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EX-99.1 2 exhibit991earningsrelease1.htm EX-99.1 Document

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バレーナショナルバンコープは2024年第3四半期の業績を発表しました

ニューヨーク、NY — 2024年10月24日- バレー・ナショナル・バンコープ（ナスダック:VLY）は、バレーナショナル銀行の持株会社で、本日、第3四半期の純利益を報告しました 2024年は9,790万ドル、希薄化後の普通株式1株あたり0.18ドルですが、2024年第2四半期の純利益は7,040万ドル、希薄化後の普通株式1株あたり0.13ドルで、純利益は1億4,130万ドル、希薄化後の普通株式1株あたり0.27ドルでした 2023年第3四半期の普通株式。すべての非中核収益と費用を除くと、調整後純利益（非GAAP指標）は 9,680万ドル、またはディルあたり0.18ドルテッド普通株式、2024年第3四半期は7,160万ドル、希薄化後普通株式1株あたり0.13ドル、2023年第3四半期は1億3,640万ドル、希薄化後普通株式1株あたり0.26ドルです。非GAAPベースの調整後純利益の調整を含む詳細は、以下の「連結財務ハイライト」の表を参照してください。

Ira RobbinsCEOは、「第3四半期の財務結果は、戦略的な財務目標を達成するために継続して進展している重要な進捗を示しています。2024年10月23日、我々は、単一の投資家に対してほぼ1パーセントのわずかな割引で総額80000万米ドルを超える実行された商業用不動産ローンの売却を目的とした合意に署名しました。この経済的に魅力的な取引は、2024年第4四半期に締結される見込みであり、我々の商業用不動産ポートフォリオの強さと魅力を反映しています。今年、私たちは当座資産を強化し、財務的な柔軟性を高める多様な戦略的取引を実行してきました。」とコメントしました。

ロビンズ氏は続けて、「当四半期の結果には、2025年に入ると加速すると予想される通常の収益性の初期段階も示しています。純金利収入と非金利収益は、2024年第2四半期から実質的に改善され、営業費用は一年前とほぼ変わらずにしっかりと管理されました。最近の天候事象は、推定されていた逐次的な設備改善を圧迫しましたが、当社の貸出前収益は、第3四半期中に引き続き改善し、近い将来より安定した結果の布石となる可能性があります。そして何よりも、私たちの思いは最近のフロリダ市場やその他の南東部の地域でハリケーンの影響を受けた人々と共にあります。私たちは、再建および復旧プロセス全体で当社の従業員、顧客、地域社会を支援することに強くコミットしています。」

2024年第3四半期の主要財務ハイライト:

•純金利収入およびマージン：純金利収入は、税換算ベースで 2024年第3四半期の$41180万増加しました $880万増加しました 2024年第2四半期と比較して $180万減少しました 20124年第3四半期に税換算ベースで、私たちの純金利マージンも基準となるポイントで2点上昇し、2.86％になりました

バレーナショナルバンコープ（ナスダック: VLY）

2024年第三四半期決算

2024年10月24日

第2四半期2024年の2.84パーセントと比較して。 2024年第2四半期からの増加は、平均ローンの収入拡大と追加の利息収入、利用可能な売買有価証券ポートフォリオ内でのターゲット成長による利回りの向上が主な要因でした。詳細は以下の「純金利収入とマージン」セクションをご覧ください。

•貸出ポートフォリオ: 総貸出額は2024年6月30日から2024年9月30日までの期間に95640万ドル、つまり年率7.6％減少して494億ドルに減少しました。主に移転 2024年9月30日時点で、営業中の商業不動産ローンを手数料を差し引いた純額82310万ドルにつき売却用ローンに移行したことによるものであり、また商業不動産非居住用およびマルチファミリーローンを中心とした通常の償還活動によるものであり、これらのローンカテゴリを積極的に削減しているためです。弊社の商業および産業向けローンは、2024年6月30日から2024年9月30日までの期間に、第3四半期における堅調な有機成長により、3.2億ドル、つまり年率13.5％増加した98億ドルに成長しました。 R住宅ローンと総消費者ローンも第3四半期の間にわずかに増加しました。詳細については下記の「ローン」セクションをご覧ください。

•預金： 2024年9月30日の預金の実際の残高は、2024年6月30日の$501億に比べて$28380万増の$504億になりました。これは、期末の直接商業顧客マネーマーケットおよび非利子 bearing deposits が増加したためであり、一方、定期預金は減少しました。詳細については下記「預金」セクションを参照してください。

•貸付の信用損失に対する引当金と損失のための手当: 貸付の信用損失に対する引当金は、合計 $564.7 million 2024年9月30日と2024年6月30日の時点でそれぞれ、総貸付残高の1.14％と1.06％を表しました対応する各日付の総貸付残高のDです2024年第3四半期に、商業用不動産ローンに割り当てられた数量的な予備金の増加、商業および産業ローンの大幅な成長、2024年第3四半期の$82.1 millionおよび2023年第3四半期の$9.1 millionに対する$75 millionの貸付損失計上をしました。第3四半期2024の手当には、その他の要因として、2024年9月下旬にフロリダを襲ったハリケーンHeleneの推定影響に関する$8 millionの質的予備金も含まれます

•信用品質： 2024年9月30日時点で、不良債権は総融資残高の0.60％に相当する29630万ドルで、2024年6月30日時点の30330万ドルと比較しています。総滞納貸付金（つまり、30日以上延滞していて引き続き利子が発生している貸付金）は、2024年9月30日時点で総融資残高の0.35％に増加し、2024年6月30日時点の0.14％に比べています。 2024年6月30日時点では、早期段階の滞納カテゴリー内の期待収集段階である2件の十分に担保された商業不動産ローンにより、大幅に増加しました。3/4四半期の2024年の純貸出債権売却額は4290万ドルで、それぞれ2024年第2四半期の3680万ドルと2023年第3四半期の550万ドルと比較しています。2024年第3四半期のローン貸出債権売却には、2つの商業不動産ローン関係に関連する合計3010万ドルの部分転債権売却が含まれています。詳細については以下の「信用品質」セクションを参照してください。

•無利子収入：非インテー2024年第3四半期の残りの収益は、2024年第2四半期と比較して950万ドル増加して6,070万ドルになりました。これは主に、その他の収益、資産管理および信託手数料、および預金のサービス料がそれぞれ合計1,120万ドル、200万ドル、160万ドル増加したためです。前述の増加

バレーナショナルバンコープ（ナスダック: VLY）

2024年第三四半期決算

2024年10月24日

categories were partially offset by a $5.8 million mark to market loss (recorded within net losses on sales of loans) associated with the performing commercial real estate loans transferred to loans held for sale at September 30, 2024, as well as lower swap fees related to commercial loan transactions (within capital market fees) and insurance commissions. The increase in other income was mostly the result of income from litigation settlements totaling $7.3 million for the third quarter 2024.

