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Here are 1-3 brief analogies for Valley National Bancorp (VLY):

• Think of it as a PNC Bank for the Northeast and Florida.
• Like a smaller, East Coast-focused version of Truist.

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• Deposit Accounts (Funds Acquisition): Provides various deposit accounts including checking, savings, money market, and certificates of deposit for individuals and businesses.
• Commercial & Industrial Lending (Business Lending): Offers loans and lines of credit to businesses for working capital, equipment financing, and other operational needs.
• Commercial Real Estate Lending (Property Financing): Funds the acquisition, development, and refinancing of income-producing properties such as office buildings, retail centers, and multi-family residences.
• Residential Mortgage Lending (Home Financing): Originates and services loans to individuals for purchasing or refinancing primary residences, secondary homes, and investment properties.
• Consumer Lending (Personal Financing): Provides personal loans, auto loans, and home equity lines of credit to individuals for diverse personal financial needs.
• Treasury Management Services (Business Financial Operations): Delivers cash management, merchant services, and payment processing solutions to help businesses manage their financial operations efficiently.

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Valley National Bancorp (VLY) is a bank holding company whose primary subsidiary is Valley National Bank. As a financial institution, it sells a wide range of financial products and services directly to a broad base of customers, rather than selling to a few major companies or having its services resold by other companies. Therefore, its customers can be best described by categories.

The up to three major categories of customers that Valley National Bancorp serves are:

• Retail/Consumer Customers: This category includes individuals and households seeking personal banking products and services. These typically encompass checking and savings accounts, money market accounts, certificates of deposit, mortgages, home equity lines of credit, personal loans, auto loans, and credit cards. Valley also provides wealth management and private banking services to affluent individuals.

• Small to Medium-sized Business (SMB) Customers: This segment comprises various types of businesses, including sole proprietorships, partnerships, and corporations, that require financial services to operate and grow. Services for SMBs include business checking and savings accounts, commercial loans (such as term loans, lines of credit, and Small Business Administration (SBA) loans), treasury management services, and merchant services.

• Commercial Real Estate (CRE) and Corporate Customers: This category includes larger businesses, corporations, real estate investors, and developers. Valley provides a comprehensive suite of commercial banking services, including commercial real estate financing (for acquisition, construction, and refinancing of various property types), corporate loans, syndicated financing, equipment financing, and sophisticated treasury management solutions.

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• Fiserv, Inc. (FISV)
• nCino, Inc. (NCNO)
• Visa Inc. (V)
• Mastercard Incorporated (MA)
• Equifax Inc. (EFX)
• TransUnion (TRU)

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Ira Robbins Chief Executive Officer and Chairman of the Board

Ira Robbins joined Valley National Bancorp in 1996 through the Bank's Management Associate Program and has held various leadership roles during his multi-decade career at the company. He was appointed Chief Executive Officer in January 2018, having previously served as President of Valley National Bancorp from January 2017 to December 2021. As CEO, he is responsible for the bank's strategy and capital allocation, including oversight of commercial banking and capital activities. His previous responsibilities included Credit Administration, Retail Banking, Technology, Human Resources, Treasury, and Finance, and he has been involved in strategic planning and merger and acquisitions. Mr. Robbins is a Certified Public Accountant in New Jersey and holds a bachelor's degree from Susquehanna University and an MBA from Pace University.

Travis Lan Senior Executive Vice President, Chief Financial Officer

Travis Lan was appointed Senior Executive Vice President, Chief Financial Officer in March 2025. He initially joined Valley National Bancorp in February 2020 as Senior Vice President, Head of Corporate Finance & M&A, and was appointed Executive Vice President and Deputy Chief Financial Officer in January 2024. Prior to his tenure at Valley, Mr. Lan served as a Director in the Investment Banking Department at Keefe, Bruyette & Woods, Inc. from June 2016 to February 2020. He also spent ten years as an equity research analyst covering community and regional banks for Keefe, Bruyette & Woods, Stifel Nicolaus, and Ryan Beck & Co.

Russell Barrett Senior Executive Vice President, Chief Operating Officer

Russell Barrett serves as Senior Executive Vice President and Chief Operating Officer of Valley National Bancorp, a position he has held since 2024. Before this role, he was the Chief Transformation Officer for the company. His prior experience includes serving as Chief Information Officer and subsequently Chief Operating Officer for the Corporate Bank at BNP Paribas.

