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Valley National Bancorp (NASDAQ: VLY) lifts Q2 2026 earnings and margin

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Valley National Bancorp reported solid second quarter 2026 results, with net income of $170.9 million and diluted EPS of $0.29, up from $163.9 million and $0.28 in the first quarter and $133.2 million and $0.22 a year earlier. Adjusted net income was $172.8 million, or $0.30 per diluted share.

Total revenue reached $560.7 million, driven by net interest income on a tax-equivalent basis of $488.4 million and non-interest income of $73.7 million. The tax-equivalent net interest margin improved to 3.20%, while the efficiency ratio bettered to 52.11%. Loans grew to $52.5 billion and deposits to $54.1 billion, with strong C&I and commercial real estate growth and higher non-interest-bearing balances.

Credit quality remained manageable but showed some pressure: net charge-offs were $22.0 million, the annualized net charge-off ratio was 0.17%, accruing past-due loans rose to $180.2 million or 0.34% of loans, and non-accruals increased to $462.6 million or 0.88%. The allowance for credit losses for loans stood at $606.9 million, or 1.16% of loans. Capital remained strong, with a common equity tier 1 ratio of 10.71% and total risk-based capital of 13.77%, and the company repurchased 1.5 million common shares at an average price of $13.40.

Positive

  • Net income rose to $170.9M with diluted EPS of $0.29 (adjusted EPS $0.30), alongside an improved tax-equivalent net interest margin of 3.20% and a stronger efficiency ratio of 52.11%.
  • Loans increased to $52.5B and deposits to $54.1B, including a $1.6B rise in loans and $1.3B rise in deposits quarter over quarter, with C&I loans up $857.2M and non-interest-bearing deposits up $298.6M.

Negative

  • Accruing past-due loans increased to $180.2M, or 0.34% of loans, from $127.9M (0.25%), and non-accrual loans rose to $462.6M (0.88% of loans), reflecting higher CRE-related delinquencies.

Insights

Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income $170.885 million For the quarter ended June 30, 2026
Diluted EPS $0.29 per share For the quarter ended June 30, 2026; $0.30 adjusted diluted EPS
Total revenue $560.735 million Three months ended June 30, 2026
Net interest margin (FTE) 3.20% Second quarter 2026 tax-equivalent net interest margin
Total loans $52.467 billion Loans outstanding at June 30, 2026
Total deposits $54.119 billion Deposits at June 30, 2026
Allowance for credit losses for loans $606.920 million 1.16% of total loans at June 30, 2026
Common equity tier 1 capital ratio 10.71% Capital ratio at June 30, 2026
net interest margin financial
"Net interest margin on a tax equivalent basis of 3.20 percent for the second quarter 2026"
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.
efficiency ratio financial
"Our efficiency ratio was 52.11 percent for the second quarter 2026 as compared to 53.10 percent"
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
non-accrual loans financial
"Non-accrual loans totaled $462.6 million, or 0.88 percent of total loans, at June 30, 2026"
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.
allowance for credit losses financial
"The allowance for credit losses for loans totaled $606.9 million and $599.8 million at June 30, 2026"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
common equity tier 1 capital financial
"common equity tier 1 capital, and Tier 1 leverage capital ratios were 13.77 percent, 11.37 percent, 10.71 percent"
Core capital a bank holds consisting mainly of common shares and retained profits that can absorb losses without forcing the bank to sell assets or seek emergency help; items that can’t reliably cover losses are excluded. Think of it as the bank’s shock-absorbing cushion: a higher common equity tier 1 (CET1) level and ratio means regulators and investors view the bank as better able to survive bad loans or market shocks, so it signals lower risk to shareholders and creditors.
CRE loan concentration ratio financial
"Our CRE loan concentration ratio ... continued to decline to approximately 317 percent at June 30, 2026"
Net income $170.9 million up from $163.9 million in Q1 2026 and $133.2 million in Q2 2025
Diluted EPS $0.29 up from $0.28 in Q1 2026 and $0.22 in Q2 2025
Adjusted net income $172.8 million up from $168.9 million in Q1 2026 and $134.4 million in Q2 2025
Net interest income (FTE) $488.4 million increased $15.6 million from Q1 2026 and $54.7 million from Q2 2025
Total revenue $560.7 million up from $540.4 million in Q1 2026 and $495.0 million in Q2 2025
Total loans $52.5 billion increased $1.6 billion from March 31, 2026
Total deposits $54.1 billion increased $1.3 billion from March 31, 2026
Net loan charge-offs $22.0 million up from $17.5 million in Q1 2026 and down from $37.8 million in Q2 2025
Guidance

Management presented 2026 expectations for growth in loans, deposits, net interest income, non-interest income and expenses, with several metrics tracking toward the high end or middle of previously communicated ranges.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Valley National Bancorp (VLY) perform financially in Q2 2026?
Valley National Bancorp reported Q2 2026 net income of $170.9 million, up from $163.9 million in Q1 2026 and $133.2 million in Q2 2025. Diluted EPS was $0.29, with adjusted diluted EPS of $0.30, reflecting higher revenue and improved margins.

What were Valley National Bancorp (VLY)’s key revenue and margin metrics in Q2 2026?
Total revenue was $560.7 million, including net interest income (tax-equivalent) of $488.4 million and non-interest income of $73.7 million. The tax-equivalent net interest margin improved to 3.20%, up from 3.17% in Q1 2026 and 3.01% in Q2 2025.

How did Valley National Bancorp (VLY)’s loans and deposits change in Q2 2026?
Total loans grew to $52.5 billion, a $1.6 billion increase from March 31, 2026, driven by C&I and commercial real estate lending. Total deposits rose to $54.1 billion, up $1.3 billion, with non-interest-bearing deposits increasing $298.6 million.

What was the asset quality picture for Valley National Bancorp (VLY) in Q2 2026?
Net loan charge-offs were $22.0 million, an annualized 0.17% of average loans. Accruing past-due loans rose to $180.2 million (0.34% of loans) and non-accrual loans to $462.6 million (0.88% of loans). The allowance for credit losses for loans was $606.9 million, or 1.16% of loans.

What are Valley National Bancorp (VLY)’s capital ratios as of June 30, 2026?
At June 30, 2026, Valley reported a common equity tier 1 capital ratio of 10.71%, Tier 1 risk-based capital of 11.37%, total risk-based capital of 13.77%, and a Tier 1 leverage ratio of 9.49%, indicating a strong capital position.

Did Valley National Bancorp (VLY) return capital to shareholders in Q2 2026?
Yes. Valley repurchased 1.5 million shares of common stock during Q2 2026 at an average price of $13.40 per share and paid $7.3 million of preferred dividends, continuing its capital return alongside common dividends.

What were Valley National Bancorp (VLY)’s profitability and efficiency metrics in Q2 2026?
Annualized ROA was 1.04%, ROE 8.65%, and ROTCE 11.91%. On an adjusted basis, ROA was 1.05%, ROE 8.75%, and ROTCE 12.05%. The non-GAAP efficiency ratio improved to 52.11%, versus 53.10% in Q1 2026.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 23, 2026
Valley National Bancorp

(Exact Name of Registrant as Specified in Charter)

New Jersey1-1127722-2477875
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(I.R.S. Employer
Identification Number)
One Penn Plaza,New York,New York10119
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code (973) 305-8800

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of exchange on which registered
Common Stock, no par valueVLYThe Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series A, no par valueVLYPPThe Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series B, no par valueVLYPOThe Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series C, no par valueVLYPNThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02Results of Operations and Financial Condition.

On July 23, 2026, Valley National Bancorp (“Valley”) issued a press release announcing Valley’s financial results for the second quarter 2026. A copy of the press release is furnished herewith as Exhibit 99.1.

The information in this Item 2.02, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended (the "Securities Act"), except as shall be expressly set forth by specific reference in such a filing.
Item 7.01
Regulation FD Disclosure.

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

Item 9.01Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No.Description
99.1
Press Release of Valley National Bancorp, dated July 23, 2026, announcing second quarter 2026 financial results.
99.2
Valley National Bancorp presentation materials used in connection with second quarter 2026 investor conference.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURE

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

Dated: July 23, 2026
VALLEY NATIONAL BANCORP
By:
/s/ Travis Lan
Travis Lan
Senior Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)


Exhibit 99.1
imagea.jpg
News Release


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

VALLEY NATIONAL BANCORP ANNOUNCES SECOND QUARTER 2026 RESULTS

NEW YORK, NY – July 23, 2026 -- 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.


Valley National Bancorp (NASDAQ: VLY)
Second Quarter 2026 Earnings
July 23, 2026

•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
2


Valley National Bancorp (NASDAQ: VLY)
Second Quarter 2026 Earnings
July 23, 2026

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.


3


Valley National Bancorp (NASDAQ: VLY)
Second Quarter 2026 Earnings
July 23, 2026

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.

4


Valley National Bancorp (NASDAQ: VLY)
Second Quarter 2026 Earnings
July 23, 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.









