Financial Performance - Net income for Q2 2024 was $70.4 million, a decrease of $68.6 million compared to $139.1 million in Q2 2023, primarily due to a $76.0 million increase in the provision for credit losses[181] - Adjusted net income for Q2 2024 was $71.6 million, down from $147.1 million in Q2 2023, with an adjusted return on average assets of 0.47%[199] - The efficiency ratio, as adjusted, was reported at 59.62% for Q2 2024, compared to 55.59% in Q2 2023[198] - Net interest income for Q2 2024 was $403.0 million, an increase of $8.1 million from Q1 2024 but a decrease of $18.3 million from Q2 2023[203] - Non-interest income decreased by $8.9 million for the three months ended June 30, 2024, totaling $51,213 thousand, compared to $60,075 thousand in the same period of 2023, representing a decline of 14.8%[219] - Total non-interest expense decreased by $5.5 million for the three months ended June 30, 2024, amounting to $277,497 thousand, compared to $282,971 thousand in the same period of 2023[225] Asset and Loan Growth - As of June 30, 2024, Valley's total assets increased to approximately $62.1 billion, total net loans reached $49.8 billion, and total deposits rose to $50.1 billion[178] - Total loans increased by $389.7 million, or 3.1 percent on an annualized basis, to $50.3 billion, driven by new commercial and industrial loan production[181] - The total loan portfolio increased by $389.7 million, or 3.1%, to $50.3 billion as of June 30, 2024, primarily due to a focus on new commercial and industrial loan production[288] - Commercial and industrial loans increased by $375.0 million to $9.5 billion as of June 30, 2024, driven by new loan production and organic growth[289] - Residential mortgage loans totaled $5.6 billion, with new and refinanced originations of $135.4 million in the second quarter 2024, a decrease from previous quarters[292] Credit Quality and Losses - Non-performing assets (NPAs) as a percentage of total loans increased to 0.62 percent at June 30, 2024, compared to 0.58 percent at March 31, 2024[181] - The allowance for credit losses for loans increased to $532.541 million from $487.269 million at March 31, 2024, reflecting a provision charged for credit losses of $82.111 million for the quarter[316] - Net loan charge-offs totaled $36.839 million for the second quarter of 2024, compared to $23.555 million in the first quarter of 2024 and $8.625 million in the second quarter of 2023[317] - The provision for credit losses for loans was $86.901 million for the second quarter of 2024, significantly higher than $46.723 million in the previous quarter[316] - The allowance for credit losses for loans as a percentage of total loans increased to 1.06% as of June 30, 2024, compared to 0.98% at March 31, 2024[316] Capital and Equity - Total shareholders' equity increased by $10.6 million to $6.7 billion at June 30, 2024, with regulatory capital ratios exceeding all capital adequacy requirements[181] - Valley's total risk-based capital was $5,954,925, with a ratio of 12.17% as of June 30, 2024, exceeding the minimum requirement of 10.50%[329] - The common equity Tier 1 capital ratio was 9.55% as of June 30, 2024, above the minimum requirement of 7.00%[329] - Valley issued 6.0 million shares of Series C preferred stock, generating net proceeds of $144.7 million to enhance regulatory capital[330] Economic Environment - The Federal Reserve maintained the federal funds rate target range between 5.25 and 5.50 percent, with expectations for a potential rate cut by the end of 2024[185] - The U.S. GDP increased at an annual rate of 2.8 percent in Q2 2024, driven by personal consumption and government spending[184] - The inflation rate was recorded at 3.3% in May 2024, primarily driven by increased shelter inflation[315] - The Moody's Baseline forecast projects GDP growth of approximately 2.1% in Q3 2024 and an unemployment rate of 4.0% in Q2 2024[315] Deposits and Borrowings - Total average deposits increased by $807.2 million to $49.4 billion in Q2 2024 compared to Q1 2024, driven by a $766.8 million increase in average interest-bearing deposits[189] - Actual ending balances for deposits rose by $1.0 billion to $50.1 billion as of June 30, 2024, primarily due to a $1.5 billion increase in time deposits[192] - Average long-term borrowings increased by $693.3 million to $3.3 billion in Q2 2024, mainly due to new FHLB advances totaling $1.0 billion issued in early March 2024[195] - Average short-term borrowings decreased by $1.4 billion in Q2 2024 compared to Q1 2024, primarily due to a shift from short-term FHLB advances to indirect customer time deposits[195] Interest Income and Margin - The net interest margin on a tax-equivalent basis for Q2 2024 was 2.84%, a 5 basis point increase from Q1 2024 but a 10 basis point decrease from Q2 2023[207] - The interest rate spread for the quarter was 1.73%, up from 1.67% in the previous quarter[209] - The company anticipates net interest income growth of 1.5% to 3.0% on a quarterly basis for Q3 and Q4 2024 compared to Q2 2024[208]

