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 2025 RESULTS

NEW YORK, NY – July 24, 2025 -- Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the second quarter 2025 of $133.2 million, or $0.22 per diluted common share, as compared to the first quarter 2025 net income of $106.1 million, or $0.18 per diluted common share, and net income of $70.4 million, or $0.13 per diluted common share, for the second quarter 2024. Excluding all non-core income and charges, our adjusted net income (a non-GAAP measure) was $134.4 million, or $0.23 per diluted common share, for the second quarter 2025, $106.1 million, or $0.18 per diluted common share, for the first quarter 2025, and $71.6 million, or $0.13 per diluted common share, for the second 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, "I am pleased by the continued balance sheet strength and commercial loan growth exhibited during the second quarter. Our profitability metrics are trending positively, consistent with our expectations for improvement throughout the year. We remain focused on growing low-cost deposits, which we expect will support our aspirations in 2025 and beyond.”

Mr. Robbins continued, “Our quarterly credit results continued to improve as illustrated by the significant reduction in our provision for loan losses on both a quarter-over-quarter and year-over-year basis. Our allowance coverage ratio remains at a comfortable level, and we expect general stability going forward.”

Key financial highlights for the second quarter 2025:

•Net Interest Income and Margin: Our net interest margin on a tax equivalent basis increased by 5 basis points to 3.01 percent in the second quarter 2025 as compared to 2.96 percent for the first quarter 2025. Net interest income on a tax equivalent basis of $433.7 million for the second quarter 2025 increased $12.3 million compared to the first quarter 2025 and increased $30.7 million as compared to the second quarter 2024. The increase in net interest income from the first quarter 2025 was mainly driven by higher yields on new loan originations, increases in average loans and taxable investments and one additional day during the second quarter 2025. See additional details in the "Net Interest Income and Margin" section below.
•Loan Portfolio: Total loans increased $734.3 million, or 6.0 percent on an annualized basis, to $49.4 billion at June 30, 2025 from March 31, 2025 mostly due to increases of $719.8 million and $137.6 million in commercial and industrial (C&I) and automobile loans, respectively. Total commercial real estate (CRE) loans (including construction loans) decreased $288.6 million from March 31, 2025 largely due to normal repayments and


Valley National Bancorp (NASDAQ: VLY)
Second Quarter 2025 Earnings
July 24, 2025

continued selective origination activity. 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 349 percent at June 30, 2025 from 353 percent at March 31, 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 $594.0 million and $594.1 million at June 30, 2025 and March 31, 2025, respectively, representing 1.20 percent and 1.22 percent of total loans at each respective date. During the second quarter 2025, we recorded a provision for credit losses for loans of $37.8 million as compared to $62.7 million and $82.1 million for the first quarter 2025 and second quarter 2024, respectively. See the "Credit Quality" section below for more details.
•Credit Quality: Net loan charge-offs totaled $37.8 million for the second quarter 2025 as compared to $41.9 million and $36.8 million for the first quarter 2025 and second quarter 2024, respectively. Non-accrual loans totaled $354.4 million, or 0.72 percent of total loans, at June 30, 2025 as compared to $346.5 million, or 0.71 percent of total loans, at March 31, 2025. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $147.5 million to $199.2 million, or 0.40 percent of total loans, at June 30, 2025 as compared to $51.7 million, or 0.11 percent of total loans, at March 31, 2025. The majority of this increase related to three CRE loans, of which two were no longer past due in July 2025. See the "Credit Quality" section below for more details.
•Deposits: Total deposit balances increased $759.4 million to $50.7 billion at June 30, 2025 as compared to $50.0 billion at March 31, 2025 mainly due to increases in both direct and indirect (brokered) customer time deposits during the second quarter 2025, partially offset by the outflows of certain indirect customer deposits in the savings, NOW and money market deposit category. Non-interest bearing deposits increased $118.2 million to $11.7 billion at June 30, 2025 from March 31, 2025. See the "Deposits" section below for more details.
•Subordinated Debt Redemptions: On June 15, 2025, we redeemed in full $115 million of 5.25 percent fixed-to-floating rate subordinated notes issued in June 2020 and due in June 2030. The transaction was accounted for as an early debt extinguishment and resulted in a $922 thousand pre-tax loss reported within non-interest expense for the second quarter 2025. In addition, we repaid $100 million of 4.55 percent fixed rate subordinated notes that matured on June 30, 2025.
•Non-Interest Income: Non-interest income increased $4.3 million to $62.6 million for the second quarter 2025 as compared to the first quarter 2025 mainly due to increases of $2.8 million and $2.0 million in capital markets income and service charges on deposit accounts, respectively. The increase in capital markets income was largely driven by a higher volume of interest rate swap transactions executed for commercial loan customers during the second quarter 2025.
•Non-Interest Expense: Non-interest expense increased $7.5 million to $284.1 million for the second quarter 2025 as compared to the first quarter 2025 largely due to an increase of $4.3 million in professional and legal fees driven by higher consulting and legal expenses. Salary and employee benefits expense also increased $2.8 million from the first quarter 2025 mainly
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Valley National Bancorp (NASDAQ: VLY)
Second Quarter 2025 Earnings
July 24, 2025

