• Valley National Bancorp Announces Second Quarter 2023 Results

    Источник: Nasdaq GlobeNewswire / 27 июл 2023 06:00:03   America/Chicago

    NEW YORK, July 27, 2023 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the second quarter 2023 of $139.1 million, or $0.27 per diluted common share, as compared to the second quarter 2022 net income of $96.4 million, or $0.18 per diluted common share, and net income of $146.6 million, or $0.28 per diluted common share, for the first quarter 2023. Excluding all non-core charges, our adjusted net income (a non-GAAP measure) was $147.1 million, or $0.28 per diluted common share, for the second quarter 2023, $165.8 million, or $0.32 per diluted common share, for second quarter 2022, and $154.5 million, or $0.30 per diluted common share, for the first quarter 2023. See further details below, including a reconciliation of our non-GAAP adjusted net income, in the "Consolidated Financial Highlights" tables.

    Key financial highlights for the second quarter:

    • Loan Portfolio: Total loans increased $1.2 billion, or 10.0 percent on an annualized basis, to $49.9 billion at June 30, 2023 from March 31, 2023 mainly as a result of new commercial loan production from mostly seasoned customer relationships and the continuation of slower prepayment activity within the loan portfolio. See the "Loans" section below for more details.
    • Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $458.7 million and $461.0 million at June 30, 2023 and March 31, 2023, respectively, representing 0.92 percent and 0.95 percent of total loans at each respective date. During the second quarter 2023, the provision for credit losses for loans totaled $6.3 million as compared to $9.5 million and $43.7 million for the first quarter 2023 and second quarter 2022, respectively.
    • Credit Quality: Total accruing past due loans decreased $38.5 million to $61.8 million, or 0.12 percent of total loans, at June 30, 2023 as compared to $100.3 million, or 0.21 percent of total loans, at March 31, 2023. Non-accrual loans represented 0.51 percent and 0.50 percent of total loans at June 30, 2023 and March 31, 2023, respectively. Net loan charge-offs totaled $8.6 million for the second quarter 2023 as compared to $30.4 million and $2.3 million for the first quarter 2023 and second quarter 2022, respectively. See the "Credit Quality" section below for more details.
    • Deposits: Total deposits increased $2.0 billion to $49.6 billion at June 30, 2023 as compared to $47.6 billion at March 31, 2023 largely due to increases in indirect customer deposits and retail CDs. See the "Deposits" section below for more details.
    • Net Interest Income and Margin: Net interest income on a tax equivalent basis of $421.3 million for the second quarter 2023 decreased $16.2 million compared to the first quarter 2023 and increased $1.7 million as compared to the second quarter 2022. Our net interest margin on a tax equivalent basis decreased by 22 basis points to 2.94 percent in the second quarter 2023 as compared to 3.16 percent for the first quarter 2023. The decline in both net interest income and margin as compared to the linked first quarter reflects the impact of rising market interest rates on interest bearing deposits and incremental short-term borrowings held during the second quarter 2023. While our cash position declined compared to the linked quarter, elevated liquidity on an average basis continued to weigh on our net interest margin during the quarter. See the "Net Interest Income and Margin" section below for more details.
    • Non-Interest Income: Non-interest income increased $5.8 million to $60.1 million for the second quarter 2023 as compared to the first quarter 2023 mainly due to a $6.1 million increase in capital market fees. The increase in capital market fees was largely driven by additional fee income from a higher volume of interest rate swap transactions executed for commercial loan customers during the second quarter 2023.
    • Non-Interest Expense: Non-interest expense increased $10.8 million to $283.0 million for the second quarter 2023 as compared to the first quarter 2023 primarily due to a non-core charge of $11.2 million recorded within salary and employee benefits expense largely related to recent workforce reductions. Salary and employee benefits expense increased $4.6 million from first quarter 2023 mainly due to the non-core charge, partially offset by lower cash incentive compensation expense and payroll taxes. Additionally, professional and legal fees increased $4.6 million from first quarter 2023 mostly due to higher technology consulting and managed services, while technology, furniture and equipment expense decreased $4.0 million during the second quarter 2023 due, in part, to lower depreciation expense.
    • Efficiency Ratio: Our efficiency ratio was 55.59 percent for the second quarter 2023 as compared to 53.79 percent and 50.78 percent for the first quarter 2023 and second quarter 2022, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.
    • Performance Ratios: Annualized return on average assets (ROA), shareholders’ equity (ROE) and tangible ROE were 0.90 percent, 8.50 percent and 12.37 percent for the second quarter 2023, respectively. Annualized ROA, ROE, and tangible ROE, adjusted for non-core charges, were 0.95 percent, 8.99 percent and 13.09 percent for the second quarter 2023, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.

    Ira Robbins, CEO commented, "In a challenging and competitive operating environment, Valley continues to exhibit strong and stable asset quality which has set us apart throughout our history. This strength is the product of significant granularity and diversity on both sides of the balance sheet. Further, our ability to service and support our premier clientele will drive our ongoing success in a volatile market."

    Mr. Robbins continued, "We will continue to navigate the current impact of an inverted yield curve through a combination of thoughtful and methodical growth and diligent expense management. Our commitment to our local communities remains paramount, and we believe that a brighter future lies ahead for both Valley and the banking industry as a whole."

    Net Interest Income and Margin

    Net interest income on a tax equivalent basis totaling $421.3 million for the second quarter 2023 decreased $16.2 million as compared to the first quarter 2023 and increased $1.7 million as compared to the second quarter 2022. The decrease as compared to the first quarter 2023 was mainly due to a $3.3 billion increase in average interest bearing liabilities and higher interest rates on most interest bearing deposit products and short-term borrowings, partially offset by higher loan yields. As a result, interest expense increased $83.5 million to $367.7 million for the second quarter 2023 as compared to the first quarter 2023. Interest income on a tax equivalent basis increased $67.3 million to $789.0 million in the second quarter 2023 as compared to the first quarter 2023. The increase was mostly due to higher yields on both new originations and adjustable rate loans in our portfolio and a $1.6 billion increase in average loan balances driven by organic new loan volumes and a continuation of slower loan prepayments.