FORM 10-Q Information [Registrant Information](index=1&type=section&id=Registrant%20Information) Details Valley National Bancorp's Form 10-Q identification, registered securities, and SEC compliance for Q1 2024 - Registrant: Valley National Bancorp, incorporated in New Jersey, with principal executive office in New York, NY[2](index=2&type=chunk) Title of each class | Title of each class | | :--- | | Common Stock, no par value | | Non-Cumulative Perpetual Preferred Stock, Series A, no par value | | Non-Cumulative Perpetual Preferred Stock, Series B, no par value | - The registrant is a large accelerated filer and has filed all required reports and interactive data files during the preceding 12 months[4](index=4&type=chunk) - As of May 7, 2024, **509,182,782 shares** of Common Stock (no par value) were outstanding[4](index=4&type=chunk) TABLE OF CONTENTS Glossary of Defined Terms [Key Terms and Definitions](index=3&type=section&id=Key%20Terms%20and%20Definitions) Defines key terms and abbreviations for accounting standards, regulatory bodies, and financial instruments used in the report - The glossary defines terms such as **ACL** (Allowance for credit losses), **AFS** (Available for sale), **CECL** (Current expected credit loss model), **GAAP** (U.S. Generally Accepted Accounting Principles), and **Valley** (referring to Valley National Bancorp and its subsidiaries)[7](index=7&type=chunk)[8](index=8&type=chunk) PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents Valley National Bancorp's unaudited consolidated financial statements for Q1 2024, including financial condition, income, comprehensive income, equity, and cash flows, with detailed notes [Consolidated Statements of Financial Condition](index=4&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) Valley National Bancorp's financial condition shows slight asset growth, stable liabilities, and modest equity rise, with decreased net loans and deposits, and increased long-term borrowings Consolidated Statements of Financial Condition (March 31, 2024 vs. December 31, 2023) | Item | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | Change (in thousands) | | :----------------------------------- | :----------------------------- | :------------------------------ | :-------------------- | | Total Assets | $61,000,188 | $60,934,974 | $65,214 | | Net Loans | $49,452,794 | $49,764,215 | $(311,421) | | Total Deposits | $49,077,946 | $49,242,829 | $(164,883) | | Short-term borrowings | $75,224 | $917,834 | $(842,610) | | Long-term borrowings | $3,262,341 | $2,328,375 | $933,966 | | Total Liabilities | $54,273,049 | $54,233,583 | $39,466 | | Total Shareholders' Equity | $6,727,139 | $6,701,391 | $25,748 | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Valley National Bancorp reported a decrease in net income for Q1 2024 compared to Q1 2023, primarily driven by lower net interest income and a significant increase in the provision for credit losses, despite growth in non-interest income Consolidated Statements of Income (Three Months Ended March 31, 2024 vs. 2023) | Item | March 31, 2024 (in thousands) | March 31, 2023 (in thousands) | Change (in thousands) | | :------------------------------------------ | :----------------------------- | :----------------------------- | :-------------------- | | Total interest income | $828,656 | $720,230 | $108,426 | | Total interest expense | $435,108 | $284,210 | $150,898 | | Net Interest Income | $393,548 | $436,020 | $(42,472) | | Provision for credit losses for loans | $45,274 | $9,450 | $35,824 | | Total non-interest income | $61,415 | $54,299 | $7,116 | | Total non-interest expense | $280,310 | $272,166 | $8,144 | | Net Income | $96,280 | $146,551 | $(50,271) | | Earnings Per Common Share: Diluted | $0.18 | $0.28 | $(0.10) | [Consolidated Statements of Comprehensive Income](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Valley