# EDGAR Filing Document

**Accession Number:** 0000714310
**File Stem:** 0000714310-26-000007
**Filing Date:** 2026-1
**Character Count:** 87128
**Document Hash:** 6323a1c488c91f6ac77905f63a9ef964
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000714310-26-000007.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0000714310-26-000007

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20260129

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**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:** 26574698

**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-20260129

**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) January 29, 2026** 

**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. ☐

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

---

On January 29, 2026, Valley National Bancorp ("Valley") issued a press release announcing fourth quarter 2025 results of operations. 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 January 2](exhibit991earningsrelease0.htm)[9](exhibit991earningsrelease0.htm)[, 202](exhibit991earningsrelease0.htm)[6](exhibit991earningsrelease0.htm)[, announcing fourth quarter 202](exhibit991earningsrelease0.htm)[5](exhibit991earningsrelease0.htm)[financial results.](exhibit991earningsrelease0.htm)</u> |
| **99.2** | <u>[Valley National Bancorp presentation materials used in connection with fourth quarter 202](a4q25earningspresentatio.htm)[5](a4q25earningspresentatio.htm)[conference.](a4q25earningspresentatio.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: January 29, 2026  | **VALLEY NATIONAL BANCORP** | **VALLEY NATIONAL BANCORP** |
|  | By: | <u>/s/ Travis Lan</u> |
|  |  | Travis Lan |
|  |  | Senior Executive Vice President and |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## 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 REPORTS FOURTH QUARTER 2025 RESULTS**

**New York, NY – January 29, 2026 --** Valley National Bancorp (**NASDAQ:VLY**), the holding company for Valley National Bank, today reported net income for the fourth quarter 2025 of $195.4 million, or $0.33 per diluted common share, as compared to the third quarter 2025 net income of $163.4 million, or $0.28 per diluted common share, and net income of $115.7 million, or $0.20 per diluted common share, for the fourth quarter 2024. Excluding all non-core income and charges, our adjusted net income (a non-GAAP measure) was $180.2 million, or $0.31 per diluted common share, for the fourth quarter 2025, $164.1 million, or $0.28 per diluted common share, for the third quarter 2025, and $75.7 million, or $0.13 per diluted common share, for the fourth quarter 2024. See further details below, including a reconciliation of our adjusted net income, in the "Consolidated Financial Highlights" tables.

Ira Robbins, CEO, commented, "Valley's momentum accelerated throughout 2025 and enabled us to deliver strong balance sheet growth, improved profitability, and report record quarterly earnings in the fourth quarter. I am extremely proud of our diverse core deposit and disciplined loan growth, which both supported the meaningful improvement in our net interest margin."

Mr. Robbins continued, "Ongoing investments in talent, technology and branding are contributing to our strong relationship pipeline and continue to enhance our client experience. In 2026, we anticipate that thoughtful balance sheet growth and consistent core profitability improvement will drive superior performance and create additional value for our shareholders."

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•* Net Interest Income and Margin:** Net interest income on a tax equivalent basis of $466.1 million for the fourth quarter 2025 increased $18.7 million and $41.9 million as compared to the third quarter 2025 and fourth quarter 2024, respectively. Our net interest margin on a tax equivalent basis increased by 12 basis points to 3.17 percent in the fourth quarter 2025 as compared to 3.05 percent for the third quarter 2025. The increases from the third quarter 2025 were primarily due to (i) strong non-interest deposit growth which contributed to a 24 basis point decline in our cost of total average deposits, (ii) a continued decline in higher-cost indirect customer time deposits and (iii) an earning assets mix shift towards higher yielding loans and a reduction in excess average overnight interest bearing cash balances. Additionally, the negative impact of downward repricing on adjustable rate loans on both net interest income and margin was mitigated by loan growth in the fourth 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 $863.9 million, or 7.0 percent on an annualized basis, to $50.1 billion at December 31, 2025 from September 30, 2025 mostly due to increases of $560.6 million and $203.7 million in total commercial real estate (CRE) loans and commercial

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Valley National Bancorp (NASDAQ: VLY)

Fourth Quarter 2025 Earnings

January 29, 2026

and industrial (C&I) loans, respectively. New owner occupied loans continued to drive a disproportionate amount of growth within the CRE loan portfolio during the fourth quarter 2025, while loan originations from a range of relationship-driven small to midsize clients contributed to the increase in C&I loans at December 31, 2025. Our CRE loan concentration ratio (defined as total CRE loans held for investment and held for sale, excluding owner occupied loans, as a percentage of total risk-based capital) declined to approximately 333 percent at December 31, 2025 from 337 percent at September 30, 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 $596.1 million and $598.6 million at December 31, 2025 and September 30, 2025, respectively, representing 1.19 percent and 1.21 percent of total loans at each respective date. During the fourth quarter 2025, the provision for credit losses for loans was $20.0 million as compared to $19.2 million and $107.0 million for the third quarter 2025 and fourth 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 $22.6 million for the fourth quarter 2025 as compared to $14.6 million and $98.3 million for the third quarter 2025 and fourth quarter 2024, respectively. Non-accrual loans totaled $433.9 million, or 0.87 percent of total loans, at December 31, 2025 as compared to $421.5 million, or 0.86 percent of total loans, at September 30, 2025. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $56.6 million to $141.3 million, or 0.28 percent of total loans, at December 31, 2025 as compared to $84.8 million, or 0.17 percent of total loans, at September 30, 2025. The increase was mainly due to two larger well-secured CRE loans within the 30 to 59 days past due delinquency category at December 31, 2025. See the "Credit Quality" section below for more details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•* Deposits:** Total deposits increased $1.0 billion to $52.2 billion at December 31, 2025 from September 30, 2025 mainly due to a $495.8 million increase in non-interest bearing deposits generated from both commercial and retail customers and continued deposit inflows from commercial customer and government deposits in the savings, NOW and money market deposit category during the fourth quarter 2025. Total direct customer deposits increased approximately $1.5 billion, enabling a $472.2 million reduction in higher-cost indirect customer (brokered) deposits during the fourth quarter 2025. See the "Deposits" section below for more details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•* Non-Interest Income:** Non-interest income increased $11.5 million to $76.3 million for the fourth quarter 2025 as compared to the third quarter 2025 mainly driven by increases of $5.7 million, $2.1 million and $1.9 million in capital markets, wealth management and trust fees, and other income, respectively. The increases were mostly due to growth in interest rate swap transactions executed for commercial loan customers, brokerage fees, and tax credit advisory fees during the fourth quarter 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•* Non-Interest Expense:** Non-interest expense increased $17.4 million to $299.4 million for the fourth quarter 2025 as compared to the third quarter 2025 largely due to increases of $9.7 million and $7.0 million in other non-interest expense and amortization of tax credit investments, respectively. The increase in other non-interest expense was largely driven by

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Valley National Bancorp (NASDAQ: VLY)

