Track market-moving stories before they get noisy

NEW YORK, Oct. 22, 2026 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, today reported net income for the third quarter 2026 of $206.3 million, or $0.36 per diluted common share, as compared to the second quarter 2026 net income of $170.9 million, or $0.29 per diluted common share, and net income of $163.4 million, or $0.28 per diluted common share, for the third quarter 2025. Excluding all non-core income and charges, our adjusted net income (a non-GAAP measure) was $206.4 million, or $0.36 per diluted common share, for the third quarter 2026, $172.8 million, or $0.30 per diluted common share, for the second quarter 2026, and $164.1 million, or $0.28 per diluted common share, for the third quarter 2025. See further details below, including a reconciliation of our non-GAAP adjusted net income, in the “Consolidated Financial Highlights” tables.

Ira Robbins, CEO, commented, “Our third quarter results demonstrate the continued improvement in Valley’s profitability. Strong revenue growth and disciplined expense management drove record quarterly net income for Valley and an efficiency ratio below 50 percent. We remain on track to achieve, and likely exceed, our previously stated return on average tangible common equity goal of 15 percent by the end of 2027. We believe that we are structurally well-positioned to navigate a range of potential interest rate scenarios while driving relative net interest margin outperformance. Combined with our strong capital and liquidity, this positioning gives us the flexibility to keep growing alongside our clients as we execute on our strategic priorities.”

Mr. Robbins continued, “Our pending acquisitions of Providence Financial Corporation and Bluevine Inc. are a natural extension of our strategy to further optimize our funding base. Providence will enhance our presence in the Chicagoland market, while Bluevine is expected to expand our ability to serve small businesses nationwide through differentiated digital capabilities. Together, these transactions will strengthen our core deposit franchise, broaden our growth opportunities and support sustainable long-term value creation for shareholders.”

Key financial highlights for the third quarter 2026:

Net Interest Margin and Income: Our net interest margin on a tax equivalent basis of 3.28 percent for the third quarter 2026 increased 8 basis points and 23 basis points from the second quarter 2026 and third quarter 2025, respectively. Net interest income on a tax equivalent basis of $506.8 million for the third quarter 2026 increased $18.4 million and $59.3 million compared to the second quarter 2026 and third quarter 2025, respectively. The increases from the second quarter 2026 were mainly due to upward repricing of adjustable interest rate loans, higher yields on new loan originations, an increase in average loans and one additional day during the third quarter 2026, partially offset by higher average time deposits and an increase in the cost of certain non-maturity deposits. See additional details in the “Net Interest Income and Margin” and “Other Borrowings” sections below.Deposits: Total deposit balances increased $1.1 billion to $55.2 billion at September 30, 2026 as compared to $54.1 billion at June 30, 2026 primarily attributable to an increase in direct customer deposits during the third quarter 2026. The growth in direct customer deposits was mainly driven by inflows of non-maturity interest bearing deposits from commercial banking customers, as well as retail CD offerings during the third quarter 2026. See the “Deposits” section below for more details.Loan Portfolio: Total loans increased $722.7 million, or 5.5 percent on an annualized basis, to $53.2 billion at September 30, 2026 from June 30, 2026 mostly due to increases of $363.0 million and $343.5 million in commercial and industrial (C&I) loans and total commercial real estate (CRE) loans, respectively. Loan originations from a range of relationship-driven small to midsize clients continued to drive C&I loan growth during the third quarter 2026, while new owner occupied loans and an uptick in construction loan activity were the primary drivers of the increase in CRE loans at September 30, 2026. 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 312 percent at September 30, 2026 from 317 percent at June 30, 2026. See the “Loans” section below for more details.Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $600.5 million and $606.9 million at September 30, 2026 and June 30, 2026, respectively, representing 1.13 percent and 1.16 percent of total loans at each respective date. During the third quarter 2026, we recorded a provision for credit losses for loans of $30.7 million as compared to $29.2 million and $19.2 million for the second quarter 2026 and third quarter 2025, respectively. See the “Credit Quality” section below for more details.Credit Quality: Total internally criticized and classified loans as a percentage of total loans declined to 7.1 percent at September 30, 2026 from 7.3 percent at June 30, 2026. Net loan charge-offs totaled $37.1 million for the third quarter 2026 as compared to $22.0 million and $14.6 million for the second quarter 2026 and third quarter 2025, respectively. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) decreased $25.7 million to $154.5 million, or 0.29 percent of total loans, at September 30, 2026 as compared to $180.2 million, or 0.34 percent of total loans, at June 30, 2026. The decrease was mainly due to migration of a few larger CRE loans to non-accrual category and, to a lesser extent, a decrease in early stage residential mortgage loan delinquencies. Non-accrual loans totaled $511.4 million, or 0.96 percent of total loans, at September 30, 2026 as compared to $462.6 million, or 0.88 percent of total loans, at June 30, 2026. See the “Credit Quality” section below for more details.Non-Interest Income: Non-interest income increased $5.0 million to $78.7 million for the third quarter 2026 as compared to the second quarter 2026 largely due to a $6.4 million increase in other income primarily driven by recovery income from legal settlements and net valuation gains on certain fintech investments at September 30, 2026. Wealth management and trust fees also increased $4.5 million mainly due to a higher volume of transaction-related tax credit advisory fees. These increases were partially offset by lower bank owned life insurance and capital markets income.Non-Interest Expense: Non-interest expense decreased $1.2 million to $310.0 million for the third quarter 2026 as compared to the second quarter 2026. The overall decrease was largely driven by a $4.4 million decline in professional and legal fees due to lower business transformation-related consulting fees during the third quarter 2026, partially offset by higher amortization of tax credit investments. During the third quarter 2026, we recorded $3.1 million of merger related expenses (primarily reported within professional and legal fees and other expense) related to our pending acquisitions of Providence Financial Corporation (Providence) and Bluevine Inc. (Bluevine). See additional information below.Income Tax Expense: Income tax expense totaled $37.3 million and $49.6 million for the third and second quarters of 2026, respectively. Our effective tax rate was 15.3 percent for the third quarter 2026 as compared to 22.5 percent for the second quarter 2026. The decrease in income tax expense and the effective tax rate as compared to the linked second quarter 2026 was due to the availability and purchase of additional tax credits in excess of amounts previously anticipated during the third quarter 2026.Efficiency Ratio: Our efficiency ratio was 49.38 percent for the third quarter 2026 as compared to 52.11 percent and 53.37 percent for the second quarter 2026 and third quarter 2025, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures.Performance Ratios: Annualized return on average assets (ROAA), shareholders’ equity (ROAE) and tangible common shareholders’ equity (ROATCE) were 1.24 percent, 10.36 percent and 14.24 percent for the third quarter 2026, respectively. Annualized ROAA, ROAE, and ROATCE, adjusted for non-core income and charges, were 1.24 percent, 10.36 percent and 14.24 percent for the third quarter 2026, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures. On August 25, 2026, Valley announced that it will acquire Providence, and its principal subsidiary, Providence Bank & Trust headquartered in South Holland, Illinois. We believe the acquisition of this high-performing commercial bank, with $1.6 billion in total assets and a 14-branch network as of June 30, 2026, will provide an established physical delivery channel in the Chicagoland area to supplement Valley’s existing commercial presence in the market. The acquisition is expected to close in early 2027, subject to standard regulatory approvals, approval of Providence’s shareholders, and the satisfaction or waiver of other customary closing conditions.

On September 28, 2026, Valley also announced that it will acquire Bluevine, a leading nationwide digital banking platform for small businesses headquartered in Jersey City, New Jersey. Upon closing, Bluevine will bring Valley a scaled, high-growth digital small business platform; low-cost, digitally-sourced deposit relationships; and an established suite of integrated banking, payments, lending and financial-management solutions designed for small businesses across the country. The acquisition is expected to close in early 2027, subject to standard regulatory approvals, and the satisfaction or waiver of other customary closing conditions.

Net Interest Income and Margin

Net interest income on a tax equivalent basis of $506.8 million for the third quarter 2026 increased $18.4 million and $59.3 million compared to the second quarter 2026 and the third quarter 2025, respectively. Interest income on a tax equivalent basis increased $27.8 million to $858.5 million for the third quarter 2026 as compared to the second quarter 2026. The increase was primarily due to higher yields on adjustable interest rate loans, the origination of higher-yielding loans within the C&I and CRE loan portfolios, an overall increase in average loan balances and one additional day during the third quarter 2026 as compared to the second quarter 2026. Total interest expense increased $9.4 million to $351.7 million for the third quarter 2026 as compared to the second quarter 2026 mainly due to an increase in average time deposits during the third quarter 2026, as well as the higher cost of certain non-maturity deposits. See the “Deposits” and “Other Borrowings” sections below for more details.

Net interest margin on a tax equivalent basis of 3.28 percent for the third quarter 2026 increased 8 basis points from 3.20 percent for the second quarter 2026 and 23 basis points from 3.05 percent for the third quarter 2025. The yield on average interest earning assets increased by 11 basis points to 5.55 percent on a linked quarter basis largely due to the higher yields on new loan originations during the third quarter 2026 and upward repricing of adjustable interest rate loans. The overall cost of average interest bearing liabilities increased by 6 basis points to 3.16 percent for the third quarter 2026 as compared to the second quarter 2026 mostly due to the higher cost of both non-maturity and time deposits. Our cost of total average deposits was 2.33 percent for the third quarter 2026 as compared to 2.28 percent and 2.69 percent for the second quarter 2026 and third quarter 2025, respectively.

Loans, Deposits and Other Borrowings

Loans. Total loans increased $722.7 million, or 5.5 percent on an annualized basis, to $53.2 billion at September 30, 2026 from June 30, 2026. C&I loans increased $363.0 million, or 12.1 percent on an annualized basis, to $12.3 billion at September 30, 2026 from June 30, 2026, primarily driven by new originations from relationship-driven small to midsize clients across several markets, with particularly strong loan production in New York, Florida, California, and Arizona. Total CRE (including construction) loans increased $343.5 million to $30.7 billion at September 30, 2026 from June 30, 2026 due, in large part, to continued momentum in new owner occupied CRE loan originations from our healthcare vertical and the Florida market, as well as an uptick in construction loan advances primarily in New York and Florida. Non-owner occupied loans decreased $145.7 million from June 30, 2026 mainly due to our continued targeted runoff of transactional/non-relationship loans, which outpaced limited new originations in this category during the third quarter 2026. Residential mortgage loans increased $101.5 million from June 30, 2026 mainly due to continued retention of most new loan origination activity and the modest levels of prepayments. Total consumer loans decreased $85.3 million from June 30, 2026 primarily due to a $118.1 million decrease in automobile loans as normal loan repayments outpaced consumer demand which was constrained by several factors, including gasoline prices and the high level of market interest rates.

Deposits. Actual ending balances for deposits increased $1.1 billion to $55.2 billion at September 30, 2026 from June 30, 2026 mainly due to a $730.9 million increase in the savings, NOW and money market deposits category and a $482.1 million increase in time deposits, partially offset by a $102.8 million decline in non-interest bearing deposits. The increase in savings, NOW and money market deposits from June 30, 2026 was mostly attributable to inflows from our commercial banking customers, partially offset by lower indirect customer money market deposit balances. The increase in time deposits was largely driven by higher indirect customer CD balances and deposits generated from our targeted retail CD offerings. Total indirect customer deposits (consisting of both brokered time and money market deposits) totaled $5.3 billion at both September 30, 2026 and June 30, 2026. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 23 percent, 53 percent and 24 percent of total deposits at both September 30, 2026 and June 30, 2026.

Other Borrowings. Short-term borrowings decreased $383.2 million to $50.3 million at September 30, 2026 from June 30, 2026 mainly due to maturity and repayment of $375 million of short-term FHLB advances during the third quarter 2026. Long-term borrowings totaled $2.6 billion at September 30, 2026 and remained relatively unchanged as compared to June 30, 2026.

