Financial Performance - Net income for Q2 2020 was $95.6 million, or $0.23 per diluted common share, compared to $76.5 million, or $0.22 per diluted common share, for Q2 2019, reflecting a $19.1 million increase [206]. - The increase in net income was driven by a $62.3 million rise in net interest income due to loan growth and reduced funding costs, alongside a $17.2 million increase in non-interest income [206]. - Adjusted net income for Q2 2020 was $95,893 thousand, compared to $78,786 thousand in Q2 2019 [219]. - Net income for Q2 2020 was $95,601 thousand, an increase from $76,468 thousand in Q2 2019, but a decrease from $182,869 thousand in the first half of 2019 [222]. - Non-interest income decreased by $75.7 million to $13.6 million for the six months ended June 30, 2020, primarily due to a $78.5 million gain on the sale of bank locations recognized in the first half of 2019 [288]. Asset and Loan Growth - As of June 30, 2020, Valley National Bancorp had total assets of approximately $41.7 billion, total net loans of $32.0 billion, total deposits of $31.4 billion, and total shareholders' equity of $4.5 billion [199]. - Total loans increased by $1.9 billion to approximately $32.3 billion at June 30, 2020, largely due to $2.2 billion of SBA PPP loan originations [321]. - Loans increased by $1.9 billion to approximately $32.3 billion at June 30, 2020, largely due to $2.2 billion of SBA PPP loan originations [210]. - Average interest earning assets increased by $7.9 billion to $37.8 billion in Q2 2020 compared to Q2 2019, driven by $3.8 billion from Oritani acquisition and $2.2 billion of PPP loans [226]. - Total investment securities available for sale amounted to $1.689 billion at June 30, 2020, with unrealized losses of $1.874 million [317]. Credit Quality and Loss Provisions - The provision for credit losses increased by $39.1 million due to the adoption of CECL and the impact of COVID-19 on the economic outlook [206]. - The allowance for loan losses increased to $270.430 million as of June 30, 2020, compared to $154.864 million in June 2019, indicating a rise in provisions for potential loan defaults [233]. - The total allowance for credit losses for loans was $319.7 million as of June 30, 2020, compared to $293.4 million at the end of Q1 2020 [358]. - The annualized ratio of net charge-offs to average loans outstanding was 0.18% for Q2 2020, up from 0.06% in Q1 2020 [354]. - Non-performing assets increased by $3.7 million to $224.2 million at June 30, 2020, primarily due to a $4.7 million increase in non-accrual loans [332]. Economic Impact and Response - The economic impact of COVID-19 has created significant uncertainties, affecting loan volumes and asset values serving as collateral [200]. - Valley facilitated over 12,800 SBA-approved Paycheck Protection Program loans, totaling over $2.2 billion outstanding as of June 30, 2020, with expectations for the majority to be forgiven [201]. - The company granted over 10,000 loan forbearances totaling approximately $4.6 billion, with about 5,000 loans totaling $1.9 billion having completed the deferral period [203]. - Management remains cautious about potential future credit deterioration due to the economic impact of COVID-19 [333]. - Valley's economic forecast model incorporates a probability-weighted three-scenario approach, including severe assumptions related to the ongoing COVID-19 crisis [351]. Capital and Equity - Shareholders' equity increased to approximately $4.5 billion as of June 30, 2020, representing 10.7% of total assets, compared to $4.4 billion and 11.7% of total assets as of December 31, 2019 [360]. - The total risk-based capital ratio for Valley was 12.19% as of June 30, 2020, exceeding the minimum requirement of 10.50% [365]. - The common equity Tier 1 capital ratio for Valley National Bank was 11.24% as of June 30, 2020, above the minimum requirement of 7.00% [365]. - The total shareholders' equity increased by $90.3 million during the six months ended June 30, 2020, primarily due to net income of $182.9 million [360]. - The retention ratio for earnings was approximately 50.0% for the six months ended June 30, 2020, compared to 49.4% for the year ended December 31, 2019 [367]. Operational Efficiency - The efficiency ratio improved to 48.01% for the three months ended June 30, 2020, compared to 57.19% in the same period of 2019, indicating better operational performance [255]. - Non-interest expense increased by $15.4 million (10.9%) and $23.3 million (8.0%) for the three and six months ended June 30, 2020, compared to the same periods in 2019, totaling $157.2 million and $312.8 million respectively [247]. - Salary and employee benefits expense rose by $2.3 million (3.0%) and $5.0 million (3.1%) for the three and six months ended June 30, 2020, largely due to additional salaries from the Oritani acquisition [247]. - Professional and legal fees rose by $3.7 million (89.0%) and $4.5 million (47.7%) for the three and six months ended June 30, 2020, mainly due to technology transformation consulting services [250]. - The company incurred higher expenses for equipment and COVID-19 related costs, including additional cleaning services for facilities [248].