Fourth Quarter 2025 Earnings

January 29, 2026

several higher variable expenses within the category, including those related to Valley's new brand campaign, seasonal travel and events, other real estate owned and general operating expense. The increase in amortization of tax credit investments was mainly driven by additional tax advantaged investments during the fourth quarter 2025. Additionally, professional and legal fees increased $2.6 million as compared to the third quarter 2025 mostly due to our continued investment in enhancements to our business operating model and other transformation efforts. These increases were partially offset by declines in FDIC insurance assessment and salary and employee benefits expense during the fourth quarter 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Income Tax Expense:** Income tax expense totaled $26.3 million and $46.6 million for the fourth and third quarter 2025, respectively. The fourth quarter tax expense was net of a $11.4 million tax refund benefit realized due to the closure of a federal audit. As a result of this tax benefit and additional investments in tax credits, our effective tax rate was 11.9 percent for the fourth quarter 2025 as compared to 22.2 percent for the third quarter 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•* Efficiency Ratio:** Our efficiency ratio was 53.49 percent for the fourth quarter 2025 as compared to 53.37 percent and 57.21 percent for the third quarter 2025 and fourth 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 common shareholders' equity (ROTCE) were 1.24 percent, 10.12 percent, and 14.17 percent for the fourth quarter 2025, respectively. Annualized ROA, ROE, and ROTCE, adjusted for non-core items, were 1.14 percent, 9.33 percent, and 13.06 percent for the fourth 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 $466.1 million for the fourth quarter 2025 increased $18.7 million and $41.9 million as compared to the third quarter 2025 and fourth quarter 2024, respectively, largely resulting from a decline in the cost of deposits and additional interest income from growth in average loans and taxable investments. Total interest expense decreased $29.8 million to $350.9 million for the fourth quarter 2025 as compared to the third quarter 2025. The decrease was largely the result of (i) strong non-interest bearing deposit growth, (ii) lower interest rates offered on most interest bearing deposit products, and (iii) the repayment of maturing higher-cost indirect customer time deposits during the second half of 2025. Interest income on a tax equivalent basis also decreased $11.1 million to $817.0 million for the fourth quarter 2025 as compared to the third quarter 2025. The decrease mostly resulted from downward repricing of adjustable rate loans, partially offset by the aforementioned additional interest income from both new loans and taxable investments in the fourth quarter 2025.

Net interest margin on a tax equivalent basis of 3.17 percent for the fourth quarter 2025 increased 12 basis points and 25 basis points from 3.05 percent and 2.92 percent, respectively, for the third quarter 2025 and fourth quarter 2024. The increase as compared to the third quarter 2025 was mostly due to a 24 basis point decrease in our cost of total average deposits to 2.45 percent for the fourth quarter 2025, partially offset by the negative impact of the lower yield on average interest earning assets. The overall

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Valley National Bancorp (NASDAQ: VLY)

Fourth Quarter 2025 Earnings

January 29, 2026

cost of average interest bearing liabilities decreased by 27 basis points to 3.30 percent for the fourth quarter 2025 as compared to the linked third quarter 2025. The yield on average interest earning assets decreased by 9 basis points to 5.56 percent on a linked quarter basis largely due to downward repricing of our adjustable rate loans and the lower yield on overnight interest bearing cash balances, partially offset by higher yields on new loans and investment securities during the fourth quarter 2025.

**Loans, Deposits and Other Borrowings** 

***Loans****.* Total loans increased $863.9 million, or 7.0 percent on an annualized basis, to $50.1 billion at December 31, 2025 from September 30, 2025. C&I loans grew by $203.7 million, or 7.6 percent on an annualized basis, to $11.0 billion at December 31, 2025 from September 30, 2025 largely driven by new originations from a range of relationship-driven small to midsize clients as a result of our continued focus on expansion of new loan production within this category. Total CRE (including construction) loans increased $560.6 million to $29.2 billion at December 31, 2025 from September 30, 2025 largely due to a $532.6 million, or 34.9 percent on an annualized basis, increase in owner occupied loans. Non-owner occupied loans decreased $103.0 million from September 30, 2025 mainly due to our targeted runoff of transactional loans in this category, which outpaced our selective loan originations in fourth quarter 2025. Construction loans decreased $46.0 million from September 30, 2025 largely due to the completion of existing projects that moved to permanent financing or repaid. At December 31, 2025, the residential mortgage loan portfolio increased $30.8 million to $5.8 billion from September 30, 2025 mainly due to a modest increase in new loan originations. Total consumer loans also increased $68.8 million, or 6.8 percent on an annualized basis, to $4.1 billion at December 31, 2025 from September 30, 2025 primarily due to the combined growth in home equity loans and other collateralized personal lines of credit.

***Deposits.*** Total deposits increased $1.0 billion to $52.2 billion at December 31, 2025 from September 30, 2025 mainly due to a $1.4 billion increase in savings, NOW and money market deposits and a $495.8 million increase in non-interest bearing deposits, which were partially offset by a $845.9 million decrease in time deposits. The increase in savings, NOW and money market deposit balances from September 30, 2025 was largely due to deposit inflows from commercial customer and government deposit accounts. The increase in non-interest bearing deposits to $12.2 billion at December 31, 2025 as compared to $11.7 billion at September 30, 2025 was generated from our relationship-driven commercial banking efforts, as well as inflows from retail customers during the fourth quarter 2025. The decrease in time deposit balances to $11.4 billion at December 31, 2025 was mainly driven by the repayment of maturing indirect customer CDs during the fourth quarter 2025. Total indirect customer deposits (consisting of brokered time and money market deposits) totaled $5.4 billion and $5.8 billion at December 31, 2025 and September 30, 2025, respectively. Non-interest bearing deposits; savings, NOW, and money market deposits; and time deposits represented approximately 23 percent, 55 percent and 22 percent of total deposits as of December 31, 2025, respectively, as compared to 23 percent, 53 percent and 24 percent of total deposits as of September 30, 2025, respectively.

***Other Borrowings.*** Short-term borrowings, consisting of securities sold under repurchase agreements, increased $40.4 million to $91.5 million at December 31, 2025 from September 30, 2025. Long-term borrowings totaled approximately $2.9 billion at December 31, 2025 and remained relatively unchanged from September 30, 2025.

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Valley National Bancorp (NASDAQ: VLY)

Fourth Quarter 2025 Earnings

January 29, 2026

**Credit Quality**

***Non-Performing Assets (NPAs).*** Total NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets increased $12.4 million to $439.8 million at December 31, 2025 compared to $427.3 million at September 30, 2025. Non-accrual loans increased $12.4 million to $433.9 million, or 0.87 percent of total loans at December 31, 2025 as compared $421.5 million, or 0.86 percent of total loans, at September 30, 2025. Non-accrual construction loans at December 31, 2025 decreased from September 30, 2025 mainly as the result of one well-secured loan returning to accrual status due to its performance during the fourth quarter 2025. This decrease was more than offset by an increase in non-accrual C&I loans primarily driven by a larger loan with meaningful specific allocated reserves within the allowance for loan losses at December 31, 2025.

***Accruing Past Due Loans.*** Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $56.6 million to $141.3 million, or 0.28 percent of total loans, at December 31, 2025 as compared to $84.8 million, or 0.17 percent of total loans, at September 30, 2025.

Loans 30 to 59 days past due increased $56.5 million to $120.0 million at December 31, 2025 as compared to September 30, 2025 primarily driven by increases in both CRE and C&I loan delinquencies. CRE loans 30 to 59 days past due increased $46.4 million largely due to two large loans totaling a combined $44.4 million at December 31, 2025.

Loans 60 to 89 days past due increased $567 thousand to $16.7 million at December 31, 2025 as compared to September 30, 2025 mainly due to higher residential mortgage loans delinquencies, largely offset by a $6.0 million CRE loan that migrated from this delinquency category to non-accrual loans during the fourth quarter 2025.

Loans 90 days or more past due and still accruing interest totaled $4.6 million at December 31, 2025 and modestly decreased from $5.0 million at September 30, 2025. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.