Credit Quality

Non-Performing Assets (NPAs). NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, increased $46.0 million to $513.8 million at September 30, 2026 from June 30, 2026. Non-accrual loans increased $48.8 million to $511.4 million, or 0.96 percent of total loans, at September 30, 2026 as compared to $462.6 million, or 0.88 percent of total loans, at June 30, 2026. The increase was primarily attributable to a $30.1 million construction loan that was placed on non-accrual status during the third quarter 2026, as well as higher levels of non-accrual C&I loans. The $30.1 million construction loan is considered well-secured and did not require a specific reserve within our allowance for credit losses for loans at September 30, 2026 based upon the estimated value of the underlying collateral. Non-accrual CRE loans decreased $3.0 million to $253.1 million at September 30, 2026 from June 30, 2026, primarily reflecting repayments and partial charge-offs, partially offset by the migration of three CRE loans previously reported as loans 30 to 59 days past due at June 30, 2026 to non-accrual status during the third quarter 2026.

Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) decreased $25.7 million to $154.5 million, or 0.29 percent of total loans, at September 30, 2026 as compared to $180.2 million, or 0.34 percent of total loans, at June 30, 2026.

Loans 30 to 59 days past due decreased $41.7 million to $109.3 million at September 30, 2026 as compared to June 30, 2026 primarily due to the migration of three CRE loans totaling $24.7 million, net of partial charge-offs of $9.1 million during the third quarter 2026, to non-accrual loans at September 30, 2026, as well as lower residential mortgage loan delinquencies. Loans 60 to 89 days past due increased $14.8 million to $27.9 million at September 30, 2026 as compared to June 30, 2026 mainly due to one CRE loan relationship totaling $10.9 million and higher residential mortgage loans delinquencies. Loans 90 days or more past due and still accruing interest increased $1.3 million to $17.3 million at September 30, 2026 as compared to June 30, 2026 largely due to the third quarter 2026 migration of a $4.0 million CRE loan previously reported in the 30 to 59 days past due delinquency category at June 30, 2026, partially offset by lower residential mortgage and C&I loans delinquencies. 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 September 30, 2026, June 30, 2026, and September 30, 2025:

  September 30, 2026 June 30, 2026 September 30, 2025     Allocation    Allocation    Allocation     as a % of    as a % of    as a % of  Allowance
 Loan Allowance
 Loan Allowance
 Loan  Allocation
 Category Allocation
 Category Allocation
 Category  ($ in thousands)Loan Category:               Commercial and industrial loans $211,513  1.72% $198,910  1.66% $161,848  1.50%Commercial real estate loans:               Commercial real estate  252,903  0.90   268,445  0.96   297,685  1.14 Construction  46,490  1.75   50,623  2.05   51,908  2.06 Total commercial real estate loans  299,393  0.98   319,068  1.05   349,593  1.22 Residential mortgage loans  47,376  0.78   48,905  0.82   51,094  0.88 Consumer loans:               Home equity  4,341  0.58   4,333  0.59   3,735  0.57 Auto and other consumer  18,177  0.54   19,384  0.56   18,730  0.55 Total consumer loans  22,518  0.55   23,717  0.57   22,465  0.56 Allowance for loan losses  580,800  1.09   590,600  1.13   585,000  1.19 Allowance for unfunded credit commitments  19,700     16,320     13,604   Total allowance for credit losses for loans $600,500    $606,920    $598,604   Allowance for credit losses for loans as a % of total loans    1.13%    1.16%    1.21%
Our loan portfolio, totaling $53.2 billion at September 30, 2026, had net loan charge-offs totaling $37.1 million for the third quarter 2026 as compared to $22.0 million and $14.6 million for the second quarter 2026 and the third quarter 2025, respectively. Gross loan charge-offs totaled $40.1 million for the third quarter 2026 and included (i) an $11.6 million partial charge-off of a C&I loan with $2.0 million of allocated reserves within our allowance for credit losses for loans at September 30, 2026 and (ii) partial charge-offs totaling $9.1 million related to the aforementioned three non-accrual CRE loans totaling $24.7 million, net of the charge-offs, with no related allocated reserves within our allowance for credit losses for loans at September 30, 2026.

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 1.13 percent at September 30, 2026, 1.16 percent at June 30, 2026, and 1.21 percent at September 30, 2025. For the third quarter 2026, the provision for credit losses for loans totaled $30.7 million as compared to $29.2 million and $19.2 million for the second quarter 2026 and third quarter 2025, respectively. The third quarter 2026 provision was mainly impacted by increases in (i) the economic forecast component of our reserve, (ii) non-economic qualitative reserves and (iii) specific reserves associated with certain collateral dependent loans, partially offset by (iv) a decline in quantitative reserves largely within certain CRE loan categories, including construction loans, at September 30, 2026.

Capital Adequacy

Valley’s total risk-based capital, Tier 1 capital, common equity tier 1 capital, and Tier 1 leverage capital ratios were 13.70 percent, 11.36 percent, 10.71 percent and 9.54 percent, respectively, at September 30, 2026 as compared to 13.77 percent, 11.37 percent, 10.71 percent and 9.49 percent, respectively, at June 30, 2026. During the third quarter 2026, we repurchased 2.5 million shares of our common stock at an average price of $13.86 under our current stock repurchase plan.

Investor Conference Call

Valley’s CEO, Ira Robbins, will host a conference call on Thursday, October 22, 2026 at 8:30 AM (ET) to discuss Valley’s third quarter 2026 earnings and related matters. Interested parties should pre-register using this link: https://register-conf.media-server.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, November 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 over $67 billion in assets. Founded in 1927, Valley has more than 220 branch locations and commercial offices nationwide and serves clients across New Jersey, New York, Florida, Alabama, California, Illinois, Pennsylvania and Arizona. 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, the Transactions (as defined below) and other mergers or 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,” “position,” “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 in these forward-looking statements include, but are not limited to:

risks and uncertainties relating to Valley’s pending acquisitions of Providence and Bluevine (together, the “Transactions”), including, but not limited to: the possibility that the Transactions may not be completed when expected or at all, including as a result of delays in obtaining, or the failure to obtain, required regulatory or other approvals or the failure to satisfy other closing conditions, including approval by Providence shareholders; the occurrence of any event that could give rise to the right of any party to terminate the merger or other agreement; the possibility that the anticipated benefits of the Transactions, including potential cost savings, synergies, and earnings accretion, will not be realized when expected or at all; the possibility that the Transactions may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management and attention from ongoing business operations; costs or difficulties relating to integration matters might be greater than expected; the inability to retain customers and qualified employees of Providence and Bluevine; potential business disruption or adverse reactions or changes to business, customer or employee relationships as a result of the Transactions; and changes in estimates of non-recurring charges related to the Transactions;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/import fees and other trade policies and practices, any retaliatory actions, changes in energy commodity prices, 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, including ongoing conflicts in the Middle East, natural and other disasters, including severe weather events and other climate-related risks, 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 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;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, enforcement priorities, or composition of the federal bank regulatory agencies;the loss of or decrease in lower-cost funding sources within our deposit base;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;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;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 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 and competitive pressure on pricing of our products and services;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;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;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;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 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 and other climate-related risks, pandemics or other public health crises, acts of terrorism or other external events;our ability to successfully execute our business plan and strategic initiatives; andunexpected 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, 2025.

