# EDGAR Filing Document

**Accession Number:** 0000714310
**File Stem:** 0000714310-25-000137
**Filing Date:** 2025-7
**Character Count:** 112442
**Document Hash:** ab795f0288657576f1320a450fbd82fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000714310-25-000137.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0000714310-25-000137

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20250724

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VALLEY NATIONAL BANCORP
- **CENTRAL INDEX KEY:** 0000714310
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 222477875
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11277
- **FILM NUMBER:** 251144544

**BUSINESS ADDRESS:**
- **STREET 1:** ONE PENN PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10119
- **BUSINESS PHONE:** (973) 305-8800

**MAIL ADDRESS:**
- **STREET 1:** ONE PENN PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10119

?xml version='1.0' encoding='ASCII'? vly-20250724

 **UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of report (Date of earliest event reported): July 24, 2025** 

**Valley National Bancorp**

**(Exact Name of Registrant as Specified in Charter)**

---

| | | |
|:---|:---|:---|
| **New Jersey** | **1-11277** | **22-2477875** |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission File Number)** | **(I.R.S. Employer**<br>**Identification Number)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **One Penn Plaza,** | **New York,** | **New York** | **10119** |
| **(Address of Principal Executive Offices)** | **(Address of Principal Executive Offices)** | **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code (973) 305-8800** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbols</u>** | **<u>Name of exchange on which registered</u>** |
| Common Stock, no par value | VLY | The Nasdaq Stock Market LLC |
| Non-Cumulative Perpetual Preferred Stock, Series A, no par value | VLYPP | The Nasdaq Stock Market LLC |
| Non-Cumulative Perpetual Preferred Stock, Series B, no par value | VLYPO | The Nasdaq Stock Market LLC |
| Non-Cumulative Perpetual Preferred Stock, Series C, no par value | VLYPN | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On July 24, 2025, Valley National Bancorp ("Valley") issued a press release announcing Valley's financial results for the second quarter 2025. A copy of the press release is furnished herewith as Exhibit 99.1.

The information in this Item 2.02, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended (the "Securities Act"), except as shall be expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

---

Valley is furnishing presentation materials attached hereto as Exhibit 99.2 pursuant to Item 7.01 of Form 8-K. Valley is not undertaking to update these presentation materials. The information in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act, except as shall be expressly set forth by specific reference in such a filing. This report will not be deemed an admission as to the materiality of any information herein (including Exhibit 99.2).

---

| | |
|:---|:---|
| **Item 9.01**<br>**(d)**<br>**Exhibit No.** | **Financial Statements and Exhibits.**<br>**Exhibits.**<br>**Description** |
| **99.1** | <u>[Press Release of Valley National Bancorp, dated](exhibit991earningsrelease7.htm)[July](exhibit991earningsrelease7.htm)[24, 2025, announcing](exhibit991earningsrelease7.htm)[second](exhibit991earningsrelease7.htm)[quarter 2025 financial results.](exhibit991earningsrelease7.htm)</u> |
| **99.2** | <u>[Valley National Bancorp presentation materials used in connection with](a2q25earningspresentatio.htm)[second](a2q25earningspresentatio.htm)[quarter 2025 investor conference.](a2q25earningspresentatio.htm)</u> |
| **104** | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: July 24, 2025  | **VALLEY NATIONAL BANCORP** | **VALLEY NATIONAL BANCORP** |
|  | By: | <u>/s/ Travis Lan</u> |
|  |  | Travis Lan |
|  |  | Senior Executive Vice President and |
|  |  | Chief Financial Officer<br>(Principal Financial Officer) |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![imagea.jpg](imagea.jpg) | News Release |

---

---

| | | |
|:---|:---|:---|
| FOR IMMEDIATE RELEASE | Contact: | Travis Lan |
| | | Senior Executive Vice President and |
| | | Chief Financial Officer |
| | | 973-686-5007 |

---

**VALLEY NATIONAL BANCORP ANNOUNCES SECOND QUARTER 2025 RESULTS**

**NEW YORK, NY – July 24, 2025 --** Valley National Bancorp (**NASDAQ:VLY**), the holding company for Valley National Bank, today reported net income for the second quarter 2025 of $133.2 million, or $0.22 per diluted common share, as compared to the first quarter 2025 net income of $106.1 million, or $0.18 per diluted common share, and net income of $70.4 million, or $0.13 per diluted common share, for the second quarter 2024. Excluding all non-core income and charges, our adjusted net income (a non-GAAP measure) was $134.4 million, or $0.23 per diluted common share, for the second quarter 2025, $106.1 million, or $0.18 per diluted common share, for the first quarter 2025, and $71.6 million, or $0.13 per diluted common share, for the second quarter 2024. See further details below, including a reconciliation of our non-GAAP adjusted net income, in the "Consolidated Financial Highlights" tables.

Ira Robbins, CEO, commented, "I am pleased by the continued balance sheet strength and commercial loan growth exhibited during the second quarter. Our profitability metrics are trending positively, consistent with our expectations for improvement throughout the year. We remain focused on growing low-cost deposits, which we expect will support our aspirations in 2025 and beyond."

Mr. Robbins continued, "Our quarterly credit results continued to improve as illustrated by the significant reduction in our provision for loan losses on both a quarter-over-quarter and year-over-year basis. Our allowance coverage ratio remains at a comfortable level, and we expect general stability going forward."

**Key financial highlights for the second quarter 2025:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•* Net Interest Income and Margin:** Our net interest margin on a tax equivalent basis increased by 5 basis points to 3.01 percent in the second quarter 2025 as compared to 2.96 percent for the first quarter 2025. Net interest income on a tax equivalent basis of $433.7 million for the second quarter 2025 increased $12.3 million compared to the first quarter 2025 and increased $30.7 million as compared to the second quarter 2024. The increase in net interest income from the first quarter 2025 was mainly driven by higher yields on new loan originations, increases in average loans and taxable investments and one additional day during the second quarter 2025. See additional details in the "Net Interest Income and Margin" section below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Loan Portfolio:** Total loans increased $734.3 million, or 6.0 percent on an annualized basis, to $49.4 billion at June 30, 2025 from March 31, 2025 mostly due to increases of $719.8 million and $137.6 million in commercial and industrial (C&I) and automobile loans, respectively. Total commercial real estate (CRE) loans (including construction loans) decreased $288.6 million from March 31, 2025 largely due to normal repayments and

------

Valley National Bancorp (NASDAQ: VLY)

Second Quarter 2025 Earnings

July 24, 2025

continued selective origination activity. As a result, our CRE loan concentration ratio (defined as total commercial real estate loans held for investment and held for sale, excluding owner occupied loans, as a percentage of total risk-based capital) declined to approximately 349 percent at June 30, 2025 from 353 percent at March 31, 2025. See the "Loans" section below for more details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•* Allowance and Provision for Credit Losses for Loans**: The allowance for credit losses for loans totaled $594.0 million and $594.1 million at June 30, 2025 and March 31, 2025, respectively, representing 1.20 percent and 1.22 percent of total loans at each respective date. During the second quarter 2025, we recorded a provision for credit losses for loans of $37.8 million as compared to $62.7 million and $82.1 million for the first quarter 2025 and second quarter 2024, respectively. See the "Credit Quality" section below for more details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•* Credit Quality:** Net loan charge-offs totaled $37.8 million for the second quarter 2025 as compared to $41.9 million and $36.8 million for the first quarter 2025 and second quarter 2024, respectively. Non-accrual loans totaled $354.4 million, or 0.72 percent of total loans, at June 30, 2025 as compared to $346.5 million, or 0.71 percent of total loans, at March 31, 2025. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $147.5 million to $199.2 million, or 0.40 percent of total loans, at June 30, 2025 as compared to $51.7 million, or 0.11 percent of total loans, at March 31, 2025. The majority of this increase related to three CRE loans, of which two were no longer past due in July 2025. See the "Credit Quality" section below for more details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•* Deposits:** Total deposit balances increased $759.4 million to $50.7 billion at June 30, 2025 as compared to $50.0 billion at March 31, 2025 mainly due to increases in both direct and indirect (brokered) customer time deposits during the second quarter 2025, partially offset by the outflows of certain indirect customer deposits in the savings, NOW and money market deposit category. Non-interest bearing deposits increased $118.2 million to $11.7 billion at June 30, 2025 from March 31, 2025. See the "Deposits" section below for more details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Subordinated Debt Redemptions:** On June 15, 2025, we redeemed in full $115 million of 5.25 percent fixed-to-floating rate subordinated notes issued in June 2020 and due in June 2030. The transaction was accounted for as an early debt extinguishment and resulted in a $922 thousand pre-tax loss reported within non-interest expense for the second quarter 2025. In addition, we repaid $100 million of 4.55 percent fixed rate subordinated notes that matured on June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Non-Interest Income:** Non-interest income increased $4.3 million to $62.6 million for the second quarter 2025 as compared to the first quarter 2025 mainly due to increases of $2.8 million and $2.0 million in capital markets income and service charges on deposit accounts, respectively. The increase in capital markets income was largely driven by a higher volume of interest rate swap transactions executed for commercial loan customers during the second quarter 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Non-Interest Expense:** Non-interest expense increased $7.5 million to $284.1 million for the second quarter 2025 as compared to the first quarter 2025 largely due to an increase of $4.3 million in professional and legal fees driven by higher consulting and legal expenses. Salary and employee benefits expense also increased $2.8 million from the first quarter 2025 mainly

------

Valley National Bancorp (NASDAQ: VLY)

Second Quarter 2025 Earnings

July 24, 2025

due to annual salary merit increases late in the first quarter 2025 and higher cash incentive compensation and severance related expenses. These items were partially offset by lower payroll taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•* Efficiency Ratio:** Our efficiency ratio was 55.20 percent for the second quarter 2025 as compared to 55.87 percent and 59.62 percent for the first quarter 2025 and second quarter 2024, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•* Performance Ratios:** Annualized return on average assets (ROA), shareholders' equity (ROE) and tangible ROE were 0.86 percent, 7.08 percent and 9.62 percent for the second quarter 2025, respectively. Annualized ROA, ROE, and tangible ROE, adjusted for non-core income and charges, were 0.87 percent, 7.15 percent and 9.71 percent for the second quarter 2025, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.

**Net Interest Income and Margin**

Net interest income on a tax equivalent basis of $433.7 million for the second quarter 2025 increased $12.3 million compared to the first quarter 2025 and increased $30.7 million as compared to the second quarter 2024. Interest income on a tax equivalent basis increased $20.3 million to $806.3 million for the second quarter 2025 as compared to the first quarter 2025. The increase was mostly driven by (i) higher yields on new loan originations, (ii) increased average loan balances driven by new organic loan originations largely within the C&I loan portfolio, (iii) additional interest income from purchases of taxable investments mainly within the available for sale portfolio during the first half of 2025 and (iv) one additional day in the second quarter 2025. Total interest expense increased $8.0 million to $372.6 million for the second quarter 2025 as compared to the first quarter 2025 largely due to (i) a $548.7 million increase in average time deposit balances, (ii) the increased cost of certain non-maturity deposits and (iii) the aforementioned increase in day count. See the "Deposits" and "Other Borrowings" sections below for more details.

Net interest margin on a tax equivalent basis of 3.01 percent for the second quarter 2025 increased by 5 basis points from 2.96 percent for the first quarter 2025 and increased 17 basis points from 2.84 percent for the second quarter 2024. The increase as compared to the first quarter 2025 was mostly due to the 7 basis point increase in the yield on average interest earning assets largely caused by higher interest rates on new loan originations in the second quarter 2025 and higher yielding investment purchases. The overall cost of average interest bearing liabilities increased 2 basis points to 3.56 percent for the second quarter 2025 as compared to the first quarter 2025 mostly due to higher interest rates on certain non-maturity deposit products, partially offset by a lower overall cost of time deposits driven by both new volumes and maturities. Our cost of total average deposits was 2.67 percent for the second quarter 2025 as compared to 2.65 percent and 3.18 percent for the first quarter 2025 and the second quarter 2024, respectively.