***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 December 31, 2025, September 30, 2025 and December 31, 2024:

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Valley National Bancorp (NASDAQ: VLY)

Fourth Quarter 2025 Earnings

January 29, 2026

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 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 | $180865 | 1.65% | $161848 | 1.50% | $173002 | 1.74% |
| Commercial real estate loans: |  |  |  |  |  |  |
| Commercial real estate | 271890 | 1.02 | 297685 | 1.14 | 251351 | 0.95 |
| Construction | 55536 | 2.25 | 51908 | 2.06 | 52797 | 1.70 |
| Total commercial real estate loans | 327426 | 1.12 | 349593 | 1.22 | 304148 | 1.03 |
| Residential mortgage loans | 53529 | 0.92 | 51094 | 0.88 | 58895 | 1.05 |
| Consumer loans: |  |  |  |  |  |  |
| Home equity | 3878 | 0.56 | 3735 | 0.57 | 3379 | 0.56 |
| Auto and other consumer | 17702 | 0.52 | 18730 | 0.55 | 19426 | 0.65 |
| Total consumer loans | 21580 | 0.53 | 22465 | 0.56 | 22805 | 0.64 |
| Allowance for loan losses | 583400 | 1.16 | 585000 | 1.19 | 558850 | 1.15 |
| Allowance for unfunded credit commitments | 12700 |  | 13604 |  | 14478 |  |
| Total allowance for credit losses for loans | $596100 |  | $598604 |  | $573328 |  |
| Allowance for credit losses for |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;loans as a % of loans |  | 1.19% |  | 1.21% |  | 1.17% |

---

Our loan portfolio, totaling $50.1 billion at December 31, 2025, had net loan charge-offs totaling $22.6 million for the fourth quarter 2025 as compared to $14.6 million and $98.3 million for the third quarter 2025 and the fourth quarter 2024, respectively. Gross loan charge-offs totaled $25.1 million for the fourth quarter 2025 and were due, in part, to partial charge-offs of three non-performing loan relationships within the CRE loan category. The three CRE loans had prior total allocated reserves of $8.8 million within the allowance for loan losses at September 30, 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 1.19 percent at December 31, 2025, 1.21 percent at September 30, 2025 and 1.17 percent at December 31, 2024. During the fourth quarter 2025, the provision for credit losses for loans totaled $20.0 million as compared to $19.2 million for the third quarter 2025 and $107.0 million for the fourth quarter 2024. The fourth quarter 2025 provision was mainly driven by increases in both specific reserves associated with collateral dependent loans and qualitative reserve components of the allowance for credit losses, partially offset by a decline in quantitative reserves in certain loan categories, including CRE and consumer loans, at December 31, 2025.

**Capital Adequacy**

Valley's total risk-based capital, Tier 1 capital, common equity Tier 1 capital, and Tier 1 leverage capital ratios were 13.77 percent, 11.69 percent, 10.99 percent, and 9.63 percent, respectively, at

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Valley National Bancorp (NASDAQ: VLY)

Fourth Quarter 2025 Earnings

January 29, 2026

December 31, 2025 as compared to 13.83 percent, 11.72 percent, 11.00 percent, and 9.52 percent, respectively, at September 30, 2025. During the fourth quarter 2025, we repurchased 4.3 million shares of our common stock at an average price of $10.93 under our current stock repurchase plan. During the year ended December 31, 2025, we repurchased a total of 6.1 million shares of our common stock at an average price of $10.41 under this plan.

**Investor Conference Call**

Valley's CEO Ira Robbins will host a conference call with investors and the financial community at 8:30 A.M. (ET), today to discuss Valley's fourth quarter 2025 earnings and related matters. Interested parties should pre-register 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 February 23, 2026. Investor presentation materials will be made available prior to the conference call at www.valley.com.

**About Valley**

As the principal subsidiary of Valley National Bancorp (NASDAQ: VLY), Valley National Bank is a regional financial institution with approximately $64 billion in assets. Founded in 1927, Valley has more than 200 offices nationwide and serves individuals, families, and businesses across New Jersey, New York, Florida, Alabama, California, and Illinois. Valley delivers a full range of consumer, commercial, and wealth management solutions designed to support everything from homeownership and business growth to long-term financial planning. Big enough to support complex financial needs and small enough to stay deeply connected, Valley is grounded in a relationship-led approach focused on understanding people first. That same relationship-led approach guides Valley's commitment to community investment and responsible corporate citizenship. To learn more, visit www.valley.com or call the Valley 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 forward-looking terminology such 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 have a material adverse effect on our clients, our business, our employees, and our ability to provide services to our customers;

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Valley National Bancorp (NASDAQ: VLY)

Fourth Quarter 2025 Earnings

January 29, 2026

&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 and other trade policies and practices, 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, any shutdown of the U.S federal government, geopolitical instabilities or events, natural and other disasters, including severe weather events and other climate-related risks, 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 any actual or perceived concerns regarding the soundness, or creditworthiness, of other financial institutions, including any resulting disruption within the financial markets, increased expenses, including FDIC 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, enforcement priorities, or composition 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;• investigations, 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 any 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;

&nbsp;&nbsp;&nbsp;&nbsp;• increased competitive challenges and competitive pressure on pricing of our products and services;

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Valley National Bancorp (NASDAQ: VLY)

Fourth Quarter 2025 Earnings

January 29, 2026

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to stay current with rapid technological changes and evolving legal and regulatory requirements in the financial services industry, including developments relating to the use of artificial intelligence, blockchain, and related regulatory developments, as well as our ability to effectively assess and monitor the effects of, and risks associated with, the implementation and use of such technology;

&nbsp;&nbsp;&nbsp;&nbsp;• cyberattacks, ransomware attacks, computer viruses, malware or other cybersecurity incidents that may breach the security of our or our third-party service providers' 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 and use of targeted tactics against the financial services industry;

&nbsp;&nbsp;&nbsp;&nbsp;• any disruption of our systems and network, or those of our third-party service providers, resulting from events that are wholly or partially beyond our control, including, for example, electrical, telecommunications, or other major service outages, or actions by employees, which may give rise to financial loss or liability;

&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 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 and other climate-related risks, 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 the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2024.

The financial results and disclosures reported in this release are preliminary. Final 2025 financial results and other disclosures will be reported in our Annual Report on Form 10-K for the year ended December 31, 2025, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

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

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Valley National Bancorp (NASDAQ: VLY)