5


Valley National Bancorp (NASDAQ: VLY)
Second Quarter 2026 Earnings
July 23, 2026

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, 2026March 31, 2026June 30, 2025
AllocationAllocationAllocation
as a % ofas a % ofas a % of
AllowanceLoanAllowanceLoanAllowanceLoan
AllocationCategoryAllocationCategoryAllocationCategory
($ 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 estate268,445 0.96 269,847 0.99 270,937 1.04 
Construction50,623 2.05 54,946 2.21 64,042 2.24 
Total commercial real estate loans319,068 1.05 324,793 1.09 334,979 1.16 
Residential mortgage loans48,905 0.82 51,700 0.88 48,830 0.86 
Consumer loans:
Home equity4,333 0.59 4,120 0.59 3,689 0.58 
Auto and other consumer19,384 0.56 17,744 0.52 18,587 0.55 
Total consumer loans23,717 0.57 21,864 0.53 22,276 0.56 
Allowance for loan losses590,600 1.13 584,500 1.15 579,500 1.17 
Allowance for unfunded credit commitments16,320 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 loans1.16 %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.

6


Valley National Bancorp (NASDAQ: VLY)
Second Quarter 2026 Earnings
July 23, 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:
7


Valley National Bancorp (NASDAQ: VLY)
Second Quarter 2026 Earnings
July 23, 2026

•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;
8


Valley National Bancorp (NASDAQ: VLY)
Second Quarter 2026 Earnings
July 23, 2026

•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.
9


Valley National Bancorp (NASDAQ: VLY)
Second Quarter 2026 Earnings
July 23, 2026

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-
10


VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS

SELECTED FINANCIAL DATA
Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,
($ in thousands, except for share data and stock price)20262026202520262025
FINANCIAL DATA:
Net interest income - FTE (1)
$488,388 $472,801 $433,675 $961,189 $855,052 
Net interest income487,024 471,525 432,408 958,549 852,513 
Non-interest income73,711 68,836 62,604 142,547 120,898 
Total revenue560,735 540,361 495,012 1,101,096 973,411 
Non-interest expense311,123 309,926 284,122 621,049 560,740 
Pre-provision net revenue249,612 230,435 210,890 480,047 412,671 
Provision for credit losses29,164 21,256 37,799 50,420 100,460 
Income tax expense 49,563 45,266 39,924 94,829 72,986 
Net income170,885 163,913 133,167 334,798 239,225 
Dividends on preferred stock7,316 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:
Basic553,740,562 555,777,748 560,336,610 554,753,527 559,976,939 
Diluted556,958,049 559,254,972 562,312,330 557,968,183 563,431,390 
Per common share data:
Basic earnings$0.30 $0.28 $0.23 $0.58 $0.40 
Diluted earnings0.29 0.28 0.22 0.57 0.40 
Cash dividends declared0.11 0.11 0.11 0.22 0.22 
Closing stock price - high14.78 13.71 9.20 14.78 10.42 
Closing stock price - low12.42 11.66 7.87 11.66 7.87 
FINANCIAL RATIOS:
Net interest margin3.19 %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 assets1.04 1.02 0.86 1.03 0.77 
Annualized return on average shareholders' equity8.65 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 adjusted0.30 0.29 0.23 0.59 0.40 
Annualized return on average assets, as adjusted1.05 %1.05 %0.87 %1.05 %0.78 %
Annualized return on average shareholders' equity, as adjusted8.75 8.60 7.15 8.67 6.42 
Annualized return on average tangible common shareholders' equity11.91 11.56 10.02 11.74 9.07 
Annualized return on average tangible common shareholders' equity, as adjusted12.05 11.92 10.12 11.98 9.12 
Efficiency ratio52.11 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 assets61,057,36259,718,88757,553,62460,391,82157,224,486
Loans51,884,17350,265,38349,032,63751,079,25048,844,823
Interest bearing liabilities44,160,20243,352,14041,913,73543,758,40341,574,732
Deposits53,174,30152,373,17449,907,12452,775,94949,525,957
Shareholders' equity7,901,6887,855,5507,524,2317,878,7467,491,395

11


VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS

As of
BALANCE SHEET ITEMS:June 30,March 31,December 31,September 30,June 30,
(In thousands)20262026202520252025
Assets$66,318,308$64,466,585$64,132,725$63,018,614$62,705,358
Total loans52,467,25150,828,82050,136,72849,272,82349,391,420
Deposits54,118,60752,859,62152,183,09351,175,75850,725,284
Shareholders' equity7,917,1447,828,4437,807,6987,695,3747,575,421
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 occupied11,146,66311,503,87411,571,12711,674,10311,747,491
Multifamily9,034,1868,588,4628,571,7138,394,6948,434,173
Owner occupied7,692,8777,132,2546,629,9096,097,3195,789,397
Construction2,475,1092,485,3872,471,2332,517,2582,854,859
Total commercial real estate30,348,83529,709,97729,243,98228,683,37428,825,920
Residential mortgage5,982,9415,869,0705,826,1925,795,3955,709,971
Consumer:
Home equity728,623701,136687,680655,872634,553
Automobile2,150,0892,198,1022,184,6002,191,9762,178,841
Other consumer1,295,5211,246,4561,232,7551,188,3491,172,099
Total consumer loans4,174,2334,145,6944,105,0354,036,1973,985,493
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 capital9.49 9.56 9.63 9.52 9.49 
Common equity tier 1 capital10.71 10.91 10.99 11.00 10.85 
Tier 1 risk-based capital11.37 11.60 11.69 11.72 11.57 
Total risk-based capital13.77 13.66 13.77 13.83 13.67 
12


VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS

Three Months EndedSix Months Ended
ALLOWANCE FOR CREDIT LOSSES:
June 30,March 31,June 30,June 30,
($ in thousands)20262026202520262025
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 industrial1,6691,3982,7893,0673,599
Commercial real estate2,7903471883,137437
Construction——455—455
Residential mortgage418337124205
Total consumer1,0804297731,5091,616
Total loans recovered5,5802,2574,2427,8376,312
Total net charge-offs(22,046)(17,544)(37,829)(39,590)(79,778)
Provision for credit losses for loans29,16621,24437,79550,410100,470
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 commitments16,32015,30014,52016,32014,520
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 commitments1,0202,600(1,334)3,62042
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 loans0.17 %0.14 %0.31 %0.16 %0.33 %
Allowance for credit losses for loans as a % of total loans1.16 %1.18 %1.20 %1.16 %1.20 %

13


VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS

As of
ASSET QUALITY:June 30,March 31,December 31,September 30,June 30,
($ in thousands)20262026202520252025
Accruing past due loans:
30 to 59 days past due:
Commercial and industrial$5,083 $5,285 $11,177 $912 $10,451 
Commercial real estate106,034 69,494 72,810 26,371 42,884 
Construction1,752 — — — 35,000 
Residential mortgage22,154 20,534 21,615 23,556 21,744 
Total consumer15,974 13,112 14,420 12,728 12,878 
Total 30 to 59 days past due150,997 108,425 120,022 63,567 122,957 
60 to 89 days past due:
Commercial and industrial2,748 1,015 1,274 1,061 1,095 
Commercial real estate— — — 6,033 60,601 
Residential mortgage6,495 4,285 10,181 5,040 7,627 
Total consumer3,904 3,506 5,269 4,023 4,001 
Total 60 to 89 days past due13,147 8,806 16,724 16,157 73,324 
90 or more days past due:
Commercial and industrial3,527 3,499 — — — 
Commercial real estate5,454 — 212 — — 
Residential mortgage5,223 5,894 3,300 3,911 2,062 
Total consumer1,862 1,309 1,070 1,125 859 
Total 90 or more days past due16,066 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 estate256,081 225,417 236,221 235,754 193,604 
Construction9,139 9,148 9,140 48,248 24,068 
Residential mortgage42,992 45,988 44,424 38,949 41,099 
Total consumer6,686 6,289 5,832 6,324 4,615 
Total non-accrual loans462,629 432,646 433,938 421,489 354,359 
Other real estate owned (OREO) 4,126 5,161 4,531 4,783 4,783 
Other repossessed assets1,020 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 loans0.88 %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 %

14


VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS
NOTES TO SELECTED FINANCIAL DATA
(1)
Net interest income and net interest margin are presented on a tax equivalent basis using a 21 percent federal tax rate. Valley believes that this presentation provides comparability of net interest income and net interest margin arising from both taxable and tax-exempt sources and is consistent with industry practice and SEC rules.
(2)
Non-GAAP Reconciliations. This press release contains certain supplemental financial information, described in the Notes below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles ("GAAP") that management uses in its analysis of Valley's performance. The Company believes that the non-GAAP financial measures provide useful supplemental information to both management and investors in understanding Valley’s underlying operational performance, business and performance trends, and may facilitate comparisons of our current and prior performance with the performance of others in the financial services industry. Management utilizes these measures for internal planning, forecasting and analysis purposes. Management believes that Valley’s presentation and discussion of this supplemental information, together with the accompanying reconciliations to the GAAP financial measures, also allows investors to view performance in a manner similar to management. These non-GAAP financial measures should not be considered in isolation or as a substitute for or superior to financial measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures may also be calculated differently from similar measures disclosed by other companies.
Non-GAAP Reconciliations to GAAP Financial Measures
Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,
($ in thousands, except for share data)20262026202520262025
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 income2,743 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 stock7,316 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 outstanding553,740,562 555,777,748 560,336,610 554,753,527 559,976,939 
Basic earnings, as adjusted (non-GAAP)$0.30 $0.29 $0.23 $0.59 $0.40 
Weighted average number of diluted shares outstanding556,958,049 559,254,972 562,312,330 557,968,183 563,431,390 
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 rights4,247 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' equity7,901,688 7,855,550 7,524,231 7,878,746 7,491,395 
Less: Average preferred shareholders equity354,345 354,345 354,345 354,345 354,345 
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 rights51,387 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 %



