Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): October 26, 2023

Valley National Bancorp

(Exact Name of Registrant as Specified in Charter)

New Jersey

1-11277

22-2477875

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(I.R.S. Employer

Identification Number)

One Penn Plaza,

New York,

New York

10119

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code (973) 305-8800

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbols	Name of exchange on which registered
Common Stock, no par value	VLY	The Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series A, no par value	VLYPP	The Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series B, no par value	VLYPO	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐


Item 2.02			Results of Operations and Financial Condition.

On October 26, 2023, Valley National Bancorp (“Valley”), issued a press release announcing Valley’s financial results for the third quarter 2023. A copy of the press release is furnished herewith as Exhibit 99.1.

The information in this Item 2.02, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended (the "Securities Act"), except as shall be expressly set forth by specific reference in such a filing.


Item 7.01			Regulation FD Disclosure.

Valley is furnishing presentation materials attached hereto as Exhibit 99.2 pursuant to Item 7.01 of Form 8-K. Valley is not undertaking to update these presentation materials. The information in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act, except as shall be expressly set forth by specific reference in such a filing. This report will not be deemed an admission as to the materiality of any information herein (including Exhibit 99.2).


Item 9.01						Financial Statements and Exhibits.
(d)						Exhibits.
Exhibit No.						Description
99.1						Press Release of Valley National Bancorp, dated October 2 6 , 2023 , announ cing third quarter 2023 financial results .
99.2						Valley National Bancorp p resentation materials used in connection with thir d quarter 2023 investor conference.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Dated: October 26, 2023	VALLEY NATIONAL BANCORP
	By:	/s/ Michael D. Hagedorn
		Michael D. Hagedorn
		Senior Executive Vice President and
		Chief Financial Officer (Principal Financial Officer)

Exhibit 99.1


						News Release


FOR IMMEDIATE RELEASE	Contact:	Michael D. Hagedorn
		Senior Executive Vice President and
		Chief Financial Officer
		973-872-4885

VALLEY NATIONAL BANCORP ANNOUNCES THIRD QUARTER 2023 RESULTS

NEW YORK, NY – October 26, 2023 -- Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the third quarter 2023 of $141.3 million, or $0.27 per diluted common share, as compared to the second quarter 2023 net income of $139.1 million, or $0.27 per diluted common share, and net income of $178.1 million, or $0.34 per diluted common share, for the third quarter 2022. Excluding all non-core income and charges, our adjusted net income (a non-GAAP measure) was $136.4 million, or $0.26 per diluted common share, for the third quarter 2023, $147.1 million, or $0.28 per diluted common share, for the second quarter 2023, and $181.5 million, or $0.35 per diluted common share, for the third quarter 2022. See further details below, including a reconciliation of our non-GAAP adjusted net income, in the "Consolidated Financial Highlights" tables.

Key financial highlights for the third quarter 2023:

•Loan Portfolio: Loan growth in most categories slowed as expected during third quarter 2023 largely due to the impact of higher market interest rates. Total loans increased $220.3 million, or 1.8 percent on an annualized basis, to $50.1 billion at September 30, 2023 from June 30, 2023 mainly as a result of select new loan originations in the commercial real estate loan portfolio. Annualized loan growth for the nine months ended September 30, 2023 totaled 9.0 percent. See the "Loans" section below for more details.

•Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $462.3 million and $458.7 million at September 30, 2023 and June 30, 2023, respectively, representing 0.92 percent of total loans at each respective date. For the third quarter 2023, the provision for credit losses for loans totaled $9.1 million as compared to $6.3 million and $1.8 million for the second quarter 2023 and third quarter 2022, respectively.

•Credit Quality: Net loan charge-offs totaled $5.5 million for the third quarter 2023 as compared to $8.6 million for the second quarter 2023 and net recoveries of loan charge-offs of $5.6 million for the third quarter 2022. Total accruing past due loans increased $17.8 million to $79.5 million, or 0.16 percent of total loans, at September 30, 2023 as compared to $61.8 million, or 0.12 percent of total loans, at June 30, 2023. Non-accrual loans represented 0.52 percent and 0.51 percent of total loans at September 30, 2023 and June 30, 2023, respectively. See the "Credit Quality" section below for more details.

•Deposits: Total deposits increased $265.5 million to $49.9 billion at September 30, 2023 as compared to $49.6 billion at June 30, 2023 largely due to increases in direct customer interest bearing deposits, partially offset by a net decrease of $338.5 million in indirect customer deposits driven by maturity of certain indirect CDs. See the "Deposits" section below for more details.

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2023 Earnings

October 26, 2023

•Net Interest Income and Margin: Net interest income on a tax equivalent basis of $413.7 million for the third quarter 2023 decreased $7.6 million compared to the second quarter 2023 and decreased $41.7 million as compared to the third quarter 2022. Our net interest margin on a tax equivalent basis decreased by 3 basis points to 2.91 percent in the third quarter 2023 as compared to 2.94 percent for the second quarter 2023. The decline in both net interest income and margin as compared to the linked second quarter reflects the impact of rising market interest rates on interest bearing deposits, net of a 23 basis point increase in the yield of average interest earnings assets for the third quarter 2023. See the "Net Interest Income and Margin" section below for more details.

•Non-Interest Income: Non-interest income decreased $1.4 million to $58.7 million for the third quarter 2023 as compared to the second quarter 2023 mainly due to a $9.8 million decrease in capital market fees, largely offset by an increase of $6.5 million in net gains on sales of assets (mostly related to the sale of non-branch offices located in Wayne, New Jersey) and higher card fee income. The decrease in capital market fees was largely driven by the lower volume of interest rate swap transactions executed for new commercial loan customers during the third quarter 2023.

•Non-Interest Expense: Non-interest expense decreased $15.8 million to $267.1 million for the third quarter 2023 as compared to the second quarter 2023 largely due to $11.2 million of severance expense (non-core charges) recorded within salary and employee benefits expense in the second quarter 2023 and third quarter declines in both professional and legal fees and our FDIC insurance assessment. Technology, furniture and equipment expense increased $4.8 million for the third quarter 2023 largely due to higher data processing costs.

•Efficiency Ratio: Our efficiency ratio was 56.72 percent for the third quarter 2023 as compared to 55.59 percent and 49.76 percent for the second quarter 2023 and third quarter 2022, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.

•Performance Ratios: Annualized return on average assets (ROA), shareholders’ equity (ROE) and tangible ROE were 0.92 percent, 8.56 percent and 12.39 percent for the third quarter 2023, respectively. Annualized ROA, ROE, and tangible ROE, adjusted for non-core income and charges, were 0.89 percent, 8.26 percent and 11.95 percent for the third quarter 2023, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.

Ira Robbins, CEO commented, "I am extremely proud of the strength, stability, and resiliency reflected in our balance sheet during the third quarter. Our asset quality remains exceptional, and slower loan growth during the quarter contributed to improved capital ratios. Higher customer deposit balances enabled an incremental reduction in indirect CDs, while we paid off short-term borrowings to normalize our overnight cash position which was elevated in the second quarter."

Mr. Robbins continued, "In early October we completed our transformational core conversion. This was an incredible accomplishment for our organization against a challenging backdrop. We now have the appropriate technology infrastructure to support sustainable growth and better efficiency going forward. In my tenure we have built our robust service capabilities and have a significant opportunity to leverage these new technologies."

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2023 Earnings

October 26, 2023

Net Interest Income and Margin

Net interest income on a tax equivalent basis totaling $413.7 million for the third quarter 2023 decreased $7.6 million and $41.7 million as compared to the second quarter 2023 and third quarter 2022, respectively. The decrease as compared to the second quarter 2023 was mainly due to increased interest rates on most interest bearing deposit products, partially offset by higher loan yields and a reduction in average short-term borrowings. As a result of the higher cost of deposits, total interest expense increased $32.9 million to $400.6 million for the third quarter 2023 as compared to the second quarter 2023. Interest income on a tax equivalent basis increased $25.3 million to $814.3 million in the third quarter 2023 as compared to the second quarter 2023. The increase was mostly due to higher yields on both new originations and adjustable rate loans in our portfolio and a $561.5 million increase in average loan balances driven by organic new loan volumes over the last six months and a continuation of slower loan prepayments in the third quarter 2023.

Net interest margin on a tax equivalent basis of 2.91 percent for the third quarter 2023 decreased by 3 basis points and 69 basis points from 2.94 percent and 3.60 percent, respectively, for the second quarter 2023 and third quarter 2022. The decrease as compared to the second quarter 2023 was largely driven by higher interest rates on interest bearing deposits, partially offset by a 23 basis point increase in the yield on average interest earning assets. The yield on average loans increased by 25 basis points to 6.03 percent for the third quarter 2023 as compared to the second quarter 2023 largely due to higher interest rates on new originations and adjustable rate loans. Our cost of total average deposits was 2.94 percent for the third quarter 2023 as compared to 2.45 percent and 0.59 percent for the second quarter 2023 and the third quarter 2022, respectively. The overall cost of average interest bearing liabilities also increased 33 basis points to 3.92 percent for the third quarter 2023 as compared to the second quarter 2023 primarily driven by the continued rise in the market interest rates on deposits.

