Exhibit 99.1

News Release

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

VALLEY NATIONAL BANCORP REPORTS A 45 PERCENT INCREASE IN THIRD QUARTER 2022 EARNINGS WITH STRONG NET INTEREST INCOME AND MARGIN

NEW YORK, NY – October 27, 2022 -- Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the third quarter 2022 of $178.1 million, or $0.34 per diluted common share, as compared to the third quarter 2021 earnings of $122.6 million, or $0.29 per diluted common share, and net income of $96.4 million, or $0.18 per diluted common share, for the second quarter 2022. Excluding all non-core charges, our adjusted net income (a non-GAAP measure) was $181.5 million, or $0.35 per diluted common share, for the third quarter 2022, $124.7 million, or $0.30 per diluted common share, for third quarter 2021, and $165.8 million, or $0.32 per diluted common share, for the second quarter 2022. 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 third quarter:

•Net Interest Income and Margin: Net interest income on a tax equivalent basis of $455.3 million for the third quarter 2022 increased$35.7 million and $153.6 million as compared to the second quarter 2022 and third quarter 2021, respectively, reflecting a well-positioned balance sheet and continued organic loan growth in the current rising interest rate environment. Our net interest margin on a tax equivalent basis remained strong and increased by 17 basis points to 3.60 percent in the third quarter 2022 as compared to 3.43 percent for the second quarter 2022. See the "Net Interest Income and Margin" section below for more details.

•Loan Portfolio: Total loans increased $1.6 billion to $45.2 billion at September 30, 2022 from June 30, 2022 primarily due to strong organic loan growth. Our loan portfolio increased 15 percent on an annualized basis during the third quarter 2022 from the second quarter 2022 as a result of solid commercial loan volumes and a continued increase in new residential mortgage loans originated for investment rather than sale. During the third quarter 2022, we sold only $48.4 million of residential mortgage loans. 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 $498.4 million and $491.0 million at September 30, 2022 and June 30, 2022, respectively, representing 1.10 percent and 1.13 percent of total loans at each respective date. During the third quarter 2022, the provision for credit losses for loans totaled $1.8 million as compared to $43.7 million and $3.5 million for the second quarter 2022 and third quarter 2021, respectively. The second quarter 2022 provision included $41.0 million related to non-PCD

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2022 Earnings

October 27, 2022

loans and unfunded credit commitments acquired from Bank Leumi Le-Israel Corporation (Bank Leumi USA) on April 1, 2022.

•Credit Quality: Non-accrual loans represented 0.65 percent and 0.72 percent of total loans at September 30, 2022 and June 30, 2022, respectively. Net recoveries of loan charge-offs totaled $5.6 million for the third quarter 2022 as compared to net loan charge-offs of $2.3 million for the second quarter 2022. Total accruing past due loans increased $25.2 million to $98.7 million, or 0.22 percent of total loans, at September 30, 2022 as compared to $73.5 million, or 0.17 percent of total loans, at June 30, 2022. See the "Credit Quality" section below for more details.

•Non-Interest Income: Non-interest income decreased $2.3 million to $56.2 million for the third quarter 2022 as compared to the second quarter 2022 primarily due to the decline in sales of residential mortgage loans. Net gains on sales of loans decreased $2.7 million to $922 thousand for the third quarter 2022 as compared to $3.6 million for the second quarter 2022.

•Non-Interest Expense: Non-interest expense decreased $38.1 million to $261.6 million for the third quarter 2022 as compared to the second quarter 2022. The decrease was largely due to $54.5 million of merger expenses incurred during the second quarter 2022 as compared to only $4.7 million during the third quarter 2022 resulting from the Bank Leumi USA acquisition. Salary and employee benefits expense included $1.3 million and $28.0 million of the merger expenses for the third quarter 2022 and second quarter 2022, respectively. Within salary and employee benefits expense, non-merger related expense increased $6.5 million in the third quarter 2022 as compared to the second quarter 2022 partially due to the impact of competitive labor markets and higher incentive compensation accruals. The third quarter 2022 also included a $2.0 million contribution to the Valley Bank Charitable Fund which will enable Valley to further support local nonprofit and community organizations.

•Efficiency Ratio: Our efficiency ratio was 49.76 percent for the third quarter 2022 as compared to 50.78 percent and 49.16 percentfor the second quarter 2022 and third quarter 2021, 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 1.30 percent, 11.39 percent, and 17.21 percent for the third quarter 2022, respectively. Annualized ROA, ROE, and tangible ROE, adjusted for non-core charges, were 1.32 percent, 11.60 percent and 17.54 percent for the third quarter 2022, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.

Ira Robbins, CEO commented, “The third quarter’s exceptional results were highlighted by continued profitability improvement and very strong credit quality metrics. Our asset sensitive balance sheet continues to grow and benefit from rising interest rates despite the increased funding pressure that is evident across the industry. We are pleased with our ongoing net interest margin enhancement and consistent net interest income growth. Despite a reduction in origination activity, loan growth remained strong as payoffs slowed meaningfully during the quarter. Additionally, a handful of positive credit resolutions led to approximately $6 million of net loan recoveries during the third quarter 2022 and a reduction in non-accrual loan balances at September 30, 2022. Valley’s asset quality and

2

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2022 Earnings

October 27, 2022

consistent underwriting criteria remain a hallmark of our organization and have driven solid performance across various economic environments.”