------

Valley National Bancorp (NASDAQ: VLY)

Second Quarter 2025 Earnings

July 24, 2025

**Loans, Deposits and Other Borrowings**

***Loans.*** Total loans increased $734.3 million, or 6.0 percent on an annualized basis, to $49.4 billion at June 30, 2025 from March 31, 2025 mainly due to increases in the C&I and automobile loan portfolios, partially offset by lower CRE loan balances. C&I loans grew by $719.8 million, or 28.4 percent on an annualized basis, to $10.9 billion at June 30, 2025 from March 31, 2025 largely due to our continued strategic focus on organic growth within this category. Automobile loans increased by $137.6 million, or 27.0 percent on an annualized basis, to $2.2 billion at June 30, 2025 from March 31, 2025 mainly due to high quality consumer demand generated by our indirect auto dealer network and low prepayment activity within the portfolio. Residential mortgage loans also moderately increased $73.6 million to $5.7 billion at June 30, 2025 from March 31, 2025 as new loan originations outpaced repayment activity. Total CRE (including construction) loans decreased $288.6 million to $28.8 billion at June 30, 2025 from March 31, 2025. The decrease was largely driven by runoff from repayment activity and our efforts to focus new CRE loan originations on more profitable holistic banking clients. Additionally, construction loans decreased $172.1 million to $2.9 billion at June 30, 2025 from March 31, 2025 mainly due to the migration of completed projects to permanent financing within the multifamily loan category of the CRE loan portfolio during the second quarter 2025.

***Deposits.*** Actual ending balances for deposits increased $759.4 million to $50.7 billion at June 30, 2025 from March 31, 2025 due to increases of $962.9 million and $118.2 million in time deposits and non-interest bearing deposits, respectively, partially offset by a $321.6 million decrease in savings, NOW and money market deposit balances. The increase in time deposit balances was mainly driven by continued deposit inflows from new promotional retail CD offerings and additional fully-insured indirect (i.e., brokered) customer CDs during the second quarter 2025. The increase in non-interest bearing deposit balances was mostly due to higher commercial customer deposit inflows in the second quarter 2025. Savings, NOW and money market deposit balances decreased at June 30, 2025 from March 31, 2025 largely due to lower indirect customer deposits, as well as some seasonal runoff in governmental deposits account balances. Total indirect customer deposits (including both brokered money market and time deposits) totaled $6.5 billion and $6.3 billion at June 30, 2025 and March 31, 2025, respectively. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 23 percent, 52 percent and 25 percent of total deposits as of June 30, 2025, respectively, as compared to 23 percent, 53 percent and 24 percent of total deposits as of March 31, 2025, respectively.

***Other Borrowings.*** Short-term borrowings, consisting of securities sold under agreements to repurchase and FHLB advances, increased $103.2 million to $162.2 million at June 30, 2025 from March 31, 2025 largely due to an increase in FHLB advances. Long-term borrowings totaled $2.9 billion at June 30, 2025 and remained relatively unchanged as compared to March 31, 2025. In June 2025, we fully redeemed $215 million of subordinated notes that were mostly offset by the issuance of new long-term FHLB advances during the second quarter 2025.

------

Valley National Bancorp (NASDAQ: VLY)

Second Quarter 2025 Earnings

July 24, 2025

**Credit Quality**

***Non-Performing Assets (NPAs).*** Total NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, increased $4.6 million to $360.8 million at June 30, 2025 as compared to March 31, 2025. Non-accrual loans increased $7.9 million to $354.4 million at June 30, 2025 as compared to $346.5 million at March 31, 2025 mainly because of a net increase in non-performing CRE loans during the second quarter 2025, which was partially offset by a decline in non-performing C&I loans. Non-accrual C&I loans decreased largely due to the full charge-offs of four loan relationships totaling $17.4 million during the second quarter 2025. Non-accrual loans represented 0.72 percent of total loans at June 30, 2025 as compared to 0.71 percent of total loans at March 31, 2025. OREO decreased $2.9 million to $4.8 million at June 30, 2025 from March 31, 2025 mostly due to the fair valuation write-down related to one CRE property recorded during the second quarter 2025.

***Accruing Past Due Loans.*** Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $147.5 million to $199.2 million, or 0.40 percent of total loans, at June 30, 2025 as compared to $51.7 million, or 0.11 percent of total loans, at March 31, 2025.

Loans 30 to 59 days past due increased $89.5 million to $123.0 million at June 30, 2025 as compared to March 31, 2025 due, in large part, to one $39.2 million CRE loan and one $35.0 million construction loan included in this early stage delinquency category at June 30, 2025. The $39.2 million CRE loan 30 to 59 days past due was subsequently paid in full by the borrower in July 2025. Loans 60 to 89 days past due increased $62.8 million to $73.3 million at June 30, 2025 as compared to March 31, 2025 mainly due to a $60.6 million CRE loan. This past due loan was subsequently modified and was brought current to its restructured terms in July 2025. Loans 90 days or more past due and still accruing interest decreased $4.8 million to $2.9 million at June 30, 2025 as compared to March 31, 2025 mainly due to a decrease in residential mortgage loan delinquencies. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.

------

Valley National Bancorp (NASDAQ: VLY)

Second Quarter 2025 Earnings

July 24, 2025

***Allowance for Credit Losses for Loans and Unfunded Commitments.*** The following table summarizes the allocation of the allowance for credit losses to loan categories and the allocation as a percentage of each loan category at June 30, 2025, March 31, 2025 and June 30, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **March 31, 2025** | **March 31, 2025** | **June 30, 2024** | **June 30, 2024** |
| |<br>**Allowance**<br>**Allocation** | **Allocation**<br>**as a % of**<br>**Loan**<br>**Category** |<br>**Allowance**<br>**Allocation** | **Allocation**<br>**as a % of**<br>**Loan**<br>**Category** |<br>**Allowance**<br>**Allocation** | **Allocation**<br>**as a % of**<br>**Loan**<br>**Category** |
| | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| Loan Category: |  |  |  |  |  |  |
| Commercial and industrial loans | $173415 | 1.60% | $184700 | 1.82% | $149243 | 1.57% |
| Commercial real estate loans: |  |  |  |  |  |  |
| Commercial real estate | 270937 | 1.04 | 266938 | 1.02 | 246316 | 0.87 |
| Construction | 64042 | 2.24 | 54724 | 1.81 | 54777 | 1.54 |
| Total commercial real estate loans | 334979 | 1.16 | 321662 | 1.10 | 301093 | 0.95 |
| Residential mortgage loans | 48830 | 0.86 | 48906 | 0.87 | 47697 | 0.85 |
| Consumer loans: |  |  |  |  |  |  |
| Home equity | 3689 | 0.58 | 3401 | 0.56 | 3077 | 0.54 |
| Auto and other consumer | 18587 | 0.55 | 19531 | 0.62 | 18200 | 0.63 |
| Total consumer loans | 22276 | 0.56 | 22932 | 0.61 | 21277 | 0.62 |
| Allowance for loan losses | 579500 | 1.17 | 578200 | 1.19 | 519310 | 1.03 |
| Allowance for unfunded credit commitments | 14520 |  | 15854 |  | 13231 |  |
| Total allowance for credit losses for loans | $594020 |  | $594054 |  | $532541 |  |
| &nbsp;&nbsp;Allowance for credit losses for loans as a % of total loans |  | 1.20% |  | 1.22% |  | 1.06% |

---

Our loan portfolio, totaling $49.4 billion at June 30, 2025, had net loan charge-offs totaling $37.8 million for the second quarter 2025 as compared to $41.9 million and $36.8 million for the first quarter 2025 and the second quarter 2024, respectively. Gross loan charge-offs totaled $42.1 million for the second quarter 2025 and included $23.1 million of partial and full charge-offs related to five non-performing C&I loan relationships with combined specific reserves of $11.2 million at March 31, 2025.

The allowance for credit losses for loans, comprised of our allowance for loan losses and unfunded credit commitments, as a percentage of total loans was 1.20 percent at June 30, 2025, 1.22 percent at March 31, 2025, and 1.06 percent at June 30, 2024. For the second quarter 2025, the provision for credit losses for loans totaled $37.8 million as compared to $62.7 million and $82.1 million for the first quarter 2025 and second quarter 2024, respectively. The second quarter 2025 provision reflects, among other factors, the impact of loan growth mainly within the C&I loan portfolio and loan charge-offs, partially offset by a decline in quantitative reserves in certain loan categories and lower specific reserves associated with collateral dependent loans at June 30, 2025.

------

Valley National Bancorp (NASDAQ: VLY)

Second Quarter 2025 Earnings

July 24, 2025

**Capital Adequacy**

Valley's total risk-based capital, Tier 1 capital, common equity tier 1 capital, and Tier 1 leverage capital ratios were 13.67 percent, 11.57 percent, 10.85 percent and 9.49 percent, respectively, at June 30, 2025 as compared to 13.91 percent, 11.53 percent, 10.80 percent and 9.41 percent, respectively, at March 31, 2025. The reduction in our total risk-based capital ratio reflects the early redemption of our $115 million of 5.25 percent fixed-to-floating rate subordinated notes due in June 2030, which was previously eligible for full regulatory capital treatment.

**Investor Conference Call** 

Valley's CEO, Ira Robbins, will host a conference call with investors and the financial community at 11:00 AM (ET) today to discuss Valley's second quarter 2025 earnings. Interested parties should preregister using this link: https://register.vevent.com/register to receive the dial-in number and a personal PIN, which are required to access the conference call. The teleconference will also be webcast live: https://edge.media-server.com and archived on Valley's website through Monday, August 25, 2025. Investor presentation materials will be made available prior to the conference call at valley.com.

**About Valley**

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $63 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley's corporate citizenship philosophy. To learn more about Valley, go to valley.com or call our Customer Care Center at 800-522-4100.

**Forward-Looking Statements** 

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about our business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by such forward-looking terminology as "intend," "should," "expect," "believe," "view," "opportunity," "allow," "continues," "reflects," "would," "could," "typically," "usually," "anticipate," "may," "estimate," "outlook," "project" or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of market interest rates and monetary and fiscal policies of the U.S. federal government and its agencies in connection with prolonged inflationary pressures, which could

------

Valley National Bancorp (NASDAQ: VLY)

Second Quarter 2025 Earnings

July 24, 2025

have a material adverse effect on our clients, our business, our employees, and our ability to provide services to our customers;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of unfavorable macroeconomic conditions or downturns, including instability or volatility in financial markets resulting from the impact of tariffs, any retaliatory actions, related market uncertainty, or other factors; U.S. government debt default or rating downgrade; unanticipated loan delinquencies; loss of collateral; decreased service revenues; increased business disruptions or failures; reductions in employment; and other potential negative effects on our business, employees or clients caused by factors outside of our control, such as new legislation and policy changes under the current U.S. presidential administration, geopolitical instabilities or events, natural and other disasters, including severe weather events, health emergencies, acts of terrorism, or other external events;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of any potential instability within the U.S. financial sector or future bank failures, including the possibility of a run on deposits by a coordinated deposit base, and the impact of the actual or perceived concerns regarding the soundness, or creditworthiness, of other financial institutions, including any resulting disruption within the financial markets, increased expenses, including Federal Deposit Insurance Corporation insurance assessments, or adverse impact on our stock price, deposits or our ability to borrow or raise capital;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of negative public opinion regarding Valley or banks in general that damages our reputation and adversely impacts business and revenues;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in the statutes, regulations, policies, or enforcement priorities of the federal bank regulatory agencies;

&nbsp;&nbsp;&nbsp;&nbsp;• the loss of or decrease in lower-cost funding sources within our deposit base;

&nbsp;&nbsp;&nbsp;&nbsp;• damage verdicts, settlements or restrictions related to existing or potential class action litigation or individual litigation arising from claims of violations of laws or regulations, contractual claims, breach of fiduciary responsibility, negligence, fraud, environmental laws, patent, trademark or other intellectual property infringement, misappropriation or other violation, employment related claims, and other matters;

&nbsp;&nbsp;&nbsp;&nbsp;• a prolonged downturn and contraction in the economy, as well as an unexpected decline in commercial real estate values collateralizing a significant portion of our loan portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;• higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations, and case law;

&nbsp;&nbsp;&nbsp;&nbsp;• the inability to grow customer deposits to keep pace with the level of loan growth;

&nbsp;&nbsp;&nbsp;&nbsp;• a material change in our allowance for credit losses due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;• the need to supplement debt or equity capital to maintain or exceed internal capital thresholds;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in our business, strategy, market conditions or other factors that may negatively impact the estimated fair value of our goodwill and other intangible assets and result in future impairment charges;

&nbsp;&nbsp;&nbsp;&nbsp;• greater than expected technology-related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations;

------

Valley National Bancorp (NASDAQ: VLY)

Second Quarter 2025 Earnings

July 24, 2025

&nbsp;&nbsp;&nbsp;&nbsp;• increased competitive challenges, including our ability to stay current with rapid technological changes in the financial services industry;

&nbsp;&nbsp;&nbsp;&nbsp;• cyberattacks, ransomware attacks, computer viruses, malware or other cybersecurity incidents that may breach the security of our websites or other systems or networks to obtain unauthorized access to personal, confidential, proprietary or sensitive information, destroy data, disable or degrade service, or sabotage our systems or networks, and the increasing sophistication of such attacks;

&nbsp;&nbsp;&nbsp;&nbsp;• results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank, the Consumer Financial Protection Bureau and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities;

&nbsp;&nbsp;&nbsp;&nbsp;• application of the OCC heightened regulatory standards for certain large insured national banks, and the expenses we will incur to develop policies, programs, and systems that comply with the enhanced standards applicable to us;

&nbsp;&nbsp;&nbsp;&nbsp;• our inability or determination not to pay dividends at current levels, or at all, because of inadequate earnings, regulatory restrictions or limitations, changes in our capital requirements, or a decision to increase capital by retaining more earnings;

&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather, pandemics or other public health crises, acts of terrorism or other external events;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully execute our business plan and strategic initiatives; and

&nbsp;&nbsp;&nbsp;&nbsp;• unexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, risk mitigation strategies, changes in regulatory lending guidance or other factors.