Loans, Deposits and Other Borrowings

Loans. Loans increased $220.3 million to approximately $50.1 billion at September 30, 2023 from June 30, 2023 mainly due to slower, but continued organic loan growth in the commercial real estate loan category and low levels of prepayment activity during the third quarter 2023. Total commercial real estate (including construction) increased $265.5 million, or 3.4 percent on an annualized basis during the third quarter 2023. Home equity loans also increased $13.4 million or 10.0 percent on an annualized basis during the third quarter 2023 due to higher utilization of lines of credit. Automobile loans decreased by $46.9 million, or 11.5 percent on an annualized basis during the third quarter 2023 largely due to continued low demand for vehicle financing because of the high interest rate environment. During the third quarter 2023, we sold $80.8 million of residential mortgage loans originated for sale as compared to $44.5 million in the second quarter 2023.

Deposits. Total deposits increased $265.5 million to $49.9 billion at September 30, 2023 from June 30, 2023 mainly due to increases of $833.5 million in savings, NOW and money market deposits and $194.8 million in time deposits, partially offset by a $762.8 million decrease in non-interest bearing deposits. The increase in savings, NOW and money market deposits was driven by increases in digital and national specialized deposits, as well as some shift in customer balances from non-interest bearing deposits during the third quarter 2023. The increase in time deposits was largely due to successful

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2023 Earnings

October 26, 2023

retail deposit campaigns, partially offset by the maturity of indirect time deposits. Non-interest bearing balances continued to be challenged by the high level of market interest rates which has caused some customers to pursue attractive investment alternatives, including our interest bearing products, or use cash in place of financing. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 24 percent, 46 percent and 30 percent of total deposits as of September 30, 2023, respectively, as compared to 25 percent, 45 percent and 30 percent of total deposits as of June 30, 2023, respectively.

Other Borrowings. Short-term borrowings decreased $1.0 billion to $89.8 million at September 30, 2023 as compared to June 30, 2023 mainly due to maturities and repayment of FHLB advances and a decrease in our excess overnight cash positions as part of our liquidity management strategies during the third quarter 2023. Long-term borrowings totaled $2.3 billion at September 30, 2023 as compared to $2.4 billion at June 30, 2023. The decrease was largely due to the maturity and repayment of $125.0 million of 5.125 percent subordinated notes issued in September 2013 and due on September 27, 2023, which had already been fully disallowed from a regulatory capital perspective.

Credit Quality

Non-Performing Assets (NPAs). Total NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, increased $4.2 million to $260.3 million at September 30, 2023 as compared to June 30, 2023 mostly driven by an increase in non-accrual loans. Non-accrual commercial and industrial loans increased $3.2 million to $87.7 million at September 30, 2023 mainly due to one new non-performing loan relationship totaling $4.2 million at September 30, 2023. Non-accrual loans represented 0.52 percent of total loans at September 30, 2023 compared to 0.51 percent at June 30, 2023.

Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $17.8 million to $79.5 million, or 0.16 percent of total loans, at September 30, 2023 as compared to $61.8 million, or 0.12 percent of total loans at June 30, 2023.

Loans 30 to 59 days past due increased $13.6 million to $47.4 million at September 30, 2023 as compared to June 30, 2023 mainly due to increases in commercial and (secured) consumer loans within this early stage delinquency category.

Loans 60 to 89 days past due increased $6.8 million to $19.8 million at September 30, 2023 as compared to June 30, 2023 largely due to higher residential mortgage delinquencies and a $2.3 million commercial real estate loan that migrated from the 30-59 days past due category reported at June 30, 2023.

Loans 90 days or more past due and still accruing interest decreased $2.6 million to $12.4 million at September 30, 2023 as compared to June 30, 2023. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2023 Earnings

October 26, 2023

Allowance for Credit Losses for Loans and Unfunded Commitments. The following table summarizes the allocation of the allowance for credit losses to loan categories and the allocation as a percentage of each loan category at September 30, 2023, June 30, 2023 and September 30, 2022:


		September 30, 2023				June 30, 2023				September 30, 2022
				Allocation				Allocation				Allocation
				as a % of				as a % of				as a % of
		Allowance		Loan		Allowance		Loan		Allowance		Loan
		Allocation		Category		Allocation		Category		Allocation		Category
		($ in thousands)
Loan Category:
Commercial and industrial loans		$	133,988	1.44	%	$	128,245	1.38	%	$	154,051	1.77	%
Commercial real estate loans:
	Commercial real estate	191,562		0.68		194,177		0.70		217,124		0.89
	Construction	53,485		1.40		45,518		1.19		50,656		1.42
Total commercial real estate loans		245,047		0.77		239,695		0.76		267,780		0.95
Residential mortgage loans		44,621		0.80		44,153		0.79		36,157		0.70
Consumer loans:
	Home equity	3,689		0.67		4,020		0.75		4,083		0.87
	Auto and other consumer	14,830		0.52		20,319		0.70		13,673		0.49
Total consumer loans		18,519		0.55		24,339		0.71		17,756		0.55

Allowance for loan losses		442,175		0.88		436,432		0.88		475,744		1.05
Allowance for unfunded credit commitments		20,170				22,244				22,664
Total allowance for credit losses for loans		$	462,345			$	458,676			$	498,408
Allowance for credit losses for loans as a % total loans				0.92	%			0.92	%			1.10	%

Our loan portfolio, totaling $50.1 billion at September 30, 2023, had net loan charge-offs totaling $5.5 million for the third quarter 2023 as compared to $8.6 million for the second quarter 2023 and net recoveries of loan charge-offs of $5.6 million for the third quarter 2022. Gross charge-offs totaled $8.9 million for the third quarter 2023 and included a $4.0 million partial charge-off of one commercial and industrial loan relationship.

The allowance for credit losses for loans, comprised of our allowance for loan losses and unfunded credit commitments, as a percentage of total loans was 0.92 percent at both September 30, 2023 and June 30, 2023, and 1.10 percent at September 30, 2022. During the third quarter 2023, the provision for credit losses for loans totaled $9.1 million as compared to $6.3 million and $1.8 million for the second quarter 2023 and third quarter 2022, respectively. The provision for credit losses for the third quarter 2023 reflects, among other factors, higher quantitative reserves related to classified loans within the commercial portfolios and specific reserves associated with collateral dependent loans, partially offset by a negative (credit) provision for unfunded credit commitments driven by a decline in these obligations at September 30, 2023. Our economic forecast related reserves at September 30, 2023 remained relatively unchanged from June 30, 2023.

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2023 Earnings

October 26, 2023

Capital Adequacy

Valley's total risk-based capital, common equity Tier 1 capital, Tier 1 capital and Tier 1 leverage capital ratios were 11.68 percent, 9.21 percent, 9.64 percent and 8.08 percent, respectively, at September 30, 2023.

Investor Conference Call

Valley will host a conference call with investors and the financial community at 11:00 AM Eastern Daylight Savings Time, today to discuss the third quarter 2023 earnings and related matters. Interested parties should preregister using this link: https://register.vevent.com to receive the dial-in number and a personal PIN, which are required to access the conference call. The teleconference will also be webcast live: https://edge.media-server.com and archived on Valley’s website through Monday, November 27, 2023.

About Valley

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with $61 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Care Center at 800-522-4100.

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 conditions and economic expectations. These statements may be identified by such forward-looking terminology as “intend,” “should,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “would,” “could,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project,” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

•the impact of Federal Reserve actions affecting the level of market interest rates and increases in business failures, specifically among our clients, as well as on our business, our employees and our ability to provide services to our customers;

•the impact of a potential U.S. Government shutdown on economic activity in the markets in which we operate and, in general, on levels of end market demand in the economy;

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2023 Earnings

October 26, 2023

•the impact of possible future bank failures on the business environment in which we operate and resulting market volatility and reduced confidence in depository institutions, including impact on stock price, customer deposit withdrawals from Valley National Bank, or business disruptions or liquidity issues that have or may affect our customers;

•the impact of unfavorable macroeconomic conditions or downturns, instability or volatility in financial markets, unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by and factors outside of our control, such as geopolitical instabilities or events (including the recent conflict in Israel and Gaza); natural and other disasters (including severe weather events) and health emergencies, acts of terrorism or other external events;

•risks associated with our acquisition of Bank Leumi Le-Israel Corporation (Bank Leumi USA), including (i) the inability to realize expected cost savings and synergies from the acquisition in the amounts or timeframe anticipated and (ii) greater than expected costs or difficulties relating to integration matters;

•the loss of or decrease in lower-cost funding sources within our deposit base;

•the need to supplement debt or equity capital to maintain or exceed internal capital thresholds;

•the inability to attract new customer deposits to keep pace with loan growth strategies;

•a material change in our allowance for credit losses under CECL due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios;

•greater than expected technology related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations;

•cyber-attacks, ransomware attacks, computer viruses or other malware that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data, disable or degrade service, or sabotage our systems;

•damage verdicts or settlements or restrictions related to existing or potential class action litigation or individual litigation arising from claims of violations of laws or regulations, contractual claims, breach of fiduciary responsibility, negligence, fraud, environmental laws, patent or trademark infringement, employment related claims, and other matters;

•changes to laws and regulations, including changes affecting oversight of the financial services industry; changes in the enforcement and interpretation of such laws and regulations; and changes in accounting and reporting standards;

•higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations and case law;

•results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank (FRB), the Consumer Financial Protection Bureau (CFPB) and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities;

•our inability or determination not to pay dividends at current levels, or at all, because of inadequate earnings, regulatory restrictions or limitations, changes in our capital requirements or a decision to increase capital by retaining more earnings;

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2023 Earnings

October 26, 2023

•a prolonged downturn in the economy, as well as an unexpected decline in commercial real estate values collateralizing a significant portion of our loan portfolio; and

•unexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, changes in regulatory lending guidance or other factors.