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 Nine Months Ended  September 30, June 30, September 30, September 30,($ in thousands, except for share data and stock price)  2026   2026   2025   2026   2025 FINANCIAL DATA:          Net interest income – FTE (1) $506,794  $488,388  $447,473  $1,467,983  $1,302,525 Net interest income  505,451   487,024   446,224   1,464,000   1,298,737 Non-interest income  78,700   73,711   64,887   221,247   185,785 Total revenue  584,151   560,735   511,111   1,685,247   1,484,522 Non-interest expense  309,958   311,123   281,985   931,007   842,725 Pre-provision net revenue  274,193   249,612   229,126   754,240   641,797 Provision for credit losses  30,641   29,164   19,171   81,061   119,631 Income tax expense  37,252   49,563   46,600   132,081   119,586 Net income  206,300   170,885   163,355   541,098   402,580 Dividends on preferred stock  7,335   7,316   7,644   21,868   21,547 Net income available to common shareholders $198,965  $163,569  $155,711  $519,230  $381,033 Weighted average number of common shares outstanding:          Basic  552,358,147   553,740,562   560,504,275   553,946,293   560,154,649 Diluted  556,266,986   556,958,049   563,636,933   557,405,979   563,905,535 Per common share data:          Basic earnings $0.36  $0.30  $0.28  $0.94  $0.68 Diluted earnings  0.36   0.29   0.28   0.93   0.68 Cash dividends declared  0.11   0.11   0.11   0.33   0.33 Closing stock price – high  15.19   14.78   11.10   15.19   11.10 Closing stock price – low  12.62   12.42   9.18   11.66   7.87 FINANCIAL RATIOS:          Net interest margin  3.27%  3.19%  3.04%  3.21%  3.00%Net interest margin – FTE (1)  3.28   3.20   3.05   3.22   3.01 Annualized return on average assets  1.24   1.04   1.04   1.10   0.86 Annualized return on average shareholders’ equity  10.36   8.65   8.58   9.12   7.13 NON-GAAP FINANCIAL DATA AND RATIOS: (2)          Basic earnings per share, as adjusted $0.36  $0.30  $0.28  $0.95  $0.68 Diluted earnings per share, as adjusted  0.36   0.30   0.28   0.94   0.68 Annualized return on average assets, as adjusted  1.24%  1.05%  1.04%  1.12%  0.87%Annualized return on average shareholders’ equity, as adjusted  10.36   8.75   8.62   9.24   7.16 Annualized return on average tangible common shareholders’ equity  14.24   11.91   12.05   12.58   10.08 Annualized return on average tangible common shareholders’ equity, as adjusted  14.24   12.05   12.10   12.74   10.13 Efficiency ratio  49.38   52.11   53.37   51.49   54.79            AVERAGE BALANCE SHEET ITEMS:          Assets $66,506,401  $65,584,823  $63,046,215  $65,435,632  $62,224,382 Interest earning assets  61,834,602   61,057,362   58,623,153   60,878,033   57,695,831 Loans  52,683,932   51,884,173   49,270,853   51,620,023   48,988,393 Interest bearing liabilities  44,550,998   44,160,202   42,677,630   44,025,506   41,947,670 Deposits  54,163,381   53,174,301   51,167,324   53,243,510   50,080,358 Shareholders’ equity  7,967,868   7,901,688   7,616,810   7,908,818   7,533,660    As ofBALANCE SHEET ITEMS: September 30, June 30, March 31, December 31, September 30,(In thousands)  2026   2026   2026   2025   2025 Assets $67,470,879  $66,318,308  $64,466,585  $64,132,725  $63,018,614 Total loans  53,189,984   52,467,251   50,828,820   50,136,728   49,272,823 Deposits  55,228,795   54,118,607   52,859,621   52,183,093   51,175,758 Shareholders’ equity  7,896,552   7,917,144   7,828,443   7,807,698   7,695,374            LOANS:          (In thousands)          Commercial and industrial $12,324,253  $11,961,242  $11,104,079  $10,961,519  $10,757,857 Commercial real estate:          Non-owner occupied  11,001,011   11,146,663   11,503,874   11,571,127   11,674,103 Multifamily  9,024,673   9,034,186   8,588,462   8,571,713   8,394,694 Owner occupied  8,008,473   7,692,877   7,132,254   6,629,909   6,097,319 Total  28,034,157   27,873,726   27,224,590   26,772,749   26,166,116 Construction  2,658,202   2,475,109   2,485,387   2,471,233   2,517,258 Total commercial real estate  30,692,359   30,348,835   29,709,977   29,243,982   28,683,374 Residential mortgage  6,084,398   5,982,941   5,869,070   5,826,192   5,795,395 Consumer:          Home equity  748,969   728,623   701,136   687,680   655,872 Automobile  2,031,983   2,150,089   2,198,102   2,184,600   2,191,976 Other consumer  1,308,022   1,295,521   1,246,456   1,232,755   1,188,349 Total consumer loans  4,088,974   4,174,233   4,145,694   4,105,035   4,036,197 Total loans $53,189,984  $52,467,251  $50,828,820  $50,136,728  $49,272,823            CAPITAL RATIOS:          Book value per common share $13.70  $13.67  $13.48  $13.39  $13.09 Tangible book value per common share (2)  10.15   10.13   9.94   9.85   9.57 Tangible common equity to tangible assets (2)  8.53%  8.71%  8.82%  8.82%  8.79%Tier 1 leverage capital  9.54   9.49   9.56   9.63   9.52 Common equity tier 1 capital  10.71   10.71   10.91   10.99   11.00 Tier 1 risk-based capital  11.36   11.37   11.60   11.69   11.72 Total risk-based capital  13.70   13.77   13.66   13.77   13.83    Three Months Ended Nine Months EndedALLOWANCE FOR CREDIT LOSSES: September 30, June 30, September 30, September 30,($ in thousands)  2026   2026   2025   2026   2025 Allowance for credit losses for loans          Beginning balance – Allowance for credit losses for loans $606,920  $599,800  $594,020  $596,100  $573,328 Loans charged-off:          Commercial and industrial  (17,656)  (9,838)  (2,745)  (30,276)  (56,390)Commercial real estate  (19,075)  (14,434)  (11,776)  (47,265)  (38,659)Construction  —   —   (541)  —   (1,704)Residential mortgage  —   —   (26)  —   (72)Total consumer  (3,327)  (3,354)  (1,478)  (9,944)  (5,831)Total loans charged-off  (40,058)  (27,626)  (16,566)  (87,485)  (102,656)Charged-off loans recovered:          Commercial and industrial  1,268   1,669   1,169   4,335   4,768 Commercial real estate  700   2,790   206   3,837   643 Construction  —   —   —   —   455 Residential mortgage  26   41   56   150   261 Total consumer  986   1,080   548   2,495   2,164 Total loans recovered  2,980   5,580   1,979   10,817   8,291 Total net charge-offs  (37,078)  (22,046)  (14,587)  (76,668)  (94,365)Provision for credit losses for loans  30,658   29,166   19,171   81,068   119,641 Ending balance $600,500  $606,920  $598,604  $600,500  $598,604 Components of allowance for credit losses for loans:          Allowance for loan losses $580,800  $590,600  $585,000  $580,800  $585,000 Allowance for unfunded credit commitments  19,700   16,320   13,604   19,700   13,604 Allowance for credit losses for loans $600,500  $606,920  $598,604  $600,500  $598,604 Components of provision for credit losses for loans:          Provision for credit losses for loans $27,278  $28,146  $20,087  $74,068  $120,515 Provision (credit) for unfunded credit commitments  3,380   1,020   (916)  7,000   (874)Total provision for credit losses for loans $30,658  $29,166  $19,171  $81,068  $119,641 Annualized ratio of total net charge-offs to total average loans  0.28%  0.17%  0.12%  0.20%  0.26%Allowance for credit losses for loans as a % of total loans  1.13%  1.16%  1.21%  1.13%  1.21%   As ofASSET QUALITY: September 30, June 30, March 31, December 31, September 30,($ in thousands)  2026   2026   2026   2025   2025 Accruing past due loans:          30 to 59 days past due:          Commercial and industrial $6,990  $5,083  $5,285  $11,177  $912 Commercial real estate  72,568   106,034   69,494   72,810   26,371 Construction  —   1,752   —   —   — Residential mortgage  14,221   22,154   20,534   21,615   23,556 Total consumer  15,488   15,974   13,112   14,420   12,728 Total 30 to 59 days past due  109,267   150,997   108,425   120,022   63,567 60 to 89 days past due:          Commercial and industrial  990   2,748   1,015   1,274   1,061 Commercial real estate  10,869   —   —   —   6,033 Residential mortgage  11,927   6,495   4,285   10,181   5,040 Total consumer  4,127   3,904   3,506   5,269   4,023 Total 60 to 89 days past due  27,913   13,147   8,806   16,724   16,157 90 or more days past due:          Commercial and industrial  2,505   3,527   3,499   —   — Commercial real estate  10,295   5,454   —   212   — Residential mortgage  2,524   5,223   5,894   3,300   3,911 Total consumer  2,008   1,862   1,309   1,070   1,125 Total 90 or more days past due  17,332   16,066   10,702   4,582   5,036 Total accruing past due loans $154,512  $180,210  $127,933  $141,328  $84,760 Non-accrual loans:          Commercial and industrial $168,080  $147,731  $145,804  $138,321  $92,214 Commercial real estate  253,088   256,081   225,417   236,221   235,754 Construction  39,257   9,139   9,148   9,140   48,248 Residential mortgage  44,858   42,992   45,988   44,424   38,949 Total consumer  6,107   6,686   6,289   5,832   6,324 Total non-accrual loans  511,390   462,629   432,646   433,938   421,489 Other real estate owned (OREO)  1,729   4,126   5,161   4,531   4,783 Other repossessed assets  675   1,020   1,758   1,286   1,065 Total non-performing assets $513,794  $467,775  $439,565  $439,755  $427,337 Total non-accrual loans as a % of loans  0.96%  0.88%  0.85%  0.87%  0.86%Total accruing past due and non-accrual loans as a % of loans  1.25%  1.23%  1.10%  1.15%  1.03%Allowance for losses on loans as a % of non-accrual loans  113.57%  127.66%  135.10%  134.44%  138.79% 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 Nine Months Ended  September 30, June 30, September 30, September 30,($ in thousands, except for share data)  2026   2026   2025   2026   2025 Adjusted net income available to common shareholders (non-GAAP):          Net income, as reported (GAAP) $206,300  $170,885  $163,355  $541,098  $402,580 Add: Merger related expenses (a)  3,094   —   —   3,094   — Add: Restructuring charge (b)  —   2,513   3,854   8,202   4,654 Add: Litigation reserve (c)  —   230   1,012   1,492   1,012 Add: Loss on extinguishment of debt  —   —   —   —   922 Less: Litigation settlements (d)  (3,051)  —   —   (3,051)  — Less: (Gains) losses on available for sale and held to maturity debt securities, net (e)  (3)  —   (28)  7   (17)Less: FDIC special assessment (f)  —   —   (3,817)  —   (3,817)Total non-GAAP adjustments to net income  40   2,743   1,021   9,744   2,754 Income tax adjustments related to non-GAAP adjustments (g)  26   (782)  (288)  (2,740)  (765)Net income, as adjusted (non-GAAP) $206,366  $172,846  $164,088  $548,102  $404,569 Dividends on preferred stock  7,335   7,316   7,644   21,868   21,547 Net income available to common shareholders, as adjusted (non-GAAP) $199,031  $165,530  $156,444  $526,234  $383,022 __________          (a) Merger related expenses primarily include professional and legal fees and other expense.(b) Represents severance expense related to workforce reductions within salary and employee benefits expense.(c) Represents the change in legal reserves and settlement charges included in professional and legal fees.(d) Represents recoveries from legal settlements included in other income.(e) Included in gains on securities transactions, net.(f) Represents the change in estimated special assessment losses included in the FDIC insurance assessment expense.