Exhibit 99.1
valleylogoa221.jpg
News Release


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

VALLEY NATIONAL BANCORP REPORTS A 33 PERCENT INCREASE IN FIRST QUARTER NET INCOME AND STRONG NET INTEREST MARGIN

NEW YORK, NY – April 29, 2021 -- Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the first quarter 2021 of $115.7 million, or $0.28 per diluted common share, as compared to the first quarter 2020 earnings of $87.3 million, or $0.21 per diluted common share, and net income of $105.4 million, or $0.25 per diluted common share, for the fourth quarter 2020.

Key financial highlights for the first quarter:

Net Interest Income and Margin: Net interest income on a tax equivalent basis of $293.6 million for the first quarter 2021 increased $4.8 million and $27.3 million as compared to the fourth quarter 2020 and first quarter 2020, respectively. Our net interest margin on a tax equivalent basis increased by 8 basis points to 3.14 percent in the first quarter 2021 as compared to 3.06 percent for the fourth quarter 2020. The increases as compared to the fourth quarter 2020 were largely due to a $8.7 million increase in interest and fees related to our SBA Paycheck Protection Program (PPP) loan portfolio, a 9 basis point reduction in our costs of average interest bearing liabilities, as well as the prepayment of certain long-term borrowings in December 2020. See the "Net Interest Income and Margin" section below for additional information.
Loan Portfolio:
Loans increased $469.3 million to $32.7 billion at March 31, 2021, or 6 percent on an annualized basis from December 31, 2020. The increase was largely due to new loan volumes within the commercial and industrial, commercial real estate and automobile loan portfolios in the first quarter 2021. Within commercial and industrial loans, PPP loans increased $212.5 million to approximately $2.4 billion at March 31, 2021 from December 31, 2020. Our first quarter new and refinanced loan originations included approximately $288 million of residential mortgage loans originated for sale rather than investment. Net gains on sales of residential loans were $3.5 million and $16.0 million in the first quarter 2021 and fourth quarter 2020, respectively. See the "Loans, Deposits and Other Borrowings" section below for more details.
Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $354.3 million and $351.4 million at March 31, 2021 and December 31, 2020, respectively. During the first quarter 2021, we recorded a provision for credit losses for loans of $9.0 million as compared to $19.0 million and $33.9 million for the fourth quarter 2020 and first quarter 2020, respectively. The moderate increase in our allowance at March 31, 2021 reflects, among other factors, additional reserves related to non-PPP loan growth and certain





Valley National Bancorp (NASDAQ: VLY)
2021 First Quarter Earnings
April 29, 2021

segments of our commercial real estate portfolio, partially offset by the lower qualitative reserves for customers impacted by the pandemic and the improvement in our economic forecast component of the reserve as compared to December 31, 2020.
Credit Quality: Total accruing past due loans decreased $46.2 million to $52.8 million, or 0.16 percent of total loans, at March 31, 2021 as compared to $99.0 million, or 0.31 percent of total loans, at December 31, 2020. Non-accrual loans represented 0.62 percent and 0.58 percent of total loans at March 31, 2021 and December 31, 2020, respectively. Net loan charge-offs totaled $6.1 million for the first quarter 2021 as compared to $3.0 million for the fourth quarter 2020. See the "Credit Quality" Section below for more details.
Non-interest Income: Non-interest income decreased $16.3 million to $31.2 million for the first quarter 2021 as compared to the fourth quarter 2020 mainly due to a decrease of $12.5 million in net gains on sales of residential mortgage loans, as well as a $4.7 million decline in swap fee income related to new commercial loan transactions. The decrease in net gains on loan sales was primarily due to a decline in the mark to market gain component related to our residential loans originated for sale portfolio (and carried at fair value) at March 31, 2021 as compared to such loans held for sale at December 31, 2020. The $4.7 million decrease in swap fee income as compared to the fourth quarter 2020 was largely due to lower transaction volumes.
Non-interest Expense: Non-interest expense decreased $12.9 million to $160.2 million for the first quarter 2021 as compared to the fourth quarter 2020 mainly due to a $9.7 million loss on extinguishment of debt recognized during the fourth quarter 2020 and a $3.4 million decrease in professional fees largely associated with our technology transformation efforts.
Efficiency Ratio: Our efficiency ratio was 49.46 percent for the first quarter 2021 as compared to 51.61 percent and 50.75 percent for the fourth quarter 2020 and first quarter 2020, respectively. Our adjusted efficiency ratio was 48.60 percent for the first quarter 2021 as compared to 46.99 percent and 49.26 percent for the fourth quarter 2020 and first quarter 2020, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.
Performance Ratios: Annualized return on average assets, shareholders’ equity and tangible shareholders' equity were 1.14 percent, 9.96 percent, and 14.49 percent for the first quarter 2021, respectively, as compared to 1.02 percent, 9.20 percent and 13.45 percent for the fourth quarter 2020, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.

Ira Robbins, CEO and President commented, "I'm pleased with the first quarter 2021 results and overall demonstrated strengths of our balance sheet and credit quality during the pandemic. I believe our measured approach to loan origination activities, ability to manage our funding costs, and keen focus on operating efficiencies and the adoption of new technologies has positioned Valley for continued success in 2021."