A detailed discussion of factors that could affect our results is included in our SEC filings, including the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2022 and in Item 1A of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.

We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

# # #

-Tables to Follow-

VALLEY NATIONAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS

GAAP Reconciliations to GAAP Financial Measures (Continued)

SELECTED FINANCIAL DATA


	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
($ in thousands, except for share data and stock price)	2023			2023			2022			2023			2022
FINANCIAL DATA:
Net interest income - FTE (1)	$	413,657		$	421,275		$	455,308		$	1,272,390		$	1,193,235
Net interest income	$	412,418		$	419,765		$	453,992		$	1,268,203		$	1,189,821
Non-interest income	58,664			60,075			56,194			173,038			153,997
Total revenue	471,082			479,840			510,186			1,441,241			1,343,818
Non-interest expense	267,133			282,971			261,639			822,270			758,709
Pre-provision net revenue	203,949			196,869			248,547			618,971			585,109
Provision for credit losses	9,117			6,050			2,023			29,604			49,578
Income tax expense	53,486			51,759			68,405			162,410			144,271
Net income	141,346			139,060			178,119			426,957			391,260
Dividends on preferred stock	4,127			4,030			3,172			12,031			9,516
Net income available to common shareholders	$	137,219		$	135,030		$	174,947		$	414,926		$	381,744
Weighted average number of common shares outstanding:
Basic	507,650,668			507,690,043			506,342,200			507,580,197			478,383,342
Diluted	509,256,599			508,643,025			508,690,997			509,204,051			480,625,357
Per common share data:
Basic earnings	$	0.27		$	0.27		$	0.35		$	0.82		$	0.80
Diluted earnings	0.27			0.27			0.34			0.81			0.79
Cash dividends declared	0.11			0.11			0.11			0.33			0.33
Closing stock price - high	10.30			9.38			12.95			12.59			15.02
Closing stock price - low	7.63			6.59			10.14			6.59			10.14
FINANCIAL RATIOS:
Net interest margin	2.90		%	2.93		%	3.59		%	2.99		%	3.40		%
Net interest margin - FTE (1)	2.91			2.94			3.60			3.00			3.41
Annualized return on average assets	0.92			0.90			1.30			0.93			1.03
Annualized return on avg. shareholders' equity	8.56			8.50			11.39			8.72			8.89
NON-GAAP FINANCIAL DATA AND RATIOS: (3)
Basic earnings per share, as adjusted	$	0.26		$	0.28		$	0.35		$	0.84		$	0.96
Diluted earnings per share, as adjusted	0.26			0.28			0.35			0.84			0.95
Annualized return on average assets, as adjusted	0.89		%	0.95		%	1.32		%	0.96		%	1.23		%
Annualized return on average shareholders' equity, as adjusted	8.26			8.99			11.60			8.94			10.62
Annualized return on avg. tangible shareholders' equity	12.39		%	12.37		%	17.21		%	12.71		%	13.20		%
Annualized return on average tangible shareholders' equity, as adjusted	11.95			13.09			17.54			13.04			15.77
Efficiency ratio	56.72			55.59			49.76			55.34			51.03




AVERAGE BALANCE SHEET ITEMS:
Assets	$	61,391,688		$	61,877,464		$	54,858,306		$	61,050,973		$	50,588,010
Interest earning assets	56,802,565			57,351,808			50,531,242			56,510,997			46,605,417
Loans	50,019,414			49,457,937			44,341,894			49,120,153			40,529,794
Interest bearing liabilities	40,829,078			40,925,791			31,228,739			39,802,966			29,042,253
Deposits	49,848,446			47,464,469			44,770,368			48,165,152			41,176,472
Shareholders' equity	6,605,786			6,546,452			6,256,767			6,531,424			5,869,736

VALLEY NATIONAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS

GAAP Reconciliations to GAAP Financial Measures (Continued)


	As Of
BALANCE SHEET ITEMS:	September 30,			June 30,			March 31,			December 31,			September 30,
(In thousands)	2023			2023			2023			2022			2022
Assets	$	61,183,352		$	61,703,693		$	64,309,573		$	57,462,749		$	55,927,501
Total loans	50,097,519			49,877,248			48,659,966			46,917,200			45,185,764
Deposits	49,885,314			49,619,815			47,590,916			47,636,914			45,308,843
Shareholders' equity	6,627,299			6,575,184			6,511,581			6,400,802			6,273,829

LOANS:
(In thousands)



Commercial and industrial	$	9,274,630		$	9,287,309		$	9,043,946		$	8,804,830		$	8,701,377
Commercial real estate:
Commercial real estate	28,041,050			27,793,072			27,051,111			25,732,033			24,493,445
Construction	3,833,269			3,815,761			3,725,967			3,700,835			3,571,818
Total commercial real estate	31,874,319			31,608,833			30,777,078			29,432,868			28,065,263
Residential mortgage	5,562,665			5,560,356			5,486,280			5,364,550			5,177,128
Consumer:
Home equity	548,918			535,493			516,592			503,884			467,135
Automobile	1,585,987			1,632,875			1,717,141			1,746,225			1,711,086
Other consumer	1,251,000			1,252,382			1,118,929			1,064,843			1,063,775
Total consumer loans	3,385,905			3,420,750			3,352,662			3,314,952			3,241,996
Total loans	$	50,097,519		$	49,877,248		$	48,659,966		$	46,917,200		$	45,185,764

CAPITAL RATIOS:
Book value per common share	$	12.64		$	12.54		$	12.41		$	12.23		$	11.98
Tangible book value per common share (3)	8.63			8.51			8.36			8.15			7.87
Tangible common equity to tangible assets (3)	7.40		%	7.24		%	6.82		%	7.45		%	7.40		%
Tier 1 leverage capital	8.08			7.86			7.96			8.23			8.31
Common equity tier 1 capital	9.21			9.03			9.02			9.01			9.09
Tier 1 risk-based capital	9.64			9.47			9.46			9.46			9.56
Total risk-based capital	11.68			11.52			11.58			11.63			11.84

VALLEY NATIONAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS

GAAP Reconciliations to GAAP Financial Measures (Continued)


	Three Months Ended									Nine Months Ended
ALLOWANCE FOR CREDIT LOSSES:	September 30,			June 30,			September 30,			September 30,
($ in thousands)	2023			2023			2022			2023			2022
Allowance for credit losses for loans
Beginning balance	$	458,676		$	460,969		$	490,963		$	483,255		$	375,702
Impact of the adoption of ASU No. 2022-02	—			—			—			(1,368)			—
Allowance for purchased credit deteriorated (PCD) loans, net (2)	—			—			—			—			70,319
Beginning balance, adjusted	458,676			460,969			490,963			481,887			446,021
Loans charged-off:
Commercial and industrial	(7,487)			(3,865)			(5,033)			(37,399)			(11,144)
Commercial real estate	(255)			(2,065)			(4,000)			(2,320)			(4,173)
Construction	—			(4,208)			—			(9,906)			—
Residential mortgage	(20)			(149)			—			(169)			(27)
Total consumer	(1,156)			(1,040)			(962)			(3,024)			(2,513)
Total loans charged-off	(8,918)			(11,327)			(9,995)			(52,818)			(17,857)
Charged-off loans recovered:
Commercial and industrial	3,043			2,173			13,236			6,615			16,012
Commercial real estate	5			4			1,729			33			2,060

Residential mortgage	30			135			163			186			694
Total consumer	362			390			477			1,513			2,431
Total loans recovered	3,440			2,702			15,605			8,347			21,197
Total net (charge-offs) recoveries	(5,478)			(8,625)			5,610			(44,471)			3,340
Provision for credit losses for loans	9,147			6,332			1,835			24,929			49,047
Ending balance	$	462,345		$	458,676		$	498,408		$	462,345		$	498,408
Components of allowance for credit losses for loans:
Allowance for loan losses	$	442,175		$	436,432		$	475,744		$	442,175		$	475,744
Allowance for unfunded credit commitments	20,170			22,244			22,664			20,170			22,664
Allowance for credit losses for loans	$	462,345		$	458,676		$	498,408		$	462,345		$	498,408
Components of provision for credit losses for loans:
Provision for credit losses for loans	$	11,221		$	8,159		$	1,315		$	29,359		$	42,883
(Credit) provision for unfunded credit commitments	(2,074)			(1,827)			520			(4,430)			6,164
Total provision for credit losses for loans	$	9,147		$	6,332		$	1,835		$	24,929		$	49,047
Annualized ratio of total net charge-offs (recoveries) to total average loans	0.04		%	0.07		%	(0.05)		%	0.12		%	(0.01)		%
Allowance for credit losses for loans as a % of total loans	0.92		%	0.92		%	1.10		%	0.92			1.10