•Non-Interest Expense: Non-interest expense decreased $8.0 million to $269.5 million for the third quarter 2024 as compared to the second quarter 2024 largely due to a $6.2 million decrease in technology, furniture and equipment expense and a $3.8 million decrease in professional and legal expenses, partially offset by higher net occupancy expense during the third quarter 2024.

•Efficiency Ratio: Our efficiency ratio was 56.13 percent for the third quarter 2024 as compared to 59.62 percent and 56.72 percent for the second quarter 2024 and third quarter 2023, 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 0.63 percent, 5.70 percent and 8.06 percent for the third quarter 2024, respectively. Annualized ROA, ROE, and tangible ROE, adjusted for non-core income and charges, were 0.62 percent, 5.64 percent and 7.97 percent for the third quarter 2024, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.

Net Interest Income and Margin

Net interest income on a tax equivalent basis of $411.8 million for the third quarter 2024 increased $8.8 million compared to the second quarter 2024 and decreased $1.8 million as compared to the third quarter 2023. Interest income on a tax equivalent basis increased $27.1 million to $861.9 million for the third quarter 2024 as compared to the second quarter 2024. The increase was mostly due to higher yields on both new loan originations and adjustable rate loans, as well as higher yields and additional interest income from targeted purchases of taxable investments within the available for sale securities portfolio during the second and third quarter 2024. Total interest expense increased $18.3 million to $450.1 million for the third quarter 2024 as compared to the second quarter 2024 mainly due to an increase in average time deposit balances coupled with higher costs on most interest bearing deposit products. See the "Deposits" and "Other Borrowings" sections below for more details.

Net interest margin on a tax equivalent basis of 2.86 percent for the third quarter 2024 increased by 2 basis points from 2.84 percent for the second quarter 2024 and decreased 5 basis points from 2.91 percent for the third quarter 2023. The increase as compared to the second quarter 2024 was largely driven by the higher yield on average interest earning assets largely offset by an increase in the cost of average interest bearing liabilities. The yield on average interest earning assets increased by 10 basis points to 5.98 percent on a linked quarter basis largely due to higher yielding investment purchases and new loan originations during the second and third quarter 2024. The overall cost of average interest bearing liabilities increased 7 basis points to 4.22 percent for the third quarter 2024 as compared to the second quarter 2024 largely due to higher interest rates on deposits. Our cost of total

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2024 Earnings

October 24, 2024

average deposits was 3.25 percent for the third quarter 2024 as compared to 3.18 percent and 2.94 percent for the second quarter 2024 and the third quarter 2023, respectively.

Loans, Deposits and Other Borrowings

Loans. Total loans decreased $956.4 million, or 7.6 percent on an annualized basis, to $49.4 billion at September 30, 2024 from June 30, 2024. Commercial and industrial loans grew by $320.1 million , or 13.5 percent on an annualized basis, to $9.8 billion at September 30, 2024 from June 30, 2024 largely due to our continued strategic focus on the expansion of new loan production within this category. Total commercial real estate (including construction) loans decreased $1.4 billion to $30.4 billion at September 30, 2024 from June 30, 2024. This decline was primarily driven by the transfer of $823.1 million of commercial real estate loans, net of unearned loan fees, from the loans held for investment portfolio to loans held for sale as of September 30, 2024. In addition, we remained highly selective on new originations and projects in an effort to reduce commercial real estate loan concentrations, mainly within the non-owner occupied and multifamily loan categories. Automobile loan balances increased by $60.9 million, or 13.8 percent on an annualized basis, to $1.8 billion at September 30, 2024 from June 30, 2024 mainly due to continued consumer demand generated by our indirect auto dealer network and low prepayment activity within the portfolio. Other consumer loans decreased $42.4 million, or 15.3 percent on an annualized basis, to $1.1 billion at September 30, 2024 from June 30, 2024 primarily due to the negative impact of the high level of market interest rates on the demand and usage of collateralized personal lines of credit.

Deposits. Actual ending balances for deposits increased $283.8 million to $50.4 billion at September 30, 2024 from June 30, 2024 mainly due to an increase of $358.3 million in savings, NOW and money market deposits and an increase of $36.0 million in non-interest bearing deposits, partially offset by a decrease of $110.5 million in time deposits. Non-interest bearing deposit and savings, NOW and money market deposit balances increased at September 30, 2024 from June 30, 2024 mostly due to increases in national specialized deposits and higher direct commercial customer deposit accounts. Total indirect customer deposits (including both brokered money market and time deposits) totaled $9.1 billion in both September 30, 2024 and June 30, 2024. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 22 percent, 50 percent and 28 percent of total deposits as of September 30, 2024, respectively, as compared to 22 percent, 49 percent and 29 percent of total deposits as of June 30, 2024, respectively.

Other Borrowings. Short-term borrowings, consisting of securities sold under agreements to repurchase, decreased $5.5 million to $58.3 million at September 30, 2024 from June 30, 2024. Long-term borrowings totaled $3.3 billion at September 30, 2024 and also remained relatively unchanged as compared to June 30, 2024.

Credit Quality

Hurricanes Helene and Milton. In the early stages of the fourth quarter 2024, the credit quality of our Florida loan portfolio has remained resilient in the aftermath of Hurricane Helene, which hit Florida in late September 2024, and Hurricane Milton, which made landfall on October 9, 2024. At this time, there have been relatively few loan concessions (mostly in the form of loan payment deferrals up to 90 days) for distressed borrowers impacted by the hurricanes. However, we continue

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2024 Earnings

October 24, 2024

to assess the impact of the hurricanes on our Florida client base and, where appropriate, we will work constructively with individual borrowers.

