VALLEY NATIONAL BANCORP, DEF 14A filed on 4/4/2025
Proxy Statement (definitive)
v3.25.1
Cover
12 Months Ended
Dec. 31, 2024
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name VALLEY NATIONAL BANCORP
Entity Central Index Key 0000714310
v3.25.1
Pay vs Performance Disclosure
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance
The table below reports the compensation of our CEO and the average compensation of the other NEOs as reported in the Summary Compensation Table for the past four fiscal years, as well as their “compensation actually paid” (or “CAP”) as calculated pursuant to recently adopted SEC rules, and certain performance measures required by the rules.
 
              
Average Summary
Compensation
Table Total for
Non-CEO
Named
Executive
Officers($)
(2)
 
Average
Compensation
Actually Paid to
Non-CEO Named

Executive Officers
($)
(2)(3)
 
 
Value of Initial Fixed $100
Investment Based on:
         
Year 
 
Summary
Compensation
Table Total
for CEO ($)
(1)
 
Compensation
Actually Paid
to CEO
($)
(1)(3)
 
Total
Shareholder
Return ($)
 
Peer Group
Total
Shareholder
Return ($)
(4)
 
Net
Income
($)
(millions)
 
Growth in
Tangible
Book Value
(%)
(5)
                 
2024
 
$6,105,068
 
$3,445,395
 
$1,617,655
 
$1,433,141
 
$ 99
 
$131
 
$380
 
8.64%
                 
2023
 
$5,416,463
 
$5,782,420
 
$1,789,482
 
$1,987,653
 
$113
 
$116
 
$499
 
13.45%
                 
2022
 
$6,010,335
 
$4,461,048
 
$2,609,674
 
$2,462,181
 
$112
 
$116
 
$569
 
17.47%
                 
2021
 
$5,349,830
 
$7,640,559
 
$1,789,527
 
$2,707,854
 
$131
 
$125
 
$474
 
16.23%
                 
2020
 
$4,879,048
 
$3,682,555
 
$1,737,946
 
$1,569,427
 
$ 90
 
$ 91
 
$391
 
13.31%
 
(1)
Reflects compensation for Ira Robbins, who served as our CEO in 2020, 2021, 2022, 2023, and
2024
.
 
(2)
Reflects compensation for our other NEOs as follows:
 
 
 
2020: Michael D. Hagedorn, Thomas A. Iadanza, Ronald H. Janis and Robert J. Bardusch
 
 
 
2021: Michael D. Hagedorn, Thomas A. Iadanza, Ronald H. Janis and Joseph V. Chillura
 
 
 
2022: Michael D. Hagedorn, Thomas A. Iadanza, Raja A. Dakkuri and Joseph V. Chillura
 
 
 
2023: Michael D. Hagedorn, Thomas A. Iadanza, Raja A. Dakkuri and
Joseph
V. Chillura
 
 
 
2024: Michael D. Hagedorn, Travis Lan, Thomas A. Iadanza, Jospeh v. Chillura, and Russell Barrett.
 
(3)
To calculate CAP for our CEO and other NEOs, the following adjustments were made to Summary Compensation Table total pay:
 
    
CEO
   
Other NEO Average
 
Adjustments
 
2024
   
2023
   
2022
   
2021
   
2020
   
2024
   
2023
   
2022
   
2021
   
2020
 
                     
Summary Compensation Table Total
 
$
6,105,068
 
 
$
5,416,463
 
 
$
6,010,335
 
 
$
5,349,830
 
 
$
4,879,048
 
 
$
 1,617,655
 
 
$
1,789,482
 
 
$
2,609,674
 
 
$
1,789,527
 
 
$
1,737,946
 
                     
Deduction for amount reported in “Stock Awards” column of the Summary Compensation Table
 
$
(3,443,405
 
$
(2,975,661
 
$
(3,060,578
 
$
(2,633,731
 
$
(2,285,938
 
$
(309,591
 
$
(619,932
 
$
(692,591
 
$
(761,890
 
$
(789,038
                     
Addition of fair value at fiscal year (FY) end, of equity awards granted during the FY that remained outstanding
 
