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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, 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 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 (check one):
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 405,884,672 shares were outstanding as of May 7, 2021.


TABLE OF CONTENTS
 
  Page
Number
PART I
Item 1.
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 1A.
Item 2.
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,
2021		December 31,
2020
Assets(Unaudited)
Cash and due from banks$280,915 $257,845 
Interest bearing deposits with banks1,352,918 1,071,360 
Investment securities:
Equity securities32,973 29,378 
Available for sale debt securities1,116,221 1,339,473 
Held to maturity debt securities (net of allowance for credit losses of $1,070 at March 31, 2021 and $1,428 at December 31, 2020)
2,389,956 2,171,583 
Total investment securities3,539,150 3,540,434 
Loans held for sale, at fair value232,068 301,427 
Loans32,686,416 32,217,112 
Less: Allowance for loan losses(342,880)(340,243)
Net loans32,343,536 31,876,869 
Premises and equipment, net323,841 319,797 
Lease right of use assets242,190 252,053 
Bank owned life insurance535,620 535,209 
Accrued interest receivable107,790 106,230 
Goodwill1,382,442 1,382,442 
Other intangible assets, net67,972 70,449 
Other assets769,569 971,961 
Total Assets$41,178,011 $40,686,076 
Liabilities
Deposits:
Non-interest bearing$10,053,026 $9,205,266 
Interest bearing:
Savings, NOW and money market17,081,105 16,015,658 
Time5,451,078 6,714,678 
Total deposits32,585,209 31,935,602 
Short-term borrowings1,084,666 1,147,958 
Long-term borrowings2,242,931 2,295,665 
Junior subordinated debentures issued to capital trusts56,152 56,065 
Lease liabilities266,407 276,675 
Accrued expenses and other liabilities282,976 381,991 
Total Liabilities36,518,341 36,093,956 
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at March 31, 2021 and December 31, 2020)
111,590 111,590 
Series B (4,000,000 shares issued at March 31, 2021 and December 31, 2020)
98,101 98,101 
Common stock (no par value, authorized 650,000,000 shares; issued 405,801,304 shares at March 31, 2021 and 403,881,488 shares at December 31, 2020)
142,435 141,746 
Surplus3,651,948 3,637,468 
Retained earnings672,651 611,158 
Accumulated other comprehensive loss(17,005)(7,718)
Treasury stock, at cost (3,766 common shares at March 31, 2021 and 22,490 common shares at December 31, 2020)
(50)(225)
Total Shareholders’ Equity4,659,670 4,592,120 
Total Liabilities and Shareholders’ Equity$41,178,011 $40,686,076 
See accompanying notes to consolidated financial statements.
2


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for share data)
 Three Months Ended
March 31,
 20212020
Interest Income
Interest and fees on loans$313,181 $333,068 
Interest and dividends on investment securities:
Taxable13,166 21,933 
Tax-exempt3,356 3,926 
Dividends1,871 3,401 
Interest on federal funds sold and other short-term investments224 1,465 
Total interest income331,798 363,793 
Interest Expense
Interest on deposits:
Savings, NOW and money market11,125 34,513 
Time11,093 42,814 
Interest on short-term borrowings1,758 4,707 
Interest on long-term borrowings and junior subordinated debentures15,155 16,420 
Total interest expense39,131 98,454 
Net Interest Income292,667 265,339 
(Credit) provision for credit losses for held to maturity securities(358)759 
Provision for credit losses for loans9,014 33,924 
Net Interest Income After Provision for Credit Losses284,011 230,656 
Non-Interest Income
Trust and investment services3,329 3,413 
Insurance commissions1,558 1,951 
Service charges on deposit accounts5,103 5,680 
Losses on securities transactions, net(118)(40)
Fees from loan servicing2,899 2,748 
Gains on sales of loans, net3,513 4,550 
(Losses) gains on sales of assets, net(196)121 
Bank owned life insurance2,331 3,142 
Other12,814 19,832 
Total non-interest income31,233 41,397 
Non-Interest Expense
Salary and employee benefits expense88,103 85,728 
Net occupancy and equipment expense32,259 32,441 
FDIC insurance assessment3,276 3,876 
Amortization of other intangible assets6,006 5,470 
Professional and legal fees6,272 6,087 
Amortization of tax credit investments2,744 3,228 
Telecommunication expense3,160 2,287 
Other18,393 16,539 
Total non-interest expense160,213 155,656 
Income Before Income Taxes155,031 116,397 
Income tax expense39,321 29,129 
Net Income115,710 87,268 
Dividends on preferred stock 3,172 3,172 
Net Income Available to Common Shareholders$112,538 $84,096 
3



VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (continued)
(in thousands, except for share data)
 Three Months Ended
March 31,
 20212020
Earnings Per Common Share:
Basic$0.28 $0.21 
Diluted0.28 0.21 
Cash Dividends Declared per Common Share0.11 0.11 
Weighted Average Number of Common Shares Outstanding:
Basic405,152,605 403,519,088 
Diluted407,636,765 405,424,123 
See accompanying notes to consolidated financial statements.
4


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)
 
 Three Months Ended
March 31,
 20212020
Net income$115,710 $87,268 
Other comprehensive (loss) income, net of tax:
Unrealized gains and losses on available for sale securities
Net (losses) gains arising during the period(10,436)26,068 
Less reclassification adjustment for net losses included in net income44 27 
Total(10,392)26,095 
Unrealized gains and losses on derivatives (cash flow hedges)
Net gains (losses) on derivatives arising during the period174 (1,057)
Less reclassification adjustment for net losses included in net income651 438 
Total825 (619)
Defined benefit pension plan
Amortization of actuarial net loss280 172 
Total other comprehensive (loss) income(9,287)25,648 
Total comprehensive income$106,423 $112,916 
See accompanying notes to consolidated financial statements.

5


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

For the Three Months Ended March 31, 2021
Common StockAccumulated
Preferred StockSharesAmountSurplusRetained
Earnings		Other
Comprehensive
Loss		Treasury
Stock		Total
Shareholders’
Equity
 (in thousands)
Balance - December 31, 2020$209,691 403,859 $141,746 $3,637,468 $611,158 $(7,718)$(225)$4,592,120 
Net income— — — — 115,710 — — 115,710 
Other comprehensive loss, net of tax
— — — — — (9,287)— (9,287)
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
— — — — (45,281)— — (45,281)
Effect of stock incentive plan, net
— 1,939 689 14,480 (5,764)— 175 9,580 
Balance - March 31, 2021$209,691 405,798 $142,435 $3,651,948 $672,651 $(17,005)$(50)$4,659,670 


For the Three Months Ended March 31, 2020
Common StockAccumulated
Preferred StockSharesAmountSurplusRetained
Earnings		Other
Comprehensive
Loss		Treasury
Stock		Total
Shareholders’
Equity
 (in thousands)
Balance - December 31, 2019$209,691 403,278 $141,423 $3,622,208 $443,559 $(32,214)$(479)$4,384,188 
Adjustment due to the adoption of ASU No. 2016-13— — — — (28,187)— — (28,187)
Balance - January 1, 2020209,691 403,278 141,423 3,622,208 415,372 (32,214)(479)4,356,001 
Net income— — — — 87,268 — — 87,268 
Other comprehensive income, net of tax— — — — — 25,648 — 25,648 
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
— — — — (44,979)— — (44,979)
Effect of stock incentive plan, net— 466 190 1,828 (2,065)— 279 232 
Balance - March 31, 2020$209,691 403,744 $141,613 $3,624,036 $452,424 $(6,566)$(200)$4,420,998 