Fourth Quarter 2025 Earnings

January 29, 2026

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** | **Years Ended** | **Years Ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| ($ in thousands, except for share data) | **2025** | **2025** | **2024** | **2025** | **2024** |
| **<u>FINANCIAL DATA:</u>** |  |  |  |  |  |
| Net interest income - FTE <sup>(1)</sup> | $466143 | $447473 | $424277 | $1768668 | $1633920 |
| Net interest income | 464907 | 446224 | 422977 | 1763644 | 1628708 |
| Non-interest income | 76341 | 64887 | 51202 | 262126 | 224501 |
| Total revenue | 541248 | 511111 | 474179 | 2025770 | 1853209 |
| Non-interest expense | 299401 | 281985 | 278582 | 1142126 | 1105860 |
| Pre-provision net revenue | 241847 | 229126 | 195597 | 883644 | 747349 |
| Provision for credit losses | 20143 | 19171 | 106536 | 139774 | 308830 |
| Income tax expense (benefit) | 26301 | 46600 | (26650) | 145887 | 58248 |
| Net income | 195403 | 163355 | 115711 | 597983 | 380271 |
| Dividends on preferred stock | 7434 | 7644 | 7025 | 28981 | 21369 |
| Net income available to common stockholders | $187969 | $155711 | $108686 | $569002 | $358902 |
| Weighted average number of common shares outstanding: | Weighted average number of common shares outstanding: | Weighted average number of common shares outstanding: | Weighted average number of common shares outstanding: | Weighted average number of common shares outstanding: | Weighted average number of common shares outstanding: |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 558104197 | 560504275 | 536159463 | 559637823 | 515755365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 562214037 | 563636933 | 540087600 | 563832550 | 517991801 |
| Per common share data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings | $0.34 | $0.28 | $0.20 | $1.02 | $0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings | 0.33 | 0.28 | 0.20 | 1.01 | 0.69 |
| Cash dividends declared | 0.11 | 0.11 | 0.11 | 0.44 | 0.44 |
| Closing stock price - high | 12.08 | 11.10 | 10.78 | 12.08 | 10.80 |
| Closing stock price - low | 9.72 | 9.18 | 8.70 | 7.87 | 6.52 |
| **<u>FINANCIAL RATIOS:</u>** |  |  |  |  |  |
| Net interest margin | 3.17% | 3.04% | 2.91% | 3.04% | 2.84% |
| Net interest margin - FTE <sup>(1)</sup> | 3.17 | 3.05 | 2.92 | 3.05 | 2.85 |
| Annualized return on average assets | 1.24 | 1.04 | 0.74 | 0.96 | 0.61 |
| Annualized return on avg. shareholders' equity | 10.12 | 8.58 | 6.38 | 7.89 | 5.51 |
|  **<u>NON-GAAP FINANCIAL DATA AND RATIOS:</u>** <sup>(2)</sup> |  **<u>NON-GAAP FINANCIAL DATA AND RATIOS:</u>** <sup>(2)</sup> |  **<u>NON-GAAP FINANCIAL DATA AND RATIOS:</u>** <sup>(2)</sup> |  **<u>NON-GAAP FINANCIAL DATA AND RATIOS:</u>** <sup>(2)</sup> |  **<u>NON-GAAP FINANCIAL DATA AND RATIOS:</u>** <sup>(2)</sup> |  **<u>NON-GAAP FINANCIAL DATA AND RATIOS:</u>** <sup>(2)</sup> |
| Basic earnings per share, as adjusted | $0.31 | $0.28 | $0.13 | $0.99 | $0.62 |
| Diluted earnings per share, as adjusted | 0.31 | 0.28 | 0.13 | 0.99 | 0.62 |
| Annualized return on avg. assets, as adjusted | 1.14% | 1.04% | 0.48% | 0.94% | 0.55% |
| Annualized return on avg. shareholders' equity, as adjusted | 9.33 | 8.62 | 4.17 | 7.71 | 4.98 |
| Annualized return on avg. tangible common shareholders' equity | 14.17 | 12.05 | 9.20 | 11.14 | 8.15 |
| Annualized return on avg. tangible common shareholders' equity, as adjusted | 13.06 | 12.10 | 5.98 | 10.89 | 7.36 |
| Efficiency ratio | 53.49 | 53.37 | 57.21 | 54.44 | 57.98 |
| **<u>AVERAGE BALANCE SHEET ITEMS:</u>** |  |  |  |  |  |
| Assets | $63255554 | $63046215 | $62865338 | $62484314 | $61973902 |
| Interest earning assets | 58755395 | 58623153 | 58214783 | 57962900 | 57317926 |
| Loans | 49614838 | 49270853 | 49730130 | 49146291 | 50030586 |
| Interest bearing liabilities | 42503586 | 42677630 | 42765949 | 42088737 | 42142087 |
| Deposits | 51361780 | 51167324 | 50726080 | 50404292 | 49777963 |
| Shareholders' equity | 7722962 | 7616810 | 7255159 | 7581374 | 6900204 |

---

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**VALLEY NATIONAL BANCORP**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| **<u>BALANCE SHEET ITEMS:</u>** | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| (In thousands) | **2025** | **2025** | **2025** | **2025** | **2024** |
| Assets | $64132725 | $63018614 | $62705358 | $61865655 | $62491691 |
| Total loans | 50136728 | 49272823 | 49391420 | 48657128 | 48799711 |
| Deposits | 52183093 | 51175758 | 50725284 | 49965844 | 50075857 |
| Shareholders' equity | 7807698 | 7695374 | 7575421 | 7499897 | 7435127 |
| **<u>LOANS:</u>** |  |  |  |  |  |
| (In thousands) |  |  |  |  |  |
| Commercial and industrial | $10961519 | $10757857 | $10870036 | $10150205 | $9931400 |
| Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 11571127 | 11674103 | 11747491 | 11945222 | 12344355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 8571713 | 8394694 | 8434173 | 8420385 | 8299250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied | 6629909 | 6097319 | 5789397 | 5722014 | 5886620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 2471233 | 2517258 | 2854859 | 3026935 | 3114733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate | 29243982 | 28683374 | 28825920 | 29114556 | 29644958 |
| Residential mortgage | 5826192 | 5795395 | 5709971 | 5636407 | 5632516 |
| Consumer: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | 687680 | 655872 | 634553 | 602161 | 604433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile | 2184600 | 2191976 | 2178841 | 2041227 | 1901065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other consumer | 1232755 | 1188349 | 1172099 | 1112572 | 1085339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 4105035 | 4036197 | 3985493 | 3755960 | 3590837 |
| Total loans | $50136728 | $49272823 | $49391420 | $48657128 | $48799711 |
| **<u>CAPITAL RATIOS:</u>** |  |  |  |  |  |
| Book value per common share | $13.39 | $13.09 | $12.89 | $12.76 | $12.67 |
| Tangible book value per common share <sup>(2)</sup> | 9.85 | 9.57 | 9.35 | 9.21 | 9.10 |
| Tangible common equity to tangible assets <sup>(2)</sup> | 8.82% | 8.79% | 8.63% | 8.61% | 8.40% |
| Tier 1 leverage capital | 9.63 | 9.52 | 9.49 | 9.41 | 9.16 |
| Common equity tier 1 capital | 10.99 | 11.00 | 10.85 | 10.80 | 10.82 |
| Tier 1 risk-based capital | 11.69 | 11.72 | 11.57 | 11.53 | 11.55 |
| Total risk-based capital | 13.77 | 13.83 | 13.67 | 13.91 | 13.87 |

---

------

**VALLEY NATIONAL BANCORP**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended** | **Years Ended** |
| **<u>ALLOWANCE FOR CREDIT LOSSES:</u>** | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| ($ in thousands) | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Allowance for credit losses for loans** |  |  |  |  |  |
| Beginning balance | $598604 | $594020 | $564671 | $573328 | $465550 |
| Loans charged-off: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | (5958) | (2745) | (31784) | (62348) | (68299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | (16034) | (11776) | (69218) | (54693) | (125858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction |  | (541) |  | (1704) | (12637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage |  | (26) | (29) | (72) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | (3060) | (1478) | (2621) | (8891) | (8289) |
| Total loans charged-off | (25052) | (16566) | (103652) | (127708) | (215112) |
| Charged-off loans recovered: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | 636 | 1169 | 1452 | 5404 | 6038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 1096 | 206 | 3138 | 1739 | 3595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction | 193 |  |  | 648 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 180 | 56 | 81 | 441 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 397 | 548 | 673 | 2561 | 2194 |
| Total loans recovered | 2502 | 1979 | 5344 | 10793 | 13502 |
| Total net charge-offs | (22550) | (14587) | (98308) | (116915) | (201610) |
| Provision for credit losses for loans | 20046 | 19171 | 106965 | 139687 | 309388 |
| Ending balance | $596100 | $598604 | $573328 | $596100 | $573328 |
| **Components of allowance for credit losses for loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses | $583400 | $585000 | $558850 | $583400 | $558850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for unfunded credit commitments | 12700 | 13604 | 14478 | 12700 | 14478 |
| Allowance for credit losses for loans | $596100 | $598604 | $573328 | $596100 | $573328 |
| **Components of provision for credit losses for loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses for loans | $20950 | $20087 | $108831 | $141465 | $314380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Credit) provision for unfunded credit commitments | (904) | (916) | (1866) | (1778) | (4992) |
| Total provision for credit losses for loans | $20046 | $19171 | $106965 | $139687 | $309388 |
| Annualized ratio of total net charge-offs to average loans | 0.18% | 0.12% | 0.79% | 0.24% | 0.40% |
| Allowance for credit losses as a % of total loans | 1.19% | 1.21% | 1.17% | 1.19% | 1.17% |