    Net interest margin on a tax equivalent basis of 2.94 percent for the second quarter 2023 decreased by 22 basis points and 49 basis points from 3.16 percent and 3.43 percent for the first quarter 2023 and the second quarter 2022, respectively. The decrease as compared to the first quarter 2023 was largely driven by higher interest rates on interest bearing deposits and short-term borrowings, partially offset by a 29 basis point increase in the yield on average interest earning assets. The yield on average loans increased by 30 basis points to 5.78 percent for the second quarter 2023 as compared to the first quarter 2023 largely due to higher interest rates on new originations and adjustable rate loans. The yields on average taxable and non-taxable investments also increased 13 basis points and 16 basis points, respectively, from the first quarter 2023 mostly due to investment maturities and prepayments redeployed into new higher yielding securities during the first half of 2023. Our cost of total average deposits increased to 2.45 percent for the second quarter 2023 from 1.96 percent and 0.19 percent for the first quarter 2023 and the second quarter 2022, respectively. The overall cost of average interest bearing liabilities also increased 57 basis points to 3.59 percent for the second quarter 2023 as compared to the first quarter 2023 primarily driven by the rising market interest rates on deposits during the first half of 2023.

    Loans, Deposits and Other Borrowings

    Loans. Loans increased $1.2 billion to approximately $49.9 billion at June 30, 2023 from March 31, 2023 mainly due to continued organic loan growth in commercial loan categories and low levels of prepayment activity during the second quarter 2023. Total commercial real estate (including construction) and commercial and industrial loans increased $831.8 million, or 10.8 percent, and $243.4 million, or 10.8 percent, respectively, on an annualized basis during the second quarter 2023. Residential mortgage loans increased $74.1 million during the second quarter 2023 as we largely originated new portfolio loans held for investment. During the second quarter 2023, we sold $44.5 million of residential mortgage loans as compared to $27.3 million in the first quarter 2023. Residential mortgage loans held for sale at fair value totaled $23.0 million and $17.2 million at June 30, 2023 and March 31, 2023, respectively. At June 30, 2023, loans held for sale also included one non-performing construction loan totaling $10.0 million, net of charge-offs, transferred from the loan portfolio during the second quarter 2023.

    Deposits. Total deposits increased $2.0 billion to $49.6 billion at June 30, 2023 from March 31, 2023 mainly due to a $3.8 billion increase in time deposits, partially offset by decreases in non-interest bearing deposits, and savings, NOW and money market deposits totaling $1.1 billion and $626.1 million, respectively. The increase in time deposits from March 31, 2023 was partially attributable to higher fully-insured indirect customer CD balances at June 30, 2023. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 25 percent, 45 percent and 30 percent of total deposits as of June 30, 2023, respectively, as compared to 29 percent, 48 percent and 23 percent of total deposits as of March 31, 2023, respectively.

    Other Borrowings. Short-term borrowings decreased $5.3 billion to $1.1 billion at June 30, 2023 as compared to March 31, 2023 mainly due to maturities and repayment of FHLB advances. In March 2023, we increased our short-term borrowings to bolster our liquidity position out of an abundance of caution in the wake of the two bank failures and subsequently managed these balances to a lower level during the second quarter 2023, partially through the greater use of time deposits. We continue to closely monitor changes in the current banking environment and have substantial access to additional liquidity. Long-term borrowings totaled $2.4 billion at June 30, 2023 and remained relatively unchanged as compared to March 31, 2023.

    Credit Quality

    Non-Performing Assets (NPAs). Total NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, increased $11.2 million to $256.1 million at June 30, 2023 as compared to March 31, 2023 mostly driven by an increase in non-accrual loans. Non-accrual commercial real estate loans increased $14.8 million to $82.7 million at June 30, 2023 due, in part, to the migration of two loans totaling $10.2 million from the 30 to 59 days past due delinquency category at March 31, 2023 and one new $4.5 million non-performing loan at June 30, 2023. Non-accrual construction loans decreased $5.6 million to $63.0 million at June 30, 2023 from March 31, 2023 primarily due to the $4.2 million partial charge-off of one loan, which was transferred to loans held for sale at June 30, 2023. Non-accrual loans represented 0.51 percent of total loans at June 30, 2023 compared to 0.50 percent at March 31, 2023.

    Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) decreased $38.5 million to $61.8 million, or 0.12 percent of total loans, at June 30, 2023 as compared to $100.3 million, or 0.21 percent of total loans at March 31, 2023.

    Loans 30 to 59 days past due decreased $20.9 million at June 30, 2023 as compared to March 31, 2023 due, in part, to the aforementioned commercial real estate loans totaling $10.2 million included in this delinquency category at March 31, 2023 that moved to non-accrual loans at June 30, 2023. Commercial and industrial loans 30 to 59 days past due decreased $14.5 million mainly due to improved performance during the second quarter 2023. Loans 60 to 89 days past due decreased $14.8 million to $12.9 million at June 30, 2023 as compared to March 31, 2023 largely due to a commercial and industrial loan relationship totaling $21.2 million included in this delinquency category at March 31, 2023 that became current with respect to its contractual payments at June 30, 2023. Loans 90 days or more past due and still accruing interest decreased $2.8 million to $15.0 million at June 30, 2023 as compared to March 31, 2023. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.