15


VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS

Non-GAAP Reconciliations to GAAP Financial Measures (Continued)
Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,
($ in thousands, except for share data)20262026202520262025
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 rights4,247 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)20262026202520252025
Tangible book value per common share (non-GAAP):
Common shares outstanding553,069,100 554,316,876 556,618,021 560,784,352 560,281,821 
Shareholders' equity (GAAP)$7,917,144 $7,828,443 $7,807,698 $7,695,374 $7,575,421 
Less: Preferred stock354,345 354,345 354,345 354,345 354,345 
Less: Goodwill and other intangible assets1,958,135 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 assets1,958,135 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 %
16



VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data)


June 30,December 31,
20262025
 (Unaudited)
Assets
Cash and due from banks$388,741 $315,166 
Interest bearing deposits with banks578,148 1,268,399 
Investment securities:
Equity securities88,541 82,774 
Trading debt securities26,493 — 
Available for sale debt securities4,292,148 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 securities8,164,382 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 
Loans52,467,251 50,136,728 
Less: Allowance for loan losses(590,600)(583,400)
Net loans51,876,651 49,553,328 
Premises and equipment, net316,364 330,757 
Lease right of use assets298,807 313,891 
Bank owned life insurance742,230 738,090 
Accrued interest receivable250,703 243,897 
Goodwill1,868,936 1,868,936 
Other intangible assets, net89,199 100,875 
Other assets1,730,457 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 market28,666,443 28,603,470 
Time12,902,637 11,424,123 
Total deposits54,118,607 52,183,093 
Short-term borrowings433,484 91,475 
Long-term borrowings2,607,222 2,908,579 
Junior subordinated debentures issued to capital trusts57,977 57,803 
Lease liabilities355,482 372,448 
Accrued expenses and other liabilities828,392 711,629 
Total Liabilities58,401,164 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 
Surplus5,458,768 5,464,845 
Retained earnings2,103,922 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’ Equity7,917,144 7,807,698 
Total Liabilities and Shareholders’ Equity$66,318,308 $64,132,725 
17



VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for share data)





Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,
20262026202520262025
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:
Taxable76,113 73,808 67,164 149,921 131,062 
Tax-exempt5,048 4,718 4,681 9,766 9,383 
Dividends5,771 4,800 5,528 10,571 11,192 
Interest on federal funds sold and other short-term investments6,383 10,758 7,357 17,141 14,236 
Total interest income829,375 802,724 805,012 1,632,099 1,589,764 
Interest Expense
Interest on deposits:
Savings, NOW and money market190,973 190,785 203,390 381,758 403,611 
Time112,693 106,678 129,324 219,371 254,393 
Interest on short-term borrowings6,047 236 1,736 6,283 4,682 
Interest on long-term borrowings and junior subordinated debentures32,638 33,500 38,154 66,138 74,565 
Total interest expense342,351 331,199 372,604 673,550 737,251 
Net Interest Income487,024 471,525 432,408 958,549 852,513 
(Credit) provision for credit losses for available for sale and held to maturity securities(2)12 4 10 (10)
Provision for credit losses for loans29,166 21,244 37,795 50,410 100,470 
Net Interest Income After Provision for Credit Losses457,860 450,269 394,609 908,129 752,053 
Non-Interest Income
Wealth management and trust fees17,655 16,006 14,056 33,661 29,087 
Insurance commissions3,770 2,867 3,430 6,637 6,832 
Capital markets12,933 10,381 9,767 23,314 16,707 
Service charges on deposit accounts18,728 18,204 14,705 36,932 27,431 
Gains (losses) on securities transactions, net50 21 (1)71 45 
Fees from loan servicing3,268 3,218 3,671 6,486 6,886 
Gains on sales of loans, net1,742 3,090 2,025 4,832 4,222 
Bank owned life insurance5,913 5,835 6,019 11,748 10,796 
Other9,652 9,214 8,932 18,866 18,892 
Total non-interest income73,711 68,836 62,604 142,547 120,898 
Non-Interest Expense
Salary and employee benefits expense150,432 155,715 145,422 306,147 288,040 
Net occupancy expense27,179 27,182 25,483 54,361 51,371 
Technology, furniture and equipment expense33,247 31,878 30,667 65,125 60,563 
FDIC insurance assessment11,691 10,476 12,192 22,167 25,059 
Amortization of other intangible assets6,268 6,919 7,427 13,187 15,446 
Professional and legal fees29,533 25,142 19,970 54,675 35,640 
Loss on extinguishment of debt— — 922 — 922 
Amortization of tax credit investments16,157 16,014 9,134 32,171 18,454 
Other36,616 36,600 32,905 73,216 65,245 
Total non-interest expense311,123 309,926 284,122 621,049 560,740 
Income Before Income Taxes220,448 209,179 173,091 429,627 312,211 
Income tax expense 49,563 45,266 39,924 94,829 72,986 
Net Income170,885 163,913 133,167 334,798 239,225 
Dividends on preferred stock7,316 7,217 6,948 14,533 13,903 
Net Income Available to Common Shareholders$163,569 $156,696 $126,219 $320,265 $225,322 
18



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, 2026March 31, 2026June 30, 2025
 AverageAvg. AverageAvg. AverageAvg.
($ in thousands) BalanceInterestRate BalanceInterestRate BalanceInterestRate
Assets
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 banks699,684 6,383 3.65 1,178,997 10,758 3.65 625,893 7,357 4.70 
Total interest earning assets61,057,362 830,739 5.44 59,718,887 804,000 5.39 57,553,624 806,279 5.60 
Other assets4,527,461 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 deposits11,881,270 112,693 3.79 11,226,874 106,678 3.80 12,119,461 129,324 4.27 
Short-term borrowings674,094 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 liabilities44,160,202 342,351 3.10 43,352,140 331,199 3.06 41,913,735 372,604 3.56 
Non-interest bearing deposits12,372,974 11,942,322 11,336,314 
Other liabilities1,149,959 1,040,072 1,332,665 
Shareholders' equity7,901,688 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 effect0.01 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 investorrelations@valley.com.
19

2Q26 Earnings Presentation July 23, 2026 Exhibit 99.2

 

2 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 ; 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 .

 

2Q 2026 Financial Highlights 2Q26 1Q26 2Q25 2Q26 1Q26 2Q25 Net Income ($mm) $170.9 $163.9 $133.2 $172.8 $168.9 $134.4 Return on Average Assets Annualized 1.04% 1.02% 0.86% 1.05% 1.05% 0.87% Annualized ROATCE 2 11.9% 11.6% 10.0% 12.1% 11.9% 10.1% Efficiency Ratio (Non -GAAP) -- -- -- 52.1% 53.1% 55.2% Diluted Earnings Per Share $0.29 $0.28 $0.22 $0.30 $0.29 $0.23 Pre -Provision Net Revenue 3 ($mm) $249.6 $230.4 $210.9 $268.5 $253.4 $221.7 PPNR / Average Assets 3 Annualized 1.52% 1.44% 1.36% 1.64% 1.58% 1.43% GAAP Reported Non -GAAP Adjusted 1 1 Please refer to the Non -GAAP Disclosure Reconciliation in Appendix. 2 Return on average tangible common equity (“ROATCE”) is a Non -GAAP metric reconciled in Appendix using both GAAP Reported and Non -GAAP Adjusted Net Income to Common Shareholders. 3 Pre -provision net revenue (“PPNR”) equals net interest income plus total non - interest income less total non -interest expense. ▪ Significant C&I loan growth and non -interest bearing deposit growth, reflecting execution on our strategic priorities. ▪ Continued growth in net interest income and net interest margin. ▪ Strong fee income growth and consistent expense control. 3 Source- Earnings Release in Workiva

 

9.29% 10.82% 10.99% 10.71% 12/31/23 12/31/24 12/31/25 6/30/26 Strong Balance Sheet Metrics 4 ACL / Loans 0.93% 1.17% 1.19% 1.16% 12/31/23 12/31/24 12/31/25 6/30/26 Loans / Deposits 102.0% 97.5% 96.1% 96.9% 12/31/23 12/31/24 12/31/25 6/30/26 CET 1 / RWA 1 Commercial Real Estate (including CRE loans held for sale) as defined by joint regulatory guidance to include call codes 1.a (C onstruction), 1.d (Multifamily), 1.e.2. (Other Non - farm Non -residential, excluding Owner -Occupied) and CRE loans not secured by real estate . CRE / TRBC 1 474% 362% 333% 317% 12/31/23 12/31/24 12/31/25 6/30/26 CRE Concentration - 5 Quarter Trend_2Q26 Source- Earnings Release in Workiva Source- Earnings Release in Workiva Source- Earnings Release in Workiva

 

Profitability Metrics Continued to Improve 5 Net Interest Margin (FTE, %) 1 Adj. PPNR / Avg. Assets (%) 2 Adj. Return on Avg. Assets (%) 2 Adj. Return on Avg. Tangible Common Equity (%) 2 2.96% 2.85% 3.05% 3.20% FY2023 FY 2024 FY 2025 2Q26 1.34% 1.26% 1.48% 1.64% FY 2023 FY 2024 FY 2025 2Q26 0.91% 0.55% 0.94% 1.05% FY 2023 FY 2024 FY 2025 2Q26 12.9% 7.4% 10.9% 12.1% FY 2023 FY 2024 FY 2025 2Q26 Source- Earnings Release in Workiva Source- Earnings Release in Workiva Source- Earnings Release in Workiva Source- Earnings Release in Workiva 1 Net interest margin is presented on a tax equivalent basis using a 21 percent federal tax rate. 2 Please refer to the Non -GAAP Disclosure Reconciliation in Appendix.

