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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q
(Mark One)
Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 2020
OR
Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission File Number 1-11277 
 Valley National Bancorp
(Exact name of registrant as specified in its charter)
New Jersey22-2477875
(State or other jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification Number)
One Penn Plaza
New York,NY10119
(Address of principal executive office)(Zip code)
973-305-8800
(Registrant’s telephone number, including area code) 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of exchange on which registered
Common Stock, no par valueVLYThe Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series A, no par valueVLYPPThe Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series B, no par valueVLYPOThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act (check one):
Large accelerated filerAccelerated filer
Smaller reporting company
Non-accelerated filer
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Common Stock (no par value), of which 403,876,309 shares were outstanding as of November 4, 2020.



TABLE OF CONTENTS
 
  Page
Number
PART I
Item 1.
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 1A.
Item 2.
Item 6.

1



PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data)
September 30,
2020
December 31,
2019
Assets(Unaudited)
Cash and due from banks$276,120 $256,264 
Interest bearing deposits with banks654,591 178,423 
Investment securities:
Equity securities29,026 41,410 
Available for sale debt securities1,526,564 1,566,801 
Held to maturity debt securities (net of allowance for credit losses of $1,481 at September 30, 2020)
2,168,995 2,336,095 
Total investment securities3,724,585 3,944,306 
Loans held for sale, at fair value209,250 76,113 
Loans32,415,586 29,699,208 
Less: Allowance for loan losses(325,032)(161,759)
Net loans32,090,554 29,537,449 
Premises and equipment, net323,056 334,533 
Lease right of use assets265,599 285,129 
Bank owned life insurance533,768 540,169 
Accrued interest receivable136,058 105,637 
Goodwill1,375,409 1,373,625 
Other intangible assets, net73,873 86,772 
Other assets1,084,629 717,600 
Total Assets$40,747,492 $37,436,020 
Liabilities
Deposits:
Non-interest bearing$8,756,924 $6,710,408 
Interest bearing:
Savings, NOW and money market14,893,477 12,757,484 
Time7,537,581 9,717,945 
Total deposits31,187,982 29,185,837 
Short-term borrowings1,430,726 1,093,280 
Long-term borrowings2,852,569 2,122,426 
Junior subordinated debentures issued to capital trusts55,978 55,718 
Lease liabilities290,441 309,849 
Accrued expenses and other liabilities396,033 284,722 
Total Liabilities36,213,729 33,051,832 
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at September 30, 2020 and December 31, 2019)
111,590 111,590 
Series B (4,000,000 shares issued at September 30, 2020 and December 31, 2019)
98,101 98,101 
Common stock (no par value, authorized 650,000,000 shares; issued 403,880,132 shares at September 30, 2020 and 403,322,773 shares at December 31, 2019)
141,718 141,423 
Surplus3,633,321 3,622,208 
Retained earnings553,826 443,559 
Accumulated other comprehensive loss(4,783)(32,214)
Treasury stock, at cost (1,388 common shares at September 30, 2020 and 44,383 common shares at December 31, 2019)
(10)(479)
Total Shareholders’ Equity4,533,763 4,384,188 
Total Liabilities and Shareholders’ Equity$40,747,492 $37,436,020 
See accompanying notes to consolidated financial statements.
2



VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for share data)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Interest Income
Interest and fees on loans$315,788 $298,384 $970,739 $883,595 
Interest and dividends on investment securities:
Taxable14,845 21,801 56,225 67,166 
Tax-exempt3,606 4,219 11,224 13,379 
Dividends2,684 3,171 9,177 9,140 
Interest on federal funds sold and other short-term investments
420 1,686 2,296 3,947 
Total interest income337,343 329,261 1,049,661 977,227 
Interest Expense
Interest on deposits:
Savings, NOW and money market13,323 35,944 64,463 110,247 
Time19,028 42,848 91,699 121,350 
Interest on short-term borrowings2,588 12,953 9,275 40,362 
Interest on long-term borrowings and junior subordinated debentures
19,318 16,891 53,240 45,761 
Total interest expense54,257 108,636 218,677 317,720 
Net Interest Income283,086 220,625 830,984 659,507 
(Credit) provision for credit losses for held to maturity securities(112) 688  
Provision for credit losses for loans31,020 8,700 106,059 18,800 
Net Interest Income After Provision for Credit Losses252,178 211,925 724,237 640,707 
Non-Interest Income
Trust and investment services3,068 3,296 9,307 9,296 
Insurance commissions1,816 2,748 5,426 7,922 
Service charges on deposit accounts3,952 5,904 13,189 17,634 
Losses on securities transactions, net(46)(93)(127)(114)
Other-than-temporary impairment losses on securities   (2,928)
Fees from loan servicing2,551 2,463 7,526 7,260 
Gains on sales of loans, net13,366 5,194 26,253 13,700 
Gains (losses) on sales of assets, net894 (159)716 76,997 
Bank owned life insurance(1,304)2,687 7,661 6,779 
Other24,975 19,110 65,548 39,880 
Total non-interest income49,272 41,150 135,499 176,426 
Non-Interest Expense
Salary and employee benefits expense83,626 77,271 247,886 236,559 
Net occupancy and equipment expense31,116 29,203 96,774 86,789 
FDIC insurance assessment4,847 5,098 14,858 16,150 
Amortization of other intangible assets6,377 4,694 18,528 13,175 
Professional and legal fees8,762 5,870 22,646 15,286 
Loss on extinguishment of debt2,353  2,353  
Amortization of tax credit investments2,759 4,385 9,403 16,421 
Telecommunication expense2,094 2,698 7,247 7,317 
Other18,251 16,658 53,312 43,712 
Total non-interest expense160,185 145,877 473,007 435,409 
Income Before Income Taxes141,265 107,198 386,729 381,724 
Income tax expense38,891 25,307 101,486 110,035 
Net Income102,374 81,891 285,243 271,689 
Dividends on preferred stock 3,172 3,172 9,516 9,516 
Net Income Available to Common Shareholders$99,202 $78,719 $275,727 $262,173 
3




VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (continued)
(in thousands, except for share data)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Earnings Per Common Share:
Basic$0.25 $0.24 $0.68 $0.79 
Diluted0.25 0.24 0.68 0.79 
Cash Dividends Declared per Common Share0.11 0.11 0.33 0.33 
Weighted Average Number of Common Shares Outstanding:
Basic403,833,469 331,797,982 403,714,701 331,716,652 
Diluted404,788,526 333,405,196 404,912,126 333,039,436 
See accompanying notes to consolidated financial statements.
4



VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)
 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Net income$102,374 $81,891 $285,243 $271,689 
Other comprehensive income, net of tax:
Unrealized gains and losses on available for sale securities
Net (losses) gains arising during the period(1,262)8,135 27,819 42,890 
Less reclassification adjustment for net losses included in net income36 72 94 90 
Total(1,226)8,207 27,913 42,980 
Unrealized gains and losses on derivatives (cash flow hedges)
Net gains (losses) on derivatives arising during the period83 76 (2,254)(989)
Less reclassification adjustment for net losses included in net income1,127 324 1,257 806 
Total1,210 400 (997)(183)
Defined benefit pension plan
Amortization of actuarial net loss171 56 515 166 
Total other comprehensive income155 8,663 27,431 42,963 
Total comprehensive income$102,529 $90,554 $312,674 $314,652 
See accompanying notes to consolidated financial statements.

5



CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

For the Nine Months Ended September 30, 2020
Common StockAccumulated
Preferred StockSharesAmountSurplusRetained
Earnings
Other
Comprehensive
Loss
Treasury
Stock
Total
Shareholders’
Equity
 (in thousands)
Balance - December 31, 2019$209,691 403,278 $141,423 $3,622,208 $443,559 $(32,214)$(479)$4,384,188 
Adjustment due to the adoption of ASU No. 2016-13
— — — — (28,187)— — (28,187)
Balance - January 1, 2020209,691 403,278 141,423 3,622,208 415,372 (32,214)(479)4,356,001 
Net income— — — — 87,268 — — 87,268 
Other comprehensive income, net of tax
— — — — — 25,648 — 25,648 
Cash dividends declared:
Preferred stock, Series A, $0.39 per share
— — — — (1,797)— — (1,797)
Preferred stock, Series B, $0.34 per share
— — — — (1,375)— — (1,375)
Common stock, $0.11 per share
— — — — (44,979)— — (44,979)
Effect of stock incentive plan, net
— 466 190 1,828 (2,065)— 279 232 
Balance - March 31, 2020209,691 403,744 141,613 3,624,036 452,424 (6,566)(200)4,420,998 
Net income— — — — 95,601 — — 95,601 
Other comprehensive income, net of tax
— — — — — 1,628 — 1,628 
Cash dividends declared:
Preferred stock, Series A, $0.39 per share
— — — — (1,797)— — (1,797)
Preferred stock, Series B, $0.34 per share
— — — — (1,375)— — (1,375)
Common stock, $0.11 per share
— — — — (44,750)— — (44,750)
Effect of stock incentive plan, net
— 52 54 4,756 (592)— (35)4,183 
Balance - June 30, 2020209,691 403,796 141,667 3,628,792 499,511 (4,938)(235)4,474,488 
Net income— — — — 102,374 — — 102,374 
Other comprehensive income, net of tax
— — — — — 155 — 155 
Cash dividends declared:
Preferred stock, Series A, $0.39 per share
— — — — (1,797)— — (1,797)
Preferred stock, Series B, $0.34 per share
— — — — (1,375)— — (1,375)
Common stock, $0.11 per share
— — — — (44,770)— — (44,770)
Effect of stock incentive plan, net
— 83 51 4,529 (117)— 225 4,688 
Balance - September 30, 2020$209,691 403,879 $141,718 $3,633,321 $553,826 $(4,783)$(10)$4,533,763 

6



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

For the Nine Months Ended September 30, 2019
Common StockAccumulated
Preferred StockSharesAmountSurplusRetained
Earnings
Other
Comprehensive
Loss
Treasury
Stock
Total
Shareholders’
Equity
 (in thousands)
Balance - December 31, 2018$209,691 331,431 $116,240 $2,796,499 $299,642 $(69,431)$(2,187)$3,350,454 
Adjustment due to the adoption of ASU No. 2016-02
— — — — 4,414 — — 4,414 
Adjustment due to the adoption of ASU No. 2017-08
— — — — (1,446)— — (1,446)
Balance - January 1, 2019209,691 331,431 116,240 2,796,499 302,610 (69,431)(2,187)3,353,422 
Net income— — — — 113,330 — — 113,330 
Other comprehensive income, net of tax
— — — — — 16,174 — 16,174 
Cash dividends declared:
Preferred stock, Series A, $0.39 per share
— — — — (1,797)— — (1,797)
Preferred stock, Series B, $0.34 per share
— — — — (1,375)— — (1,375)
Common stock, $0.11 per share
— — — — (36,686)— — (36,686)
Effect of stock incentive plan, net
— 302 226 2,935 (99)— (1,251)1,811