A detailed discussion of factors that could affect our results is included in our SEC filings, including Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2024.

We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

\# \# \#

-Tables to Follow-

------

**VALLEY NATIONAL BANCORP**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

**SELECTED FINANCIAL DATA**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **March 31,** | **June 30,** | **June 30,** | **June 30,** |
| ($ in thousands, except for share data and stock price) | **2025** | **2025** | **2024** | **2025** | **2024** |
| **<u>FINANCIAL DATA:</u>** |  |  |  |  |  |
| Net interest income - FTE <sup>(1)</sup> | $433675 | $421378 | $402984 | $855052 | $797831 |
| Net interest income | $432408 | $420105 | $401685 | $852513 | $795233 |
| Non-interest income | 62604 | 58294 | 51213 | 120898 | 112628 |
| Total revenue | 495012 | 478399 | 452898 | 973411 | 907861 |
| Non-interest expense | 284122 | 276618 | 277497 | 560740 | 557807 |
| Pre-provision net revenue | 210890 | 201781 | 175401 | 412671 | 350054 |
| Provision for credit losses | 37799 | 62661 | 82070 | 100460 | 127270 |
| Income tax expense | 39924 | 33062 | 22907 | 72986 | 56080 |
| Net income | 133167 | 106058 | 70424 | 239225 | 166704 |
| Dividends on preferred stock | 6948 | 6955 | 4108 | 13903 | 8227 |
| Net income available to common shareholders | $126219 | $99103 | $66316 | $225322 | $158477 |
| Weighted average number of common shares outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 560336610 | 559613272 | 509141252 | 559976939 | 508740986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 562312330 | 563305525 | 510338502 | 563431390 | 510437959 |
| Per common share data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings | $0.23 | $0.18 | $0.13 | $0.40 | $0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings | 0.22 | 0.18 | 0.13 | 0.40 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends declared | 0.11 | 0.11 | 0.11 | 0.22 | 0.22 |
| Closing stock price - high | 9.20 | 10.42 | 8.02 | 10.42 | 10.80 |
| Closing stock price - low | 7.87 | 8.56 | 6.52 | 7.87 | 6.52 |
| **<u>FINANCIAL RATIOS:</u>** |  |  |  |  |  |
| Net interest margin | 3.01% | 2.95% | 2.83% | 2.98% | 2.81% |
| Net interest margin - FTE <sup>(1)</sup> | 3.01 | 2.96 | 2.84 | 2.99 | 2.81 |
| Annualized return on average assets | 0.86 | 0.69 | 0.46 | 0.77 | 0.54 |
| Annualized return on avg. shareholders' equity | 7.08 | 5.69 | 4.17 | 6.39 | 4.95 |
| **<u>NON-GAAP FINANCIAL DATA AND RATIOS:</u>** <sup>(2)</sup> |  |  |  |  |  |
| Basic earnings per share, as adjusted | $0.23 | $0.18 | $0.13 | $0.40 | $0.32 |
| Diluted earnings per share, as adjusted | 0.23 | 0.18 | 0.13 | 0.40 | 0.32 |
| Annualized return on average assets, as adjusted | 0.87% | 0.69% | 0.47% | 0.78% | 0.56% |
| Annualized return on average shareholders' equity, as adjusted | 7.15 | 5.69 | 4.24 | 6.42 | 5.08 |
| Annualized return on average tangible shareholders' equity | 9.62 | 7.76 | 5.95 | 8.70 | 7.07 |
| Annualized return on average tangible shareholders' equity, as adjusted | 9.71 | 7.76 | 6.05 | 8.74 | 7.25 |
| Efficiency ratio | 55.20 | 55.87 | 59.62 | 55.53 | 59.36 |
| **<u>AVERAGE BALANCE SHEET ITEMS:</u>** |  |  |  |  |  |
| Assets | $62106945 | $61502768 | $61518639 | $61806614 | $61387754 |
| Interest earning assets | 57553624 | 56891691 | 56772950 | 57224486 | 56695874 |
| Loans | 49032637 | 48654921 | 50020901 | 48844823 | 50133746 |
| Interest bearing liabilities | 41913735 | 41230709 | 41576344 | 41574732 | 41566466 |
| Deposits | 49907124 | 49139303 | 49383209 | 49525957 | 48979591 |
| Shareholders' equity | 7524231 | 7458177 | 6753981 | 7491395 | 6739838 |

---

------

**VALLEY NATIONAL BANCORP**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As Of** | **As Of** | **As Of** | **As Of** | **As Of** |
| **<u>BALANCE SHEET ITEMS:</u>** | **June 30,** | **March 31,** | **December 31,** | **September 30,** | **June 30,** |
| (In thousands) | **2025** | **2025** | **2024** | **2024** | **2024** |
| Assets | $62705358 | $61865655 | $62491691 | $62092332 | $62058974 |
| Total loans | 49391420 | 48657128 | 48799711 | 49355319 | 50311702 |
| Deposits | 50725284 | 49965844 | 50075857 | 50395966 | 50112177 |
| Shareholders' equity | 7575421 | 7499897 | 7435127 | 6972380 | 6737737 |
| **<u>LOANS:</u>** |  |  |  |  |  |
| (In thousands) |  |  |  |  |  |
| Commercial and industrial | $10870036 | $10150205 | $9931400 | $9799287 | $9479147 |
| Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 11747491 | 11945222 | 12344355 | 12647649 | 13710015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 8434173 | 8420385 | 8299250 | 8612936 | 8976264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied | 5789397 | 5722014 | 5886620 | 5654147 | 5536844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 2854859 | 3026935 | 3114733 | 3487464 | 3545723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate | 28825920 | 29114556 | 29644958 | 30402196 | 31768846 |
| Residential mortgage | 5709971 | 5636407 | 5632516 | 5684079 | 5627113 |
| Consumer: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | 634553 | 602161 | 604433 | 581181 | 566467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile | 2178841 | 2041227 | 1901065 | 1823738 | 1762852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other consumer | 1172099 | 1112572 | 1085339 | 1064838 | 1107277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 3985493 | 3755960 | 3590837 | 3469757 | 3436596 |
| Total loans | $49391420 | $48657128 | $48799711 | $49355319 | $50311702 |
| **<u>CAPITAL RATIOS:</u>** |  |  |  |  |  |
| Book value per common share | $12.89 | $12.76 | $12.67 | $13.00 | $12.82 |
| Tangible book value per common share <sup>(2)</sup> | 9.35 | 9.21 | 9.10 | 9.06 | 8.87 |
| Tangible common equity to tangible assets <sup>(2)</sup> | 8.63% | 8.61% | 8.40% | 7.68% | 7.52% |
| Tier 1 leverage capital | 9.49 | 9.41 | 9.16 | 8.40 | 8.19 |
| Common equity tier 1 capital | 10.85 | 10.80 | 10.82 | 9.57 | 9.55 |
| Tier 1 risk-based capital | 11.57 | 11.53 | 11.55 | 10.29 | 9.98 |
| Total risk-based capital | 13.67 | 13.91 | 13.87 | 12.56 | 12.17 |

---

------

**VALLEY NATIONAL BANCORP**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **<u>ALLOWANCE FOR CREDIT LOSSES:</u>**  | **June 30,** | **March 31,** | **June 30,** | **June 30,** | **June 30,** |
| ($ in thousands) | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Allowance for credit losses for loans** |  |  |  |  |  |
| Beginning balance - Allowance for credit losses for loans | $594054 | $573328 | $487269 | $573328 | $465550 |
| Loans charged-off: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | (25189) | (28456) | (14721) | (53645) | (29014) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | (14623) | (12260) | (22144) | (26883) | (23348) |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction |  | (1163) | (212) | (1163) | (7806) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer | (2259) | (2140) | (1262) | (4399) | (3071) |
| Total loans charged-off | (42071) | (44019) | (38339) | (86090) | (63239) |
| Charged-off loans recovered: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | 2789 | 810 | 742 | 3599 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 188 | 249 | 150 | 437 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 455 |  |  | 455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 37 | 168 | 5 | 205 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 773 | 843 | 603 | 1616 | 1000 |
| Total loans recovered | 4242 | 2070 | 1500 | 6312 | 2845 |
| Total net charge-offs | (37829) | (41949) | (36839) | (79778) | (60394) |
| Provision for credit losses for loans | 37795 | 62675 | 82111 | 100470 | 127385 |
| Ending balance | $594020 | $594054 | $532541 | $594020 | $532541 |
| **Components of allowance for credit losses for loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses | $579500 | $578200 | $519310 | $579500 | $519310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for unfunded credit commitments | 14520 | 15854 | 13231 | 14520 | 13231 |
| Allowance for credit losses for loans | $594020 | $594054 | $532541 | $594020 | $532541 |
| **Components of provision for credit losses for loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses for loans | $39129 | $61299 | $86901 | $100428 | $133624 |
| (Credit) provision for unfunded credit commitments | (1334) | 1376 | (4790) | 42 | (6239) |
| Total provision for credit losses for loans | $37795 | $62675 | $82111 | $100470 | $127385 |
| Annualized ratio of total net charge-offs to total average loans | 0.31% | 0.34% | 0.29% | 0.33% | 0.24% |
| Allowance for credit losses for loans as a % of total loans | 1.20% | 1.22% | 1.06% | 1.20% | 1.06% |

---

------

**VALLEY NATIONAL BANCORP**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As Of** | **As Of** | **As Of** | **As Of** | **As Of** |
| **<u>ASSET QUALITY:</u>** | **June 30,** | **March 31,** | **December 31,** | **September 30,** | **June 30,** |
| ($ in thousands) | **2025** | **2025** | **2024** | **2024** | **2024** |
| Accruing past due loans: |  |  |  |  |  |
| 30 to 59 days past due: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $10451 | $3609 | $2389 | $4537 | $5086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 42884 | 170 | 20902 | 76370 | 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 35000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 21744 | 16747 | 21295 | 19549 | 17389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 12878 | 12887 | 12552 | 14672 | 21639 |
| Total 30 to 59 days past due | 122957 | 33413 | 57138 | 115128 | 45993 |
| 60 to 89 days past due: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | 1095 | 420 | 1007 | 1238 | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 60601 |  | 24903 | 43926 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 7627 | 7700 | 5773 | 6892 | 6632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 4001 | 2408 | 4484 | 2732 | 3671 |
| Total 60 to 89 days past due | 73324 | 10528 | 36167 | 54788 | 11924 |
| 90 or more days past due: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial |  |  | 1307 | 1786 | 2739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate |  |  |  |  | 4242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction |  |  |  |  | 3990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 2062 | 6892 | 3533 | 1931 | 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 859 | 864 | 1049 | 1063 | 898 |
| Total 90 or more days past due | 2921 | 7756 | 5889 | 4780 | 14478 |
| Total accruing past due loans | $199202 | $51697 | $99194 | $174696 | $72395 |
| Non-accrual loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $90973 | $110146 | $136675 | $120575 | $102942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 193604 | 172011 | 157231 | 113752 | 123011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 24068 | 24275 | 24591 | 24657 | 45380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 41099 | 35393 | 36786 | 33075 | 28322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 4615 | 4626 | 4215 | 4260 | 3624 |
| Total non-accrual loans | 354359 | 346451 | 359498 | 296319 | 303279 |
| Other real estate owned (OREO) | 4783 | 7714 | 12150 | 7172 | 8059 |
| Other repossessed assets | 1642 | 2054 | 1681 | 1611 | 1607 |
| Total non-performing assets | $360784 | $356219 | $373329 | $305102 | $312945 |
| Total non-accrual loans as a % of loans | 0.72% | 0.71% | 0.74% | 0.60% | 0.60% |
| Total accruing past due and non-accrual loans as a % of loans | 1.12% | 0.82% | 0.94% | 0.95% | 0.75% |
| Allowance for losses on loans as a % of non-accrual loans | 163.53% | 166.89% | 155.45% | 185.05% | 171.23% |

---

------

**VALLEY NATIONAL BANCORP**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

**NOTES TO SELECTED FINANCIAL DATA**

(1) Net interest income and net interest margin are presented on a tax equivalent basis using a 21 percent federal tax rate. Valley believes that this presentation provides comparability of net interest income and net interest margin arising from both taxable and tax-exempt sources and is consistent with industry practice and SEC rules.