    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 June 30, 2023, March 31, 2023 and June 30, 2022:

     June 30, 2023 March 31, 2023 June 30, 2022
       Allocation   Allocation   Allocation
       as a % of   as a % of   as a % of
     Allowance Loan Allowance Loan Allowance Loan
     Allocation Category Allocation Category Allocation Category
     ($ in thousands)
    Loan Category:           
    Commercial and industrial loans$128,245   1.38% $127,992   1.42% $144,539   1.70%
    Commercial real estate loans:           
    Commercial real estate 194,177   0.70   190,420   0.70   227,457   0.97 
    Construction 45,518   1.19   52,912   1.42   49,770   1.47 
    Total commercial real estate loans 239,695   0.76   243,332   0.79   277,227   1.03 
    Residential mortgage loans 44,153   0.79   41,708   0.76   29,889   0.60 
    Consumer loans:           
    Home equity 4,020   0.75   4,417   0.86   3,907   0.91 
    Auto and other consumer 20,319   0.70   19,449   0.69   13,257   0.49 
    Total consumer loans 24,339   0.71   23,866   0.71   17,164   0.55 
    Allowance for loan losses 436,432   0.88   436,898   0.90   468,819   1.08 
    Allowance for unfunded credit commitments 22,244     24,071     22,144   
    Total allowance for credit losses for loans$458,676    $460,969    $490,963   
    Allowance for credit losses for loans as a % total loans   0.92%    0.95%    1.13%
                      

    Our loan portfolio, totaling $49.9 billion at June 30, 2023, had net loan charge-offs totaling $8.6 million for the second quarter 2023 as compared to $30.4 million and $2.3 million for the first quarter 2023 and the second quarter 2022, respectively. Gross charge-offs totaled $11.3 million for the second quarter 2023 and included the $4.2 million partial charge-off related to the valuation of a non-performing construction loan transferred from the held for investment loan portfolio to loans held for sale at June 30, 2023. This construction loan had specific reserves of $5.2 million within the allowance for loan losses at March 31, 2023 and, as a result, the partial charge-off was fully reserved for prior to the second quarter 2023.

    The allowance for credit losses for loans, comprised of our allowance for loan losses and unfunded credit commitments, as a percentage of total loans was 0.92 percent at June 30, 2023 as compared to 0.95 percent and 1.13 percent at March 31, 2023 and June 30, 2022, respectively. During the second quarter 2023, the provision for credit losses for loans totaled $6.3 million as compared to $9.5 million and $43.7 million for the first quarter 2023 and second quarter 2022, respectively. At June 30, 2023, our allowance for credit losses for loans as a percentage of total loans decreased as compared to March 31, 2023 as higher economic forecast reserves driven by a more pessimistic Moody's Baseline outlook was more than offset by lower non-economic qualitative reserves for commercial loans. The net impact of other changes in quantitative reserves for each loan category was not significant to the total allowance for loan losses at June 30, 2023.  

    Capital Adequacy

    Valley's total risk-based capital, common equity Tier 1 capital, Tier 1 capital and Tier 1 leverage capital ratios were 11.52 percent, 9.03 percent, 9.47 percent and 7.86 percent, respectively, at June 30, 2023.

    Investor Conference Call

    Valley will host a conference call with investors and the financial community at 11:00 AM Eastern Daylight Savings Time, today to discuss the second quarter 2023 earnings and related matters. Interested parties should preregister using this link: https://register.vevent.com to receive the dial-in number and a personal PIN, which are required to access the conference call. The teleconference will also be webcast live: https://edge.media-server.com and archived on Valley’s website through Monday, August 28, 2023.

    About Valley

    As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with nearly $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 existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by such forward-looking terminology as “intend,” “should,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “would,” “could,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project,” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

    • the impact of Federal Reserve actions affecting the level of market interest rates and increases in business failures, specifically among our clients, as well as on our business, our employees and our ability to provide services to our customers;
    • the impact of recent and possible future bank failures on the business environment in which we operate and resulting market volatility and reduced confidence in depository institutions, including impact on stock price, customer deposit withdrawals from Valley National Bank, or business disruptions or liquidity issues that have or may affect our customers;
    • the impact of unfavorable macroeconomic conditions or downturns, instability or volatility in financial markets, unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by and factors outside of our control, such as geopolitical instabilities or events; natural and other disasters (including severe weather events) and health emergencies, acts of terrorism or other external events;
    • risks associated with our acquisition of Bank Leumi Le-Israel Corporation (Bank Leumi USA), including (i) the inability to realize expected cost savings and synergies from the acquisition in the amounts or timeframe anticipated and (ii) greater than expected costs or difficulties relating to integration matters;
    • the loss of or decrease in lower-cost funding sources within our deposit base;
    • the need to supplement debt or equity capital to maintain or exceed internal capital thresholds;
    • the inability to attract new customer deposits to keep pace with loan growth strategies;
    • a material change in our allowance for credit losses under CECL due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios;
    • greater than expected technology related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations;
    • the risks related to the replacement of the London Interbank Offered Rate with Secured Overnight Financing Rate and other reference rates, including increased expenses, risk of litigation and the effectiveness of hedging strategies;
    • cyber-attacks, ransomware attacks, computer viruses or other malware that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data, disable or degrade service, or sabotage our systems;
    • damage verdicts or settlements or restrictions related to existing or potential class action litigation or individual litigation arising from claims of violations of laws or regulations, contractual claims, breach of fiduciary responsibility, negligence, fraud, environmental laws, patent or trademark infringement, employment related claims, and other matters;
    • changes to laws and regulations, including changes affecting oversight of the financial services industry; changes in the enforcement and interpretation of such laws and regulations; and changes in accounting and reporting standards;
    • higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations and case law;
    • results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank (FRB), the Consumer Financial Protection Bureau (CFPB) and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities;
    • our inability or determination not to pay dividends at current levels, or at all, because of inadequate earnings, regulatory restrictions or limitations, changes in our capital requirements or a decision to increase capital by retaining more earnings;
    • a prolonged downturn in the economy, mainly in New Jersey, New York, Florida, Alabama, California, and Illinois, as well as an unexpected decline in commercial real estate values within our market areas; and
    • unexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, changes in regulatory lending guidance or other factors.