Non-Performing Assets (NPAs). Total NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, decreased $7.8 million to $305.1 million at September 30, 2024 as compared to June 30, 2024. Non-accrual loans decreased $7.0 million to $296.3 million at September 30, 2024 as compared to $303.3 million at June 30, 2024. Non-accrual construction and commercial real estate loans decreased $20.7 million and $9.3 million to $24.7 million and $113.8 million, respectively, at September 30, 2024 as compared to June 30, 2024 mainly due to loan payoffs during the third quarter 2024. The decreases in these loan categories were partially offset by two new non-accrual commercial and industrial loans totaling $19.0 million, as well as moderate increases in non-accrual residential mortgage and consumer loans at September 30, 2024. OREO decreased $887 thousand at September 30, 2024 from June 30, 2024 mostly due to the sale of one commercial property, which resulted in the recognition of an immaterial loss for the third quarter 2024.

Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $102.3 million to $174.7 million, or 0.35 percent of total loans, at September 30, 2024 as compared to $72.4 million, or 0.14 percent of total loans at June 30, 2024. Loans 30 to 59 days past due increased $69.1 million to $115.1 million at September 30, 2024 as compared to June 30, 2024 mainly due to a $74.5 million increase in commercial real estate loans, partially offset by a $7.0 million decline in consumer loan delinquencies. The increase in commercial real estate loans 30 to 59 days past due was mostly due to one new delinquent loan totaling $40.9 million, which is expected to be fully repaid, subject to the borrower's pending sale of certain collateral, as well as a few other new loan delinquencies. Loans 60 to 89 days past due increased $42.9 million to $54.8 million at September 30, 2024 as compared to June 30, 2024 mostly due to one well-secured commercial real estate loan totaling $43.9 million currently in the process of loan modification. Loans 90 days or more past due and still accruing interest decreased $9.7 million to $4.8 million at September 30, 2024 as compared to June 30, 2024 largely due to one $4.0 million construction loan that was fully repaid and one $4.2 million commercial real estate loan that migrated from this past due category to non-accrual loans during the third quarter 2024. 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 2024 Earnings

October 24, 2024

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, 2024, June 30, 2024 and September 30, 2023:


		September 30, 2024				June 30, 2024				September 30, 2023
				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		$	166,365	1.70	%	$	149,243	1.57	%	$	133,988	1.44	%
Commercial real estate loans:
	Commercial real estate	249,608		0.93		246,316		0.87		191,562		0.68
	Construction	59,420		1.70		54,777		1.54		53,485		1.40
Total commercial real estate loans		309,028		1.02		301,093		0.95		245,047		0.77
Residential mortgage loans		51,545		0.91		47,697		0.85		44,621		0.80
Consumer loans:
	Home equity	3,303		0.57		3,077		0.54		3,689		0.67
	Auto and other consumer	18,086		0.63		18,200		0.63		14,830		0.52
Total consumer loans		21,389		0.62		21,277		0.62		18,519		0.55

Allowance for loan losses		548,327		1.11		519,310		1.03		442,175		0.88
Allowance for unfunded credit commitments		16,344				13,231				20,170
Total allowance for credit losses for loans		$	564,671			$	532,541			$	462,345
Allowance for credit losses for loans as a % total loans				1.14	%			1.06	%			0.92	%

Our loan portfolio, totaling $49.4 billion at September 30, 2024, had net loan charge-offs totaling $42.9 million for the third quarter 2024 as compared to $36.8 million and $5.5 million for the second quarter 2024 and the third quarter 2023, respectively. Total gross loan charge-offs in the third quarter 2024 included partial charge-offs totaling $30.1 million related to two non-performing commercial real estate loan relationships that had combined specific reserves of $25.9 million within the allowance for loan losses at June 30, 2024.

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 1.14 percent at September 30, 2024, 1.06 percent at June 30, 2024, and 0.92 percent at September 30, 2023. For the third quarter 2024, the provision for credit losses for loans totaled $75.0 million as compared to $82.1 million and $9.1 million for the second quarter 2024 and third quarter 2023, respectively. The provision for credit losses remained somewhat elevated for the third quarter 2024 largely due to higher quantitative reserves allocated to commercial real estate loans, commercial and industrial loan growth and $8.0 million of qualitative reserves related to the estimated impact of Hurricane Helene.

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2024 Earnings

October 24, 2024

The allowance for unfunded credit commitments increased to $16.3 million at September 30, 2024 from $13.2 million at June 30, 2024 mainly due to increases in both non-cancellable construction commitments and commercial and industrial standby letters of credit.

As previously noted, we are currently evaluating the impact of Hurricane Milton, and we also continue to evaluate any further impact of Hurricane Helene, on our loan portfolio. While not anticipated based on information currently available, Hurricane Milton and unexpected losses from Hurricane Helene could result in a significant increase to the current hurricane related reserves within the allowance, loan charge-offs and our provision for the fourth quarter 2024.

Capital Adequacy

Valley's total risk-based capital, common equity Tier 1 capital, Tier 1 capital and Tier 1 leverage capital ratios were 12.56 percent, 9.57 percent, 10.29 percent and 8.40 percent, respectively, at September 30, 2024 as compared to 12.18 percent, 9.55 percent, 9.99 percent and 8.19 percent, respectively, at June 30, 2024. The increases in the total risk-based capital, Tier 1 capital and Tier 1 leverage ratios as compared to June 30, 2024 were largely due to Valley's issuance of 6.0 million shares of its 8.250 percent Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C on August 5, 2024. Net proceeds to Valley after deducting underwriting discounts, commissions and offering expenses were approximately $144.7 million.

Investor Conference Call

Valley will host a conference call with investors and the financial community at 11:00 AM (ET) today to discuss the third quarter 2024 earnings and related matters. Interested parties should preregister using this link: https://register.vevent.com/register 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, December 2, 2024. Investor presentation materials will be made available prior to the conference call at www.valley.com.

