<SEC-DOCUMENT>0001193125-22-170262.txt : 20220713
<SEC-HEADER>0001193125-22-170262.hdr.sgml : 20220713
<ACCEPTANCE-DATETIME>20220608165058
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-170262
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220608

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALLEY NATIONAL BANCORP
		CENTRAL INDEX KEY:			0000714310
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				222477875
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE PENN PLAZA
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119
		BUSINESS PHONE:		(973) 305-8800

	MAIL ADDRESS:	
		STREET 1:		ONE PENN PLAZA
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Valley National Bancorp </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1455 Valley Road </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wayne,
NJ 07470 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;8, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street,
N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.&nbsp;20549 </P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Michelle Miller </P></TD></TR></TABLE>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">David Irving </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Re:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Valley National Bancorp</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed February&nbsp;28, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">File
<FONT STYLE="white-space:nowrap">No.&nbsp;001-11277</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Division of Corporation Finance: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are in receipt of your letter dated June&nbsp;3, 2022 (the &#147;Comment Letter&#148;) concerning the above-captioned filing of Valley National Bancorp
(collectively with its subsidiaries referred to as &#147;Valley,&#148; the &#147;Company,&#148; &#147;we,&#148; &#147;our,&#148; and &#147;us&#148;). We are pleased to respond to the comments of the Staff of the Securities and Exchange Commission
(the &#147;Staff&#148;) contained in the Comment Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to your comments, we intend to include additional disclosure, if applicable, in
Valley&#146;s future filings with the SEC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To facilitate your review, we have repeated your comments below in bold type, followed by our response. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2021 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Selected Performance Indicators, page 43 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that you disclose net income, as adjusted, total
<FONT STYLE="white-space:nowrap">non-interest</FONT> expense, as adjusted, total <FONT STYLE="white-space:nowrap">non-interest</FONT> income, as adjusted and gross operating income, as adjusted. These adjusted measures appear to be <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> measures. Please address the following in future filings: </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Identify and label these measures as <FONT STYLE="white-space:nowrap">non-GAAP</FONT> as required by Item
10(e)(1)(i) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and provide all the disclosures in Item <FONT STYLE="white-space:nowrap">10(e)(1)(i)(A-D)</FONT> related to all <FONT STYLE="white-space:nowrap">non-GAAP</FONT> indicators;
</B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Identify net interest income in your gross operating income reconciliation as a GAAP measure, &#147;as
reported&#148;, consistent with your other <FONT STYLE="white-space:nowrap">non-GAAP</FONT> disclosures; and; </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Consider including a separate <FONT STYLE="white-space:nowrap">&#145;non-GAAP&#146;</FONT> section in future
filings that houses all <FONT STYLE="white-space:nowrap">non-GAAP</FONT> disclosures included in the document. </B></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 8, 2022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page <B>
2</B>
 of <B>3</B> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Company Response to the Staff</I></B><B><I>&#146;</I></B><B><I>s First Bullet Point: </I></B>Valley
disclosed net income, as adjusted, total <FONT STYLE="white-space:nowrap">non-interest</FONT> expense, as adjusted, total <FONT STYLE="white-space:nowrap">non-interest</FONT> income, as adjusted and gross operating income, as adjusted as necessary
components to its reconciliations of <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures which included (1)&nbsp;return on average assets, as adjusted, (2)&nbsp;return on average shareholders&#146; equity, as adjusted,
(3)&nbsp;return on average tangible shareholders&#146; equity, as adjusted and (4)&nbsp;the efficiency ratio, as adjusted. <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Items (1)&nbsp;through (3) were disclosed under the &#147;Selected
Performance Indicators&#148; section on pages 43 &#150; 45 and Item (4)&nbsp;was disclosed under a separate &#147;Efficiency Ratio&#148; section on pages 50 &#150; 51. Valley will consolidate these two sections under one new section labeled <FONT
STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> Financial Measures&#148; to the extent appropriate in its future filings and will ensure that each <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure, including the <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> components to its reconciliation of these <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures, are appropriately identified and labeled as
<FONT STYLE="white-space:nowrap">&#147;Non-GAAP&#148;</FONT> (including net income, as adjusted, total <FONT STYLE="white-space:nowrap">non-interest</FONT> expense, as adjusted, total <FONT STYLE="white-space:nowrap">non-interest</FONT> income, as
adjusted and gross operating income, as adjusted) within the applicable tabular disclosures of Valley&#146;s future filings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As required by Item <FONT
STYLE="white-space:nowrap">10(e)(1)(i)(A-D)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and consistent with Valley&#146;s <FONT STYLE="white-space:nowrap">non-GAAP</FONT> disclosures in the &#147;Selected Performance
Indicators&#148; and &#147;Efficiency Ratio&#148; sections, the new <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> Financial Measures&#148; section to be included in our future filings will disclose (1)&nbsp;the most directly comparable GAAP
financial measure with equal or greater prominence to the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure, (2)&nbsp;a reconciliation of the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure to the applicable GAAP
financial measure, and (3)&nbsp;management&#146;s statement for why it believes the presentation of the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures provide useful information to investors and, to the extent material, its
statement disclosing the additional purposes, if any, for which management uses the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure. Management&#146;s revised statement will include the following: <I>The Company believes that the <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> financial measures provide useful supplemental information to both management and investors in understanding Valley&#146;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&#146;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 <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> 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
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures may also be calculated differently from similar measures disclosed by other companies.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Company Response to the Staff&#146;s Second Bullet Point:</I></B> Valley will identify net interest income in its gross operating income reconciliation
as a GAAP measure, &#147;as reported,&#148; consistent with Valley&#146;s other <FONT STYLE="white-space:nowrap">non-GAAP</FONT> disclosures in its future filings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Company Response to the Staff</I></B><B><I>&#146;</I></B><B><I>s Third Bullet Point: </I></B>Valley will disclose all
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures in one separate <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> Financial Measures&#148; section of its future filings, to the extent appropriate. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 8, 2022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page <B>
3</B>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We thank you for your consideration of our responses. If you have any questions or require any additional
information, please do not hesitate to contact me at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">973-872-4885.</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very
truly yours, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Michael D. Hagedorn </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michael D. Hagedorn
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Executive Vice President and </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Financial Officer
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