VALLEY NATIONAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS

GAAP Reconciliations to GAAP Financial Measures (Continued)


	As Of
ASSET QUALITY:	September 30,			June 30,			March 31,			December 31,			September 30,
($ in thousands)	2023			2023			2023			2022			2022
Accruing past due loans:
30 to 59 days past due:
Commercial and industrial	$	10,687		$	6,229		$	20,716		$	11,664		$	19,526
Commercial real estate	8,053			3,612			13,580			6,638			6,196

Residential mortgage	13,159			15,565			12,599			16,146			13,045
Total consumer	15,509			8,431			7,845			9,087			6,196
Total 30 to 59 days past due	47,408			33,837			54,740			43,535			44,963
60 to 89 days past due:
Commercial and industrial	5,720			7,468			24,118			12,705			2,188
Commercial real estate	2,620			—			—			3,167			383
Construction	—			—			—			—			12,969
Residential mortgage	9,710			1,348			2,133			3,315			5,947
Total consumer	1,720			4,126			1,519			1,579			1,174
Total 60 to 89 days past due	19,770			12,942			27,770			20,766			22,661
90 or more days past due:
Commercial and industrial	6,629			6,599			8,927			18,392			15,072
Commercial real estate	—			2,242			—			2,292			15,082
Construction	3,990			3,990			6,450			3,990			—
Residential mortgage	1,348			1,165			1,668			1,866			550
Total consumer	391			1,006			747			47			421
Total 90 or more days past due	12,358			15,002			17,792			26,587			31,125
Total accruing past due loans	$	79,536		$	61,781		$	100,302		$	90,888		$	98,749
Non-accrual loans:
Commercial and industrial	$	87,655		$	84,449		$	78,606		$	98,881		$	135,187
Commercial real estate	83,338			82,712			67,938			68,316			67,319
Construction	62,788			63,043			68,649			74,230			61,098
Residential mortgage	21,614			20,819			23,483			25,160			26,564
Total consumer	3,545			3,068			3,318			3,174			3,227
Total non-accrual loans	258,940			254,091			241,994			269,761			293,395
Other real estate owned (OREO)	71			824			1,189			286			286
Other repossessed assets	1,314			1,230			1,752			1,937			1,122

Total non-performing assets	$	260,325		$	256,145		$	244,935		$	271,984		$	294,803
Total non-accrual loans as a % of loans	0.52		%	0.51		%	0.50		%	0.57		%	0.65		%
Total accruing past due and non-accrual loans as a % of loans	0.68			0.63			0.70			0.77			0.87
Allowance for losses on loans as a % of non-accrual loans	170.76			171.76			180.54			170.02			162.15

VALLEY NATIONAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS

NOTES TO SELECTED FINANCIAL DATA


(1)			Net interest income and net interest margin are presented on a tax equivalent basis using a 21 percent federal tax rate. Valley believes that this presentation provides comparability of net interest income and net interest margin arising from both taxable and tax-exempt sources and is consistent with industry practice and SEC rules.
(2)			Represents the allowance for acquired PCD loans, net of PCD loan charge-offs totaling $62.4 million in the second quarter 2022.
(3)			Non-GAAP Reconciliations. This press release contains certain supplemental financial information, described in the Notes below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles ("GAAP") that management uses in its analysis of Valley's performance. The Company believes that the non-GAAP financial measures provide useful supplemental information to both management and investors in understanding Valley’s underlying operational performance, business and performance trends, and may facilitate comparisons of our current and prior performance with the performance of others in the financial services industry. Management utilizes these measures for internal planning, forecasting and analysis purposes. Management believes that Valley’s presentation and discussion of this supplemental information, together with the accompanying reconciliations to the GAAP financial measures, also allows investors to view performance in a manner similar to management. These non-GAAP financial measures should not be considered in isolation or as a substitute for or superior to financial measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures may also be calculated differently from similar measures disclosed by other companies.

Non-GAAP Reconciliations to GAAP Financial Measures


	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
($ in thousands, except for share data)	2023			2023			2022			2023			2022
Adjusted net income available to common shareholders (non-GAAP):
Net income, as reported (GAAP)	$	141,346		$	139,060		$	178,119		$	426,957		$	391,260

Add: Losses (gains) on available for sale and held to maturity securities transactions (net of tax)(a)	318			6			(24)			341			(74)
Add: Restructuring charge (net of tax)(b)	(484)			8,015			—			7,531			—
Add: Provision for credit losses for available for sale securities (c)	—			—			—			5,000			—
Add: Non-PCD provision for credit losses (net of tax)(d)	—			—			—			—			29,282
Add: Merger related expenses (net of tax)(e)	—			—			3,360			2,962			47,103

Add: Net gains on sales of office buildings (net of tax)(f)	(4,817)			—			—			(4,817)			—
Net income, as adjusted (non-GAAP)	$	136,363		$	147,081		$	181,455		$	437,974		$	467,571
Dividends on preferred stock	4,127			4,030			3,172			12,031			9,516
Net income available to common shareholders, as adjusted (non-GAAP)	$	132,236		$	143,051		$	178,283		$	425,943		$	458,055
__________
(a) Included in gains (losses) on securities transactions, net.
(b) Represents severance expense related to workforce reductions within salary and employee benefits expense.
(c) Included in provision for credit losses for available for sale and held to maturity securities (tax disallowed).
(d) Represents provision for credit losses for non-PCD assets and unfunded credit commitments acquired during the period.
(e) Included primarily within salary and employee benefits expense.
(f) Included in net gains (losses) on sale of assets within non-interest income.

Adjusted per common share data (non-GAAP):
Net income available to common shareholders, as adjusted (non-GAAP)	$	132,236		$	143,051		$	178,283		$	425,943		$	458,055
Average number of shares outstanding	507,650,668			507,690,043			506,342,200			507,580,197			478,383,342
Basic earnings, as adjusted (non-GAAP)	$	0.26		$	0.28		$	0.35		$	0.84		$	0.96
Average number of diluted shares outstanding	509,256,599			508,643,025			508,690,997			509,204,051			480,625,357
Diluted earnings, as adjusted (non-GAAP)	$	0.26		$	0.28		$	0.35		$	0.84		$	0.95
Adjusted annualized return on average tangible shareholders' equity (non-GAAP):
Net income, as adjusted (non-GAAP)	$	136,363		$	147,081		$	181,455		$	437,974		$	467,571
Average shareholders' equity	$	6,605,786		$	6,546,452		$	6,256,767		6,531,424			5,869,736
Less: Average goodwill and other intangible assets	2,042,486			2,051,591			2,117,818			2,051,727			1,917,217
Average tangible shareholders' equity	$	4,563,300		$	4,494,861		$	4,138,949		$	4,479,697		$	3,952,519
Annualized return on average tangible shareholders' equity, as adjusted (non-GAAP)	11.95		%	13.09		%	17.54		%	13.04		%	15.77		%

Adjusted annualized return on average assets (non-GAAP):
Net income, as adjusted (non-GAAP)	$	136,363		$	147,081		$	181,455		$	437,974		$	467,571
Average assets	$	61,391,688		$	61,877,464		$	54,858,306		$	61,050,973		$	50,588,010
Annualized return on average assets, as adjusted (non-GAAP)	0.89		%	0.95		%	1.32		%	0.96		%	1.23		%

VALLEY NATIONAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS

GAAP Reconciliations to GAAP Financial Measures (Continued)


	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
($ in thousands, except for share data)	2023			2023			2022			2023			2022
Adjusted annualized return on average shareholders' equity (non-GAAP):
Net income, as adjusted (non-GAAP)	$	136,363		$	147,081		$	181,455		$	437,974		$	467,571
Average shareholders' equity	$	6,605,786		$	6,546,452		$	6,256,767		$	6,531,424		$	5,869,736
Annualized return on average shareholders' equity, as adjusted (non-GAAP)	8.26		%	8.99		%	11.60		%	8.94		%	10.62		%
Annualized return on average tangible shareholders' equity (non-GAAP):
Net income, as reported (GAAP)	$	141,346		$	139,060		$	178,119		$	426,957		$	391,260
Average shareholders' equity	$	6,605,786		$	6,546,452		$	6,256,767		6,531,424			5,869,736
Less: Average goodwill and other intangible assets	2,042,486			2,051,591			2,117,818			2,051,727			1,917,217
Average tangible shareholders' equity	$	4,563,300		$	4,494,861		$	4,138,949		$	4,479,697		$	3,952,519
Annualized return on average tangible shareholders' equity (non-GAAP)	12.39		%	12.37		%	17.21		%	12.71		%	13.20		%