John P. Regan Senior Executive Vice President, Chief Risk Officer

John P. Regan was appointed Senior Executive Vice President, Chief Risk Officer, effective June 24, 2024. He is an executive with over 30 years of experience in banking industry audit and risk management. Mr. Regan previously served as Chief Audit Officer for the New York banking operations of Industrial and Commercial Bank of China from 2022 to 2024, and as Chief Audit Executive at Investors Bancorp from 2016 to 2022. He was also a Senior Partner at KPMG LLP, where he led KPMG's New York Metro Banking Audit Practice.

Gino Martocci Senior Executive Vice President, President of Commercial Banking

Gino Martocci was appointed Senior Executive Vice President, President of Commercial Banking in March 2025. He brings over 30 years of commercial banking experience to his role at Valley National Bancorp, where he is responsible for overseeing the company's enterprise-wide commercial banking operations.

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The key risks to Valley National Bancorp (VLY) primarily revolve around its significant exposure to commercial real estate, which in turn impacts its credit quality and profitability.

1. Commercial Real Estate (CRE) Concentration Risk: Valley National Bancorp has a substantial concentration in commercial real estate loans, particularly within the New York City metropolitan area. This high exposure, which has been noted to be over 300% of total capital, triggers additional regulatory scrutiny and exposes the bank to considerable cyclical risk if the CRE market experiences a downturn. Investors are particularly concerned about potential stress in the CRE market, including the impact of sustained high interest rates on property values and borrowers' repayment capabilities. The bank's stock has faced pressure due to these concerns, amplified by comparisons to other regional banks with similar CRE concentrations that have reported significant losses.
2. Credit Quality and Elevated Loan Loss Provisions: Directly linked to its CRE exposure, VLY has been grappling with credit quality concerns, leading to higher loan loss provisions and net charge-offs. These elevated provisions directly impact the bank's profitability and are expected to continue through the latter half of 2024. If economic conditions worsen or if isolated credit issues become more widespread, the bank may need to further increase its provisioning, further pressuring earnings and potentially affecting investor confidence.
3. Net Interest Margin (NIM) Pressure and Slower Loan Growth: The bank faces challenges in maintaining and expanding its net interest margin, which is the difference between interest earned on loans and interest paid on deposits. There is a risk that higher deposit costs could outpace increases in loan yields, thereby compressing the NIM. Additionally, slower loan growth trends pose a notable risk to future earnings, as loans are a primary source of interest income for banks. An inability to accelerate loan growth could make it difficult for VLY to offset the impact of elevated provisions and potentially higher funding costs, leading to lower overall profitability.

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The clear emerging threats for Valley National Bancorp (VLY) include:

• The proliferation and increasing market penetration of challenger banks (neobanks) and advanced fintech platforms. These digitally native companies leverage technology to offer superior user experiences, often with lower fees, personalized financial products, and faster service delivery compared to traditional banks. They are aggressively capturing market share in deposits, payments, and lending (e.g., personal loans, small business financing), particularly among younger demographics and tech-savvy customers. This trend threatens to erode Valley National Bancorp's customer base, deposit funding, and fee income by offering a fundamentally different and often more convenient banking model, similar to how Netflix disrupted Blockbuster's traditional brick-and-mortar video rental business with a digital-first, subscription-based streaming model.

• The rapid expansion of "embedded finance," where non-financial companies seamlessly integrate financial services directly into their customer journeys. Major tech companies, e-commerce platforms, and retailers are increasingly offering banking-like services such as payment processing, "Buy Now Pay Later" lending, and even basic account functionalities within their own ecosystems. This trend risks disintermediating traditional banks like Valley National Bancorp from the core customer relationship and transaction flows, as financial activities become an invisible, integrated part of other consumer experiences. This parallels how Uber circumvented traditional taxicab dispatch systems by connecting riders directly with drivers through a mobile app, embedding the transportation service within a new digital framework.

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Valley National Bancorp (VLY) operates primarily in the United States, with a focus on markets in New Jersey, New York, Florida, Alabama, California, and Illinois. Their main products and services include commercial lending, consumer lending (including residential mortgages), and retail banking services.

