Conservative underwriting that consistently results in low net charge-offs Good franchise in the New Jersey/Metropolitan New York market Track record of core profitability through the economic cycle Significant commercial real estate exposure Capital, funding, and liquidity ratios that are weaker than peers' Lack of meaningful revenue diversity The stable outlook reflects S&P Global Ratings' view that Valley National Bancorp will continue to generate solid core earnings while maintaining strong asset-quality measures and adequate capital for at least the next two years. We expect the company will continue to establish itself in its Florida market and maintain its current strategy, with a focus on strong asset quality, in its legacy New Jersey and New York markets. If, however, the company's asset
