VALLEY NATIONAL BANCORP

For the period ended Dec 31, 2023. Filed Feb 29, 2024.

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FY2023 · Filed Feb 29, 2024

VLY$14.31+0.1%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Income

	Years Ended December 31,
	2023	2022	2021
(in thousands, except for share data)
Interest Income
Interest and fees on loans	$2,886,930	$1,828,477	$1,257,389
Interest and dividends on investment securities:
Taxable	130,708	105,716	56,026
Tax-exempt	20,305	17,958	11,716
Dividends	24,139	11,468	7,357
Interest on federal funds sold and other short-term investments	76,809	13,064	1,738
Total interest income	3,138,891	1,976,683	1,334,226
Interest Expense
Interest on deposits:
Savings, NOW and money market	739,025	186,709	42,879
Time	535,749	69,691	25,094
Interest on short-term borrowings	94,869	17,453	5,374
Interest on long-term borrowings and junior subordinated debentures	103,770	47,190	50,978
Total interest expense	1,473,413	321,043	124,325
Net Interest Income	1,665,478	1,655,640	1,209,901
Provision for credit losses for available for sale and held to maturity securities	4,559	481	(263)
Provision for credit losses for loans	45,625	56,336	32,896
Net Interest Income After Provision for Credit Losses	1,615,294	1,598,823	1,177,268
Non-Interest Income
Wealth management and trust fees	44,158	34,709	14,910
Insurance commissions	11,116	11,975	7,810
Capital markets	41,489	52,362	27,377
Service charges on deposit accounts	41,306	36,930	21,424
Gains (losses) on securities transactions, net	1,104	(1,230)	1,758
Fees from loan servicing	10,670	11,273	11,651
Gains on sales of loans, net	6,054	6,418	26,669
Gains on sales of assets, net	6,809	897	901
Bank owned life insurance	11,843	8,040	8,817
Other	51,180	45,419	33,696
Total non-interest income	225,729	206,793	155,013
Non-Interest Expense
Salary and employee benefits expense	563,591	526,737	375,865
Net occupancy expense	101,470	94,352	79,355
Technology, furniture and equipment expense	150,708	161,752	89,221
FDIC insurance assessment	88,154	22,836	14,183
Amortization of other intangible assets	39,768	37,825	21,827
Professional and legal fees	80,567	82,618	38,432
Loss on extinguishment of debt	—	—	8,406
Amortization of tax credit investments	18,009	12,407	10,910
Other	120,424	86,422	53,343
Total non-interest expense	1,162,691	1,024,949	691,542
Income Before Income Taxes	678,332	780,667	640,739
Income tax expense	179,821	211,816	166,899
Net Income	498,511	568,851	473,840
Dividends on preferred stock	16,135	13,146	12,688
Net Income Available to Common Shareholders	$482,376	$555,705	$461,152
Earnings Per Common Share:
Basic	$0.95	$1.14	$1.13
Diluted	0.95	1.14	1.12

ContentsView on SEC.gov

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