$
3,021,568
 
 
$
2,750,887
 
 
$
1,921,547
 
 
$
2,837,919
 
 
$
1,497,358
 
 
$
588,063
 
 
$
622,504
 
 
$
652,868
 
 
$
944,088
 
 
$
713,297
 
                     
Addition of change in fair value at FY end versus prior FY end for awards granted in prior FY that remained outstanding
 
$
(1,610,197
 
$
697,863
 
 
$
(489,698
 
$
1,929,016
 
 
$
(186,348
 
$
(288,464
 
$
174,527
 
 
$
(118,799
 
$
685,641
 
 
$
(72,162
                     
Addition of change in fair value at vesting date versus prior FY end for awards granted in a prior FY that vested during the FY
 
$
(586,998
 
$
(50,611
 
$
79,441
 
 
$
157,525
 
 
$
(56,413
 
$
(121,746
 
$
21,072
 
 
$
11,030
 
 
$
50,488
 
 
$
(20,616
                     
Deduction of the fair value at the prior FY end for awards granted in prior FY that failed to meet their vesting conditions
 
$
 
 
$
 
 
$
 
 
$
 
 
$
 
 
$
(44,085
 
$
 
 
$
 
 
$
 
 
$
 
                     
Deduction for change in pension values reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the Summary Compensation Table
 
$
(40,641
 
$
(56,521
 
$
 
 
$
 
 
$
(165,153
 
$
(8,691
 
$
 
 
$
 
 
$
 
 
$
 
                     
Compensation Actually Paid (CAP)
 
$
 3,445,395
 
 
$
 5,782,420
 
 
$
 4,461,048
  
 
$
 7,640,559
  
 
$
 3,682,555
 
 
$
 1,433,141
 
 
$
1,987,653
 
 
$
2,462,181
  
 
$
2,707,854
  
 
$
1,569,427
 
 
The equity awards included above comprise performance share units and restricted share units granted from 2021 through 2024. The following assumptions underpin the fair value calculations. Measurement date equity fair values are calculated with assumptions derived on a basis consistent with those used for grant date fair value purposes. Restricted stock units are valued based on the stock price on the relevant measurement date. Performance stock units are adjusted to reflect an accrued payout factor consistent with assumptions used for ASC Topic 718 purposes, and the stock price on the relevant measurement date. Stock options are valued using a Black Scholes model as at the relevant measurement date, using assumptions consistent with those used for the grant date fair value purposes.
 
(4)
Peer Group used for TSR comparisons reflects the KRX Index.
 
 
 
 
 
(5)
The Company has identified GITBV as the Company-selected measure for the pay versus performance disclosure. GITBV was chosen from among the following three financial performance measures that we believe were most important in linking CAP for our CEO and our Other NEOs to Company performance during 2024:
       
Company Selected Measure Name Growth in Tangible Book Value        
Named Executive Officers, Footnote
(2)
Reflects compensation for our other NEOs as follows:
 
 
 
2020: Michael D. Hagedorn, Thomas A. Iadanza, Ronald H. Janis and Robert J. Bardusch
 
 
 
2021: Michael D. Hagedorn, Thomas A. Iadanza, Ronald H. Janis and Joseph V. Chillura
 
 
 
2022: Michael D. Hagedorn, Thomas A. Iadanza, Raja A. Dakkuri and Joseph V. Chillura
       
Peer Group Issuers, Footnote Peer Group used for TSR comparisons reflects the KRX Index.        
PEO Total Compensation Amount $ 6,105,068 $ 5,416,463 $ 6,010,335 $ 5,349,830 $ 4,879,048
PEO Actually Paid Compensation Amount $ 3,445,395 5,782,420 4,461,048 7,640,559 3,682,555
Adjustment To PEO Compensation, Footnote
(3)
To calculate CAP for our CEO and other NEOs, the following adjustments were made to Summary Compensation Table total pay:
 
    
CEO
   
Other NEO Average
 
Adjustments
 
2024
   
2023
   
2022
   
2021
   
2020
   
2024
   
2023
   
2022
   
2021
   
2020
 
                     
Summary Compensation Table Total
 
$
6,105,068
 
 
$
5,416,463
 
 
$
6,010,335
 
 
$
5,349,830
 
 
$
4,879,048
 
 
$
 1,617,655
 
 
$
1,789,482
 
 
$
2,609,674
 
 
$
1,789,527
 
 
$
1,737,946
 
                     
Deduction for amount reported in “Stock Awards” column of the Summary Compensation Table
 