(2) **Non-GAAP Reconciliations.** This press release contains certain supplemental financial information, described in the Notes below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles ("GAAP") that management uses in its analysis of Valley's performance. The Company believes that the non-GAAP financial measures provide useful supplemental information to both management and investors in understanding Valley's underlying operational performance, business and performance trends, and may facilitate comparisons of our current and prior performance with the performance of others in the financial services industry. Management utilizes these measures for internal planning, forecasting and analysis purposes. Management believes that Valley's presentation and discussion of this supplemental information, together with the accompanying reconciliations to the GAAP financial measures, also allows investors to view performance in a manner similar to management. These non-GAAP financial measures should not be considered in isolation or as a substitute for or superior to financial measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures may also be calculated differently from similar measures disclosed by other companies.

**Non-GAAP Reconciliations to GAAP Financial Measures**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **March 31,** | **June 30,** | **June 30,** | **June 30,** |
| ($ in thousands, except for share data) | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Adjusted net income available to common shareholders (non-GAAP):** |  |  |  |  |  |
| Net income, as reported (GAAP) | $133167 | $106058 | $70424 | $239225 | $166704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Loss on extinguishment of debt | 922 |  |  | 922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: FDIC special assessment <sup>(a)</sup> |  |  | 1363 |  | 8757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Losses on available for sale and held to maturity debt securities, net <sup>(b)</sup> |  | 11 | 4 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Restructuring charge <sup>(c)</sup> | 800 |  | 334 | 800 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Gain on sale of commercial premium finance lending division <sup>(d)</sup> |  |  |  |  | (3629) |
| Total non-GAAP adjustments to net income | 1722 | 11 | 1701 | 1733 | 6093 |
| &nbsp;&nbsp;Income tax adjustments related to non-GAAP adjustments <sup>(e)</sup> | (474) | (3) | (482) | (477) | (1706) |
| Net income, as adjusted (non-GAAP) | $134415 | $106066 | $71643 | $240481 | $171091 |
| Dividends on preferred stock | 6948 | 6955 | 4108 | 13903 | 8227 |
| Net income available to common shareholders, as adjusted (non-GAAP) | $127467 | $99111 | $67535 | $226578 | $162864 |
| __________ |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) Included in the FDIC insurance assessment. | &nbsp;&nbsp;&nbsp;&nbsp;(a) Included in the FDIC insurance assessment. | &nbsp;&nbsp;&nbsp;&nbsp;(a) Included in the FDIC insurance assessment. | &nbsp;&nbsp;&nbsp;&nbsp;(a) Included in the FDIC insurance assessment. | &nbsp;&nbsp;&nbsp;&nbsp;(a) Included in the FDIC insurance assessment. | &nbsp;&nbsp;&nbsp;&nbsp;(a) Included in the FDIC insurance assessment. |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) Included in gains on securities transactions, net. | &nbsp;&nbsp;&nbsp;&nbsp;(b) Included in gains on securities transactions, net. | &nbsp;&nbsp;&nbsp;&nbsp;(b) Included in gains on securities transactions, net. | &nbsp;&nbsp;&nbsp;&nbsp;(b) Included in gains on securities transactions, net. | &nbsp;&nbsp;&nbsp;&nbsp;(b) Included in gains on securities transactions, net. | &nbsp;&nbsp;&nbsp;&nbsp;(b) Included in gains on securities transactions, net. |
| &nbsp;&nbsp;&nbsp;&nbsp;(c) Represents severance expense related to workforce reductions within salary and employee benefits expense. | &nbsp;&nbsp;&nbsp;&nbsp;(c) Represents severance expense related to workforce reductions within salary and employee benefits expense. | &nbsp;&nbsp;&nbsp;&nbsp;(c) Represents severance expense related to workforce reductions within salary and employee benefits expense. | &nbsp;&nbsp;&nbsp;&nbsp;(c) Represents severance expense related to workforce reductions within salary and employee benefits expense. | &nbsp;&nbsp;&nbsp;&nbsp;(c) Represents severance expense related to workforce reductions within salary and employee benefits expense. | &nbsp;&nbsp;&nbsp;&nbsp;(c) Represents severance expense related to workforce reductions within salary and employee benefits expense. |
| &nbsp;&nbsp;&nbsp;&nbsp;(d) Included in other income within non-interest income. | &nbsp;&nbsp;&nbsp;&nbsp;(d) Included in other income within non-interest income. | &nbsp;&nbsp;&nbsp;&nbsp;(d) Included in other income within non-interest income. | &nbsp;&nbsp;&nbsp;&nbsp;(d) Included in other income within non-interest income. | &nbsp;&nbsp;&nbsp;&nbsp;(d) Included in other income within non-interest income. | &nbsp;&nbsp;&nbsp;&nbsp;(d) Included in other income within non-interest income. |
| &nbsp;&nbsp;&nbsp;&nbsp;(e) Calculated using the appropriate blended statutory tax rate for the applicable period. | &nbsp;&nbsp;&nbsp;&nbsp;(e) Calculated using the appropriate blended statutory tax rate for the applicable period. | &nbsp;&nbsp;&nbsp;&nbsp;(e) Calculated using the appropriate blended statutory tax rate for the applicable period. | &nbsp;&nbsp;&nbsp;&nbsp;(e) Calculated using the appropriate blended statutory tax rate for the applicable period. | &nbsp;&nbsp;&nbsp;&nbsp;(e) Calculated using the appropriate blended statutory tax rate for the applicable period. | &nbsp;&nbsp;&nbsp;&nbsp;(e) Calculated using the appropriate blended statutory tax rate for the applicable period. |
| **Adjusted per common share data (non-GAAP):** |  |  |  |  |  |
| Net income available to common shareholders, as adjusted (non-GAAP) | $127467 | $99111 | $67535 | $226578 | $162864 |
| Average number of shares outstanding | 560336610 | 559613272 | 509141252 | 559976939 | 508740986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings, as adjusted (non-GAAP) | $0.23 | $0.18 | $0.13 | $0.40 | $0.32 |
| Average number of diluted shares outstanding | 562312330 | 563305525 | 510338502 | 563431390 | 510437959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings, as adjusted (non-GAAP) | $0.23 | $0.18 | $0.13 | $0.40 | $0.32 |
| **Adjusted annualized return on average tangible shareholders' equity (non-GAAP):** |  |  |  |  |  |
| Net income, as adjusted (non-GAAP) | $134415 | $106066 | $71643 | $240481 | $171091 |
| Average shareholders' equity | $7524231 | $7458177 | $6753981 | $7491395 | $6739838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Average goodwill and other intangible assets | 1987381 | 1994061 | 2016766 | 1990702 | 2020883 |
| Average tangible shareholders' equity | $5536850 | $5464116 | $4737215 | $5500693 | $4718955 |
| Annualized return on average tangible shareholders' equity, as adjusted (non-GAAP) | 9.71% | 7.76% | 6.05% | 8.74% | 7.25% |
| **Adjusted annualized return on average assets (non-GAAP):** |  |  |  |  |  |
| Net income, as adjusted (non-GAAP) | $134415 | $106066 | $71643 | $240481 | $171091 |
| Average assets | $62106945 | $61502768 | $61518639 | $61806614 | $61387754 |
| Annualized return on average assets, as adjusted (non-GAAP) | 0.87% | 0.69% | 0.47% | 0.78% | 0.56% |

---

------

**VALLEY NATIONAL BANCORP**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

**Non-GAAP Reconciliations to GAAP Financial Measures (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **March 31,** | **June 30,** | **June 30,** | **June 30,** |
| ($ in thousands, except for share data) | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Adjusted annualized return on average shareholders' equity (non-GAAP):** |  |  |  |  |  |
| Net income, as adjusted (non-GAAP) | $134415 | $106066 | $71643 | $240481 | $171091 |
| Average shareholders' equity | $7524231 | $7458177 | $6753981 | $7491395 | $6739838 |
| Annualized return on average shareholders' equity, as adjusted (non-GAAP) | 7.15% | 5.69% | 4.24% | 6.42% | 5.08% |
| **Annualized return on average tangible shareholders' equity (non-GAAP):** |  |  |  |  |  |
| Net income, as reported (GAAP) | $133167 | $106058 | $70424 | $239225 | $166704 |
| Average shareholders' equity | $7524231 | $7458177 | $6753981 | $7491395 | $6739838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Average goodwill and other intangible assets | 1987381 | 1994061 | 2016766 | 1990702 | 2020883 |
| Average tangible shareholders' equity | $5536850 | $5464116 | $4737215 | $5500693 | $4718955 |
| Annualized return on average tangible shareholders' equity (non-GAAP) | 9.62% | 7.76% | 5.95% | 8.70% | 7.07% |
| **Efficiency ratio (non-GAAP):** |  |  |  |  |  |
| Non-interest expense, as reported (GAAP) | $284122 | $276618 | $277497 | $560740 | $557807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Loss on extinguishment of debt (pre-tax) | 922 |  |  | 922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: FDIC special assessment (pre-tax) |  |  | 1363 |  | 8757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Restructuring charge (pre-tax) | 800 |  | 334 | 800 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Amortization of tax credit investments (pre-tax) | 9134 | 9320 | 5791 | 18454 | 11353 |
| Non-interest expense, as adjusted (non-GAAP) | $273266 | $267298 | $270009 | $540564 | $536743 |
| Net interest income, as reported (GAAP) | 432408 | 420105 | 401685 | 852513 | 795233 |
| Non-interest income, as reported (GAAP) | 62604 | 58294 | 51213 | 120898 | 112628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Losses on available for sale and held to maturity securities transactions, net (pre-tax) |  | 11 | 4 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Gain on sale of premium finance division (pre-tax) |  |  |  |  | (3629) |
| Non-interest income, as adjusted (non-GAAP) | $62604 | $58305 | $51217 | $120909 | $109010 |
| &nbsp;&nbsp;&nbsp;Gross operating income, as adjusted (non-GAAP) | $495012 | $478410 | $452902 | $973422 | $904243 |
| &nbsp;&nbsp;&nbsp;Efficiency ratio (non-GAAP) | 55.20% | 55.87% | 59.62% | 55.53% | 59.36% |
|  | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **June 30,** | **March 31,** | **December 31,** | **September 30,** | **June 30,** |
| ($ in thousands, except for share data) | **2025** | **2025** | **2024** | **2024** | **2024** |
| **Tangible book value per common share (non-GAAP):** |  |  |  |  |  |
| Common shares outstanding | 560281821 | 560028101 | 558786093 | 509252936 | 509205014 |
| Shareholders' equity (GAAP) | $7575421 | $7499897 | $7435127 | $6972380 | $6737737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock | 354345 | 354345 | 354345 | 354345 | 209691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill and other intangible assets | 1983515 | 1990276 | 1997597 | 2004414 | 2012580 |
| Tangible common shareholders' equity (non-GAAP) | $5237561 | $5155276 | $5083185 | $4613621 | $4515466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible book value per common share (non-GAAP) | $9.35 | $9.21 | $9.10 | $9.06 | $8.87 |
| **Tangible common equity to tangible assets (non-GAAP):** |  |  |  |  |  |
| Tangible common shareholders' equity (non-GAAP) | $5237561 | $5155276 | $5083185 | $4613621 | $4515466 |
| Total assets (GAAP) | $62705358 | $61865655 | $62491691 | $62092332 | $62058974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill and other intangible assets | 1983515 | 1990276 | 1997597 | 2004414 | 2012580 |
| Tangible assets (non-GAAP) | $60721843 | $59875379 | $60494094 | $60087918 | $60046394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity to tangible assets (non-GAAP) | 8.63% | 8.61% | 8.40% | 7.68% | 7.52% |