---

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**VALLEY NATIONAL BANCORP**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| **<u>ASSET QUALITY:</u>** | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| ($ in thousands) | **2025** | **2025** | **2025** | **2025** | **2024** |
| Accruing past due loans: |  |  |  |  |  |
| 30 to 59 days past due: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $11177 | $912 | $10451 | $3609 | $2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 72810 | 26371 | 42884 | 170 | 20902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction |  |  | 35000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 21615 | 23556 | 21744 | 16747 | 21295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 14420 | 12728 | 12878 | 12887 | 12552 |
| Total 30 to 59 days past due | 120022 | 63567 | 122957 | 33413 | 57138 |
| 60 to 89 days past due: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | 1274 | 1061 | 1095 | 420 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate |  | 6033 | 60601 |  | 24903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 10181 | 5040 | 7627 | 7700 | 5773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 5269 | 4023 | 4001 | 2408 | 4484 |
| Total 60 to 89 days past due | 16724 | 16157 | 73324 | 10528 | 36167 |
| 90 or more days past due: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial |  |  |  |  | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 212 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 3300 | 3911 | 2062 | 6892 | 3533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 1070 | 1125 | 859 | 864 | 1049 |
| Total 90 or more days past due | 4582 | 5036 | 2921 | 7756 | 5889 |
| Total accruing past due loans | $141328 | $84760 | $199202 | $51697 | $99194 |
| Non-accrual loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $138321 | $92214 | $90973 | $110146 | $136675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 236221 | 235754 | 193604 | 172011 | 157231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction | 9140 | 48248 | 24068 | 24275 | 24591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | 44424 | 38949 | 41099 | 35393 | 36786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 5832 | 6324 | 4615 | 4626 | 4215 |
| Total non-accrual loans | 433938 | 421489 | 354359 | 346451 | 359498 |
| Other real estate owned (OREO) | 4531 | 4783 | 4783 | 7714 | 12150 |
| Other repossessed assets | 1286 | 1065 | 1642 | 2054 | 1681 |
| Total non-performing assets | $439755 | $427337 | $360784 | $356219 | $373329 |
| Total non-accrual loans as a % of loans | 0.87% | 0.86% | 0.72% | 0.71% | 0.74% |
| Total accruing past due and non-accrual loans as a % of loans | 1.15% | 1.03% | 1.12% | 0.82% | 0.94% |
| Allowance for losses on loans as a % of non-accrual loans | 134.44% | 138.79% | 163.53% | 166.89% | 155.45% |

---

------

**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** | **Years Ended** | **Years Ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| ($ 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) | $195403 | $163355 | $115711 | $597983 | $380271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Restructuring charge <sup>(a)</sup>  | 630 | 3854 | 1085 | 5284 | 2039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Loss on extinguishment of debt |  |  |  | 922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Net losses on the sale of commercial real estate loans <sup>(b)</sup> |  |  | 7866 |  | 13660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Litigation reserve <sup>(c)</sup> | (239) | 1012 |  | 773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: FDIC Special assessment <sup>(d)</sup> | (5672) | (3817) |  | (9489) | 8757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Litigation settlements <sup>(e)</sup> |  |  |  |  | (7334) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: (Gains) losses on available for sale and held to maturity debt securities, net <sup>(f)</sup> |  | (28) | 3 | (17) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Gain on sale of commercial premium finance lending division <sup>(g)</sup> |  |  |  |  | (3629) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Income tax benefit <sup>(h)</sup> | (11417) |  | (46431) | (11417) | (46431) |
| Total non-GAAP adjustments to net income | $(16698) | $1021 | $(37477) | $(13944) | $(32923) |
| Income tax adjustments related to non-GAAP adjustments <sup>(i)</sup> | 1505 | (288) | (2520) | 740 | (3789) |
| Net income, as adjusted (non-GAAP) | 180210 | 164088 | 75714 | 584779 | 343559 |
| Dividends on preferred stock | 7434 | 7644 | 7025 | 28981 | 21369 |
| Net income available to common shareholders, as adjusted (non-GAAP) | $172776 | $156444 | $68689 | $555798 | $322190 |
| _____________ |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) Represents severance expense related to workforce reductions within salary and employee benefits expense. | &nbsp;&nbsp;&nbsp;&nbsp;(a) Represents severance expense related to workforce reductions within salary and employee benefits expense. | &nbsp;&nbsp;&nbsp;&nbsp;(a) Represents severance expense related to workforce reductions within salary and employee benefits expense. | &nbsp;&nbsp;&nbsp;&nbsp;(a) Represents severance expense related to workforce reductions within salary and employee benefits expense. | &nbsp;&nbsp;&nbsp;&nbsp;(a) Represents severance expense related to workforce reductions within salary and employee benefits expense. | &nbsp;&nbsp;&nbsp;&nbsp;(a) Represents severance expense related to workforce reductions within salary and employee benefits expense. |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) Represents actual and mark to market losses on bulk performing commercial real estate loan sales included in gains (losses) on sales of loans, net. | &nbsp;&nbsp;&nbsp;&nbsp;(b) Represents actual and mark to market losses on bulk performing commercial real estate loan sales included in gains (losses) on sales of loans, net. | &nbsp;&nbsp;&nbsp;&nbsp;(b) Represents actual and mark to market losses on bulk performing commercial real estate loan sales included in gains (losses) on sales of loans, net. | &nbsp;&nbsp;&nbsp;&nbsp;(b) Represents actual and mark to market losses on bulk performing commercial real estate loan sales included in gains (losses) on sales of loans, net. | &nbsp;&nbsp;&nbsp;&nbsp;(b) Represents actual and mark to market losses on bulk performing commercial real estate loan sales included in gains (losses) on sales of loans, net. | &nbsp;&nbsp;&nbsp;&nbsp;(b) Represents actual and mark to market losses on bulk performing commercial real estate loan sales included in gains (losses) on sales of loans, net. |
| &nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the change in legal reserves and settlement charges included in professional and legal fees. | &nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the change in legal reserves and settlement charges included in professional and legal fees. | &nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the change in legal reserves and settlement charges included in professional and legal fees. | &nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the change in legal reserves and settlement charges included in professional and legal fees. | &nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the change in legal reserves and settlement charges included in professional and legal fees. | &nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the change in legal reserves and settlement charges included in professional and legal fees. |
| &nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the (decrease) increase in estimated special assessment losses included in the FDIC insurance assessment expense. | &nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the (decrease) increase in estimated special assessment losses included in the FDIC insurance assessment expense. | &nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the (decrease) increase in estimated special assessment losses included in the FDIC insurance assessment expense. | &nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the (decrease) increase in estimated special assessment losses included in the FDIC insurance assessment expense. | &nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the (decrease) increase in estimated special assessment losses included in the FDIC insurance assessment expense. | &nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the (decrease) increase in estimated special assessment losses included in the FDIC insurance assessment expense. |
| &nbsp;&nbsp;&nbsp;&nbsp;(e) Represents recoveries from legal settlements included in other income. | &nbsp;&nbsp;&nbsp;&nbsp;(e) Represents recoveries from legal settlements included in other income. | &nbsp;&nbsp;&nbsp;&nbsp;(e) Represents recoveries from legal settlements included in other income. | &nbsp;&nbsp;&nbsp;&nbsp;(e) Represents recoveries from legal settlements included in other income. | &nbsp;&nbsp;&nbsp;&nbsp;(e) Represents recoveries from legal settlements included in other income. | &nbsp;&nbsp;&nbsp;&nbsp;(e) Represents recoveries from legal settlements included in other income. |
| &nbsp;&nbsp;&nbsp;&nbsp;(f) Included in gains on securities transactions, net. | &nbsp;&nbsp;&nbsp;&nbsp;(f) Included in gains on securities transactions, net. | &nbsp;&nbsp;&nbsp;&nbsp;(f) Included in gains on securities transactions, net. | &nbsp;&nbsp;&nbsp;&nbsp;(f) Included in gains on securities transactions, net. | &nbsp;&nbsp;&nbsp;&nbsp;(f) Included in gains on securities transactions, net. | &nbsp;&nbsp;&nbsp;&nbsp;(f) Included in gains on securities transactions, net. |
| &nbsp;&nbsp;&nbsp;&nbsp;(g) Included in other income within non-interest income. | &nbsp;&nbsp;&nbsp;&nbsp;(g) Included in other income within non-interest income. | &nbsp;&nbsp;&nbsp;&nbsp;(g) Included in other income within non-interest income. | &nbsp;&nbsp;&nbsp;&nbsp;(g) Included in other income within non-interest income. | &nbsp;&nbsp;&nbsp;&nbsp;(g) Included in other income within non-interest income. | &nbsp;&nbsp;&nbsp;&nbsp;(g) Included in other income within non-interest income. |
| &nbsp;&nbsp;&nbsp;&nbsp; (h) Represent tax benefits from discrete tax events included in income tax expense (benefit). | &nbsp;&nbsp;&nbsp;&nbsp; (h) Represent tax benefits from discrete tax events included in income tax expense (benefit). | &nbsp;&nbsp;&nbsp;&nbsp; (h) Represent tax benefits from discrete tax events included in income tax expense (benefit). | &nbsp;&nbsp;&nbsp;&nbsp; (h) Represent tax benefits from discrete tax events included in income tax expense (benefit). | &nbsp;&nbsp;&nbsp;&nbsp; (h) Represent tax benefits from discrete tax events included in income tax expense (benefit). | &nbsp;&nbsp;&nbsp;&nbsp; (h) Represent tax benefits from discrete tax events included in income tax expense (benefit). |
| &nbsp;&nbsp;&nbsp;&nbsp;(i) Calculated using the appropriate blended statutory tax rate for the applicable period. | &nbsp;&nbsp;&nbsp;&nbsp;(i) Calculated using the appropriate blended statutory tax rate for the applicable period. | &nbsp;&nbsp;&nbsp;&nbsp;(i) Calculated using the appropriate blended statutory tax rate for the applicable period. | &nbsp;&nbsp;&nbsp;&nbsp;(i) Calculated using the appropriate blended statutory tax rate for the applicable period. | &nbsp;&nbsp;&nbsp;&nbsp;(i) Calculated using the appropriate blended statutory tax rate for the applicable period. | &nbsp;&nbsp;&nbsp;&nbsp;(i) Calculated using the appropriate blended statutory tax rate for the applicable period. |

