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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 September 30, 2022
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 506,356,727 shares were outstanding as of November 7, 2022.


TABLE OF CONTENTS
 
  Page
Number
PART I
Item 1.
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 1A.
Item 2.
Item 5.
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)
September 30,
2022		December 31,
2021
Assets(Unaudited)
Cash and due from banks$431,471 $205,156 
Interest bearing deposits with banks686,877 1,844,764 
Investment securities:
Equity securities43,318 36,473 
Trading debt securities4,100 38,130 
Available for sale debt securities1,271,854 1,128,809 
Held to maturity debt securities (net of allowance for credit losses of $1,696 at September 30, 2022 and $1,165 at December 31, 2021)
3,720,324 2,667,532 
Total investment securities5,039,596 3,870,944 
Loans held for sale, at fair value6,073 139,516 
Loans45,185,764 34,153,657 
Less: Allowance for loan losses(475,744)(359,202)
Net loans44,710,020 33,794,455 
Premises and equipment, net362,203 326,306 
Lease right of use assets314,511 259,117 
Bank owned life insurance714,649 566,770 
Accrued interest receivable159,406 96,882 
Goodwill1,871,505 1,459,008 
Other intangible assets, net208,226 70,386 
Other assets1,422,964 813,139 
Total Assets$55,927,501 $43,446,443 
Liabilities
Deposits:
Non-interest bearing$15,420,625 $11,675,748 
Interest bearing:
Savings, NOW and money market23,559,662 20,269,620 
Time6,328,556 3,687,044 
Total deposits45,308,843 35,632,412 
Short-term borrowings919,283 655,726 
Long-term borrowings1,541,097 1,423,676 
Junior subordinated debentures issued to capital trusts56,673 56,413 
Lease liabilities367,428 283,106 
Accrued expenses and other liabilities1,460,348 311,044 
Total Liabilities49,653,672 38,362,377 
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at September 30, 2022 and December 31, 2021)
111,590 111,590 
Series B (4,000,000 shares issued at September 30, 2022 and December 31, 2021)
98,101 98,101 
Common stock (no par value, authorized 650,000,000 shares; issued 507,896,910 and 423,034,027 shares at September 30, 2022 and December 31, 2021)
178,185 148,482 
Surplus4,972,732 3,883,035 
Retained earnings1,100,838 883,645 
Accumulated other comprehensive loss(165,557)(17,932)
Treasury stock, at cost (1,545,408 common shares at September 30, 2022 and 1,596,959 common shares at December 31, 2021)
(22,060)(22,855)
Total Shareholders’ Equity6,273,829 5,084,066 
Total Liabilities and Shareholders’ Equity$55,927,501 $43,446,443 
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
September 30,		Nine Months Ended
September 30,
 2022202120222021
Interest Income
Interest and fees on loans$496,520 $309,753 $1,229,462 $938,248 
Interest and dividends on investment securities:
Taxable28,264 14,292 74,416 40,174 
Tax-exempt5,210 2,609 12,739 9,181 
Dividends2,738 1,505 7,490 5,543 
Interest on federal funds sold and other short-term investments3,996 642 6,026 1,101 
Total interest income536,728 328,801 1,330,133 994,247 
Interest Expense
Interest on deposits:
Savings, NOW and money market50,674 10,605 77,423 32,896 
Time15,174 4,394 21,274 21,766 
Interest on short-term borrowings5,160 1,464 10,049 4,390 
Interest on long-term borrowings and junior subordinated debentures11,728 11,312 31,566 40,595 
Total interest expense82,736 27,775 140,312 99,647 
Net Interest Income453,992 301,026 1,189,821 894,600 
Provision (credit) for credit losses for held to maturity securities188 35 531 (353)
Provision for credit losses for loans1,835 3,496 49,047 21,287 
Net Interest Income After Provision for Credit Losses451,969 297,495 1,140,243 873,666 
Non-Interest Income
Wealth management and trust fees9,281 3,550 23,989 10,411 
Insurance commissions3,750 1,610 9,072 5,805 
Service charges on deposit accounts10,338 5,428 26,617 15,614 
Gains (losses) on securities transactions, net323 787 (1,058)1,263 
Fees from loan servicing3,138 2,894 8,636 8,980 
Gains on sales of loans, net922 6,442 5,510 20,016 
Bank owned life insurance1,681 2,018 5,840 6,824 
Other26,761 19,702 75,391 47,877 
Total non-interest income56,194 42,431 153,997 116,790 
Non-Interest Expense
Salary and employee benefits expense134,572 93,992 397,103 273,190 
Net occupancy expense26,486 19,941 70,906 59,171 
Technology, furniture and equipment expense39,365 21,007 115,245 64,956 
FDIC insurance assessment6,500 3,644 16,009 10,294 
Amortization of other intangible assets11,088 5,298 26,925 16,753 
Professional and legal fees17,840 13,492 62,998 27,250 
Loss on extinguishment of debt— — — 8,406 
Amortization of tax credit investments3,105 3,079 9,194 8,795 
Other22,683 14,469 60,329 38,213 
Total non-interest expense261,639 174,922 758,709 507,028 
Income Before Income Taxes246,524 165,004 535,531 483,428 
Income tax expense68,405 42,424 144,271 124,626 
Net Income178,119 122,580 391,260 358,802 
Dividends on preferred stock 3,172 3,172 9,516 9,516 
Net Income Available to Common Shareholders$174,947 $119,408 $381,744 $349,286 
3



VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (continued)
(in thousands, except for share data)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2022202120222021
Earnings Per Common Share:
Basic$0.35 $0.29 $0.80 $0.86 
Diluted0.34 0.29 0.79 0.86 
Cash Dividends Declared per Common Share0.11 0.11 0.33 0.33 
Weighted Average Number of Common Shares Outstanding:
Basic506,342,200 406,824,160 478,383,342 405,986,114 
Diluted508,690,997 409,238,001 480,625,357 408,509,767 
See accompanying notes to consolidated financial statements.
4


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2022202120222021
Net income$178,119 $122,580 $391,260 $358,802 
Other comprehensive loss, net of tax:
Unrealized gains and losses on available for sale securities
Net losses arising during the period(57,242)(3,953)(148,403)(15,860)
Less reclassification adjustment for net gains included in net income(12)(613)(22)(493)
Total(57,254)(4,566)(148,425)(16,353)
Unrealized gains and losses on derivatives (cash flow hedges)
Net (losses) gains on derivatives arising during the period(85)(96)110 (69)
Less reclassification adjustment for net (gains) losses included in net income(13)743 293 1,928 
Total(98)647 403 1,859 
Defined benefit pension plan
Amortization of actuarial net loss132 279 397 837 
Total other comprehensive loss(57,220)(3,640)(147,625)(13,657)
Total comprehensive income$120,899 $118,940 $243,635 $345,145 
See accompanying notes to consolidated financial statements.

5


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

For the Nine Months Ended September 30, 2022
Common StockAccumulated
Preferred StockSharesAmountSurplusRetained
Earnings		Other
Comprehensive
Loss		Treasury
Stock		Total
Shareholders’
Equity
 (in thousands)
Balance - December 31, 2021$209,691 421,437 $148,482 $3,883,035 $883,645 $(17,932)$(22,855)$5,084,066 
Net income— — — — 116,728 — — 116,728 
Other comprehensive loss, net of tax
— — — — — (38,166)— (38,166)
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
— — — — (46,803)— — (46,803)
Effect of stock incentive plan, net
— 972 — (10,799)(5,173)— 13,220 (2,752)
Purchase of treasury stock— (1,015)— — — — (13,517)(13,517)
Balance - March 31, 2022209,691 421,394 148,482 3,872,236 945,225 (56,098)(23,152)5,096,384 
Net income— — — — 96,413 — — 96,413 
Other comprehensive loss, net of tax— — — — — (52,239)— (52,239)
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
— — — — (56,211)— — (56,211)
Effect of stock incentive plan, net
— 72 1 5,125 (109)— 892 5,909 
Common stock issued in acquisition— 84,863 29,702 1,088,127 — — — 1,117,829 
Balance - June 30, 2022209,691 506,329 178,185 4,965,488 982,146 (108,337)(22,260)6,204,913 
Net income— — — — 178,119 — — 178,119 
Other comprehensive loss, net of tax— — — — — (57,220)— (57,220)
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
— — — — (56,242)— — (56,242)
Effect of stock incentive plan, net
— 23 — 7,244 (13)— 200 7,431 
Balance - September 30, 2022$209,691 506,352 $178,185 $4,972,732 $1,100,838 $(165,557)$(22,060)$6,273,829 


6


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

For the Nine Months Ended September 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