due to annual salary merit increases late in the first quarter 2025 and higher cash incentive compensation and severance related expenses. These items were partially offset by lower payroll taxes.
•Efficiency Ratio: Our efficiency ratio was 55.20 percent for the second quarter 2025 as compared to 55.87 percent and 59.62 percent for the first quarter 2025 and second 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 0.86 percent, 7.08 percent and 9.62 percent for the second quarter 2025, respectively. Annualized ROA, ROE, and tangible ROE, adjusted for non-core income and charges, were 0.87 percent, 7.15 percent and 9.71 percent for the second 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 $433.7 million for the second quarter 2025 increased $12.3 million compared to the first quarter 2025 and increased $30.7 million as compared to the second quarter 2024. Interest income on a tax equivalent basis increased $20.3 million to $806.3 million for the second quarter 2025 as compared to the first quarter 2025. The increase was mostly driven by (i) higher yields on new loan originations, (ii) increased average loan balances driven by new organic loan originations largely within the C&I loan portfolio, (iii) additional interest income from purchases of taxable investments mainly within the available for sale portfolio during the first half of 2025 and (iv) one additional day in the second quarter 2025. Total interest expense increased $8.0 million to $372.6 million for the second quarter 2025 as compared to the first quarter 2025 largely due to (i) a $548.7 million increase in average time deposit balances, (ii) the increased cost of certain non-maturity deposits and (iii) the aforementioned increase in day count. See the "Deposits" and "Other Borrowings" sections below for more details.
Net interest margin on a tax equivalent basis of 3.01 percent for the second quarter 2025 increased by 5 basis points from 2.96 percent for the first quarter 2025 and increased 17 basis points from 2.84 percent for the second quarter 2024. The increase as compared to the first quarter 2025 was mostly due to the 7 basis point increase in the yield on average interest earning assets largely caused by higher interest rates on new loan originations in the second quarter 2025 and higher yielding investment purchases. The overall cost of average interest bearing liabilities increased 2 basis points to 3.56 percent for the second quarter 2025 as compared to the first quarter 2025 mostly due to higher interest rates on certain non-maturity deposit products, partially offset by a lower overall cost of time deposits driven by both new volumes and maturities. Our cost of total average deposits was 2.67 percent for the second quarter 2025 as compared to 2.65 percent and 3.18 percent for the first quarter 2025 and the second quarter 2024, respectively.


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Valley National Bancorp (NASDAQ: VLY)
Second Quarter 2025 Earnings
July 24, 2025