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

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

    -Tables to Follow-

    VALLEY NATIONAL BANCORP
    CONSOLIDATED FINANCIAL HIGHLIGHTS

    SELECTED FINANCIAL DATA

     Three Months Ended Six Months Ended
     June 30, March 31, June 30, June 30,
    ($ in thousands, except for share data and stock price) 2023   2023   2022   2023   2022 
    FINANCIAL DATA:         
    Net interest income - FTE (1)$421,275  $437,458  $419,565  $858,733  $737,927 
    Net interest income$419,765  $436,020  $418,160  $855,785  $735,829 
    Non-interest income 60,075   54,299   58,533   114,374   97,803 
    Total revenue 479,840   490,319   476,693   970,159   833,632 
    Non-interest expense 282,971   272,166   299,730   555,137   497,070 
    Pre-provision net revenue 196,869   218,153   176,963   415,022   336,562 
    Provision for credit losses 6,050   14,437   43,998   20,487   47,555 
    Income tax expense 51,759   57,165   36,552   108,924   75,866 
    Net income 139,060   146,551   96,413   285,611   213,141 
    Dividends on preferred stock 4,030   3,874   3,172   7,904   6,344 
    Net income available to common shareholders$135,030  $142,677  $93,241  $277,707  $206,797 
    Weighted average number of common shares outstanding:         
    Basic 507,690,043   507,111,295   506,302,464   507,402,268   464,172,210 
    Diluted 508,643,025   509,656,430   508,479,206   509,076,303   466,320,683 
    Per common share data:         
    Basic earnings$0.27  $0.28  $0.18  $0.55  $0.45 
    Diluted earnings 0.27   0.28   0.18   0.55   0.44 
    Cash dividends declared 0.11   0.11   0.11   0.22   0.22 
    Closing stock price - high 9.38   12.59   13.04   12.59   15.02 
    Closing stock price - low 6.59   9.06   10.34   6.59   10.34 
    FINANCIAL RATIOS:         
    Net interest margin 2.93%  3.15%  3.42%  3.04%  3.30%
    Net interest margin - FTE (1) 2.94   3.16   3.43   3.05   3.31 
    Annualized return on average assets 0.90   0.98   0.72   0.94   0.88 
    Annualized return on avg. shareholders' equity 8.50   9.10   6.18   8.80   7.51 
    NON-GAAP FINANCIAL DATA AND RATIOS: (3)         
    Basic earnings per share, as adjusted$0.28  $0.30  $0.32  $0.58  $0.60 
    Diluted earnings per share, as adjusted 0.28   0.30   0.32   0.58   0.60 
    Annualized return on average assets, as adjusted 0.95%  1.03%  1.25%  0.99%  1.18%
    Annualized return on average shareholders' equity, as adjusted 8.99   9.60   10.63   9.29   10.09 
    Annualized return on avg. tangible shareholders' equity 12.37%  13.39%  9.33%  12.87%  11.07%
    Annualized return on average tangible shareholders' equity, as adjusted 13.09   14.12   16.05   13.59   14.87 
    Efficiency ratio 55.59   53.79   50.78   54.69   51.81 
              
    AVERAGE BALANCE SHEET ITEMS:         
    Assets$61,877,464  $59,867,002  $53,211,422  $60,877,792  $48,417,469 
    Interest earning assets 57,351,808   55,362,790   48,891,230   56,362,794   44,609,968 
    Loans 49,457,937   47,859,371   42,517,287   48,663,070   38,592,151 
    Interest bearing liabilities 40,925,791   37,618,750   29,694,271   39,281,405   27,930,890 
    Deposits 47,464,469   47,152,919   42,896,381   47,309,554   39,349,737 
    Shareholders' equity 6,546,452   6,440,215   6,238,985   6,493,627   5,673,014 
                        


     As Of
    BALANCE SHEET ITEMS:June 30, March 31, December 31, September 30, June 30,
    (In thousands) 2023   2023   2022   2022   2022 
    Assets$61,703,693  $64,309,573  $57,462,749  $55,927,501  $54,438,807 
    Total loans 49,877,248   48,659,966   46,917,200   45,185,764   43,560,777 
    Deposits 49,619,815   47,590,916   47,636,914   45,308,843   43,881,051 
    Shareholders' equity 6,575,184   6,511,581   6,400,802   6,273,829   6,204,913 
              
    LOANS:         
    (In thousands)         
    Commercial and industrial loans:         
    Commercial and industrial$9,287,309  $9,043,946  $8,804,830  $8,701,377  $8,514,458 
    Commercial real estate:         
    Commercial real estate 27,793,072   27,051,111   25,732,033   24,493,445   23,535,086 
    Construction 3,815,761   3,725,967   3,700,835   3,571,818   3,374,373 
    Total commercial real estate 31,608,833   30,777,078   29,432,868   28,065,263   26,909,459 
    Residential mortgage 5,560,356   5,486,280   5,364,550   5,177,128   5,005,069 
    Consumer:         
    Home equity 535,493   516,592   503,884   467,135   431,455 
    Automobile 1,632,875   1,717,141   1,746,225   1,711,086   1,673,482 
    Other consumer 1,252,382   1,118,929   1,064,843   1,063,775   1,026,854 
    Total consumer loans 3,420,750   3,352,662   3,314,952   3,241,996   3,131,791 
    Total loans$49,877,248  $48,659,966  $46,917,200  $45,185,764  $43,560,777 
              