See accompanying notes to consolidated financial statements.
6


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands)
 Three Months Ended
March 31,
 20212020
Cash flows from operating activities:
Net income$115,710 $87,268 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization13,848 14,734 
Stock-based compensation5,465 3,684 
Provision for credit losses8,656 34,683 
Net amortization of premiums and accretion of discounts on securities and borrowings8,293 6,685 
Amortization of other intangible assets6,006 5,470 
Losses on securities transactions, net118 40 
Proceeds from sales of loans held for sale357,108 168,392 
Gains on sales of loans, net(3,513)(4,550)
Originations of loans held for sale(287,765)(147,981)
Losses (gains) on sales of assets, net196 (121)
Net change in:
Cash surrender value of bank owned life insurance(2,331)(3,142)
Accrued interest receivable(1,560)(1,716)
Other assets204,729 (401,849)
Accrued expenses and other liabilities(111,562)122,426 
Net cash provided by (used in) operating activities313,398 (115,977)
Cash flows from investing activities:
Net loan originations and purchases(475,142)(667,555)
Equity securities:
Purchases(1,878)(5,214)
Sales319 — 
Held to maturity debt securities:
Purchases(407,793)(103,192)
Maturities, calls and principal repayments184,163 118,541 
Available for sale debt securities:
Purchases— (238,488)
Sales41,134 — 
Maturities, calls and principal repayments164,235 88,688 
Death benefit proceeds from bank owned life insurance1,628 1,184 
Proceeds from sales of real estate property and equipment1,742 6,352 
Proceeds from sales of loans held for investment— 30,020 
Purchases of real estate property and equipment(8,042)(9,235)
Net cash used in investing activities$(499,634)$(778,899)
7


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (continued)
(in thousands)
 Three Months Ended
March 31,
 20212020
Cash flows from financing activities:
Net change in deposits$649,607 $(200,035)
Net change in short-term borrowings(63,292)1,002,375 
Proceeds from issuance of long-term borrowings, net— 725,242 
Repayments of long-term borrowings(51,769)(42,128)
Cash dividends paid to preferred shareholders(3,172)(3,172)
Cash dividends paid to common shareholders(45,526)(44,682)
Purchase of common shares to treasury(542)(2,094)
Common stock issued, net5,723 (1,358)
Other, net(165)(130)
Net cash provided by financing activities490,864 1,434,018 
Net change in cash and cash equivalents304,628 539,142 
Cash and cash equivalents at beginning of year1,329,205 434,687 
Cash and cash equivalents at end of period$1,633,833 $973,829 
Supplemental disclosures of cash flow information:
Cash payments for:
Interest on deposits and borrowings$37,997 $104,797 
Federal and state income taxes5,855 4,215 
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned$141 $2,750 
Transfer of loans to loans held for sale— 30,020 
Lease right of use assets obtained in exchange for operating lease liabilities21 3,121 
See accompanying notes to consolidated financial statements.
8


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 its commercial bank subsidiary, Valley National Bank (the Bank), and all of Valley’s direct or indirect wholly-owned subsidiaries. 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, 2021 and for all periods presented have been made. The results of operations for the three months ended on March 31, 2021 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, 2020.
Correction of an Immaterial Error. Valley's previously reported consolidated statement of cash flows for the three months ended March 31, 2020 was revised to reflect an adjustment for an intercompany account that was not properly eliminated in consolidation. The adjustment resulted in a decrease in the “Net change in deposits” line item from a decrease of $168.8 million, to a decrease of $200.0 million and a corresponding decrease in the “Net change in cash and cash equivalents” line item, from an increase of $570.3 million to an increase of $539.1 million. The effect of these revisions was immaterial to the interim period.
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.
9



Note 2. 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, 2021 and 2020:
 Three Months Ended
March 31,
 20212020
 (in thousands, except for share data)
Net income available to common shareholders$112,538 $84,096 
Basic weighted average number of common shares outstanding
405,152,605 403,519,088 
Plus: Common stock equivalents2,484,160 1,905,035 
Diluted weighted average number of common shares outstanding
407,636,765 405,424,123 
Earnings per common share:
Basic$0.28 $0.21 
Diluted0.28 0.21 

Common stock equivalents represent the dilutive effect of additional common shares issuable upon the assumed vesting or exercise, if applicable, of restricted stock units and common stock options to purchase Valley’s common shares. Common stock options with exercise prices that exceed the average market price per share of Valley’s common stock during the periods presented may have an anti-dilutive effect on the diluted earnings per common share calculation and therefore are excluded from the diluted earnings per share calculation along with restricted stock units. Potential anti-dilutive weighted common shares were immaterial for the three months ended March 31, 2021 as compared to 1.9 million shares for the three months ended March 31, 2020.
Note 3. Accumulated Other Comprehensive Loss
The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the three months ended March 31, 2021: 
 Components of Accumulated Other Comprehensive Loss Total
Accumulated
Other
Comprehensive
Loss
 Unrealized Gains
and Losses on
Available for Sale
(AFS) Securities		Unrealized Gains
and Losses on
Derivatives		Defined
Benefit
Pension Plan
 (in thousands)
Balance at December 31, 2020$33,290 $(3,906)$(37,102)$(7,718)
Other comprehensive (loss) income before reclassification (10,436)174 — (10,262)
Amounts reclassified from other comprehensive income
44 651 280 975 
Other comprehensive (loss) income, net
(10,392)825 280 (9,287)
Balance at March 31, 2021$22,898 $(3,081)$(36,822)$(17,005)