---

------

**VALLEY NATIONAL BANCORP**

**CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION**

**(in thousands, except for share data)** 

---

| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| | **(Unaudited)** | |
| **Assets** |  |  |
| Cash and due from banks | $440870 | $411412 |
| Interest bearing deposits with banks | 745547 | 1478713 |
| Investment securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 77408 | 71513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available for sale debt securities | 3896205 | 3369724 |
| Held to maturity debt securities (net of allowance for credit losses of $637 at June 30, 2025 and $647 at December 31, 2024) | 3530924 | 3531573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | 7504537 | 6972810 |
| Loans held for sale (includes fair value of $9,146 at June 30, 2025 and $16,931 at December 31, 2024 for loans originated for sale) | 28096 | 25681 |
| Loans | 49391420 | 48799711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for loan losses | (579500) | (558850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans | 48811920 | 48240861 |
| Premises and equipment, net | 337371 | 350796 |
| Lease right of use assets | 332324 | 328475 |
| Bank owned life insurance | 735026 | 731574 |
| Accrued interest receivable | 238278 | 239941 |
| Goodwill | 1868936 | 1868936 |
| Other intangible assets, net | 114579 | 128661 |
| Other assets | 1547874 | 1713831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $62705358 | $62491691 |
| **Liabilities** |  |  |
| Deposits: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-interest bearing | $11746770 | $11428674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest bearing: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings, NOW and money market | 26091633 | 26304639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time | 12886881 | 12342544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 50725284 | 50075857 |
| Short-term borrowings | 162244 | 72718 |
| Long-term borrowings | 2903091 | 3174155 |
| Junior subordinated debentures issued to capital trusts | 57629 | 57455 |
| Lease liabilities | 392633 | 388303 |
| Accrued expenses and other liabilities | 889056 | 1288076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 55129937 | 55056564 |
| **Shareholders' Equity** |  |  |
| Preferred stock, no par value; 50,000,000 authorized shares: |  |  |
| Series A (4,600,000 shares issued at June 30, 2025 and December 31, 2024) | 111590 | 111590 |
| Series B (4,000,000 shares issued at June 30, 2025 and December 31, 2024) | 98101 | 98101 |
| Series C (6,000,000 shares issued at June 30, 2025 and December 31, 2024) | 144654 | 144654 |
| Common stock (no par value, authorized 650,000,000 shares; issued 560,522,946 shares at June 30, 2025 and 558,786,093 shares at December 31, 2024) | 196606 | 195998 |
| Surplus | 5451543 | 5442070 |
| Retained earnings | 1694903 | 1598048 |
| Accumulated other comprehensive loss | (119889) | (155334) |
| Treasury stock, at cost (241,125 common shares at June 30, 2025) | (2087) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Shareholders' Equity** | 7575421 | 7435127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Shareholders' Equity** | $62705358 | $62491691 |

---

------

**VALLEY NATIONAL BANCORP**

**CONSOLIDATED STATEMENTS OF INCOME (Unaudited)**

**(in thousands, except for share data)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | | | | **June 30,** | **June 30,** |
| | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **June 30,**<br>**2024** | **2025** | **2024** |
| **Interest Income** |  |  |  |  |  |
| Interest and fees on loans | $720282 | $703609 | $770964 | $1423891 | $1542517 |
| Interest and dividends on investment securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | 67164 | 63898 | 40460 | 131062 | 76257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | 4681 | 4702 | 4799 | 9383 | 9595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 5528 | 5664 | 6341 | 11192 | 13169 |
| Interest on federal funds sold and other short-term investments | 7357 | 6879 | 10902 | 14236 | 20584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 805012 | 784752 | 833466 | 1589764 | 1662122 |
| **Interest Expense** |  |  |  |  |  |
| Interest on deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings, NOW and money market | 203390 | 200221 | 231597 | 403611 | 464103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time | 129324 | 125069 | 160442 | 254393 | 311507 |
| Interest on short-term borrowings | 1736 | 2946 | 691 | 4682 | 21303 |
| Interest on long-term borrowings and junior subordinated debentures | 38154 | 36411 | 39051 | 74565 | 69976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 372604 | 364647 | 431781 | 737251 | 866889 |
| **Net Interest Income** | 432408 | 420105 | 401685 | 852513 | 795233 |
| Provision (credit) for credit losses for available for sale and held to maturity securities | 4 | (14) | (41) | (10) | (115) |
| Provision for credit losses for loans | 37795 | 62675 | 82111 | 100470 | 127385 |
| &nbsp;&nbsp;&nbsp;**Net Interest Income After Provision for Credit Losses** | 394609 | 357444 | 319615 | 752053 | 667963 |
| **Non-Interest Income** |  |  |  |  |  |
| Wealth management and trust fees | 14056 | 15031 | 13136 | 29087 | 31066 |
| Insurance commissions | 3430 | 3402 | 3958 | 6832 | 6209 |
| Capital markets | 9767 | 6940 | 7779 | 16707 | 13449 |
| Service charges on deposit accounts | 14705 | 12726 | 11212 | 27431 | 22461 |
| (Losses) gains on securities transactions, net | (1) | 46 | 3 | 45 | 52 |
| Fees from loan servicing | 3671 | 3215 | 2691 | 6886 | 5879 |
| Gains on sales of loans, net | 2025 | 2197 | 884 | 4222 | 2502 |
| Bank owned life insurance | 6019 | 4777 | 4545 | 10796 | 7780 |
| Other | 8932 | 9960 | 7005 | 18892 | 23230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 62604 | 58294 | 51213 | 120898 | 112628 |
| **Non-Interest Expense** |  |  |  |  |  |
| Salary and employee benefits expense | 145422 | 142618 | 140815 | 288040 | 282646 |
| Net occupancy expense | 25483 | 25888 | 24252 | 51371 | 48575 |
| Technology, furniture and equipment expense | 30667 | 29896 | 35203 | 60563 | 70665 |
| FDIC insurance assessment | 12192 | 12867 | 14446 | 25059 | 32682 |
| Amortization of other intangible assets | 7427 | 8019 | 8568 | 15446 | 17980 |
| Professional and legal fees | 19970 | 15670 | 17938 | 35640 | 34403 |
| Loss on extinguishment of debt | 922 |  |  | 922 |  |
| Amortization of tax credit investments | 9134 | 9320 | 5791 | 18454 | 11353 |
| Other | 32905 | 32340 | 30484 | 65245 | 59503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 284122 | 276618 | 277497 | 560740 | 557807 |
| **Income Before Income Taxes** | 173091 | 139120 | 93331 | 312211 | 222784 |
| Income tax expense | 39924 | 33062 | 22907 | 72986 | 56080 |
| **Net Income** | 133167 | 106058 | 70424 | 239225 | 166704 |
| Dividends on preferred stock | 6948 | 6955 | 4108 | 13903 | 8227 |
| **Net Income Available to Common Shareholders** | $126219 | $99103 | $66316 | $225322 | $158477 |

---

------

**VALLEY NATIONAL BANCORP**

**Quarterly Analysis of Average Assets, Liabilities and Shareholders' Equity and**

**Net Interest Income on a Tax Equivalent Basis**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| | **Average** | | **Avg.** | **Average** | | **Avg.** | **Average** | | **Avg.** |
| ($ in thousands) | **Balance** | **Interest** | **Rate** | **Balance** | **Interest** | **Rate** | **Balance** | **Interest** | **Rate** |
| **Assets** |  |  |  |  |  |  |  |  |  |
| Interest earning assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans <sup>(1)(2)</sup> | $49032637 | $720305 | 5.88% | $48654921 | $703632 | 5.78% | $50020901 | $770987 | 6.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable investments <sup>(3)</sup> | 7350792 | 72692 | 3.96 | 7100958 | 69562 | 3.92 | 5379101 | 46801 | 3.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt investments <sup>(1)(3)</sup> | 544302 | 5925 | 4.35 | 552291 | 5952 | 4.31 | 575272 | 6075 | 4.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest bearing deposits with banks | 625893 | 7357 | 4.70 | 583521 | 6879 | 4.72 | 797676 | 10902 | 5.47 |
| Total interest earning assets | 57553624 | 806279 | 5.60 | 56891691 | 786025 | 5.53 | 56772950 | 834765 | 5.88 |
| Other assets | 4553321 |  |  | 4611077 |  |  | 4745689 |  |  |
| Total assets | $62106945 |  |  | $61502768 |  |  | $61518639 |  |  |
| **Liabilities and shareholders' equity** |  |  |  |  |  |  |  |  |  |
| Interest bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings, NOW and money market deposits | $26451349 | $203390 | 3.08% | $26345983 | $200221 | 3.04% | $24848266 | $231597 | 3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 12119461 | 129324 | 4.27 | 11570758 | 125069 | 4.32 | 13311381 | 160442 | 4.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | 196491 | 1736 | 3.53 | 307637 | 2946 | 3.83 | 97502 | 691 | 2.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term borrowings <sup>(4)</sup> | 3146434 | 38154 | 4.85 | 3006331 | 36411 | 4.84 | 3319195 | 39051 | 4.71 |
| Total interest bearing liabilities | 41913735 | 372604 | 3.56 | 41230709 | 364647 | 3.54 | 41576344 | 431781 | 4.15 |
| Non-interest bearing deposits | 11336314 |  |  | 11222562 |  |  | 11223562 |  |  |
| Other liabilities | 1332665 |  |  | 1591320 |  |  | 1964752 |  |  |
| Shareholders' equity | 7524231 |  |  | 7458177 |  |  | 6753981 |  |  |
| Total liabilities and shareholders' equity | $62106945 |  |  | $61502768 |  |  | $61518639 |  |  |
| Net interest income/interest rate spread <sup>(5)</sup> |  | $433675 | 2.04% |  | $421378 | 1.99% |  | $402984 | 1.73% |
| Tax equivalent adjustment |  | (1267) |  |  | (1273) |  |  | (1299) |  |
| Net interest income, as reported |  | $432408 |  |  | $420105 |  |  | $401685 |  |
| Net interest margin <sup>(6)</sup> |  |  | 3.01% |  |  | 2.95% |  |  | 2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax equivalent effect |  |  | 0.00 |  |  | 0.01 |  |  | 0.01 |
| Net interest margin on a fully tax equivalent basis <sup>(6)</sup> |  |  | 3.01% |  |  | 2.96% |  |  | 2.84% |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Interest income is presented on a tax equivalent basis using a 21 percent federal tax rate.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Loans are stated net of unearned income and include non-accrual loans.

(3)&nbsp;&nbsp;&nbsp;&nbsp;The yield for securities that are classified as available for sale is based on the average historical amortized cost.

(4)&nbsp;&nbsp;&nbsp;&nbsp;Includes junior subordinated debentures issued to capital trusts which are presented separately on the consolidated statements of financial condition.

(5)&nbsp;&nbsp;&nbsp;&nbsp;Interest rate spread represents the difference between the average yield on interest earning assets and the average cost of interest bearing liabilities and is presented on a fully tax equivalent basis.

(6)&nbsp;&nbsp;&nbsp;&nbsp;Net interest income as a percentage of total average interest earning assets.

**SHAREHOLDER RELATIONS**<br> Requests for copies of reports and/or other inquiries should be directed to Tina Zarkadas, Assistant Vice President, Shareholder Relations Specialist, Valley National Bancorp, 70 Speedwell Avenue, Morristown, New Jersey, 07960, by telephone at (973) 305-3380, by fax at (973) 305-1364 or by e-mail at tzarkadas@valley.com.<br>

## Exhibit 99.2

![](a2q25earningspresentatio001.jpg)

2Q25 Earnings Presentation July 24, 2025 Exhibit 99.2

------

![](a2q25earningspresentatio002.jpg)