Valley National Bancorp (NASDAQ:VLY) Q2 2020 Earnings Conference Call July 23, 2020 11:00 AM ET Company Participants Travis Lan - Head, Investor Relations Ira Robbins - President and CEO 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 Operator Ladies and gentlemen, thank you for standing by. And welcome to the Valley Na ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q New Jersey 22-2477875 (I.R.S. Employer Identification Number) (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, 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 ...

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, 2019 ☐ 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 jurisdiction of ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Valley National Bancorp's unaudited consolidated financial statements, highlighting asset growth to **$33.8 billion** and increased net income for Q3 and the first nine months of 2019 [Consolidated Statements of Financial Condition](index=3&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) Total assets increased to **$33.8 billion** by September 30, 2019, driven by loan growth, with corresponding increases in liabilities and shareholders' equity | Financial Item | September 30, 2019 (in thousands) | December 31, 2018 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$33,765,539** | **$31,863,088** | | Net Loans | $26,405,306 | $24,883,610 | | Total Deposits | $25,546,122 | $24,452,974 | | **Total Liabilities** | **$30,207,464** | **$28,512,634** | | **Total Shareholders' Equity** | **$3,558,075** | **$3,350,454** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income available to common shareholders increased to **$78.7 million** for Q3 2019 and **$262.2 million** for the nine months, driven by higher net interest and non-interest income | Metric | Q3 2019 (in thousands) | Q3 2018 (in thousands) | Nine Months 2019 (in thousands) | Nine Months 2018 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $220,625 | $216,800 | $659,507 | $635,150 | | Net Income | $81,891 | $69,559 | $271,689 | $184,326 | | Net Income Available to Common | $78,719 | $66,387 | $262,173 | $174,810 | | Diluted EPS | $0.24 | $0.20 | $0.79 | $0.53 | [Consolidated Statements of Comprehensive Income](index=8&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Total comprehensive income for Q3 2019 rose to **$90.6 million**, driven by increased net income and positive other comprehensive income from available-for-sale securities | Metric (in thousands) | Q3 2019 | Q3 2018 | Nine Months 2019 | Nine Months 2018 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $81,891 | $69,559 | $271,689 | $184,326 | | Total other comprehensive income (loss) | $8,663 | $(7,820) | $42,963 | $(30,398) | | **Total comprehensive income** | **$90,554** | **$61,739** | **$314,652** | **$153,928** | [Consolidated Statements of Changes in Shareholders' Equity](index=9&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity increased to **$3.56 billion** by September 30, 2019, primarily due to net income and positive other comprehensive income, partially offset by dividends - Key drivers for the increase in shareholders' equity during the first nine months of 2019 were **net income** and **positive other comprehensive income**, net of tax[19](index=19&type=chunk) [Consolidated Statements of Cash Flows](index=13&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities was **$412.4 million** for the nine months ended September 30, 2019, while investing activities used **$1.6 billion** and financing activities provided **$1.3 billion** | Cash Flow Activity (in thousands) | Nine Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $412,433 | $495,289 | | Net cash used in investing activities | $(1,615,702) | $(2,207,067) | | Net cash provided by financing activities | $1,272,877 | $1,652,047 | [Notes to Consolidated Financial Statements](index=17&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes cover accounting policies, the pending Oritani acquisition, new lease accounting standards, CECL implementation, and a significant uncertain tax liability related to DC Solar funds - Valley announced the planned acquisition of Oritani Financial Corp., valued at an estimated **$740 million**, expected to close in Q4 2019[34](index=34&type=chunk) - The upcoming CECL model adoption is expected to increase the allowance for credit losses by an estimated **$50 million to $70 million**, excluding the Oritani acquisition impact[51](index=51&type=chunk) - A **$2.9 million** other-than-temporary credit impairment charge was recognized on a special revenue bond due to severe credit