million shares of common stock and paid $113.4 million in cash in the transaction. 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. Based on Valley’s closing stock price on March 31, 2022, the transaction was valued at an estimated $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. As of March 31, 2022, Bank Leumi had approximately $8.3 billion in assets, $6.1 billion of loans and $7.1 billion of deposits. The acquisition supplements Valley’s commercial banking expertise and provides new business capabilities in the technology banking and private banking areas. In addition, the acquisition further diversifies our loan portfolio from a geographic perspective by allowing Valley to enter new markets.
Merger expenses related to the completed and subsequent acquisition activity above totaled $4.4 million for the three months ended March 31, 2022. The merger expenses mainly consisted of salaries and benefits expense, professional and legal fees, and other expense within non-interest expense on the consolidated statements of income. Valley incurred no merger related expenses during the three months ended March 31, 2021.
Note 3. 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, 2022 and 2021:
 Three Months Ended
March 31,
 20222021
 (in thousands, except for share data)
Net income available to common shareholders$113,556 $112,538 
Basic weighted average number of common shares outstanding
421,573,843 405,152,605 
Plus: Common stock equivalents1,932,707 2,484,160 
Diluted weighted average number of common shares outstanding
423,506,550