2 Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about our business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by such forward-looking terminology as "intend," "should," "expect," "believe," "beyond", "view," "opportunity," "allow," "continues," "reflects," "would," "could," "typically," "usually," "anticipate," "may," "estimate," "outlook," "project" or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to: the impact of market interest rates and monetary and fiscal policies of the U.S. federal government and its agencies in connection with prolonged inflationary pressures, which could have a material adverse effect on our clients, our business, our employees, and our ability to provide services to our customers; the impact of unfavorable macroeconomic conditions or downturns, including instability or volatility in financial markets resulting from the impact of tariffs, any retaliatory actions, related market uncertainty, or other factors; debt default or rating downgrade; unanticipated loan delinquencies; loss of collateral; decreased service revenues; increased business disruptions or failures; reductions in employment; and other potential negative effects on our business, employees or clients caused by factors outside of our control, such as legislation and policy changes under the U.S. presidential administration, geopolitical instabilities or events, natural and other disasters, including severe weather events, health emergencies, acts of terrorism, or other external events; the impact of any potential instability within the U.S. financial sector or future bank failures, including the possibility of a run on deposits by a coordinated deposit base, and the impact of the actual or perceived concerns regarding the soundness or creditworthiness, of other financial institutions, including any resulting disruption within the financial markets, increased expenses, including Federal Deposit Insurance Corporation insurance assessments, or adverse impact on our stock price, deposits or our ability to borrow or raise capital; the impact of negative public opinion regarding Valley or banks in general that damages our reputation and adversely impacts business and revenues; changes in the statutes, regulations, policies, or enforcement priorities of the federal bank regulatory agencies; the loss of or decrease in lower-cost funding sources within our deposit base; damage verdicts, settlements or restrictions related to existing or potential class action litigation or individual litigation arising from claims of violations of laws or regulations, contractual claims, breach of fiduciary responsibility, negligence, fraud, environmental laws, patent, trademark or other intellectual property infringement, misappropriation or other violation, employment related claims, and other matters; a prolonged downturn and contraction in the economy, as well as an unexpected decline in commercial real estate values collateralizing a significant portion of our loan portfolio; higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations, and case law; the inability to grow customer deposits to keep pace with the level of loan growth; a material change in our allowance for credit losses under CECL due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios; the need to supplement debt or equity capital to maintain or exceed internal capital thresholds; changes in our business, strategy, market conditions or other factors that may negatively impact the estimated fair value of our goodwill and other intangible assets and result in future impairment charges; greater than expected technology-related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations; increased competitive challenges, including our ability to stay current with rapid technological changes in the financial services industry; cyberattacks, ransomware attacks, computer viruses, malware or other cybersecurity incidents that may breach the security of our websites or other systems or networks to obtain unauthorized access to personal, confidential, proprietary or sensitive information, destroy data, disable or degrade service, or sabotage our systems or networks, and the increasing sophistication of such attacks; results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank, the Consumer Financial Protection Bureau and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities; application of the OCC heightened regulatory standards for certain large insured national banks, and the expenses we will incur to develop policies, programs, and systems that comply with the enhanced standards applicable to us; our inability or determination not to pay dividends at current levels, or at all, because of inadequate earnings, regulatory restrictions or limitations, changes in our capital requirements, or a decision to increase capital by retaining more earnings; unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather, pandemics or other public health crises, acts of terrorism or other external events; our ability to successfully execute our business plan and strategic initiatives; and unexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, risk mitigation strategies, changes in regulatory lending guidance or other factors. A detailed discussion of factors that could affect our results is included in our SEC filings, including Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2024. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

------

![](a2q25earningspresentatio003.jpg)

2Q 2025 Financial Highlights 2Q25 1Q25 2Q24 2Q25 1Q25 2Q24 Net Income ($mm) $133.2 $106.1 $70.4 $134.4 $106.1 $71.6 Return on Average Assets Annualized 0.86% 0.69% 0.46% 0.87% 0.69% 0.47% Efficiency Ratio (Non-GAAP) -- -- -- 55.2% 55.9% 59.6% Diluted Earnings Per Share $0.22 $0.18 $0.13 $0.23 $0.18 $0.13 Pre-Provision Net Revenue 2 ($mm) $210.9 $201.8 $175.4 $221.7 $211.1 $182.9 PPNR / Average Assets 2 Annualized 1.36% 1.31% 1.14% 1.43% 1.37% 1.19% GAAP Reported Non-GAAP Adjusted 1 1 Please refer to the Non-GAAP Disclosure Reconciliation in Appendix. 2 Pre-provision net revenue ("PPNR") equals net interest income plus total non-interest income less total non-interest expense.  Strong adjusted pre-provision net revenue momentum (+5% quarter-over-quarter, +21% year-over-year) reflecting net interest income expansion, fee income growth, and expense control.  Loan loss provision continues to decline in-line with our expectations supporting further profitability normalization.  We remain focused on our key strategic imperatives: 1) grow core deposits, 2) further diversify our loan portfolio, and 3) drive sustainable fee revenue. 3

------

![](a2q25earningspresentatio004.jpg)

9.55% 10.82% 10.80% 10.85% ~11% 6/30/24 12/31/24 3/31/25 6/30/25 12/31/25 est. Maintaining Balance Sheet Strength 4 ACL / Loans 1.06% ~1.17% 1.22% 1.20% 1.20% - 1.25% 6/30/24 12/31/24 3/31/25 6/30/25 12/31/25 est. Loans / Deposits 100.4% 97.5% 97.4% 97.4% <97% 6/30/24 12/31/24 3/31/25 6/30/25 12/31/25 est. CET 1 / RWA 1 Commercial Real Estate (including CRE loans held for sale) as defined by joint regulatory guidance to include call codes 1.a (Construction), 1.d (Multifamily), 1.e.2. (Other Non- farm Non-residential, excluding Owner-Occupied) and CRE loans not secured by real estate. CRE / TRBC 1 442% 362% 353% 349% <350% 6/30/24 12/31/24 3/31/25 6/30/25 12/31/25 est.

------

![](a2q25earningspresentatio005.jpg)

Profitability Continues to Trend Positively 5 Net Interest Margin (FTE, %) Adj. PPNR / Avg. Assets (%) 1 Adj. Return on Avg. Assets (%) 1 Adj. Return on Avg. Tangible Shareholders Equity (%) 1 2.84% 2.92% 2.96% 3.01% 3.00% >3.10%3.10% 2Q24 4Q24 1Q25 2Q25 2025 est. range 4Q25 est. 1.19% 1.31% 1.37% 1.43% 1.35% >1.50%1.50% 2Q24 4Q24 1Q25 2Q25 2025 est. range 4Q25 est. 0.47% 0.48% 0.69% 0.87% 0.80% >1.00%1.00% 2Q24 4Q24 1Q25 2Q25 2025 est. range 4Q25 est. 6.1% 5.8% 7.8% 9.7% 9.0% >11.0%11.0% 2Q24 4Q24 1Q25 2Q25 2025 est. range 4Q25 est. 1 Please refer to the Non-GAAP Disclosure Reconciliation in Appendix. The Company is providing this outlook only on a non-GAAP basis because not all of the information necessary for a quantitative reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure is available without unreasonable effort, primarily due to uncertainties relating to the occurrence or amount of these adjustments that may arise in the future. Based on past reported results, any such excluded items could be material, individually or in the aggregate, to the reported results.

------

![](a2q25earningspresentatio006.jpg)

Metric 2025 Expectations as of 3/31/2025 Gross Loan Growth Net Interest Income Low end of 9% - 12% growth range based on 2024 of $1,629mm Adj. Non-Interest Income Midpoint of 6% - 10% growth range based on 2024 of $227mm 1 Adj. Non-Interest Expense Tax Rate Midpoint of 23% - 25% range (assumes ~$35mm of tax credit amortization in 2025) 2025 Guidance Update 1 Please refer to the Non-GAAP Disclosure Reconciliation in Appendix. 2 Excludes tax credit amortization and other non-operating expenses. The Company is providing this outlook only on a non-GAAP basis because not all of the information necessary for a quantitative reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure is available without unreasonable effort, primarily due to uncertainties relating to the occurrence or amount of these adjustments that may arise in the future. Based on past reported results, any such excluded items could be material, individually or in the aggregate, to the reported results. 6 Credit Expectations Midpoint of $75mm - $125mm Annual NCO range Midpoint of $120mm - $160mm Annual Provision range Low end of 3% - 5% range based on 12/31/24 of $48.8bn Low-to-mid of 3% - 5% growth range based on 2024 of $1,076mm 1, 2 Updated Guidance Range ~3% growth 8% - 10% growth 6% - 10% growth 2% - 4% growth 23% - 24% $100mm - $125mm ~$150mm

------

![](a2q25earningspresentatio007.jpg)

65 140 12/31/17 6/30/25 Commercial 51%51% 55% 40% 106% 91% VLYPeer Median Cumulative Dividends Post-2017 Reported TBV Growth Post-2017 +116% Shareholder Value Creation vs. Peers 1 Deposit Accounts (000s) Commercial Loan Diversity by Geography 2 Enhanced Funding Diversity by Geography 21% 48% 79% 52% 12/31/17 6/30/25 FL & Other NY & NJ 22% 56% 78% 44% 12/31/17 6/30/25 Northeast Branches Southeast Branches, Specialty & Other 440 546 12/31/17 6/30/25 Consumer +24% Driving Long-Term Value 1 VLY Reported Tangible Book Value ("TBV") growth measured from 12/31/17 to 3/31/25. Peer Median Reported TBV Growth measured from 12/31/17 to 3/31/25. Cumulative dividends reflect dividends declared between 12/31/17 and 3/31/25 for VLY and peers. Peers include major exchange traded banks and thrifts with assets $30 billion to $150 billion as of 3/31/2025. 2 Commercial loans include C&I and Commercial Real Estate, including Construction. Source: S&P Capital IQ Pro and company data. 7

------

![](a2q25earningspresentatio008.jpg)

Continued Direct Deposit Growth 24.7 26.4 26.1 11.1 11.6 11.7 14.3 11.9 12.9 $50.1 $50.0 $50.7 6/30/2024 3/31/2025 6/30/2025 Time Non-Interest Savings, NOW and money market 25% 23% 52% 23% 49% 22% 29% 3.18% 3.25% 2.94% 2.65% 2.67% 5.50% 5.43% 4.82% 4.50% 4.50% 2Q24 3Q24 4Q24 1Q25 2Q25 Total Deposits Average Fed Funds (Upper) Deposits by Product ($bn) 24% 53% Avg. Fed Funds vs. Deposit Costs (%) Cumulative Beta (Current Cycle) 1Deposits by Customer Type ($bn) 82% 87% 13%18% 1 Cumulative Beta is measured as the change in Valley's quarterly average deposit cost as a percentage of the change in the average quarterly Fed Funds Upper Bound over the identified period. Sums may not total due to rounding. 8 58% 51% Rate Increase Cycle (4Q21-2Q24) Rate Decrease Cycle (2Q24-2Q25) 41.0 43.7 44.3 9.1 6.3 6.5 $50.1 $50.0 $50.7 6/30/2024 3/31/2025 6/30/2025 Direct Indirect 87% 13%

------

![](a2q25earningspresentatio009.jpg)

Traditional Branch Deposits $32.0 63% Specialized Deposits $12.3 24% Fully FDIC-Insured Indirect Customer $6.5 13% $50.7bn New Jersey $17.2 New York $5.1 Florida $8.4 Other $1.3 $32.0bn Total Deposit Breakdown ($bn) Traditional Branch Deposits 3 ($bn) Uninsured Deposits & Liquidity ($bn) $13.0 $1.2 $22.6 $23.8 Adjusted Uninsured Deposits Cash & Available Liquidity Cash on Balance Sheet High Quality Available Liquidity 2 Cash & Available Liquidity Stands at 1.8x Adjusted Uninsured Deposits 1 127 branches 20 branches 41 branches 42 branches Adjusted Uninsured Deposits 126% of deposits Nat'l Deposits, Cannabis & Online $4.0 International Corporate $1.1 Technology $1.9 Private Banking & Wealth $1.6 Other Commercial $3.8 $12.3bn Specialized Deposits by Business Line ($bn) 1 Adjusted for collateralized government deposits in excess of FDIC $250k limit and intercompany deposits eliminated in consolidation. 2 "High Quality Available Liquidity" includes the following off balance sheet sources of potential liquidity: FHLB, unencumbered investment securities, FRBNY Discount Window Availability, and Uncommitted Fed Funds Lines. 3 Traditional Branch Deposits include Commercial (inclusive of $1.3bn of HOA deposits), Consumer and Government. Sums may not total due to rounding. All data as of 6/30/25. 9 Diversified Deposit Base

------

![](a2q25earningspresentatio010.jpg)

Core Deposit Growth & Diversification 2017 6/30/25 2025 & Beyond • $18bn of Total Deposits • 78% in Northeast Branches • 101% Loans / Deposits • $7bn Commercial Deposits • $85mm Total Deposits / Branch • $51bn of Total Deposits • 44% in Northeast Branches • 97% Loans / Deposits • $27bn Commercial Deposits • $221mm Total Deposits / Branch • Streamlined Deposit Account Opening • New Specialty Deposit Verticals: - International & Technology - Online Channel - National Deposits Group - Cannabis - International & U.S. Private Banking • Comprehensive Re-Brand • Enhanced Treasury Platform • Branch Modernization • New Markets / Geographies: - Westchester, NY - California - Chicago, IL - Staten Island, NY • Leveraging specialty deposit verticals • Penetrating commercial client base with treasury offering to drive deposit growth with specific focus on operating accounts • Replacing transactional CRE with relationships that contribute incremental funding • Continue to assess opportunities to further enhance our deposit base • Small Business Bundling • Consumer Platform • Online Offerings 10

------

![](a2q25earningspresentatio011.jpg)