(g) 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) $199,031  $165,530  $156,444  $526,234  $383,022 Weighted average number of shares outstanding  552,358,147   553,740,562   560,504,275   553,946,293   560,154,649 Basic earnings, as adjusted (non-GAAP) $0.36  $0.30  $0.28  $0.95  $0.68 Weighted average number of diluted shares outstanding  556,266,986   556,958,049   563,636,933   557,405,979   563,905,535 Diluted earnings, as adjusted (non-GAAP) $0.36  $0.30  $0.28  $0.94  $0.68    Three Months Ended Nine Months Ended  September 30, June 30, September 30, September 30,($ in thousands, except for share data)  2026   2026   2025   2026   2025 Adjusted annualized return on average tangible common shareholders’ equity (non-GAAP):          Net income available to common shareholders, as adjusted (non-GAAP) $199,031  $165,530  $156,444  $526,234  $383,022 Add: Amortization of other intangible assets (net of tax), other than loan servicing rights  4,239   4,247   5,112   13,232   15,851 Net income available to common shareholders excluding intangible amortization, as adjusted (non-GAAP)  203,270   169,777   161,556   539,466   398,873 Average shareholders’ equity  7,967,868   7,901,688   7,616,810   7,908,818   7,533,660 Less: Average preferred shareholders equity  354,345   354,345   354,345   354,345   354,345 Less: Average goodwill (net of deferred tax liability)  1,858,851   1,858,851   1,859,614   1,858,851   1,859,614 Less: Average intangible assets (net of deferred tax liability), other than loan servicing rights  46,027   51,387   62,905   51,457   69,431 Average tangible common shareholders’ equity $5,708,645  $5,637,105  $5,339,946  $5,644,165  $5,250,270 Annualized return on average tangible common shareholders’ equity, as adjusted (non-GAAP)  14.24%  12.05%  12.10%  12.74%  10.13%Adjusted annualized return on average assets (non-GAAP):          Net income, as adjusted (non-GAAP) $206,366  $172,846  $164,088  $548,102  $404,569 Average assets $66,506,401  $65,584,823  $63,046,215  $65,435,632  $62,224,382 Annualized return on average assets, as adjusted (non-GAAP)  1.24%  1.05%  1.04%  1.12%  0.87%Adjusted annualized return on average shareholders’ equity (non-GAAP):          Net income, as adjusted (non-GAAP) $206,366  $172,846  $164,088  $548,102  $404,569 Average shareholders’ equity $7,967,868  $7,901,688  $7,616,810  $7,908,818  $7,533,660 Annualized return on average shareholders’ equity, as adjusted (non-GAAP)  10.36%  8.75%  8.62%  9.24%  7.16%Annualized return on average tangible common shareholders’ equity (non-GAAP):          Net income available to common shareholders $198,965  $163,569  $155,711  $519,230  $381,033 Add: Amortization of other intangible assets (net of tax), other than loan servicing rights  4,239   4,247   5,112   13,232   15,851 Net income available to common shareholders excluding intangible amortization (non-GAAP)  203,204   167,816   160,823   532,462   396,884 Average tangible common shareholders’ equity (non-GAAP) $5,708,645  $5,637,105  $5,339,946  $5,644,165  $5,250,270 Annualized return on average tangible common shareholders’ equity (non-GAAP)  14.24%  11.91%  12.05%  12.58%  10.08%           Efficiency ratio (non-GAAP):          Non-interest expense, as reported (GAAP) $309,958  $311,123  $281,985  $931,007  $842,725 Less: Merger related expenses (pre-tax)  3,094   —   —   3,094   — Less: Amortization of tax credit investments (pre-tax)  19,904   16,157   8,147   52,075   26,601 Less: Restructuring charge (pre-tax)  —   2,513   3,854   8,202   4,654 Less: Litigation reserve (pre-tax)  —   230   1,012   1,492   1,012 Less: Loss on extinguishment of debt (pre-tax)  —   —   —   —   922 Add: FDIC special assessment (pre-tax)  —   —   (3,817)  —   (3,817)Non-interest expense, as adjusted (non-GAAP)  286,960   292,223   272,789   866,144   813,353 Net interest income, as reported (GAAP)  505,451   487,024   446,224   1,464,000   1,298,737 Non-interest income, as reported (GAAP)  78,700   73,711   64,887   221,247   185,785 Less: (Gains) losses on available for sale and held to maturity securities transactions, net (pre-tax)  (3)  —   (28)  7   (17)Less: Litigation settlements (pre-tax)  (3,051)  —   —   (3,051)  — Gross operating income, as adjusted (non-GAAP) $581,097  $560,735  $511,083  $1,682,203  $1,484,505 Efficiency ratio (non-GAAP)  49.38%  52.11%  53.37%  51.49%  54.79%   As of  September 30, June 30, March 31, December 31, September 30,($ in thousands, except for share data)  2026   2026   2026   2025   2025 Tangible book value per common share (non-GAAP):          Common shares outstanding  550,621,196   553,069,100   554,316,876   556,618,021   560,784,352 Shareholders’ equity (GAAP) $7,896,552  $7,917,144  $7,828,443  $7,807,698  $7,695,374 Less: Preferred stock  354,345   354,345   354,345   354,345   354,345 Less: Goodwill and other intangible assets  1,952,392   1,958,135   1,963,706   1,969,811   1,976,594 Tangible common shareholders’ equity (non-GAAP) $5,589,815  $5,604,664  $5,510,392  $5,483,542  $5,364,435 Tangible book value per common share (non-GAAP) $10.15  $10.13  $9.94  $9.85  $9.57 Tangible common equity to tangible assets (non-GAAP):          Tangible common shareholders’ equity (non-GAAP) $5,589,815  $5,604,664  $5,510,392  $5,483,542  $5,364,435 Total assets (GAAP)  67,470,879   66,318,308   64,466,585   64,132,725   63,018,614 Less: Goodwill and other intangible assets  1,952,392   1,958,135   1,963,706   1,969,811   1,976,594 Tangible assets (non-GAAP) $65,518,487  $64,360,173  $62,502,879  $62,162,914  $61,042,020 Tangible common equity to tangible assets (non-GAAP)  8.53%  8.71%  8.82%  8.82%  8.79% VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data)  September 30, December 31,   2026   2025   (Unaudited)  Assets    Cash and due from banks $339,682  $315,166 Interest bearing deposits with banks  785,320   1,268,399 Investment securities:    Equity securities  92,700   82,774 Trading debt securities  26,749   — Available for sale debt securities  4,229,810   4,202,218 Held to maturity debt securities (net of allowance for credit losses of $727 at September 30, 2026 and $734 at December 31, 2025)  3,726,695   3,495,837 Total investment securities  8,075,954   7,780,829 Loans held for sale (includes fair value of $7,452 at September 30, 2026 and $8,212 at December 31, 2025 for loans originated for sale)  16,202   26,236 Loans  53,189,984   50,136,728 Less: Allowance for loan losses  (580,800)  (583,400)Net loans  52,609,184   49,553,328 Premises and equipment, net  311,548   330,757 Lease right of use assets  292,927   313,891 Bank owned life insurance  743,687   738,090 Accrued interest receivable  259,987   243,897 Goodwill  1,868,936   1,868,936 Other intangible assets, net  83,456   100,875 Other assets  2,083,996   1,592,321 Total Assets $67,470,879  $64,132,725 Liabilities    Deposits:    Non-interest bearing $12,446,761  $12,155,500 Interest bearing:    Savings, NOW and money market  29,397,309   28,603,470 Time  13,384,725   11,424,123 Total deposits  55,228,795   52,183,093 Short-term borrowings  50,256   91,475 Long-term borrowings  2,607,639   2,908,579 Junior subordinated debentures issued to capital trusts  58,064   57,803 Lease liabilities  348,505   372,448 Accrued expenses and other liabilities  1,281,068   711,629 Total Liabilities  59,574,327   56,325,027 Shareholders’ Equity    Preferred stock, no par value; 50,000,000 authorized shares:    Series A (4,600,000 shares issued at September 30, 2026 and December 31, 2025)  111,590   111,590 Series B (4,000,000 shares issued at September 30, 2026 and December 31, 2025)  98,101   98,101 Series C (6,000,000 shares issued at September 30, 2026 and December 31, 2025)  144,654   144,654 Common stock (no par value, authorized 650,000,000 shares; issued 560,878,750 shares at September 30, 2026 and December 31, 2025)  196,730   196,730 Surplus  5,467,999   5,464,845 Retained earnings  2,241,005   1,912,933 Accumulated other comprehensive loss  (232,186)  (74,379)Treasury stock, at cost (10,257,554 common shares at September 30, 2026 and 4,260,729 common shares at December 31, 2025)  (131,341)  (46,776)Total Shareholders’ Equity  7,896,552   7,807,698 Total Liabilities and Shareholders’ Equity $67,470,879  $64,132,725  VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for share data)  Three Months Ended
 Nine Months Ended  September 30, June 30, September 30,
 September 30,   2026   2026   2025   2026   2025 Interest Income           Interest and fees on loans $764,546  $736,060  $733,191  $2,209,246  $2,157,082 Interest and dividends on investment securities:           Taxable  78,028   76,113   70,211   227,949   201,273 Tax-exempt  4,969   5,048   4,611   14,735   13,994 Dividends  4,474   5,771   4,891   15,045   16,083 Interest on federal funds sold and other short-term investments  5,182   6,383   14,019   22,323   28,255 Total interest income  857,199   829,375   826,923   2,489,298   2,416,687 Interest Expense           Interest on deposits:           Savings, NOW and money market  196,272   190,973   210,921   578,030   614,532 Time  119,337   112,693   133,108   338,708   387,501 Interest on short-term borrowings  3,322   6,047   555   9,605   5,237 Interest on long-term borrowings and junior subordinated debentures  32,817   32,638   36,115   98,955   110,680 Total interest expense  351,748   342,351   380,699   1,025,298   1,117,950 Net Interest Income  505,451   487,024   446,224   1,464,000   1,298,737 (Credit) provision for credit losses for available for sale and held to maturity securities  (17)  (2)  —   (7)  (10)Provision for credit losses for loans  30,658   29,166   19,171   81,068   119,641 Net Interest Income After Provision for Credit Losses  474,810   457,860   427,053   1,382,939   1,179,106 Non-Interest Income           Wealth management and trust fees  22,178   17,655   16,134   55,839   45,221 Insurance commissions  3,015   3,770   2,914   9,652   9,746 Capital markets  9,996   12,933   9,814   33,310   26,521 Service charges on deposit accounts  19,156   18,728   16,764   56,088   44,195 Gains on securities transactions, net  259   50   28   330   73 Fees from loan servicing  3,089   3,268   3,405   9,575   10,291 Gains on sales of loans, net  1,254   1,742   740   6,086   4,962 Bank owned life insurance  3,675   5,913   4,657   15,423   15,453 Other  16,078   9,652   10,431   34,944   29,323 Total non-interest income  78,700   73,711   64,887   221,247   185,785 Non-Interest Expense           Salary and employee benefits expense  150,080   150,432   146,820   456,227   434,860 Net occupancy expense  25,727   27,179   24,865   80,088   76,236 Technology, furniture and equipment expense  32,312   33,247   30,708   97,437   91,271 FDIC insurance assessment  10,802   11,691   8,357   32,969   33,416 Amortization of other intangible assets  6,319   6,268   7,544   19,506   22,990 Professional and legal fees  25,125   29,533   24,261   79,800   59,901 Loss on extinguishment of debt  —   —   —   —   922 Amortization of tax credit investments  19,904   16,157   8,147   52,075   26,601 Other  39,689   36,616   31,283   112,905   96,528 Total non-interest expense  309,958   311,123   281,985   931,007   842,725 Income Before Income Taxes  243,552   220,448   209,955   673,179   522,166 Income tax expense  37,252   49,563   46,600   132,081   119,586 Net Income  206,300   170,885   163,355   541,098   402,580 Dividends on preferred stock  7,335   7,316   7,644   21,868   21,547 Net Income Available to Common Shareholders $198,965  $163,569  $155,711  $519,230  $381,033  VALLEY NATIONAL BANCORP
Quarterly Analysis of Average Assets, Liabilities and Shareholders’ Equity and
Net Interest Income on a Tax Equivalent Basis  Three Months Ended  September 30, 2026 June 30, 2026 September 30, 2025  Average   Avg. Average   Avg. Average   Avg.($ in thousands) Balance Interest Rate Balance Interest Rate Balance Interest RateAssets                  Interest earning assets:                Loans (1)(2) $52,683,932 $764,568  5.80% $51,884,173 $736,082  5.67% $49,270,853 $733,214  5.95%Taxable investments (3)  8,048,596  82,502  4.10   7,928,555  81,884  4.13   7,522,290  75,102  3.99 Tax-exempt investments (1)(3)  530,189  6,290  4.75   544,950  6,390  4.69   540,491  5,837  4.32 Interest bearing deposits with banks  571,885  5,182  3.62   699,684  6,383  3.65   1,289,519  14,019  4.35 Total interest earning assets  61,834,602  858,542  5.55   61,057,362  830,739  5.44   58,623,153  828,172  5.65 Other assets  4,671,799      4,527,461      4,423,062    Total assets $66,506,401     $65,584,823     $63,046,215    Liabilities and shareholders’ equity                  Interest bearing liabilities:                  Savings, NOW and money market deposits $28,982,923 $196,272  2.71% $28,920,057 $190,973  2.64% $27,005,791 $210,921  3.12%Time deposits  12,529,463  119,337  3.81   11,881,270  112,693  3.79   12,621,182  133,108  4.22 Short-term borrowings  373,156  3,322  3.56   674,094  6,047  3.59   89,147  555  2.49 Long-term borrowings (4)  2,665,456  32,817  4.92   2,684,781  32,638  4.86   2,961,510  36,115  4.88 Total interest bearing liabilities  44,550,998  351,748  3.16   44,160,202  342,351  3.10   42,677,630  380,699  3.57 Non-interest bearing deposits  12,650,995      12,372,974      11,540,351    Other liabilities  1,336,540      1,149,959      1,211,424    Shareholders’ equity  7,967,868      7,901,688      7,616,810    Total liabilities and shareholders’ equity $66,506,401     $65,584,823     $63,046,215                       Net interest income/interest rate spread (5)   $506,794  2.39%   $488,388  2.34%   $447,473  2.08%Tax equivalent adjustment    (1,343)      (1,364)      (1,249)  Net interest income, as reported   $505,451      $487,024      $446,224   Net interest margin (6)     3.27%     3.19%     3.04%Tax equivalent effect     0.01      0.01      0.01 Net interest margin on a fully tax equivalent basis (6)     3.28%     3.20%     3.05%_____________________
(1) Interest income is presented on a tax equivalent basis using a 21 percent federal tax rate.
(2) Loans are stated net of unearned income and include non-accrual loans.
(3) The yield for securities that are classified as available for sale is based on the average historical amortized cost.
(4) Includes junior subordinated debentures issued to capital trusts which are presented separately on the consolidated statements of financial condition.
(5) 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) Net interest income as a percentage of total average interest earning assets.
INVESTOR RELATIONS
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 or by e-mail at [email protected]. Contact: Travis Lan  Senior Executive Vice President and  Chief Financial Officer  973-686-5007