 

65 143 12/31/17 6/30/26 Commercial 69%69% 59%48% 127% 117% VLYPeer Median Cumulative Dividends Post-2017 Reported TBV Growth Post-2017 +121% Shareholder Value Creation vs. Peers 1 Deposit Accounts (000s) Commercial Loan Diversity by Geography 3 Enhanced Funding Diversity by Geography 21% 50% 79% 50% 12/31/17 6/30/26 FL & Other NY & NJ 22% 55% 78% 45% 12/31/17 6/30/26 Northeast Branches Southeast Branches, Specialty & Other 440 545 12/31/17 6/30/26 Consumer +24% Driving Long -Term Value 1 VLY Reported Tangible Book Value (“TBV”) growth measured from 12/31/17 to 6/30 /26. Peer Median Reported TBV Growth measured from 12/31/17 to 3/31/26. Cumulative dividends reflect dividends declared between 12/31/17 and 3/31/26 for VLY and peers. Peers include major exchange traded banks and thrifts with assets from $30 billion to $150 billion as of 3/31/26. 2 Please refer to the Non -GAAP Reconciliation in the Appendix. 3 Commercial loans include C&I and Commercial Real Estate, including Construction. Source: S&P Capital IQ Pro and company data. 6 Source- “TBV Support 2Q26” Source- “Summary_HC” Source- TL Deposit Tie Out Source- “Existing Accounts 06-2026” 2

 

▪ Grow Core Deposits ▪ Accelerate consumer, small business, and business banking sales efforts to create a high -quality funding engine. ▪ Continue to utilize treasury management capabilities to further penetrate commercial deposit opportunities. ▪ Leverage existing specialty niches and explore new capabilities (e.g., Partner Banking). ▪ Contemplate geographic expansion in targeted growth markets and in contiguous markets experiencing M&A disruption. ▪ Generate Diverse Loan Growth ▪ Continue to attract experienced and sophisticated commercial talent in both existing and compelling new markets. ▪ Leverage branding efforts to improve sales effectiveness and realize the benefits of ongoing service model enhancements. ▪ Utilize our robust product set to enhance C&I customer acquisition and further penetrate existing relationships. ▪ Identify incremental commercial specialty verticals which align with our risk appetite. ▪ Drive Sustainable Fee Revenue ▪ Further expand the utilization of our enhanced treasury management product and service set. ▪ Increase capital markets activity from syndication, F/X, and swap perspective. ▪ Improve the integration of our wealth offerings with commercial sales efforts. Our Strategic Focus Remains Consistent, Supported by Evolving Initiatives Strategic Growth Imperatives for 2026 7

 

Valley’s AI Strategy Focused Deployment Supported by Expected Economic Return and Appropriate Governance Structure GUIDING PRINCIPLES Focus on Measurable Value Responsible & Ethical AI ▪ Targeting associate productivity, risk mitigation, and scalable growth. ▪ ROI -focus on cost discipline and enhancing the client experience to support future growth. ▪ Opportunity to accelerate positive operating leverage to enhance profitability. ▪ Centralized governance framework emphasizing model risk management and data security. ▪ Prioritizing the protection of our clients, associates, and institution. APPROACH Technology Enablement Preparing our Associates ▪ Our AI adoption leverages prior investments in core infrastructure, data governance, and tech talent. ▪ Associates have access to role -appropriate AI tools supported by an established AI leadership team reporting to our Head of Data & Analytics. ▪ Combination of build and buy approach, augmented by Valley’s relationship with the broader technology ecosystem. ▪ Equipping associates with the skills, tools, and mindset to thrive in an AI -powered world. 8

 

Valley Ventures • $200mm of committed capital; $80mm deployed • Embedded in Silicon Valley startup economy • Leverage portfolio company solutions • Implementation into Valley’s AI initiatives • ~2,000 Tech Banking clients • Differentiated depth of venture capital and startup relationships • Leverage client’s products where potential synergies are identified • Implementation into Valley’s AI initiatives • Valley’s largest shareholder with two active Board seats • Regularly share ideas and developments around tech & AI topics • Direct access to Israeli Tech start -up and VC communities Tech Banking Bank Leumi Israel Valley Internal AI Team Bridges external innovation and internal execution to rapidly test, scale, and deliver high -impact solutions AI Use Cases Sourced, evaluated and implemented by Valley’s Internal AI team Valley’s unique connectivity to the start -up technology & AI ecosystem enable our adoption of technologies which enhance efficiency and reduce customer friction. 9 Valley’s AI Ecosystem

 

Examples of Valley -Specific AI Use Cases 10 AI Knowledge Assistants Generative AI supporting Customer Care agents’ access to approved policies and procedures AML / Fraud Alert Actioning Machine -learning models segment risk, identify wire fraud, and reduce false positives to improve the speed and consistency of AML alert review Voice AI – Auto Loan Payment Reminders & Collections Autonomous outbound voice agent conducts customer conversations for auto loan payment reminders and collection activities Sales Effectiveness & Customer -360 AI-driven lead targeting and consolidated customer insights to enable more effective banker conversations with clients and prospects Agentic AI for Credit Underwriting & Loan Servicing Agentic AI automates elements of underwriting process and workflow orchestration to reduce manual steps for faster loan origination. improved client experience, and more efficient servicing

 

AI Journey & Priority Focus Areas 2023 – 2025 Foundational Initiatives 2025 - 2027 AI Portfolio Execution 2028 & Beyond AI -Driven Banking Establishing a Strong Foundation & Driving Associate Productivity • Enterprise Data Hub with robust data pipelines • Cloud -native environment • Transition from exploratory AI working group to well -staffed AI team • AI governance framework • AI development platforms • AI-enabled productivity tools Cross -Channel AI Experiences & Re -Imagining End -to -End Workflows • High -value use cases for operational efficiency & risk mitigation (reducing manual processes) • First customer -facing AI - enabled applications • Exploration of internally -built applications • Personalized client experiences Operating as an AI -Native Organization • AI-native core workflows with human oversight • Hyper -personalized customer experiences • Larger footprint of internally - built applications 11

 

Metric Gross Loans 2026 Outlook Update 1 Please refer to the Non -GAAP Disclosure Reconciliation in Appendix. 2 Excludes tax credit amortization and other non -operating expenses. The Company is providing this outlook only on a non -GAAP basis because not all of the information necessary for a quantitative r econciliation of forward -looking non -GAAP financial measures to the most directly comparable GAAP financial measure is available without unreasonable effort, primarily due to uncertainties rela ting to the occurrence or amount of these adjustments that may arise in the future. Based on past reported results, any such excluded items could be material, individually or in the aggregate, to the r epo rted results. 12 Total Deposits CET1 / RWA Net Interest Income Non -Interest Income (Adj.) 1 Non -Interest Expense (Adj.) 1, 2 Net Charge -Offs / Avg. Loans Provision for Loan Losses Effective Tax Rate 2026 Expectation as of 12/31/25 4% - 6% Growth 5% - 7% Growth 10.5% - 11.0% 11% - 13% Growth 6% - 9% Growth 3.0% - 4.5% Growth 0.15% - 0.20% $95mm - $115mm 23% - 24% 6/30/26 Update At or Above High End of Range High End of Range Middle of Range High End of Range Mid to High End of Range No Change No Change No Change Low End of Range

 