Mr. Robbins continued, “While the environment around us is uncertain and rapidly changing, I am incredibly proud of Valley’s ability to continually execute on strategic growth opportunities. As Valley continues to evolve, our unique relationship-focused commercial bank stands out in an increasingly commoditized financial service landscape.”

Net Interest Income and Margin

Net interest income on a tax equivalent basis totaling $455.3 million for the third quarter 2022 increased$35.7 million as compared to the second quarter 2022 and increased $153.6 million from the third quarter 2021. Interest income on a tax equivalent basis in the third quarter 2022 increased $83.7 million to $538.0 million as compared to the second quarter 2022. The increase was mostly due to higher average loan balances driven by our organic loan growth and increased yields on both new originations and adjustable rate loans in our portfolio. Interest expense of $82.7 million for the third quarter 2022increased$47.9 million as compared to the second quarter 2022 largely due to higher interest rates on both non-maturity deposits and short-term borrowings, as well as a $1.5 billion increase in average interest bearing liabilities.

Our net interest margin on a tax equivalent basis of 3.60 percent for the third quarter 2022 increased by 17 basis points and 45 basis points from 3.43 percent and 3.15 percent for the second quarter 2022 and third quarter 2021, respectively. The yield on average interest earning assets increased by 54 basis points on a linked quarter basis mostly due to the aforementioned higher yields on new and adjustable rate loans in the third quarter 2022 as compared to the second quarter 2022. The yield on average loans increased by 57 basis points to 4.48 percent for the third quarter 2022 as compared to the second quarter 2022 largely due to the higher level of market interest rates. The yields on average taxable and non-taxable investments also increased 9 basis points and 25 basis points, respectively, from the second quarter 2022 largely due to investment maturities and prepayments redeployed into new higher yielding securities, as well as lower premium amortization expense caused by a decline in prepayments on mortgage-backed securities during the third quarter 2022. Our cost of total average deposits increased to 0.59 percent for the third quarter 2022 from 0.19 percent for the second quarter 2022. The overall cost of average interest bearing liabilities also increased 59 basis points to 1.06 percent for the third quarter 2022 as compared to the second quarter 2022. The increased cost of funds was mainly due to higher interest rates on most of our interest bearing deposit products combined with greater utilization of brokered and retail CDs in our funding mix during the third quarter 2022.

Loans, Deposits and Other Borrowings

Loans. Loans increased $1.6 billion to approximately $45.2 billion at September 30, 2022 from June 30, 2022 largely due to strong organic loan growth and slower paydowns of existing loans. Commercial and industrial, total commercial real estate (including construction), and residential mortgage increased 9 percent, 17 percent and 14 percent, respectively, on an annualized basis during the third quarter 2022. SBA Paycheck Protection Program (PPP) loans within the commercial and industrial category totaled $85.8 million at September 30, 2022 compared to $136.0 million at June 30,

3

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2022 Earnings

October 27, 2022

2022. Solid organic commercial loan production continued to be experienced across most of our geographic footprints and supported by our market expansion efforts resulting from the Bank Leumi USA acquisition in the second quarter 2022. Residential mortgage loans increased $172.1 million during the third quarter 2022 almost entirely due to new loan activity in the purchased home market and higher levels of such loans originated for investment rather than sale. Residential mortgage loans held for sale at fair value totaled only $6.1 million and $18.3 million at September 30, 2022 and June 30, 2022, respectively.

Deposits. Total deposits increased$1.4 billion to approximately $45.3 billion at September 30, 2022 from June 30, 2022 largely due to growth in our retail and brokered CD portfolios. Total brokered deposits, consisting of money market and time deposit accounts, increased to $3.7 billion at September 30, 2022 as compared to $2.3 billion at June 30, 2022. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 34 percent, 52 percentand 14 percent of total deposits as of September 30, 2022, respectively, as compared to 37 percent, 54 percent and 9 percent of total deposits as of June 30, 2022, respectively. The increase in time deposits within our overall deposit mix is a result of strategic retail CD campaigns and higher brokered CDs at September 30, 2022.

Other Borrowings. Short-term borrowings decreased $603.5 million to $919.3 million at September 30, 2022 as compared to June 30, 2022 largely due to the maturity of FHLB advances during the third quarter 2022 and our increased utilization of brokered deposits, as a favorable funding alternative at September 30, 2022. Long-term borrowings increased to approximately $1.5 billion at September 30, 2022 as compared to $1.4 billion at June 30, 2022 primarily due to the issuance of new subordinated notes during the third quarter 2022. On September 20, 2022, Valley issued $150 million of 6.25 percent fixed-to-floating rate subordinated notes due September 30, 2032. At September 30, 2022, the subordinated notes had a carrying value of $147.5 million, net of unamortized debt issuance costs.

Credit Quality

Non-Performing Assets (NPAs). Total NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets decreased $19.9 million to $294.8 million at September 30, 2022 as compared to June 30, 2022 mostly due to declines in non-accrual commercial and industrial and commercial real estate loans mainly caused by a few large loan repayments, and, to a lesser extent, loan charge-offs during the third quarter 2022. Non-accrual loans represented 0.65 percent of total loans at September 30, 2022 compared to 0.72 percent at June 30, 2022.

Non-performing Taxi Medallion Loan Portfolio. Our non-performing taxi medallion loans within the non-accrual commercial and industrial loan category decreased $4.1 million to $76.3 million at September 30, 2022 from June 30, 2022 mostly due to partial loan charge-offs related to one borrower during the third quarter 2022. At September 30, 2022, all taxi medallion loans were on non-accrual status and had related reserves of $51.4 million, or 67.3 percent of such loans, within the allowance for loan losses.