$
(3,443,405
 
$
(2,975,661
 
$
(3,060,578
 
$
(2,633,731
 
$
(2,285,938
 
$
(309,591
 
$
(619,932
 
$
(692,591
 
$
(761,890
 
$
(789,038
                     
Addition of fair value at fiscal year (FY) end, of equity awards granted during the FY that remained outstanding
 
$
3,021,568
 
 
$
2,750,887
 
 
$
1,921,547
 
 
$
2,837,919
 
 
$
1,497,358
 
 
$
588,063
 
 
$
622,504
 
 
$
652,868
 
 
$
944,088
 
 
$
713,297
 
                     
Addition of change in fair value at FY end versus prior FY end for awards granted in prior FY that remained outstanding
 
$
(1,610,197
 
$
697,863
 
 
$
(489,698
 
$
1,929,016
 
 
$
(186,348
 
$
(288,464
 
$
174,527
 
 
$
(118,799
 
$
685,641
 
 
$
(72,162
                     
Addition of change in fair value at vesting date versus prior FY end for awards granted in a prior FY that vested during the FY
 
$
(586,998
 
$
(50,611
 
$
79,441
 
 
$
157,525
 
 
$
(56,413
 
$
(121,746
 
$
21,072
 
 
$
11,030
 
 
$
50,488
 
 
$
(20,616
                     
Deduction of the fair value at the prior FY end for awards granted in prior FY that failed to meet their vesting conditions
 
$
 
 
$
 
 
$
 
 
$
 
 
$
 
 
$
(44,085
 
$
 
 
$
 
 
$
 
 
$
 
                     
Deduction for change in pension values reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the Summary Compensation Table
 
$
(40,641
 
$
(56,521
 
$
 
 
$
 
 
$
(165,153
 
$
(8,691
 
$
 
 
$
 
 
$
 
 
$
 
                     
Compensation Actually Paid (CAP)
 
$
 3,445,395
 
 
$
 5,782,420
 
 
$
 4,461,048
  
 
$
 7,640,559
  
 
$
 3,682,555
 
 
$
 1,433,141
 
 
$
1,987,653
 
 
$
2,462,181
  
 
$
2,707,854
  
 
$
1,569,427
 
       
Non-PEO NEO Average Total Compensation Amount $ 1,617,655 1,789,482 2,609,674 1,789,527 1,737,946
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,433,141 1,987,653 2,462,181 2,707,854 1,569,427
Adjustment to Non-PEO NEO Compensation Footnote
(3)
To calculate CAP for our CEO and other NEOs, the following adjustments were made to Summary Compensation Table total pay:
 
    
CEO
   
Other NEO Average
 
Adjustments
 
2024
   
2023
   
2022
   
2021
   
2020
   
2024
   
2023
   
2022
   
2021
   
2020
 
                     
Summary Compensation Table Total
 
$
6,105,068
 
 
$
5,416,463
 
 
$
6,010,335
 
 
$
5,349,830
 
 
$
4,879,048
 
 
$
 1,617,655
 
 
$
1,789,482
 
 
$
2,609,674
 
 
$
1,789,527
 
 
$
1,737,946
 
                     
Deduction for amount reported in “Stock Awards” column of the Summary Compensation Table
 
$
(3,443,405
 
$
(2,975,661
 
$
(3,060,578
 
$
(2,633,731
 
$
(2,285,938
 
$
(309,591
 
$
(619,932
 
$
(692,591
 
$
(761,890
 
$
(789,038
                     
Addition of fair value at fiscal year (FY) end, of equity awards granted during the FY that remained outstanding
 
$
3,021,568
 
 
$
2,750,887
 
 
$
1,921,547
 
 
$
2,837,919
 
 
$
1,497,358
 
 
$
588,063
 
 
$
622,504
 
 
$
652,868
 
 
$
944,088
 
 
$
713,297
 
                     
Addition of change in fair value at FY end versus prior FY end for awards granted in prior FY that remained outstanding
 
