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Valley 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 26 PERCENT INCREASE IN SECOND QUARTER NET INCOME AND STRONG NET INTEREST MARGIN AND NON - PPP LOAN GROWTH NEW YORK , NY - July 22 , 2021 - Valley National Bancorp ( NASDAQ : VLY ) , the holding company for Valley National Bank , today reported net income for the second quarter 2021 of $ 120.5 million , or $ 0.29 per diluted common share , as compared to the second quarter 2020 earnings of $ 95.6 million , or $ 0.23 per diluted common share , and net income of $ 115.7 million , or $ 0.28 per diluted common share , for the first quarter 2021. Excluding all non - core charges , our adjusted net income ( a non - GAAP measure ) was $ 126.6 million , or $ 0.30 per diluted common share , for the second quarter 2021 , $ 95.9 million , or $ 0.23 per diluted common share , for second quarter 2020 , and $ 115.8 million , or $ 0.28 per diluted common share , for the first quarter 2021. See further details below , including a reconciliation of our adjusted net income in the " Consolidated Financial Highlights " tables . Key financial highlights for the second quarter : • Net Interest Income and Margin : Net interest income on a tax equivalent basis of $ 301.8 million for the second quarter 2021 increased $ 8.2 million and $ 18.2 million as compared to the first quarter 2021 and second quarter 2020 , respectively . Our net interest margin on a tax equivalent basis increased by 4 basis points to 3.18 percent in the second quarter 2021 as compared to 3.14 percent for the first quarter 2021. The increases as compared to the first quarter 2021 were largely due to the continued run - off of maturing higher cost time deposits , lower overall cost of deposits , repayment of FHLB advances , and increased yield on our SBA Paycheck Protection Program ( PPP ) loan portfolio during the second quarter 2021. See the " Net Interest Income and Margin " section below for more details . Loan Portfolio : Total loans decreased $ 229.0 million to $ 32.5 billion at June 30 , 2021 from March 31 , 2021 due to a $ 1.0 billion decrease in PPP loans within the commercial and industrial loan category . Offsetting this impact , our non - PPP loan portfolio increased $ 785.0 million , or 10.4 percent on an annualized basis to $ 31.1 billion at June 30 , 2021 from $ 30.3 billion at March 31 , 2021. The increase in non - PPP loans was largely driven by increases of $ 588.5 million , $ 166.5 million and $ 86.4 million in the commercial real estate , residential mortgage and auto loan categories , respectively . Additionally , our second quarter 2021 new and refinanced loan originations included approximately $ 254 million of residential mortgage loans originated for sale . Net gains on sales of residential loans were $ 10.1 million and $ 3.5 million in the second quarter 2021 and first quarter 2021 , respectively . See the " Loans , Deposits and Other Borrowings " section below for more details .