Loans, Deposits and Other Borrowings
Loans. Total loans increased $734.3 million, or 6.0 percent on an annualized basis, to $49.4 billion at June 30, 2025 from March 31, 2025 mainly due to increases in the C&I and automobile loan portfolios, partially offset by lower CRE loan balances. C&I loans grew by $719.8 million, or 28.4 percent on an annualized basis, to $10.9 billion at June 30, 2025 from March 31, 2025 largely due to our continued strategic focus on organic growth within this category. Automobile loans increased by $137.6 million, or 27.0 percent on an annualized basis, to $2.2 billion at June 30, 2025 from March 31, 2025 mainly due to high quality consumer demand generated by our indirect auto dealer network and low prepayment activity within the portfolio. Residential mortgage loans also moderately increased $73.6 million to $5.7 billion at June 30, 2025 from March 31, 2025 as new loan originations outpaced repayment activity. Total CRE (including construction) loans decreased $288.6 million to $28.8 billion at June 30, 2025 from March 31, 2025. The decrease was largely driven by runoff from repayment activity and our efforts to focus new CRE loan originations on more profitable holistic banking clients. Additionally, construction loans decreased $172.1 million to $2.9 billion at June 30, 2025 from March 31, 2025 mainly due to the migration of completed projects to permanent financing within the multifamily loan category of the CRE loan portfolio during the second quarter 2025.
Deposits. Actual ending balances for deposits increased $759.4 million to $50.7 billion at June 30, 2025 from March 31, 2025 due to increases of $962.9 million and $118.2 million in time deposits and non-interest bearing deposits, respectively, partially offset by a $321.6 million decrease in savings, NOW and money market deposit balances. The increase in time deposit balances was mainly driven by continued deposit inflows from new promotional retail CD offerings and additional fully-insured indirect (i.e., brokered) customer CDs during the second quarter 2025. The increase in non-interest bearing deposit balances was mostly due to higher commercial customer deposit inflows in the second quarter 2025. Savings, NOW and money market deposit balances decreased at June 30, 2025 from March 31, 2025 largely due to lower indirect customer deposits, as well as some seasonal runoff in governmental deposits account balances. Total indirect customer deposits (including both brokered money market and time deposits) totaled $6.5 billion and $6.3 billion at June 30, 2025 and March 31, 2025, respectively. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 23 percent, 52 percent and 25 percent of total deposits as of June 30, 2025, respectively, as compared to 23 percent, 53 percent and 24 percent of total deposits as of March 31, 2025, respectively.
Other Borrowings. Short-term borrowings, consisting of securities sold under agreements to repurchase and FHLB advances, increased $103.2 million to $162.2 million at June 30, 2025 from March 31, 2025 largely due to an increase in FHLB advances. Long-term borrowings totaled $2.9 billion at June 30, 2025 and remained relatively unchanged as compared to March 31, 2025. In June 2025, we fully redeemed $215 million of subordinated notes that were mostly offset by the issuance of new long-term FHLB advances during the second quarter 2025.


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Valley National Bancorp (NASDAQ: VLY)
Second Quarter 2025 Earnings
July 24, 2025

Credit Quality
Non-Performing Assets (NPAs). Total NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, increased $4.6 million to $360.8 million at June 30, 2025 as compared to March 31, 2025. Non-accrual loans increased $7.9 million to $354.4 million at June 30, 2025 as compared to $346.5 million at March 31, 2025 mainly because of a net increase in non-performing CRE loans during the second quarter 2025, which was partially offset by a decline in non-performing C&I loans. Non-accrual C&I loans decreased largely due to the full charge-offs of four loan relationships totaling $17.4 million during the second quarter 2025. Non-accrual loans represented 0.72 percent of total loans at June 30, 2025 as compared to 0.71 percent of total loans at March 31, 2025. OREO decreased $2.9 million to $4.8 million at June 30, 2025 from March 31, 2025 mostly due to the fair valuation write-down related to one CRE property recorded during the second quarter 2025.
Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $147.5 million to $199.2 million, or 0.40 percent of total loans, at June 30, 2025 as compared to $51.7 million, or 0.11 percent of total loans, at March 31, 2025.
Loans 30 to 59 days past due increased $89.5 million to $123.0 million at June 30, 2025 as compared to March 31, 2025 due, in large part, to one $39.2 million CRE loan and one $35.0 million construction loan included in this early stage delinquency category at June 30, 2025. The $39.2 million CRE loan 30 to 59 days past due was subsequently paid in full by the borrower in July 2025. Loans 60 to 89 days past due increased $62.8 million to $73.3 million at June 30, 2025 as compared to March 31, 2025 mainly due to a $60.6 million CRE loan. This past due loan was subsequently modified and was brought current to its restructured terms in July 2025. Loans 90 days or more past due and still accruing interest decreased $4.8 million to $2.9 million at June 30, 2025 as compared to March 31, 2025 mainly due to a decrease in residential mortgage loan delinquencies. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.

