Asset quality remains better than peers' Lower-risk business model and conservative credit culture Low credit costs support consistent earnings Geographic concentration Significant commercial real estate (CRE) exposure High dividend payout restrains capital accumulation The stable outlook on Valley National Bancorp incorporates Standard&Poor's Ratings Services' expectation that Valley will maintain its conservative business strategies and that the company's asset quality will remain superior to that of peers. If Valley's asset quality deteriorates significantly, or if earnings or capital declines, then we could revise the outlook to negative or lower the ratings. Likewise, we could revise the outlook to negative or lower the ratings if Valley's markets in the New York metropolitan area show signs of a further decline. Conversely,