4

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2022 Earnings

October 27, 2022

Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $25.2 million to $98.7 million, or 0.22 percent of total loans, at September 30, 2022 as compared to $73.5 million, or 0.17 percent of total loans at June 30, 2022.

Loans 60 to 89 days past due increased $11.2 million as compared to June 30, 2022 mostly due to two construction loan relationships totaling $13.0 million included in this delinquency category at September 30, 2022.

Loans 90 days or more past due and still accruing interest increased $14.2 million as compared to June 30, 2022 mainly due to two commercial real estate loan relationships totaling $9.7 million and $5.4 million, respectively, included in this delinquency category at September 30, 2022. 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 September 30, 2022, June 30, 2022 and September 30, 2021:

		September 30, 2022				June 30, 2022				September 30, 2021
				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		$	154,051	1.77	%	$	144,539	1.70	%	$	103,877	1.84	%
Commercial real estate loans:
	Commercial real estate	217,124		0.89		227,457		0.97		178,206		0.99
	Construction	50,656		1.42		49,770		1.47		21,515		1.19
Total commercial real estate loans		267,780		0.95		277,227		1.03		199,721		1.01
Residential mortgage loans		36,157		0.70		29,889		0.60		24,732		0.57
Consumer loans:
	Home equity	4,083		0.87		3,907		0.91		4,110		1.02
	Auto and other consumer	13,673		0.49		13,257		0.49		10,087		0.40
Total consumer loans		17,756		0.55		17,164		0.55		14,197		0.49
Allowance for loan losses		475,744		1.05		468,819		1.08		342,527		1.05
Allowance for unfunded credit commitments		22,664				22,144				14,400
Total allowance for credit losses for loans		$	498,408			$	490,963			$	356,927
Allowance for credit losses for
loans as a % total loans				1.10	%			1.13	%			1.09	%

Our loan portfolio, totaling $45.2 billion at September 30, 2022, had net recoveries of loan charge-offs totaling $5.6 million for the third quarter 2022 as compared to net loan charge-offs of $2.3 million (excluding $62.4 million of immediate PCD loan charge-offs related to the Bank Leumi USA acquisition) and $293 thousand for the second quarter 2022 and third quarter 2021, respectively. Gross

5

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2022 Earnings

October 27, 2022

loan charge-offs of taxi medallion loans totaled $3.8 million for the third quarter 2022 as compared to $143 thousand and $2.7 million during the third quarter 2021 and the second quarter 2022, 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 1.10 percent at September 30, 2022 as compared to 1.13 percent and 1.09 percent at June 30, 2022 and September 30, 2021, respectively. During the third quarter 2022, the provision for credit losses for loans totaled $1.8 million as compared to $43.7 million and $3.5 million for the second quarter 2022 and third quarter 2021, respectively. The second quarter 2022 provision was largely elevated due to $41 million of provision related to non-PCD loans and unfunded credit commitments acquired from Bank Leumi USA. Overall, an increased economic forecast reserve component of our CECL model was largely offset by lower expected quantitative loss experience at September 30, 2022.

Capital Adequacy

Valley's total risk-based capital, common equity Tier 1 capital, Tier 1 capital and Tier 1 leverage capital ratios were 11.84 percent, 9.09 percent, 9.56 percent, and 8.31 percent, respectively, at September 30, 2022.

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 third quarter 2022 earnings and related matters.

Those wishing to participate in the call may dial toll-free 800-715-9871 Conference Id: 9870349. The teleconference will also be webcast live: https://edge.media-server.com/mmc/p/ybx28825 and archived on Valley’s website through Monday, November 28, 2022. Investor presentation materials will be made available prior to the conference call at www.valley.com and archived on Valley’s website through Monday, November 28, 2022.

About Valley

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with nearly $56 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

6

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2022 Earnings

October 27, 2022

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 inability to realize expected cost savings and synergies from the Bank Leumi USA acquisition in the amounts or timeframe anticipated;

•greater than expected costs or difficulties relating to Bank Leumi USA integration matters;

•the inability to retain customers and qualified employees of Bank Leumi USA;

•greater than expected non-recurring charges related to the Bank Leumi USA acquisition;

•the continued impact of COVID-19 on the U.S. and global economies, including business disruptions, reductions in employment, supply chain interruptions, inflation, Federal Reserve actions impacting the level of market interest rates 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 and new variants of COVID-19 may arise in our primary markets;

•continued deterioration in general business and economic conditions or turbulence in domestic or global financial markets;

•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, Alabama, California, and Illinois, 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;

7

Valley National Bancorp (NASDAQ: VLY)

Third Quarter 2022 Earnings

October 27, 2022

•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;

•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;

•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; 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, 2021.