5,510 164 (61) (20) 12 5,605 3/31/26 TCE Net Income to Common Common Dividend 2Q26 Buybacks OCI / Other 6/30/26 TCE Tangible Common Equity 1 ($mm's) 13 Increased Capital Returns to Shareholders $81mm returned to shareholders during 2Q26 50 % (16bp) of organically generated regulatory capital returned to shareholders during 2Q26 ▪ CET1 / RWA at the midpoint of our 10.5% - 11.0% target range. ▪ Improving profitability has resulted in regulatory capital growth sufficient to fund organic loan growth, and return capital to shareholders while remaining within our target range. ▪ Management has recently utilized this increased capital generation to buy back stock, providing enhanced capital returns for our shareholders. ▪ Our recently approved repurchase plan became effective on April 27, 2026 enabling the continuation of future buyback activity, subject to management’s discretion. 1 Please refer to the Non -GAAP Disclosure Reconciliation in Appendix. Sums may not total due to rounding. Support- 2Q26 TCE Waterfall Support- 2Q26 CET1 Waterfall Support 10.91% 0.32% (0.12%) (0.04%) (0.38%) 0.01% 10.71% 3/31/2026 2Q26 Earnings 2Q26 Dividends 2Q26 Buybacks 2Q26 RWA Growth Other 6/30/2026 CET1 / RWA

 

Continued Direct Deposit Growth 26.1 29.2 28.7 11.7 12.3 12.5 12.9 11.4 12.9 $50.7 $52.9 $54.1 6/30/2025 3/31/2026 6/30/2026 Time Non-Interest Savings, NOW and money market 24% 23% 53% 23% 52% 23% 25% 2.67% 2.69% 2.45% 2.27% 2.28% 4.50% 4.46% 4.02% 3.75% 3.75% 2Q25 3Q25 4Q25 1Q26 2Q26 Total Cost of Deposits Average Fed Funds (Upper) Deposits by Product ($bn) 22% 55% Avg. Fed Funds vs. Deposit Costs (%) Cumulative Beta (Current Cycle) 1Deposits by Customer Type ($bn) 1 Cumulative Beta is measured as the change in Valley’s quarterly average deposit cost as a percentage of the change in the ave rage quarterly Fed Funds Upper Bound over the identified period. Sums may not total due to rounding. 14 58% 51% Rate Increase Cycle (4Q21-2Q24) Rate Decrease Cycle (2Q24-2Q26) Source- Earnings Release in Workiva Source- Earnings Release in Workiva Brokered Deposits_2Q26 2Q26 Beta Support Calculation made using data from Workiva Calculation also shown in 2Q26 Beta Support 44.3 47.8 48.8 6.5 5.1 5.3 $50.7 $52.9 $54.1 6/30/2025 3/31/2026 6/30/2026 Direct Indirect 87% 90% 10%13% 90% 10%

 

Traditional Deposits $35.8 66% Specialized Deposits $13.1 24% Fully FDIC -Insured Indirect Customer $5.3 10% $54.1bn New Jersey $17.3 New York $7.1 Florida & Alabama $9.6 Other $1.8 $3 5.8 bn Total Deposit Breakdown ($bn) Traditional Deposits 1 ($bn) Uninsured Deposits & Liquidity ($bn) $15.0 $1.0 $23.5 $24.4 Adjusted Uninsured Deposits Cash & Available Liquidity Cash on Balance Sheet High Quality Available Liquidity 3 Cash & Available Liquidity Stands at 1.6 x Adjusted Uninsured Deposits Adjusted Uninsured Deposits 2 28 % of deposits Nat'l Deposits, Cannabis & Online $4.2 International Corporate $1.2 Technology $2.4 Private Banking & Wealth $1.7Association Banking $1.5 Healthcare & Other $2.0 $13.1bn Specialized Deposits by Business Line ($bn) 1 Traditional Deposits are primarily comprised of Consumer, Commercial, and Government Deposits serviced in Valley’s branch net wor k. 2 Estimate d Uninsured Deposits adjusted for collateralized government deposits in excess of FDIC $250k limit and intercompany deposits eliminated in consolidation . 3 “High Quality Available Liquidity” includes the following off - balance sheet sources of potential liquidity: FHLB, unencumbered investment securities, FRBNY Discou nt Window Availability, and Uncommitted Fed Funds Lines. Sums may not total due to rounding. All data as of 6/30/26. 15 Diversified Deposit Base Uninsured data comes from managed funding report, and cash on balance sheet comes from Workiva ER Deposit Charts Source- TL Deposit Tie Out

 

Core Deposit Growth & Diversification 12/31/17 6/30/26 Expectations for 2026 & Beyond • $18bn Total Deposits • 78% in Northeast Branches • 101% Loans / Deposits • $7bn Commercial Deposits • $85mm Total Deposits / Branch • $54bn Total Deposits • 45% in Northeast Branches • 97% Loans / Deposits • $30bn Commercial Deposits • $237mm Total Deposits / Branch • Streamlined Deposit Account Opening • New Specialty Deposit Verticals: − International & Technology − Association Banking − Online Channel − Cannabis − International & U.S. Private Banking • Comprehensive Re -Brand • Enhanced Treasury Platform • Branch Modernization • New Markets / Geographies: − Westchester, NY − California − Chicago, IL − Staten Island, NY − Phoenix, AZ • Leverage specialty deposit verticals and explore new capabilities • Penetrate commercial client base with treasury offering to drive deposit growth with specific focus on operating accounts • Accelerate consumer, small business and business banking sales engine through targeted offerings and bundles across delivery channels • Assess geographic expansion in compelling markets 16

 

Multifamily 17% Non Owner -Occupied CRE 21% Owner -Occupied CRE 15% C&I 23% Consumer 8% Residential R.E. 11% Construction 5% CRE 38% C&I 37% Other 24% 6/30/2026 Loan Composition 1 Loan Portfolio Detail Gross Loans ($bn) 1 Avg. Fed Funds vs. Loan Yields (%) Cumulative Loan Beta (Current Cycle) 2 Avg. Fed Funds (Upper) Avg. Loan Yield Cumulative Beta 4Q21 0.25% 3.83% -- 4Q22 3.82% 5.20% 38% 4Q23 5.50% 6.10% 43% 1Q24 5.50% 6.14% 44% 2Q24 5.50% 6.17% 45% 3Q24 5.43% 6.28% 47% 4Q24 1 CRE includes multifamily and non -owner occupied CRE; C&I includes owner -occupied CRE and C&I; Other includes construction, resi dential RE and Consumer. 2 Cumulative Loan Beta is measured as the change in Valley’s quarterly yield on loans as a percentage of the change in the average quarter ly Fed Funds Upper Bound over the identified period . Sums may not total due to rounding.17 $50.8 $52.5 $0.1 $0.5 $0.9 $0.1 3/31/26 Regulatory CRE Owner-Occ & Other CRE C&I Resi & Consumer 6/30/26 Source- “Loan Balances- 5 Quarter Trend_2Q26_FINAL” 45% 29% Rate Increase Cycle (4Q21-2Q24) Rate Decrease Cycle (2Q24-2Q26) Source- “Loan Balances – 5 Quarter Trend_2Q26_FINAL” Regulatory CRE comes from the CRE concentration support file 5.88% 5.95% 5.84% 5.64% 5.67% 4.50% 4.46% 4.02% 3.75% 3.75% 2Q25 3Q25 4Q25 1Q26 2Q26 Total Loan Yield Average Fed Funds (Upper) Workiva- loan yield Calculation for avg fed funds upper 2Q26 Beta Support

 

New Jersey 20% New York 27% Florida 26% California 5% Illinois 4% Other 18% North - east 47% South - east & Other 53% Diverse C&I Growth Capabilities 2.2 0.4 $2.7 $4.3 $4.8 6.9 5.8 8.8 9.2 9.9 11.0 12.0 Traditional C&I PPP ~19% C&I CAGR since 2017 Source- “Loan Balances- 5 Quarter Trend_2Q26_FINAL” Source- “Summary_HC” 18 6/30/26 C&I Industry Diversity 6/30/26 C&I Geographic Diversity C&I Loans ($bn) Finance & Insurance 20% Other Working Capital 26% Real Estate Related 13% Wholesale Trade 7% Consumer Serv. 2% Non -Profit & Condos 6% Equipment Leasing 6%Healthcare 8%Manufacturing 6% Hospitality, Food Serv. 3% Professional Services 3% $12.0bn Source- “Commercial Portfolio by Industry- 3.31.26” Sums may not total due to rounding.

 

• $18bn Total Loans • $2.7bn C&I loans • 79% of Commercial Loans 1 in Northeast • C&I / Owner -Occ 24% of Loans • $52bn Total Loans • $12.0bn C&I loans • 50% of Commercial Loans 1 in New York and New Jersey • C&I / Owner -Occ 37% of Loans Focused C&I Initiatives Supporting Growth • Capital Call Lines & Fund Finance • Syndications Group Providing Up -Market Opportunities • Asset -Based Lending • Equipment Finance • Healthcare (Owner -Occupied and C&I) • Chicago Middle Market • California Commercial Lending • Focusing new CRE Originations on Tier 1 Clients With Holistic Banking Relationship 12/31/17 6/30/26 Expectations for 2026 & Beyond • Continue to recruit experienced and sophisticated commercial talent in both existing and compelling new markets • Leverage new commercial banking team to capitalize on Phoenix opportunities • Expand penetration of existing product and service offerings including: Treasury Management, Syndications and Other Capital Markets Offerings • Continue to assess additional C&I verticals • Amplify re -branding efforts and service model enhancements to improve customer acquisition 19 1 Commercial loans include C&I and Commercial Real Estate, including Construction.

 

Net Interest Income ($mm) and Margin 1 $434 $447 $466 $473 $488 3.01% 3.05% 3.17% 3.17% 3.20% 2Q25 3Q25 4Q25 1Q26 2Q26 Net Interest Income ($mm) NIM $4.6 $2.8 $3.1 $2.0 $2.8 3.74% 3.76% 3.97% 4.07% 4.03% 3Q26 4Q26 1Q27 2Q27 Beyond Maturing CDs and FHLB Borrowings Balance ($bn) Weighted Avg. Rate (%) Net Interest Income and Margin 1 Net interest income and NIM are presented on a fully tax equivalent basis using a 21 percent federal tax rate. 20 Workiva “CD Runoff_0630 $1.4 $2.1 $2.2 $2.3 $11.7 4.39% 5.06% 5.21% 5.11% 4.90% 2026 2027 2028 2029 Beyond Maturing Fixed Rate Loans Balance ($bn) Weighted Avg. Rate (%) “Loan Rest 0630_CAL&Highlighted Updated

 

All Other $11.4 16% Wealth, Trust & Insurance $21.4 29% Capital Markets $12.9 18% Deposit Service Charges $18.7 25% BOLI $5.9 8% Loan Servicing $3.3 4% $73.7mm Non -Interest Income 21 Strong & Stable Non -Interest Income Streams ($mm) $68.8 $73.7 ($1.3) $2.6 $2.6 $0.5 $0.1 $0.5 1Q26 Gain on Sale of Loans Wealth, Trust & Insurance Capital Markets Deposit Service Charges BOLI All Other 2Q26 Workiva Workiva 2Q26 Non -Interest Income ($mm) $83 $275 $21 $10 $103 $285 FY2017 1H26 Annualized Non Interest Income (ex. Gain on Sale of Loans) Gain on Sale of Loans CAGR ex. Gain on Sale of Loans: +16% 1 Reported Non -Interest Income and Adjusted Non -Interest Income were materially the same in both 1Q26 and 2Q26 . 2 Peers include major exchange traded banks and thrifts with assets from $30 billion to $150 billion as of 3/31/2026. “Fee Income CAGR Support” Reported CAGR: +14% Peer 2 Median CAGR: +6% Non -Interest Income ($mm) 1 Non -Interest Income ($ mm) 1

 

Drivers of Fee Income Momentum 22 Workiva Workiva • Continue to focus on sustainable fee income by offering a valuable and robust product suite to our commercial clients • Organically leverage existing opportunities in capital markets, insurance, and treasury management • Improve the integration of our wealth offerings with our commercial sales efforts FY 2017 6/30/26 Expectations for 2026 & Beyond • Shift from Lower Value and Irregular Revenue from Gain on Sale to Higher -Quality and Sustainable Revenue Streams • Enhanced Treasury Management Platform • F/X Platform • Syndications Group • Leveraged Insurance Platform • Additional Interest Rate and Cross -Currency Swap Capabilities • Broker / Dealer fees • Acquisition of Private Banking Business from BLUSA • Entered Tax Credit Advisory Business • Annualized $285mm of Non - Interest Income (14% CAGR) • Annualized $10mm Gain on Traditional Loan Sales • Gain on Sale Comprises 3% of Non -Interest Income • $103mm of Non -Interest Income • $21mm Gain on Traditional Loan Sales • Gain on Sale Comprises 20% of Non -Interest Income

 

Adjusted Non -Interest Expenses 1 ($mm) Continue to optimize resource and FTE allocation to most value -add areas. Strong loan origination activity and fee income results drove increase in certain variable expenses tied to production. Continuing to utilize technology and AI tools to drive positive operating leverage. Non -Interest Expenses 1 Please refer to the Non -GAAP Disclosure Reconciliation in Appendix. Sums may be inconsistent due to rounding. 2 Peers include major exchange traded banks and thrifts with assets from $30 billion to $150 billion as of 3/31/2026. Sums may no t total due to rounding. 23 Workiva Workiva 1.76% 1.79% 1.78% 2.19% 2.19% 2Q25 1Q26 2Q26 VLY Peer Median Adj. Ann. Non -Interest Expenses 1 / Avg. Assets Efficiency Ratio Trend 1 55.2% 53.1% 52.1% 2Q25 1Q26 2Q26 2 Workiva $273 $287 $292 $284 $310 $311 2Q25 1Q26 2Q26 Reported Adjusted

 

Non -Accrual Loans / Total Loans 0.99 % 1.03 % Accruing Past Due Loans / Total Loans Asset Quality & Reserve Trends 24 ACL / Total Loans 0.72% 0.86% 0.87% 0.85% 0.88% 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 0.40% 0.17% 0.28% 0.25% 0.34% 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 30-59 PD 60-89 PD 90+ PD 1.20% 1.21% 1.19% 1.18% 1.16% 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 38 15 23 18 22 38 19 20 21 29 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Net Charge-Offs Loan Loss Provision Loan Loss Provision & Net Charge -Offs ($mm) Workiva Workiva Workiva / KEITH Chargeoff's and Recoveries - 5 Quarter Trend_Draft_2Q26_Final Workiva / KEITH 5-Quarter Trend (2Q26)_Final

 

25 Criticized and Classified Loan Trend Criticized and Classified loans declined nearly $300mm, or over 6%, during the quarter. Criticized and Classified loans declined roughly $600 million, or 14%, relative to 2Q25. Reductions continue to reflect improving fundamental trends within our commercial real estate portfolio. Quarterly improvement mostly due to a combination of upgrades and payoffs. $3.7 $3.6 $3.3 $3.3 $3.1 $0.7 $0.7 $0.6 $0.7 $0.7 $0.1 $0.1 $0.1 $0.1 $0.1 9.0% 8.8% 8.0% 8.1% 7.3% 2Q25 3Q25 4Q25 1Q26 2Q26 Criticized & Classified Loans ($bn) CRE C&I Consumer/Resi As a % of Total Loans $4.1$4.0 $4.3 $3.8 $4.4 “Cited Asset Analysis summary- 06.30.2026”

 

$9.35 $9.57 $9.85 $9.94 $10.13 $12.89 $13.09 $13.39 $13.48 $13.67 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 TBV per share Book Value per share Book Value and Tangible Book Value per Share 1 Equity Capitalization Level 1 8.63% 8.79% 8.82% 8.82% 8.71% 12.08% 12.21% 12.17% 12.14% 11.94% 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Tangible Common Equity / Tangible Assets Equity / Assets Holding Company Capital Ratios 6/30/25 3/31/26 6/30/26 Q -o-Q change Y -o-Y change Tier 1 Leverage 9.49% 9.56% 9.49% -7 bps 0 bps Common Equity Tier 1 10.85% 10.91% 10.71% -20 bps -14 bps Tier 1 Risk -Based 11.57% 11.60% 11.37% -23 bps -20 bps Total Risk -Based 13.67% 13.66% 13.77% 11 bps 10 bps 1 Equity & Capitalization 1 Please refer to the Non -GAAP Disclosure Reconciliation in Appendix. 26 Workiva Workiva Workiva 1

 

APPENDIX

 

Term Definition ACL AFS Allowance for credit losses Available for sale BLUSA Bank Leumi Le -Israel Corporation acquired by Valley on April 1, 2022 BOLI Bank owned life insurance C&I Commercial & industrial CAGR Compound annual growth rate CECL Current expected credit loss model CET 1 Tier 1 common capital CRE DFAST Commercial real estate Dodd -Frank Act Stress Tests DSCR FHLB Debt service coverage ratio Federal Home Loan Banks F/X Foreign exchange FDIC Federal Deposit Insurance Corporation FL FRB FRBNY Florida Federal Reserve Bank Federal Reserve Bank of New York FTE Fully Tax Equivalent using a 21 percent federal tax rate GAAP U.S. Generally Accepted Accounting Principles HFS HHI Held for Sale Household income HOA HTM Homeowners Association Held to maturity LIBOR London Interbank Offered Rate LTV Loan to value MSA Metropolitan statistical area NAICS North American Industry Classification System per the United States Census Bureau Term Definition NCOs Net charge -offs NDF Non -deliverable forward NIM NJ NY OTC PD Net Interest Margin New Jersey New York Over the counter Probability of Default PPNR ROAA ROATCE RWA Pre -Provision Net Revenue Return on average assets Return on Average Tangible Common Equity as defined in the Non -GAAP Disclosure Reconciliation in Appendix Risk -weighted assets PPP Paycheck Protection Program S&P Standard & Poor's SF Square footage SOFR Secured Overnight Financing Rate TA Tangible assets as defined in the non -GAAP disclosure reconciliation in the appendix TBV Tangible Book Value TCE Tangible common equity as defined in the non -GAAP disclosure reconciliation in the appendix TRBC Total risk -based capital Valley May refer to Valley National Bancorp individually, Valley National Bancorp and its consolidated subsidiaries, or certain of Valley National Bancorp’s subsidiaries, as the context requires (interchangeable with the “Company,” “we,” “our” and “us”). VC Venture capital VLY Refers to Valley as defined in this glossary Glossary of Defined Terms 28

 

Apartment & Residential 32% Retail 15% Mixed Use 6% Office 9% Healthcare Office 2% Industrial 10% Healthcare 15% Specialty & Other 11% CRE Detail as of 6/30/26 Portfolio by Property Type Portfolio by Geography Florida 28% New Jersey 19% Other 21% Other NYC Boroughs 16% Manhattan (Multifamily) 6% Manhattan (Other) 4% New York (ex. NYC) 7% $27.9bn $27.9bn 1 LTV based on most recent appraisal, seasoned on average 2.5 years; 2 DSCR calculated based on most recent financial information, typically received at least annually. Sums may not total due to rounding. CRE is comprised of non -owner occupied, owner -occupied and multifamily loans. 29 Source- “CRE Portfolio Review 3.31.2026” Co-op info comes directly from Joel Souza via email Geography $bn Wtd . Avg. LTV 1 Wtd . Avg. DSCR 2 Florida / Alabama $7.8 61% 1.81x New Jersey $5.2 62% 1.63x Other NYC Boroughs $4.3 56% 1.45x Manhattan $2.6 41% (60% ex Co -Ops) 1.51x New York (ex. NYC) $2.0 56% 1.99x Other $5.9 66% 1.65x Total $27.9 59% 1.67x Property Type $bn Wtd . Avg. LTV 1 Wtd . Avg. DSCR 2 Apartment & Resi $7.1 64% 1.34x Retail $4.2 61% 1.67x Industrial $2.9 60% 2.17x Healthcare $4.1 69% 1.69x Office $3.0 63% 1.83x Specialty & Other $3.1 54% 1.79x Mixed Use $1.6 63% 1.31x Co -Ops $1.8 12% 1.50x Total $27.9 59% 1.67x

 

0% of units 45% 1% - 20% of units 7%21% - 50% of units 30% 51% - 99% of units 7% 100% of units 11% Co -Op $1.8 Non Co -Op $7.1 Multifamily Portfolio by Sub -Asset Class ($bn) Non Co -Op Multifamily by Geography ($bn) $9.0bn Geography Outstanding ($bn) Avg. Size ($mm) Wtd . Avg. LTV 1 Wtd . Avg. DSCR 2 New York (ex. Manhattan) $2.4 $7.7mm 66% 1.24x Other $1.5 $8.9mm 65% 1.34x New Jersey $1.4 $3.8mm 62% 1.41x Florida & Alabama $1.2 $3.9mm 61% 1.45x Manhattan $0.8 $8.8mm 62% 1.24x Total $7.1bn $5.7mm 64% 1.34x Florida & Alabama 19% New Jersey 19% Other 24% New York (ex. Manhattan) 29% Manhattan 9% $7.1bn New York City by % Rent Regulated Units $3.1bn Multifamily Portfolio Detail 1 LTV based on most recent appraisal, seasoned on average 2.5 years; 3 DSCR calculated based on most recent financial information, typically received at least annually. Note: Co -Op LTV is approximately 12%. Sums may not total due to rounding. 30 Source- “CRE Portfolio Review 3.31.2026” 1

 

Granular & Diverse Office Portfolio Multi Tenant w/ Anchor $0.1 4% Multi Tenant $1.7 55% Single Tenant $0.9 29% Healthcare Office $0.4 12% Office Portfolio by Tenancy $3.0bn Office Portfolio by Geography ($bn) ~26% of Office Portfolio is Owner -Occupied. Florida & Alabama $1.1 36% New Jersey $0.8 27% Other $0.4 13% New York (ex. Manhattan) $0.5 17% Manhattan $0.2 7% 1 LTV based on most recent appraisal, seasoned on average 2.5 years; 2 DSCR calculated based on most recent financial information, typically received at least annually. Sums may not total due to rounding. 31 $3.0bn Source- “CRE Portfolio Review 3.31.2026” Geography Outstanding ($bn) Avg. Size ($mm) Wtd . Avg. LTV 1 Wtd . Avg. DSCR 2 Florida & Alabama $1.1 $1.7mm 58% 1.90x New Jersey $0.8 $2.6mm 66% 1.55x New York (ex. Manhattan) $0.5 $4.5mm 58% 1.72x Manhattan $0.2 $6.1mm 74% 2.14x Other $0.4 $7.3mm 73% 3.06x Total $3.0bn $3.5mm 63% 1.83x

 

Commercial Real Estate by Contractual Maturity ($mm) 1,408 881 937 576 518 870 3,696 3,742 3,076 3,206 2,066 6,778 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 2028 2029 2030 2031 2032 2033 + Wtd . Avg. 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 2028 2029 2030 2031 2032 2033 + LTV 2 61% 60% 64% 62% 54% 61% 63% 64% 54% 55% 47% 59% DSCR 3 1.52x 1.41x 1.58x 1.52x 1.57x 1.99x 1.65x 1.57x 1.69x 1.65x 1.65x 1.74x Borrower Contractual Rate 5.59% 5.12% 4.99% 5.51% 5.74% 5.97% 5.82% 5.52% 5.63% 5.25% 4.61% 5.61% 1 One Office loan for $25.8MM was moved to non -accrual; One Multifamily Residential loan for $6.8MM was modified; 2 LTV based on most recent appraisal, seasoned on average 2.5 years; 3 DSCR calculated based on most recent financial information, typically received at least annually. Current period includes sho rt-term roll -overs from prior periods. Sums may not total due to rounding.32 Outcome for Maturing CRE Loans in 2Q26 $mm Retained $1,082mm Paid Off & Left $341mm Modified & Other 1 $33mm Total $1,457mm CRE Maturity Details 6.30.26 & CRE Maturity Outcomes 6.30.26

 

$3,650 $3,574 $3,532 $3,545 $3,531 $3,541 $3,496 $3,620 $3,757 $2,212 $2,602 $3,370 $3,659 $3,896 $4,117 $4,202 $4,157 $4,292 $73 $77 $72 $74 $77 $78 $83 $84 $115 3.55% 3.77% 3.84% 3.95% 3.98% 4.02% 4.07% 4.09% 4.17% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 HTM AFS Equity & Trading Yield 12.2 % $ 7,781 $ 7,861 12.3% Securities Portfolio Detail ($mm) Securities as % of Total Assets Historical data from S&P Capital IQ, Current data from Workiva $ 5,936 $ 6,253 $ 6,973 $ 7,278 $ 7,505 $ 7,736 9.6 % 10.1 % 11.2 % 11.8 % 12.0 % 12.3 % 12.1 % 33 $8,164

 

June 30, March 31, June 30, December 31, December 31, December 31, ($ in thousands, except for share data) 2026 2026 2025 2025 2024 2023 Adjusted net income available to common shareholders (Non-GAAP): Net income, as reported (GAAP) $170,885 $163,913 $133,167 $597,983 $380,271 $498,511 Add: Restructuring charge (a) 2,513 5,689 800 5,284 2,039 9,969 Add: Loss on extinguishment of debt — — 922 922 — — Add: Net losses on the sale of commercial real estate loans (b) — — — — 13,660 — Add: Provision for credit losses for available for sale securities (c) — — — — — 5,000 Add: Merger related expenses (d) — — — — — 14,133 Less: Net gains on sales of office buildings (e) — — — — — (6,721) Add: Litigation reserve (f) 230 1,262 — 773 — 3,540 Add: (Gains) losses on available for sale and held to maturity securities transactions, net (g) — 10 — (17) 15 (401) Add: FDIC Special assessment (h) — — — (9,489) 8,757 50,297 Less: Litigation settlements (i) — — — — (7,334) — Less: Gains on sale of commercial premium finance lending division (e) — — — — (3,629) — Less: Income Tax Benefit (j) — — — (11,417) (46,431) — Total non-GAAP adjustments to net income 2,743 6,961 1,722 (13,944) (32,923) 75,817 Income tax adjustments related to non-GAAP adjustments (k) (782) (1,984) (474) 740 (3,789) (20,057) Net income, as adjusted (Non-GAAP) $172,846 $168,890 $134,415 $584,779 $343,559 $554,271 Dividends on preferred stock 7,316 7,217 6,948 28,981 21,369 16,135 Net income available to common shareholders, as adjusted (Non-GAAP) $165,530 $161,673 $127,467 $555,798 $322,190 $538,136 (a) Represents severance expense related to workforce reductions within salary and employee benefits expense. (b) Represents actual and mark to market losses on bulk performing commercial real estate loan sales included in gains (losses) on sale of loans, net. (c) Included in (credit) provision for credit losses for available for sale and held to maturity securities (tax disallowed). (d) Represents data processing termination costs within technology, furniture and equipment expense and severance within salary and employee benefits expense for the 2023 periods. (e) Included in (losses) gains on sales of assets, net within non-interest income. (f) Represents the change in legal reserves and settlement charges included in professional and legal fees. (g) Included in gains on securities transactions, net. (h) Included in FDIC insurance assessment. (i) Represents recoveries from legal settlements included in other income. (j) Represents the income tax benefit from the reudction in uncertain tax liability positions and accrued interest and penalties due to stature of limitation expirations included in income tax (benefit) expense. (k) Calculated using the appropriate blended statutory 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 $555,798 $322,190 $538,136 Average number of shares outstanding 553,740,562 555,777,748 560,336,610 559,637,823 515,755,365 507,532,365 Basic earnings, as adjusted (Non-GAAP) $0.30 $0.29 $0.23 $0.99 $0.62 $1.06 Average number of diluted shares outstanding 556,958,049 559,254,972 562,312,330 563,832,550 517,991,801 509,245,768 Diluted earnings, as adjusted (Non-GAAP) $0.30 $0.29 $0.23 $0.99 $0.62 $1.06 Adjusted annualized return on average tangible common shareholders' equity (Non-GAAP): Net income available to common shareholders, as adjusted (non-GAAP) $165,530 $161,673 $127,467 $555,798 $322,190 $538,136 Add: Amortization of other intangible assets (net of tax), other than loan servicing rights 4,247 4,746 5,120 20,878 22,210 25,393 Net income available to common shareholders excluding intangible amortization, as adjusted (non-GAAP) $169,777 $166,419 $132,587 $576,676 $344,400 $563,529 Average shareholders' equity 7,901,688 7,855,550 7,524,231 7,581,374 6,900,204 6,558,768 Less: Average preferred shareholders equity 354,345 354,345 354,345 354,345 268,622 209,691 Less: Average goodwill (net of deferred tax liability) 1,858,851 1,858,851 1,858,851 1,858,851 1,859,614 1,860,899 Less: Average intangible assets (net of deferred tax liability), other than loan servicing rights 51,387 57,080 69,367 72,951 94,807 119,456 Average tangible common shareholders' equity 5,637,105 5,585,274 5,240,905 5,295,227 4,677,161 4,368,722 Annualized return on average tangible shareholders' equity, as adjusted (Non-GAAP) 12.05% 11.92% 10.12% 10.89% 7.36% 12.90% Three Months Ended Years Ended Non -GAAP Reconciliations to GAAP Financial Measures 34

 

Non -GAAP Reconciliations to GAAP Financial Measures 35 June 30, March 31, June 30, December 31, December 31, December 31, ($ in thousands) 2026 2026 2025 2025 2024 2023 Adjusted annualized return on average assets (Non-GAAP): Net income, as adjusted (Non-GAAP) $172,846 $168,890 $134,415 $584,779 $343,559 $554,271 Average assets $65,584,823 $64,190,084 $62,106,945 $62,484,314 $61,973,902 $61,065,897 Annualized return on average assets, as adjusted (Non-GAAP) 1.05% 1.05% 0.87% 0.94% 0.55% 0.91% Adjusted annualized return on average shareholders' equity (Non-GAAP): Net income, as adjusted (Non-GAAP) $172,846 $168,890 $134,415 $584,779 $343,559 $554,271 Average shareholders' equity 7,901,688 7,855,550 7,524,231 7,581,374 6,900,204 6,558,768 Annualized return on average shareholders' equity, as adjusted (Non-GAAP) 8.75% 8.60% 7.15% 7.71% 4.98% 8.45% Annualized return on average tangible common shareholders' equity (Non-GAAP): Net income available to common shareholders $163,569 $156,696 $126,219 $569,002 $358,902 $482,376 Add: Amortization of other intangible assets (net of tax), other than loan servicing rights 4,247 4,746 5,120 20,878 22,210 25,393 Net income available to common shareholders excluding intangible amortization, (non-GAAP) $167,816 $161,442 $131,339 $589,880 $381,112 $507,769 Average tangible common shareholders' equity (non-GAAP) 5,637,105 5,585,274 5,240,905 5,295,227 4,677,161 4,368,722 Annualized return on average tangible common shareholders' equity, as adjusted (Non-GAAP) 11.91% 11.56% 10.02% 11.14% 8.15% 11.62% Efficiency ratio (Non-GAAP): Non-interest expense, as reported (GAAP) $311,123 $309,926 $284,122 $1,142,126 $1,105,860 $1,162,691 Less: Loss on extinguishment of debt (pre-tax) — — 922 922 — — Less: Restructuring charge (pre-tax) 2,513 5,689 800 5,284 2,039 9,969 Less: Amortization of tax credit investments (pre-tax) 16,157 16,014 9,134 41,792 18,946 18,009 Less: Litigation reserve (pre-tax) 230 1,262 — 773 — — Non-interest expense, as adjusted (Non-GAAP) $292,223 $286,961 $273,266 $1,102,844 $1,076,118 $1,066,743 Net interest income, as reported (GAAP) 487,024 471,525 432,408 1,763,644 1,628,708 1,665,478 Non-interest income, as reported (GAAP) 73,711 68,836 62,604 262,126 224,501 225,729 Less: (Gains) losses on available for sale and held to maturity securities transactions, net (pre-tax) — 10 — (17) 15 (401) Non-interest income, as adjusted (Non-GAAP) 73,711 68,846 62,604 262,109 227,213 218,607 Gross operating income, as adjusted (Non-GAAP) 560,735 540,371 495,012 2,025,753 1,855,921 1,884,085 Efficiency ratio (Non-GAAP) 52.11% 53.10% 55.20% 54.44% 57.98% 56.62% Annualized pre-provision net revenue / average assets Net interest income, as reported (GAAP) $487,024 $471,525 $432,408 $1,763,644 $1,628,708 $1,665,478 Non-interest income, as reported (GAAP) 73,711 68,836 62,604 262,126 224,501 225,729 Less: Non-interest expense, as reported (GAAP) 311,123 309,926 284,122 1,142,126 1,105,860 1,162,691 Pre-provision net revenue (GAAP) $249,612 $230,435 $210,890 $883,644 $747,349 $728,516 Average assets $65,584,823 $64,190,084 $62,106,945 $62,484,314 $61,973,902 $61,065,897 Annualized pre-provision net revenue / average assets (GAAP) 1.52% 1.44% 1.36% 1.41% 1.21% 1.19% Three Months Ended Years Ended

 

Non -GAAP Reconciliations to GAAP Financial Measures 36 June 30, March 31, June 30, ($ in thousands) 2026 2026 2025 Annualized non-interest expenses / average assets, as adjusted Non-interest expense, as adjusted (Non-GAAP) $292,223 $286,961 $273,266 Average assets $65,584,823 $64,190,084 $62,106,945 Annualized non-interest expenses / average assets, as adjusted 1.78% 1.79% 1.76% Three Months Ended June 30, March 31, June 30, December 31, December 31, December 31, ($ in thousands) 2026 2026 2025 2025 2024 2023 Annualized pre-provision net revenue / average assets, as adjusted Pre-provision net revenue (GAAP) $249,612 $230,435 $210,890 $883,644 $747,349 $728,516 Add: Loss on extinguishment of debt (pre-tax) — — $922 $922 — — Add: Restructuring charge (pre-tax) 2,513 5,689 800 5,284 2,039 9,969 Add: Amortization of tax credit investments (pre-tax) 16,157 16,014 9,134 41,792 18,946 18,009 Add: Litigation reserve (pre-tax) 230 1,262 — 773 — 3,540 Add: Losses (gains) on available for sale and held to maturity securities transactions, net (pre-tax) — 10 — (17) 15 (401) Pre-provision net revenue, as adjusted (Non-GAAP) 268,512 253,410 221,746 922,909 779,803 817,342 Average assets $65,584,823 $64,190,084 $62,106,945 $62,484,314 $61,973,902 $61,065,897 Annualized pre-provision net revenue / average assets, as adjusted (Non-GAAP) 1.64% 1.58% 1.43% 1.48% 1.26% 1.34% Three Months Ended Years Ended June 30, March 31, December 31, September 30, June 30, December 31, ($ in thousands, except for share data) 2026 2026 2025 2025 2025 2017 Tangible book value per common share (Non-GAAP): Common shares outstanding 553,069,100 554,316,876 556,618,021 560,784,352 560,281,821 264,468,851 Shareholders' equity (GAAP) $7,917,144 $7,828,443 $7,807,698 $7,695,374 $7,575,421 $2,533,165 Less: Preferred Stock 354,345 354,345 354,345 354,345 354,345 209,691 Less: Goodwill and other intangible assets 1,958,135 1,963,706 1,969,811 1,976,594 1,983,515 733,144 Tangible common shareholders' equity (Non-GAAP) $5,604,664 $5,510,392 $5,483,542 $5,364,435 $5,237,561 $1,590,330 Tangible book value per common share (Non-GAAP): $10.13 $9.94 $9.85 $9.57 $9.35 $6.01 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 $1,590,330 Total assets (GAAP) 66,318,308 64,466,585 64,132,725 63,018,614 62,705,358 24,002,306 Less: Goodwill and other intangible assets 1,958,135 1,963,706 1,969,811 1,976,594 1,983,515 733,144 Tangible assets (Non-GAAP) 64,360,173 62,502,879 62,162,914 61,042,020 60,721,843 $23,269,162 Tangible common equity to tangible assets (Non-GAAP) 8.71% 8.82% 8.82% 8.79% 8.63% 6.83% As of

 

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