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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, 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 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 507,875,088 shares were outstanding as of May 3, 2023.


TABLE OF CONTENTS
 
  Page
Number
PART I
Item 1.
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)
March 31,
2023		December 31,
2022
Assets(Unaudited)
Cash and due from banks$444,690 $444,325 
Interest bearing deposits with banks5,260,998 503,622 
Investment securities:
Equity securities50,152 48,731 
Trading debt securities6,855 13,438 
Available for sale debt securities1,259,236 1,261,397 
Held to maturity debt securities (net of allowance for credit losses of $1,633 at March 31, 2023 and $1,646 at December 31, 2022)
3,845,579 3,827,338 
Total investment securities5,161,822 5,150,904 
Loans held for sale, at fair value17,218 18,118 
Loans48,659,966 46,917,200 
Less: Allowance for loan losses(436,898)(458,655)
Net loans48,223,068 46,458,545 
Premises and equipment, net365,313 358,556 
Lease right of use assets302,740 306,352 
Bank owned life insurance717,339 717,177 
Accrued interest receivable223,608 196,606 
Goodwill1,868,936 1,868,936 
Other intangible assets, net187,171 197,456 
Other assets1,536,670 1,242,152 
Total Assets$64,309,573 $57,462,749 
Liabilities
Deposits:
Non-interest bearing$13,576,116 $14,463,645 
Interest bearing:
Savings, NOW and money market22,903,424 23,616,812 
Time11,111,376 9,556,457 
Total deposits47,590,916 47,636,914 
Short-term borrowings6,413,056 138,729 
Long-term borrowings2,197,656 1,543,058 
Junior subordinated debentures issued to capital trusts56,847 56,760 
Lease liabilities355,020 358,884 
Accrued expenses and other liabilities1,184,497 1,327,602 
Total Liabilities57,797,992 51,061,947 
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at March 31, 2023 and December 31, 2022)
111,590 111,590 
Series B (4,000,000 shares issued at March 31, 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 March 31, 2023 and December 31, 2022)
178,186 178,185 
Surplus4,967,662 4,980,231 
Retained earnings1,300,980 1,218,445 
Accumulated other comprehensive loss(143,647)(164,002)
Treasury stock, at cost (134,552 common shares at March 31, 2023 and 1,522,432 common shares at December 31, 2022)
(1,291)(21,748)
Total Shareholders’ Equity6,511,581 6,400,802 
Total Liabilities and Shareholders’ Equity$64,309,573 $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
March 31,
 20232022
Interest Income
Interest and fees on loans$655,226 $317,365 
Interest and dividends on investment securities:
Taxable32,289 18,439 
Tax-exempt5,325 2,517 
Dividends5,185 1,676 
Interest on federal funds sold and other short-term investments22,205 461 
Total interest income720,230 340,458 
Interest Expense
Interest on deposits:
Savings, NOW and money market150,766 9,627 
Time80,298 2,831 
Interest on short-term borrowings33,948 806 
Interest on long-term borrowings and junior subordinated debentures19,198 9,525 
Total interest expense284,210 22,789 
Net Interest Income436,020 317,669 
Provision for credit losses for available for sale and held to maturity securities4,987 57 
Provision for credit losses for loans9,450 3,500 
Net Interest Income After Provision for Credit Losses421,583 314,112 
Non-Interest Income
Wealth management and trust fees9,587 5,131 
Insurance commissions2,420 1,859 
Capital markets10,892 14,360 
Service charges on deposit accounts10,476 6,212 
Gains (losses) on securities transactions, net378 (1,072)
Fees from loan servicing2,671 2,781 
Gains on sales of loans, net489 986 
Bank owned life insurance2,584 2,046 
Other14,802 6,967 
Total non-interest income54,299 39,270 
Non-Interest Expense
Salary and employee benefits expense144,986 107,733 
Net occupancy expense23,256 21,991 
Technology, furniture and equipment expense36,508 26,015 
FDIC insurance assessment9,155 4,158 
Amortization of other intangible assets10,519 4,437 
Professional and legal fees16,814 14,749 
Amortization of tax credit investments4,253 2,896 
Other26,675 15,361 
Total non-interest expense272,166 197,340 
Income Before Income Taxes203,716 156,042 
Income tax expense57,165 39,314 
Net Income146,551 116,728 
Dividends on preferred stock 3,874 3,172 
Net Income Available to Common Shareholders$142,677 $113,556 
Earnings Per Common Share:
Basic$0.28 $0.27 
Diluted0.28 0.27 
See accompanying notes to consolidated financial statements.
3


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)
 
 Three Months Ended
March 31,
 20232022
Net income$146,551 $116,728 
Other comprehensive income (loss), net of tax:
Unrealized gains and losses on available for sale securities
Net gains (losses) arising during the period17,170 (38,892)
Less reclassification adjustment for net gains included in net income— (10)
Total17,170 (38,902)
Unrealized gains and losses on derivatives (cash flow hedges)
Net gains on derivatives arising during the period2,798 218 
Less reclassification adjustment for net losses included in net income379 386 
Total3,177 604 
Defined benefit pension and postretirement benefit plans
Amortization of actuarial net loss8 132 
Total other comprehensive income (loss)20,355 (38,166)
Total comprehensive income$166,906 $78,562 
See accompanying notes to consolidated financial statements.