About Valley

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with over $62 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

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2024 Earnings

October 24, 2024

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 market interest rates and monetary and fiscal policies of the U.S. federal government and its agencies in connection with the prolonged inflationary pressures, which could have a material adverse effect on our clients, our business, our employees, and our ability to provide services to our customers;

•the impact of unfavorable macroeconomic conditions or downturns, including an actual or threatened U.S. government shutdown, debt default or rating downgrade, instability or volatility in financial markets, unanticipated loan delinquencies, loss of collateral, decreased service revenues, increased business disruptions or failures, reductions in employment, and other potential negative effects on our business, employees or clients caused by factors outside of our control, such as the outcome of the 2024 U.S. presidential election, geopolitical instabilities or events (including the Israel-Hamas war and the escalation and regional expansion thereof); natural and other disasters (including severe weather events, such as Hurricanes Helene and Milton); health emergencies; acts of terrorism; or other external events;

•the impact of potential instability within the U.S. financial sector in the aftermath of the banking failures in 2023 and continued volatility thereafter, including the possibility of a run on deposits by a coordinated deposit base, and the impact of the actual or perceived soundness, or concerns about the creditworthiness of other financial institutions, including any resulting disruption within the financial markets, increased expenses, including Federal Deposit Insurance Corporation insurance assessments, or adverse impact on our stock price, deposits or our ability to borrow or raise capital;

•the impact of negative public opinion regarding Valley or banks in general that damages our reputation and adversely impacts business and revenues;

•changes in the statutes, regulations, policy, or enforcement priorities of the federal bank regulatory agencies;

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

•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, trademark or other intellectual property infringement, misappropriation or other violation, employment related claims, and other matters;

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

•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;

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2024 Earnings

October 24, 2024

•the inability to grow customer deposits to keep pace with loan growth;

•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;

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

•changes in our business, strategy, market conditions or other factors that may negatively impact the estimated fair value of our goodwill and other intangible assets and result in future impairment charges;

•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;

•cyberattacks, ransomware attacks, computer viruses, malware or other cybersecurity incidents that may breach the security of our websites or other systems or networks to obtain unauthorized access to personal, confidential, proprietary or sensitive information, destroy data, disable or degrade service, or sabotage our systems or networks;

•results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank, 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;

•application of the OCC heightened regulatory standards for certain large insured national banks, and the expenses we will incur to develop policies, programs, and systems that comply with the enhanced standards applicable to us;

•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;

•unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather, pandemics or other public health crises, acts of terrorism or other external events;

•our ability to successfully execute our business plan and strategic initiatives; and

•unexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, risk mitigation strategies, 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 Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2023.

We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required by law. 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

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)	2024			2024			2023			2024			2023
FINANCIAL DATA:
Net interest income - FTE (1)	$	411,812		$	402,984		$	413,657		$	1,209,643		$	1,272,390
Net interest income	$	410,498		$	401,685		$	412,418		$	1,205,731		$	1,268,203
Non-interest income	60,671			51,213			58,664			173,299			173,038
Total revenue	471,169			452,898			471,082			1,379,030			1,441,241
Non-interest expense	269,471			277,497			267,133			827,278			822,270
Pre-provision net revenue	201,698			175,401			203,949			551,752			618,971
Provision for credit losses	75,024			82,070			9,117			202,294			29,604
Income tax expense	28,818			22,907			53,486			84,898			162,410
Net income	97,856			70,424			141,346			264,560			426,957
Dividends on preferred stock	6,117			4,108			4,127			14,344			12,031
Net income available to common shareholders	$	91,739		$	66,316		$	137,219		$	250,216		$	414,926
Weighted average number of common shares outstanding:
Basic	509,227,538			509,141,252			507,650,668			508,904,353			507,580,197
Diluted	511,342,932			510,338,502			509,256,599			510,713,205			509,204,051
Per common share data:
Basic earnings	$	0.18		$	0.13		$	0.27		$	0.49		$	0.82
Diluted earnings	0.18			0.13			0.27			0.49			0.81
Cash dividends declared	0.11			0.11			0.11			0.33			0.33
Closing stock price - high	9.34			8.02			10.30			10.80			12.59
Closing stock price - low	6.58			6.52			7.63			6.52			6.59
FINANCIAL RATIOS:
Net interest margin	2.85		%	2.83		%	2.90		%	2.82		%	2.99		%
Net interest margin - FTE (1)	2.86			2.84			2.91			2.83			3.00
Annualized return on average assets	0.63			0.46			0.92			0.57			0.93
Annualized return on avg. shareholders' equity	5.70			4.17			8.56			5.20			8.72
NON-GAAP FINANCIAL DATA AND RATIOS: (2)
Basic earnings per share, as adjusted	$	0.18		$	0.13		$	0.26		$	0.50		$	0.84
Diluted earnings per share, as adjusted	0.18			0.13			0.26			0.50			0.84
Annualized return on average assets, as adjusted	0.62		%	0.47		%	0.89		%	0.58		%	0.96		%
Annualized return on average shareholders' equity, as adjusted	5.64			4.24			8.26			5.27			8.94
Annualized return on avg. tangible shareholders' equity	8.06			5.95			12.39			7.40			12.71
Annualized return on average tangible shareholders' equity, as adjusted	7.97			6.05			11.95			7.50			13.04
Efficiency ratio	56.13			59.62			56.72			58.26			55.34




AVERAGE BALANCE SHEET ITEMS:
Assets	$	62,242,022		$	61,518,639		$	61,391,688		$	61,674,588		$	61,050,973
Interest earning assets	57,651,650			56,772,950			56,802,565			57,016,790			56,510,997
Loans	50,126,963			50,020,901			50,019,414			50,131,468			49,120,153
Interest bearing liabilities	42,656,956			41,576,344			40,829,078			41,932,616			39,802,966
Deposits	50,409,234			49,383,209			49,848,446			49,459,617			48,165,152
Shareholders' equity	6,862,555			6,753,981			6,605,786			6,781,022			6,531,424