    CAPITAL RATIOS:         
    Book value per common share$12.54  $12.41  $12.23  $11.98  $11.84 
    Tangible book value per common share (3) 8.51   8.36   8.15   7.87   7.71 
    Tangible common equity to tangible assets (3) 7.24%  6.82%  7.45%  7.40%  7.46%
    Tier 1 leverage capital 7.86   7.96   8.23   8.31   8.33 
    Common equity tier 1 capital 9.03   9.02   9.01   9.09   9.06 
    Tier 1 risk-based capital 9.47   9.46   9.46   9.56   9.54 
    Total risk-based capital 11.52   11.58   11.63   11.84   11.53 
                        


     Three Months Ended Six Months Ended
    ALLOWANCE FOR CREDIT LOSSES:June 30, March 31, June 30, June 30,
    ($ in thousands) 2023   2023   2022   2023   2022 
    Allowance for credit losses for loans         
    Beginning balance$460,969  $483,255  $379,252  $483,255  $375,702 
    Impact of the adoption of ASU No. 2022-02 —   (1,368)  —   (1,368)  — 
    Allowance for purchased credit deteriorated (PCD) loans, net (2) —   —   70,319   —   70,319 
    Beginning balance, adjusted 460,969   481,887   449,571   481,887   446,021 
    Loans charged-off:         
    Commercial and industrial (3,865)  (26,047)  (4,540)  (29,912)  (6,111)
    Commercial real estate (2,065)  —   —   (2,065)  (173)
    Construction (4,208)  (5,698)  —   (9,906)  — 
    Residential mortgage (149)  —   (1)  (149)  (27)
    Total consumer (1,040)  (828)  (726)  (1,868)  (1,551)
    Total loans charged-off (11,327)  (32,573)  (5,267)  (43,900)  (7,862)
    Charged-off loans recovered:         
    Commercial and industrial 2,173   1,399   1,952   3,572   2,776 
    Commercial real estate 4   24   224   28   331 
    Residential mortgage 135   21   74   156   531 
    Total consumer 390   761   697   1,151   1,954 
    Total loans recovered 2,702   2,205   2,947   4,907   5,592 
    Total net charge-offs (8,625)  (30,368)  (2,320)  (38,993)  (2,270)
    Provision for credit losses for loans 6,332   9,450   43,712   15,782   47,212 
    Ending balance$458,676  $460,969  $490,963  $458,676  $490,963 
    Components of allowance for credit losses for loans:         
    Allowance for loan losses$436,432  $436,898  $468,819  $436,432  $468,819 
    Allowance for unfunded credit commitments 22,244   24,071   22,144   22,244   22,144 
    Allowance for credit losses for loans$458,676  $460,969  $490,963  $458,676  $490,963 
    Components of provision for credit losses for loans:         
    Provision for credit losses for loans$8,159  $9,979  $38,310  $18,138  $41,568 
    (Credit) provision for unfunded credit commitments (1,827)  (529)  5,402   (2,356)  5,644 
    Total provision for credit losses for loans$6,332  $9,450  $43,712  $15,782  $47,212 
    Annualized ratio of total net charge-offs to total average loans 0.07%  0.25%  0.02%  0.16%  0.01%
    Allowance for credit losses for loans as a % of total loans 0.92%  0.95%  1.13%  0.92   1.13 
                        


     As of
    ASSET QUALITY:June 30, March 31, December 31, September 30, June 30,
    ($ in thousands) 2023   2023   2022   2022   2022 
    Accruing past due loans:         
    30 to 59 days past due:         
    Commercial and industrial$6,229  $20,716  $11,664  $19,526  $7,143 
    Commercial real estate 3,612   13,580   6,638   6,196   10,516 
    Construction —   —   —   —   9,108 
    Residential mortgage 15,565   12,599   16,146   13,045   12,326 
    Total consumer 8,431   7,845   9,087   6,196   6,009 
    Total 30 to 59 days past due 33,837   54,740   43,535   44,963   45,102 
    60 to 89 days past due:         
    Commercial and industrial 7,468   24,118   12,705   2,188   3,870 
    Commercial real estate —   —   3,167   383   630 
    Construction —   —   —   12,969   3,862 
    Residential mortgage 1,348   2,133   3,315   5,947   2,410 
    Total consumer 4,126   1,519   1,579   1,174   702 
    Total 60 to 89 days past due 12,942   27,770   20,766   22,661   11,474 
    90 or more days past due:         
    Commercial and industrial 6,599   8,927   18,392   15,072   15,470 
    Commercial real estate 2,242   —   2,292   15,082   — 
    Construction 3,990   6,450   3,990   —   — 
    Residential mortgage 1,165   1,668   1,866   550   1,188 
    Total consumer 1,006   747   47   421   267 
    Total 90 or more days past due 15,002   17,792   26,587   31,125   16,925 
    Total accruing past due loans$61,781  $100,302  $90,888  $98,749  $73,501 
    Non-accrual loans:         
    Commercial and industrial$84,449  $78,606  $98,881  $135,187  $148,404 
    Commercial real estate 82,712   67,938   68,316   67,319   85,807 
    Construction 63,043   68,649   74,230   61,098   49,780 
    Residential mortgage 20,819   23,483   25,160   26,564   25,847 
    Total consumer 3,068   3,318   3,174   3,227   3,279 
    Total non-accrual loans 254,091   241,994   269,761   293,395   313,117 
    Other real estate owned (OREO) 824   1,189   286   286   422 
    Other repossessed assets 1,230   1,752   1,937   1,122   1,200 
    Total non-performing assets$256,145  $244,935  $271,984  $294,803  $314,739 
    Total non-accrual loans as a % of loans 0.51%  0.50%  0.57%  0.65%  0.72%
    Total accruing past due and non-accrual loans as a % of loans 0.63   0.70   0.77   0.87   0.89 
    Allowance for losses on loans as a % of non-accrual loans 171.76   180.54   170.02   162.15   149.73 
                        