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Valley National Bancorp (NASDAQ: VLY)
2021 First Quarter Earnings
April 29, 2021

Net Interest Income and Margin

Net interest income on a tax equivalent basis totaling $293.6 million for the first quarter 2021 increased $4.8 million and $27.2 million as compared to the fourth quarter 2020 and first quarter 2020, respectively. The increase as compared to the fourth quarter 2020 was mainly due to (i) increased interest and fee income from PPP loans, (ii) continued run-off of higher cost time deposits, (iii) the prepayment of $534 million of long-term FHLB advances with a combined weighted average interest rate of 2.48 percent in December 2020, and (iv) lower rates on our deposit products combined with a continued customer shift to deposits without stated maturities. Interest expense of $39.1 million for the first quarter 2021 decreased $7.0 million as compared to the fourth quarter 2020. Interest income on a tax equivalent basis in the first quarter 2021 decreased by $2.3 million to $332.7 million as compared to the fourth quarter 2020 mainly due to lower overall yields on average taxable investment securities and loans and a decline in average balances within the investment portfolio due to normal repayment activity, partially offset by a $8.7 million increase in interest and fees on PPP loans caused by recognition of fee income on loans forgiven by the SBA during the first quarter 2021. See the "Loan, Deposit and Other Borrowings" section for more information on PPP loans.

Our net interest margin on a tax equivalent basis of 3.14 percent for the first quarter 2021 increased by 8 basis points and 7 basis points from 3.06 percent and 3.07 percent for the first quarter 2020 and fourth quarter 2020, respectively. The yield on average interest earning assets increased by 2 basis points on a linked quarter basis, mostly due to the higher yield on the PPP loan portfolio and reduced excess liquidity held in overnight investments. The yield on average loans decreased by 1 basis point to 3.85 percent for the first quarter 2021 as compared to the fourth quarter 2020. This decrease was mainly due to new and refinanced loan originations at lower market interest rates and two less days during the first quarter 2021, which were mostly offset by the increased yield on our PPP loan portfolio. The overall cost of average interest bearing liabilities decreased 9 basis points to 0.60 percent for the first quarter 2021 as compared to the linked fourth quarter 2020 and was largely due to the lower rates offered on deposit products, maturing time deposits and a 4 basis point decrease in the average cost of short-term borrowings. Our cost of total average deposits was 0.28 percent for the first quarter 2021 as compared to 0.33 percent for the fourth quarter 2020.
Loans, Deposits and Other Borrowings
Loans. Loans increased $469.3 million to approximately $32.7 billion at March 31, 2021 from December 31, 2020. The increase was mainly due to organic growth in the commercial and industrial, commercial real estate, and automobile loan portfolios during the first quarter 2021. Commercial and industrial loans increased $286.9 million, or 16.7 percent on an annualized basis, to $7.1 billion at March 31, 2021 as compared to December 31, 2020 mostly due to a $212.5 million increase in PPP loans, which was net of over $630 million of PPP loans forgiven by the SBA during the first quarter 2021. Commercial real estate loans increased $198.6 million, or 4.8 percent on an annualized basis, to $16.9 billion at March 31, 2021 as compared to December 31, 2020 reflecting the recovery of our loan commitment pipeline near the end of 2020, particularly in our Florida markets. Automobile loans increased $88.9 million, or 26.2 percent on an annualized basis, during first quarter 2021 due to strong consumer demand seen across the auto industry during the period. Residential mortgage loans declined $123.3 million, or 11.8 percent on an annualized basis, during the first quarter 2021 mainly due to
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Valley National Bancorp (NASDAQ: VLY)
2021 First Quarter Earnings
April 29, 2021

