Risk Factors Update Summary

• Addition of various cybersecurity threats like phishing attacks and credential stuffing increases risk exposure.
• Valley incurred $71.2 million in merger-related expenses and expects substantial ongoing integration costs.
• Valley's allowance for credit losses was $293 million in 2023, with non-accrual loans totaling $62.5 million.
• Notification of breaches related to third-party service providers' software, impacting customer data security.
• Valley's goodwill totaled $1.9 billion in 2023, impacting financial condition and results.
• Valley repurchased 3 loans in 2023, totaling $1.1 million, with no material losses.
• Valley faces cybersecurity risks due to increased technology and sophisticated cyber attacks.
• Increased regulatory scrutiny may lead to higher costs and reduced profitability, affecting financial condition.
• Valley's non-accrual loans were 0.58% of total loans in 2023, including taxi medallion loans.
• Valley's net interest income is influenced by interest rates, with a target range of 4.25-4.50% in 2023.
• Changes in accounting standards beyond U.S. GAAP could result in costly technology changes.