Efficiency ratio (non-GAAP):
Non-interest expense, as reported (GAAP)	$	267,133		$	282,971		$	261,639		$	822,270		$	758,709

Less: Restructuring charge (pre-tax)	(675)			11,182			—			10,507			—
Less: Merger-related expenses (pre-tax)	—			—			4,707			4,133			63,831
Less: Amortization of tax credit investments (pre-tax)	4,191			5,018			3,105			13,462			9,194

Non-interest expense, as adjusted (non-GAAP)	$	263,617		$	266,771		$	253,827		$	794,168		$	685,684
Net interest income, as reported (GAAP)	412,418			419,765			453,992			1,268,203			1,189,821
Non-interest income, as reported (GAAP)	58,664			60,075			56,194			173,038			153,997
Add: Losses (gains) on available for sale and held to maturity securities transactions, net (pre-tax)	443			9			(33)			476			(102)

Less: Net gains on sales of office buildings (pre-tax)	(6,721)			—			—			(6,721)			—
Non-interest income, as adjusted (non-GAAP)	$	52,386		$	60,084		$	56,161		$	166,793		$	153,895
Gross operating income, as adjusted (non-GAAP)	$	464,804		$	479,849		$	510,153		$	1,434,996		$	1,343,716
Efficiency ratio (non-GAAP)	56.72		%	55.59		%	49.76		%	55.34		%	51.03		%
	As of
	September 30,			June 30,			March 31,			December 31,			September 30,
($ in thousands, except for share data)	2023			2023			2023			2022			2022
Tangible book value per common share (non-GAAP):
Common shares outstanding	507,660,742			507,619,430			507,762,358			506,374,478			506,351,502
Shareholders' equity (GAAP)	$	6,627,299		$	6,575,184		$	6,511,581		$	6,400,802		$	6,273,829
Less: Preferred stock	209,691			209,691			209,691			209,691			209,691
Less: Goodwill and other intangible assets	2,038,202			2,046,882			2,056,107			2,066,392			2,079,731
Tangible common shareholders' equity (non-GAAP)	$	4,379,406		$	4,318,611		$	4,245,783		$	4,124,719		$	3,984,407
Tangible book value per common share (non-GAAP)	$	8.63		$	8.51		$	8.36		$	8.15		$	7.87
Tangible common equity to tangible assets (non-GAAP):
Tangible common shareholders' equity (non-GAAP)	$	4,379,406		$	4,318,611		$	4,245,783		$	4,124,719		$	3,984,407
Total assets (GAAP)	$	61,183,352		$	61,703,693		$	64,309,573		$	57,462,749		$	55,927,501
Less: Goodwill and other intangible assets	2,038,202			2,046,882			2,056,107			2,066,392			2,079,731
Tangible assets (non-GAAP)	$	59,145,150		$	59,656,811		$	62,253,466		$	55,396,357		$	53,847,770
Tangible common equity to tangible assets (non-GAAP)	7.40		%	7.24		%	6.82		%	7.45		%	7.40		%

VALLEY NATIONAL BANCORP

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(in thousands, except for share data)


	September 30,		December 31,
	2023		2022
	(Unaudited)
Assets
Cash and due from banks	$	444,857	$	444,325
Interest bearing deposits with banks	698,966		503,622
Investment securities:
Equity securities	63,191		48,731
Trading debt securities	3,441		13,438
Available for sale debt securities	1,186,524		1,261,397
Held to maturity debt securities (net of allowance for credit losses of $1,321 at September 30, 2023 and $1,646 at December 31, 2022)	3,797,388		3,827,338
Total investment securities	5,050,544		5,150,904
Loans held for sale, at fair value	33,834		18,118
Loans	50,097,519		46,917,200
Less: Allowance for loan losses	(442,175)		(458,655)
Net loans	49,655,344		46,458,545
Premises and equipment, net	387,981		358,556
Lease right of use assets	352,104		306,352
Bank owned life insurance	719,691		717,177
Accrued interest receivable	237,786		196,606
Goodwill	1,868,936		1,868,936
Other intangible assets, net	169,266		197,456
Other assets	1,564,043		1,242,152
Total Assets	$	61,183,352	$	57,462,749
Liabilities
Deposits:
Non-interest bearing	$	11,671,504	$	14,463,645
Interest bearing:
Savings, NOW and money market	23,110,840		23,616,812
Time	15,102,970		9,556,457
Total deposits	49,885,314		47,636,914
Short-term borrowings	89,802		138,729
Long-term borrowings	2,318,294		1,543,058
Junior subordinated debentures issued to capital trusts	57,021		56,760
Lease liabilities	413,021		358,884
Accrued expenses and other liabilities	1,792,601		1,327,602
Total Liabilities	54,556,053		51,061,947
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at September 30, 2023 and December 31, 2022)	111,590		111,590
Series B (4,000,000 shares issued at September 30, 2023 and December 31, 2022)	98,101		98,101
Common stock (no par value, authorized 650,000,000 shares; issued 507,896,910 shares at September 30, 2023 and December 31, 2022)	178,187		178,185
Surplus	4,982,748		4,980,231
Retained earnings	1,460,284		1,218,445
Accumulated other comprehensive loss	(201,892)		(164,002)
Treasury stock, at cost (236,168 common shares at September 30, 2023 and 1,522,432 common shares at December 31, 2022)	(1,719)		(21,748)
Total Shareholders’ Equity	6,627,299		6,400,802
Total Liabilities and Shareholders’ Equity	$	61,183,352	$	57,462,749

VALLEY NATIONAL BANCORP

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(in thousands, except for share data)


	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
	2023		2023		2022		2023		2022
Interest Income
Interest and fees on loans	$	753,638	$	715,172	$	496,520	$	2,124,036	$	1,229,462
Interest and dividends on investment securities:
Taxable	32,383		31,919		28,264		96,591		74,416
Tax-exempt	4,585		5,575		5,210		15,485		12,739
Dividends	5,299		7,517		2,738		18,001		7,490
Interest on federal funds sold and other short-term investments	17,113		27,276		3,996		66,594		6,026

Total interest income	813,018		787,459		536,728		2,320,707		1,330,133
Interest Expense
Interest on deposits:
Savings, NOW and money market	201,916		164,842		50,674		517,524		77,423
Time	164,336		125,764		15,174		370,398		21,274
Interest on short-term borrowings	5,189		50,208		5,160		89,345		10,049
Interest on long-term borrowings and junior subordinated debentures	29,159		26,880		11,728		75,237		31,566
Total interest expense	400,600		367,694		82,736		1,052,504		140,312
Net Interest Income	412,418		419,765		453,992		1,268,203		1,189,821

(Credit) provision for credit losses for available for sale and held to maturity securities	(30)		(282)		188		4,675		531
Provision for credit losses for loans	9,147		6,332		1,835		24,929		49,047
Net Interest Income After Provision for Credit Losses	403,301		413,715		451,969		1,238,599		1,140,243
Non-Interest Income
Wealth management and trust fees	11,417		11,176		9,281		32,180		23,989
Insurance commissions	2,336		3,139		3,750		7,895		9,072
Capital markets	7,141		16,967		13,171		35,000		42,242
Service charges on deposit accounts	10,952		10,542		10,338		31,970		26,617
(Losses) gains on securities transactions, net	(398)		217		323		197		(1,058)



Fees from loan servicing	2,681		2,702		3,138		8,054		8,636
Gains on sales of loans, net	2,023		1,240		922		3,752		5,510
Gains (losses) on sales of assets, net	6,653		161		(106)		6,938		(372)
Bank owned life insurance	2,709		2,443		1,681		7,736		5,840
Other	13,150		11,488		13,696		39,316		33,521
Total non-interest income	58,664		60,075		56,194		173,038		153,997
Non-Interest Expense
Salary and employee benefits expense	137,292		149,594		134,572		431,872		397,103
Net occupancy expense	24,675		25,949		26,486		73,880		70,906
Technology, furniture and equipment expense	37,320		32,476		39,365		106,304		115,245
FDIC insurance assessment	7,946		10,426		6,500		27,527		16,009
Amortization of other intangible assets	9,741		9,812		11,088		30,072		26,925
Professional and legal fees	17,109		21,406		17,840		55,329		62,998

Amortization of tax credit investments	4,191		5,018		3,105		13,462		9,194
Other	28,859		28,290		22,683		83,824		60,329
Total non-interest expense	267,133		282,971		261,639		822,270		758,709
Income Before Income Taxes	194,832		190,819		246,524		589,367		535,531
Income tax expense	53,486		51,759		68,405		162,410		144,271
Net Income	141,346		139,060		178,119		426,957		391,260
Dividends on preferred stock	4,127		4,030		3,172		12,031		9,516
Net Income Available to Common Shareholders	$	137,219	$	135,030	$	174,947	$	414,926	$	381,744