---

------

**VALLEY NATIONAL BANCORP**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended** | **Years Ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| ($ in thousands, except for share data) | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Adjusted per common share data (non-GAAP):** |  |  |  |  |  |
| Net income available to common shareholders, as adjusted (non-GAAP) | $172776 | $156444 | $68689 | $555798 | $322190 |
| Weighted average number of shares outstanding | 558104197 | 560504275 | 536159463 | 559637823 | 515755365 |
| &nbsp;&nbsp;&nbsp;Basic earnings, as adjusted (non-GAAP) | $0.31 | $0.28 | $0.13 | $0.99 | $0.62 |
| Weighted average number of diluted shares outstanding | 562214037 | 563636933 | 540087600 | 563832550 | 517991801 |
| &nbsp;&nbsp;&nbsp;Diluted earnings, as adjusted (non-GAAP) | $0.31 | $0.28 | $0.13 | $0.99 | $0.62 |
| **Adjusted annualized return on average tangible common shareholder's equity (non-GAAP):** |  |  |  |  |  |
| Net income available to common shareholders, as adjusted (non-GAAP) | $172776 | $156444 | $68689 | $555798 | $322190 |
| &nbsp;&nbsp;Add: Amortization of other intangible assets (net of tax), other than loan servicing rights | 5027 | 5112 | 5377 | 20878 | 22210 |
| Net income available to common shareholders excluding intangible amortization, as adjusted (non-GAAP) | 177803 | 161556 | 74066 | 576676 | 344400 |
| Average shareholders' equity | 7722962 | 7616810 | 7255159 | 7581374 | 6900204 |
| &nbsp;&nbsp;&nbsp;Less: Average preferred shareholders equity | 354345 | 354345 | 354345 | 354345 | 268622 |
| &nbsp;&nbsp;&nbsp;Less: Average goodwill (net of deferred tax liability) | 1858851 | 1859614 | 1859614 | 1858851 | 1859614 |
| &nbsp;&nbsp; Less: Average intangible assets (net of deferred tax liability), other than loan servicing rights | 63235 | 62905 | 83415 | 72951 | 94807 |
| Average tangible common shareholders' equity | $5446531 | $5339946 | $4957785 | $5295227 | $4677161 |
| Annualized return on average tangible common shareholders' equity, as adjusted (non-GAAP) | 13.06% | 12.10% | 5.98% | 10.89% | 7.36% |
| **Adjusted annualized return on average assets (non-GAAP):** |  |  |  |  |  |
| Net income, as adjusted (non-GAAP) | $180210 | $164088 | $75714 | $584779 | $343559 |
| Average assets | 63255554 | 63046215 | 62865338 | 62484314 | 61973902 |
| &nbsp;&nbsp;&nbsp;Annualized return on average assets, as adjusted (non-GAAP) | 1.14% | 1.04% | 0.48% | 0.94% | 0.55% |
| **Adjusted annualized return on average shareholders' equity (non-GAAP):** |  |  |  |  |  |
| Net income, as adjusted (non-GAAP) | $180210 | $164088 | $75714 | $584779 | $343559 |
| Average shareholders' equity | 7722962 | 7616810 | 7255159 | 7581374 | 6900204 |
| Annualized return on average shareholders' equity, as adjusted (non-GAAP) | 9.33% | 8.62% | 4.17% | 7.71% | 4.98% |
| **Annualized return on average tangible common shareholders' equity (non-GAAP):** |  |  |  |  |  |
| Net income available to common shareholders | $187969 | $155711 | $108686 | $569002 | $358902 |
| &nbsp;&nbsp;Add: Amortization of other intangible assets (net of tax), other than loan servicing rights | 5027 | 5112 | 5377 | 20878 | 22210 |
| Net income available to common shareholders excluding intangible amortization (non-GAAP) | 192996 | 160823 | 114063 | 589880 | 381112 |
| Average tangible common shareholders' equity (non- GAAP) | $5446531 | $5339946 | $4957785 | $5295227 | $4677161 |
| Annualized return on average tangible common shareholders' equity (non-GAAP) | 14.17% | 12.05% | 9.20% | 11.14% | 8.15% |