4


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

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 

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

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 

See accompanying notes to consolidated financial statements.
5


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

 Three Months Ended
March 31,
 20232022
Cash flows from operating activities:
Net income$146,551 $116,728 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization11,515 7,486 
Stock-based compensation8,093 7,263 
Provision for credit losses14,437 3,557 
Net amortization of premiums and accretion of discounts on securities and borrowings(397)7,487 
Amortization of other intangible assets10,519 4,437 
Losses on available for sale and held to maturity debt securities, net24 9 
Proceeds from sales of loans held for sale27,743 204,628 
Gains on sales of loans, net(489)(986)
Originations of loans held for sale(26,588)(144,485)
(Gains) losses on sales of assets, net(125)64 
Net change in:
Fair value of borrowings hedged by derivative transactions4,219 (14,696)
Trading debt securities6,583 26,391 
Lease right of use assets3,600 766 
Cash surrender value of bank owned life insurance(2,584)(2,046)
Accrued interest receivable(27,002)(5,785)
Other assets(298,076)20,156 
Accrued expenses and other liabilities(147,705)265,029 
Net cash (used in) provided by operating activities(269,682)496,003 
Cash flows from investing activities:
Net loan originations and purchases(1,774,024)(1,210,754)
Equity securities:
Purchases(1,594)(662)
Sales409 848 
Held to maturity debt securities:
Purchases(79,961)(545,462)
Maturities, calls and principal repayments61,213 136,024 
Available for sale debt securities:
Purchases— (15,000)
Maturities, calls and principal repayments22,264 73,008 
Death benefit proceeds from bank owned life insurance2,773 2,369 
Proceeds from sales of real estate property and equipment125 5,692 
Purchases of real estate property and equipment(18,263)(22,749)
Cash distribution from tax credit investments2,500 — 
Cash and cash equivalent acquired in acquisitions, net— (8,607)
Net cash used in investing activities(1,784,558)(1,585,293)
6


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (continued)
(in thousands)
 Three Months Ended
March 31,
 20232022
Cash flows from financing activities:
Net change in deposits$(45,998)$14,924 
Net change in short-term borrowings6,274,327 (171,545)
Proceeds from issuance of long-term borrowings, net1,000,000 — 
Repayments of long-term borrowings(350,000)— 
Cash dividends paid to preferred shareholders(3,874)(3,172)
Cash dividends paid to common shareholders(57,612)(46,205)
Purchase of common shares to treasury(8,599)(23,627)
Common stock issued, net3,750 95 
Other, net(13)(180)
Net cash provided by (used in) financing activities6,811,981 (229,710)
Net change in cash and cash equivalents4,757,741 (1,319,000)
Cash and cash equivalents at beginning of year947,947 2,049,920 
Cash and cash equivalents at end of period$5,705,688 $730,920 
Supplemental disclosures of cash flow information:
Cash payments for:
Interest on deposits and borrowings$244,246 $19,682 
Federal and state income taxes8,782 6,842 
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned$903 $— 
Lease right of use assets obtained in exchange for operating lease liabilities7,461 6,836 
Non-cash net assets acquired— 8,607 

See accompanying notes to consolidated financial statements.
7


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 March 31, 2023 and for all periods presented have been made. The results of operations for the three months ended March 31, 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 and $4.4 million for the three months ended March 31, 2023 and 2022, respectively.

8


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 
There were no changes to the fair value estimates during the three months ended March 31, 2023.

Dudley Ventures. On October 8, 2021, Valley acquired certain subsidiaries of Dudley Ventures, an advisory firm specializing in the investment and management of tax credits. The transaction price included $11.3 million of cash at the closing date and fixed future stock consideration totaling $3.75 million, which resulted in the issuance of 327,083 shares of Valley common stock to the former principals of Dudley Ventures in February 2023.




9


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, 2023 and 2022:
 Three Months Ended
March 31,
 20232022
 (in thousands, except for share and per share data)
Net income available to common shareholders$142,677 $113,556 
Basic weighted average number of common shares outstanding
507,111,295 421,573,843 
Plus: Common stock equivalents2,545,135 1,932,707 
Diluted weighted average number of common shares outstanding
509,656,430 423,506,550 
Earnings per common share:
Basic$0.28 $0.27 
Diluted0.28