VALLEY NATIONAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS


	As Of
BALANCE SHEET ITEMS:	September 30,			June 30,			March 31,			December 31,			September 30,
(In thousands)	2024			2024			2024			2023			2023
Assets	$	62,092,332		$	62,058,974		$	61,000,188		$	60,934,974		$	61,183,352
Total loans	49,355,319			50,311,702			49,922,042			50,210,295			50,097,519
Deposits	50,395,966			50,112,177			49,077,946			49,242,829			49,885,314
Shareholders' equity	6,972,380			6,737,737			6,727,139			6,701,391			6,627,299

LOANS:
(In thousands)



Commercial and industrial	$	9,799,287		$	9,479,147		$	9,104,193		$	9,230,543		$	9,274,630
Commercial real estate:
Non-owner occupied	12,647,649			13,710,015			14,962,851			15,078,464			14,741,668
Multifamily	8,612,936			8,976,264			8,818,263			8,860,219			8,863,529
Owner occupied	5,654,147			5,536,844			4,367,839			4,304,556			4,435,853
Construction	3,487,464			3,545,723			3,556,511			3,726,808			3,833,269
Total commercial real estate	30,402,196			31,768,846			31,705,464			31,970,047			31,874,319
Residential mortgage	5,684,079			5,627,113			5,618,355			5,569,010			5,562,665
Consumer:
Home equity	581,181			566,467			564,083			559,152			548,918
Automobile	1,823,738			1,762,852			1,700,508			1,620,389			1,585,987
Other consumer	1,064,838			1,107,277			1,229,439			1,261,154			1,251,000
Total consumer loans	3,469,757			3,436,596			3,494,030			3,440,695			3,385,905
Total loans	$	49,355,319		$	50,311,702		$	49,922,042		$	50,210,295		$	50,097,519

CAPITAL RATIOS:
Book value per common share	$	13.00		$	12.82		$	12.81		$	12.79		$	12.64
Tangible book value per common share (2)	9.06			8.87			8.84			8.79			8.63
Tangible common equity to tangible assets (2)	7.68		%	7.52		%	7.62		%	7.58		%	7.40		%
Tier 1 leverage capital	8.40			8.19			8.20			8.16			8.08
Common equity tier 1 capital	9.57			9.55			9.34			9.29			9.21
Tier 1 risk-based capital	10.29			9.99			9.78			9.72			9.64
Total risk-based capital	12.56			12.18			11.88			11.76			11.68

VALLEY NATIONAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS


	Three Months Ended									Nine Months Ended
ALLOWANCE FOR CREDIT LOSSES:	September 30,			June 30,			September 30,			September 30,
($ in thousands)	2024			2024			2023			2024			2023
Allowance for credit losses for loans
Beginning balance	$	532,541		$	487,269		$	458,676		$	465,550		$	483,255
Impact of the adoption of ASU No. 2022-02	—			—			—			—			(1,368)

Beginning balance, adjusted	532,541			487,269			458,676			465,550			481,887
Loans charged-off:
Commercial and industrial	(7,501)			(14,721)			(7,487)			(36,515)			(37,399)
Commercial real estate	(33,292)			(22,144)			(255)			(56,640)			(2,320)
Construction	(4,831)			(212)			—			(12,637)			(9,906)
Residential mortgage	—			—			(20)			—			(169)
Total consumer	(2,597)			(1,262)			(1,156)			(5,668)			(3,024)
Total loans charged-off	(48,221)			(38,339)			(8,918)			(111,460)			(52,818)
Charged-off loans recovered:
Commercial and industrial	3,162			742			3,043			4,586			6,615
Commercial real estate	66			150			5			457			33
Construction	1,535			—			—			1,535			—
Residential mortgage	29			5			30			59			186
Total consumer	521			603			362			1,521			1,513
Total loans recovered	5,313			1,500			3,440			8,158			8,347
Total net charge-offs	(42,908)			(36,839)			(5,478)			(103,302)			(44,471)
Provision for credit losses for loans	75,038			82,111			9,147			202,423			24,929
Ending balance	$	564,671		$	532,541		$	462,345		$	564,671		$	462,345
Components of allowance for credit losses for loans:
Allowance for loan losses	$	548,327		$	519,310		$	442,175		$	548,327		$	442,175
Allowance for unfunded credit commitments	16,344			13,231			20,170			16,344			20,170
Allowance for credit losses for loans	$	564,671		$	532,541		$	462,345		$	564,671		$	462,345
Components of provision for credit losses for loans:
Provision for credit losses for loans	$	71,925		$	86,901		$	11,221		$	205,549		$	29,359
Provision (credit) for unfunded credit commitments	3,113			(4,790)			(2,074)			(3,126)			(4,430)
Total provision for credit losses for loans	$	75,038		$	82,111		$	9,147		$	202,423		$	24,929
Annualized ratio of total net charge-offs to total average loans	0.34		%	0.29		%	0.04		%	0.27		%	0.12		%
Allowance for credit losses for loans as a % of total loans	1.14		%	1.06		%	0.92		%	1.14		%	0.92		%

VALLEY NATIONAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS


	As Of
ASSET QUALITY:	September 30,			June 30,			March 31,			December 31,			September 30,
($ in thousands)	2024			2024			2024			2023			2023
Accruing past due loans:
30 to 59 days past due:
Commercial and industrial	$	4,537		$	5,086		$	6,202		$	9,307		$	10,687
Commercial real estate	76,370			1,879			5,791			3,008			8,053

Residential mortgage	19,549			17,389			20,819			26,345			13,159
Total consumer	14,672			21,639			14,032			20,554			15,509
Total 30 to 59 days past due	115,128			45,993			46,844			59,214			47,408
60 to 89 days past due:
Commercial and industrial	1,238			1,621			2,665			5,095			5,720
Commercial real estate	43,926			—			3,720			1,257			2,620