    NOTES TO SELECTED FINANCIAL DATA

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

    Non-GAAP Reconciliations to GAAP Financial Measures

     Three Months Ended Six Months Ended
     June 30, March 31, June 30, June 30,
    ($ in thousands, except for share data) 2023   2023   2022   2023   2022 
    Adjusted net income available to common shareholders (non-GAAP):         
    Net income, as reported (GAAP)$139,060  $146,551  $96,413  $285,611  $213,141 
    Add: Losses (gains) on available for sale and held to maturity securities transactions (net of tax)(a) 6   17   (56)  23   (50)
    Add: Restructuring charge (net of tax)(b) 8,015   —   —   8,015   — 
    Add: Provision for credit losses for available for sale securities (c) —   5,000   —   5,000   — 
    Add: Non-PCD provision for credit losses (net of tax)(d) —   —   29,282   —   29,282 
    Add: Merger related expenses (net of tax)(e) —   2,962   40,164   2,962   43,743 
    Net income, as adjusted (non-GAAP)$147,081  $154,530  $165,803  $301,611  $286,116 
    Dividends on preferred stock 4,030   3,874   3,172   7,904   6,344 
    Net income available to common shareholders, as adjusted (non-GAAP)$143,051  $150,656  $162,631  $293,707  $279,772 
    __________         
    (a) Included in gains (losses) on securities transactions, net.
    (b) Represents severance expense related to workforce reductions within salary and employee benefits expense.
    (c) Included in provision for credit losses for available for sale and held to maturity securities (tax disallowed).
    (d) Represents provision for credit losses for non-PCD assets and unfunded credit commitments acquired during the period.
    (e) Included primarily within salary and employee benefits expense.
              
    Adjusted per common share data (non-GAAP):         
    Net income available to common shareholders, as adjusted (non-GAAP)$143,051  $150,656  $162,631  $293,707  $279,772 
    Average number of shares outstanding 507,690,043   507,111,295   506,302,464   507,402,268   464,172,210 
    Basic earnings, as adjusted (non-GAAP)$0.28  $0.30  $0.32  $0.58  $0.60 
    Average number of diluted shares outstanding 508,643,025   509,656,430   508,479,206   509,076,303   466,320,683 
    Diluted earnings, as adjusted (non-GAAP)$0.28  $0.30  $0.32  $0.58  $0.60 
    Adjusted annualized return on average tangible shareholders' equity (non-GAAP):         
    Net income, as adjusted (non-GAAP)$147,081  $154,530  $165,803  $301,611  $286,116 
    Average shareholders' equity$6,546,452  $6,440,215  $6,238,985   6,493,627   5,673,014 
    Less: Average goodwill and other intangible assets 2,051,591   2,061,361   2,105,585   2,056,487   1,823,538 
    Average tangible shareholders' equity$4,494,861  $4,378,854  $4,133,400  $4,437,140  $3,849,476 
    Annualized return on average tangible shareholders' equity, as adjusted (non-GAAP) 13.09%  14.12%  16.05%  13.59%  14.87%
    Adjusted annualized return on average assets (non-GAAP):         
    Net income, as adjusted (non-GAAP)$147,081  $154,530  $165,803  $301,611  $286,116 
    Average assets$61,877,464  $59,867,002  $53,211,422  $60,877,792  $48,417,469 
    Annualized return on average assets, as adjusted (non-GAAP) 0.95%  1.03%  1.25%  0.99%  1.18%
                        

    Non-GAAP Reconciliations to GAAP Financial Measures (Continued)

     Three Months Ended Six Months Ended
     June 30, March 31, June 30, June 30,
    ($ in thousands) 2023   2023   2022   2023   2022 
    Adjusted annualized return on average shareholders' equity (non-GAAP):         
    Net income, as adjusted (non-GAAP)$147,081  $154,530  $165,803  $301,611  $286,116 
    Average shareholders' equity$6,546,452  $6,440,215  $6,238,985  $6,493,627  $5,673,014 
    Annualized return on average shareholders' equity, as adjusted (non-GAAP) 8.99%  9.60%  10.63%  9.29%  10.09%
    Annualized return on average tangible shareholders' equity (non-GAAP):         
    Net income, as reported (GAAP)$139,060  $146,551  $96,413  $285,611  $213,141 
    Average shareholders' equity$6,546,452  $6,440,215  $6,238,985   6,493,627   5,673,014 
    Less: Average goodwill and other intangible assets 2,051,591   2,061,361   2,105,585   2,056,487   1,823,538 
    Average tangible shareholders' equity$4,494,861  $4,378,854  $4,133,400  $4,437,140  $3,849,476 
    Annualized return on average tangible shareholders' equity (non-GAAP) 12.37%  13.39%  9.33%  12.87%  11.07%
    Efficiency ratio (non-GAAP):          
    Non-interest expense, as reported (GAAP)$282,971  $272,166  $299,730  $555,137  $497,070 
    Less: Restructuring charge (pre-tax) 11,182   —   —   11,182   — 
    Less: Merger-related expenses (pre-tax) —   4,133   54,496   4,133   59,124 
    Less: Amortization of tax credit investments (pre-tax) 5,018   4,253   3,193   9,271   6,089 
    Non-interest expense, as adjusted (non-GAAP)$266,771  $263,780  $242,041  $530,551  $431,857 
    Net interest income, as reported (GAAP) 419,765   436,020   418,160   855,785   735,829 
    Non-interest income, as reported (GAAP) 60,075   54,299   58,533   114,374   97,803 
    Add: Losses (gains) on available for sale and held to maturity securities transactions, net (pre-tax) 9   24   (78)  33   (69)
    Non-interest income, as adjusted (non-GAAP)$60,084  $54,323  $58,455  $114,407  $97,734 
    Gross operating income, as adjusted (non-GAAP)$479,849  $490,343  $476,615  $970,192  $833,563 
    Efficiency ratio (non-GAAP) 55.59%  53.79%  50.78%  54.69%  51.81%
                        