continued refinance activity and $288 million of loans originated for sale rather than held for investment in the first quarter 2021. Residential mortgage loans held for sale at fair value totaled $232.1 million and $301.4 million at March 31, 2021 and December 31, 2020, respectively.
Deposits. Total deposits increased $649.6 million to approximately $32.6 billion at March 31, 2021 from December 31, 2020 largely due to increases of $847.8 million and $1.1 billion in the non-interest bearing and non-maturity interest bearing deposit categories, respectively, partially offset by a $1.3 billion decrease in time deposits. The decrease in time deposits was driven by normal run-off of maturing retail and brokered CDs with some continued migration of retail balances to more liquid deposit product categories. Total brokered deposits (consisting of both time and money market deposit accounts) decreased approximately $800 million to $2.3 billion at March 31, 2021 as compared to $3.1 billion at December 31, 2020. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 31 percent, 52 percent and 17 percent of total deposits as of March 31, 2021, respectively.
Other Borrowings. Short-term and long-term borrowings decreased $63.3 million and $52.7 million to $1.1 billion and $2.2 billion, respectively, at March 31, 2021 as compared to December 31, 2020. The decreases in both categories were largely attributable to the normal maturities of FHLB borrowings.
Credit Quality
Non-Performing Assets (NPAs). Total NPAs, consisting of non-accrual loans, other real estate owned (OREO), other repossessed assets and non-accrual debt securities increased $16.0 million to $210.5 million at March 31, 2021 as compared to December 31, 2020. The increase in NPAs was mainly due to a $18.7 million increase in non-accrual loans driven by one $8.4 million commercial real estate loan and a $7.8 million increase in non-accrual residential mortgage loans partially caused by the migration of loans previously reported in the 60-89 days past due category at December 31, 2020. Non-accrual loans represented 0.62 percent of total loans at March 31, 2021 compared to 0.58 percent at December 31, 2020.
Non-performing Taxi Medallion Loan Portfolio. We continue to closely monitor our non-performing New York City and Chicago taxi medallion loans totaling $87.2 million and $6.6 million, respectively, within the commercial and industrial loan portfolio at March 31, 2021. At March 31, 2021, all taxi medallion loans totaling $93.8 million were on non-accrual status and had related reserves of $63.2 million, or 67.2 percent of such loans, within the allowance for loan losses.
Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) decreased $46.2 million to $52.8 million, or 0.16 percent of total loans, at March 31, 2021 as compared to $99.0 million, or 0.31 percent of total loans, at December 31, 2020 driven by declines in early stage delinquencies for most loan categories. Commercial real estate loans past due 30 to 59 days decreased $23.4 million to $11.7 million at March 31, 2021 as compared to December 31, 2020. The decrease was largely due to a $12.3 million matured loan (in the process of restructuring its terms) reported in this delinquency category at December 31, 2020 and the aforementioned $8.4 million loan placed on non-accrual status at March 31, 2021. Commercial and industrial loans past due 90 or more days decreased $6.6 million at March 31, 2021 primarily due to premium finance loans (related to two insurance carriers) totaling $6.1 million reclassified to non-
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Valley National Bancorp (NASDAQ: VLY)
2021 First Quarter Earnings
April 29, 2021

accrual status during the first quarter 2021. Residential loans past due 60 to 89 days decreased by $8.1 million as compared to December 31, 2020 mainly due to loans migrating to non-accrual status.
Forbearance. In response to the COVID-19 pandemic and its economic impact to certain customers, Valley implemented short-term loan modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant, when requested by customers. Generally, the modification terms allow for a deferral of payments for up to 90 days, which Valley may extend for an additional 90 days. Any extensions beyond this period were done in accordance with applicable regulatory guidance. As of March 31, 2021, Valley had approximately $284 million of outstanding loans remaining in their payment deferral period under short-term modifications, as compared to $361 million of loans in deferral at December 31, 2020.
Allowance for Credit Losses for Loans and Unfunded Commitments. The following table summarizes the allocation of the allowance for credit losses to loan categories and the allocation as a percentage of each loan category at March 31, 2021, December 31, 2020, and March 31, 2020:
March 31, 2021December 31, 2020March 31, 2020
AllocationAllocationAllocation
as a % ofas a % ofas a % of
AllowanceLoanAllowanceLoanAllowanceLoan
AllocationCategoryAllocationCategoryAllocationCategory
($ in thousands)
Loan Category:
Commercial and industrial loans$126,408 2.64 %$131,070 1.91 %$127,437 2.55 %
Commercial real estate loans:
Commercial real estate153,680 0.91 %146,009 0.87 %97,876 0.60 %
Construction20,556 1.15 %18,104 1.04 %13,709 0.79 %
Total commercial real estate loans174,236 0.93 %164,113 0.89 %111,585 0.62 %
Residential mortgage loans27,172 0.67 %28,873 0.69 %29,456 0.66 %
Consumer loans:
Home equity4,199 1.03 %4,675 1.08 %4,463 0.93 %
Auto and other consumer10,865 0.46 %11,512 0.51 %10,401 0.44 %
Total consumer loans15,064 0.54 %16,187 0.60 %14,864 0.52 %
Allowance for loan losses342,880 1.13 %340,243 1.06 %283,342 0.93 %
Allowance for unfunded credit commitments11,433 11,111 10,019 
Total allowance for credit losses for loans$354,313 $351,354 $293,361 
Allowance for credit losses for
loans as a % loans1.08 %1.09 %0.96 %
Our loan portfolio, totaling $32.7 billion at March 31, 2021, had net loan charge-offs totaling $6.1 million for the first quarter 2021 as compared to $3.0 million and $4.8 million for the fourth quarter 2020 and first quarter 2020, respectively. Net loan charge-offs increased during the first quarter 2021 mainly due to partial charge-offs of certain taxi medallion loans and a full charge-off of a $1.9 million unsecured, non-performing commercial and industrial loan relationship. Gross charge-offs of taxi
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Valley National Bancorp (NASDAQ: VLY)
2021 First Quarter Earnings
April 29, 2021