Residential mortgage	6,892			6,632			5,970			8,200			9,710
Total consumer	2,732			3,671			1,834			4,715			1,720
Total 60 to 89 days past due	54,788			11,924			14,189			19,267			19,770
90 or more days past due:
Commercial and industrial	1,786			2,739			5,750			5,579			6,629
Commercial real estate	—			4,242			—			—			—
Construction	—			3,990			3,990			3,990			3,990
Residential mortgage	1,931			2,609			2,884			2,488			1,348
Total consumer	1,063			898			731			1,088			391
Total 90 or more days past due	4,780			14,478			13,355			13,145			12,358
Total accruing past due loans	$	174,696		$	72,395		$	74,388		$	91,626		$	79,536
Non-accrual loans:
Commercial and industrial	$	120,575		$	102,942		$	102,399		$	99,912		$	87,655
Commercial real estate	113,752			123,011			100,052			99,739			83,338
Construction	24,657			45,380			51,842			60,851			62,788
Residential mortgage	33,075			28,322			28,561			26,986			21,614
Total consumer	4,260			3,624			4,438			4,383			3,545
Total non-accrual loans	296,319			303,279			287,292			291,871			258,940
Other real estate owned (OREO)	7,172			8,059			88			71			71
Other repossessed assets	1,611			1,607			1,393			1,444			1,314

Total non-performing assets	$	305,102		$	312,945		$	288,773		$	293,386		$	260,325
Total non-accrual loans as a % of loans	0.60		%	0.60		%	0.58		%	0.58		%	0.52		%
Total accruing past due and non-accrual loans as a % of loans	0.95			0.75			0.72			0.76			0.68
Allowance for losses on loans as a % of non-accrual loans	185.05			171.23			163.33			152.83			170.76

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)			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)	2024			2024			2023			2024			2023
Adjusted net income available to common shareholders (non-GAAP):
Net income, as reported (GAAP)	$	97,856		$	70,424		$	141,346		$	264,560		$	426,957
Add: FDIC Special assessment (a)	—			1,363			—			8,757			—
Add: Losses on available for sale and held to maturity debt securities, net (b)	1			4			443			12			476
Add: Restructuring charge (c)	—			334			(675)			954			10,507
Add: Mark to market loss on commercial real estate loans transferred to loans held for sale (d)	5,794			—			—			5,794			—
Add: Provision for credit losses for available for sale securities (e)	—			—			—			—			5,000

Add: Merger related expenses (f)	—			—			—			—			4,133
Less: Litigation settlements (g)	(7,334)			—			—			(7,334)			—
Less: Gain on sale of commercial premium finance lending division (h)	—			—			—			(3,629)			—
Less: Net gains on sales of office buildings (h)	—			—			(6,721)			—			(6,721)
Total non-GAAP adjustments to net income	(1,539)			1,701			(6,953)			4,554			13,395
Income tax adjustments related to non-GAAP adjustments (i)	437			(482)			1,970			(1,269)			(2,378)
Net income, as adjusted (non-GAAP)	$	96,754		$	71,643		$	136,363		$	267,845		$	437,974
Dividends on preferred stock	6,117			4,108			4,127			14,344			12,031
Net income available to common shareholders, as adjusted (non-GAAP)	$	90,637		$	67,535		$	132,236		$	253,501		$	425,943
__________
(a) Included in the FDIC insurance expense.
(b) Included in gains (losses) on securities transactions, net.
(c) Represents severance expense related to workforce reductions within salary and employee benefits expense.
(d) Included in (losses) gains on sales of loans, net.
(e) Included in provision for credit losses for available for sale and held to maturity securities (tax disallowed).
(f) Included in salary and employee benefits expense during the first quarter 2023.
(g) Represents recoveries from legal settlements included in other income.
(h) Included in gains (losses) on sales of assets, net within non-interest income.
(i) Calculated using the appropriate blended statutory tax rate for the applicable period.

Adjusted per common share data (non-GAAP):
Net income available to common shareholders, as adjusted (non-GAAP)	$	90,637		$	67,535		$	132,236		$	253,501		$	425,943
Average number of shares outstanding	509,227,538			509,141,252			507,650,668			508,904,353			507,580,197
Basic earnings, as adjusted (non-GAAP)	$	0.18		$	0.13		$	0.26		$	0.50		$	0.84
Average number of diluted shares outstanding	511,342,932			510,338,502			509,256,599			510,713,205			509,204,051
Diluted earnings, as adjusted (non-GAAP)	$	0.18		$	0.13		$	0.26		$	0.50		$	0.84
Adjusted annualized return on average tangible shareholders' equity (non-GAAP):
Net income, as adjusted (non-GAAP)	$	96,754		$	71,643		$	136,363		$	267,845		$	437,974
Average shareholders' equity	$	6,862,555		$	6,753,981		$	6,605,786		$	6,781,022		$	6,531,424
Less: Average goodwill and other intangible assets	2,008,692			2,016,766			2,042,486			2,016,790			2,051,727
Average tangible shareholders' equity	$	4,853,863		$	4,737,215		$	4,563,300		$	4,764,232		$	4,479,697
Annualized return on average tangible shareholders' equity, as adjusted (non-GAAP)	7.97		%	6.05		%	11.95		%	7.50		%	13.04		%

VALLEY NATIONAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS

Non-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)	2024			2024			2023			2024			2023
Adjusted annualized return on average assets (non-GAAP):
Net income, as adjusted (non-GAAP)	$	96,754		$	71,643		$	136,363		$	267,845		$	437,974
Average assets	$	62,242,022		$	61,518,639		$	61,391,688		$	61,674,588		$	61,050,973
Annualized return on average assets, as adjusted (non-GAAP)	0.62		%	0.47		%	0.89		%	0.58		%	0.96		%
Adjusted annualized return on average shareholders' equity (non-GAAP):
Net income, as adjusted (non-GAAP)	$	96,754		$	71,643		$	136,363		$	267,845		$	437,974
Average shareholders' equity	$	6,862,555		$	6,753,981		$	6,605,786		$	6,781,022		$	6,531,424
Annualized return on average shareholders' equity, as adjusted (non-GAAP)	5.64		%	4.24		%	8.26		%	5.27		%	8.94		%
Annualized return on average tangible shareholders' equity (non-GAAP):
Net income, as reported (GAAP)	$	97,856		$	70,424		$	141,346		$	264,560		$	426,957
Average shareholders' equity	$	6,862,555		$	6,753,981		$	6,605,786		$	6,781,022		$	6,531,424
Less: Average goodwill and other intangible assets	2,008,692			2,016,766			2,042,486			2,016,790			2,051,727
Average tangible shareholders' equity	$	4,853,863		$	4,737,215		$	4,563,300		$	4,764,232		$	4,479,697
Annualized return on average tangible shareholders' equity (non-GAAP)	8.06		%	5.95		%	12.39		%	7.40		%	12.71		%