Wall Street analysts expect Valley National (VLY - Free Report) to post quarterly earnings of $0.33 per share in its upcoming report, which indicates a year-over-year increase of 17.9%. Revenues are expected to be $577.6 million, up 12.7% from the year-ago quarter.

Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.7% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.

Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.

While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.

Given this perspective, it's time to examine the average forecasts of specific Valley National metrics that are routinely monitored and predicted by Wall Street analysts.

Analysts predict that the 'Efficiency Ratio' will reach 52.4%. The estimate compares to the year-ago value of 53.4%.

It is projected by analysts that the 'Net Interest Margin' will reach 3.3%. Compared to the present estimate, the company reported 3.0% in the same quarter last year.

Analysts' assessment points toward 'Average Balance - Total interest earning assets' reaching $61.99 billion. Compared to the current estimate, the company reported $58.62 billion in the same quarter of the previous year.

The average prediction of analysts places 'Total non-accrual loans' at $461.40 million. The estimate is in contrast to the year-ago figure of $421.49 million.

The consensus among analysts is that 'Total Non-performing Assets' will reach $466.23 million. Compared to the present estimate, the company reported $427.34 million in the same quarter last year.

According to the collective judgment of analysts, 'Tier 1 risk-based capital ratio' should come in at 11.4%. Compared to the present estimate, the company reported 11.7% in the same quarter last year.

The combined assessment of analysts suggests that 'Total risk-based capital ratio' will likely reach 13.8%. The estimate is in contrast to the year-ago figure of 13.8%.

Analysts forecast 'Total non-interest Income' to reach $72.03 million. Compared to the present estimate, the company reported $64.89 million in the same quarter last year.

Analysts expect 'Service charges on deposit accounts' to come in at $19.01 million. The estimate compares to the year-ago value of $16.76 million.

The consensus estimate for 'Net Interest Income' stands at $506.34 million. The estimate is in contrast to the year-ago figure of $446.22 million.

The collective assessment of analysts points to an estimated 'Wealth management and trust fees' of $17.74 million. Compared to the current estimate, the company reported $16.13 million in the same quarter of the previous year.

Based on the collective assessment of analysts, 'Bank owned life insurance' should arrive at $5.74 million. Compared to the present estimate, the company reported $4.66 million in the same quarter last year.

View all Key Company Metrics for Valley National here>>>

Shares of Valley National have experienced a change of -6.2% in the past month compared to the +0.7% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), VLY is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Wall Street expects a year-over-year increase in earnings on higher revenues when Valley National (VLY - Free Report) reports results for the quarter ended September 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on October 22, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis holding company for Valley National Bank is expected to post quarterly earnings of $0.33 per share in its upcoming report, which represents a year-over-year change of +17.9%.

Revenues are expected to be $577.6 million, up 12.7% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.75% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Valley National?For Valley National, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Valley National will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Valley National would post earnings of $0.31 per share when it actually produced earnings of $0.30, delivering a surprise of -3.23%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Valley National doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Valley National Bancorp (VLY) M&A Call September 28, 2026 8:30 AM EDT

Company Participants

Andrew Jianette - Investor Relations Executive
Ira Robbins - President, CEO & Chairman
Travis Lan - Senior Executive VP & CFO
Yacov Lifshitz - Founder, CEO & Director

Conference Call Participants

Feddie Strickland - Hovde Group, LLC, Research Division
David Chiaverini - Jefferies LLC, Research Division
Christopher McGratty - Keefe, Bruyette, & Woods, Inc., Research Division
Timur Braziler - UBS Investment Bank, Research Division
David Rochester - Cantor Fitzgerald & Co., Research Division
Michael Pietrini - JPMorgan Chase & Co, Research Division
Ryan Kenny - Morgan Stanley, Research Division
Jared David Shaw - Barclays Bank PLC, Research Division
Manuel Navas - Piper Sandler & Co., Research Division
Nicholas Holowko - Raymond James & Associates, Inc., Research Division

Presentation

Operator

Good day, and welcome to Valley's conference call to discuss the acquisition of Bluevine. [Operator Instructions] Please note, this call may be recorded. I would now like to turn the call over to Andrew Jianette. Please go ahead.

Andrew Jianette
Investor Relations Executive

Good morning, and welcome to Valley's conference call to discuss our agreement to acquire Bluevine, Inc. The press release and investor presentation accompanying this announcement are available on our website at www.valley.com. Joining me today are Ira Robbins, Valley's Chairman and CEO; Travis Lan, Valley's Chief Financial Officer; and Eyal Lifshitz, Bluevine's Co-Founder and CEO.

Before we begin, please note that today's remarks may contain forward-looking statements, and actual results could differ from those statements. For more information on these forward-looking statements and associated risk factors, please refer to our SEC filings, including Forms 8-K, 10-Q and 10-K. With that, I'll turn the call over to Ira Robbins.

Ira Robbins
President, CEO & Chairman

Thank you, Andrew, and good morning, everyone. I'm excited to join you today to discuss our announced acquisition of Bluevine, a leading nationwide digital banking

Valley National (VLY - Free Report) came out with quarterly earnings of $0.3 per share, missing the Zacks Consensus Estimate of $0.31 per share. This compares to earnings of $0.23 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -3.23%. A quarter ago, it was expected that this holding company for Valley National Bank would post earnings of $0.27 per share when it actually produced earnings of $0.29, delivering a surprise of +7.41%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Valley National, which belongs to the Zacks Banks - Northeast industry, posted revenues of $562.1 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.83%. This compares to year-ago revenues of $496.28 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Valley National shares have added about 24.3% since the beginning of the year versus the S&P 500's gain of 9.6%.

What's Next for Valley National?While Valley National has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Valley National was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.34 on $570.28 million in revenues for the coming quarter and $1.30 on $2.27 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Northeast is currently in the top 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, The Bancorp (TBBK - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 30.

This holding company for The Bancorp Bank is expected to post quarterly earnings of $1.36 per share in its upcoming report, which represents a year-over-year change of +7.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

The Bancorp's revenues are expected to be $166.7 million, down 8% from the year-ago quarter.

NEW YORK, July 23, 2026 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, today reported net income for the second quarter 2026 of $170.9 million, or $0.29 per diluted common share, as compared to the first quarter 2026 net income of $163.9 million, or $0.28 per diluted common share, and net income of $133.2 million, or $0.22 per diluted common share, for the second quarter 2025. Excluding all non-core charges, our adjusted net income (a non-GAAP measure) was $172.8 million, or $0.30 per diluted common share, for the second quarter 2026, $168.9 million, or $0.29 per diluted common share, for the first quarter 2026, and $134.4 million, or $0.23 per diluted common share, for the second quarter 2025. See further details below, including a reconciliation of our non-GAAP adjusted net income, in the "Consolidated Financial Highlights" tables.

Ira Robbins, CEO, commented, "This quarter's strong results reflect the continued execution of our strategic vision. Despite continued competition across our geographies and business lines, our relationship-led value proposition has resulted in strong non-interest bearing deposit and C&I loan growth."

Mr. Robbins continued, "At the same time, we remain focused on operational efficiency and the re-allocation of resources from manual processing to franchise-enhancing customer acquisition areas. We anticipate further financial improvement through the remainder of the year and we look forward to continuing to create long-term value for our shareholders."

Key financial highlights for the second quarter 2026:

Net Interest Margin and Income: Our net interest margin on a tax equivalent basis of 3.20 percent for the second quarter 2026 increased 3 basis points and 19 basis points from the first quarter 2026 and second quarter 2025, respectively. Net interest income on a tax equivalent basis of $488.4 million for the second quarter 2026 increased $15.6 million and $54.7 million compared to the first quarter 2026 and second quarter 2025, respectively. The increase in net interest income from the first quarter 2026 was mainly driven by an increase in average loans, higher yields on new loan originations and investment securities purchased, as well as one additional day during the second quarter 2026. These tailwinds were partially offset by the cost of carrying excess subordinated notes between the time of our successful issuance of $500 million of new notes in May 2026 and the redemption of $300 million of callable notes in June 2026. See additional details in the "Net Interest Income and Margin" and "Other Borrowings" sections below.Deposits: Total deposit balances increased $1.3 billion to $54.1 billion at June 30, 2026 as compared to $52.9 billion at March 31, 2026. Direct customer deposits increased $1.1 billion during the second quarter 2026 mainly due to inflows from retail CD offerings and growth in our commercial customer deposits. Non-interest bearing deposits increased $298.6 million reflecting continued expansion of relationships with commercial banking customers during the second quarter 2026. See the "Deposits" section below for more details.Loan Portfolio: Total loans increased $1.6 billion, or 12.9 percent on an annualized basis, to $52.5 billion at June 30, 2026 from March 31, 2026 mostly due to increases of $857.2 million and $638.9 million in commercial and industrial (C&I) loans and total commercial real estate (CRE) loans, respectively. Loan originations from a range of relationship-driven small to midsize clients continued to drive the growth in C&I loans during the second quarter 2026, while new owner occupied and select multifamily loan originations were the primary contributors to the growth in the CRE loan portfolio at June 30, 2026. 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) continued to decline to approximately 317 percent at June 30, 2026 from 329 percent at March 31, 2026 largely due to organic capital accretion and a $200 million increase in (Tier 2) total risk-based capital during the quarter. See the "Loans" section below for more details.Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $606.9 million and $599.8 million at June 30, 2026 and March 31, 2026, respectively, representing 1.16 percent and 1.18 percent of total loans at each respective date. During the second quarter 2026, we recorded a provision for credit losses for loans of $29.2 million as compared to $21.2 million and $37.8 million for the first quarter 2026 and second quarter 2025, respectively. See the "Credit Quality" section below for more details.Credit Quality: Net loan charge-offs totaled $22.0 million for the second quarter 2026 as compared to $17.5 million and $37.8 million for the first quarter 2026 and second quarter 2025, respectively. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $52.3 million to $180.2 million, or 0.34 percent of total loans, at June 30, 2026 as compared to $127.9 million, or 0.25 percent of total loans, at March 31, 2026. The increase was mainly due to a few larger CRE loans within the 30 to 59 days past due delinquency category. Non-accrual loans totaled $462.6 million, or 0.88 percent of total loans, at June 30, 2026 as compared to $432.6 million, or 0.85 percent of total loans, at March 31, 2026. See the "Credit Quality" section below for more details.Non-Interest Income: Non-interest income increased $4.9 million to $73.7 million for the second quarter 2026 as compared to the first quarter 2026 mainly driven by $2.6 million and $1.6 million increases in capital markets, and wealth management and trust fees, respectively. The fee increases were largely due to increased transaction volumes within loan participations and syndications and tax credit advisory services during the second quarter 2026.Non-Interest Expense: Non-interest expense increased $1.2 million to $311.1 million for the second quarter 2026 as compared to the first quarter 2026. The increase was largely driven by a $4.4 million increase in professional and legal fees mostly due to higher third-party managed services and consulting fees related to our operational transformation efforts, as well as incremental increases in technology and FDIC assessment expenses. These items were partially offset by a $5.3 million decrease in salary and employee benefits expense during the second quarter 2026 largely resulting from our continued focus on resource optimization, as well as the normal seasonal decline in payroll taxes from the first quarter 2026.Efficiency Ratio: Our efficiency ratio was 52.11 percent for the second quarter 2026 as compared to 53.10 percent and 55.20 percent for the first quarter 2026 and second quarter 2025, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.Performance Ratios: Annualized return on average assets (ROA), shareholders’ equity (ROE) and tangible common shareholders' equity (ROTCE) were 1.04 percent, 8.65 percent and 11.91 percent for the second quarter 2026, respectively. Annualized ROA, ROE, and ROTCE, adjusted for non-core income and charges, were 1.05 percent, 8.75 percent and 12.05 percent for the second quarter 2026, 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 $488.4 million for the second quarter 2026 increased $15.6 million and $54.7 million compared to the first quarter 2026 and the second quarter 2025, respectively. Interest income on a tax equivalent basis increased $26.7 million to $830.7 million for the second quarter 2026 as compared to the first quarter 2026. The increase was mostly due to (i) increased average loan balances largely driven by growth in C&I and owner occupied CRE loans during the first half of 2026, (ii) additional interest income from purchases of higher-yielding taxable investments and (iii) one additional day in the second quarter 2026. Total interest expense increased $11.2 million to $342.4 million for the second quarter 2026 as compared to the first quarter 2026. The increase was mainly the result of (i) higher average time deposits and short-term borrowings balances during the second quarter 2026, (ii) the higher cost of certain non-maturity deposit products and short-term borrowings, (iii) the cost of carrying excess subordinated debt for a portion of the quarter, as well as (iv) the aforementioned increase in day count as compared to the first quarter 2026. See the "Deposits" and "Other Borrowings" sections below for more details.

Net interest margin on a tax equivalent basis of 3.20 percent for the second quarter 2026 increased 3 basis points from 3.17 percent for the first quarter 2026 and 19 basis points from 3.01 percent for the second quarter 2025. The yield on average interest earning assets increased by 5 basis points to 5.44 percent on a linked quarter basis largely due to higher yields on new loan originations and investment securities purchased during the second quarter 2026. The overall cost of average interest bearing liabilities increased by 4 basis points to 3.10 percent for the second quarter 2026 as compared to the first quarter 2026 largely due to the higher cost of non-maturity deposits and short-term borrowings, as well as the cost of carrying excess subordinated debt for a portion of the quarter. Our cost of total average deposits was 2.28 percent for the second quarter 2026 as compared to 2.27 percent and 2.67 percent for the first quarter 2026 and second quarter 2025, respectively.

Loans, Deposits and Other Borrowings

Loans. Total loans increased $1.6 billion, or 12.9 percent on an annualized basis, to $52.5 billion at June 30, 2026 from March 31, 2026. C&I loans increased by $857.2 million, or 30.9 percent on an annualized basis, to $12.0 billion at June 30, 2026 from March 31, 2026 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 $638.9 million to $30.3 billion at June 30, 2026 from March 31, 2026 mostly due to solid customer demand and loan originations largely within our healthcare vertical of the owner occupied loan category. Non-owner occupied loans decreased $357.2 million from March 31, 2026 mainly due to our continued targeted runoff of transactional/non-relationship loans, which outpaced limited new originations in this category during the second quarter 2026. Residential mortgage loans increased $113.9 million from March 31, 2026 mainly due to continued retention of most new loan origination activity and modest levels of prepayments. Total consumer loans increased $28.5 million from March 31, 2026 primarily due to the combined growth in home equity loans and other collateralized personal lines of credit, partially offset by a $48.0 million decrease in automobile loans as repayments outpaced consumer demand.

Deposits. Actual ending balances for deposits increased $1.3 billion to $54.1 billion at June 30, 2026 from March 31, 2026 mainly due to increases of $1.5 billion and $298.6 million in time and non-interest bearing deposits, respectively, partially offset by a $506.1 million decline in the savings, NOW and money market deposit category. The increase in time deposits was largely driven by our targeted retail CD offerings and higher indirect customer CD balances. The increase in non-interest bearing deposits was mainly due to continued deposit inflows from commercial banking customers during the second quarter 2026. The decrease in savings, NOW and money market deposits from March 31, 2026 was mainly driven by lower brokered and governmental account balances at June 30, 2026. Total indirect customer deposits (consisting of both brokered time and money market deposits) totaled $5.3 billion and $5.1 billion at June 30, 2026 and March 31, 2026, respectively. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 23 percent, 53 percent and 24 percent of total deposits at June 30, 2026 as compared to 23 percent, 55 percent and 22 percent at March 31, 2026.

Other Borrowings. Short-term borrowings increased $369.6 million to $433.5 million at June 30, 2026 from March 31, 2026 due to $375 million of short-term FHLB advances outstanding at June 30, 2026, partially offset by a modest decline in securities sold under repurchase agreements. Long-term borrowings totaled $2.6 billion at June 30, 2026 and increased $46.3 million as compared to March 31, 2026. The increase was mainly attributable to $500 million of 6.219 percent fixed-to-floating rate subordinated notes issued in May 2026 due June 1, 2036, partially offset by the full early redemption of our $300 million of 3.00 percent fixed-to-floating rate subordinated notes originally due June 15, 2031, as well as normal repayments of maturing FHLB advances. No gain or loss was recognized on the early redemption of the subordinated notes during the second quarter 2026.

Credit Quality

Non-Performing Assets (NPAs). NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, increased $28.2 million to $467.8 million at June 30, 2026 from March 31, 2026. Non-accrual loans increased $30.0 million to $462.6 million, or 0.88 percent of total loans, at June 30, 2026 as compared to $432.6 million, or 0.85 percent of total loans, at March 31, 2026. The increase was mainly attributable to three CRE loans that migrated from the 30 to 59 days past due delinquency category at March 31, 2026 to non-accrual loans during the second quarter of 2026. These three collateral dependent non-accrual CRE loans totaled $49.6 million, net of partial charge-offs of $1.3 million during the second quarter 2026, and had no related allocated reserves within our allowance for credit losses for loans at June 30, 2026.

Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $52.3 million to $180.2 million, or 0.34 percent of total loans, at June 30, 2026 as compared to $127.9 million, or 0.25 percent of total loans, at March 31, 2026.

Loans 30 to 59 days past due increased $42.6 million to $151.0 million at June 30, 2026 as compared to March 31, 2026 mainly due to a few larger CRE loans, partially offset by the migration of the aforementioned CRE loans to non-accrual loans during the second quarter 2026. Loans 60 to 89 days past due increased $4.3 million to $13.1 million at June 30, 2026 as compared to March 31, 2026 mainly due to moderate increases in the residential mortgage and C&I loan categories. Loans 90 days or more past due and still accruing interest increased $5.4 million to $16.1 million at June 30, 2026 as compared to March 31, 2026 primarily due to the second quarter 2026 migration of a $5.5 million CRE loan previously reported in the 30 to 59 days past due delinquency category at March 31, 2026. 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 June 30, 2026, March 31, 2026, and June 30, 2025:

  June 30, 2026 March 31, 2026 June 30, 2025    Allocation   Allocation   Allocation    as a % of   as a % of   as a % of  Allowance Loan Allowance Loan Allowance Loan Allocation Category Allocation Category Allocation Category ($ in thousands)Loan Category:           Commercial and industrial loans$198,910 1.66% $186,143 1.68% $173,415 1.60%Commercial real estate loans:            Commercial real estate 268,445 0.96   269,847 0.99   270,937 1.04  Construction 50,623 2.05   54,946 2.21   64,042 2.24 Total commercial real estate loans 319,068 1.05   324,793 1.09   334,979 1.16 Residential mortgage loans 48,905 0.82   51,700 0.88   48,830 0.86 Consumer loans:            Home equity 4,333 0.59   4,120 0.59   3,689 0.58  Auto and other consumer 19,384 0.56   17,744 0.52   18,587 0.55 Total consumer loans 23,717 0.57   21,864 0.53   22,276 0.56 Allowance for loan losses 590,600 1.13   584,500 1.15   579,500 1.17 Allowance for unfunded credit commitments 16,320    15,300    14,520  Total allowance for credit losses for loans$606,920   $599,800   $594,020  Allowance for credit losses for loans as a % of total loans  1.16%   1.18%   1.20%
Our loan portfolio, totaling $52.5 billion at June 30, 2026, had net loan charge-offs totaling $22.0 million for the second quarter 2026 as compared to $17.5 million and $37.8 million for the first quarter 2026 and the second quarter 2025, respectively. Gross loan charge-offs totaled $27.6 million for the second quarter 2026 and were largely due to partial charge-offs of non-performing CRE and C&I loans.

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 1.16 percent at June 30, 2026, 1.18 percent at March 31, 2026, and 1.20 percent at June 30, 2025. For the second quarter 2026, the provision for credit losses for loans totaled $29.2 million as compared to $21.2 million and $37.8 million for the first quarter 2026 and second quarter 2025, respectively. The second quarter 2026 provision was mainly impacted by (i) higher specific reserves associated with collateral dependent loans, (ii) an increase in the economic forecast component of our reserve and (iii) strong commercial loan growth, partially offset by a decline in quantitative reserves largely within certain CRE loan categories at June 30, 2026.

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, 11.37 percent, 10.71 percent and 9.49 percent, respectively, at June 30, 2026 as compared to 13.66 percent, 11.60 percent, 10.91 percent and 9.56 percent, respectively, at March 31, 2026. During the second quarter 2026, we repurchased 1.5 million shares of our common stock at an average price of $13.40 under our current stock repurchase plan.

Investor Conference Call

Valley’s CEO, Ira Robbins, will host a conference call on Thursday, July 23, 2026 at 8:30 AM (ET) to discuss Valley’s second quarter 2026 earnings and related matters. Interested parties should pre-register using this link: https://register-conf.media-server.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 24, 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 over $66 billion in assets. Founded in 1927, Valley has more than 220 branch locations and commercial offices nationwide and serves clients across New Jersey, New York, Florida, Alabama, California, Illinois, Pennsylvania and Arizona. 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,” “position,” “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 in these 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/import fees and other trade policies and practices, any retaliatory actions, changes in energy commodity prices, 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, including ongoing conflicts in the Middle East, natural and other disasters, including severe weather events and other climate-related risks, 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 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;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, enforcement priorities, or composition of the federal bank regulatory agencies;the loss of or decrease in lower-cost funding sources within our deposit base;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;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;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 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 and competitive pressure on pricing of our products and services;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;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;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;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 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 and other climate-related risks, pandemics or other public health crises, acts of terrorism or other external events;our ability to successfully execute our business plan and strategic initiatives; andunexpected 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, 2025.

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 Six Months Ended June 30, March 31, June 30, June 30,($ in thousands, except for share data and stock price) 2026   2026   2025   2026   2025 FINANCIAL DATA:         Net interest income - FTE(1)$488,388  $472,801  $433,675  $961,189  $855,052 Net interest income 487,024   471,525   432,408   958,549   852,513 Non-interest income 73,711   68,836   62,604   142,547   120,898 Total revenue 560,735   540,361   495,012   1,101,096   973,411 Non-interest expense 311,123   309,926   284,122   621,049   560,740 Pre-provision net revenue 249,612   230,435   210,890   480,047   412,671 Provision for credit losses 29,164   21,256   37,799   50,420   100,460 Income tax expense 49,563   45,266   39,924   94,829   72,986 Net income 170,885   163,913   133,167   334,798   239,225 Dividends on preferred stock 7,316   7,217   6,948   14,533   13,903 Net income available to common shareholders$163,569  $156,696  $126,219  $320,265  $225,322 Weighted average number of common shares outstanding:         Basic 553,740,562   555,777,748   560,336,610   554,753,527   559,976,939 Diluted 556,958,049   559,254,972   562,312,330   557,968,183   563,431,390 Per common share data:         Basic earnings$0.30  $0.28  $0.23  $0.58  $0.40 Diluted earnings 0.29   0.28   0.22   0.57   0.40 Cash dividends declared 0.11   0.11   0.11   0.22   0.22 Closing stock price - high 14.78   13.71   9.20   14.78   10.42 Closing stock price - low 12.42   11.66   7.87   11.66   7.87 FINANCIAL RATIOS:         Net interest margin 3.19%  3.16%  3.01%  3.17%  2.98%Net interest margin - FTE(1) 3.20   3.17   3.01   3.18   2.99 Annualized return on average assets 1.04   1.02   0.86   1.03   0.77 Annualized return on average shareholders' equity 8.65   8.35   7.08   8.50   6.39 NON-GAAP FINANCIAL DATA AND RATIOS:(2)         Basic earnings per share, as adjusted$0.30  $0.29  $0.23  $0.59  $0.40 Diluted earnings per share, as adjusted 0.30   0.29   0.23   0.59   0.40 Annualized return on average assets, as adjusted 1.05%  1.05%  0.87%  1.05%  0.78%Annualized return on average shareholders' equity, as adjusted 8.75   8.60   7.15   8.67   6.42 Annualized return on average tangible common shareholders' equity 11.91   11.56   10.02   11.74   9.07 Annualized return on average tangible common shareholders' equity, as adjusted 12.05   11.92   10.12   11.98   9.12 Efficiency ratio 52.11   53.10   55.20   52.60   55.53           AVERAGE BALANCE SHEET ITEMS:         Assets$65,584,823  $64,190,084  $62,106,945  $64,891,306  $61,806,614 Interest earning assets 61,057,362   59,718,887   57,553,624   60,391,821   57,224,486 Loans 51,884,173   50,265,383   49,032,637   51,079,250   48,844,823 Interest bearing liabilities 44,160,202   43,352,140   41,913,735   43,758,403   41,574,732 Deposits 53,174,301   52,373,174   49,907,124   52,775,949   49,525,957 Shareholders' equity 7,901,688   7,855,550   7,524,231   7,878,746   7,491,395   As ofBALANCE SHEET ITEMS:June 30, March 31, December 31, September 30, June 30,(In thousands) 2026   2026   2025   2025   2025 Assets$66,318,308  $64,466,585  $64,132,725  $63,018,614  $62,705,358 Total loans 52,467,251   50,828,820   50,136,728   49,272,823   49,391,420 Deposits 54,118,607   52,859,621   52,183,093   51,175,758   50,725,284 Shareholders' equity 7,917,144   7,828,443   7,807,698   7,695,374   7,575,421           LOANS:         (In thousands)         Commercial and industrial$11,961,242  $11,104,079  $10,961,519  $10,757,857  $10,870,036 Commercial real estate:         Non-owner occupied 11,146,663   11,503,874   11,571,127   11,674,103   11,747,491 Multifamily 9,034,186   8,588,462   8,571,713   8,394,694   8,434,173 Owner occupied 7,692,877   7,132,254   6,629,909   6,097,319   5,789,397 Construction 2,475,109   2,485,387   2,471,233   2,517,258   2,854,859 Total commercial real estate 30,348,835   29,709,977   29,243,982   28,683,374   28,825,920 Residential mortgage 5,982,941   5,869,070   5,826,192   5,795,395   5,709,971 Consumer:         Home equity 728,623   701,136   687,680   655,872   634,553 Automobile 2,150,089   2,198,102   2,184,600   2,191,976   2,178,841 Other consumer 1,295,521   1,246,456   1,232,755   1,188,349   1,172,099 Total consumer loans 4,174,233   4,145,694   4,105,035   4,036,197   3,985,493 Total loans$52,467,251  $50,828,820  $50,136,728  $49,272,823  $49,391,420           CAPITAL RATIOS:         Book value per common share$13.67  $13.48  $13.39  $13.09  $12.89 Tangible book value per common share(2) 10.13   9.94   9.85   9.57   9.35 Tangible common equity to tangible assets(2) 8.71%  8.82%  8.82%  8.79%  8.63%Tier 1 leverage capital 9.49   9.56   9.63   9.52   9.49 Common equity tier 1 capital 10.71   10.91   10.99   11.00   10.85 Tier 1 risk-based capital 11.37   11.60   11.69   11.72   11.57 Total risk-based capital 13.77   13.66   13.77   13.83   13.67   Three Months Ended Six Months EndedALLOWANCE FOR CREDIT LOSSES:June 30, March 31, June 30, June 30,($ in thousands) 2026   2026   2025   2026   2025 Allowance for credit losses for loans         Beginning balance - Allowance for credit losses for loans$599,800  $596,100  $594,054  $596,100  $573,328 Loans charged-off:         Commercial and industrial (9,838)  (2,782)  (25,189)  (12,620)  (53,645)Commercial real estate (14,434)  (13,756)  (14,623)  (28,190)  (26,883)Construction —   —   —   —   (1,163)Residential mortgage —   —   (46)  —   (46)Total consumer (3,354)  (3,263)  (2,213)  (6,617)  (4,353)Total loans charged-off (27,626)  (19,801)  (42,071)  (47,427)  (86,090)Charged-off loans recovered:         Commercial and industrial 1,669   1,398   2,789   3,067   3,599 Commercial real estate 2,790   347   188   3,137   437 Construction —   —   455   —   455 Residential mortgage 41   83   37   124   205 Total consumer 1,080   429   773   1,509   1,616 Total loans recovered 5,580   2,257   4,242   7,837   6,312 Total net charge-offs (22,046)  (17,544)  (37,829)  (39,590)  (79,778)Provision for credit losses for loans 29,166   21,244   37,795   50,410   100,470 Ending balance$606,920  $599,800  $594,020  $606,920  $594,020 Components of allowance for credit losses for loans:         Allowance for loan losses$590,600  $584,500  $579,500  $590,600  $579,500 Allowance for unfunded credit commitments 16,320   15,300   14,520   16,320   14,520 Allowance for credit losses for loans$606,920  $599,800  $594,020  $606,920  $594,020 Components of provision for credit losses for loans:         Provision for credit losses for loans$28,146  $18,644  $39,129  $46,790  $100,428 Provision (credit) for unfunded credit commitments 1,020   2,600   (1,334)  3,620   42 Total provision for credit losses for loans$29,166  $21,244  $37,795  $50,410  $100,470 Annualized ratio of total net charge-offs to total average loans 0.17%  0.14%  0.31%  0.16%  0.33%Allowance for credit losses for loans as a % of total loans 1.16%  1.18%  1.20%  1.16%  1.20%  As ofASSET QUALITY:June 30, March 31, December 31, September 30, June 30,($ in thousands) 2026   2026   2025   2025   2025 Accruing past due loans:         30 to 59 days past due:         Commercial and industrial$5,083  $5,285  $11,177  $912  $10,451 Commercial real estate 106,034   69,494   72,810   26,371   42,884 Construction 1,752   —   —   —   35,000 Residential mortgage 22,154   20,534   21,615   23,556   21,744 Total consumer 15,974   13,112   14,420   12,728   12,878 Total 30 to 59 days past due 150,997   108,425   120,022   63,567   122,957 60 to 89 days past due:         Commercial and industrial 2,748   1,015   1,274   1,061   1,095 Commercial real estate —   —   —   6,033   60,601 Residential mortgage 6,495   4,285   10,181   5,040   7,627 Total consumer 3,904   3,506   5,269   4,023   4,001 Total 60 to 89 days past due 13,147   8,806   16,724   16,157   73,324 90 or more days past due:         Commercial and industrial 3,527   3,499   —   —   — Commercial real estate 5,454   —   212   —   — Residential mortgage 5,223   5,894   3,300   3,911   2,062 Total consumer 1,862   1,309   1,070   1,125   859 Total 90 or more days past due 16,066   10,702   4,582   5,036   2,921 Total accruing past due loans$180,210  $127,933  $141,328  $84,760  $199,202 Non-accrual loans:         Commercial and industrial$147,731  $145,804  $138,321  $92,214  $90,973 Commercial real estate 256,081   225,417   236,221   235,754   193,604 Construction 9,139   9,148   9,140   48,248   24,068 Residential mortgage 42,992   45,988   44,424   38,949   41,099 Total consumer 6,686   6,289   5,832   6,324   4,615 Total non-accrual loans 462,629   432,646   433,938   421,489   354,359 Other real estate owned (OREO) 4,126   5,161   4,531   4,783   4,783 Other repossessed assets 1,020   1,758   1,286   1,065   1,642 Total non-performing assets$467,775  $439,565  $439,755  $427,337  $360,784 Total non-accrual loans as a % of loans 0.88%  0.85%  0.87%  0.86%  0.72%Total accruing past due and non-accrual loans as a % of loans 1.23%  1.10%  1.15%  1.03%  1.12%Allowance for losses on loans as a % of non-accrual loans 127.66%  135.10%  134.44%  138.79%  163.53%
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 Six Months Ended June 30, March 31, June 30, June 30,($ in thousands, except for share data) 2026   2026   2025   2026   2025 Adjusted net income available to common shareholders (non-GAAP):         Net income, as reported (GAAP)$170,885  $163,913  $133,167  $334,798  $239,225 Add: Restructuring charge(a) 2,513   5,689   800   8,202   800 Add: Litigation reserve(b) 230   1,262   —   1,492   — Add: Losses on available for sale and held to maturity debt securities, net(c) —   10   —   10   11 Add: Loss on extinguishment of debt —   —   922   —   922 Total non-GAAP adjustments to net income 2,743   6,961   1,722   9,704   1,733 Income tax adjustments related to non-GAAP adjustments(d) (782)  (1,984)  (474)  (2,766)  (477)Net income, as adjusted (non-GAAP)$172,846  $168,890  $134,415  $341,736  $240,481 Dividends on preferred stock 7,316   7,217   6,948   14,533   13,903 Net income available to common shareholders, as adjusted (non-GAAP)$165,530  $161,673  $127,467  $327,203  $226,578 __________         (a) Represents severance expense related to workforce reductions within salary and employee benefits expense.(b) Represents the change in legal reserves and settlement charges included in professional and legal fees.(c) Included in gains (losses) on securities transactions, net.(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)$165,530  $161,673  $127,467  $327,203  $226,578 Weighted average number of shares outstanding 553,740,562   555,777,748   560,336,610   554,753,527   559,976,939 Basic earnings, as adjusted (non-GAAP)$0.30  $0.29  $0.23  $0.59  $0.40 Weighted average number of diluted shares outstanding 556,958,049   559,254,972   562,312,330   557,968,183   563,431,390 Diluted earnings, as adjusted (non-GAAP)$0.30  $0.29  $0.23  $0.59  $0.40 Adjusted annualized return on average tangible common shareholder's equity (non-GAAP):         Net income available to common shareholders, as adjusted (non-GAAP)$165,530  $161,673  $127,467  $327,203  $226,578 Add: Amortization of other intangible assets (net of tax), other than loan servicing rights 4,247   4,746   5,120   8,993   10,739 Net income available to common shareholders excluding intangible amortization, as adjusted (non-GAAP) 169,777   166,419   132,587   336,196   237,317 Average shareholders' equity 7,901,688   7,855,550   7,524,231   7,878,746   7,491,395 Less: Average preferred shareholders equity 354,345   354,345   354,345   354,345   354,345 Less: Average goodwill (net of deferred tax liability) 1,858,851   1,858,851   1,859,614   1,858,851   1,859,614 Less: Average intangible assets (net of deferred tax liability), other than loan servicing rights 51,387   57,080   69,367   54,218   72,748 Average tangible common shareholders' equity$5,637,105  $5,585,274  $5,240,905  $5,611,332  $5,204,688 Annualized return on average tangible common shareholders' equity, as adjusted (non-GAAP) 12.05%  11.92%  10.12%  11.98%  9.12% Non-GAAP Reconciliations to GAAP Financial Measures (Continued)

 Three Months Ended Six Months Ended June 30, March 31, June 30, June 30,($ in thousands, except for share data) 2026   2026   2025   2026   2025 Adjusted annualized return on average assets (non-GAAP):         Net income, as adjusted (non-GAAP)$172,846  $168,890  $134,415  $341,736  $240,481 Average assets$65,584,823  $64,190,084  $62,106,945  $64,891,306  $61,806,614 Annualized return on average assets, as adjusted (non-GAAP) 1.05%  1.05%  0.87%  1.05%  0.78%Adjusted annualized return on average shareholders' equity (non-GAAP):         Net income, as adjusted (non-GAAP)$172,846  $168,890  $134,415  $341,736  $240,481 Average shareholders' equity$7,901,688  $7,855,550  $7,524,231  $7,878,746  $7,491,395 Annualized return on average shareholders' equity, as adjusted (non-GAAP) 8.75%  8.60%  7.15%  8.67%  6.42%Annualized return on average tangible common shareholders' equity (non-GAAP):         Net income available to common shareholders$163,569  $156,696  $126,219  $320,265  $225,322 Add: Amortization of other intangible assets (net of tax), other than loan servicing rights 4,247   4,746   5,120   8,993   10,739 Net income available to common shareholders excluding intangible amortization (non-GAAP) 167,816   161,442   131,339   329,258   236,061 Average tangible common shareholders' equity (non-GAAP)$5,637,105  $5,585,274  $5,240,905  $5,611,332  $5,204,688 Annualized return on average tangible common shareholders' equity (non-GAAP) 11.91%  11.56%  10.02%  11.74%  9.07%          Efficiency ratio (non-GAAP):         Non-interest expense, as reported (GAAP)$311,123  $309,926  $284,122  $621,049  $560,740 Less: Restructuring charge (pre-tax) 2,513   5,689   800   8,202   800 Less: Amortization of tax credit investments (pre-tax) 16,157   16,014   9,134   32,171   18,454 Less: Litigation reserve (pre-tax) 230   1,262   —   1,492   — Less: Loss on extinguishment of debt (pre-tax) —   —   922   —   922 Non-interest expense, as adjusted (non-GAAP)$292,223  $286,961  $273,266  $579,184  $540,564 Net interest income, as reported (GAAP) 487,024   471,525   432,408   958,549   852,513 Non-interest income, as reported (GAAP) 73,711   68,836   62,604   142,547   120,898 Add: Losses on available for sale and held to maturity securities transactions, net (pre-tax) —   10   —   10   11 Gross operating income, as adjusted (non-GAAP)$560,735  $540,371  $495,012  $1,101,106  $973,422 Efficiency ratio (non-GAAP) 52.11%  53.10%  55.20%  52.60%  55.53%  As of June 30, March 31, December 31, September 30, June 30,($ in thousands, except for share data) 2026   2026   2025   2025   2025 Tangible book value per common share (non-GAAP):         Common shares outstanding 553,069,100   554,316,876   556,618,021   560,784,352   560,281,821 Shareholders' equity (GAAP)$7,917,144  $7,828,443  $7,807,698  $7,695,374  $7,575,421 Less: Preferred stock 354,345   354,345   354,345   354,345   354,345 Less: Goodwill and other intangible assets 1,958,135   1,963,706   1,969,811   1,976,594   1,983,515 Tangible common shareholders' equity (non-GAAP)$5,604,664  $5,510,392  $5,483,542  $5,364,435  $5,237,561 Tangible book value per common share (non-GAAP)$10.13  $9.94  $9.85  $9.57  $9.35 Tangible common equity to tangible assets (non-GAAP):         Tangible common shareholders' equity (non-GAAP)$5,604,664  $5,510,392  $5,483,542  $5,364,435  $5,237,561 Total assets (GAAP) 66,318,308   64,466,585   64,132,725   63,018,614   62,705,358 Less: Goodwill and other intangible assets 1,958,135   1,963,706   1,969,811   1,976,594   1,983,515 Tangible assets (non-GAAP)$64,360,173  $62,502,879  $62,162,914  $61,042,020  $60,721,843 Tangible common equity to tangible assets (non-GAAP) 8.71%  8.82%  8.82%  8.79%  8.63%           VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data)    June 30, December 31,  2026   2025  (Unaudited)  Assets   Cash and due from banks$388,741  $315,166 Interest bearing deposits with banks 578,148   1,268,399 Investment securities:   Equity securities 88,541   82,774 Trading debt securities 26,493   — Available for sale debt securities 4,292,148   4,202,218 Held to maturity debt securities (net of allowance for credit losses of $744 at June 30, 2026 and $734 at December 31, 2025) 3,757,200   3,495,837 Total investment securities 8,164,382   7,780,829 Loans held for sale (includes fair value of $4,940 at June 30, 2026 and $8,212 at December 31, 2025 for loans originated for sale) 13,690   26,236 Loans 52,467,251   50,136,728 Less: Allowance for loan losses (590,600)  (583,400)Net loans 51,876,651   49,553,328 Premises and equipment, net 316,364   330,757 Lease right of use assets 298,807   313,891 Bank owned life insurance 742,230   738,090 Accrued interest receivable 250,703   243,897 Goodwill 1,868,936   1,868,936 Other intangible assets, net 89,199   100,875 Other assets 1,730,457   1,592,321 Total Assets$66,318,308  $64,132,725 Liabilities   Deposits:   Non-interest bearing$12,549,527  $12,155,500 Interest bearing:   Savings, NOW and money market 28,666,443   28,603,470 Time 12,902,637   11,424,123 Total deposits 54,118,607   52,183,093 Short-term borrowings 433,484   91,475 Long-term borrowings 2,607,222   2,908,579 Junior subordinated debentures issued to capital trusts 57,977   57,803 Lease liabilities 355,482   372,448 Accrued expenses and other liabilities 828,392   711,629 Total Liabilities 58,401,164   56,325,027 Shareholders’ Equity   Preferred stock, no par value; 50,000,000 authorized shares:   Series A (4,600,000 shares issued at June 30, 2026 and December 31, 2025) 111,590   111,590 Series B (4,000,000 shares issued at June 30, 2026 and December 31, 2025) 98,101   98,101 Series C (6,000,000 shares issued at June 30, 2026 and December 31, 2025) 144,654   144,654 Common stock (no par value, authorized 650,000,000 shares; issued 560,878,750 shares at June 30, 2026 and December 31, 2025) 196,730   196,730 Surplus 5,458,768   5,464,845 Retained earnings 2,103,922   1,912,933 Accumulated other comprehensive loss (99,617)  (74,379)Treasury stock, at cost (7,809,650 common shares at June 30, 2026 and 4,260,729 common shares at December 31, 2025) (97,004)  (46,776)Total Shareholders’ Equity 7,917,144   7,807,698 Total Liabilities and Shareholders’ Equity$66,318,308  $64,132,725  VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for share data)
 Three Months Ended Six Months Ended June 30, March 31, June 30, June 30,  2026   2026  2025   2026  2025 Interest Income         Interest and fees on loans$736,060  $708,640 $720,282  $1,444,700 $1,423,891 Interest and dividends on investment securities:         Taxable 76,113   73,808  67,164   149,921  131,062 Tax-exempt 5,048   4,718  4,681   9,766  9,383 Dividends 5,771   4,800  5,528   10,571  11,192 Interest on federal funds sold and other short-term investments 6,383   10,758  7,357   17,141  14,236 Total interest income 829,375   802,724  805,012   1,632,099  1,589,764 Interest Expense         Interest on deposits:         Savings, NOW and money market 190,973   190,785  203,390   381,758  403,611 Time 112,693   106,678  129,324   219,371  254,393 Interest on short-term borrowings 6,047   236  1,736   6,283  4,682 Interest on long-term borrowings and junior subordinated debentures 32,638   33,500  38,154   66,138  74,565 Total interest expense 342,351   331,199  372,604   673,550  737,251 Net Interest Income 487,024   471,525  432,408   958,549  852,513 (Credit) provision for credit losses for available for sale and held to maturity securities (2)  12  4   10  (10)Provision for credit losses for loans 29,166   21,244  37,795   50,410  100,470 Net Interest Income After Provision for Credit Losses 457,860   450,269  394,609   908,129  752,053 Non-Interest Income         Wealth management and trust fees 17,655   16,006  14,056   33,661  29,087 Insurance commissions 3,770   2,867  3,430   6,637  6,832 Capital markets 12,933   10,381  9,767   23,314  16,707 Service charges on deposit accounts 18,728   18,204  14,705   36,932  27,431 Gains (losses) on securities transactions, net 50   21  (1)  71  45 Fees from loan servicing 3,268   3,218  3,671   6,486  6,886 Gains on sales of loans, net 1,742   3,090  2,025   4,832  4,222 Bank owned life insurance 5,913   5,835  6,019   11,748  10,796 Other 9,652   9,214  8,932   18,866  18,892 Total non-interest income 73,711   68,836  62,604   142,547  120,898 Non-Interest Expense         Salary and employee benefits expense 150,432   155,715  145,422   306,147  288,040 Net occupancy expense 27,179   27,182  25,483   54,361  51,371 Technology, furniture and equipment expense 33,247   31,878  30,667   65,125  60,563 FDIC insurance assessment 11,691   10,476  12,192   22,167  25,059 Amortization of other intangible assets 6,268   6,919  7,427   13,187  15,446 Professional and legal fees 29,533   25,142  19,970   54,675  35,640 Loss on extinguishment of debt —   —  922   —  922 Amortization of tax credit investments 16,157   16,014  9,134   32,171  18,454 Other 36,616   36,600  32,905   73,216  65,245 Total non-interest expense 311,123   309,926  284,122   621,049  560,740 Income Before Income Taxes 220,448   209,179  173,091   429,627  312,211 Income tax expense 49,563   45,266  39,924   94,829  72,986 Net Income 170,885   163,913  133,167   334,798  239,225 Dividends on preferred stock 7,316   7,217  6,948   14,533  13,903 Net Income Available to Common Shareholders$163,569  $156,696 $126,219  $320,265 $225,322  VALLEY NATIONAL BANCORP
Quarterly Analysis of Average Assets, Liabilities and Shareholders' Equity and
Net Interest Income on a Tax Equivalent Basis
 Three Months Ended June 30, 2026 March 31, 2026 June 30, 2025 Average   Avg. Average   Avg. Average   Avg.($ in thousands)Balance Interest Rate Balance Interest Rate Balance Interest RateAssets                 Interest earning assets:               Loans(1)(2)$51,884,173 $736,082  5.67% $50,265,383 $708,662  5.64% $49,032,637 $720,305  5.88%Taxable investments(3) 7,928,555  81,884  4.13   7,732,330  78,608  4.07   7,350,792  72,692  3.96 Tax-exempt investments(1)(3) 544,950  6,390  4.69   542,177  5,972  4.41   544,302  5,925  4.35 Interest bearing deposits with banks 699,684  6,383  3.65   1,178,997  10,758  3.65   625,893  7,357  4.70 Total interest earning assets 61,057,362  830,739  5.44   59,718,887  804,000  5.39   57,553,624  806,279  5.60 Other assets 4,527,461      4,471,197      4,553,321    Total assets$65,584,823     $64,190,084     $62,106,945    Liabilities and shareholders' equity                 Interest bearing liabilities:                 Savings, NOW and money market deposits$28,920,057 $190,973  2.64% $29,203,978 $190,785  2.61% $26,451,349 $203,390  3.08%Time deposits 11,881,270  112,693  3.79   11,226,874  106,678  3.80   12,119,461  129,324  4.27 Short-term borrowings 674,094  6,047  3.59   71,809  236  1.31   196,491  1,736  3.53 Long-term borrowings(4) 2,684,781  32,638  4.86   2,849,479  33,500  4.70   3,146,434  38,154  4.85 Total interest bearing liabilities 44,160,202  342,351  3.10   43,352,140  331,199  3.06   41,913,735  372,604  3.56 Non-interest bearing deposits 12,372,974      11,942,322      11,336,314    Other liabilities 1,149,959      1,040,072      1,332,665    Shareholders' equity 7,901,688      7,855,550      7,524,231    Total liabilities and shareholders' equity$65,584,823     $64,190,084     $62,106,945                      Net interest income/interest rate spread(5)  $488,388  2.34%   $472,801  2.33%   $433,675  2.04%Tax equivalent adjustment   (1,364)      (1,276)      (1,267)  Net interest income, as reported  $487,024      $471,525      $432,408   Net interest margin(6)    3.19%     3.16%     3.01%Tax equivalent effect    0.01      0.01      0.00 Net interest margin on a fully tax equivalent basis(6)    3.20%     3.17%     3.01% _____________________

(1) Interest income is presented on a tax equivalent basis using a 21 percent federal tax rate.
(2) Loans are stated net of unearned income and include non-accrual loans.
(3) The yield for securities that are classified as available for sale is based on the average historical amortized cost.
(4) Includes junior subordinated debentures issued to capital trusts which are presented separately on the consolidated statements of financial condition.
(5) 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) Net interest income as a percentage of total average interest earning assets.

 INVESTOR RELATIONS
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 [email protected].  Contact: Travis Lan  Senior Executive Vice President and Chief Financial Officer  973-686-5007