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Valley National Bancorp (NASDAQ: VLY)
Second Quarter 2025 Earnings
July 24, 2025

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, 2025, March 31, 2025 and June 30, 2024:

June 30, 2025March 31, 2025June 30, 2024
AllocationAllocationAllocation
as a % ofas a % ofas a % of
AllowanceLoanAllowanceLoanAllowanceLoan
AllocationCategoryAllocationCategoryAllocationCategory
($ in thousands)
Loan Category:
Commercial and industrial loans$173,415 1.60 %$184,700 1.82 %$149,243 1.57 %
Commercial real estate loans:
Commercial real estate270,937 1.04 266,938 1.02 246,316 0.87 
Construction64,042 2.24 54,724 1.81 54,777 1.54 
Total commercial real estate loans334,979 1.16 321,662 1.10 301,093 0.95 
Residential mortgage loans48,830 0.86 48,906 0.87 47,697 0.85 
Consumer loans:
Home equity3,689 0.58 3,401 0.56 3,077 0.54 
Auto and other consumer18,587 0.55 19,531 0.62 18,200 0.63 
Total consumer loans22,276 0.56 22,932 0.61 21,277 0.62 
Allowance for loan losses579,500 1.17 578,200 1.19 519,310 1.03 
Allowance for unfunded credit commitments14,520 15,854 13,231 
Total allowance for credit losses for loans$594,020 $594,054 $532,541 
Allowance for credit losses for loans as a % of total loans1.20 %1.22 %1.06 %

Our loan portfolio, totaling $49.4 billion at June 30, 2025, had net loan charge-offs totaling $37.8 million for the second quarter 2025 as compared to $41.9 million and $36.8 million for the first quarter 2025 and the second quarter 2024, respectively. Gross loan charge-offs totaled $42.1 million for the second quarter 2025 and included $23.1 million of partial and full charge-offs related to five non-performing C&I loan relationships with combined specific reserves of $11.2 million at March 31, 2025.

The allowance for credit losses for loans, comprised of our allowance for loan losses and unfunded credit commitments, as a percentage of total loans was 1.20 percent at June 30, 2025, 1.22 percent at March 31, 2025, and 1.06 percent at June 30, 2024. For the second quarter 2025, the provision for credit losses for loans totaled $37.8 million as compared to $62.7 million and $82.1 million for the first quarter 2025 and second quarter 2024, respectively. The second quarter 2025 provision reflects, among other factors, the impact of loan growth mainly within the C&I loan portfolio and loan charge-offs, partially offset by a decline in quantitative reserves in certain loan categories and lower specific reserves associated with collateral dependent loans at June 30, 2025.

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Valley National Bancorp (NASDAQ: VLY)
Second Quarter 2025 Earnings
July 24, 2025

Capital Adequacy
Valley's total risk-based capital, Tier 1 capital, common equity tier 1 capital, and Tier 1 leverage capital ratios were 13.67 percent, 11.57 percent, 10.85 percent and 9.49 percent, respectively, at June 30, 2025 as compared to 13.91 percent, 11.53 percent, 10.80 percent and 9.41 percent, respectively, at March 31, 2025. The reduction in our total risk-based capital ratio reflects the early redemption of our $115 million of 5.25 percent fixed-to-floating rate subordinated notes due in June 2030, which was previously eligible for full regulatory capital treatment.
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 second 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, August 25, 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 $63 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
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Valley National Bancorp (NASDAQ: VLY)
Second Quarter 2025 Earnings
July 24, 2025

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; 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, 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 concerns regarding the soundness, or 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, 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 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;
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Valley National Bancorp (NASDAQ: VLY)
Second Quarter 2025 Earnings
July 24, 2025