VALLEY NATIONAL BANCORP

Quarterly Analysis of Average Assets, Liabilities and Shareholders' Equity and

Net Interest Income on a Tax Equivalent Basis


	Three Months Ended
	September 30, 2023						June 30, 2023						September 30, 2022
	Average				Avg.		Average				Avg.		Average				Avg.
($ in thousands)	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Interest earning assets:
Loans (1)(2)	$	50,019,414	$	753,662	6.03	%	$	49,457,937	$	715,195	5.78	%	$	44,341,894	$	496,545	4.48	%
Taxable investments (3)	4,915,778		37,682		3.07		5,065,812		39,436		3.11		4,815,181		31,002		2.58
Tax-exempt investments (1)(3)	620,439		5,800		3.74		629,342		7,062		4.49		635,795		6,501		4.09
Interest bearing deposits with banks	1,246,934		17,113		5.49		2,198,717		27,276		4.96		738,372		3,996		2.16
Total interest earning assets	56,802,565		814,257		5.73		57,351,808		788,969		5.50		50,531,242		538,044		4.26
Other assets	4,589,123						4,525,656						4,327,064
Total assets	$	61,391,688					$	61,877,464					$	54,858,306
Liabilities and shareholders' equity
Interest bearing liabilities:
Savings, NOW and money market deposits	$	23,016,737	$	201,916	3.51	%	$	22,512,128	$	164,843	2.93	%	$	23,541,694	$	50,674	0.86	%
Time deposits	14,880,311		164,336		4.42		12,195,479		125,764		4.12		5,192,896		15,174		1.17
Short-term borrowings	436,518		5,189		4.75		3,878,457		50,207		5.18		1,016,240		5,160		2.03
Long-term borrowings (4)	2,495,512		29,159		4.67		2,339,727		26,880		4.60		1,477,909		11,728		3.17
Total interest bearing liabilities	40,829,078		400,600		3.92		40,925,791		367,694		3.59		31,228,739		82,736		1.06
Non-interest bearing deposits	11,951,398						12,756,862						16,035,778
Other liabilities	2,005,426						1,648,359						1,337,022
Shareholders' equity	6,605,786						6,546,452						6,256,767
Total liabilities and shareholders' equity	$	61,391,688					$	61,877,464					$	54,858,306

Net interest income/interest rate spread (5)			$	413,657	1.81	%			$	421,275	1.91	%			$	455,308	3.20	%
Tax equivalent adjustment			(1,239)						(1,510)						(1,316)
Net interest income, as reported			$	412,418					$	419,765					$	453,992
Net interest margin (6)					2.90						2.93						3.59
Tax equivalent effect					0.01						0.01						0.01
Net interest margin on a fully tax equivalent basis (6)					2.91	%					2.94	%					3.60	%

(1) Interest income is presented on a tax equivalent basis using a 21 percent federal tax rate.

(2) Loans are stated net of unearned income and include non-accrual loans.

(3) The yield for securities that are classified as available for sale is based on the average historical amortized cost.

(4) Includes junior subordinated debentures issued to capital trusts which are presented separately on the consolidated statements of condition.

(5) Interest rate spread represents the difference between the average yield on interest earning assets and the average cost of interest bearing liabilities and is presented on a fully tax equivalent basis.

(6) Net interest income as a percentage of total average interest earning assets.







			SHAREHOLDERS RELATIONS Requests for copies of reports and/or other inquiries should be directed to Tina Zarkadas, Assistant Vice President, Shareholder Relations Specialist, Valley National Bancorp, 70 Speedwell Avenue, Morristown, New Jersey, 07960, by telephone at (973) 305-3380, by fax at (973) 305-1364 or by e-mail at tzarkadas@valley.com.

3 Q 2 3 E a r n i n g s P r e s e n t a t i o n O c t o b e r 2 6 , 2 0 2 3 Exhibit 99.2

Forward Looking Statements This presentation 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 conditions and economic expectations. These statements may be identified by such forward-looking terminology as “intend,” “should,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “would,” “could,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project,” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to: the impact of Federal Reserve actions affecting the level of market interest rates and increases in business failures, specifically among our clients, as well as on our business, our employees and our ability to provide services to our customers; the impact of a potential U.S. Government shutdown on economic activity in the markets in which we operate and, in general, on levels of end market demand in the economy; the impact of possible future bank failures on the business environment in which we operate and resulting market volatility and reduced confidence in depository institutions, including impact on stock price, customer deposit withdrawals from Valley National Bank, or business disruptions or liquidity issues that have or may affect our customers; the impact of unfavorable macroeconomic conditions or downturns, instability or volatility in financial markets, unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by and factors outside of our control, such as geopolitical instabilities or events (including the recent conflict in Israel and Gaza); natural and other disasters (including severe weather events) and health emergencies, acts of terrorism or other external events; risks associated with our acquisition of Bank Leumi Le-Israel Corporation (Bank Leumi USA), including (i) the inability to realize expected cost savings and synergies from the acquisition in the amounts or timeframe anticipated and (ii) greater than expected costs or difficulties relating to integration matters; the loss of or decrease in lower-cost funding sources within our deposit base; the need to supplement debt or equity capital to maintain or exceed internal capital thresholds; the inability to attract new customer deposits to keep pace with loan growth strategies; a material change in our allowance for credit losses under CECL due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios; greater than expected technology related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations; cyber-attacks, ransomware attacks, computer viruses or other malware that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data, disable or degrade service, or sabotage our systems; damage verdicts or settlements or restrictions related to existing or potential class action litigation or individual litigation arising from claims of violations of laws or regulations, contractual claims, breach of fiduciary responsibility, negligence, fraud, environmental laws, patent or trademark infringement, employment related claims, and other matters; changes to laws and regulations, including changes affecting oversight of the financial services industry; changes in the enforcement and interpretation of such laws and regulations; and changes in accounting and reporting standards; higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations and case law; results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank (FRB), the Consumer Financial Protection Bureau (CFPB) and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities; our inability or determination not to pay dividends at current levels, or at all, because of inadequate earnings, regulatory restrictions or limitations, changes in our capital requirements or a decision to increase capital by retaining more earnings; a prolonged downturn in the economy, as well as an unexpected decline in commercial real estate values collateralizing a significant portion of our loan portfolio; and unexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, changes in regulatory lending guidance or other factors. A detailed discussion of factors that could affect our results is included in our SEC filings, including the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2022 and in Item 1A of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

3 3Q23 2Q23 3Q22 3Q23 2Q23 3Q22 Net Income ($mm) $141.3 $139.1 $178.1 $136.4 $147.1 $181.5 Return on Average Assets Annualized 0.92% 0.90% 1.30% 0.89% 0.95% 1.32% Efficiency Ratio (Non-GAAP) -- -- -- 56.7% 55.6% 49.8% Diluted Earnings Per Share $0.27 $0.27 $0.34 $0.26 $0.28 $0.35 Pre-Provision Net Revenue 2 ($mm) $203.9 $196.9 $248.5 $201.2 $213.1 $256.3 PPNR / Average Assets 2 Annualized 1.33% 1.27% 1.81% 1.31% 1.38% 1.87% GAAP Reported Non-GAAP Adjusted 1 1 Please refer to the Non-GAAP Disclosure Reconciliation in Appendix. 2 Pre-provision net revenue (“PPNR”) equals net interest income plus total non-interest income less total non-interest expense. 3Q 2023 Financial Highlights Slower loan growth contributed to improved regulatory capital ratios. Signs of net interest income troughing on a monthly basis. Strong and stable asset quality across the loan portfolio. Sequential reduction in adjusted operating expenses.

4 22.3 23.1 12.4 11.7 14.9 15.1 $49.6 $49.9 6/30/2023 9/30/2023 Time Non-Interest Savings, NOW and money market 24% 45% 25% 30% 0.15% 1.36% 1.96% 2.45% 2.94% 0.25% 3.82% 4.69% 5.16% 5.43% 4Q21 4Q22 1Q23 2Q23 3Q23 Total Deposits Average Fed Funds (Upper) Total Deposits Remain Stable Deposit Balance Trends ($bn) 30% 46% Avg. Fed Funds vs. Deposit Costs (%) Cumulative Beta (Current Cycle) 1 1 Cumulative Beta is measured as the change in Valley’s quarterly average deposit costs since the quarter preceding the rate hike cycle (4Q21) as a percentage of the change in the average quarterly Fed Funds Upper Bound over the same period. Avg. Fed Funds (Upper) Total Cost of Deposits Cumulative Beta 4Q21 0.25% 0.15% -- 4Q22 3.82% 1.36% 34% 1Q23 4.69% 1.96% 41% 2Q23 5.16% 2.45% 47% 3Q23 5.43% 2.94% 54%