---

------

**VALLEY NATIONAL BANCORP**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Non-GAAP Reconciliations to GAAP Financial Measures (Continued)** | **Non-GAAP Reconciliations to GAAP Financial Measures (Continued)** | **Non-GAAP Reconciliations to GAAP Financial Measures (Continued)** | **Non-GAAP Reconciliations to GAAP Financial Measures (Continued)** | **Non-GAAP Reconciliations to GAAP Financial Measures (Continued)** | **Non-GAAP Reconciliations to GAAP Financial Measures (Continued)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended** | **Years Ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| ($ in thousands) | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Efficiency ratio (non-GAAP):** |  |  |  |  |  |
| Non-interest expense, as reported (GAAP) | $299401 | $281985 | $278582 | $1142126 | $1105860 |
| &nbsp;&nbsp;&nbsp;Less: Loss on extinguishment of debt (pre-tax) |  |  |  | 922 |  |
| &nbsp;&nbsp;&nbsp;Less: FDIC Special assessment (pre-tax) | (5672) | (3817) |  | (9489) | 8757 |
| &nbsp;&nbsp;&nbsp;Less: Restructuring charge (pre-tax) | 630 | 3854 | 1085 | 5284 | 2039 |
| &nbsp;&nbsp;&nbsp;Less: Amortization of tax credit investments (pre-tax) | 15191 | 8147 | 1740 | 41792 | 18946 |
| &nbsp;&nbsp;&nbsp;Less: Litigation reserve (pre-tax) | (239) | 1012 |  | 773 |  |
| &nbsp;&nbsp;&nbsp;Non-interest expense, as adjusted (non-GAAP) | $289491 | $272789 | $275757 | $1102844 | $1076118 |
| Net interest income, as reported (GAAP) | 464907 | $446224 | $422977 | $1763644 | $1628708 |
| Non-interest income, as reported (GAAP) | 76341 | 64887 | 51202 | 262126 | 224501 |
| &nbsp;&nbsp;Add: Net losses on the sale of commercial real estate loans (pre-tax) |  |  | 7866 |  | 13660 |
| &nbsp;&nbsp;&nbsp;Less: Litigation settlements (pre-tax) |  |  |  |  | (7334) |
| &nbsp;&nbsp; Less: (Gains) losses on available for sale and held to maturity securities transactions, net (pre-tax) |  | (28) | 3 | (17) | 15 |
| &nbsp;&nbsp;&nbsp;Less: Gain on sale of commercial premium finance division (pre-tax) |  |  |  |  | (3629) |
| &nbsp;&nbsp;&nbsp;Non-interest income, as adjusted (non-GAAP) | $76341 | $64859 | $59071 | $262109 | $227213 |
| &nbsp;&nbsp;&nbsp;Gross operating income, as adjusted (non-GAAP) | $541248 | $511083 | $482048 | $2025753 | $1855921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Efficiency ratio (non-GAAP) | 53.49% | 53.37% | 57.21% | 54.44% | 57.98% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| ($ in thousands, except for share data) | **2025** | **2025** | **2025** | **2025** | **2024** |
| **Tangible book value per common share (non-GAAP):** |  |  |  |  |  |
| Common shares outstanding | 556618021 | 560784352 | 560281821 | 560028101 | 558786093 |
| Shareholders' equity (GAAP) | $7807698 | $7695374 | $7575421 | $7499897 | $7435127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock | 354345 | 354345 | 354345 | 354345 | 354345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill and other intangible assets | 1969811 | 1976594 | 1983515 | 1990276 | 1997597 |
| Tangible common shareholders' equity (non-GAAP) | $5483542 | $5364435 | $5237561 | $5155276 | $5083185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible book value per common share (non-GAAP) | $9.85 | $9.57 | $9.35 | $9.21 | $9.10 |
| **Tangible common equity to tangible assets (non-GAAP):** |  |  |  |  |  |
| Tangible common shareholders' equity (non-GAAP) | $5483542 | $5364435 | $5237561 | $5155276 | $5083185 |
| Total assets (GAAP) | $64132725 | $63018614 | $62705358 | $61865655 | $62491691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill and other intangible assets | 1969811 | 1976594 | 1983515 | 1990276 | 1997597 |
| Tangible assets (non-GAAP) | $62162914 | $61042020 | $60721843 | $59875379 | $60494094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity to tangible assets (non-GAAP) | 8.82% | 8.79% | 8.63% | 8.61% | 8.40% |

---

------

**VALLEY NATIONAL BANCORP**

**CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION**

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

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| | **(Unaudited)** | |
| **Assets** |  |  |
| Cash and due from banks | $315166 | $411412 |
| Interest bearing deposits with banks | 1268399 | 1478713 |
| Investment securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 82774 | 71513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Available for sale debt securities | 4202218 | 3369724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Held to maturity debt securities (net of allowance for credit losses of $734 at December 31, 2025 and $647 at December 31, 2024) | 3495837 | 3531573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | 7780829 | 6972810 |
| Loans held for sale (includes fair value of $8,212 at December 31, 2025 and $15,681 at December 31, 2024 for loans originated for sale) | 26236 | 25681 |
| Loans | 50136728 | 48799711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for loan losses | (583400) | (558850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans | 49553328 | 48240861 |
| Premises and equipment, net | 330757 | 350796 |
| Lease right of use assets | 313891 | 328475 |
| Bank owned life insurance | 738090 | 731574 |
| Accrued interest receivable | 243897 | 239941 |
| Goodwill | 1868936 | 1868936 |
| Other intangible assets, net | 100875 | 128661 |
| Other assets | 1592321 | 1713831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $64132725 | $62491691 |
| **Liabilities** |  |  |
| Deposits: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest bearing | $12155500 | $11428674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest bearing: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings, NOW and money market | 28603470 | 26304639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time | 11424123 | 12342544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 52183093 | 50075857 |
| Short-term borrowings | 91475 | 72718 |
| Long-term borrowings | 2908579 | 3174155 |
| Junior subordinated debentures issued to capital trusts | 57803 | 57455 |
| Lease liabilities | 372448 | 388303 |
| Accrued expenses and other liabilities | 711629 | 1288076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 56325027 | 55056564 |
| **Shareholders' Equity** |  |  |
| Preferred stock, no par value; authorized 50,000,000 shares authorized:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A (4,600,000 shares issued at December 31, 2025 and December 31, 2024) | 111590 | 111590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B (4,000,000 shares issued at December 31, 2025 and December 31, 2024) | 98101 | 98101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C (6,000,000 shares issued at December 31, 2025 and December 31, 2024) | 144654 | 144654 |
| Common stock (no par value, authorized 650,000,000 shares; issued 560,878,750 shares at December 31, 2025 and 558,786,093 shares at December 31, 2024) | 196730 | 195998 |
| Surplus | 5464845 | 5442070 |
| Retained earnings | 1912933 | 1598048 |
| Accumulated other comprehensive loss | (74379) | (155334) |
| Treasury stock, at cost (4,260,729 common shares at December 31, 2025) | (46776) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Shareholders' Equity** | 7807698 | 7435127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Shareholders' Equity** | $64132725 | $62491691 |