Efficiency ratio (non-GAAP):
Non-interest expense, as reported (GAAP)	$	269,471		$	277,497		$	267,133		$	827,278		$	822,270

Less: FDIC Special assessment (pre-tax)	—			1,363			—			8,757			—
Less: Restructuring charge (pre-tax)	—			334			(675)			954			10,507
Less: Merger-related expenses (pre-tax)	—			—			—			—			4,133
Less: Amortization of tax credit investments (pre-tax)	5,853			5,791			4,191			17,206			13,462
Non-interest expense, as adjusted (non-GAAP)	$	263,618		$	270,009		$	263,617		$	800,361		$	794,168
Net interest income, as reported (GAAP)	410,498			401,685			412,418			1,205,731			1,268,203
Non-interest income, as reported (GAAP)	60,671			51,213			58,664			173,299			173,038
Add: Losses on available for sale and held to maturity securities transactions, net (pre-tax)	1			4			443			12			476
Add: Mark to market loss on commercial real estate loans transferred to loans held for sale (pre-tax)	5,794			—			—			5,794			—
Less: Litigation settlements (pre-tax)	(7,334)			—			—			(7,334)			—
Less: Gain on sale of premium finance division (pre-tax)	—			—			—			(3,629)			—
Less: Net gains on sales of office buildings (pre-tax)	—			—			(6,721)			—			(6,721)
Non-interest income, as adjusted (non-GAAP)	$	59,132		$	51,217		$	52,386		$	168,142		$	166,793
Gross operating income, as adjusted (non-GAAP)	$	469,630		$	452,902		$	464,804		$	1,373,873		$	1,434,996
Efficiency ratio (non-GAAP)	56.13		%	59.62		%	56.72		%	58.26		%	55.34		%


	As of
	September 30,			June 30,			March 31,			December 31,			September 30,
($ in thousands, except for share data)	2024			2024			2024			2023			2023
Tangible book value per common share (non-GAAP):
Common shares outstanding	509,252,936			509,205,014			508,893,059			507,709,927			507,660,742
Shareholders' equity (GAAP)	$	6,972,380		$	6,737,737		$	6,727,139		$	6,701,391		$	6,627,299
Less: Preferred stock	354,345			209,691			209,691			209,691			209,691
Less: Goodwill and other intangible assets	2,004,414			2,012,580			2,020,405			2,029,267			2,038,202
Tangible common shareholders' equity (non-GAAP)	$	4,613,621		$	4,515,466		$	4,497,043		$	4,462,433		$	4,379,406
Tangible book value per common share (non-GAAP)	$	9.06		$	8.87		$	8.84		$	8.79		$	8.63
Tangible common equity to tangible assets (non-GAAP):
Tangible common shareholders' equity (non-GAAP)	$	4,613,621		$	4,515,466		$	4,497,043		$	4,462,433		$	4,379,406
Total assets (GAAP)	62,092,332			62,058,974			61,000,188			60,934,974			61,183,352
Less: Goodwill and other intangible assets	2,004,414			2,012,580			2,020,405			2,029,267			2,038,202
Tangible assets (non-GAAP)	$	60,087,918		$	60,046,394		$	58,979,783		$	58,905,707		$	59,145,150
Tangible common equity to tangible assets (non-GAAP)	7.68		%	7.52		%	7.62		%	7.58		%	7.40		%

VALLEY NATIONAL BANCORP

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(in thousands, except for share data)


	September 30,		December 31,
	2024		2023
	(Unaudited)
Assets
Cash and due from banks	$	511,945	$	284,090
Interest bearing deposits with banks	527,960		607,135
Investment securities:
Equity securities	73,071		64,464
Trading debt securities	3,996		3,973
Available for sale debt securities	2,602,260		1,296,576
Held to maturity debt securities (net of allowance for credit losses of $1,076 at September 30, 2024 and $1,205 at December 31, 2023)	3,573,960		3,739,208
Total investment securities	6,253,287		5,104,221
Loans held for sale (includes fair value of $17,153 at September 30, 2024 and $20,640 at December 31, 2023 for loans originated for sale)	843,201		30,640
Loans	49,355,319		50,210,295
Less: Allowance for loan losses	(548,327)		(446,080)
Net loans	48,806,992		49,764,215
Premises and equipment, net	356,649		381,081
Lease right of use assets	335,032		343,461
Bank owned life insurance	730,081		723,799
Accrued interest receivable	250,131		245,498
Goodwill	1,868,936		1,868,936
Other intangible assets, net	135,478		160,331
Other assets	1,472,640		1,421,567
Total Assets	$	62,092,332	$	60,934,974
Liabilities
Deposits:
Non-interest bearing	$	11,153,754	$	11,539,483
Interest bearing:
Savings, NOW and money market	25,069,405		24,526,622
Time	14,172,807		13,176,724
Total deposits	50,395,966		49,242,829
Short-term borrowings	58,268		917,834
Long-term borrowings	3,274,340		2,328,375
Junior subordinated debentures issued to capital trusts	57,368		57,108
Lease liabilities	394,971		403,781
Accrued expenses and other liabilities	939,039		1,283,656
Total Liabilities	55,119,952		54,233,583
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at September 30, 2024 and December 31, 2023)	111,590		111,590
Series B (4,000,000 shares issued at September 30, 2024 and December 31, 2023)	98,101		98,101
Series C (6,000,000 shares issued at September 30, 2024)	144,654		—
Common stock (no par value, authorized 650,000,000 shares; issued 509,252,936 shares at September 30, 2024 and 507,896,910 shares at December 31, 2023)	178,661		178,187
Surplus	5,002,718		4,989,989
Retained earnings	1,551,428		1,471,371
Accumulated other comprehensive loss	(114,772)		(146,456)
Treasury stock, at cost (186,983 common shares at December 31, 2023)	—		(1,391)
Total Shareholders’ Equity	6,972,380		6,701,391
Total Liabilities and Shareholders’ Equity	$	62,092,332	$	60,934,974