medallion loans totaled $3.3 million for the first quarter 2021 as compared to $2.3 million and $1.3 million for the fourth quarter 2020 and first quarter 2020, respectively.
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 1.08 percent, 1.09 percent and 0.96 percent at March 31, 2021, December 31, 2020 and March 31, 2020, respectively. During the first quarter 2021, we recorded a provision for credit losses for loans of $9.0 million as compared to a provision of $19.0 million and $33.9 million for the fourth quarter 2020 and first quarter 2020, respectively.
At March 31, 2021, the allowance allocations for credit losses as a percentage of total loans increased in the commercial real estate and construction loan categories while decreasing in the other loan categories as compared to December 31, 2020. The allocated reserves as a percentage of commercial and industrial loans declined by 14 basis points partially due to the loan charge-offs in the first quarter 2021 within this loan category, as well as the increase in PPP loans guaranteed by the SBA with no related allowance at March 31, 2021.
Capital Adequacy
Valley's regulatory capital ratios continue to reflect its well capitalized position. Valley's total risk-based capital, common equity Tier 1 capital, Tier 1 capital and Tier 1 leverage capital ratios were 12.76 percent, 10.08 percent, 10.79 percent and 8.37 percent, respectively, at March 31, 2021.
Investor Conference Call
Valley will host a conference call with investors and the financial community at 11:00 AM Eastern Standard Time, today to discuss the first quarter 2021 earnings. Those wishing to participate in the call may dial toll-free (855) 638-5437 Conference ID: 1474989. The teleconference will also be webcast live: https://edge.media-server.com/mmc/p/5gkztcw5 and archived on Valley's website through Monday, May 31, 2021. 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 approximately $41 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations across New Jersey, New York, Florida and Alabama, 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 new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market
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Valley National Bancorp (NASDAQ: VLY)
2021 First Quarter Earnings
April 29, 2021

conditions and economic expectations, including the potential effects of the COVID-19 pandemic on our businesses and financial results and conditions. These statements may be identified by such forward-looking terminology as “should,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “typically,” “usually,” “anticipate,” 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 continued impact of COVID-19 on the U.S. and global economies, including business disruptions, reductions in employment and an increase in business failures, specifically among our clients;
the continued impact of COVID-19 on our employees and our ability to provide services to our customers and respond to their needs as more cases of COVID-19 may arise in our primary markets;
potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government actions, including as a result of our participation in and execution of government programs related to the COVID-19 pandemic or as a result of our actions in response to, or failure to implement or effectively implement, federal, state and local laws, rules or executive orders requiring that we grant forbearances or not act to collect our loans;
the impact of forbearances or deferrals we are required or agree to as a result of customer requests and/or government actions, including, but not limited to our potential inability to recover fully deferred payments from the borrower or the collateral;
the risks related to the discontinuation of the London Interbank Offered Rate and other reference rates, including increased expenses and litigation and the effectiveness of hedging strategies;
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;
a prolonged downturn in the economy, mainly in New Jersey, New York, Florida and Alabama, as well as an unexpected decline in commercial real estate values within our market areas;
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;
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;
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;
the loss of or decrease in lower-cost funding sources within our deposit base, including our inability to achieve deposit retention targets under Valley's branch transformation strategy;
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Valley National Bancorp (NASDAQ: VLY)
2021 First Quarter Earnings
April 29, 2021

cyber-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;
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;
unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather, the COVID-19 pandemic or other external events;
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; and
the failure of other financial institutions with whom we have trading, clearing, counterparty and other financial relationships.
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, 2020.
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-
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VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS

SELECTED FINANCIAL DATA
Three Months Ended
March 31,December 31,March 31,
($ in thousands, except for share data)202120202020
FINANCIAL DATA:
Net interest income - FTE (1)
$293,584 $288,833 $266,383 
Net interest income$292,667 $287,920 $265,339 
Non-interest income31,233 47,533 41,397 
Total revenue323,900 335,453 306,736 
Non-interest expense160,213 173,141 155,656 
Pre-provision net revenue163,687 162,312 151,080 
Provision for credit losses8,656 18,975 34,683 
Income tax expense39,321 37,974 29,129 
Net income115,710 105,363 87,268 
Dividends on preferred stock3,172 3,172 3,172 
Net income available to common shareholders$112,538 $102,191 $84,096 
Weighted average number of common shares outstanding:
Basic405,152,605 403,872,459 403,519,088 
Diluted407,636,765 405,799,507 405,424,123 
Per common share data:
Basic earnings$0.28 $0.25 $0.21 
Diluted earnings0.28 0.25 0.21 
Cash dividends declared0.11 0.11 0.11 
Closing stock price - high14.37 10.09 11.46 
Closing stock price - low9.74 6.90 6.37 
CORE ADJUSTED FINANCIAL DATA: (2)
Net income available to common shareholders, as adjusted$112,623 $110,266 $85,061 
Basic earnings per share, as adjusted0.28 0.27 0.21 
Diluted earnings per share, as adjusted0.28 0.27 0.21 
FINANCIAL RATIOS:
Net interest margin3.13 %3.05 %3.06 %
Net interest margin - FTE (1)
3.14 3.06 3.07 
Annualized return on average assets1.14 1.02 0.92 
Annualized return on avg. shareholders' equity9.96 9.20 7.92 
Annualized return on avg. tangible shareholders' equity (2)
14.49 13.45 11.84 
Efficiency ratio (3)
49.46 51.61 50.75 
CORE ADJUSTED FINANCIAL RATIOS: (2)
Annualized return on average assets, as adjusted1.14 %1.10 %0.93 %
Annualized return on average shareholders' equity, as adjusted9.97 9.90 8.01 
Annualized return on average tangible shareholders' equity, as adjusted14.50 14.48 11.97 
Efficiency ratio, as adjusted48.60 46.99 49.26 
AVERAGE BALANCE SHEET ITEMS:
Assets$40,770,731 $41,308,943 $38,116,850 
Interest earning assets37,386,219 37,806,500 34,674,075 
Loans32,582,479 32,570,902 29,999,428 
Interest bearing liabilities25,954,182 26,708,223 26,235,064 
Deposits31,835,286 31,755,838 28,831,418 
Shareholders' equity4,645,400 4,582,329 4,408,585 
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VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS

As Of
BALANCE SHEET ITEMS:March 31,December 31,September 30,June 30,March 31,
(In thousands)20212020202020202020
Assets$41,178,011 $40,686,076 $40,747,492 $41,626,497 $39,089,443 
Total loans32,686,416 32,217,112 32,415,586 32,314,611 30,428,067 
Deposits32,585,209 31,935,602 31,187,982 31,337,237 28,985,802 
Shareholders' equity4,659,670 4,592,120 4,533,763 4,474,488 4,420,998 
LOANS:
(In thousands)
Commercial and industrial loans:
Commercial and industrial$4,784,017 $4,709,569 $4,625,880 $4,670,362 $4,998,731 
Commercial and industrial PPP loans2,364,627 2,152,139 2,277,465 2,214,327 — 
Total commercial and industrial7,148,644 6,861,708 6,903,345 6,884,689 4,998,731 
Commercial real estate:
Commercial real estate16,923,627 16,724,998 16,815,587 16,571,877 16,390,236 
Construction1,786,331 1,745,825 1,720,775 1,721,352 1,727,046 
 Total commercial real estate
18,709,958 18,470,823 18,536,362 18,293,229 18,117,282 
Residential mortgage4,060,492 4,183,743 4,284,595 4,405,147 4,478,982 
Consumer:
Home equity409,576 431,553 457,083 471,115 481,751 
Automobile1,444,883 1,355,955 1,341,659 1,369,489 1,436,734 
Other consumer912,863 913,330 892,542 890,942 914,587 
 Total consumer loans
2,767,322 2,700,838 2,691,284 2,731,546 2,833,072 
Total loans$32,686,416 $32,217,112 $32,415,586 $32,314,611 $30,428,067 
CAPITAL RATIOS:
Book value per common share$10.97 $10.85 $10.71 $10.56 $10.43 
Tangible book value per common share (2)
7.39 7.25 7.12 6.96 6.82 
Tangible common equity to tangible assets (2)
7.55 %7.47 %7.32 %7.00 %7.32 %
Tier 1 leverage capital8.37 8.06 7.89 7.70 8.24 
Common equity tier 1 capital10.08 9.94 9.71 9.51 9.24 
Tier 1 risk-based capital10.79 10.66 10.42 10.23 9.95 
Total risk-based capital12.76 12.64 12.37 12.19 11.53 



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VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS

Three Months Ended
ALLOWANCE FOR CREDIT LOSSES:
March 31,December 31,March 31,
($ in thousands)202120202020
Allowance for credit losses for loans
Beginning balance $351,354$335,328$164,604
Impact of the adoption of ASU 2016-13 (4)
37,989
Allowance for purchased credit deteriorated (PCD) loans
61,643
Beginning balance, adjusted 351,354335,328264,236
Loans charged-off:
Commercial and industrial(7,142)(3,281)(3,360)
Commercial real estate(382)(1)(44)
Residential mortgage(138)(250)(336)
Total consumer(1,138)(1,670)(2,565)
Total loans charged-off(8,800)(5,202)(6,305)
Charged-off loans recovered:
Commercial and industrial1,589160569
Commercial real estate6589073
Construction437220
Residential mortgage1574450
Total consumer930734794
Total loans recovered2,7452,2001,506
Net charge-offs(6,055)(3,002)(4,799)
Provision for credit losses for loans9,01419,02833,924
Ending balance$354,313$351,354$293,361
Components of allowance for credit losses for loans:
Allowance for loan losses$342,880$340,243$283,342
Allowance for unfunded credit commitments11,43311,11110,019
Allowance for credit losses for loans$354,313$351,354$293,361
Components of provision for credit losses for loans:
Provision for credit losses for loans$8,692$18,213$33,851
Provision for unfunded credit commitments32281573
Total provision for credit losses for loans$9,014$19,028$33,924
Annualized ratio of total net charge-offs to average loans
0.07 %0.04 %0.06 %
Allowance for credit losses for loans as a % of total loans
1.08 1.09 0.96 
11




VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS

As of
ASSET QUALITY:March 31,December 31,September 30,June 30,March 31,
($ in thousands)20212020202020202020
Accruing past due loans:
30 to 59 days past due:
Commercial and industrial$3,763 $6,393 $6,587 $6,206 $9,780 
Commercial real estate11,655 35,030 26,038 13,912 41,664 
Construction— 315 142 — 7,119 
Residential mortgage16,004 17,717 22,528 35,263 38,965 
Total consumer5,480 10,257 8,979 12,962 19,508 
Total 30 to 59 days past due36,902 69,712 64,274 68,343 117,036 
60 to 89 days past due:
Commercial and industrial1,768 2,252 3,954 4,178 7,624 
Commercial real estate5,455 1,326 610 1,543 15,963 
Construction— — — — 49 
Residential mortgage2,233 10,351 3,760 4,169 9,307 
Total consumer1,021 1,823 1,352 3,786 2,309 
Total 60 to 89 days past due10,477 15,752 9,676 13,676 35,252 
90 or more days past due:
Commercial and industrial2,515 9,107 6,759 5,220 4,049 
Commercial real estate— 993 1,538 — 161 
Residential mortgage2,472 3,170 891 3,812 1,798 
Total consumer417 271 753 2,082 1,092 
Total 90 or more days past due5,404 13,541 9,941 11,114 7,100 
Total accruing past due loans$52,783 $99,005 $83,891 $93,133 $159,388 
Non-accrual loans:
Commercial and industrial$108,988 $106,693 $115,667 $130,876 $132,622 
Commercial real estate54,004 46,879 41,627 43,678 41,616 
Construction71 84 2,497 3,308 2,972 
Residential mortgage33,655 25,817 23,877 25,776 24,625 
Total consumer7,292 5,809 7,441 6,947 4,095 
Total non-accrual loans204,010 185,282 191,109 210,585 205,930 
Other real estate owned (OREO) 4,521 5,118 7,746 8,283 10,198 
Other repossessed assets1,857 3,342 3,988 3,920 3,842 
Non-accrual debt securities 129 815 783 1,365 531 
Total non-performing assets$210,517 $194,557 $203,626 $224,153 $220,501 
Performing troubled debt restructured loans$67,102 $57,367 $58,090 $53,936 $48,024 
Total non-accrual loans as a % of loans0.62 %0.58 %0.59 %0.65 %0.68 %
Total accruing past due and non-accrual loans as a % of loans
0.79 %0.88 %0.85 %0.94 %1.20 %
Allowance for losses on loans as a % of non-accrual loans
168.07 %183.64 %170.08 %147.03 %137.59 %


12




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)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. Management believes these non-GAAP financial measures provide information useful to investors in understanding Valley's financial results. Specifically, Valley provides measures based on what it believes are its operating earnings on a consistent basis and excludes material non-core operating items which affect the GAAP reporting of results of operations. Management utilizes these measures for internal planning and forecasting purposes. Management believes that Valley's presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting Valley's business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and Valley strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
Three Months Ended
March 31,December 31,March 31,
($ in thousands, except for share data)202120202020
Adjusted net income available to common shareholders:
Net income, as reported$115,710 $105,363 $87,268 
Add: Loss on extinguishment of debt (net of tax)
— 6,958 — 
Add: Losses (gains) on securities transaction (net of tax)85 (468)29 
Add: Severance expense (net of tax)(a)
— 1,489 — 
Add: Merger related expenses (net of tax)(b)
— 96 936 
Net income, as adjusted$115,795 $113,438 $88,233 
Dividends on preferred stock3,172 3,172 3,172 
Net income available to common shareholders, as adjusted$112,623 $110,266 $85,061 
__________
(a) Severance is included in salary and employee benefits expense.
(b) Merger related expenses are primarily within professional and legal fees, and other non-interest expense.
Adjusted per common share data:
Net income available to common shareholders, as adjusted$112,623 $110,266 $85,061 
Average number of shares outstanding405,152,605 403,872,459 403,519,088 
Basic earnings, as adjusted$0.28 $0.27 $0.21 
Average number of diluted shares outstanding407,636,765 405,799,507 405,424,123 
Diluted earnings, as adjusted$0.28 $0.27 $0.21 
Adjusted annualized return on average tangible shareholders' equity:
Net income, as adjusted$115,795 $113,438 $88,233 
Average shareholders' equity$4,645,400 $4,582,329 $4,408,585 
Less: Average goodwill and other intangible assets1,451,750 1,447,838 1,460,988 
Average tangible shareholders' equity$3,193,650 $3,134,491 $2,947,597 
Annualized return on average tangible shareholders' equity, as adjusted14.50 %14.48 %11.97 %
Adjusted annualized return on average assets:
Net income, as adjusted$115,795 $113,438 $88,233 
Average assets$40,770,731 $41,308,943 $38,116,850 
Annualized return on average assets, as adjusted1.14 %1.10 %0.93 %
Three Months Ended
March 31,December 31,March 31,
($ in thousands)202120202020
Adjusted annualized return on average shareholders' equity:
Net income, as adjusted$115,795 $113,438 $88,233 
Average shareholders' equity$4,645,400 $4,582,329 $4,408,585 
Annualized return on average shareholders' equity, as adjusted9.97 %9.90 %8.01 %
Annualized return on average tangible shareholders' equity:
Net income, as reported$115,710 $105,363 $87,268 
Average shareholders' equity$4,645,400 $4,582,329 $4,408,585 
Less: Average goodwill and other intangible assets1,451,750 1,447,838 1,460,988 
Average tangible shareholders' equity$3,193,650 $3,134,491 $2,947,597 
Annualized return on average tangible shareholders' equity14.49 %13.45 %11.84 %
13




VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS

Adjusted efficiency ratio:
Non-interest expense, as reported$160,213 $173,141 $155,656 
Less: Loss on extinguishment of debt (pre-tax)
— 9,683 — 
Less: Severance expense (pre-tax)
— 2,072 — 
Less: Merger-related expenses (pre-tax)— 133 1,302 
Less: Amortization of tax credit investments (pre-tax)2,744 3,932 3,228 
Non-interest expense, as adjusted$157,469 $157,321 $151,126 
Net interest income292,667 287,920 265,339 
Non-interest income, as reported31,233 47,533 41,397 
Add: Losses (gains) on securities transactions, net (pre-tax)118 (651)40 
Non-interest income, as adjusted$31,351 $46,882 $41,437 
Gross operating income, as adjusted$324,018 $334,802 $306,776 
Efficiency ratio, as adjusted48.60 %46.99 %49.26 %
As of
March 31,December 31,September 30,June 30,March 31,
($ in thousands, except for share data)20212020202020202020
Tangible book value per common share:
Common shares outstanding405,797,538 403,858,998 403,878,744 403,795,699 403,744,148 
Shareholders' equity$4,659,670 $4,592,120 $4,533,763 $4,474,488 $4,420,998 
Less: Preferred stock209,691 209,691 209,691 209,691 209,691 
Less: Goodwill and other intangible assets1,450,414 1,452,891 1,449,282 1,453,330 1,458,095 
Tangible common shareholders' equity$2,999,565 $2,929,538 $2,874,790 $2,811,467 $2,753,212 
Tangible book value per common share$7.39 $7.25 $7.12 $6.96 $6.82 
Tangible common equity to tangible assets:
Tangible common shareholders' equity$2,999,565 $2,929,538 $2,874,790 $2,811,467 $2,753,212 
Total assets$41,178,011 $40,686,076 $40,747,492 $41,626,497 $39,089,443 
Less: Goodwill and other intangible assets1,450,414 1,452,891 1,449,282 1,453,330 1,458,095 
Tangible assets$39,727,597 $39,233,185 $39,298,210 $40,173,167 $37,631,348 
Tangible common equity to tangible assets7.55 %7.47 %7.32 %7.00 %7.32 %
(3)
The efficiency ratio measures Valley's total non-interest expense as a percentage of net interest income plus total non-interest income.
(4)The adjustment represents an increase in the allowance for credit losses for loans as a result of the adoption of ASU 2016-13 effective January 1, 2020.
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, 1455 Valley Road, Wayne, New Jersey, 07470, by telephone at (973) 305-3380, by fax at (973) 305-1364 or by e-mail at tzarkadas@valley.com.













14




VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data)


March 31,December 31,
20212020
 (Unaudited)
Assets
Cash and due from banks$280,915 $257,845 
Interest bearing deposits with banks1,352,918 1,071,360 
Investment securities:
Equity securities32,973 29,378 
Available for sale debt securities1,116,221 1,339,473 
Held to maturity debt securities (net of allowance for credit losses of $1,070 at March 31, 2021 and $1,428 at December 31, 2020)2,389,956 2,171,583 
Total investment securities3,539,150 3,540,434 
Loans held for sale, at fair value232,068 301,427 
Loans32,686,416 32,217,112 
Less: Allowance for loan losses(342,880)(340,243)
Net loans32,343,536 31,876,869 
Premises and equipment, net323,841 319,797 
Lease right of use assets242,190 252,053 
Bank owned life insurance535,620 535,209 
Accrued interest receivable107,790 106,230 
Goodwill1,382,442 1,382,442 
Other intangible assets, net67,972 70,449 
Other assets769,569 971,961 
Total Assets$41,178,011 $40,686,076 
Liabilities
Deposits:
Non-interest bearing$10,053,026 $9,205,266 
Interest bearing:
Savings, NOW and money market17,081,105 16,015,658 
Time5,451,078 6,714,678 
Total deposits32,585,209 31,935,602 
Short-term borrowings1,084,666 1,147,958 
Long-term borrowings2,242,931 2,295,665 
Junior subordinated debentures issued to capital trusts56,152 56,065 
Lease liabilities266,407 276,675 
Accrued expenses and other liabilities282,976 381,991 
Total Liabilities36,518,341 36,093,956 
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at March 31, 2021 and December 31, 2020)111,590 111,590 
Series B (4,000,000 shares issued at March 31, 2021 and December 31, 2020)98,101 98,101 
Common stock (no par value, authorized 650,000,000 shares; issued 405,801,304 shares at March 31, 2021 and 403,881,488 shares at December 31, 2020)142,435 141,746 
Surplus3,651,948 3,637,468 
Retained earnings672,651 611,158 
Accumulated other comprehensive loss(17,005)(7,718)
Treasury stock, at cost (3,766 common shares at March 31, 2021 and 22,490 common shares at December 31, 2020)(50)(225)
Total Shareholders’ Equity4,659,670 4,592,120 
Total Liabilities and Shareholders’ Equity$41,178,011 $40,686,076 
15




VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for share data)