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-

8

VALLEY NATIONAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS

SELECTED FINANCIAL DATA

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
($ in thousands, except for share data)	2022			2022			2021			2022			2021
FINANCIAL DATA:
Net interest income - FTE (1)	$	455,308		$	419,565		$	301,744		$	1,193,235		$	897,115
Net interest income	$	453,992		$	418,160		$	301,026		$	1,189,821		$	894,600
Non-interest income	56,194			58,533			42,431			153,997			116,790
Total revenue	510,186			476,693			343,457			1,343,818			1,011,390
Non-interest expense	261,639			299,730			174,922			758,709			507,028
Pre-provision net revenue	248,547			176,963			168,535			585,109			504,362
Provision for credit losses	2,023			43,998			3,531			49,578			20,934
Income tax expense	68,405			36,552			42,424			144,271			124,626
Net income	178,119			96,413			122,580			391,260			358,802
Dividends on preferred stock	3,172			3,172			3,172			9,516			9,516
Net income available to common shareholders	$	174,947		$	93,241		$	119,408		$	381,744		$	349,286
Weighted average number of common shares outstanding:
Basic	506,342,200			506,302,464			406,824,160			478,383,342			405,986,114
Diluted	508,690,997			508,479,206			409,238,001			480,625,357			408,509,767
Per common share data:
Basic earnings	$	0.35		$	0.18		$	0.29		$	0.80		$	0.86
Diluted earnings	0.34			0.18			0.29			0.79			0.86
Cash dividends declared	0.11			0.11			0.11			0.33			0.33
Closing stock price - high	12.95			13.04			13.61			15.02			14.63
Closing stock price - low	10.14			10.34			11.80			10.14			9.74
FINANCIAL RATIOS:
Net interest margin	3.59		%	3.42		%	3.14		%	3.41		%	3.15		%
Net interest margin - FTE (1)	3.60			3.43			3.15			3.41			3.16
Annualized return on average assets	1.30			0.72			1.18			1.03			1.16
Annualized return on avg. shareholders' equity	11.39			6.18			10.23			8.89			10.14
NON-GAAP FINANCIAL DATA AND RATIOS:(3)
Basic earnings per share, as adjusted	$	0.35		$	0.32		$	0.30		$	0.96		$	0.88
Diluted earnings per share, as adjusted	0.35			0.32			0.30			0.95			0.88
Annualized return on average assets, as adjusted	1.32			1.25			1.20			1.23			1.19
Annualized return on average shareholders' equity, as adjusted	11.60		%	10.63		%	10.41		%	10.62		%	10.37		%
Annualized return on avg. tangible shareholders' equity	17.21			9.33			14.64			13.20			14.63
Annualized return on average tangible shareholders' equity, as adjusted	17.54			16.05			14.90			15.77			14.97
Efficiency ratio	49.76			50.78			49.16			51.03			48.12
AVERAGE BALANCE SHEET ITEMS:
Assets	$	54,858,306		$	53,211,422		$	41,543,930		$	50,588,010		$	41,144,375
Interest earning assets	50,531,242			48,891,230			38,332,874			46,605,417			37,902,547
Loans	44,341,894			42,517,287			32,698,382			40,529,794			32,641,362
Interest bearing liabilities	31,228,739			29,694,271			25,354,160			29,042,253			25,588,185
Deposits	44,770,368			42,896,381			33,599,820			41,176,472			32,731,459
Shareholders' equity	6,256,767			6,238,985			4,794,843			5,869,736			4,718,960

9

VALLEY NATIONAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS

	As Of
BALANCE SHEET ITEMS:	September 30,			June 30,			March 31,			December 31,			September 30,
(In thousands)	2022			2022			2022			2021			2021
Assets	$	55,927,501		$	54,438,807		$	43,551,457		$	43,446,443		$	41,278,007
Total loans	45,185,764			43,560,777			35,364,405			34,153,657			32,606,814
Deposits	45,308,843			43,881,051			35,647,336			35,632,412			33,632,605
Shareholders' equity	6,273,829			6,204,913			5,096,384			5,084,066			4,822,498
LOANS:
(In thousands)
Commercial and industrial loans:
Commercial and industrial	$	8,615,557		$	8,378,454		$	5,587,781		$	5,411,601		$	4,761,227
Commercial and industrial PPP loans	85,820			136,004			203,609			435,950			874,033
Total commercial and industrial	8,701,377			8,514,458			5,791,390			5,847,551			5,635,260
Commercial real estate:
Commercial real estate	24,493,445			23,535,086			19,763,202			18,935,486			17,912,070
Construction	3,571,818			3,374,373			2,174,542			1,854,580			1,804,580
Total commercial real estate	28,065,263			26,909,459			21,937,744			20,790,066			19,716,650
Residential mortgage	5,177,128			5,005,069			4,691,935			4,545,064			4,332,422
Consumer:
Home equity	467,135			431,455			393,538			400,779			402,658
Automobile	1,711,086			1,673,482			1,552,928			1,570,036			1,563,698
Other consumer	1,063,775			1,026,854			996,870			1,000,161			956,126
Total consumer loans	3,241,996			3,131,791			2,943,336			2,970,976			2,922,482
Total loans	$	45,185,764		$	43,560,777		$	35,364,405		$	34,153,657		$	32,606,814
CAPITAL RATIOS:
Book value per common share	$	11.98		$	11.84		$	11.60		$	11.57		$	11.32
Tangible book value per common share (3)	7.87			7.71			7.93			7.94			7.78
Tangible common equity to tangible assets (3)	7.40		%	7.46		%	7.96		%	7.98		%	7.95		%
Tier 1 leverage capital	8.31			8.33			8.70			8.88			8.63
Common equity tier 1 capital	9.09			9.06			9.67			10.06			10.06
Tier 1 risk-based capital	9.56			9.54			10.27			10.69			10.73
Total risk-based capital	11.84			11.53			12.65			13.10			13.24