National Bancorp's total comprehensive income significantly decreased in Q1 2024 compared to Q1 2023, primarily due to unrealized losses on available-for-sale securities during the period, contrasting with unrealized gains in the prior year Consolidated Statements of Comprehensive Income (Three Months Ended March 31, 2024 vs. 2023) | Item | March 31, 2024 (in thousands) | March 31, 2023 (in thousands) | Change (in thousands) | | :------------------------------------------------ | :----------------------------- | :----------------------------- | :-------------------- | | Net income | $96,280 | $146,551 | $(50,271) | | Unrealized losses and gains on available for sale securities (Net losses/gains arising during the period) | $(10,205) | $17,170 | $(27,375) | | Total other comprehensive (loss) income | $(10,392) | $20,355 | $(30,747) | | Total comprehensive income | $85,888 | $166,906 | $(81,018) | [Consolidated Statements of Changes in Shareholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity for Valley National Bancorp increased slightly from December 31, 2023, to March 31, 2024, driven by net income and stock incentive plan effects, partially offset by cash dividends and other comprehensive loss Consolidated Statements of Changes in Shareholders' Equity (Three Months Ended March 31, 2024 vs. 2023) | Item | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | Change (in thousands) | | :----------------------------------- | :----------------------------- | :------------------------------ | :-------------------- | | Balance - December 31, 2023 / January 1, 2023 | $6,701,391 | $6,401,792 | $299,599 | | Net income | $96,280 | $146,551 | $(50,271) | | Other comprehensive (loss) income, net of tax | $(10,392) | $20,355 | $(30,747) | | Cash dividends declared (Preferred & Common) | $(60,913) | $(60,362) | $(551) | | Effect of stock incentive plan, net | $773 | $(505) | $1,278 | | Balance - March 31, 2024 / March 31, 2023 | $6,727,139 | $6,511,581 | $215,558 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Valley National Bancorp experienced a significant shift in cash flows, with operating activities providing net cash in Q1 2024 compared to using cash in Q1 2023, while investing activities also provided net cash, a reversal from the prior year's outflow, and financing activities used cash Consolidated Statements of Cash Flows (Three Months Ended March 31, 2024 vs. 2023) | Item | March 31, 2024 (in thousands) | March 31, 2023 (in thousands) | Change (in thousands) | | :------------------------------------------ | :----------------------------- | :----------------------------- | :-------------------- | | Net cash provided by (used in) operating activities | $99,511 | $(269,682) | $369,193 | | Net cash provided by (used in) investing activities | $91,985 | $(1,784,558) | $1,876,543 | | Net cash (used in) provided by financing activities | $(141,888) | $6,811,981 | $(6,953,869) | | Net change in cash and cash equivalents | $49,608 | $4,757,741 | $(4,708,133) | | Cash and cash equivalents at end of period | $940,833 | $5,705,688 | $(4,764,855) | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The Notes to Consolidated Financial Statements provide detailed explanations of Valley National Bancorp's accounting policies, significant estimates, and specific financial statement line items [Note 1. Basis of Presentation](index=11&type=section&id=Note%201.%20Basis%20of%20Presentation) This note outlines

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, 2023 ☐ 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 ...

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

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

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

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, 2022 ☐ 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 ...