5 Customer Deposit Base Diversified by Geography and Source Traditional Branch Deposits $31.3 63% Specialized Deposits $8.7 17% Fully FDIC-Insured Indirect Customer $9.9 20% Nat'l Deposits, Cannabis & Online $3.2 International Corporate $0.7 Technology $1.2 Private Banking & Wealth $1.6 Other Commercial $2.0 $49.9bn $8.7bn New Jersey $17.3 New York $4.8 Florida $7.7 Alabama $1.5 $31.3bn Total Deposit Breakdown ($bn, as of 9/30/23) Specialized Deposits by Business Line ($bn, as of 9/30/23)Traditional Branch Deposits 3 ($bn, as of 9/30/23) Uninsured Deposit & Liquidity ($bn, as of 9/30/23) 1 Adjusted for collateralized government deposits in excess of FDIC $250k limit and intercompany deposits eliminated in consolidation. 2 “High Quality Available Liquidity” includes the following off balance sheet sources of potential liquidity: FHLB, unencumbered investment securities, FRBNY Discount Window Availability, and Uncommitted Fed Funds Lines. 3 Traditional Branch Deposits Include Commercial (inclusive of $1bn of HOA deposits), Consumer and Government. Totals may not sum due to rounding. $11.7 $1.1 $24.6 $25.8 Adjusted Uninsured Deposits Cash & Available Liquidity Cash on Balance Sheet High Quality Available Liquidity 2 Cash & Available Liquidity Stands at 2.2x of Adjusted Uninsured Deposits 1 128 branches 16 branches 42 branches 42 branches Adjusted Uninsured Deposits 1 23%

6 NJ $2.3 NY $0.5 FL $0.8 PA $0.7 Other $0.7 Highly Granular Deposits – 9/30/2023 Customer Type Deposits ($bn) % of Total Deposits Commercial $17.9 36% Consumer $17.0 34% Fully FDIC-Insured Indirect $9.9 20% Fully-Collateralized Government 1 $5.0 10% Top 10 Commercial Industries 2 Deposits ($bn) % of Total Deposits Real Estate / Rental / Leasing $3.4 7% Finance & Insurance $3.3 7% Professional, Scientific, Technical Services $2.2 4% Other Services $1.7 3% Construction $1.5 3% Health Care & Social Assistance $1.0 2% Manufacturing $1.0 2% Wholesale Trade $0.9 2% Retail Trade $0.7 1% Arts, Entertainment & Recreation $0.5 1% 1 Fully-collateralized to relevant state requirements. 2 Commercial industries determined by NAICS Sector / Industry. $5.0bn Fully-Collateralized Government Deposits by State 1

7 Multifamily 18% Non Owner-Occupied CRE 25% Healthcare CRE 4% Owner-Occupied CRE 9% C&I 18% Consumer 7% Residential R.E. 11% Construction 8% CRE 47% C&I 27%Other 26% New Loan Originations ($bn) 1 CRE includes multifamily, non-owner occupied CRE and healthcare CRE; C&I includes owner-occupied CRE and C&I; Other includes construction, residential RE and Consumer. 2 Cumulative Beta is measured as the change in Valley’s quarterly average loan yield since the quarter preceding the rate hike cycle (4Q21) as a percentage of the change in the average quarterly Fed Funds Upper Bound over the same period. Diversified Loan Portfolio Gross Loans ($bn) $46.9 $48.7 $49.9 $50.1 12/31/2022 3/31/2023 6/30/2023 9/30/2023 9/30/2023 Loan Composition 1 YTD Annualized Growth: $2.7 $2.6 $2.5 $2.5 $1.8 5.21% 6.20% 6.61% 7.35% 7.91% 4.48% 5.20% 5.48% 5.78% 6.03% 3Q22 4Q22 1Q23 2Q23 3Q23 Origination Volume (Gross) New Origination Rate Avg. Portfolio Yield Cumulative Loan Beta (Current Cycle) 2 Avg. Fed Funds (Upper) Avg. Loan Yield Cumulative Beta 4Q21 0.25% 3.83% -- 4Q22 3.82% 5.20% 38% 1Q23 4.69% 5.48% 37% 2Q23 5.16% 5.78% 40% 3Q23 5.43% 6.03% 43% +14.9% +12.6% +9.0%

8 CRE Detail as of 9/30/2023 Portfolio by Collateral Type Apartment & Residential 31% Retail 18% Mixed Use 11% Office 10% Healthcare Office 2% Industrial 11% Healthcare 8% Specialty & Other 9% Portfolio by Geography Florida 25.0% New Jersey 20.3% Other 22.2% Other NYC Boroughs 14.2% Manhattan (Multifamily) 5.6% Manhattan (Other) 4.0% New York (ex. NYC) 8.7% Geography Outstanding ($bn) % of Total Wtd. Avg. LTV Wtd. Avg. DSCR Florida $7.0 25.0% 61% 1.80x New Jersey $5.7 20.3% 62% 1.71x Other NYC Boroughs $4.0 14.2% 55% 1.50x Manhattan $2.7 9.6% 39% (53% ex Co-Ops) 1.72x New York (ex. NYC) $2.4 8.7% 54% 1.82x Other $6.2 22.2% 64% 1.76x Total $28.0 100.0% 58% 1.69x $28.0bn $28.0bn Sums may be inconsistent due to rounding. $4.4bn of CRE Portfolio (16%) is Owner-Occupied.

9 Office 10% Healthcare Office 2% Granular & Diverse Office Portfolio CRE Portfolio $3.2bn Office Portfolio by Geography ($bn) $3.2bn Geography Outstanding ($bn) Avg. Size ($mm) % of Total Office Wtd. Avg. LTV Wtd. Avg. DSCR Florida & Alabama $1.2bn $2mm 37% 51% 1.76x New Jersey $0.8 $2mm 25% 55% 1.51x New York (ex. Manhattan) $0.5 $4mm 19% 52% 1.63x Manhattan $0.3 $6mm 6% 55% 1.30x Other $0.4 $6mm 13% 56% 1.68x Total $3.2bn $2mm 100% 53% 1.63x ▪ $138,000 of non-accruals (0.01% of office). ▪ No charge-offs in recent history. ▪ 72% of portfolio is multi-tenant. ~20% of Office Portfolio is Owner-Occupied. Florida & Alabama $1.2 37% New Jersey $0.8 25%Other $0.4 13% New York (ex. Manhattan) $0.5 16% Manhattan $0.3 9%

10 Net Interest Income ($mm) and Margin Net Interest Margin $455 $467 $437 $421 $414 3.60% 3.57% 3.16% 2.94% 2.91% 3Q22 4Q22 1Q23 2Q23 3Q23 Net Interest Income ($mm) NIM All metrics are represented on a fully tax equivalent basis. Continued improvement in yields on new and existing loans. Non-interest bearing deposit run-off has slowed. Cash and short-term borrowing balances had normalized by quarter-end.

11 $18.7 $17.0 $18.5 $13.2 $17.0 $7.1 $13.0 $14.3 $13.8 $0.9 $1.2 $2.0 $10.3 $10.5 $11.0 $6.3 $56.2 $60.1 $58.7 3Q22 2Q23 3Q23 Other Non-Interest Income Capital Markets Wealth, Trust & Insurance Gain on Sale of Loans Deposit Service Charges Net non-core income Other $15.8 30% Wealth, Trust & Insurance $13.8 26% Capital Markets $7.1 14% Service Charges $11.0 21% Gain-on-Sale of Loans, net $2.0 4% Loan Servicing $2.7 5% 3Q23 Adjusted Non-Interest Income ($mm) 1 Diverse Fee Income Sources $52.4mm Non-Interest Income ($mm) 1 Please refer to the Non-GAAP Disclosure Reconciliation in Appendix. 1

12 266.8 263.6 16.2 3.5 283.0 267.1 2Q23 3Q23 Adjusted Reported 1 Please refer to the Non-GAAP Disclosure Reconciliation in Appendix. Sums may be inconsistent due to rounding. Non-Interest Expense Non-Interest Expenses ($mm) 1 Efficiency Ratio Trend 1 55.6% 56.7% 2Q23 3Q23 1.85% 1.72% 1.72% 3Q22 2Q23 3Q23 Adj. Non-Interest Expenses 1 / Avg. Assets

13 0.65% 0.57% 0.50% 0.51% 0.52% 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Asset Quality Non-Accrual Loans / Total Loans Loan Loss Provision ($mm) Allowance for Credit Losses for Loans / Total Loans 0.99% 1.03% 1.10% 1.03% 0.95% 0.92% 0.92% 9/30/2022 12/31/22 3/31/23 6/30/23 9/30/23 Net Loan Charge-offs ($mm) $(6) $22 $30 $9 $6 (0.05%) 0.19% 0.25% 0.07% 0.04% 3Q22 4Q22 1Q23 2Q23 3Q23 Net Charge-offs (Recoveries) NCOs / Avg. Loans $1.8 $7.3 $9.5 $6.3 $9.1 3Q22 4Q22 1Q23 2Q23 3Q23

14 Equity & Capitalization $7.87 $8.15 $8.36 $8.51 $8.63 $11.98 $12.23 $12.41 $12.54 $12.64 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 TBV per share Book Value per share Book Value and Tangible Book Value per Share 1 Equity Capitalization Level 1 1 Please refer to the Non-GAAP Disclosure Reconciliation in Appendix. 7.40% 7.45% 6.82% 7.24% 7.40% 11.22% 11.14% 10.12% 10.66% 10.83% 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Tangible Common Equity / Tangible Assets Equity / Assets Holding Company Capital Ratios 9/30/22 6/30/23 9/30/23 Tier 1 Leverage 8.31 7.86 8.08 Common Equity Tier 1 9.09 9.03 9.21 Tier 1 Risk-Based 9.56 9.47 9.64 Total Risk-Based 11.84 11.52 11.68 1