Multifamily 17% Non Owner-Occupied CRE 24% Owner-Occupied CRE 12% C&I 22% Consumer 8% Residential R.E. 11% Construction 6% CRE 41% C&I 34% Other 25% 6/30/2025 Loan Composition 1 Loan Portfolio Detail Gross Loans ($bn) 1 Avg. Fed Funds vs. Loan Yields (%) Cumulative Loan Beta (Current Cycle) 2 1 CRE includes multifamily and non-owner occupied CRE; C&I includes owner-occupied CRE and C&I; Other includes construction, residential RE and Consumer. 2 Cumulative Loan Beta is measured as the change in Valley's quarterly yield on loans as a percentage of the change in the average quarterly Fed Funds Upper Bound over the identified period. Note: Sums may not total due to rounding.11 $48.7 $49.4 ($0.4) $0.1 $0.7 $0.3 3/31/25 Other CRE & Const. Owner-Occ. CRE C&I Resi & Consumer 6/30/25 45% 29% Rate Increase Cycle (4Q21-2Q24) Rate Decrease Cycle (2Q24-2Q25) 6.17% 6.28% 6.04% 5.78% 5.88% 5.50% 5.43% 4.82% 4.50% 4.50% 2Q24 3Q24 4Q24 1Q25 2Q25 Total Loans Average Fed Funds (Upper)

------

![](a2q25earningspresentatio012.jpg)

Proven C&I Growth Capabilities 4.7 5.4 2.2 0.4 2.7 4.3 4.8 6.9 5.8 8.8 9.2 9.9 10.9 '17 '18 '19 '20 '21 '22 '23 '24 6/30/25 Traditional C&I PPP ~19% C&I CAGR since 2017 New Jersey 19% New York 24% Florida 29% California 5% Other 23% North- east 43% South- east & Other 57% New Jersey 40% New York 34% Florida 14% California 2% Other 10% Northeast 74% Southeast & Other 26% 12 12/31/17 C&I Geographic Diversity 6/30/25 C&I Geographic Diversity C&I Loans ($bn)

------

![](a2q25earningspresentatio013.jpg)

• $18bn of Total Loans • $2.7bn C&I loans • 79% of Commercial Loans 1 in Northeast • C&I / Owner-Occ 24% of Loans • $49bn of Total Loans • $10.9bn C&I loans • 52% of Commercial Loans 1 in Northeast • C&I / Owner-Occ 34% of Loans Focused C&I Initiatives Supporting Growth • Capital Call Lines & Fund Finance • Syndications Group Providing Up-Market Opportunities • Asset-Based Lending • Equipment Finance • Healthcare (Owner-Occupied and C&I) • Chicago Middle Market • California Commercial Lending • Focusing new CRE Originations on Tier 1 Clients With Holistic Banking Relationship 2017 6/30/25 2025 & Beyond • Leverage existing product and service offerings including: Treasury Management, Syndications and Other Capital Markets Offerings • Ensure appropriate alignment of client coverage model and tailor service approach to client needs • Continue to assess additional C&I verticals • Opportunities to enhance lending teams and attract talent as a result of market disruption 13 1 Commercial loans include C&I and Commercial Real Estate, including Construction.

------

![](a2q25earningspresentatio014.jpg)

Net Interest Income ($mm) and Margin $403 $412 $424 $421 $434 2.84% 2.86% 2.92% 2.96% 3.01% 2Q24 3Q24 4Q24 1Q25 2Q25 Net Interest Income ($mm) NIM Net interest income increased approximately 3% sequentially as a result of NIM expansion and earning asset growth. NIM has expanded for the fifth consecutive quarter to 3.01%. Deposits continue to reprice faster (51% beta) than loans (29% beta). Continue to optimize the roll-over of maturing liabilities and reduce deposit costs where possible. Net Interest Income Commentary $4.2 $2.7 $1.8 $1.6 $5.2 4.43% 4.18% 4.18% 4.31% 4.25% 3Q25 4Q25 1Q26 2Q26 Beyond Maturing CDs and FHLB Borrowings Balance ($bn) Rate (%) Net Interest Income and Margin All metrics are presented on a fully tax equivalent basis. 14

------

![](a2q25earningspresentatio015.jpg)

Other $11.0 17% Wealth, Trust & Insurance $17.5 28% Capital Markets $9.8 16% Deposit Service Charges $14.7 23% BOLI $6.0 10% Loan Servicing $3.7 6% $62.6mm Non-Interest Income 15 Strong & Stable Non-Interest Income Streams ($mm) 58.3 62.6 2.8 0.5 2.0 (1.0) 59.1 1Q25 Capital Markets Loan Servicing Fees Deposit Service Charges Wealth & Trust 2Q25 2Q25 Non-Interest Income ($mm) 83 233 21 8 103 242 FY2017 2025 YTD Annualized Non Interest Income (ex. Gain on Sale of Loans) Gain on Sale of Loans CAGR ex. Gain on Sale of Loans: +15% 1 Reported Non-Interest Income and Adjusted Non-Interest Income were materially the same in both 1Q25 and 2Q25. 2 Peers include major exchange traded banks and thrifts with assets $30 billion to $150 billion as of 3/31/2025. Reported CAGR: +12% Peer 2 Median CAGR: +5% Non-Interest Income ($mm) 1

------

![](a2q25earningspresentatio016.jpg)

Drivers of Fee Income Momentum 16 • Continue to focus on sustainable fee income by offering a valuable and robust product suite to our commercial clients. • Organically leverage existing opportunities in capital markets, wealth management, insurance, and treasury management. 2017 2Q25 2025 & Beyond • Shift from Low-Quality and Irregular Revenue from Gain on Sale to High-Quality and Sustainable Revenue Streams • Enhanced Treasury Management Platform • F/X Platform • Syndications Group • Leveraged Insurance Platform • Additional Interest Rate and Cross-Currency Swap Capabilities • Broker / Dealer • Acquisition of Private Banking Business from BLUSA • Entered Tax Credit Advisory Business • $242mm of Annualized Non- Interest Income (12% CAGR) • $8mm Annualized Gain on Traditional Loan Sales • Gain on Sale Comprises 3% of Non-Interest Income • $103mm of Non-Interest Income • $21mm Gain on Traditional Loan Sales • Gain on Sale Comprises 20% of Non-Interest Income

------

![](a2q25earningspresentatio017.jpg)

270.0 267.3 273.3 277.5 276.6 284.1 2Q24 1Q25 2Q25 Reported Adjusted Non-Interest Expenses ($mm) Efficiency Ratio Trend 1 59.6% 55.9% 55.2% 2Q24 1Q25 2Q25 1.76% 1.74% 1.76% 2.27% 2.19% 2Q24 1Q25 2Q25 VLY Peer Median Adj. Ann. Non-Interest Expenses 1 / Avg. Assets Higher compensation costs reflect merit salary increases from late 1Q25 and elevated bonus accrual Consulting and professional fees normalized from 1Q25 levels Continue to focus on managing total expenses to maximize positive operating leverage Non-Interest Expense 1 Please refer to the Non-GAAP Disclosure Reconciliation in Appendix. Sums may be inconsistent due to rounding. Peers include major exchange traded banks and thrifts with assets between $30 billion and $150 billion as of 3/31/2025. 17 1

------

![](a2q25earningspresentatio018.jpg)

Non-Accrual Loans / Total Loans 0.99 % 1.03 % Accruing Past Due Loans / Total Loans Asset Quality & Reserve Trends 18 ACL / Total Loans 0.60% 0.60% 0.74% 0.71% 0.72% 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 0.15% 0.35% 0.20% 0.11% 0.40% 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 30-59 PD 60-89 PD 90+ PD 1.06% 1.14% 1.17% 1.22% 1.20% 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 37 43 98 42 38 82 75 107 63 38 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 Net Charge-Offs Loan Loss Provision Loan Loss Provision & Net Charge-Offs ($mm)

------

![](a2q25earningspresentatio019.jpg)

$8.87 $9.06 $9.10 $9.21 $9.35 $12.82 $13.00 $12.67 $12.76 $12.89 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 TBV per share Book Value per share Book Value and Tangible Book Value per Share 1 Equity Capitalization Level 1 7.52% 7.68% 8.40% 8.61% 8.63% 10.86% 11.23% 11.90% 12.12% 12.08% 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Tangible Common Equity / Tangible Assets Equity / Assets Holding Company Capital Ratios 6/30/24 3/31/25 6/30/25 Q-o-Q change Y-o-Y change Tier 1 Leverage 8.19% 9.41% 9.49% 8 bps 130 bps Common Equity Tier 1 9.55% 10.80% 10.85% 5 bps 130 bps Tier 1 Risk-Based 9.98% 11.53% 11.57% 4 bps 159 bps Total Risk-Based 12.17% 13.91% 13.67% (24 bps) 150 bps 1 Equity & Capitalization 1 Please refer to the Non-GAAP Disclosure Reconciliation in Appendix. 19

------

![](a2q25earningspresentatio020.jpg)

APPENDIX

------

![](a2q25earningspresentatio021.jpg)

Term Definition ACL Allowance for credit losses Bank Leumi USA Bank Leumi Le-Israel Corporation acquired by Valley on April 1, 2022 BOLI Bank owned life insurance C&I Commercial & industrial CAGR Compound annual growth rate CECL Current expected credit loss model CET 1 Tier 1 common capital CRE Commercial real estate DSCR Debt service coverage ratio F/X Foreign exchange FDIC Federal Deposit Insurance Corporation FL FHLB FRB FRBNY Florida Federal Home Loan Banks Federal Reserve Bank Federal Reserve Bank of New York FTE Fully Tax Equivalent using a 21 percent federal tax rate GAAP U.S. Generally Accepted Accounting Principles HFS HHI Held for Sale Household income HOA Homeowners Association LIBOR London Interbank Offered Rate LTV Loan to value MSA Metropolitan statistical area NAICS North American Industry Classification System per the United States Census Bureau Term Definition NCOs Net charge-offs NDF Non-deliverable forward NIM NJ NY OTC PD Net Interest Margin New Jersey New York Over the counter Probability of Default PPNR RWA Pre-Provision Net Revenue Risk-weighted assets PPP Paycheck Protection Program S&P Standard & Poor's SF Square footage SOFR Secured Overnight Financing Rate TA Tangible assets as defined in the non-GAAP disclosure reconciliation in the appendix TBV Tangible Book Value TCE Tangible common equity as defined in the non-GAAP disclosure reconciliation in the appendix TRBC Total risk-based capital Valley May refer to Valley National Bancorp individually, Valley National Bancorp and its consolidated subsidiaries, or certain of Valley National Bancorp's subsidiaries, as the context requires (interchangeable with the "Company," "we," "our" and "us"). VC Venture capital VLY Refers to Valley as defined in this glossary Glossary of Defined Terms 21

------

![](a2q25earningspresentatio022.jpg)

Apartment & Residential 31% Retail 16% Mixed Use 10% Office 10% Healthcare Office 2% Industrial 11% Healthcare 10%Specialty & Other 10% CRE Detail as of 6/30/25 Portfolio by Property Type Portfolio by Geography Florida 28% New Jersey 20% Other 19% Other NYC Boroughs 16% Manhattan (Multifamily) 6% Manhattan (Other) 4% New York (ex. NYC) 7% Geography $bn Wtd. Avg. LTV 1 Wtd. Avg. DSCR 2 Florida / Alabama $7.4 60% 1.82x New Jersey $5.2 62% 1.64x Other NYC Boroughs $4.1 56% 1.45x Manhattan $2.6 40% (59% ex Co-Ops) 1.49x New York (ex. NYC) $1.9 54% 1.72x Other $4.8 65% 1.72x Total $26.0 58% 1.67x $26.0bn $26.0bn 1 LTV based on most recent appraisal, seasoned on average 2.5 years; 2 DSCR calculated based on most recent financial information, typically received at least annually. Sums may be inconsistent due to rounding. 22 Property Type $bn Wtd. Avg. LTV 1 Wtd. Avg. DSCR 2 Apartment & Resi $6.2 63% 1.36x Retail $4.2 61% 1.78x Industrial $2.8 60% 2.38x Healthcare $2.6 68% 1.54x Office $3.0 63% 1.85x Specialty & Other $2.8 55% 1.75x Mixed Use $2.5 62% 1.37x Co-Ops $1.9 12% 1.53x Total $26.0 58% 1.67x

------

![](a2q25earningspresentatio023.jpg)