•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 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-
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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)20252025202420252024
FINANCIAL DATA:
Net interest income - FTE (1)
$433,675 $421,378 $402,984 $855,052 $797,831 
Net interest income$432,408 $420,105 $401,685 $852,513 $795,233 
Non-interest income62,604 58,294 51,213 120,898 112,628 
Total revenue495,012 478,399 452,898 973,411 907,861 
Non-interest expense284,122 276,618 277,497 560,740 557,807 
Pre-provision net revenue210,890 201,781 175,401 412,671 350,054 
Provision for credit losses37,799 62,661 82,070 100,460 127,270 
Income tax expense 39,924 33,062 22,907 72,986 56,080 
Net income133,167 106,058 70,424 239,225 166,704 
Dividends on preferred stock6,948 6,955 4,108 13,903 8,227 
Net income available to common shareholders$126,219 $99,103 $66,316 $225,322 $158,477 
Weighted average number of common shares outstanding:
Basic560,336,610 559,613,272 509,141,252 559,976,939 508,740,986 
Diluted562,312,330 563,305,525 510,338,502 563,431,390 510,437,959 
Per common share data:
Basic earnings$0.23 $0.18 $0.13 $0.40 $0.31 
Diluted earnings0.22 0.18 0.13 0.40 0.31 
Cash dividends declared0.11 0.11 0.11 0.22 0.22 
Closing stock price - high9.20 10.42 8.02 10.42 10.80 
Closing stock price - low7.87 8.56 6.52 7.87 6.52 
FINANCIAL RATIOS:
Net interest margin3.01 %2.95 %2.83 %2.98 %2.81 %
Net interest margin - FTE (1)
3.01 2.96 2.84 2.99 2.81 
Annualized return on average assets0.86 0.69 0.46 0.77 0.54 
Annualized return on avg. shareholders' equity7.08 5.69 4.17 6.39 4.95 
NON-GAAP FINANCIAL DATA AND RATIOS: (2)
Basic earnings per share, as adjusted$0.23 $0.18 $0.13 $0.40 $0.32 
Diluted earnings per share, as adjusted0.23 0.18 0.13 0.40 0.32 
Annualized return on average assets, as adjusted0.87 %0.69 %0.47 %0.78 %0.56 %
Annualized return on average shareholders' equity, as adjusted7.15 5.69 4.24 6.42 5.08 
Annualized return on average tangible shareholders' equity9.62 7.76 5.95 8.70 7.07 
Annualized return on average tangible shareholders' equity, as adjusted9.71 7.76 6.05 8.74 7.25 
Efficiency ratio55.20 55.87 59.62 55.53 59.36 
AVERAGE BALANCE SHEET ITEMS:
Assets$62,106,945$61,502,768$61,518,639$61,806,614$61,387,754
Interest earning assets57,553,62456,891,69156,772,95057,224,48656,695,874
Loans49,032,63748,654,92150,020,90148,844,82350,133,746
Interest bearing liabilities41,913,73541,230,70941,576,34441,574,73241,566,466
Deposits49,907,12449,139,30349,383,20949,525,95748,979,591
Shareholders' equity7,524,2317,458,1776,753,9817,491,3956,739,838

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VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS



As Of
BALANCE SHEET ITEMS:June 30,March 31,December 31,September 30,June 30,
(In thousands)20252025202420242024
Assets$62,705,358$61,865,655$62,491,691$62,092,332$62,058,974
Total loans49,391,42048,657,12848,799,71149,355,31950,311,702
Deposits50,725,28449,965,84450,075,85750,395,96650,112,177
Shareholders' equity7,575,4217,499,8977,435,1276,972,3806,737,737
LOANS:
(In thousands)
Commercial and industrial$10,870,036$10,150,205$9,931,400$9,799,287$9,479,147
Commercial real estate:
Non-owner occupied11,747,49111,945,22212,344,35512,647,64913,710,015
Multifamily8,434,1738,420,3858,299,2508,612,9368,976,264
Owner occupied5,789,3975,722,0145,886,6205,654,1475,536,844
Construction2,854,8593,026,9353,114,7333,487,4643,545,723
Total commercial real estate28,825,92029,114,55629,644,95830,402,19631,768,846
Residential mortgage5,709,9715,636,4075,632,5165,684,0795,627,113
Consumer:
Home equity634,553602,161604,433581,181566,467
Automobile2,178,8412,041,2271,901,0651,823,7381,762,852
Other consumer1,172,0991,112,5721,085,3391,064,8381,107,277
Total consumer loans3,985,4933,755,9603,590,8373,469,7573,436,596
Total loans$49,391,420$48,657,128$48,799,711$49,355,319$50,311,702
CAPITAL RATIOS:
Book value per common share$12.89 $12.76 $12.67 $13.00 $12.82 
Tangible book value per common share (2)
9.35 9.21 9.10 9.06 8.87 
Tangible common equity to tangible assets (2)
8.63 %8.61 %8.40 %7.68 %7.52 %
Tier 1 leverage capital9.49 9.41 9.16 8.40 8.19 
Common equity tier 1 capital10.85 10.80 10.82 9.57 9.55 
Tier 1 risk-based capital11.57 11.53 11.55 10.29 9.98 
Total risk-based capital13.67 13.91 13.87 12.56 12.17 
11