deterioration and payment default[91](index=91&type=chunk) - Due to DC Solar fraud allegations, Valley increased its provision for income taxes by **$12.5 million** for the nine months ended September 30, 2019, for uncertain tax positions[176](index=176&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=60&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, strategic initiatives like the Oritani merger and branch transformation, and the impact of the DC Solar investment, covering net interest income, loan growth, asset quality, and capital management [Executive Summary](index=61&type=section&id=Executive%20Summary) Q3 2019 net income was **$81.9 million**, with strategic developments including the Oritani acquisition, branch transformation, and a **$12.5 million** tax provision related to DC Solar investments - The acquisition of Oritani Financial Corp., with approximately **$4.0 billion** in assets, is expected to double Valley's market share in Bergen County, NJ, closing in Q4 2019[188](index=188&type=chunk)[189](index=189&type=chunk) - Valley plans to close approximately **10** underperforming branches by the end of Q2 2020 as part of its branch transformation strategy[192](index=192&type=chunk) - An increased provision for income taxes of **$12.5 million** was recorded for the nine months ended September 30, 2019, due to an investigation into DC Solar funds and uncertain tax liabilities[195](index=195&type=chunk) [Net Interest Income](index=67&type=section&id=Net%20Interest%20Income) Q3 2019 tax-equivalent net interest income was **$221.7 million**, but net interest margin compressed to **2.91%** due to lower loan yields in a declining rate environment | Metric | Q3 2019 | Q2 2019 | Q3 2018 | | :--- | :--- | :--- | :--- | | Net Interest Income (Tax-Equiv., $ millions) | $221.7 | $221.4 | $218.1 | | Net Interest Margin (Tax-Equiv.) | 2.91% | 2.96% | 3.12% | - The decrease in NIM was driven by an **8 basis point** quarter-over-quarter decline in average loan yield to **4.57%**, while the cost of total average deposits remained flat at **1.27%**[219](index=219&type=chunk) [Non-Interest Income](index=71&type=section&id=Non-Interest%20Income) Q3 2019 non-interest income increased to **$41.2 million**, driven by commercial loan interest rate swap fees, while the nine-month period benefited from a **$78.5 million** sale-leaseback gain - A significant driver of non-interest income growth in Q3 2019 was a **$9.8 million** year-over-year increase in fee income from derivative interest rate swaps with commercial loan customers[239](index=239&type=chunk)[264](index=264&type=chunk) - Nine-month results were significantly impacted by a **$78.5 million** gain on a sale-leaseback transaction involving **26** properties, recognized in Q1 2019[238](index=238&type=chunk) [Non-Interest Expense](index=72&type=section&id=Non-Interest%20Expense) Q3 2019 non-interest expense decreased to **$145.9 million** due to lower salary and benefits and reduced FDIC insurance, with nine-month expenses also down from lower professional and legal fees - Salary and employee benefits expense decreased year-over-year due to lower headcount from branch transformation and operational improvements[240](index=240&type=chunk) - The FDIC insurance assessment decreased by **$2.3 million** in Q3 2019 compared to Q3 2018, largely due to the termination of the large bank surcharge[242](index=242&type=chunk) [Loan Portfolio](index=84&type=section&id=Loan%20Portfolio) Total loans grew to **$26.6 billion** at September 30, 2019, an increase of **$765.0 million** (11.9% annualized) from the previous quarter, driven by commercial real estate, commercial & industrial, and automobile loans | Loan Category (in billions) | Sep 30, 2019 | Jun 30, 2019 | % of Total (Sep 30) | | :--- | :--- | :--- | :--- | | Commercial and industrial | $4.7 | $4.6 | 17.7% | | Commercial real estate | $14.9 | $14.3 | 56.1% | | Residential mortgage | $4.1 | $4.1 | 15.5% | | Consumer loans | $2.8 | $2.8 | 10.7% | | **Total loans** | **$26.6** | **$25.8** | **100.0%** | [Non-performing Assets](index=87&type=section&id=Non-performing%20Assets) Total non-performing assets (NPAs), excluding PCI loans, increased slightly to **$110.7 million** at September 30, 2019, with the taxi medallion loan portfolio remaining a key risk, totaling **$91.1 million** in impaired loans | Asset Quality Metric | Sep 30, 2019 | Jun 30, 2019 | | :--- | :--- | :--- | | Total non-accrual loans ($ millions) | $101.0 | $96.5 | | Total NPAs ($ millions) | $110.7 | $106.7 | | NPAs as % of loans and NPAs | 0.41% | 0.41% | - The taxi medallion portfolio included **$91.1 million** of impaired loans with related reserves of **$34.2 million**; a hypothetical **25%** decline in market value would require an additional **$12.3 million** in reserves[340](index=340&type=chunk)[341](index=341&type=chunk) [Allowance for Credit Losses](index=91&type=section&id=Allowance%20for%20Credit%20Losses) The provision for credit losses increased to **$8.7 million** in Q3 2019, primarily due to additional reserves for restructured taxi medallion loans, bringing the total allowance to **$164.8 million**, or **0.62%** of total loans - The Q3 2019 provision for credit losses increased significantly, largely due to a **$5.4 million** reserve build for **$13.7 million** of modified taxi medallion loans classified as TDRs[351](index=351&type=chunk) | Metric | Sep 30, 2019 | Jun 30, 2019 | Sep 30, 2018 | | :--- | :--- | :--- | :--- | | Provision for credit losses ($ millions) | $8.7 | $2.1 | $6.6 | | Net charge-offs ($ millions) | $2.0 | $3.0 | $0.2 | | Allowance for credit losses as % of total loans | 0.62% | 0.61% | 0.62% | [Capital Adequacy](index=94&type=section&id=Capital%20Adequacy) Valley and its bank subsidiary remained well-capitalized, exceeding all regulatory minimums with a Common Equity Tier 1 (CET1) capital ratio of **8.49%**, and tangible book value per common share increased to **$6.62** | Capital Ratio | Sep 30, 2019 | Minimum Requirement (with buffer) | | :--- | :--- | :--- | | Common Equity Tier 1 | 8.49% | 7.00% | | Tier 1 Risk-based | 9.30% | 8.50% | | Total Risk-based | 11.03% | 10.50% | | Tier 1 Leverage | 7.61% | 4.00% | - Tangible book value per common share grew to **$6.62** at September 30, 2019, up from **$5.97** at December 31, 2018[358](index=358&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=96&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with detailed analysis provided in the Asset/Liability Management section of the MD&A - The company's main market risk exposure is **interest rate risk**, detailed in the Asset/Liability Management section of the MD&A[362](index=362&type=chunk) [Item 4. Controls and Procedures](index=97&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of September 30, 2019, with no material changes in internal control over financial reporting during Q3 2019 - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of the end of the reporting period[364](index=364&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter[365](index=365&type=chunk) [PART II - OTHER INFORMATION](index=97&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=97&type=section&id=Item%201.%20Legal%20Proceedings) No material changes to legal proceedings were reported since the company's Annual Report on Form 10-K for the year ended December 31, 2018 - No material changes in legal proceedings were reported since the last annual filing[368](index=368&type=chunk) [Item 1A. Risk Factors](index=97&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the company's Annual Report on Form 10-K for the year ended December 31, 2018 - No material changes in risk factors were reported since the last annual filing[369](index=369&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=98&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2019, the company repurchased **6,169** shares at an average price of **$10.89** per share, primarily for employee restricted stock awards, not the publicly announced repurchase plan | Period (2019) | Shares Purchased | Average Price Paid | | :--- | :--- | :--- | | July | 3,808 | $10.80 | | August | 859 | $11.07 | | September | 1,502 | $11.07 | | **Total Q3** | **6,169** | **$10.89** | - Share repurchases were related to employee restricted stock awards, not the publicly announced plan, under which **4,112,465** shares remained available[372](index=372&type=chunk) [Item 6. Exhibits](index=98&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including a Form of Change in Control Agreement and CEO and CFO certifications - Exhibits filed include CEO and CFO certifications (**31.1, 31.2, 32**) and a Form of Change in Control Agreement (**10.1**)[374](index=374&type=chunk)

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 June 30, 2019 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 jurisdic ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) x Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 2019 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) þ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 o 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 1455 Valley Road Wayne, NJ 07470 (Address of principal executive office) (Zip code) 973-305-8800 (Registrant ...