10

VALLEY NATIONAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS

	Three Months Ended									Nine Months Ended
ALLOWANCE FOR CREDIT LOSSES:	September 30,			June 30,			September 30,			September 30,
($ in thousands)	2022			2022			2021			2022			2021
Allowance for credit losses for loans
Beginning balance	$	490,963		$	379,252		$	353,724		$	375,702		$	351,354
Allowance for purchased credit deteriorated (PCD) loans, net (2)	—			70,319			—			70,319			—
Loans charged-off:
Commercial and industrial	(5,033)			(4,540)			(1,248)			(11,144)			(19,283)
Commercial real estate	(4,000)			—			—			(4,173)			(382)
Residential mortgage	—			(1)			—			(27)			(139)
Total consumer	(962)			(726)			(771)			(2,513)			(3,389)
Total loans charged-off	(9,995)			(5,267)			(2,019)			(17,857)			(23,193)
Charged-off loans recovered:
Commercial and industrial	13,236			1,952			514			16,012			2,781
Commercial real estate	1,729			224			29			2,060			759
Construction	—			—			—			—			4
Residential mortgage	163			74			228			694			576
Total consumer	477			697			955			2,431			3,359
Total loans recovered	15,605			2,947			1,726			21,197			7,479
Net recoveries (charge-offs)	5,610			(2,320)			(293)			3,340			(15,714)
Provision for credit losses for loans	1,835			43,712			3,496			49,047			21,287
Ending balance	$	498,408		$	490,963		$	356,927		$	498,408		$	356,927
Components of allowance for credit losses for loans:
Allowance for loan losses	$	475,744		$	468,819		$	342,527		$	475,744		$	342,527
Allowance for unfunded credit commitments	22,664			22,144			14,400			22,664			14,400
Allowance for credit losses for loans	$	498,408		$	490,963		$	356,927		$	498,408		$	356,927
Components of provision for credit losses for loans:
Provision for credit losses for loans	$	1,315		$	38,310		$	3,496		$	42,883		$	17,998
Provision for unfunded credit commitments	520			5,402			—			6,164			3,289
Total provision for credit losses for loans	$	1,835		$	43,712		$	3,496		$	49,047		$	21,287
Annualized ratio of total net (recoveries) charge-offs to average loans	(0.05)		%	0.02		%	0.00		%	(0.01)		%	0.06		%
Allowance for credit losses for loans as a % of total loans	1.10			1.13			1.09			1.10			1.09

11

VALLEY NATIONAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS

	As of
ASSET QUALITY:	September 30,			June 30,			March 31,			December 31,			September 30,
($ in thousands)	2022			2022			2022			2021			2021
Accruing past due loans:
30 to 59 days past due:
Commercial and industrial	$	19,526		$	7,143		$	6,723		$	6,717		$	2,677
Commercial real estate	6,196			10,516			30,807			14,421			22,956
Construction	—			9,108			1,708			1,941			—
Residential mortgage	13,045			12,326			9,266			10,999			9,293
Total consumer	6,196			6,009			5,862			6,811			5,463
Total 30 to 59 days past due	44,963			45,102			54,366			40,889			40,389
60 to 89 days past due:
Commercial and industrial	2,188			3,870			14,461			7,870			985
Commercial real estate	383			630			6,314			—			5,897
Construction	12,969			3,862			3,125			—			—
Residential mortgage	5,947			2,410			2,560			3,314			974
Total consumer	1,174			702			554			1,020			1,617
Total 60 to 89 days past due	22,661			11,474			27,014			12,204			9,473
90 or more days past due:
Commercial and industrial	15,072			15,470			9,261			1,273			2,083
Commercial real estate	15,082			—			—			32			1,942
Residential mortgage	550			1,188			1,746			677			1,002
Total consumer	421			267			400			789			325
Total 90 or more days past due	31,125			16,925			11,407			2,771			5,352
Total accruing past due loans	$	98,749		$	73,501		$	92,787		$	55,864		$	55,214
Non-accrual loans:
Commercial and industrial	$	135,187		$	148,404		$	96,631		$	99,918		$	100,614
Commercial real estate	67,319			85,807			79,180			83,592			95,843
Construction	61,098			49,780			17,618			17,641			17,653
Residential mortgage	26,564			25,847			33,275			35,207			33,648
Total consumer	3,227			3,279			3,754			3,858			4,073
Total non-accrual loans	293,395			313,117			230,458			240,216			251,831
Other real estate owned (OREO)	286			422			1,024			2,259			3,967
Other repossessed assets	1,122			1,200			1,176			2,931			1,896
Total non-performing assets	$	294,803		$	314,739		$	232,658		$	245,406		$	257,694
Performing troubled debt restructured loans	$	69,748		$	67,274		$	56,538		$	71,330		$	64,832
Total non-accrual loans as a % of loans	0.65		%	0.72		%	0.65		%	0.70		%	0.77		%
Total accruing past due and non-accrual loans as a % of loans	0.87		%	0.89		%	0.91		%	0.87		%	0.94		%
Allowance for losses on loans as a % of non-accrual loans	162.15		%	149.73		%	157.30		%	149.53		%	136.01		%

