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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☑			ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number 1-11277

973-305-8800

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yes  ☑    No  ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes  ☐ No  ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)    Yes  ☑    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer

☑

Accelerated filer

☐

Smaller reporting company

☐

Non-accelerated filer

☐

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☑ No ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)     Yes ☐ No  ☑

The aggregate market value of the voting stock held by non-affiliates of the registrant was approximately $3.1 billion on June 30, 2020.

There were 405,611,861 shares of Common Stock outstanding at February 25, 2021.

Documents incorporated by reference:

Certain portions of the registrant’s Definitive Proxy Statement (the “2021 Proxy Statement”) for the 2021 Annual Meeting of Shareholders to be held April 19, 2021 will be incorporated by reference in Part III. The 2021 Proxy Statement will be filed within 120 days of December 31, 2020.

TABLE OF CONTENTS

 

						Page
PART I
Item 1.			Business			3
Item 1A.			Risk Factors			19
Item 1B.			Unresolved Staff Comments			30
Item 2.			Properties			31
Item 3.			Legal Proceedings			31
PART II
Item 5.			Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			32
Item 6.			Selected Financial Data			33
Item 7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			33
Item 7A.			Quantitative and Qualitative Disclosures about Market Risk			71
Item 8.			Financial Statements and Supplementary Data:			72
			Valley National Bancorp and Subsidiaries:
			Consolidated Statements of Financial Condition			72
			Consolidated Statements of Income			73
			Consolidated Statements of Comprehensive Income			75
			Consolidated Statements of Changes in Shareholders’ Equity			76
			Consolidated Statements of Cash Flows			78
			Notes to Consolidated Financial Statements			80
			Report of Independent Registered Public Accounting Firm			145
Item 9.			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			148
Item 9A.			Controls and Procedures			148
Item 9B.			Other Information			151
PART III
Item 10.			Directors, Executive Officers and Corporate Governance			151
Item 11.			Executive Compensation			151
Item 12.			Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters			151
Item 13.			Certain Relationships and Related Transactions, and Director Independence			151
Item 14.			Principal Accountant Fees and Services			151
PART IV
Item 15.			Exhibits and Financial Statement Schedules			151
			Signatures			156