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 ...

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 ...