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)20252025202420252024
Allowance for credit losses for loans
Beginning balance - Allowance for credit losses for loans$594,054$573,328$487,269$573,328$465,550
Loans charged-off:
Commercial and industrial(25,189)(28,456)(14,721)(53,645)(29,014)
Commercial real estate(14,623)(12,260)(22,144)(26,883)(23,348)
Construction—(1,163)(212)(1,163)(7,806)
Total consumer(2,259)(2,140)(1,262)(4,399)(3,071)
Total loans charged-off(42,071)(44,019)(38,339)(86,090)(63,239)
Charged-off loans recovered:
Commercial and industrial2,7898107423,5991,424
Commercial real estate188249150437391
Construction455——455—
Residential mortgage37168520530
Total consumer7738436031,6161,000
Total loans recovered4,2422,0701,5006,3122,845
Total net charge-offs(37,829)(41,949)(36,839)(79,778)(60,394)
Provision for credit losses for loans37,79562,67582,111100,470127,385
Ending balance$594,020$594,054$532,541$594,020$532,541
Components of allowance for credit losses for loans:
Allowance for loan losses$579,500$578,200$519,310$579,500$519,310
Allowance for unfunded credit commitments14,52015,85413,23114,52013,231
Allowance for credit losses for loans$594,020$594,054$532,541$594,020$532,541
Components of provision for credit losses for loans:
Provision for credit losses for loans$39,129$61,299$86,901$100,428$133,624
(Credit) provision for unfunded credit commitments(1,334)1,376(4,790)42(6,239)
Total provision for credit losses for loans$37,795$62,675$82,111$100,470$127,385
Annualized ratio of total net charge-offs to total average loans0.31 %0.34 %0.29 %0.33 %0.24 %
Allowance for credit losses for loans as a % of total loans
1.20 %1.22 %1.06 %1.20 %1.06 %

12


VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS

As Of
ASSET QUALITY:June 30,March 31,December 31,September 30,June 30,
($ in thousands)20252025202420242024
Accruing past due loans:
30 to 59 days past due:
Commercial and industrial$10,451 $3,609 $2,389 $4,537 $5,086 
Commercial real estate42,884 170 20,902 76,370 1,879 
Construction35,000 — — — — 
Residential mortgage21,744 16,747 21,295 19,549 17,389 
Total consumer12,878 12,887 12,552 14,672 21,639 
Total 30 to 59 days past due122,957 33,413 57,138 115,128 45,993 
60 to 89 days past due:
Commercial and industrial1,095 420 1,007 1,238 1,621 
Commercial real estate60,601 — 24,903 43,926 — 
Residential mortgage7,627 7,700 5,773 6,892 6,632 
Total consumer4,001 2,408 4,484 2,732 3,671 
Total 60 to 89 days past due73,324 10,528 36,167 54,788 11,924 
90 or more days past due:
Commercial and industrial— — 1,307 1,786 2,739 
Commercial real estate— — — — 4,242 
Construction— — — — 3,990 
Residential mortgage2,062 6,892 3,533 1,931 2,609 
Total consumer859 864 1,049 1,063 898 
Total 90 or more days past due2,921 7,756 5,889 4,780 14,478 
Total accruing past due loans$199,202 $51,697 $99,194 $174,696 $72,395 
Non-accrual loans:
Commercial and industrial$90,973 $110,146 $136,675 $120,575 $102,942 
Commercial real estate193,604 172,011 157,231 113,752 123,011 
Construction24,068 24,275 24,591 24,657 45,380 
Residential mortgage41,099 35,393 36,786 33,075 28,322 
Total consumer4,615 4,626 4,215 4,260 3,624 
Total non-accrual loans354,359 346,451 359,498 296,319 303,279 
Other real estate owned (OREO) 4,783 7,714 12,150 7,172 8,059 
Other repossessed assets1,642 2,054 1,681 1,611 1,607 
Total non-performing assets$360,784 $356,219 $373,329 $305,102 $312,945 
Total non-accrual loans as a % of loans0.72 %0.71 %0.74 %0.60 %0.60 %
Total accruing past due and non-accrual loans as a % of loans
1.12 %0.82 %0.94 %0.95 %0.75 %
Allowance for losses on loans as a % of non-accrual loans
163.53 %166.89 %155.45 %185.05 %171.23 %