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)	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									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
($ in thousands, except for share data)	2022			2022			2021			2022			2021
Adjusted net income available to common shareholders (non-GAAP):
Net income, as reported (GAAP)	$	178,119		$	96,413		$	122,580		$	391,260		$	358,802
Add: Loss on extinguishment of debt (net of tax)	—			—			—			—			6,024
Less: Gains on available for sale and held to maturity securities transactions (net of tax)(a)	(24)			(56)			(565)			(74)			(399)
Add: Provision for credit losses (net of tax)(b)	—			29,282			—			29,282			—
Add: Merger related expenses (net of tax)(c)	3,360			40,164			1,207			47,103			1,207
Add: Litigation reserve (net of tax)(d)	—			—			1,505			—			1,505
Net income, as adjusted (non-GAAP)	$	181,455		$	165,803		$	124,727		$	467,571		$	367,139
Dividends on preferred stock	3,172			3,172			3,172			9,516			9,516
Net income available to common shareholders, as adjusted (non-GAAP)	$	178,283		$	162,631		$	121,555		$	458,055		$	357,623
__________
(a) Included in gains (losses) on securities transactions, net.
(b) Primarily represents provision for credit losses for non-PCD loans and unfunded credit commitments acquired from Bank Leumi USA.
(c) Merger related expenses are primarily within salary and employee benefits expense, technology, furniture and equipment expense and professional and legal fees for the nine months ended September 30, 2022..
(d) Included in professional and legal fees.
Adjusted per common share data (non-GAAP):
Net income available to common shareholders, as adjusted (non-GAAP)	$	178,283		$	162,631		$	121,555		$	458,055		$	357,623
Average number of shares outstanding	506,342,200			506,302,464			406,824,160			478,383,342			405,986,114
Basic earnings, as adjusted (non-GAAP)	$	0.35		$	0.32		$	0.30		$	0.96		$	0.88
Average number of diluted shares outstanding	508,690,997			508,479,206			409,238,001			480,625,357			408,509,767
Diluted earnings, as adjusted (non-GAAP)	$	0.35		$	0.32		$	0.30		$	0.95		$	0.88
Adjusted annualized return on average tangible shareholders' equity (non-GAAP):
Net income, as adjusted (non-GAAP)	$	181,455		$	165,803		$	124,727		$	467,571		$	367,139
Average shareholders' equity	$	6,256,767		$	6,238,985		$	4,794,843		5,869,736			4,718,960
Less: Average goodwill and other intangible assets	2,117,818			2,105,585			1,446,760			1,917,217			1,449,285
Average tangible shareholders' equity	$	4,138,949		$	4,133,400		$	3,348,083		$	3,952,519		$	3,269,675
Annualized return on average tangible shareholders' equity, as adjusted (non-GAAP)	17.54		%	16.05		%	14.90		%	15.77		%	14.97		%
Adjusted annualized return on average assets (non-GAAP):
Net income, as adjusted (non-GAAP)	$	181,455		$	165,803		$	124,727		$	467,571		$	367,139
Average assets	$	54,858,306		$	53,211,422		$	41,543,930		$	50,588,010		$	41,144,375
Annualized return on average assets, as adjusted (non-GAAP)	1.32		%	1.25		%	1.20		%	1.23		%	1.19		%

13

VALLEY NATIONAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS

Non-GAAP Reconciliations to GAAP Financial Measures (Continued)

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
($ in thousands)	2022			2022			2021			2022			2021
Adjusted annualized return on average shareholders' equity (non-GAAP):
Net income, as adjusted (non-GAAP)	$	181,455		$	165,803		$	124,727		$	467,571		$	367,139
Average shareholders' equity	$	6,256,767		$	6,238,985		$	4,794,843		$	5,869,736		$	4,718,960
Annualized return on average shareholders' equity, as adjusted (non-GAAP)	11.60		%	10.63		%	10.41		%	10.62		%	10.37		%
Annualized return on average tangible shareholders' equity (non-GAAP):
Net income, as reported (GAAP)	$	178,119		$	96,413		$	122,580		$	391,260		$	358,802
Average shareholders' equity	$	6,256,767		$	6,238,985		$	4,794,843		5,869,736			4,718,960
Less: Average goodwill and other intangible assets	2,117,818			2,105,585			1,446,760			1,917,217			1,449,285
Average tangible shareholders' equity	$	4,138,949		$	4,133,400		$	3,348,083		$	3,952,519		$	3,269,675
Annualized return on average tangible shareholders' equity (non-GAAP)	17.21		%	9.33		%	14.64		%	13.20		%	14.63		%
Efficiency ratio (non-GAAP):
Non-interest expense, as reported (GAAP)	$	261,639		$	299,730		$	174,922		$	758,709		$	507,028
Less: Loss on extinguishment of debt (pre-tax)	—			—			—			—			8,406
Less: Merger-related expenses (pre-tax)	4,707			54,496			1,287			63,831			1,287
Less: Amortization of tax credit investments (pre-tax)	3,105			3,193			3,079			9,194			8,795
Less: Litigation reserve (pre-tax)	—			—			2,100			—			2,100
Non-interest expense, as adjusted (non-GAAP)	$	253,827		$	242,041		$	168,456		$	685,684		$	486,440
Net interest income, as reported (GAAP)	453,992			418,160			301,026			1,189,821			894,600
Non-interest income, as reported (GAAP)	56,194			58,533			42,431			153,997			116,790
Less: Gains on available for sale and held to maturity securities transactions, net (pre-tax)	(33)			(78)			(788)			(102)			(557)
Non-interest income, as adjusted (non-GAAP)	$	56,161		$	58,455		$	41,643		$	153,895		$	116,233
Gross operating income, as adjusted (non-GAAP)	$	510,153		$	476,615		$	342,669		$	1,343,716		$	1,010,833
Efficiency ratio (non-GAAP)	49.76		%	50.78		%	49.16		%	51.03		%	48.12		%