     As of
     June 30, March 31, December 31, September 30, June 30,
    ($ in thousands, except for share data) 2023   2023   2022   2022   2022 
    Tangible book value per common share (non-GAAP):         
    Common shares outstanding 507,619,430   507,762,358   506,374,478   506,351,502   506,328,526 
    Shareholders' equity (GAAP)$6,575,184  $6,511,581  $6,400,802  $6,273,829  $6,204,913 
    Less: Preferred stock 209,691   209,691   209,691   209,691   209,691 
    Less: Goodwill and other intangible assets 2,046,882   2,056,107   2,066,392   2,079,731   2,090,147 
    Tangible common shareholders' equity (non-GAAP)$4,318,611  $4,245,783  $4,124,719  $3,984,407  $3,905,075 
    Tangible book value per common share (non-GAAP)$8.51  $8.36  $8.15  $7.87  $7.71 
    Tangible common equity to tangible assets (non-GAAP):         
    Tangible common shareholders' equity (non-GAAP)$4,318,611  $4,245,783  $4,124,719  $3,984,407  $3,905,075 
    Total assets (GAAP)$61,703,693  $64,309,573  $57,462,749  $55,927,501  $54,438,807 
    Less: Goodwill and other intangible assets 2,046,882   2,056,107   2,066,392   2,079,731   2,090,147 
    Tangible assets (non-GAAP)$59,656,811  $62,253,466  $55,396,357  $53,847,770  $52,348,660 
    Tangible common equity to tangible assets (non-GAAP) 7.24%  6.82%  7.45%  7.40%  7.46%
                        
                        



     

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

     June 30, December 31,
      2023   2022 
      (Unaudited)  
    Assets   
    Cash and due from banks$463,318  $444,325 
    Interest bearing deposits with banks 1,491,091   503,622 
    Investment securities:   
    Equity securities 61,010   48,731 
    Trading debt securities 3,409   13,438 
    Available for sale debt securities 1,236,946   1,261,397 
    Held to maturity debt securities (net of allowance for credit losses of $1,351 at June 30, 2023 and $1,646 at December 31, 2022) 3,765,487   3,827,338 
    Total investment securities 5,066,852   5,150,904 
    Loans held for sale, at fair value 33,044   18,118 
    Loans 49,877,248   46,917,200 
    Less: Allowance for loan losses (436,432)  (458,655)
    Net loans 49,440,816   46,458,545 
    Premises and equipment, net 386,584   358,556 
    Lease right of use assets 359,751   306,352 
    Bank owned life insurance 717,681   717,177 
    Accrued interest receivable 225,918   196,606 
    Goodwill 1,868,936   1,868,936 
    Other intangible assets, net 177,946   197,456 
    Other assets 1,471,756   1,242,152 
    Total Assets$61,703,693  $57,462,749 
    Liabilities   
    Deposits:   
    Non-interest bearing$12,434,307  $14,463,645 
    Interest bearing:   
    Savings, NOW and money market 22,277,326   23,616,812 
    Time 14,908,182   9,556,457 
    Total deposits 49,619,815   47,636,914 
    Short-term borrowings 1,088,899   138,729 
    Long-term borrowings 2,443,533   1,543,058 
    Junior subordinated debentures issued to capital trusts 56,934   56,760 
    Lease liabilities 420,972   358,884 
    Accrued expenses and other liabilities 1,498,356   1,327,602 
    Total Liabilities 55,128,509   51,061,947 
    Shareholders’ Equity   
    Preferred stock, no par value; 50,000,000 authorized shares:   
    Series A (4,600,000 shares issued at June 30, 2023 and December 31, 2022) 111,590   111,590 
    Series B (4,000,000 shares issued at June 30, 2023 and December 31, 2022) 98,101   98,101 
    Common stock (no par value, authorized 650,000,000 shares; issued 507,896,910 shares at June 30, 2023 and December 31, 2022) 178,187   178,185 
    Surplus 4,974,507   4,980,231 
    Retained earnings 1,379,534   1,218,445 
    Accumulated other comprehensive loss (164,747)  (164,002)
    Treasury stock, at cost (277,480 common shares at June 30, 2023 and 1,522,432 common shares at December 31, 2022) (1,988)  (21,748)
    Total Shareholders’ Equity 6,575,184   6,400,802 
    Total Liabilities and Shareholders’ Equity$61,703,693  $57,462,749 
            

