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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 September 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
Non-Cumulative Perpetual Preferred Stock, Series C, no par valueVLYPNThe 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 509,368,014 shares were outstanding as of November 8, 2024.


TABLE OF CONTENTS
 
  Page
Number
PART I
Item 1.
Consolidated Statements of Financial Condition as of September 30, 2024 and December 31, 2023
Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statements of Changes in Shareholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statements of Cash Flows for the Nine Months Ended September 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)September 30,
2024		December 31,
2023
Assets(Unaudited)
Cash and due from banks$511,945 $284,090 
Interest bearing deposits with banks527,960 607,135 
Investment securities:
Equity securities73,071 64,464 
Trading debt securities3,996 3,973 
Available for sale debt securities2,602,260 1,296,576 
Held to maturity debt securities (net of allowance for credit losses of $1,076 at September 30, 2024 and $1,205 at December 31, 2023)
3,573,960 3,739,208 
Total investment securities6,253,287 5,104,221 
Loans held for sale (includes fair value of $17,153 at September 30, 2024 and $20,640 at December 31, 2023 for loans originated for sale)
843,201 30,640 
Loans49,355,319 50,210,295 
Less: Allowance for loan losses(548,327)(446,080)
Net loans48,806,992 49,764,215 
Premises and equipment, net356,649 381,081 
Lease right of use assets335,032 343,461 
Bank owned life insurance730,081 723,799 
Accrued interest receivable250,131 245,498 
Goodwill1,868,936 1,868,936 
Other intangible assets, net135,478 160,331 
Other assets1,472,640 1,421,567 
Total Assets$62,092,332 $60,934,974 
Liabilities
Deposits:
Non-interest bearing$11,153,754 $11,539,483 
Interest bearing:
Savings, NOW and money market25,069,405 24,526,622 
Time14,172,807 13,176,724 
Total deposits50,395,966 49,242,829 
Short-term borrowings58,268 917,834 
Long-term borrowings3,274,340 2,328,375 
Junior subordinated debentures issued to capital trusts57,368 57,108 
Lease liabilities394,971 403,781 
Accrued expenses and other liabilities939,039 1,283,656 
Total Liabilities55,119,952 54,233,583 
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at September 30, 2024 and December 31, 2023)
111,590 111,590 
Series B (4,000,000 shares issued at September 30, 2024 and December 31, 2023)
98,101 98,101 
Series C (6,000,000 shares issued at September 30, 2024)
144,654 — 
Common stock (no par value, authorized 650,000,000 shares; issued 509,252,936 shares at September 30, 2024 and 507,896,910 shares at December 31, 2023)
178,661 178,187 
Surplus5,002,718 4,989,989 
Retained earnings1,551,428 1,471,371 
Accumulated other comprehensive loss(114,772)(146,456)
Treasury stock, at cost (186,983 common shares at December 31, 2023)
— (1,391)
Total Shareholders’ Equity6,972,380 6,701,391 
Total Liabilities and Shareholders’ Equity$62,092,332 $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
September 30,		Nine Months Ended
September 30,
 2024202320242023
Interest Income
Interest and fees on loans$786,680 $753,638 $2,329,197 $2,124,036 
Interest and dividends on investment securities:
Taxable49,700 32,383 125,957 96,591 
Tax-exempt4,855 4,585 14,450 15,485 
Dividends5,929 5,299 19,098 18,001 
Interest on federal funds sold and other short-term investments13,385 17,113 33,969 66,594 
Total interest income860,549 813,018 2,522,671 2,320,707 
Interest Expense
Interest on deposits:
Savings, NOW and money market235,371 201,916 699,474 517,524 
Time174,741 164,336 486,248 370,398 
Interest on short-term borrowings451 5,189 21,754 89,345 
Interest on long-term borrowings and junior subordinated debentures39,488 29,159 109,464 75,237 
Total interest expense450,051 400,600 1,316,940 1,052,504 
Net Interest Income410,498 412,418 1,205,731 1,268,203 
(Credit) provision for credit losses for available for sale and held to maturity securities(14)(30)(129)4,675 
Provision for credit losses for loans75,038 9,147 202,423 24,929 
Net Interest Income After Provision for Credit Losses335,474 403,301 1,003,437 1,238,599 
Non-Interest Income
Wealth management and trust fees15,125 11,417 46,191 32,180 
Insurance commissions2,880 2,336 9,089 7,895 
Capital markets6,347 7,141 19,796 35,000 
Service charges on deposit accounts12,826 10,952 35,287 31,970 
Gains (losses) on securities transactions, net47 (398)99 197 
Fees from loan servicing3,443 2,681 9,322 8,054 
(Losses) gains on sales of loans, net(3,644)2,023 (1,142)3,752 
Gains on sales of assets, net55 6,653 3,747 6,938 
Bank owned life insurance5,387 2,709 13,167 7,736 
Other18,205 13,150 37,743 39,316 
Total non-interest income60,671 58,664 173,299 173,038 
Non-Interest Expense
Salary and employee benefits expense138,832 137,292 421,478 431,872 
Net occupancy expense26,973 24,675 75,548 73,880 
Technology, furniture and equipment expense28,962 37,320 99,627 106,304 
FDIC insurance assessment14,792 7,946 47,474 27,527 
Amortization of other intangible assets8,692 9,741 26,672 30,072 
Professional and legal fees14,118 17,109 48,521 55,329 
Amortization of tax credit investments5,853 4,191 17,206 13,462 
Other31,249 28,859 90,752 83,824 
Total non-interest expense269,471 267,133 827,278 822,270 
Income Before Income Taxes126,674 194,832 349,458 589,367 
Income tax expense28,818 53,486 84,898 162,410 
Net Income97,856 141,346 264,560 426,957 
Dividends on preferred stock 6,117 4,127 14,344 12,031 
Net Income Available to Common Shareholders$91,739 $137,219 $250,216 $414,926 
Earnings Per Common Share:
Basic$0.18 $0.27 $0.49 $0.82 
Diluted0.18 0.27 0.49 0.81 
See accompanying notes to consolidated financial statements.
4


