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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 June 30, 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 406,608,663 shares were outstanding as of August 6, 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)
June 30,
2021		December 31,
2020
Assets(Unaudited)
Cash and due from banks$329,006 $257,845 
Interest bearing deposits with banks1,515,757 1,071,360 
Investment securities:
Equity securities33,870 29,378 
Trading debt securities21,216 — 
Available for sale debt securities1,075,538 1,339,473 
Held to maturity debt securities (net of allowance for credit losses of $1,040 at June 30, 2021 and $1,428 at December 31, 2020)
2,532,772 2,171,583 
Total investment securities3,663,396 3,540,434 
Loans held for sale, at fair value159,256 301,427 
Loans32,457,454 32,217,112 
Less: Allowance for loan losses(339,324)(340,243)
Net loans32,118,130 31,876,869 
Premises and equipment, net327,517 319,797 
Lease right of use assets235,165 252,053 
Bank owned life insurance535,283 535,209 
Accrued interest receivable99,068 106,230 
Goodwill1,382,442 1,382,442 
Other intangible assets, net65,523 70,449 
Other assets843,685 971,961 
Total Assets$41,274,228 $40,686,076 
Liabilities
Deposits:
Non-interest bearing$10,528,946 $9,205,266 
Interest bearing:
Savings, NOW and money market18,358,279 16,015,658 
Time4,307,549 6,714,678 
Total deposits33,194,774 31,935,602 
Short-term borrowings854,378 1,147,958 
Long-term borrowings1,885,690 2,295,665 
Junior subordinated debentures issued to capital trusts56,239 56,065 
Lease liabilities259,075 276,675 
Accrued expenses and other liabilities286,265 381,991 
Total Liabilities36,536,421 36,093,956 
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at June 30, 2021 and December 31, 2020)
111,590 111,590 
Series B (4,000,000 shares issued at June 30, 2021 and December 31, 2020)
98,101 98,101 
Common stock (no par value, authorized 650,000,000 shares; issued 406,090,983 shares at June 30, 2021 and 403,881,488 shares at December 31, 2020)
142,550 141,746 
Surplus3,658,636 3,637,468 
Retained earnings744,768 611,158 
Accumulated other comprehensive loss(17,735)(7,718)
Treasury stock, at cost (7,193 common shares at June 30, 2021 and 22,490 common shares at December 31, 2020)
(103)(225)
Total Shareholders’ Equity4,737,807 4,592,120 
Total Liabilities and Shareholders’ Equity$41,274,228 $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
June 30,		Six Months Ended
June 30,
 2021202020212020
Interest Income
Interest and fees on loans$315,314 $321,883 $628,495 $654,951 
Interest and dividends on investment securities:
Taxable12,716 19,447 25,882 41,380 
Tax-exempt3,216 3,692 6,572 7,618 
Dividends2,167 3,092 4,038 6,493 
Interest on federal funds sold and other short-term investments235 411 459 1,876 
Total interest income333,648 348,525 665,446 712,318 
Interest Expense
Interest on deposits:
Savings, NOW and money market11,166 16,627 22,291 51,140 
Time6,279 29,857 17,372 72,671 
Interest on short-term borrowings1,168 1,980 2,926 6,687 
Interest on long-term borrowings and junior subordinated debentures14,128 17,502 29,283 33,922 
Total interest expense32,741 65,966 71,872 164,420 
Net Interest Income300,907 282,559 593,574 547,898 
(Credit) provision for credit losses for held to maturity securities(30)41 (388)800 
Provision for credit losses for loans8,777 41,115 17,791 75,039 
Net Interest Income After Provision for Credit Losses292,160 241,403 576,171 472,059 
Non-Interest Income
Trust and investment services3,532 2,826 6,861 6,239 
Insurance commissions2,637 1,659 4,195 3,610 
Service charges on deposit accounts5,083 3,557 10,186 9,237 
Gains (losses) on securities transactions, net375 (41)476 (81)
Fees from loan servicing3,187 2,227 6,086 4,975 
Gains on sales of loans, net10,061 8,337 13,574 12,887 
Gains (losses) on sales of assets, net232 (299)36 (178)
Bank owned life insurance2,475 5,823 4,806 8,965 
Other15,544 20,741 28,139 40,573 
Total non-interest income43,126 44,830 74,359 86,227 
Non-Interest Expense
Salary and employee benefits expense91,095 78,532 179,198 164,260 
Net occupancy and equipment expense32,451 33,217 64,710 65,658 
FDIC insurance assessment3,374 6,135 6,650 10,011 
Amortization of other intangible assets5,449 6,681 11,455 12,151 
Professional and legal fees7,486 7,797 13,758 13,884 
Loss on extinguishment of debt8,406 — 8,406 — 
Amortization of tax credit investments2,972 3,416 5,716 6,644 
Telecommunication expense2,732 2,866 5,892 5,153 
Other17,928 18,522 36,321 35,061 
Total non-interest expense171,893 157,166 332,106 312,822 
Income Before Income Taxes163,393 129,067 318,424 245,464 
Income tax expense42,881 33,466 82,202 62,595 
Net Income120,512 95,601 236,222 182,869 
Dividends on preferred stock 3,172 3,172 6,344 6,344 
Net Income Available to Common Shareholders$117,340 $92,429 $229,878 $176,525 
3



VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (continued)
(in thousands, except for share data)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2021202020212020
Earnings Per Common Share:
Basic$0.29 $0.23 $0.57 $0.44 
Diluted0.29 0.23 0.56 0.44 
Cash Dividends Declared per Common Share0.11 0.11 0.22 0.22 
Weighted Average Number of Common Shares Outstanding:
Basic405,963,209 403,790,242 405,560,146 403,654,665 
Diluted408,660,778 404,631,845 408,152,458 405,043,183 
See accompanying notes to consolidated financial statements.
4


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)
 
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2021202020212020
Net income$120,512 $95,601 $236,222 $182,869 
Other comprehensive income, net of tax:
Unrealized gains and losses on available for sale securities
Net (losses) gains arising during the period(1,471)3,013 (11,907)29,081 
Less reclassification adjustment for net losses included in net income76 31 120 58 
Total(1,395)3,044 (11,787)29,139 
Unrealized gains and losses on derivatives (cash flow hedges)
Net (losses) gains on derivatives arising during the period(147)(1,280)27 (2,337)
Less reclassification adjustment for net losses (gains) included in net income534 (308)1,185 130 
Total387 (1,588)1,212 (2,207)
Defined benefit pension plan
Amortization of actuarial net loss278 172 558 344 
Total other comprehensive (loss) income(730)1,628 (10,017)27,276 
Total comprehensive income$119,782 $97,229 $226,205 $210,145 
See accompanying notes to consolidated financial statements.

5


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

For the Six Months Ended June 30, 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, 2021209,691 405,798 142,435 3,651,948 672,651 (17,005)(50)4,659,670 
Net income— — — — 120,512 — — 120,512 
Other comprehensive loss, net of tax— — — — — (730)— (730)
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
— — — — (45,093)— — (45,093)
Effect of stock incentive plan, net
— 286 115 6,688 (130)— (53)6,620 
Balance - June 30, 2021$209,691 406,084 $142,550 $3,658,636 $744,768 $(17,735)$(103)$4,737,807 


6


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) (continued)

For the Six Months Ended June 30, 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, 2020209,691 403,744 141,613 3,624,036 452,424 (6,566)(200)4,420,998 
Net income— — — — 95,601 — — 95,601 
Other comprehensive income, net of tax— — — — — 1,628 — 1,628 
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
— — — — (44,750)— — (44,750)
Effect of stock incentive plan, net— 52 54 4,756 (592)— (35)4,183 
Balance - June 30, 2020$209,691 403,796 $141,667 $3,628,792 $499,511 $(4,938)$(235)$4,474,488