0% of units 42% 1% - 20% of units 4% 21% - 50% of units 29% 51% - 99% of units 8% 100% of units 17% Co-Op $1.9 Non Co-Op $6.2 Multifamily Portfolio by Sub-Asset Class ($bn) Non Co-Op Multifamily by Geography ($bn) $8.1bn Geography Outstanding ($bn) Avg. Size ($mm) Wtd. Avg. LTV 1 Wtd. Avg. DSCR 2 New York (ex. Manhattan) $1.7 $6.2mm 68% 1.27x Other $1.6 $9.6mm 63% 1.30x New Jersey $1.2 $3.4mm 60% 1.57x Florida & Alabama $1.1 $3.8mm 60% 1.41x Manhattan $0.6 $7.3mm 62% 1.31x Total $6.2bn $6.2mm 63% 1.36x Florida & Alabama 18% New Jersey 19% Other 26% New York (ex. Manhattan) 27% Manhattan 10% $6.2bn New York City by % Rent Regulated Units $2.4bn Multifamily Portfolio Detail 1 LTV based on most recent appraisal, seasoned on average 2.5 years; 2 DSCR calculated based on most recent financial information, typically received at least annually. Note: Co-Op LTV is approximately 12%. Sums may be inconsistent due to rounding. 23

------

![](a2q25earningspresentatio024.jpg)

Granular & Diverse Office Portfolio Multi Tenant w/ Anchor $0.2 7% Multi Tenant $1.7 57% Single Tenant $0.7 23% Healthcare Office $0.4 13% Office Portfolio by Tenancy $3.0bn Office Portfolio by Geography ($bn) Geography Outstanding ($bn) Avg. Size ($mm) Wtd. Avg. LTV 1 Wtd. Avg. DSCR 2 Florida & Alabama $1.1 $1.6mm 58% 2.08x New Jersey $0.9 $2.6mm 67% 1.60x New York (ex. Manhattan) $0.4 $3.6mm 59% 1.59x Manhattan $0.2 $5.9mm 67% 2.00x Other $0.4 $7.7mm 73% 2.00x Total $3.0bn $3.3mm 63% 1.85x ~23% of Office Portfolio is Owner-Occupied. Florida & Alabama $1.1 37% New Jersey $0.9 30% Other $0.4 13% New York (ex. Manhattan) $0.4 13% Manhattan $0.2 7% 1 LTV based on most recent appraisal, seasoned on average 2.5 years; 2 DSCR calculated based on most recent financial information, typically received at least annually. Note: Sums may be inconsistent due to rounding. 24 $3.0bn

------

![](a2q25earningspresentatio025.jpg)

Commercial Real Estate by Contractual Maturity ($mm) 1,652 582 680 570 618 669 2,703 2,996 3,215 2,149 10,129 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 2027 2028 2029 2030 2031 and Beyond Wtd. Avg. 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 2027 2028 2029 2030 2031+ LTV 2 65% 57% 60% 64% 57% 60% 60% 61% 64% 51% 55% DSCR 3 1.40x 1.46x 1.33x 1.43x 1.41x 1.60x 1.66x 1.55x 1.63x 1.77x 1.73x Borrower Contractual Rate 6.70% 6.25% 6.10% 5.28% 5.82% 4.55% 5.50% 5.93% 5.52% 5.61% 5.22% 1 Two loans totaling $12mm were moved to Non-Accrual; One loan for $4mm was modified; 2 LTV based on most recent appraisal, seasoned on average 2.5 years; 3 DSCR calculated based on most recent financial information, typically received at least annually. Current period includes short-term roll-overs from prior periods. Sums may be inconsistent due to rounding.25 Outcome for Maturing CRE Loans in 2Q25 $mm Retained $1,250mm Paid Off & Left $431mm Modified & Other 1 $16mm Total $1,697mm

------

![](a2q25earningspresentatio026.jpg)

$3,765 $3,797 $3,739 $3,711 $3,650 $3,574 $3,532 $3,545 $3,531 $1,237 $1,187 $1,297 $1,449 $2,212 $2,602 $3,370 $3,659 $3,896 $64 $67 $68 $71 $73 $77 $72 $74 $77 3.27% 3.14% 3.34% 3.43% 3.55% 3.77% 3.84% 3.95% 3.98% 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 HTM AFS Equity & Trading Yield 12.0% $7,505 Securities Portfolio Detail ($mm) Securities as % of Total Assets $5,067 $5,051 $5,104 $5,231 $5,936 $6,253 $6,973 $7,278 8.3% 8.4% 8.6% 9.6% 10.1% 11.2%8.2% 11.8% 26

------

![](a2q25earningspresentatio027.jpg)

Non-GAAP Reconciliations to GAAP Financial Measures 27 June 30, March 31, December 31, June 30, ($ in thousands, except for share data) 2025 2025 2024 2024 Adjusted net income available to common shareholders (Non-GAAP): Net income, as reported (GAAP) $133,167 $106,058 $115,711 $70,424 Add: Loss on extinguishment of debt $922 — — — Add: FDIC Special assessment (a) — — — 1,363 Add: Losses (gains) on available for sale and held to maturity securities transactions, net (b) — 11 3 4 Add: Restructuring charge (c) 800 — 1,085 334 Total non-GAAP adjustments to net income 1,722 11 (37,477) 1,701 Income tax adjustments related to non-GAAP adjustments (d) (474) (3) (2,520) (482) Net income, as adjusted (Non-GAAP) $134,415 $106,066 $75,714 $71,643 Dividends on preferred stock 6,948 6,955 7,025 4,108 Net income available to common shareholders, as adjusted (Non-GAAP) $127,467 $99,111 $68,689 $67,535 (a) Included in FDIC insurance expense. (b) Included in gains on securities transactions, net. (c) Represents severance expense related to workforce reductions within salary and employee benefits expense. (d) Calculated using the appropriate blended statutory tax rate for the applicable period. Adjusted per common share data (Non-GAAP): Net income available to common shareholders, as adjusted (Non-GAAP) $127,467 $99,111 $68,689 $67,535 Average number of shares outstanding 560,336,610 559,613,272 536,159,463 509,141,252 Basic earnings, as adjusted (Non-GAAP) $0.23 $0.18 $0.13 $0.13 Average number of diluted shares outstanding 562,312,330 563,305,525 540,087,600 510,338,502 Diluted earnings, as adjusted (Non-GAAP) $0.23 $0.18 $0.13 $0.13 Adjusted annualized return on average tangible shareholders' equity (Non-GAAP): Net income, as adjusted (Non-GAAP) $134,415 $106,066 $75,714 $71,643 Average shareholders' equity 7,524,231 7,458,177 7,255,159 6,753,981 Less: Average goodwill and other intangible assets 1,987,381 1,994,061 2,000,574 2,016,766 Average tangible shareholders' equity 5,536,850 5,464,116 5,254,585 4,737,215 Annualized return on average tangible shareholders' equity, as adjusted (Non-GAAP) 9.71% 7.76% 5.76% 6.05% Three Months Ended

------

![](a2q25earningspresentatio028.jpg)

Non-GAAP Reconciliations to GAAP Financial Measures 28 June 30, March 31, December 31, June 30, ($ in thousands) 2025 2025 2024 2024 Adjusted annualized return on average assets (Non-GAAP): Net income, as adjusted (Non-GAAP) $134,415 $106,066 $75,714 $71,643 Average assets $62,106,945 $61,502,768 $62,865,338 $61,518,639 Annualized return on average assets, as adjusted (Non-GAAP) 0.87% 0.69% 0.48% 0.47% Adjusted annualized return on average shareholders' equity (Non-GAAP): Net income, as adjusted (Non-GAAP) $134,415 $106,066 $75,714 $71,643 Average shareholders' equity 7,524,231 7,458,177 7,255,159 6,753,981 Annualized return on average shareholders' equity, as adjusted (Non-GAAP) 7.15% 5.69% 4.17% 4.24% Annualized return on average tangible shareholders' equity (Non-GAAP): Net income, as reported (GAAP) $133,167 $106,058 $115,711 $70,424 Average shareholders' equity 7,524,231 7,458,177 7,255,159 6,753,981 Less: Average goodwill and other intangible assets 1,987,381 1,994,061 2,000,574 2,016,766 Average tangible shareholders' equity 5,536,850 5,464,116 5,254,585 4,737,215 Annualized return on average tangible shareholders' equity (Non-GAAP): 9.62% 7.76% 8.81% 5.95% Efficiency ratio (Non-GAAP): Non-interest expense, as reported (GAAP) $284,122 $276,618 $278,582 $277,497 Less: Loss on extinguishment of debt (pre-tax) $922 — — Less: FDIC Special assessment (pre-tax) — — — 1,363 Less: Restructuring charge (pre-tax) 800 — 1,085 334 Less: Amortization of tax credit investments (pre-tax) 9,134 9,320 1,740 5,791 Non-interest expense, as adjusted (Non-GAAP) $273,266 $267,298 $275,757 $270,009 Net interest income, as reported (GAAP) 432,408 420,105 422,977 401,685 Non-interest income, as reported (GAAP) 62,604 58,294 51,202 51,213 Add: Losses (gains) on available for sale and held to maturity securities transactions, net (pre-tax) — 11 3 4 Non-interest income, as adjusted (Non-GAAP) 62,604 58,305 59,071 51,217 Gross operating income, as adjusted (Non-GAAP) 495,012 478,410 482,048 452,902 Efficiency ratio (Non-GAAP) 55.20% 55.87% 57.21% 59.62% Annualized pre-provision net revenue / average assets Net interest income, as reported (GAAP) $432,408 $420,105 $422,977 $401,685 Non-interest income, as reported (GAAP) 62,604 58,294 51,202 51,213 Less: Non-interest expense, as reported (GAAP) 284,122 276,618 278,582 277,497 Pre-provision net revenue (GAAP) $210,890 $201,781 $195,597 $175,401 Average assets $62,106,945 $61,502,768 $62,865,338 $61,518,639 Annualized pre-provision net revenue / average assets (GAAP) 1.36% 1.31% 1.24% 1.14% Three Months Ended

------

![](a2q25earningspresentatio029.jpg)

Non-GAAP Reconciliations to GAAP Financial Measures 29 June 30, March 31, December 31, September 30, June 30, ($ in thousands, except for share data) 2025 2025 2024 2024 2024 Tangible book value per common share (Non-GAAP): Common shares outstanding 560,281,821 560,028,101 558,786,093 509,252,936 509,205,014 Shareholders' equity (GAAP) $7,575,421 $7,499,897 $7,435,127 $6,972,380 $6,737,737 Less: Preferred Stock 354,345 354,345 354,345 354,345 209,691 Less: Goodwill and other intangible assets 1,983,515 1,990,276 1,997,597 2,004,414 2,012,580 Tangible common shareholders' equity (Non-GAAP) $5,237,561 $5,155,276 $5,083,185 $4,613,621 $4,515,466 Tangible book value per common share (Non-GAAP): $9.35 $9.21 $9.10 $9.06 $8.87 Tangible common equity to tangible assets (Non-GAAP): Tangible common shareholders' equity (Non-GAAP) $5,237,561 $5,155,276 $5,083,185 $4,613,621 $4,515,466 Total assets (GAAP) 62,705,358 61,865,655 62,491,691 62,092,332 62,058,974 Less: Goodwill and other intangible assets 1,983,515 1,990,276 1,997,597 2,004,414 2,012,580 Tangible assets (Non-GAAP) 60,721,843 59,875,379 60,494,094 60,087,918 60,046,394 Tangible common equity to tangible assets (Non-GAAP) 8.63% 8.61% 8.40% 7.68% 7.52% As of June 30, March 31, December 31, June 30, ($ in thousands) 2025 2025 2024 2024 Annualized pre-provision net revenue / average assets, as adjusted Pre-provision net revenue (GAAP) $210,890 $201,781 $195,597 $175,401 Add: Loss on extinguishment of debt (pre-tax) $922 — — — Add: FDIC Special assessment (pre-tax) — — — 1,363 Add: Restructuring charge (pre-tax) 800 — 1,085 334 Add: Amortization of tax credit investments (pre-tax) 9,134 9,320 1,740 5,791 Add: Losses (gains) on available for sale and held to maturity securities transactions, net (pre-tax) — 11 3 4 Pre-provision net revenue, as adjusted (Non-GAAP) 221,746 211,112 206,291 182,893 Average assets $62,106,945 $61,502,768 $62,865,338 $61,518,639 Annualized pre-provision net revenue / average assets, as adjusted (Non-GAAP) 1.43% 1.37% 1.31% 1.19% Three Months Ended Annualized non-interest expenses / average assets, as adjusted Non-interest expense, as adjusted (Non-GAAP) $273,266 $267,298 $275,757 $270,009 Average assets $62,106,945 $61,502,768 $62,865,338 $61,518,639 Annualized non-interest expenses / average assets, as adjusted 1.76% 1.74% 1.75% 1.76%

------

![](a2q25earningspresentatio030.jpg)© 2025 Valley Bank. All rights reserved. Please see www.valley.com for further details. For More Information  Go to our website: www.valley.com  Email requests to: ajianette@valley.com  Call Andrew Jianette in Investor Relations at: (551) 288-3182  Go to our website above or www.sec.gov to obtain free copies of documents filed by Valley with the SEC

------