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Net income$97,856 $141,346 $264,560 $426,957 
Other comprehensive gain (loss), net of tax:
Unrealized gains and losses on available for sale securities
Net gains (losses) arising during the period48,023 (37,115)32,218 (37,996)
Less reclassification adjustment for net losses included in net income1 5 9 5 
Total48,024 (37,110)32,227 (37,991)
Unrealized gains and losses on derivatives (cash flow hedges)
Net losses on derivatives arising during the period— — — (775)
Less reclassification adjustment for net (gains) losses included in net income(219)(43)(651)852 
Total(219)(43)(651)77 
Defined benefit pension and postretirement benefit plans
Amortization of actuarial net loss36 8 108 24 
Total other comprehensive income (loss)47,841 (37,145)31,684 (37,890)
Total comprehensive income$145,697 $104,201 $296,244 $389,067 
See accompanying notes to consolidated financial statements.

5


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

For the Nine Months Ended September 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 
Net income— — — — 97,856 — — 97,856 
Other comprehensive income, net of tax— — — — — 47,841 — 47,841 
Cash dividends declared:
Preferred stock, Series A, $0.39 per share
— — — — (1,797)— — (1,797)
Preferred stock, Series B, $0.60 per share
— — — — (2,395)— — (2,395)
Preferred stock, Series C, $0.32 per share
— ———(1,925)——(1,925)
Common stock, $0.11 per share
— — — (56,687)— — (56,687)
Preferred Stock Issued144,654 — 144,654 
Effect of stock incentive plan, net
— 48 16 7,080 — — — 7,096 
Balance - September 30, 2024$354,345 509,253 $178,661 $5,002,718 $1,551,428 $(114,772)$— $6,972,380 

6


For the Nine Months Ended September 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 
Net income— — — — 141,346 — — 141,346 
Other comprehensive loss, net of tax— — — — — (37,145)— (37,145)
Cash dividends declared:
Preferred stock, Series A, $0.39 per share
— — — — (1,797)— — (1,797)
Preferred stock, Series B, $0.58 per share
— —