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,
	2024		2024		2023		2024		2023
Interest Income
Interest and fees on loans	$	786,680	$	770,964	$	753,638	$	2,329,197	$	2,124,036
Interest and dividends on investment securities:
Taxable	49,700		40,460		32,383		125,957		96,591
Tax-exempt	4,855		4,799		4,585		14,450		15,485
Dividends	5,929		6,341		5,299		19,098		18,001
Interest on federal funds sold and other short-term investments	13,385		10,902		17,113		33,969		66,594

Total interest income	860,549		833,466		813,018		2,522,671		2,320,707
Interest Expense
Interest on deposits:
Savings, NOW and money market	235,371		231,597		201,916		699,474		517,524
Time	174,741		160,442		164,336		486,248		370,398
Interest on short-term borrowings	451		691		5,189		21,754		89,345
Interest on long-term borrowings and junior subordinated debentures	39,488		39,051		29,159		109,464		75,237
Total interest expense	450,051		431,781		400,600		1,316,940		1,052,504
Net Interest Income	410,498		401,685		412,418		1,205,731		1,268,203

(Credit) provision for credit losses for available for sale and held to maturity securities	(14)		(41)		(30)		(129)		4,675
Provision for credit losses for loans	75,038		82,111		9,147		202,423		24,929
Net Interest Income After Provision for Credit Losses	335,474		319,615		403,301		1,003,437		1,238,599
Non-Interest Income
Wealth management and trust fees	15,125		13,136		11,417		46,191		32,180
Insurance commissions	2,880		3,958		2,336		9,089		7,895
Capital markets	6,347		7,779		7,141		19,796		35,000
Service charges on deposit accounts	12,826		11,212		10,952		35,287		31,970
Gains (losses) on securities transactions, net	47		3		(398)		99		197



Fees from loan servicing	3,443		2,691		2,681		9,322		8,054
(Losses) gains on sales of loans, net	(3,644)		884		2,023		(1,142)		3,752
Gains (losses) on sales of assets, net	55		(2)		6,653		3,747		6,938
Bank owned life insurance	5,387		4,545		2,709		13,167		7,736
Other	18,205		7,007		13,150		37,743		39,316
Total non-interest income	60,671		51,213		58,664		173,299		173,038
Non-Interest Expense
Salary and employee benefits expense	138,832		140,815		137,292		421,478		431,872
Net occupancy expense	26,973		24,252		24,675		75,548		73,880
Technology, furniture and equipment expense	28,962		35,203		37,320		99,627		106,304
FDIC insurance assessment	14,792		14,446		7,946		47,474		27,527
Amortization of other intangible assets	8,692		8,568		9,741		26,672		30,072
Professional and legal fees	14,118		17,938		17,109		48,521		55,329

Amortization of tax credit investments	5,853		5,791		4,191		17,206		13,462
Other	31,249		30,484		28,859		90,752		83,824
Total non-interest expense	269,471		277,497		267,133		827,278		822,270
Income Before Income Taxes	126,674		93,331		194,832		349,458		589,367
Income tax expense	28,818		22,907		53,486		84,898		162,410
Net Income	97,856		70,424		141,346		264,560		426,957
Dividends on preferred stock	6,117		4,108		4,127		14,344		12,031
Net Income Available to Common Shareholders	$	91,739	$	66,316	$	137,219	$	250,216	$	414,926

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, 2024						June 30, 2024						September 30, 2023
	Average				Avg.		Average				Avg.		Average				Avg.
($ in thousands)	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Interest earning assets:
Loans (1)(2)	$	50,126,963	$	786,704	6.28	%	$	50,020,901	$	770,987	6.17	%	$	50,019,414	$	753,662	6.03	%
Taxable investments (3)	5,977,211		55,629		3.72		5,379,101		46,801		3.48		4,915,778		37,682		3.07
Tax-exempt investments (1)(3)	573,059		6,145		4.29		575,272		6,075		4.22		620,439		5,800		3.74
Interest bearing deposits with banks	974,417		13,385		5.49		797,676		10,902		5.47		1,246,934		17,113		5.49
Total interest earning assets	57,651,650		861,863		5.98		56,772,950		834,765		5.88		56,802,565		814,257		5.73
Other assets	4,590,372						4,745,689						4,589,123
Total assets	$	62,242,022					$	61,518,639					$	61,391,688
Liabilities and shareholders' equity
Interest bearing liabilities:
Savings, NOW and money market deposits	$	25,017,504	$	235,371	3.76	%	$	24,848,266	$	231,597	3.73	%	$	23,016,737	$	201,916	3.51	%
Time deposits	14,233,209		174,741		4.91		13,311,381		160,442		4.82		14,880,311		164,336		4.42
Short-term borrowings	81,251		451		2.22		97,502		691		2.83		436,518		5,189		4.75
Long-term borrowings (4)	3,324,992		39,488		4.75		3,319,195		39,051		4.71		2,495,512		29,159		4.67
Total interest bearing liabilities	42,656,956		450,051		4.22		41,576,344		431,781		4.15		40,829,078		400,600		3.92
Non-interest bearing deposits	11,158,521						11,223,562						11,951,398
Other liabilities	1,563,990						1,964,752						2,005,426
Shareholders' equity	6,862,555						6,753,981						6,605,786
Total liabilities and shareholders' equity	$	62,242,022					$	61,518,639					$	61,391,688

Net interest income/interest rate spread (5)			$	411,812	1.76	%			$	402,984	1.73	%			$	413,657	1.81	%
Tax equivalent adjustment			(1,314)						(1,299)						(1,239)
Net interest income, as reported			$	410,498					$	401,685					$	412,418
Net interest margin (6)					2.85						2.83						2.90
Tax equivalent effect					0.01						0.01						0.01
Net interest margin on a fully tax equivalent basis (6)					2.86	%					2.84	%					2.91	%

(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.