A p p e n d i x

16 September 30, June 30, September 30, ($ in thousands, except for share data) 2023 2023 2022 Adjusted net income avai lable to common shareholders (Non-GAAP): Net income, as reported (GAAP) $141,346 $139,060 $178,119 Add: Losses (gains) on available for sale and held to maturity securities transactions (net of tax) (a) 318 6 (24) Add: Restructuring charge (net of tax) (b) (484) 8,015 — Add: Branch related asset impairment (net of tax) (c) 1,004 — — Add: Net gains on sales of office buildings (net of tax) (d) (5,821) — — Add: Merger related expenses (net of tax) (e) — — 3,360 Net income, as adjusted (Non-GAAP) $136,363 $147,081 $181,455 Dividends on preferred stock 4,127 4,030 3,172 Net income available to common shareholders, as adjusted (Non-GAAP) $132,236 $143,051 $178,283 (a) Included in gains (losses) on securities transactions, net. (b) Represents severance expense related to workforce reductions within salary and employee benefits expense. (c) Branch related asset impairment is included in net gains (losses) on sale of assets within non-interest income. (d) Included in net gains (losses) on sales of assets within non-interest income. (e) Included primarily within salary and employee benefits expense. Adjusted per common share data (Non-GAAP): Net income available to common shareholders, as adjusted (Non-GAAP) $132,236 $143,051 $178,283 Average number of shares outstanding 507,650,668 507,690,043 506,342,200 Basic earnings, as adjusted (Non-GAAP) $0.26 $0.28 $0.35 Average number of diluted shares outstanding 509,256,599 508,643,025 508,690,997 Diluted earnings, as adjusted (Non-GAAP) $0.26 $0.28 $0.35 Adjusted annual ized return on average tangible shareholders' equi ty (Non-GAAP): Net income, as adjusted (Non-GAAP) $136,363 $147,081 $181,455 Average shareholders' equity 6,605,786 6,546,452 6,256,767 Less: Average goodwill and other intangible assets 2,042,486 2,051,591 2,117,818 Average tangible shareholders' equity 4,563,300 4,494,861 4,138,949 Annualized return on average tangible shareholders' equity, as adjusted (Non-GAAP) 11.95% 13.09% 17.54% Adjusted annual ized return on average assets (Non-GAAP): Net income, as adjusted (Non-GAAP) $136,363 $147,081 $181,455 Average assets $61,391,688 $61,877,464 $54,858,306 Annualized return on average assets, as adjusted (Non-GAAP) 0.89% 0.95% 1.32% Adjusted annual ized return on average shareholders' equi ty (Non-GAAP): Net income, as adjusted (Non-GAAP) $136,363 $147,081 $181,455 Average shareholders' equity 6,605,786 6,546,452 6,256,767 Annualized return on average shareholders' equity, as adjusted (Non-GAAP) 8.26% 8.99% 11.60% Three Months Ended Non-GAAP Reconciliations to GAAP Financial Measures

17 September 30, June 30, September 30, ($ in thousands) 2023 2023 2022 Annual ized return on average tangible shareholders' equi ty (Non-GAAP): Net income, as reported (GAAP) $141,346 $139,060 $178,119 Average shareholders' equity 6,605,786 6,546,452 6,256,767 Less: Average goodwill and other intangible assets 2,042,486 2,051,591 2,117,818 Average tangible shareholders' equity 4,563,300 4,494,861 4,138,949 Annualized return on average tangible shareholders' equity (Non-GAAP): 12.39% 12.37% 17.21% Effic iency rat io (Non-GAAP): Non-interest expense, as reported (GAAP) $267,133 $282,971 $261,640 Less: Restructuring charge (pre-tax) (675) 11,182 Less: Merger-related expenses (pre-tax) — — 4,707 Less: Amortization of tax credit investments (pre-tax) 4,191 5,018 3,105 Non-interest expense, as adjusted (Non-GAAP) $263,617 $266,771 $253,828 Net interest income, as reported (GAAP) 412,418 419,765 453,992 Non-interest income, as reported (GAAP) 58,664 60,075 56,194 Add: Losses on available for sale and held to maturity securities transactions, net (pre-tax) 443 9 (33) Add: Net gains on sales of office buildings (pre-tax) (6,721) — — Non-interest income, as adjusted (Non-GAAP) 52,386 $60,084 $56,161 Gross operating income, as adjusted (Non-GAAP) 464,804 479,849 510,153 Efficiency ratio (Non-GAAP) 56.72% 55.59% 49.76% Annual ized pre-provision net revenue / average assets Net interest income, as reported (GAAP) $412,418 $419,765 $453,992 Non-interest income, as reported (GAAP) 58,664 60,075 56,194 Less: Non-interest expense, as reported (GAAP) 267,133 282,971 261,640 Pre-provision net revenue (GAAP) $203,949 $196,869 $248,546 Average assets $61,391,688 $61,877,464 $54,858,306 Annualized pre-provision net revenue / average assets (GAAP) 1.33% 1.27% 1.81% Annual ized pre-provision net revenue / average assets, as adjusted Pre-provision net revenue (GAAP) $203,949 $196,869 $248,546 Add: Restructuring charge (pre-tax) ($675) $11,182 Add: Merger-related expenses (pre-tax) — — 4,707 Add: Amortization of tax credit investments (pre-tax) 4,191 5,018 3,105 Add: Losses (gains) on available for sale and held to maturity securities transactions, net (pre-tax) 443 9 (33) Add: Net gain on sale of asset (pre-tax) (6,721) — — Pre-provision net revenue, as adjusted (Non-GAAP) 201,187 213,078 256,325 Average assets $61,391,688 $61,877,464 $54,858,306 Annualized pre-provision net revenue / average assets, as adjusted (Non-GAAP) 1.31% 1.38% 1.87% Three Months Ended Non-GAAP Reconciliations to GAAP Financial Measures

18 September 30, June 30, March 31, December 31, September 30, ($ in thousands, except for share data) 2023 2023 2023 2022 2022 Tangible book value per common share (Non-GAAP): Common shares outstanding 507,660,742 507,619,430 507,762,358 506,374,478 506,351,502 Shareholders' equity $6,627,299 $6,575,184 $6,511,581 $6,400,802 $6,273,828 Less: Preferred Stock 209,691 209,691 209,691 209,691 209,691 Less: Goodwill and other intangible assets 2,038,202 2,046,882 2,056,107 2,066,392 2,079,731 Tangible common shareholders' equity (Non-GAAP) $4,379,406 $4,318,611 $4,245,783 $4,124,719 $3,984,406 Tangible book value per common share (Non-GAAP): $8.63 $8.51 $8.36 $8.15 $7.87 Tangible common equi ty to tangible assets (Non-GAAP): Tangible common shareholders' equity (Non-GAAP) $4,379,406 $4,318,611 $4,245,783 $4,124,719 $3,984,406 Total assets 61,183,352 61,703,693 64,319,460 57,466,232 55,927,501 Less: Goodwill and other intangible assets 2,038,202 2,046,882 2,056,107 2,066,392 2,079,731 Tangible assets (Non-GAAP) 59,145,150 59,656,811 62,263,353 55,399,840 53,847,770 Tangible common equity to tangible assets (Non-GAAP) 7.40% 7.24% 6.82% 7.45% 7.40% As of Non-GAAP Reconciliations to GAAP Financial Measures

19 ▪ Log onto our website: www.valley.com ▪ Email requests to: tlan@valley.com ▪ Call Travis Lan in Investor Relations, at: (973) 686-5007 ▪ Log onto our website above or www.sec.gov to obtain free copies of documents filed by Valley with the SEC For More Information

Cover	Oct. 26, 2023
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 26, 2023
Entity Registrant Name	Valley National Bancorp
Entity Incorporation, State or Country Code	NJ
Entity File Number	1-11277
Entity Tax Identification Number	22-2477875
Entity Address, Address Line One	One Penn Plaza,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10119
City Area Code	973
Local Phone Number	305-8800
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000714310
Amendment Flag	false
The Nasdaq Stock Market LLC \| Common Stock, no par value
Document Information [Line Items]
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	VLY
Security Exchange Name	NASDAQ
The Nasdaq Stock Market LLC \| Non-Cumulative Perpetual Preferred Stock, Series A, no par value
Document Information [Line Items]
Title of 12(b) Security	Non-Cumulative Perpetual Preferred Stock, Series A, no par value
Trading Symbol	VLYPP
Security Exchange Name	NASDAQ
The Nasdaq Stock Market LLC \| Non-Cumulative Perpetual Preferred Stock, Series B, no par value
Document Information [Line Items]
Title of 12(b) Security	Non-Cumulative Perpetual Preferred Stock, Series B, no par value
Trading Symbol	VLYPO
Security Exchange Name	NASDAQ