	As of
	September 30,			June 30,			March 31,			December 31,			September 30,
($ in thousands, except for share data)	2022			2022			2022			2021			2021
Tangible book value per common share (non-GAAP):
Common shares outstanding	506,351,502			506,328,526			421,437,068			421,437,068			407,313,664
Shareholders' equity (GAAP)	$	6,273,829		$	6,204,913		$	5,096,384		$	5,084,066		$	4,822,498
Less: Preferred stock	209,691			209,691			209,691			209,691			209,691
Less: Goodwill and other intangible assets	2,079,731			2,090,147			1,543,238			1,529,394			1,444,967
Tangible common shareholders' equity (non-GAAP)	$	3,984,407		$	3,905,075		$	3,343,455		$	3,344,981		$	3,167,840
Tangible book value per common share (non-GAAP)	$	7.87		$	7.71		$	7.93		$	7.94		$	7.78
Tangible common equity to tangible assets (non-GAAP):
Tangible common shareholders' equity (non-GAAP)	$	3,984,407		$	3,905,075		$	3,343,455		$	3,344,981		$	3,167,840
Total assets (GAAP)	$	55,927,501		$	54,438,807		$	43,551,457		$	43,446,443		$	41,278,007
Less: Goodwill and other intangible assets	2,079,731			2,090,147			1,543,238			1,529,394			1,444,967
Tangible assets (non-GAAP)	$	53,847,770		$	52,348,660		$	42,008,219		$	41,917,049		$	39,833,040
Tangible common equity to tangible assets (non-GAAP)	7.40		%	7.46		%	7.96		%	7.98		%	7.95		%

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)

	September 30,		December 31,
	2022		2021
	(Unaudited)
Assets
Cash and due from banks	$	431,471	$	205,156
Interest bearing deposits with banks	686,877		1,844,764
Investment securities:
Equity securities	43,318		36,473
Trading debt securities	4,100		38,130
Available for sale debt securities	1,271,854		1,128,809
Held to maturity debt securities (net of allowance for credit losses of $1,696 at September 30, 2022 and $1,165 at December 31, 2021)	3,720,324		2,667,532
Total investment securities	5,039,596		3,870,944
Loans held for sale, at fair value	6,073		139,516
Loans	45,185,764		34,153,657
Less: Allowance for loan losses	(475,744)		(359,202)
Net loans	44,710,020		33,794,455
Premises and equipment, net	362,203		326,306
Lease right of use assets	314,511		259,117
Bank owned life insurance	714,649		566,770
Accrued interest receivable	159,406		96,882
Goodwill	1,871,505		1,459,008
Other intangible assets, net	208,226		70,386
Other assets	1,422,964		813,139
Total Assets	$	55,927,501	$	43,446,443
Liabilities
Deposits:
Non-interest bearing	$	15,420,625	$	11,675,748
Interest bearing:
Savings, NOW and money market	23,559,662		20,269,620
Time	6,328,556		3,687,044
Total deposits	45,308,843		35,632,412
Short-term borrowings	919,283		655,726
Long-term borrowings	1,541,097		1,423,676
Junior subordinated debentures issued to capital trusts	56,673		56,413
Lease liabilities	367,428		283,106
Accrued expenses and other liabilities	1,460,348		311,044
Total Liabilities	49,653,672		38,362,377
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at September 30, 2022 and December 31, 2021)	111,590		111,590
Series B (4,000,000 shares issued at September 30, 2022 and December 31, 2021)	98,101		98,101
Common stock (no par value, authorized 650,000,000 shares; issued 507,896,910 and 423,034,027 at September 30, 2022 and December 31, 2021)	178,185		148,482
Surplus	4,972,732		3,883,035
Retained earnings	1,100,838		883,645
Accumulated other comprehensive loss	(165,557)		(17,932)
Treasury stock, at cost (1,545,408 shares at September 30, 2022 and 1,596,959 common shares at December 31, 2021)	(22,060)		(22,855)
Total Shareholders’ Equity	6,273,829		5,084,066
Total Liabilities and Shareholders’ Equity	$	55,927,501	$	43,446,443

15

VALLEY NATIONAL BANCORP

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(in thousands, except for share data)