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

     Three Months Ended Six Months Ended
     June 30, March 31, June 30, June 30,
      2023   2023  2022   2023   2022 
    Interest Income         
    Interest and fees on loans$715,172  $655,226 $415,577  $1,370,398  $732,942 
    Interest and dividends on investment securities:         
    Taxable 31,919   32,289  27,534   64,208   45,973 
    Tax-exempt 5,575   5,325  5,191   10,900   7,708 
    Dividends 7,517   5,185  3,076   12,702   4,752 
    Interest on federal funds sold and other short-term investments 27,276   22,205  1,569   49,481   2,030 
    Total interest income 787,459   720,230  452,947   1,507,689   793,405 
    Interest Expense         
    Interest on deposits:         
    Savings, NOW and money market 164,842   150,766  17,122   315,608   26,749 
    Time 125,764   80,298  3,269   206,062   6,100 
    Interest on short-term borrowings 50,208   33,948  4,083   84,156   4,889 
    Interest on long-term borrowings and junior subordinated debentures 26,880   19,198  10,313   46,078   19,838 
    Total interest expense 367,694   284,210  34,787   651,904   57,576 
    Net Interest Income 419,765   436,020  418,160   855,785   735,829 
    (Credit) provision for credit losses for available for sale and held to maturity securities (282)  4,987  286   4,705   343 
    Provision for credit losses for loans 6,332   9,450  43,712   15,782   47,212 
    Net Interest Income After Provision for Credit Losses 413,715   421,583  374,162   835,298   688,274 
    Non-Interest Income         
    Wealth management and trust fees 11,176   9,587  9,577   20,763   14,708 
    Insurance commissions 3,139   2,420  3,463   5,559   5,322 
    Capital markets 16,967   10,892  14,711   27,859   29,071 
    Service charges on deposit accounts 10,542   10,476  10,067   21,018   16,279 
    Gains (losses) on securities transactions, net 217   378  (309)  595   (1,381)
    Fees from loan servicing 2,702   2,671  2,717   5,373   5,498 
    Gains on sales of loans, net 1,240   489  3,602   1,729   4,588 
    Bank owned life insurance 2,443   2,584  2,113   5,027   4,159 
    Other 11,649   14,802  12,592   26,451   19,559 
    Total non-interest income 60,075   54,299  58,533   114,374   97,803 
    Non-Interest Expense         
    Salary and employee benefits expense 149,594   144,986  154,798   294,580   262,531 
    Net occupancy expense 25,949   23,256  22,429   49,205   44,420 
    Technology, furniture and equipment expense 32,476   36,508  49,866   68,984   75,880 
    FDIC insurance assessment 10,426   9,155  5,351   19,581   9,509 
    Amortization of other intangible assets 9,812   10,519  11,400   20,331   15,837 
    Professional and legal fees 21,406   16,814  30,409   38,220   45,158 
    Amortization of tax credit investments 5,018   4,253  3,193   9,271   6,089 
    Other 28,290   26,675  22,284   54,965   37,646 
    Total non-interest expense 282,971   272,166  299,730   555,137   497,070 
    Income Before Income Taxes 190,819   203,716  132,965   394,535   289,007 
    Income tax expense 51,759   57,165  36,552   108,924   75,866 
    Net Income 139,060   146,551  96,413   285,611   213,141 
    Dividends on preferred stock 4,030   3,874  3,172   7,904   6,344 
    Net Income Available to Common Shareholders$135,030  $142,677 $93,241  $277,707  $206,797 
                       

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

     Three Months Ended
     June 30, 2023 March 31, 2023 June 30, 2022
      Average   Avg.  Average   Avg.  Average   Avg.
    ($ in thousands) Balance Interest Rate  Balance Interest Rate  Balance Interest Rate
    Assets                 
    Interest earning assets:               
    Loans (1)(2)$49,457,937  $715,195  5.78% $47,859,371  $655,250  5.48% $42,517,287  $415,602  3.91%
    Taxable investments (3) 5,065,812   39,436  3.11   5,033,134   37,474  2.98   4,912,994   30,610  2.49 
    Tax-exempt investments (1)(3) 629,342   7,062  4.49   623,145   6,739  4.33   684,471   6,571  3.84 
    Interest bearing deposits with banks 2,198,717   27,276  4.96   1,847,140   22,205  4.81   776,478   1,569  0.81 
    Total interest earning assets 57,351,808   788,969  5.50   55,362,790   721,668  5.21   48,891,230   454,352  3.72 
    Other assets 4,525,656       4,504,212       4,320,192     
    Total assets$61,877,464      $59,867,002      $53,211,422     
    Liabilities and shareholders' equity                 
    Interest bearing liabilities:                 
    Savings, NOW and money market deposits$22,512,128  $164,843  2.93% $23,389,569  $150,766  2.58% $23,027,347  $17,122  0.30%
    Time deposits 12,195,479   125,764  4.12   9,738,608   80,298  3.30   3,601,088   3,269  0.36 
    Short-term borrowings 3,878,457   50,207  5.18   2,803,743   33,948  4.84   1,603,198   4,083  1.02 
    Long-term borrowings (4) 2,339,727   26,880  4.60   1,686,830   19,198  4.55   1,462,638   10,313  2.82 
    Total interest bearing liabilities 40,925,791   367,694  3.59   37,618,750   284,210  3.02   29,694,271   34,787  0.47 
    Non-interest bearing deposits 12,756,862       14,024,742       16,267,946     
    Other liabilities 1,648,359       1,783,295       1,010,220     
    Shareholders' equity 6,546,452       6,440,215       6,238,985     
    Total liabilities and shareholders' equity$61,877,464      $59,867,002      $53,211,422     
                      
    Net interest income/interest rate spread (5)  $421,275  1.91%   $437,458  2.19%   $419,565  3.25%
    Tax equivalent adjustment   (1,510)      (1,438)      (1,405)  
    Net interest income, as reported  $419,765      $436,020      $418,160   
    Net interest margin (6)    2.93      3.15      3.42 
    Tax equivalent effect    0.01      0.01      0.01 
    Net interest margin on a fully tax equivalent basis (6)    2.94%     3.16%     3.43%
                         

    _______________
    (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, 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.

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

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