Valley National Bancorp (NASDAQ:VLY) Q2 2021 Earnings Conference Call July 22, 2021 11:00 AM ET Company Participants Travis Lan - Head of Investor Relations Ira Robbins - President and Chief Executive Officer Michael Hagedorn - Senior Executive Vice President and Chief Financial Officer Thomas Iadanza - Senior Executive Vice President and Chief Banking Officer Conference Call Participants Frank Schiraldi - Piper Sandler & Co. Steven Alexopoulos - JPMorgan Chase & Co. Michael Perito - Keefe, Bruyette, & Wood ...

Financial Highlights - Net income reached $120.5 million in 2Q21, compared to $95.6 million in 2Q20[6] - Adjusted net income was $126.6 million in 2Q21, up from $95.9 million in 2Q20[6] - The efficiency ratio was 50.0% in 2Q21, compared to 48.0% in 2Q20[6] - Pre-Provision Net Revenue (PPNR) was $172.1 million in 2Q21, slightly above $170.2 million in 2Q20[6] - Diluted earnings per share increased to $0.29 in 2Q21, compared to $0.23 in 2Q20[6] Westchester Bank Acquisition - The acquisition of The Westchester Bank Holding Corporation is expected to be approximately 1% EPS accretive[11] - Westchester Bank had total assets of $1.313 billion, gross loans of $910 million, and total deposits of $1.116 billion as of March 31, 2021[10] - Westchester Bank's net income was $16.1 million (annualized) for the most recent quarter ended March 31, 2021[10] Loans and Deposits - Total loans outstanding were $32.5 billion as of 2Q21[37] - Non-interest bearing deposits reached $10.5 billion in 2Q21[34] - Savings, NOW & MMA deposits totaled $18.4 billion in 2Q21[34] - Time deposits amounted to $4.3 billion in 2Q21[34]

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, 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 Jersey 22-2477875 (State or other jurisdi ...

Valley National Bancorp (NASDAQ:VLY) Q1 2021 Results Conference Call April 29, 2021 11:00 AM ET Company Participants Travis Lan - Head, IR Ira Robbins - President and CEO Mike Hagedorn - CFO Tom Iadanza - Chief Banking Officer Conference Call Participants Steven Alexopoulos - JP Morgan Frank Schiraldi - Piper Sandler Zach Westerlind - Stephens Ken Zerbe - Morgan Stanley David Chiaverini - Wedbush Securities Michael Perito - KBW Operator Welcome to the Valley National Bancorp First Quarter 2021, Earnings Con ...

1 Q 2 1 E a r n i n g s P r e s e n t a t i o n > A p r i l 2 9 , 2 0 2 1 Forward Looking Statements The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic ex ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ 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) (State or other jurisdiction of Incorporation or Orga ...

Financial Data and Key Metrics Changes - In Q4 2020, the company reported net income of $105 million and earnings per share of $0.25, with adjusted net income of $113 million, marking the highest quarterly earnings in the company's history [7][8] - The adjusted net income for 2020 was $402 million, a 23% increase from 2019, despite a $100 million increase in provisions [8] - The net interest margin increased to 3.06% from 3.01% in Q3 2020, with total interest expense down approximately 15% from the prior quarter [23][24] Business Line Data and Key Metrics Changes - Total deposits increased by more than 9%, driven by a 37% increase in non-interest-bearing deposits and a 25% increase in interest-bearing transaction accounts [29] - Non-interest income declined by 5% from the third quarter, but adjusted non-interest income increased over 30% for the year, comprising 14% of total revenue [37][38] - The loan portfolio saw a slight decline, but new loan originations increased by nearly 40% from the third quarter, reaching $1.4 billion [33] Market Data and Key Metrics Changes - The company experienced strong loan origination growth in Florida, which now represents 40% of production, up from 30% a year ago [54] - The pipelines for loans increased by 15% and 30% respectively from Q3 to Q4, returning to pre-pandemic levels [54] - Loan deferrals declined to $361 million, or just over 1% of the loan portfolio, with COVID-exposed portfolios showing a decrease from 7.1% to 2.3% [36] Company Strategy and Development Direction - The company emphasizes the importance of technology in its strategic vision, focusing on enhancing back-office technology to support growth initiatives [14][15] - The relationship-based value proposition combined with technology is expected to drive organic growth and attract new clients [18][19] - The company is actively expanding its C&I teams in Florida and Philadelphia to capitalize on growth opportunities [56][58] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about mid-single-digit loan growth in 2021, supported by a more favorable macroeconomic environment and vaccine rollout [9] - The company expects to outperform peers in net interest margin due to ongoing improvements in funding costs and loan origination yields [10][28] - Management acknowledges potential industry-wide revenue headwinds but believes in the ability to maintain strong operating leverage [41] Other Important Information - The company has seen a significant improvement in its funding profile, with the average cost of deposits at 33 basis points, the lowest in 30 years [30] - The tangible book value increased by 8% over the last 12 months, reflecting improved earnings power [46] - The company is exploring opportunities in the cannabis industry, focusing on deposit services while ensuring compliance with regulations [82][84] Q&A Session Summary Question: Loan growth expectations in Florida vs. other regions - Management indicated that Florida could see high single-digit growth while other regions may experience low single digits, with a focus on expanding C&I teams in Florida [54][56] Question: Future of fee income initiatives - Management noted that while fee income as a percentage of total revenue may be impacted by strong net interest income, there is a commitment to grow fee income streams [60] Question: Efficiency ratio targets for 2021 - Management has not set a specific target but expects to continue improving efficiency through technology and operational enhancements [65][67] Question: Impact of PPP on ROA - Management acknowledged headwinds from the reduction of PPP income but remains optimistic about organic growth and managing expenses effectively [68][69] Question: Progress on company transformation and culture - Management reported significant progress in technology investment and cultural transformation, emphasizing agility and a strong workforce [73][74] Question: Expense stabilization and reduction - Management indicated that while some expenses may stabilize, there is still room for efficiency improvements, especially as new teams are added [80][81] Question: M&A priorities - Management is open to M&A opportunities that align with strategic initiatives but emphasizes the importance of not diluting shareholder value [87][89] Question: Strength in Florida franchise - Management confirmed a focus on C&I growth in Florida, with plans to allocate additional resources to capitalize on the growing market [95][99]

4 Q 2 0 E a r n i n g s P r e s e n t a t i o n > J a n u a r y 2 8 , 2 0 2 1 Forward Looking Statements The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about our business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditio ...

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, 2020 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 Jersey 22-2477875 (State or other jur ...

Valley National Bancorp (NASDAQ:VLY) Q3 2020 Earnings Conference Call October 22, 2020 11:00 AM ET Company Participants Travis Lan - Head, Investor Relations Ira Robbins - President & Chief Executive Officer Mike Hagedorn - Chief Financial Officer Tom Iadanza - Chief Banking Officer Conference Call Participants Frank Schiraldi - Piper Sandler Alex Lau - JPMorgan Collyn Gilbert - KBW Steven Duong - RBC Capital Markets Matthew Breese - Stephens Incorporated Operator Ladies and gentlemen, thank you for standin ...