---

------

**VALLEY NATIONAL BANCORP**

**CONSOLIDATED STATEMENTS OF INCOME (Unaudited)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended** | **Years Ended** |
| | | | | **December 31,** | **December 31,** |
| | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **December 31,**<br>**2024** | **2025** | **2024** |
| **Interest Income** |  |  |  |  |  |
| Interest and fees on loans | $724208 | $733191 | $750667 | $2881290 | $3079864 |
| Interest and dividends on investment securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | 73111 | 70211 | 55983 | 274384 | 181940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | 4564 | 4611 | 4803 | 18558 | 19253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 5322 | 4891 | 5860 | 21405 | 24958 |
| Interest on federal funds sold and other short-term investments | 8592 | 14019 | 17513 | 36847 | 51482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 815797 | 826923 | 834826 | 3232484 | 3357497 |
| **Interest Expense** |  |  |  |  |  |
| Interest on deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings, NOW and money market | 197892 | 210921 | 214489 | 812424 | 913963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time | 116657 | 133108 | 158716 | 504158 | 644964 |
| Interest on short-term borrowings | 502 | 555 | 293 | 5739 | 22047 |
| Interest on long-term borrowings and junior subordinated debentures | 35839 | 36115 | 38351 | 146519 | 147815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 350890 | 380699 | 411849 | 1468840 | 1728789 |
| **Net Interest Income** | 464907 | 446224 | 422977 | 1763644 | 1628708 |
| Provision (credit) for credit losses for available for sale and held to maturity securities | 97 |  | (429) | 87 | (558) |
| Provision for credit losses for loans | 20046 | 19171 | 106965 | 139687 | 309388 |
| **Net Interest Income After Provision for Credit Losses** | 444764 | 427053 | 316441 | 1623870 | 1319878 |
| Non-Interest Income |  |  |  |  |  |
| Wealth management and trust fees | 18215 | 16134 | 16425 | 63436 | 62616 |
| Insurance commissions | 3628 | 2914 | 3705 | 13374 | 12794 |
| Capital Markets | 15498 | 9814 | 7425 | 42019 | 27221 |
| Service charges on deposit accounts | 17032 | 16764 | 12989 | 61227 | 48276 |
| Gains on securities transactions, net | 1 | 28 | 1 | 74 | 100 |
| Fees from loan servicing | 3061 | 3405 | 3071 | 13352 | 12393 |
| Gains (losses) on sales of loans, net | 1944 | 740 | (4698) | 6906 | (5840) |
| (Losses) gains on sales of assets, net | (81) | (108) | (20) | (3) | 3727 |
| Bank owned life insurance | 4595 | 4657 | 3775 | 20048 | 16942 |
| Other | 12448 | 10539 | 8529 | 41693 | 46272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 76341 | 64887 | 51202 | 262126 | 224501 |
| **Non-Interest Expense** |  |  |  |  |  |
| Salary and employee benefits expense | 144660 | 146820 | 137117 | 579520 | 558595 |
| Net occupancy expense | 26058 | 24865 | 26576 | 102294 | 102124 |
| Technology, furniture and equipment expense | 32605 | 30708 | 35482 | 123876 | 135109 |
| FDIC insurance assessment | 5643 | 8357 | 14002 | 39059 | 61476 |
| Amortization of other intangible assets | 7438 | 7544 | 8373 | 30428 | 35045 |
| Professional and legal fees | 26846 | 24261 | 21794 | 86747 | 70315 |
| Loss on extinguishment of debt |  |  |  | 922 |  |
| Amortization of tax credit investments | 15191 | 8147 | 1740 | 41792 | 18946 |
| Other | 40960 | 31283 | 33498 | 137488 | 124250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 299401 | 281985 | 278582 | 1142126 | 1105860 |
| **Income Before Income Taxes** | 221704 | 209955 | 89061 | 743870 | 438519 |
| **Income tax expense (benefit)** | 26301 | 46600 | (26650) | 145887 | 58248 |
| **Net Income** | 195403 | 163355 | 115711 | 597983 | 380271 |
| Dividends on preferred stock | 7434 | 7644 | 7025 | 28981 | 21369 |
| **Net Income Available to Common Shareholders** | $187969 | $155711 | $108686 | $569002 | $358902 |

---

------

**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** |
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 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> | $49614838 | $724231 | 5.84% | $49270853 | $733214 | 5.95% | $49730130 | $750690 | 6.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable investments <sup>(3)</sup> | 7737669 | 78433 | 4.05 | 7522290 | 75102 | 3.99 | 6504106 | 61843 | 3.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt investments <sup>(1)(3)</sup> | 533578 | 5777 | 4.33 | 540491 | 5837 | 4.32 | 565877 | 6080 | 4.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest bearing deposits with banks | 869310 | 8592 | 3.95 | 1289519 | 14019 | 4.35 | 1414670 | 17513 | 4.95 |
| Total interest earning assets | 58755395 | 817033 | 5.56 | 58623153 | 828172 | 5.65 | 58214783 | 836126 | 5.75 |
| Other assets | 4500159 |  |  | 4423062 |  |  | 4650555 |  |  |
| Total assets | $63255554 |  |  | $63046215 |  |  | $62865338 |  |  |
| **Liabilities and shareholders' equity** |  |  |  |  |  |  |  |  |  |
| Interest bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings, NOW and money market deposits | $27891256 | $197892 | 2.84% | $27005791 | $210921 | 3.12 | $25928201 | $214489 | 3.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 11553390 | 116657 | 4.04 | 12621182 | 133108 | 4.22 | 13530980 | 158716 | 4.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | 94353 | 502 | 2.13 | 89147 | 555 | 2.49 | 72504 | 293 | 1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term borrowings <sup>(4)</sup> | 2964587 | 35839 | 4.84 | 2961510 | 36115 | 4.88 | 3234264 | 38351 | 4.74 |
| Total interest bearing liabilities | 42503586 | 350890 | 3.30 | 42677630 | 380699 | 3.57 | 42765949 | 411849 | 3.85 |
| Non-interest bearing deposits | 11917134 |  |  | 11540351 |  |  | 11266899 |  |  |
| Other liabilities | 1111872 |  |  | 1211424 |  |  | 1577331 |  |  |
| Shareholders' equity | 7722962 |  |  | 7616810 |  |  | 7255159 |  |  |
| Total liabilities and shareholders' equity | $63255554 |  |  | $63046215 |  |  | $62865338 |  |  |
| Net interest income/interest rate spread <sup>(5)</sup> |  | $466143 | 2.26% |  | $447473 | 2.08% |  | $424277 | 1.90% |
| Tax equivalent adjustment |  | (1236) |  |  | (1249) |  |  | (1300) |  |
| Net interest income, as reported |  | $464907 |  |  | $446224 |  |  | $422977 |  |
| Net interest margin <sup>(6)</sup> |  |  | 3.17% |  |  | 3.04% |  |  | 2.91% |
| &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> |  |  | 3.17% |  |  | 3.05% |  |  | 2.92% |

---

(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.

**INVESTOR RELATIONS**<br> Requests for copies of reports and/or other inquiries should be directed to Andrew Jianette, Investor Relations, Valley National Bancorp, 70 Speedwell Avenue, Morristown, New Jersey, 07960 by e-mail at investorrelations@valley.com.<br>

## Exhibit 99.2

![](a4q25earningspresentatio001.jpg)

Exhibit 99.2

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   3

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8              

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10 $109mm returned to shareholders during 4Q25 Over 50% (21bp) of organically generated regulatory capital returned to shareholders during 4Q25    

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• • • • • • • • • • • • • • • • • • • • 13

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• • • • • • • • • • • • • • • • • • • • 16

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19 • • • • • • • • • • • • • • • • • •

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20 1

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0.99 % 1.03 % 21

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22 2Q25 3Q25 4Q25

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23 0.11% 0.28% 0.47% 0.88% 0.18% 0.19% 0.16% 0.21% 0.03% 0.10% 0.21% 0.43% 0.47% 0.53% 0.57% 0.62% 0.08% 0.13% 0.25% 0.43% 0.45% 0.43% 0.36% 0.18% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Annualized CRE NCOs / Avg. CRE Loans Cumulative CRE NCOs / Avg. CRE Loans Rolling 4 Qtr Annualized CRE NCOs / Avg. CRE Loans

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1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 2028 2029 2030 2031 2032 2033 + 30

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![](a4q25earningspresentatio035.jpg)© 2025 Valley Bank. All rights reserved. Please see www.valley.com for further details.    

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