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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, 2021
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 406,953,610 shares were outstanding as of November 5, 2021.



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)
September 30,
2021
December 31,
2020
Assets(Unaudited)
Cash and due from banks$304,912 $257,845 
Interest bearing deposits with banks1,195,244 1,071,360 
Investment securities:
Equity securities36,068 29,378 
Trading debt securities4,797  
Available for sale debt securities1,208,277 1,339,473 
Held to maturity debt securities (net of allowance for credit losses of $1,075 at September 30, 2021 and $1,428 at December 31, 2020)
2,583,328 2,171,583 
Total investment securities3,832,470 3,540,434 
Loans held for sale, at fair value157,084 301,427 
Loans32,606,814 32,217,112 
Less: Allowance for loan losses(342,527)(340,243)
Net loans32,264,287 31,876,869 
Premises and equipment, net319,763 319,797 
Lease right of use assets258,180 252,053 
Bank owned life insurance537,301 535,209 
Accrued interest receivable98,073 106,230 
Goodwill1,382,442 1,382,442 
Other intangible assets, net62,525 70,449 
Other assets865,726 971,961 
Total Assets$41,278,007 $40,686,076 
Liabilities
Deposits:
Non-interest bearing$10,789,237 $9,205,266 
Interest bearing:
Savings, NOW and money market18,883,085 16,015,658 
Time3,960,283 6,714,678 
Total deposits33,632,605 31,935,602 
Short-term borrowings783,346 1,147,958 
Long-term borrowings1,427,444 2,295,665 
Junior subordinated debentures issued to capital trusts56,326 56,065 
Lease liabilities282,034 276,675 
Accrued expenses and other liabilities273,754 381,991 
Total Liabilities36,455,509 36,093,956 
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at September 30, 2021 and December 31, 2020)
111,590 111,590 
Series B (4,000,000 shares issued at September 30, 2021 and December 31, 2020)
98,101 98,101 
Common stock (no par value, authorized 650,000,000 shares; issued 407,317,006 shares at September 30, 2021 and 403,881,488 shares at December 31, 2020)
142,976 141,746 
Surplus3,672,467 3,637,468 
Retained earnings818,780 611,158 
Accumulated other comprehensive loss(21,375)(7,718)
Treasury stock, at cost (3,342 common shares at September 30, 2021 and 22,490 common shares at December 31, 2020)
(41)(225)
Total Shareholders’ Equity4,822,498 4,592,120 
Total Liabilities and Shareholders’ Equity$41,278,007 $40,686,076 
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
September 30,
Nine Months Ended
September 30,
 2021202020212020
Interest Income
Interest and fees on loans$309,753 $315,788 $938,248 $970,739 
Interest and dividends on investment securities:
Taxable14,292 14,845 40,174 56,225 
Tax-exempt2,609 3,606 9,181 11,224 
Dividends1,505 2,684 5,543 9,177 
Interest on federal funds sold and other short-term investments642 420 1,101 2,296 
Total interest income328,801 337,343 994,247 1,049,661 
Interest Expense
Interest on deposits:
Savings, NOW and money market10,605 13,323 32,896 64,463 
Time4,394 19,028 21,766 91,699 
Interest on short-term borrowings1,464 2,588 4,390 9,275 
Interest on long-term borrowings and junior subordinated debentures11,312 19,318 40,595 53,240 
Total interest expense27,775 54,257 99,647 218,677 
Net Interest Income301,026 283,086 894,600 830,984 
Provision (credit) for credit losses for held to maturity securities35 (112)(353)688 
Provision for credit losses for loans3,496 31,020 21,287 106,059 
Net Interest Income After Provision for Credit Losses297,495 252,178 873,666 724,237 
Non-Interest Income
Trust and investment services3,550 3,068 10,411 9,307 
Insurance commissions1,610 1,816 5,805 5,426 
Service charges on deposit accounts5,428 3,952 15,614 13,189 
Gains (losses) on securities transactions, net787 (46)1,263 (127)
Fees from loan servicing2,894 2,551 8,980 7,526 
Gains on sales of loans, net6,442 13,366 20,016 26,253 
Gains on sales of assets, net344 894 380 716 
Bank owned life insurance2,018 (1,304)6,824 7,661 
Other19,358 24,975 47,497 65,548 
Total non-interest income42,431 49,272 116,790 135,499 
Non-Interest Expense
Salary and employee benefits expense93,992 83,626 273,190 247,886 
Net occupancy and equipment expense32,402 31,116 97,112 96,774 
FDIC insurance assessment3,644 4,847 10,294 14,858 
Amortization of other intangible assets5,298 6,377 16,753 18,528 
Professional and legal fees13,492 8,762 27,250 22,646 
Loss on extinguishment of debt 2,353 8,406 2,353 
Amortization of tax credit investments3,079 2,759 8,795 9,403 
Telecommunication expense2,615 2,094 8,507 7,247 
Other20,400 18,251 56,721 53,312 
Total non-interest expense174,922 160,185 507,028 473,007 
Income Before Income Taxes165,004 141,265 483,428 386,729 
Income tax expense42,424 38,891 124,626 101,486 
Net Income122,580 102,374 358,802 285,243 
Dividends on preferred stock 3,172 3,172 9,516 9,516 
Net Income Available to Common Shareholders$119,408 $99,202 $349,286 $275,727 
3




VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (continued)
(in thousands, except for share data)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Earnings Per Common Share:
Basic$0.29 $0.25 $0.86 $0.68 
Diluted0.29 0.25 0.86 0.68 
Cash Dividends Declared per Common Share0.11 0.11 0.33 0.33 
Weighted Average Number of Common Shares Outstanding:
Basic406,824,160 403,833,469 405,986,114 403,714,701 
Diluted409,238,001 404,788,526 408,509,767 404,912,126 
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,
 2021202020212020
Net income$122,580 $102,374 $358,802 $285,243 
Other comprehensive income, net of tax:
Unrealized gains and losses on available for sale securities
Net (losses) gains arising during the period(3,953)(1,262)(15,860)27,819 
Less reclassification adjustment for net (gains) losses included in net income(613)36 (493)94 
Total(4,566)(1,226)(16,353)27,913 
Unrealized gains and losses on derivatives (cash flow hedges)
Net (losses) gains on derivatives arising during the period(96)83 (69)(2,254)
Less reclassification adjustment for net losses included in net income743 1,127 1,928 1,257 
Total647 1,210 1,859 (997)
Defined benefit pension plan
Amortization of actuarial net loss279 171 837 515 
Total other comprehensive (loss) income(3,640)155 (13,657)27,431 
Total comprehensive income$118,940 $102,529 $345,145 $312,674 
See accompanying notes to consolidated financial statements.

5



CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

For the Nine Months Ended September 30, 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 
Net income— — — — 120,512 — — 120,512 
Other comprehensive loss, net of tax— — — — — (730)— (730)
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
— — — — (45,093)— — (45,093)
Effect of stock incentive plan, net
— 286 115 6,688 (130)— (53)6,620 
Balance - June 30, 2021$209,691 406,084 142,550 $3,658,636 $744,768 $(17,735)$(103)$4,737,807 
Net income— — — — 122,580 — — 122,580 
Other comprehensive loss, net of tax— — — — — (3,640)— (3,640)
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
— — — — (45,228)— — (45,228)
Effect of stock incentive plan, net
— 1,230 426 13,831 (168)— 62 14,151 
Balance - September 30, 2021$209,691 407,314 142,976 $3,672,467 $818,780 $(21,375)$(41)$4,822,498 


6



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

For the Nine Months Ended September 30, 2020
Common StockAccumulated
Preferred StockSharesAmountSurplusRetained
Earnings
Other
Comprehensive
Loss
Treasury
Stock
Total
Shareholders’
Equity
 (in thousands)
Balance - December 31, 2019$209,691 403,278 $141,423 $3,622,208 $443,559 $(32,214)$(479)$4,384,188 
Adjustment due to the adoption of ASU No. 2016-13— — — — (28,187)— — (28,187)
Balance - January 1, 2020209,691 403,278 141,423 3,622,208 415,372 (32,214)(479)4,356,001 
Net income— — — — 87,268 — — 87,268 
Other comprehensive income, net of tax— — — — — 25,648 — 25,648 
Cash dividends declared: