Valley National Bancorp Announces First Quarter 2025 Results

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Insights

Valley National shows improved fundamentals with deposit transformation, better credit metrics, and strategic loan portfolio rebalancing despite sequential earnings decline.

Valley National Bancorp's Q1 2025 results reveal significant fundamental improvements despite a modest sequential decline in headline numbers. Net income reached $106.1 million ($0.18 per share), down from $115.7 million in Q4 2024 but up 10.2% year-over-year. Notably, on an adjusted basis (excluding non-core items), earnings actually increased 40.2% from $75.7 million in Q4 2024 to $106.1 million this quarter.

The bank's deposit transformation strategy is yielding tangible benefits. Non-interest bearing deposits increased by $199.9 million to $11.6 billion, while the bank successfully reduced expensive indirect deposits by $726.5 million. This strategic shift improved net interest margin to 2.96% (up 4 basis points) and helped reduce quarterly interest expense by $47.2 million.

Credit quality metrics show comprehensive improvement across multiple dimensions. Non-accrual loans decreased to 0.71% of total loans (from 0.74%), past due loans dropped significantly to 0.11% (from 0.20%), and net charge-offs declined to $41.9 million (from $98.3 million). The provision for loan losses of $62.7 million marks the lowest level in four quarters.

The loan portfolio is being strategically rebalanced to reduce concentration risk. Commercial real estate decreased by $530.4 million, reducing the CRE concentration ratio to 353% from 362%. Meanwhile, commercial and industrial loans grew 8.8% annualized and auto loans expanded a robust 29.5% annualized, demonstrating targeted growth in diversified lending segments.

Operational efficiency continues to improve with the efficiency ratio strengthening to 55.87% from 57.21% in Q4 2024 and 59.10% a year ago. This progress across funding, credit metrics, and operational efficiency points to fundamental improvements in the bank's business model that should create sustainable value if maintained.

04/24/2025 - 07:00 AM

NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the first quarter 2025 of $106.1 million, or $0.18 per diluted common share, as compared to the fourth quarter 2024 net income of $115.7 million, or $0.20 per diluted common share, and net income of $96.3 million, or $0.18 per diluted common share, for the first quarter 2024. Excluding all non-core income and charges, our adjusted net income (a non-GAAP measure) was $106.1 million, or $0.18 per diluted common share, for the first quarter 2025, $75.7 million, or $0.13 per diluted common share, for the fourth quarter 2024, and $99.4 million, or $0.19 per diluted common share, for the first quarter 2024. See further details below, including a reconciliation of our non-GAAP adjusted net income, in the "Consolidated Financial Highlights" tables.

Ira Robbins, CEO, commented, "The first quarter was highlighted by the continued improvement in our funding base. Core deposit growth has enabled us to further reduce our reliance on indirect deposits which benefited our revenue and net interest margin. We anticipate that additional core deposit growth will create a sustainable tailwind despite the volatility in the current operating environment.”

Mr. Robbins continued, “I am generally pleased with the quarter’s results from a credit perspective. The provision for loan losses for the first quarter was at the lowest point in the last four quarters, and we anticipate further improvement throughout the remainder of the year. Non-accrual loans and early stage delinquencies also improved sequentially, and we believe our allowance coverage to total loans is at a comfortable level as of March 31, 2025. We remain on track to achieve our profitability goals for the year as we continue to benefit from the net interest income and credit cost tailwinds that we have discussed previously.”

Key financial highlights for the first quarter 2025:

Net Interest Income and Margin: Our net interest margin on a tax equivalent basis increased by 4 basis points to 2.96 percent in the first quarter 2025 as compared to 2.92 percent for the fourth quarter 2024. Net interest income on a tax equivalent basis of $421.4 million for the first quarter 2025 decreased $2.9 million compared to the fourth quarter 2024 and increased $26.5 million as compared to the first quarter 2024. The moderate decrease in net interest income from the fourth quarter 2024 was due to the impact of two less days during the first quarter 2025. See additional details in the "Net Interest Income and Margin" section below.
Loan Portfolio: Total loans decreased $142.6 million, or 1.2 percent on an annualized basis, to $48.7 billion at March 31, 2025 from December 31, 2024 mostly due to normal repayment activity and selective originations within the commercial real estate (CRE) portfolio. As a result, our CRE loan concentration ratio (defined as total commercial real estate loans held for investment and held for sale, excluding owner occupied loans, as a percentage of total risk-based capital) declined to approximately 353 percent at March 31, 2025 from 362 percent at December 31, 2024. Partially offsetting the lower CRE loan balances, commercial and industrial (C&I) and automobile loans grew by $218.8 million and $140.2 million, respectively, at March 31, 2025 from December 31, 2024. Auto loan originations resulting from high quality consumer demand remained strong during the first quarter 2025. See the "Loans" section below for more details.
Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $594.1 million and $573.3 million at March 31, 2025 and December 31, 2024, respectively, representing 1.22 percent and 1.17 percent of total loans at each respective date. During the first quarter 2025, we recorded a provision for credit losses for loans of $62.7 million as compared to $107.0 million and $45.3 million for the fourth quarter 2024 and first quarter 2024, respectively. See the "Credit Quality" section below for more details.
Credit Quality: Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) decreased $47.5 million to $51.7 million, or 0.11 percent of total loans, at March 31, 2025 as compared to $99.2 million, or 0.20 percent of total loans, at December 31, 2024. Non-accrual loans totaled $346.5 million, or 0.71 percent of total loans, at March 31, 2025 as compared to $359.5 million, or 0.74 percent of total loans, at December 31, 2024. Net loan charge-offs totaled $41.9 million for the first quarter 2025 as compared to $98.3 million and $23.6 million for the fourth quarter 2024 and first quarter 2024, respectively. See the "Credit Quality" section below for more details.
Deposits: Non-interest bearing deposits increased $199.9 million to $11.6 billion at March 31, 2025 from December 31, 2024 largely due to higher inflows of commercial customer deposits during the first quarter 2025. Savings, NOW, and money market deposits increased $108.6 million to $26.4 billion at March 31, 2025 from December 31, 2024 mostly due to new deposits from our online savings deposit product offerings. Total actual deposit balances decreased $110.0 million to $50.0 billion at March 31, 2025 as compared to $50.1 billion at December 31, 2024 as the increases in our direct customer deposits were offset by a $726.5 million decrease in indirect customer deposits (consisting largely of brokered CDs) during the first quarter 2025. See the "Deposits" section below for more details.
Non-Interest Income: Non-interest income increased $7.1 million to $58.3 million for the first quarter 2025 as compared to the fourth quarter 2024. The increase reflected net gains on sales of loans of $2.2 million for the first quarter 2025 as compared to net losses of $4.7 million for the fourth quarter 2024, which included $7.9 million of losses related to the sale of performing CRE loans.
Non-Interest Expense: Non-interest expense decreased $2.0 million to $276.6 million for the first quarter 2025 as compared to the fourth quarter 2024 largely due to decreases of $6.1 million in professional and legal expenses; and $5.6 million in technology, furniture and equipment expense, partially offset by higher amortization of tax credit investments and the normal seasonal increases in salary and employee benefits expense related to payroll taxes during the first quarter 2025. The decreases in professional and technology-related expenses were mostly due to elevated fourth quarter 2024 expenses resulting from transformation and enhancement efforts in our bank operations.
Income Tax Expense: Income tax expense was $33.1 million for the first quarter 2025 as compared to an income tax benefit of $26.7 million for the fourth quarter 2024, which reflected a $46.4 million total reduction in uncertain tax liability positions and related accrued interest due to statute of limitation expirations. Our effective tax rate was 23.8 percent for the first quarter 2025 compared to a negative 29.9 percent for the fourth quarter 2024.
Efficiency Ratio: Our efficiency ratio was 55.87 percent for the first quarter 2025 as compared to 57.21 percent and 59.10 percent for the fourth quarter 2024 and first quarter 2024, 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 ROE were 0.69 percent, 5.69 percent and 7.76 percent for the first quarter 2025, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.

Net Interest Income and Margin

Net interest income on a tax equivalent basis of $421.4 million for the first quarter 2025 decreased $2.9 million compared to the fourth quarter 2024 and increased $26.5 million as compared to the first quarter 2024. Interest income on a tax equivalent basis decreased $50.1 million to $786.0 million for the first quarter 2025 as compared to the fourth quarter 2024. The decrease was mostly driven by the impact of (i) two less days in the first quarter 2025, (ii) the bulk sale of certain performing CRE loans during the fourth quarter 2024, and (iii) downward repricing on adjustable rate loans. Total interest expense decreased $47.2 million to $364.6 million for the first quarter 2025 as compared to the fourth quarter 2024 mainly due to (i) the aforementioned reduction in day count, (ii) a $2.0 billion decrease in average time deposit balances (primarily related to the maturity and repayment of higher cost indirect customer CDs), and (iii) lower interest rates on many interest bearing deposit products in the first quarter 2025. See the "Deposits" and "Other Borrowings" sections below for more details.

Net interest margin on a tax equivalent basis of 2.96 percent for the first quarter 2025 increased by 4 basis points from 2.92 percent for the fourth quarter 2024 and increased 17 basis points from 2.79 percent for the first quarter 2024. The increase as compared to the fourth quarter 2024 was mostly due to the 29 basis point decline in our cost of total average deposits, largely offset by the lower yield on average interest earning assets. The yield on average interest earning assets decreased by 22 basis points to 5.53 percent on a linked quarter basis largely due to downward repricing of our adjustable rate loans and two less days in the first quarter 2025, partially offset by higher yielding investment purchases. The overall cost of average interest bearing liabilities decreased 31 basis points to 3.54 percent for the first quarter 2025 as compared to the fourth quarter 2024 largely due to a decrease in higher cost time deposits and lower interest rates on most deposit products. Our cost of total average deposits was 2.65 percent for the first quarter 2025 as compared to 2.94 percent and 3.16 percent for the fourth quarter 2024 and the first quarter 2024, respectively.

Loans, Deposits and Other Borrowings

Loans. Total loans decreased $142.6 million, or 1.2 percent on an annualized basis, to $48.7 billion at March 31, 2025 from December 31, 2024. Total CRE (including construction) loans decreased $530.4 million to $29.1 billion at March 31, 2025 from December 31, 2024. The decrease was largely driven by repayment activity and continued selective origination activity within the CRE portfolio. Additionally, construction loans decreased $87.8 million to $3.0 billion at March 31, 2025 from December 31, 2024 mainly due to the migration of completed projects to permanent financing within the multifamily loan category during the first quarter 2025 and a non-performing loan totaling $10.2 million, net of $638 thousand of charge-offs, transferred to loans held for sale at March 31, 2025, partially offset by new advances. As a result of the completed construction projects, multifamily loans increased $121.1 million to $8.4 billion at March 31, 2025 from December 31, 2024. C&I loans grew by $218.8 million, or 8.8 percent on an annualized basis, to $10.2 billion at March 31, 2025 from December 31, 2024 largely due to our continued strategic focus on growth within this category. Automobile loans increased by $140.2 million, or 29.5 percent on an annualized basis, to $2.0 billion at March 31, 2025 from December 31, 2024 mainly due to high quality consumer demand generated by our indirect auto dealer network and low prepayment activity within the portfolio.

Deposits. Actual ending balances for deposits decreased $110.0 million to $50.0 billion at March 31, 2025 from December 31, 2024 mainly due to a $418.5 million decrease in time deposits, partially offset by increases of $199.9 million and $108.6 million in non-interest bearing deposits and savings, NOW and money market deposits, respectively. The decrease in time deposit balances was mainly driven by a decline of approximately $661 million in indirect (i.e., brokered) customer CDs, partially offset by deposit inflows from new retail CD offerings during the first quarter 2025. The increase in non-interest bearing was mostly due to higher commercial customer deposit inflows late in the first quarter 2025. Savings, NOW and money market deposit balances increased at March 31, 2025 from December 31, 2024 largely due to new deposits from our online savings deposit product offerings, partially offset by lower governmental deposits account balances. Total indirect customer deposits (including both brokered money market and time deposits) totaled $6.3 billion and $7.0 billion in March 31, 2025 and December 31, 2024, 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 as of March 31, 2025, respectively, as compared to 23 percent, 52 percent and 25 percent of total deposits as of December 31, 2024, respectively.

Other Borrowings. Short-term borrowings, consisting of securities sold under agreements to repurchase, decreased $13.7 million to $59.0 million at March 31, 2025 from December 31, 2024. Long-term borrowings totaled $2.9 billion at March 31, 2025 and decreased $269.6 million as compared to December 31, 2024 due to the maturity and repayment of certain FHLB advances.

Credit Quality

Non-Performing Assets (NPAs). Total NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, decreased $17.1 million to $356.2 million at March 31, 2025 as compared to December 31, 2024. Non-accrual loans decreased $13.0 million to $346.5 million at March 31, 2025 as compared to $359.5 million at December 31, 2024 largely driven by partial charge-offs of two non-performing C&I loan relationships during the first quarter 2025, partially offset by a moderate increase in non-performing CRE loans at March 31, 2025. Non-accrual loans represented 0.71 percent of total loans at March 31, 2025 as compared to 0.74 percent of total loans at December 31, 2024. OREO decreased $4.4 million to $7.7 million at March 31, 2025 from December 31, 2024 mostly due to the sale of one CRE property, which resulted in a $2.9 million loss for the first quarter 2025.

Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) decreased $47.5 million to $51.7 million, or 0.11 percent of total loans, at March 31, 2025 as compared to $99.2 million, or 0.20 percent of total loans, at December 31, 2024.

Loans 30 to 59 days past due decreased $23.7 million to $33.4 million at March 31, 2025 as compared to December 31, 2024 largely due to a previously reported delinquent CRE loan totaling $15.4 million that was current to its contractual payments at March 31, 2025, as well as a general improvement in residential mortgage loan delinquencies in this category. Loans 60 to 89 days past due decreased $25.6 million to $10.5 million at March 31, 2025 as compared to December 31, 2024 mostly due to the renewal of an $18.6 million matured performing CRE loan reported in this delinquency category at December 31, 2024 and two CRE loans totaling $6.9 million that were reclassified to the non-accrual category during the first quarter 2025. Loans 90 days or more past due and still accruing interest increased $1.9 million to $7.8 million at March 31, 2025 as compared to December 31, 2024 mainly due to an increase in residential mortgage loans delinquencies. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.

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

	March 31, 2025				December 31, 2024				March 31, 2024
			Allocation				Allocation				Allocation
			as a % of				as a % of				as a % of
	Allowance		Loan		Allowance		Loan		Allowance		Loan
	Allocation		Category		Allocation		Category		Allocation		Category
	($ in thousands)
Loan Category:
Commercial and industrial loans	$	184,700	1.82	%	$	173,002	1.74	%	$	138,593	1.52	%
Commercial real estate loans:
Commercial real estate		266,938	1.02			251,351	0.95			209,355	0.74
Construction		54,724	1.81			52,797	1.70			56,492	1.59
Total commercial real estate loans		321,662	1.10			304,148	1.03			265,847	0.84
Residential mortgage loans		48,906	0.87			58,895	1.05			44,377	0.79
Consumer loans:
Home equity		3,401	0.56			3,379	0.56			2,809	0.50
Auto and other consumer		19,531	0.62			19,426	0.65			17,622	0.60
Total consumer loans		22,932	0.61			22,805	0.64			20,431	0.58
Allowance for loan losses		578,200	1.19			558,850	1.15			469,248	0.94
Allowance for unfunded credit commitments		15,854				14,478				18,021
Total allowance for credit losses for loans	$	594,054			$	573,328			$	487,269
Allowance for credit losses for loans as a % total of loans			1.22	%			1.17	%			0.98	%

Our loan portfolio, totaling $48.7 billion at March 31, 2025, had net loan charge-offs totaling $41.9 million for the first quarter 2025 as compared to $98.3 million and $23.6 million for the fourth quarter 2024 and the first quarter 2024, respectively. Gross loan charge-offs totaled $44.0 million for the first quarter 2025 and included $24.1 million of partial and full charge-offs related to two non-performing C&I loan relationships with combined specific reserves of $16.0 million at December 31, 2024.

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 1.22 percent at March 31, 2025, 1.17 percent at December 31, 2024, and 0.98 percent at March 31, 2024. For the first quarter 2025, the provision for credit losses for loans totaled $62.7 million as compared to $107.0 million and $45.3 million for the fourth quarter 2024 and first quarter 2024, respectively. The first quarter 2025 provision reflects, among other factors, the impact of loan charge-offs, increased quantitative reserves and continued growth in the C&I loan portfolio, partially offset by a decrease in specific reserves associated with collateral dependent loans at March 31, 2025.

Capital Adequacy

Valley's total risk-based capital, Tier 1 capital, common equity Tier 1 capital, and Tier 1 leverage capital ratios were 13.91 percent, 11.53 percent, 10.80 percent and 9.41 percent, respectively, at March 31, 2025 as compared to 13.87 percent, 11.55 percent, 10.82 percent and 9.16 percent, respectively, at December 31, 2024.

Investor Conference Call

Valley’s CEO, Ira Robbins, will host a conference call with investors and the financial community at 11:00 AM (ET) today to discuss Valley's first quarter 2025 earnings. Interested parties should preregister using this link: https://register.vevent.com/register to receive the dial-in number and a personal PIN, which are required to access the conference call. The teleconference will also be webcast live: https://edge.media-server.com and archived on Valley’s website through Monday, May 26, 2025. Investor presentation materials will be made available prior to the conference call at valley.com.

About Valley

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $62 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to valley.com or call our Customer Care Center at 800-522-4100.

Forward-Looking Statements

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

the impact of market interest rates and monetary and fiscal policies of the U.S. federal government and its agencies in connection with prolonged inflationary pressures, which could have a material adverse effect on our clients, our business, our employees, and our ability to provide services to our customers;
the impact of unfavorable macroeconomic conditions or downturns, including instability or volatility in financial markets resulting from the impact of tariffs, any retaliatory actions, related market uncertainty, or other factors; debt default or rating downgrade; unanticipated loan delinquencies; loss of collateral; decreased service revenues; increased business disruptions or failures; reductions in employment; and other potential negative effects on our business, employees or clients caused by factors outside of our control, such as legislation and policy changes under the new U.S. presidential administration, geopolitical instabilities or events, natural and other disasters, including severe weather events, health emergencies, acts of terrorism, or other external events;
the impact of any potential instability within the U.S. financial sector or future bank failures, including the possibility of a run on deposits by a coordinated deposit base, and the impact of the actual or perceived soundness, or concerns about the creditworthiness, of other financial institutions, including any resulting disruption within the financial markets, increased expenses, including Federal Deposit Insurance Corporation insurance assessments, or adverse impact on our stock price, deposits or our ability to borrow or raise capital;
the impact of negative public opinion regarding Valley or banks in general that damages our reputation and adversely impacts business and revenues;
changes in the statutes, regulations, policies, or enforcement priorities of the federal bank regulatory agencies;
the loss of or decrease in lower-cost funding sources within our deposit base;
damage verdicts or settlements or restrictions related to existing or potential class action litigation or individual litigation arising from claims of violations of laws or regulations, contractual claims, breach of fiduciary responsibility, negligence, fraud, environmental laws, patent, trademark or other intellectual property infringement, misappropriation or other violation, employment related claims, and other matters;
a prolonged downturn and contraction in the economy, as well as an unexpected decline in commercial real estate values collateralizing a significant portion of our loan portfolio;
higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations, and case law;
the inability to grow customer deposits to keep pace with the level of loan growth;
a material change in our allowance for credit losses under CECL due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios;
the need to supplement debt or equity capital to maintain or exceed internal capital thresholds;
changes in our business, strategy, market conditions or other factors that may negatively impact the estimated fair value of our goodwill and other intangible assets and result in future impairment charges;
greater than expected technology-related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations;
increased competitive challenges, including our ability to stay current with rapid technological changes in the financial services industry;
cyberattacks, ransomware attacks, computer viruses, malware or other cybersecurity incidents that may breach the security of our websites or other systems or networks to obtain unauthorized access to personal, confidential, proprietary or sensitive information, destroy data, disable or degrade service, or sabotage our systems or networks, and the increasing sophistication of such attacks;
results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank, the Consumer Financial Protection Bureau (CFPB) and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities;
application of the OCC heightened regulatory standards for certain large insured national banks, and the expenses we will incur to develop policies, programs, and systems that comply with the enhanced standards applicable to us;
our inability or determination not to pay dividends at current levels, or at all, because of inadequate earnings, regulatory restrictions or limitations, changes in our capital requirements, or a decision to increase capital by retaining more earnings;
unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather, pandemics or other public health crises, acts of terrorism or other external events;
our ability to successfully execute our business plan and strategic initiatives; and
unexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, risk mitigation strategies, changes in regulatory lending guidance or other factors.

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

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

-Tables to Follow-

VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS

SELECTED FINANCIAL DATA

	Three Months Ended
	March 31,			December 31,			March 31,
($ in thousands, except for share data and stock price)	2025			2024			2024
FINANCIAL DATA:
Net interest income - FTE ⁽¹⁾	$	421,378		$	424,277		$	394,847
Net interest income	$	420,105		$	422,977		$	393,548
Non-interest income		58,294			51,202			61,415
Total revenue		478,399			474,179			454,963
Non-interest expense		276,618			278,582			280,310
Pre-provision net revenue		201,781			195,597			174,653
Provision for credit losses		62,661			106,536			45,200
Income tax expense (benefit)		33,062			(26,650	)		33,173
Net income		106,058			115,711			96,280
Dividends on preferred stock		6,955			7,025			4,119
Net income available to common shareholders	$	99,103		$	108,686		$	92,161
Weighted average number of common shares outstanding:
Basic		559,613,272			536,159,463			508,340,719
Diluted		563,305,525			540,087,600			510,633,945
Per common share data:
Basic earnings	$	0.18		$	0.20		$	0.18
Diluted earnings		0.18			0.20			0.18
Cash dividends declared		0.11			0.11			0.11
Closing stock price - high		10.42			10.78			10.80
Closing stock price - low		8.56			8.70			7.43
FINANCIAL RATIOS:
Net interest margin		2.95	%		2.91	%		2.78	%
Net interest margin - FTE ⁽¹⁾		2.96			2.92			2.79
Annualized return on average assets		0.69			0.74			0.63
Annualized return on avg. shareholders' equity		5.69			6.38			5.73
NON-GAAP FINANCIAL DATA AND RATIOS: ⁽²⁾
Basic earnings per share, as adjusted	$	0.18		$	0.13		$	0.19
Diluted earnings per share, as adjusted		0.18			0.13			0.19
Annualized return on average assets, as adjusted		0.69	%		0.48	%		0.65	%
Annualized return on average shareholders' equity, as adjusted		5.69			4.17			5.91
Annualized return on avg. tangible shareholders' equity		7.76			8.81			8.19
Annualized return on average tangible shareholders' equity, as adjusted		7.76			5.76			8.46
Efficiency ratio		55.87			57.21			59.10

AVERAGE BALANCE SHEET ITEMS:
Assets	$	61,502,768		$	62,865,338		$	61,256,868
Interest earning assets		56,891,691			58,214,783			56,618,797
Loans		48,654,921			49,730,130			50,246,591
Interest bearing liabilities		41,230,709			42,765,949			41,556,588
Deposits		49,139,303			50,726,080			48,575,974
Shareholders' equity		7,458,177			7,255,159			6,725,695

	As Of
BALANCE SHEET ITEMS:	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)	2025			2024			2024			2024			2024
Assets	$	61,865,655		$	62,491,691		$	62,092,332		$	62,058,974		$	61,000,188
Total loans		48,657,128			48,799,711			49,355,319			50,311,702			49,922,042
Deposits		49,965,844			50,075,857			50,395,966			50,112,177			49,077,946
Shareholders' equity		7,499,897			7,435,127			6,972,380			6,737,737			6,727,139

LOANS:
(In thousands)
Commercial and industrial	$	10,150,205		$	9,931,400		$	9,799,287		$	9,479,147		$	9,104,193
Commercial real estate:
Non-owner occupied		11,945,222			12,344,355			12,647,649			13,710,015			14,962,851
Multifamily		8,420,385			8,299,250			8,612,936			8,976,264			8,818,263
Owner occupied		5,722,014			5,886,620			5,654,147			5,536,844			4,367,839
Construction		3,026,935			3,114,733			3,487,464			3,545,723			3,556,511
Total commercial real estate		29,114,556			29,644,958			30,402,196			31,768,846			31,705,464
Residential mortgage		5,636,407			5,632,516			5,684,079			5,627,113			5,618,355
Consumer:
Home equity		602,161			604,433			581,181			566,467			564,083
Automobile		2,041,227			1,901,065			1,823,738			1,762,852			1,700,508
Other consumer		1,112,572			1,085,339			1,064,838			1,107,277			1,229,439
Total consumer loans		3,755,960			3,590,837			3,469,757			3,436,596			3,494,030
Total loans	$	48,657,128		$	48,799,711		$	49,355,319		$	50,311,702		$	49,922,042

CAPITAL RATIOS:
Book value per common share	$	12.76		$	12.67		$	13.00		$	12.82		$	12.81
Tangible book value per common share ⁽²⁾		9.21			9.10			9.06			8.87			8.84
Tangible common equity to tangible assets ⁽²⁾		8.61	%		8.40	%		7.68	%		7.52	%		7.62	%
Tier 1 leverage capital		9.41			9.16			8.40			8.19			8.20
Common equity tier 1 capital		10.80			10.82			9.57			9.55			9.34
Tier 1 risk-based capital		11.53			11.55			10.29			9.98			9.78
Total risk-based capital		13.91			13.87			12.56			12.17			11.88

	Three Months Ended
ALLOWANCE FOR CREDIT LOSSES:	March 31,			December 31,			March 31,
($ in thousands)	2025			2024			2024
Allowance for credit losses for loans
Beginning balance - Allowance for credit losses for loans	$	573,328		$	564,671		$	465,550
Loans charged-off:
Commercial and industrial		(28,456	)		(31,784	)		(14,293	)
Commercial real estate		(12,260	)		(69,218	)		(1,204	)
Construction		(1,163	)		—			(7,594	)
Residential mortgage		—			(29	)		—
Total consumer		(2,140	)		(2,621	)		(1,809	)
Total loans charged-off		(44,019	)		(103,652	)		(24,900	)
Charged-off loans recovered:
Commercial and industrial		810			1,452			682
Commercial real estate		249			3,138			241
Residential mortgage		168			81			25
Total consumer		843			673			397
Total loans recovered		2,070			5,344			1,345
Total net charge-offs		(41,949	)		(98,308	)		(23,555	)
Provision for credit losses for loans		62,675			106,965			45,274
Ending balance	$	594,054		$	573,328		$	487,269
Components of allowance for credit losses for loans:
Allowance for loan losses	$	578,200		$	558,850		$	469,248
Allowance for unfunded credit commitments		15,854			14,478			18,021
Allowance for credit losses for loans	$	594,054		$	573,328		$	487,269
Components of provision for credit losses for loans:
Provision for credit losses for loans	$	61,299		$	108,831		$	46,723
Provision (credit) for unfunded credit commitments		1,376			(1,866	)		(1,449	)
Total provision for credit losses for loans	$	62,675		$	106,965		$	45,274
Annualized ratio of total net charge-offs to total average loans		0.34	%		0.79	%		0.19	%
Allowance for credit losses for loans as a % of total loans		1.22	%		1.17	%		0.98	%

	As Of
ASSET QUALITY:	March 31,			December 31,			September 30,			June 30,			March 31,
($ in thousands)	2025			2024			2024			2024			2024
Accruing past due loans:
30 to 59 days past due:
Commercial and industrial	$	3,609		$	2,389		$	4,537		$	5,086		$	6,202
Commercial real estate		170			20,902			76,370			1,879			5,791
Residential mortgage		16,747			21,295			19,549			17,389			20,819
Total consumer		12,887			12,552			14,672			21,639			14,032
Total 30 to 59 days past due		33,413			57,138			115,128			45,993			46,844
60 to 89 days past due:
Commercial and industrial		420			1,007			1,238			1,621			2,665
Commercial real estate		—			24,903			43,926			—			3,720
Residential mortgage		7,700			5,773			6,892			6,632			5,970
Total consumer		2,408			4,484			2,732			3,671			1,834
Total 60 to 89 days past due		10,528			36,167			54,788			11,924			14,189
90 or more days past due:
Commercial and industrial		—			1,307			1,786			2,739			5,750
Commercial real estate		—			—			—			4,242			—
Construction		—			—			—			3,990			3,990
Residential mortgage		6,892			3,533			1,931			2,609			2,884
Total consumer		864			1,049			1,063			898			731
Total 90 or more days past due		7,756			5,889			4,780			14,478			13,355
Total accruing past due loans	$	51,697		$	99,194		$	174,696		$	72,395		$	74,388
Non-accrual loans:
Commercial and industrial	$	110,146		$	136,675		$	120,575		$	102,942		$	102,399
Commercial real estate		172,011			157,231			113,752			123,011			100,052
Construction		24,275			24,591			24,657			45,380			51,842
Residential mortgage		35,393			36,786			33,075			28,322			28,561
Total consumer		4,626			4,215			4,260			3,624			4,438
Total non-accrual loans		346,451			359,498			296,319			303,279			287,292
Other real estate owned (OREO)		7,714			12,150			7,172			8,059			88
Other repossessed assets		2,054			1,681			1,611			1,607			1,393
Total non-performing assets	$	356,219		$	373,329		$	305,102		$	312,945		$	288,773
Total non-accrual loans as a % of loans		0.71	%		0.74	%		0.60	%		0.60	%		0.58	%
Total accruing past due and non-accrual loans as a % of loans		0.82			0.94	%		0.95	%		0.75	%		0.72	%
Allowance for losses on loans as a % of non-accrual loans		166.89			155.45	%		185.05	%		171.23	%		163.33	%

NOTES TO SELECTED FINANCIAL DATA

(1)		Net interest income and net interest margin are presented on a tax equivalent basis using a 21 percent federal tax rate. Valley believes that this presentation provides comparability of net interest income and net interest margin arising from both taxable and tax-exempt sources and is consistent with industry practice and SEC rules.
(2)		Non-GAAP Reconciliations. This press release contains certain supplemental financial information, described in the Notes below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles ("GAAP") that management uses in its analysis of Valley's performance. The Company believes that the non-GAAP financial measures provide useful supplemental information to both management and investors in understanding Valley’s underlying operational performance, business and performance trends, and may facilitate comparisons of our current and prior performance with the performance of others in the financial services industry. Management utilizes these measures for internal planning, forecasting and analysis purposes. Management believes that Valley’s presentation and discussion of this supplemental information, together with the accompanying reconciliations to the GAAP financial measures, also allows investors to view performance in a manner similar to management. These non-GAAP financial measures should not be considered in isolation or as a substitute for or superior to financial measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures may also be calculated differently from similar measures disclosed by other companies.

Non-GAAP Reconciliations to GAAP Financial Measures

	Three Months Ended
	March 31,			December 31,			March 31,
($ in thousands, except for share data)	2025			2024			2024
Adjusted net income available to common shareholders (non-GAAP):
Net income, as reported (GAAP)	$	106,058		$	115,711		$	96,280
Add: FDIC special assessment ^(a)		—			—			7,394
Add: Losses on available for sale and held to maturity debt securities, net ^(b)		11			3			7
Add: Restructuring charge^(c)		—			1,085			620
Add: Net losses on the sale of commercial real estate loans ^(d)		—			7,866			—
Less: Gain on sale of commercial premium finance lending division ^(e)		—			—			(3,629	)
Less: Income tax benefit ^(f)		—			(46,431	)		—
Total non-GAAP adjustments to net income		11			(37,477	)		4,392
Income tax adjustments related to non-GAAP adjustments ^(g)		(3	)		(2,520	)		(1,224	)
Net income, as adjusted (non-GAAP)	$	106,066		$	75,714		$	99,448
Dividends on preferred stock		6,955			7,025			4,119
Net income available to common shareholders, as adjusted (non-GAAP)	$	99,111		$	68,689		$	95,329

(a) Included in the FDIC insurance assessment.
(b) Included in gains on securities transactions, net.
(c) Represents severance expense related to workforce reductions within salary and employee benefits expense.
(d) Represents actual and mark to market losses on commercial real estate loan sales included in gains (losses) on sales of loans, net.
(e) Included in gains (losses) on sales of assets, net within non-interest income.
(f) Represents the income tax benefit from the reduction in uncertain tax liability positions and accrued interest due to statute of limitation expirations included in income tax expense (benefit).
(g) Calculated using the appropriate blended statutory tax rate for the applicable period.

Adjusted per common share data (non-GAAP):
Net income available to common shareholders, as adjusted (non-GAAP)	$	99,111		$	68,689		$	95,329
Average number of shares outstanding		559,613,272			536,159,463			508,340,719
Basic earnings, as adjusted (non-GAAP)	$	0.18		$	0.13		$	0.19
Average number of diluted shares outstanding		563,305,525			540,087,600			510,633,945
Diluted earnings, as adjusted (non-GAAP)	$	0.18		$	0.13		$	0.19
Adjusted annualized return on average tangible shareholders' equity (non-GAAP):
Net income, as adjusted (non-GAAP)	$	106,066		$	75,714		$	99,448
Average shareholders' equity	$	7,458,177		$	7,255,159		$	6,725,695
Less: Average goodwill and other intangible assets		1,994,061			2,000,574			2,024,999
Average tangible shareholders' equity	$	5,464,116		$	5,254,585		$	4,700,696
Annualized return on average tangible shareholders' equity, as adjusted (non-GAAP)		7.76	%		5.76	%		8.46	%
Adjusted annualized return on average assets (non-GAAP):
Net income, as adjusted (non-GAAP)	$	106,066		$	75,714		$	99,448
Average assets	$	61,502,768		$	62,865,338		$	61,256,868
Annualized return on average assets, as adjusted (non-GAAP)		0.69	%		0.48	%		0.65	%

Non-GAAP Reconciliations to GAAP Financial Measures (Continued)

	Three Months Ended
	March 31,			December 31,			March 31,
($ in thousands, except for share data)	2025			2024			2024
Adjusted annualized return on average shareholders' equity (non-GAAP):
Net income, as adjusted (non-GAAP)	$	106,066		$	75,714		$	99,448
Average shareholders' equity	$	7,458,177		$	7,255,159		$	6,725,695
Annualized return on average shareholders' equity, as adjusted (non-GAAP)		5.69	%		4.17	%		5.91	%
Annualized return on average tangible shareholders' equity (non-GAAP):
Net income, as reported (GAAP)	$	106,058		$	115,711		$	96,280
Average shareholders' equity	$	7,458,177		$	7,255,159		$	6,725,695
Less: Average goodwill and other intangible assets		1,994,061			2,000,574			2,024,999
Average tangible shareholders' equity	$	5,464,116		$	5,254,585		$	4,700,696
Annualized return on average tangible shareholders' equity (non-GAAP)		7.76	%		8.81	%		8.19	%

Efficiency ratio (non-GAAP):
Non-interest expense, as reported (GAAP)	$	276,618		$	278,582		$	280,310
Less: FDIC special assessment (pre-tax)		—			—			7,394
Less: Restructuring charge (pre-tax)		—			1,085			620
Less: Amortization of tax credit investments (pre-tax)		9,320			1,740			5,562
Non-interest expense, as adjusted (non-GAAP)	$	267,298		$	275,757		$	266,734
Net interest income, as reported (GAAP)		420,105			422,977			393,548
Non-interest income, as reported (GAAP)		58,294			51,202			61,415
Add: Losses on available for sale and held to maturity securities transactions, net (pre-tax)		11			3			7
Add: Net losses on the sale of commercial real estate loans (pre-tax)		—			7,866			—
Less: Gain on sale of premium finance division (pre-tax)		—			—			(3,629	)
Non-interest income, as adjusted (non-GAAP)	$	58,305		$	59,071		$	57,793
Gross operating income, as adjusted (non-GAAP)	$	478,410		$	482,048		$	451,341
Efficiency ratio (non-GAAP)		55.87	%		57.21	%		59.10	%

	As of
	March 31,			December 31,			September 30,			June 30,			March 31,
($ in thousands, except for share data)	2025			2024			2024			2024			2024
Tangible book value per common share (non-GAAP):
Common shares outstanding		560,028,101			558,786,093			509,252,936			509,205,014			508,893,059
Shareholders' equity (GAAP)	$	7,499,897		$	7,435,127		$	6,972,380		$	6,737,737		$	6,727,139
Less: Preferred stock		354,345			354,345			354,345			209,691			209,691
Less: Goodwill and other intangible assets		1,990,276			1,997,597			2,004,414			2,012,580			2,020,405
Tangible common shareholders' equity (non-GAAP)	$	5,155,276		$	5,083,185		$	4,613,621		$	4,515,466		$	4,497,043
Tangible book value per common share (non-GAAP)	$	9.21		$	9.10		$	9.06		$	8.87		$	8.84
Tangible common equity to tangible assets (non-GAAP):
Tangible common shareholders' equity (non-GAAP)	$	5,155,276		$	5,083,185		$	4,613,621		$	4,515,466		$	4,497,043
Total assets (GAAP)		61,865,655			62,491,691			62,092,332			62,058,974			61,000,188
Less: Goodwill and other intangible assets		1,990,276			1,997,597			2,004,414			2,012,580			2,020,405
Tangible assets (non-GAAP)	$	59,875,379		$	60,494,094		$	60,087,918		$	60,046,394		$	58,979,783
Tangible common equity to tangible assets (non-GAAP)		8.61	%		8.40	%		7.68	%		7.52	%		7.62	%

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


	March 31,			December 31,
	2025			2024
	(Unaudited)
Assets
Cash and due from banks	$	508,887		$	411,412
Interest bearing deposits with banks		714,810			1,478,713
Investment securities:
Equity securities		74,425			71,513
Available for sale debt securities		3,658,704			3,369,724
Held to maturity debt securities (net of allowance for credit losses of $633 at March 31, 2025 and $647 at December 31, 2024)		3,545,328			3,531,573
Total investment securities		7,278,457			6,972,810
Loans held for sale (includes fair value of $8,427 at March 31, 2025 and $16,931 at December 31, 2024 for loans originated for sale)		27,377			25,681
Loans		48,657,128			48,799,711
Less: Allowance for loan losses		(578,200	)		(558,850	)
Net loans		48,078,928			48,240,861
Premises and equipment, net		344,123			350,796
Lease right of use assets		334,013			328,475
Bank owned life insurance		733,135			731,574
Accrued interest receivable		238,326			239,941
Goodwill		1,868,936			1,868,936
Other intangible assets, net		121,340			128,661
Other assets		1,617,323			1,713,831
Total Assets	$	61,865,655		$	62,491,691
Liabilities
Deposits:
Non-interest bearing	$	11,628,578		$	11,428,674
Interest bearing:
Savings, NOW and money market		26,413,258			26,304,639
Time		11,924,008			12,342,544
Total deposits		49,965,844			50,075,857
Short-term borrowings		59,026			72,718
Long-term borrowings		2,904,567			3,174,155
Junior subordinated debentures issued to capital trusts		57,542			57,455
Lease liabilities		394,334			388,303
Accrued expenses and other liabilities		984,445			1,288,076
Total Liabilities		54,365,758			55,056,564
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at March 31, 2025 and December 31, 2024)		111,590			111,590
Series B (4,000,000 shares issued at March 31, 2025 and December 31, 2024)		98,101			98,101
Series C (6,000,000 shares issued at March 31, 2025 and December 31, 2024)		144,654			144,654
Common stock (no par value, authorized 650,000,000 shares; issued 560,278,101 shares at March 31, 2025 and 558,786,093 shares at December 31, 2024)		196,520			195,998
Surplus		5,444,756			5,442,070
Retained earnings		1,634,690			1,598,048
Accumulated other comprehensive loss		(128,252	)		(155,334	)
Treasury stock, at cost (250,000 common shares at March 31, 2025)		(2,162	)		—
Total Shareholders’ Equity		7,499,897			7,435,127
Total Liabilities and Shareholders’ Equity	$	61,865,655		$	62,491,691

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

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Interest Income
Interest and fees on loans	$	703,609		$	750,667		$	771,553
Interest and dividends on investment securities:
Taxable		63,898			55,983			35,797
Tax-exempt		4,702			4,803			4,796
Dividends		5,664			5,860			6,828
Interest on federal funds sold and other short-term investments		6,879			17,513			9,682
Total interest income		784,752			834,826			828,656
Interest Expense
Interest on deposits:
Savings, NOW and money market		200,221			214,489			232,506
Time		125,069			158,716			151,065
Interest on short-term borrowings		2,946			293			20,612
Interest on long-term borrowings and junior subordinated debentures		36,411			38,351			30,925
Total interest expense		364,647			411,849			435,108
Net Interest Income		420,105			422,977			393,548
(Credit) provision for credit losses for available for sale and held to maturity securities		(14	)		(429	)		(74	)
Provision for credit losses for loans		62,675			106,965			45,274
Net Interest Income After Provision for Credit Losses		357,444			316,441			348,348
Non-Interest Income
Wealth management and trust fees		15,031			16,425			17,930
Insurance commissions		3,402			3,705			2,251
Capital markets		6,940			7,425			5,670
Service charges on deposit accounts		12,726			12,989			11,249
Gains on securities transactions, net		46			1			49
Fees from loan servicing		3,215			3,071			3,188
Gains (losses) on sales of loans, net		2,197			(4,698	)		1,618
Gains (losses) on sales of assets, net		43			(20	)		3,694
Bank owned life insurance		4,777			3,775			3,235
Other		9,917			8,529			12,531
Total non-interest income		58,294			51,202			61,415
Non-Interest Expense
Salary and employee benefits expense		142,618			137,117			141,831
Net occupancy expense		25,888			26,576			24,323
Technology, furniture and equipment expense		29,896			35,482			35,462
FDIC insurance assessment		12,867			14,002			18,236
Amortization of other intangible assets		8,019			8,373			9,412
Professional and legal fees		15,670			21,794			16,465
Amortization of tax credit investments		9,320			1,740			5,562
Other		32,340			33,498			29,019
Total non-interest expense		276,618			278,582			280,310
Income Before Income Taxes		139,120			89,061			129,453
Income tax expense (benefit)		33,062			(26,650	)		33,173
Net Income		106,058			115,711			96,280
Dividends on preferred stock		6,955			7,025			4,119
Net Income Available to Common Shareholders	$	99,103		$	108,686		$	92,161

VALLEY NATIONAL BANCORP
Quarterly Analysis of Average Assets, Liabilities and Shareholders' Equity and
Net Interest Income on a Tax Equivalent Basis

	Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
	Average					Avg.		Average					Avg.		Average					Avg.
($ in thousands)	Balance		Interest			Rate		Balance		Interest			Rate		Balance		Interest			Rate
Assets
Interest earning assets:
Loans ⁽¹⁾⁽²⁾	$	48,654,921	$	703,632		5.78	%	$	49,730,130	$	750,690		6.04	%	$	50,246,591	$	771,577		6.14	%
Taxable investments ⁽³⁾		7,100,958		69,562		3.92			6,504,106		61,843		3.80			5,094,978		42,625		3.35
Tax-exempt investments ⁽¹⁾⁽³⁾		552,291		5,952		4.31			565,877		6,080		4.30			579,842		6,071		4.19
Interest bearing deposits with banks		583,521		6,879		4.72			1,414,670		17,513		4.95			697,386		9,682		5.55
Total interest earning assets		56,891,691		786,025		5.53			58,214,783		836,126		5.75			56,618,797		829,955		5.86
Other assets		4,611,077							4,650,555							4,638,071
Total assets	$	61,502,768						$	62,865,338						$	61,256,868
Liabilities and shareholders' equity
Interest bearing liabilities:
Savings, NOW and money market deposits	$	26,345,983	$	200,221		3.04		$	25,928,201	$	214,489		3.31	%	$	24,793,452	$	232,506		3.75	%
Time deposits		11,570,758		125,069		4.32			13,530,980		158,716		4.69			12,599,395		151,065		4.80
Short-term borrowings		307,637		2,946		3.83			72,504		293		1.62			1,537,879		20,612		5.36
Long-term borrowings ⁽⁴⁾		3,006,331		36,411		4.84			3,234,264		38,351		4.74			2,625,862		30,925		4.71
Total interest bearing liabilities		41,230,709		364,647		3.54			42,765,949		411,849		3.85			41,556,588		435,108		4.19
Non-interest bearing deposits		11,222,562							11,266,899							11,183,127
Other liabilities		1,591,320							1,577,331							1,791,458
Shareholders' equity		7,458,177							7,255,159							6,725,695
Total liabilities and shareholders' equity	$	61,502,768						$	62,865,338						$	61,256,868

Net interest income/interest rate spread ⁽⁵⁾			$	421,378		1.99	%			$	424,277		1.90	%			$	394,847		1.67	%
Tax equivalent adjustment				(1,273	)						(1,300	)						(1,299	)
Net interest income, as reported			$	420,105						$	422,977						$	393,548
Net interest margin ⁽⁶⁾						2.95							2.91							2.78
Tax equivalent effect						0.01							0.01							0.01
Net interest margin on a fully tax equivalent basis ⁽⁶⁾						2.96	%						2.92	%						2.79	%

_________

(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.

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

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

FAQ

What was Valley National Bancorp's (VLY) earnings per share in Q1 2025?

Valley National Bancorp reported earnings of $0.18 per diluted share in Q1 2025.

How did Valley National's deposit base change in Q1 2025?

Total deposits decreased by $110.0M to $50.0B, with non-interest bearing deposits increasing by $199.9M while indirect deposits decreased by $726.5M.

What was VLY's net interest margin in Q1 2025 compared to Q4 2024?

Net interest margin increased to 2.96% in Q1 2025 from 2.92% in Q4 2024.

How did Valley National's loan portfolio perform in Q1 2025?

Total loans decreased $142.6M to $48.7B, with CRE loans declining $530.4M while C&I loans grew $218.8M.

What was Valley National's credit quality status in Q1 2025?

Non-performing assets decreased $17.1M to $356.2M, with non-accrual loans representing 0.71% of total loans, down from 0.74% in Q4 2024.

Valley National Bancorp Announces First Quarter 2025 Results

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What was Valley National Bancorp's (VLY) earnings per share in Q1 2025?

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What was VLY's net interest margin in Q1 2025 compared to Q4 2024?

How did Valley National's loan portfolio perform in Q1 2025?

What was Valley National's credit quality status in Q1 2025?

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Valley National Bancorp Announces First Quarter 2025 Results

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FAQ

What was Valley National Bancorp's (VLY) earnings per share in Q1 2025?

How did Valley National's deposit base change in Q1 2025?

What was VLY's net interest margin in Q1 2025 compared to Q4 2024?

How did Valley National's loan portfolio perform in Q1 2025?

What was Valley National's credit quality status in Q1 2025?

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