10


The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three months ended March 31, 2021 and 2020:
Amounts Reclassified from
Accumulated Other Comprehensive Loss
Three Months Ended
March 31,
Components of Accumulated Other Comprehensive Loss20212020Income Statement Line Item
 (in thousands) 
Unrealized losses on AFS securities before tax$(59)$(40)Losses on securities transactions, net
Tax effect15 13 
Total net of tax(44)(27)
Unrealized losses on derivatives (cash flow hedges) before tax(915)(615)Interest expense
Tax effect264 177 
Total net of tax(651)(438)
Defined benefit pension plan:
Amortization of actuarial net loss(388)(236)*
Tax effect108 64 
Total net of tax(280)(172)
Total reclassifications, net of tax$(975)$(637)
*Amortization of actuarial net loss is included in the computation of net periodic pension cost recognized within other non-interest expense.
Note 4. New Authoritative Accounting Guidance

New Accounting Guidance Adopted in 2021
Accounting Standards Update (ASU) No. 2020-08, "Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs" provides clarification and affects the guidance previously issued by ASU No. 2017-08 “Receivables -Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU No. 2020-08 clarifies that an entity should reevaluate whether a debt security with multiple call dates is within the scope of paragraph 310-20-35-33. For each reporting period, to the extent that the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the next call date, the premium should be amortized to the next call date, unless the guidance to consider estimated prepayments is applied. Valley adopted ASU No. 2020-08 on January 1, 2021 and the new guidance did not have a significant impact on Valley’s consolidated financial statements.

New Accounting Guidance issued in 2021

ASU No. 2021-01 "Reference Rate Reform (Topic 848)" extends some of Accounting Standards Codification Topic 848’s optional expedients to derivative contracts impacted by the discounting transition, including for derivatives that do not reference LIBOR or other reference rates that are expected to be discontinued. ASU No. 2021-01 is effective for all entities immediately upon issuance and may be elected retrospectively to eligible modifications as of any date from the beginning of the interim period that includes March 12, 2020, or prospectively to new modifications made on or after any date within the interim period including January 7, 2021 and it can be applied through December 31, 2022, similar to the other reference rate reform relief provided under Topic 848. The ASU No. 2021-01 is not expected to have a significant impact on Valley’s consolidated financial statements.





11


Note 5. Fair Value Measurement of Assets and Liabilities

ASC Topic 820, “Fair Value Measurements” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

•Level 1    - Unadjusted exchange quoted prices in active markets for identical assets or liabilities, or identical liabilities traded as assets that the reporting entity has the ability to access at the measurement date.
•Level 2 - Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly (i.e., quoted prices on similar assets) for substantially the full term of the asset or liability.
•Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Assets and Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis

The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at March 31, 2021 and December 31, 2020. The assets presented under “non-recurring fair value measurements” in the tables below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized). 
12


 March 31,
2021		Fair Value Measurements at Reporting Date Using:
 Quoted Prices
in Active Markets
for Identical
Assets (Level 1)		Significant
Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in thousands)
Recurring fair value measurements:
Assets
Investment securities:
Equity securities (1)
$29,724 $19,742 $— $— 
Available for sale:
U.S. Treasury securities51,199 51,199 — — 
U.S. government agency securities24,010 — 24,010 — 
Obligations of states and political subdivisions
72,722 — 72,593 129 
Residential mortgage-backed securities
878,336 — 878,336 — 
Corporate and other debt securities89,954 — 89,954 — 
Total available for sale debt securities1,116,221 51,199 1,064,893 129 
Loans held for sale (2)
232,068 — 232,068 — 
Other assets (3)
155,633 — 155,633 — 
Total assets$1,533,646 $70,941 $1,452,594 $129 
Liabilities
Other liabilities (3)
$22,503 $— $22,503 $— 
Total liabilities$22,503 $— $22,503 $— 
Non-recurring fair value measurements: