Valley National Bancorp Announces Third Quarter 2026 Results

Higher interest income and a lower effective tax rate accompanied increased loan charge-offs and non-accrual loans.

Rhea-AI Summary

Valley National Bancorp (NASDAQ: VLY) reported third-quarter 2026 net income of $206.3 million, with earnings rising from both comparison quarters.

Diluted earnings per share were $0.36, versus $0.29 in second-quarter 2026 and $0.28 a year earlier. Tax-equivalent net interest income reached $506.8 million, while net interest margin rose to 3.28%. Loans reached $53.2 billion and deposits reached $55.2 billion at September 30. Non-interest expense declined $1.2 million sequentially to $310.0 million, and the effective tax rate fell to 15.3%.

Credit results were mixed: net loan charge-offs rose to $37.1 million, and non-accrual loans reached $511.4 million, although the criticized and classified loan ratio declined. Valley expects its pending Providence Financial and Bluevine acquisitions to close in early 2027. It recorded $3.1 million in merger-related expenses.

18 points · 0 major

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Positive

• Moderate pointThird-quarter net income reached $206.3 million, versus $170.9 million sequentially and $163.4 million a year earlier.
• Moderate pointTax-equivalent net interest income increased $18.4 million sequentially and $59.3 million year over year to $506.8 million.
• Moderate pointTax-equivalent net interest margin reached 3.28%, up 8 basis points sequentially and 23 basis points year over year.
• Moderate pointTotal loans increased $722.7 million to $53.2 billion from June 30, a 5.5% annualized increase.
• Moderate pointDeposits increased $1.1 billion to $55.2 billion from June 30, primarily through direct customer deposits.
• Moderate pointNon-interest income increased $5.0 million sequentially to $78.7 million.
• Moderate pointEffective tax rate fell to 15.3% from 22.5% sequentially, reflecting additional tax credits.
• Moderate pointEfficiency ratio improved to 49.38%, versus 52.11% sequentially and 53.37% a year earlier.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Providence acquisition is expected to close in early 2027; Valley expects an expanded Chicagoland presence.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Bluevine acquisition is expected to close in early 2027; Valley expects expanded nationwide small-business capabilities.

8 minor points

• Minor pointDiluted EPS reached $0.36, versus $0.29 sequentially and $0.28 a year earlier.
• Minor pointAdjusted net income reached $206.4 million, versus $172.8 million sequentially and $164.1 million a year earlier.
• Minor pointAverage interest-earning asset yield increased 11 basis points sequentially to 5.55%.
• Minor pointCRE concentration declined to approximately 312% at September 30, from 317% at June 30.
• Minor pointShort-term borrowings decreased $383.2 million to $50.3 million from June 30.
• Minor pointCriticized and classified loans declined to 7.1% of total loans, from 7.3% at June 30.
• Minor pointNon-interest expense decreased $1.2 million sequentially to $310.0 million, largely reflecting lower professional and legal fees.
• Minor point. Forward-looking: it has not happened yet and may not happen.Valley expects to achieve, and likely exceed, its 15% tangible common equity return goal by end-2027.

Negative

• Moderate pointNet loan charge-offs rose to $37.1 million, versus $22.0 million sequentially and $14.6 million a year earlier.
• Moderate pointNon-accrual loans rose to $511.4 million, or 0.96% of loans, from $462.6 million, or 0.88%, sequentially.
• Moderate pointLoan credit-loss provision increased to $30.7 million, versus $29.2 million sequentially and $19.2 million a year earlier.
• Minor pointLoan loss allowance declined to $600.5 million, or 1.13% of loans, from $606.9 million, or 1.16%, sequentially.
• Minor pointNon-interest-bearing deposits declined $102.8 million from June 30.

7 minor points

• Minor pointConsumer loans declined $85.3 million from June 30, primarily reflecting automobile loan repayments exceeding demand.
• Minor pointTotal interest expense increased $9.4 million sequentially to $351.7 million.
• Minor pointAverage interest-bearing liability cost increased 6 basis points sequentially to 3.16%.
• Minor pointAverage deposit cost was 2.33%, versus 2.28% sequentially and 2.69% a year earlier.
• Minor pointMerger-related expenses totaled $3.1 million for the pending Providence and Bluevine acquisitions.
• Minor pointProvidence acquisition remains subject to regulatory approvals and Providence shareholder approval.
• Minor pointBluevine acquisition remains subject to regulatory approvals.

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On Oct 22, the day this news came out, the latest delayed price for VLY is 4.61% above the previous close. Our momentum scanner has recorded 24 alerts for this stock so far that day. The latest delayed price is $13.62. Relative volume is very high at 3.3x the average.

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Key Figures

Net income: $206.3 million Diluted EPS: $0.36 per diluted common share Net interest margin: 3.28% +5 more

Net income

$206.3 million

Third quarter 2026; compared with $170.9 million in Q2 2026 and $163.4 million in Q3 2025

Diluted EPS

$0.36 per diluted common share

Third quarter 2026; compared with $0.29 in Q2 2026 and $0.28 in Q3 2025

Net interest margin

3.28%

Tax-equivalent basis, Q3 2026; increased 8 basis points sequentially and 23 basis points year over year

Net interest income

$506.8 million

Tax-equivalent basis, Q3 2026; increased $18.4 million from Q2 2026 and $59.3 million from Q3 2025

Total deposits

$55.2 billion

At September 30, 2026; up from $54.1 billion at June 30, 2026

Total loans

$53.2 billion

At September 30, 2026; increased $722.7 million from June 30, 2026

Net loan charge-offs

$37.1 million

Q3 2026; compared with $22.0 million in Q2 2026 and $14.6 million in Q3 2025

Non-accrual loans

$511.4 million, or 0.96% of total loans

At September 30, 2026; compared with $462.6 million, or 0.88%, at June 30, 2026

Previous Earnings Reports

2 past events · Latest: Jul 23

Same Type 2 events

1. Jul 23

   Quarterly earnings

   24h Move

   -0.5%

   Reported net income of $170.9 million and diluted EPS of $0.29 as the preceding-quarter benchmark.

2. Oct 23

   Quarterly earnings

   24h Move

   +4.2%

   Reported net income of $163.4 million and diluted EPS of $0.28 as the year-ago benchmark.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap, net interest margin, non-accrual loans

3 terms

non-gaap financial

"adjusted net income (a non-GAAP measure)"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

net interest margin financial

"Our net interest margin on a tax equivalent basis of 3.28 percent"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

non-accrual loans financial

"Non-accrual loans totaled $511.4 million"

A non-accrual loan is a loan a lender has decided is unlikely to produce the scheduled interest payments, so the lender stops counting future interest as income and may record the loan at a reduced value. Think of it like renting out a house where the tenant has stopped paying: you stop counting future rent as earnings because it’s uncertain you’ll get it. For investors, a rise in non-accrual loans signals worsening credit quality, lower reported income and higher potential losses that can weaken a bank’s capital and share price.

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

A detailed discussion of factors that could affect our results is included in our SEC filings, including Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 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 of
BALANCE 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 Ended
ALLOWANCE 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 of
ASSET 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				Rate
Assets
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 investorrelations@valley.com.

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Valley National Bancorp's third-quarter 2026 earnings?

Valley reported net income of $206.3 million, or $0.36 per diluted common share. This compares with $170.9 million, or $0.29 per share, in second-quarter 2026 and $163.4 million, or $0.28 per share, in third-quarter 2025.

Why did Valley National Bancorp's non-accrual loans increase in third-quarter 2026?

The increase primarily reflected a $30.1 million construction loan placed on non-accrual status and higher non-accrual commercial and industrial loans. The construction loan required no specific reserve based on the estimated value of its underlying collateral at September 30, 2026.

Why did Valley National Bancorp's past-due accruing loans decline in third-quarter 2026?

Accruing loans at least 30 days past due declined mainly because several larger commercial real estate loans moved to non-accrual status, with lower early-stage residential mortgage delinquencies also contributing. These past-due accruing loans fell to $154.5 million from $180.2 million at June 30.