	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
	2022		2022		2021		2022		2021
Interest Income
Interest and fees on loans	$	496,520	$	415,577	$	309,753	$	1,229,462	$	938,248
Interest and dividends on investment securities:
Taxable	28,264		27,534		14,292		74,416		40,174
Tax-exempt	5,210		5,191		2,609		12,739		9,181
Dividends	2,738		3,076		1,505		7,490		5,543
Interest on federal funds sold and other short-term investments	3,996		1,569		642		6,026		1,101
Total interest income	536,728		452,947		328,801		1,330,133		994,247
Interest Expense
Interest on deposits:
Savings, NOW and money market	50,674		17,122		10,605		77,423		32,896
Time	15,174		3,269		4,394		21,274		21,766
Interest on short-term borrowings	5,160		4,083		1,464		10,049		4,390
Interest on long-term borrowings and junior subordinated debentures	11,728		10,313		11,312		31,566		40,595
Total interest expense	82,736		34,787		27,775		140,312		99,647
Net Interest Income	453,992		418,160		301,026		1,189,821		894,600
Provision (credit) for credit losses for held to maturity securities	188		286		35		531		(353)
Provision for credit losses for loans	1,835		43,712		3,496		49,047		21,287
Net Interest Income After Provision for Credit Losses	451,969		374,162		297,495		1,140,243		873,666
Non-Interest Income
Wealth management and trust fees	9,281		9,577		3,550		23,989		10,411
Insurance commissions	3,750		3,463		1,610		9,072		5,805
Service charges on deposit accounts	10,338		10,067		5,428		26,617		15,614
Gains (losses) on securities transactions, net	323		(309)		787		(1,058)		1,263
Fees from loan servicing	3,138		2,717		2,894		8,636		8,980
Gains on sales of loans, net	922		3,602		6,442		5,510		20,016
Bank owned life insurance	1,681		2,113		2,018		5,840		6,824
Other	26,761		27,303		19,702		75,391		47,877
Total non-interest income	56,194		58,533		42,431		153,997		116,790
Non-Interest Expense
Salary and employee benefits expense	134,572		154,798		93,992		397,103		273,190
Net occupancy expense	26,486		22,429		19,941		70,906		59,171
Technology, furniture and equipment expense	39,365		49,866		21,007		115,245		64,956
FDIC insurance assessment	6,500		5,351		3,644		16,009		10,294
Amortization of other intangible assets	11,088		11,400		5,298		26,925		16,753
Professional and legal fees	17,840		30,409		13,492		62,998		27,250
Loss on extinguishment of debt	—		—		—		—		8,406
Amortization of tax credit investments	3,105		3,193		3,079		9,194		8,795
Other	22,683		22,284		14,469		60,329		38,213
Total non-interest expense	261,639		299,730		174,922		758,709		507,028
Income Before Income Taxes	246,524		132,965		165,004		535,531		483,428
Income tax expense	68,405		36,552		42,424		144,271		124,626
Net Income	178,119		96,413		122,580		391,260		358,802
Dividends on preferred stock	3,172		3,172		3,172		9,516		9,516
Net Income Available to Common Shareholders	$	174,947	$	93,241	$	119,408	$	381,744	$	349,286

16

VALLEY NATIONAL BANCORP

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(in thousands, except for share data)

	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
	2022		2022		2021		2022		2021
Earnings Per Common Share:
Basic	$	0.35	$	0.18	$	0.29	$	0.80	$	0.86
Diluted	0.34		0.18		0.29		0.79		0.86
Cash Dividends Declared per Common Share	0.11		0.11		0.11		0.33		0.33
Weighted Average Number of Common Shares Outstanding:
Basic	506,342,200		506,302,464		406,824,160		478,383,342		405,986,114
Diluted	508,690,997		508,479,206		409,238,001		480,625,357		408,509,767

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
	September 30, 2022						June 30, 2022						September 30, 2021
	Average				Avg.		Average				Avg.		Average				Avg.
($ in thousands)	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Interest earning assets:
Loans (1)(2)	$	44,341,894	$	496,545	4.48	%	$	42,517,287	$	415,602	3.91	%	$	32,698,382	$	309,778	3.79	%
Taxable investments (3)	4,815,181		31,002		2.58		4,912,994		30,610		2.49		3,302,803		15,797		1.91
Tax-exempt investments (1)(3)	635,795		6,501		4.09		684,471		6,571		3.84		429,941		3,302		3.07
Interest bearing deposits with banks	738,372		3,996		2.16		776,478		1,569		0.81		1,901,748		642		0.14
Total interest earning assets	50,531,242		538,044		4.26		48,891,230		454,352		3.72		38,332,874		329,519		3.44
Other assets	4,327,064						4,320,192						3,211,056
Total assets	$	54,858,306					$	53,211,422					$	41,543,930
Liabilities and shareholders' equity
Interest bearing liabilities:
Savings, NOW and money market deposits	$	23,541,694	$	50,674	0.86	%	$	23,027,347	$	17,122	0.30	%	$	18,771,619	$	10,605	0.23	%
Time deposits	5,192,896		15,174		1.17		3,601,088		3,269		0.36		4,126,253		4,394		0.43
Short-term borrowings	1,016,240		5,160		2.03		1,603,198		4,083		1.02		860,474		1,464		0.68
Long-term borrowings (4)	1,477,909		11,728		3.17		1,462,638		10,313		2.82		1,595,814		11,312		2.84
Total interest bearing liabilities	31,228,739		82,736		1.06		29,694,271		34,787		0.47		25,354,160		27,775		0.44
Non-interest bearing deposits	16,035,778						16,267,946						10,701,948
Other liabilities	1,337,022						1,010,220						692,979
Shareholders' equity	6,256,767						6,238,985						4,794,843
Total liabilities and shareholders' equity	$	54,858,306					$	53,211,422					$	41,543,930
Net interest income/interest rate spread (5)			$	455,308	3.20	%			$	419,565	3.25	%			$	301,744	3.00	%
Tax equivalent adjustment			(1,316)						(1,405)						(718)
Net interest income, as reported			$	453,992					$	418,160					$	301,026
Net interest margin (6)					3.59						3.42						3.14
Tax equivalent effect					0.01						0.01						0.01
Net interest margin on a fully tax equivalent basis (6)					3.60	%					3.43	%					3.15	%

(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