Three Months Ended
March 31,December 31,March 31,
202120202020
Interest Income
Interest and fees on loans$313,181 $313,968 $333,068 
Interest and dividends on investment securities:
Taxable13,166 14,024 21,933 
Tax-exempt3,356 3,339 3,926 
Dividends1,871 2,467 3,401 
Interest on federal funds sold and other short-term investments224 260 1,465 
Total interest income331,798 334,058 363,793 
Interest Expense
Interest on deposits:
Savings, NOW and money market11,125 11,706 34,513 
Time11,093 14,368 42,814 
Interest on short-term borrowings1,758 2,097 4,707 
Interest on long-term borrowings and junior subordinated debentures15,155 17,967 16,420 
Total interest expense39,131 46,138 98,454 
Net Interest Income292,667 287,920 265,339 
(Credit) provision for credit losses for held to maturity securities(358)(53)759 
Provision for credit losses for loans9,014 19,028 33,924 
Net Interest Income After Provision for Credit Losses284,011 268,945 230,656 
Non-Interest Income
Trust and investment services3,329 3,108 3,413 
Insurance commissions1,558 1,972 1,951 
Service charges on deposit accounts5,103 5,068 5,680 
(Losses) gains on securities transactions, net(118)651 (40)
Fees from loan servicing2,899 2,826 2,748 
Gains on sales of loans, net3,513 15,998 4,550 
(Losses) gains on sales of assets, net(196)(2,607)121 
Bank owned life insurance2,331 2,422 3,142 
Other12,814 18,095 19,832 
Total non-interest income31,233 47,533 41,397 
Non-Interest Expense
Salary and employee benefits expense88,103 85,335 85,728 
Net occupancy and equipment expense32,259 32,228 32,441 
FDIC insurance assessment3,276 4,091 3,876 
Amortization of other intangible assets6,006 6,117 5,470 
Professional and legal fees6,272 9,702 6,087 
Loss on extinguishment of debt— 9,683 — 
Amortization of tax credit investments2,744 3,932 3,228 
Telecommunication expense3,160 3,490 2,287 
Other18,393 18,563 16,539 
Total non-interest expense160,213 173,141 155,656 
Income Before Income Taxes155,031 143,337 116,397 
Income tax expense39,321 37,974 29,129 
Net Income115,710 105,363 87,268 
Dividends on preferred stock3,172 3,172 3,172 
Net Income Available to Common Shareholders$112,538 $102,191 $84,096 


16




VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for share data)

Three Months Ended
March 31,December 31,March 31,
202120202020
Earnings Per Common Share:
Basic$0.28 $0.25 $0.21 
Diluted0.28 0.25 0.21 
Cash Dividends Declared per Common Share0.11 0.11 0.11 
Weighted Average Number of Common Shares Outstanding:
Basic405,152,605 403,872,459 403,519,088 
Diluted407,636,765 405,799,507 405,424,123 

17




VALLEY NATIONAL BANCORP
Quarterly Analysis of Average Assets, Liabilities and Shareholders' Equity and
Net Interest Income on a Tax Equivalent Basis

Three Months Ended
March 31, 2021December 31, 2020March 31, 2020
 AverageAvg. AverageAvg. AverageAvg.
($ in thousands) BalanceInterestRate BalanceInterestRate BalanceInterestRate
Assets
Interest earning assets:
Loans (1)(2)
$32,582,479 $313,206 3.85 %$32,570,902 $313,993 3.86 %$29,999,428 $333,068 4.44 %
Taxable investments (3)
3,111,116 15,037 1.93 3,204,974 16,491 2.06 3,557,913 25,334 2.85 
Tax-exempt investments (1)(3)
513,809 4,248 3.31 506,748 4,227 3.34 585,987 4,970 3.39 
Interest bearing deposits with banks1,178,815 224 0.08 1,523,876 260 0.07 530,747 1,465 1.10 
Total interest earning assets37,386,219 332,715 3.56 37,806,500 334,971 3.54 34,674,075 364,837 4.21 
Other assets3,384,512 3,502,443 3,442,775 
Total assets$40,770,731 $41,308,943 $38,116,850 
Liabilities and shareholders' equity
Interest bearing liabilities:
Savings, NOW and money market deposits
$16,617,762 $11,125 0.27 %$15,606,081 $11,706 0.30 %$13,239,382 $34,513 1.04 %
Time deposits5,844,524 11,093 0.76 7,005,804 14,368 0.82 8,897,934 42,814 1.92 
Short-term borrowings1,168,617 1,758 0.60 1,316,706 2,097 0.64 1,322,699 4,707 1.42 
Long-term borrowings (4)
2,323,279 15,155 2.61 2,779,632 17,967 2.59 2,775,049 16,420 2.37 
Total interest bearing liabilities25,954,182 39,131 0.60 26,708,223 46,138 0.69 26,235,064 98,454 1.50 
Non-interest bearing deposits9,373,000 9,143,953 6,694,102 
Other liabilities798,149 874,438 779,099 
Shareholders' equity4,645,400 4,582,329 4,408,585 
Total liabilities and shareholders' equity$40,770,731 $41,308,943 $38,116,850 
Net interest income/interest rate spread (5)
$293,584 2.96 %$288,833 2.85 %$266,383 2.71 %
Tax equivalent adjustment(917)(913)(1,044)
Net interest income, as reported$292,667 $287,920 $265,339 
Net interest margin (6)
3.13 3.05 3.06 
Tax equivalent effect0.01 0.01 0.01 
Net interest margin on a fully tax equivalent basis (6)
3.14 %3.06 %3.07 %
(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.
18

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