Addressable Market Sizes for Main Products/Services (U.S. Region):

• Commercial Lending: The U.S. Commercial Lending Market was estimated at $2,987.59 billion in 2024 and is projected to grow to $8,248.51 billion by 2035. The global commercial lending market was valued at $11,874.88 billion in 2024 and is expected to reach nearly $25,270.32 billion by 2032. The U.S. holds a significant share, approximately 75%, of the North American commercial lending market.
• Small Business Lending (a component of Commercial Lending): The U.S. small business loan market was valued at $245.39 billion in 2023 and is projected to reach $349.64 billion by 2033. Another estimate for the total lending volume to small businesses in the U.S. for 2025 is $760 billion.
• Residential Mortgage Lending (a component of Consumer Lending): The U.S. home mortgage market for originations was approximately $180.91 billion in 2023 and is predicted to grow to around $501.67 billion by 2032. The total residential mortgage debt outstanding in the U.S. was $12.94 trillion as of the second quarter of 2025. The U.S. purchase-mortgage market is currently valued at $1,145.4 billion.
• Retail Banking: The United States retail banking market is valued at $0.87 trillion in 2025 and is forecasted to reach $1.08 trillion by 2030.

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• Growth in Commercial & Industrial (C&I) and Consumer Loans: Valley National Bancorp is strategically shifting its focus towards expanding its Commercial & Industrial (C&I) and consumer loan portfolios. This includes targeting traditional small business and middle-market opportunities, as well as specific specialty verticals such as healthcare C&I and capital call lines. Management anticipates low-single-digit overall loan growth for 2025, with a continued emphasis on these segments.
• Net Interest Income (NII) and Net Interest Margin (NIM) Expansion: The company expects to drive revenue growth through the expansion of its net interest income and net interest margin. This is supported by a deliberate strategy to reduce deposit costs and a shift towards higher-yielding loan segments. Valley National Bancorp projects double-digit net interest income growth by 2025 and anticipates further NIM expansion into 2026.
• Core Deposit Growth and Funding Transformation: Valley National Bancorp is focused on attracting and retaining core customer deposits. This strategy aims to reduce reliance on higher-cost brokered deposits, thereby improving funding costs and enhancing the bank's financial stability and profitability. The company has achieved significant core deposit growth and has been able to reduce its loan-to-deposit ratio, with a target to further decrease it to 90%.
• Diversification and Growth of Non-Interest Income: The bank is actively working to grow its non-interest income, which has historically shown faster growth than its peers. Key areas of focus for this expansion include treasury management services, capital markets, and tax credit advisory opportunities, contributing to a more diversified revenue stream.
• Targeted Geographic Expansion: Valley National Bancorp is pursuing strategic geographic expansion, particularly in high-growth markets. This includes expanding its presence in targeted regions like Florida and the Western United States, specifically California, through new leadership hires and commercial client partnerships. These initiatives are aimed at driving new customer acquisition and increasing market share.

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Share Repurchases

• Valley National Bancorp's Board of Directors authorized a new stock repurchase program for up to 25 million shares of common stock, effective from April 26, 2024, to April 26, 2026.
• During the third quarter of 2025, the company repurchased 1.3 million shares of common stock at an average price of $9.38 per share.
• In the first nine months of 2025, Valley National Bancorp repurchased a total of 1.8 million shares at an average price of $9.18 per share.

Share Issuance

• In November 2024, Valley National Bancorp announced a public offering of 42,780,748 shares of common stock at $9.35 per share, intending to raise aggregate gross proceeds of $400 million, with an option for underwriters to purchase an additional 6,417,112 shares.
• During 2024, the company raised $150 million through a preferred stock offering and $450 million through a common stock offering, which generated nearly 125 basis points of incremental Tier 1 capital.
• In connection with the acquisition of Bank Leumi USA on April 1, 2022, Valley issued approximately 85 million shares of common stock.

Inbound Investments

• Following the acquisition of Bank Leumi USA in 2022, Bank Leumi Le-Israel B.M. owned approximately 14 percent of Valley's common stock.

Outbound Investments

• In 2022, Valley National Bancorp completed the acquisition of Bank Leumi USA, which involved the payment of $113.4 million in cash in addition to the issuance of common stock.