$
(1,610,197
 
$
697,863
 
 
$
(489,698
 
$
1,929,016
 
 
$
(186,348
 
$
(288,464
 
$
174,527
 
 
$
(118,799
 
$
685,641
 
 
$
(72,162
                     
Addition of change in fair value at vesting date versus prior FY end for awards granted in a prior FY that vested during the FY
 
$
(586,998
 
$
(50,611
 
$
79,441
 
 
$
157,525
 
 
$
(56,413
 
$
(121,746
 
$
21,072
 
 
$
11,030
 
 
$
50,488
 
 
$
(20,616
                     
Deduction of the fair value at the prior FY end for awards granted in prior FY that failed to meet their vesting conditions
 
$
 
 
$
 
 
$
 
 
$
 
 
$
 
 
$
(44,085
 
$
 
 
$
 
 
$
 
 
$
 
                     
Deduction for change in pension values reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the Summary Compensation Table
 
$
(40,641
 
$
(56,521
 
$
 
 
$
 
 
$
(165,153
 
$
(8,691
 
$
 
 
$
 
 
$
 
 
$
 
                     
Compensation Actually Paid (CAP)
 
$
 3,445,395
 
 
$
 5,782,420
 
 
$
 4,461,048
  
 
$
 7,640,559
  
 
$
 3,682,555
 
 
$
 1,433,141
 
 
$
1,987,653
 
 
$
2,462,181
  
 
$
2,707,854
  
 
$
1,569,427
 
       
Compensation Actually Paid vs. Total Shareholder Return LOGO        
Compensation Actually Paid vs. Net Income LOGO        
Compensation Actually Paid vs. Company Selected Measure LOGO        
Total Shareholder Return Vs Peer Group LOGO        
Tabular List, Table
Tabular List of Company Financial Performance Measures:
 
 
 
Growth in Tangible Book Value
 
 
 
Core Net Income
 
 
 
Relative TSR
 
Further details on these measures and how they are used in our compensation plans can be found in our Compensation Discussion and Analysis in this Proxy Statement.
       
Total Shareholder Return Amount $ 99 113 112 131 90
Peer Group Total Shareholder Return Amount 131 116 116 125 91
Net Income (Loss) $ 380,000,000 $ 499,000,000 $ 569,000,000 $ 474,000,000 $ 391,000,000
Company Selected Measure Amount 0.0864 0.1345 0.1747 0.1623 0.1331
PEO Name Ira Robbins        
Measure:: 1          
Pay vs Performance Disclosure          
Name Growth in Tangible Book Value        
Measure:: 2          
Pay vs Performance Disclosure          
Name Core Net Income        
Measure:: 3          
Pay vs Performance Disclosure          
Name Relative TSR        
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (40,641) $ (56,521) $ 0 $ 0 $ (165,153)
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (3,443,405) (2,975,661) (3,060,578) (2,633,731) (2,285,938)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 3,021,568 2,750,887 1,921,547 2,837,919 1,497,358
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,610,197) 697,863 (489,698) 1,929,016 (186,348)
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (586,998) (50,611) 79,441 157,525 (56,413)
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (8,691) 0 0 0 0
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (309,591) (619,932) (692,591) (761,890) (789,038)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 588,063 622,504 652,868 944,088 713,297
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (288,464) 174,527 (118,799) 685,641 (72,162)
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (121,746) 21,072 11,030 50,488 (20,616)
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (44,085) $ 0 $ 0 $ 0 $ 0
v3.25.1
Award Timing Disclosure
12 Months Ended
Dec. 31, 2024
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
Equity Grant Procedures
The Compensation Committee does not grant equity awards in anticipation of the release of material nonpublic information, and the Company does not time the release of material nonpublic information based upon grant dates of equity. Annual equity grants under our long-term incentive program are made at the Compensation Committee’s regularly scheduled meeting held each year in February and
off-cycle
grants are made at the regularly scheduled meetings in the third and fourth quarters. The Company does not have a current practice of granting options or option-like awards and did not grant any such awards during 2024.
Award Timing Predetermined false
v3.25.1
Insider Trading Policies and Procedures
12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true