13


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)20252025202420252024
Adjusted net income available to common shareholders (non-GAAP):
Net income, as reported (GAAP)$133,167 $106,058 $70,424 $239,225 $166,704 
Add: Loss on extinguishment of debt922 — — 922 — 
Add: FDIC special assessment (a)
— — 1,363 — 8,757 
Add: Losses on available for sale and held to maturity debt securities, net (b)
— 11 4 11 11 
Add: Restructuring charge (c)
800 — 334 800 954 
Less: Gain on sale of commercial premium finance lending division (d)
— — — — (3,629)
Total non-GAAP adjustments to net income1,722 11 1,701 1,733 6,093 
Income tax adjustments related to non-GAAP adjustments (e)
(474)(3)(482)(477)(1,706)
Net income, as adjusted (non-GAAP)$134,415 $106,066 $71,643 $240,481 $171,091 
Dividends on preferred stock6,948 6,955 4,108 13,903 8,227 
Net income available to common shareholders, as adjusted (non-GAAP)$127,467 $99,111 $67,535 $226,578 $162,864 
__________
(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) Included in other income within non-interest income.
(e) 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)$127,467 $99,111 $67,535 $226,578 $162,864 
Average number of shares outstanding560,336,610 559,613,272 509,141,252 559,976,939 508,740,986 
Basic earnings, as adjusted (non-GAAP)$0.23 $0.18 $0.13 $0.40 $0.32 
Average number of diluted shares outstanding562,312,330 563,305,525 510,338,502 563,431,390 510,437,959 
Diluted earnings, as adjusted (non-GAAP)$0.23 $0.18 $0.13 $0.40 $0.32 
Adjusted annualized return on average tangible shareholders' equity (non-GAAP):
Net income, as adjusted (non-GAAP)$134,415 $106,066 $71,643 $240,481 $171,091 
Average shareholders' equity$7,524,231 $7,458,177 $6,753,981 $7,491,395 $6,739,838 
Less: Average goodwill and other intangible assets1,987,381 1,994,061 2,016,766 1,990,702 2,020,883 
Average tangible shareholders' equity$5,536,850 $5,464,116 $4,737,215 $5,500,693 $4,718,955 
Annualized return on average tangible shareholders' equity, as adjusted (non-GAAP)9.71 %7.76 %6.05 %8.74 %7.25 %
Adjusted annualized return on average assets (non-GAAP):
Net income, as adjusted (non-GAAP)$134,415 $106,066 $71,643 $240,481 $171,091 
Average assets$62,106,945 $61,502,768 $61,518,639 $61,806,614 $61,387,754 
Annualized return on average assets, as adjusted (non-GAAP)0.87 %0.69 %0.47 %0.78 %0.56 %


14


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)20252025202420252024
Adjusted annualized return on average shareholders' equity (non-GAAP):
Net income, as adjusted (non-GAAP)$134,415 $106,066 $71,643 $240,481 $171,091 
Average shareholders' equity$7,524,231 $7,458,177 $6,753,981 $7,491,395 $6,739,838 
Annualized return on average shareholders' equity, as adjusted (non-GAAP)7.15 %5.69 %4.24 %6.42 %5.08 %
Annualized return on average tangible shareholders' equity (non-GAAP):
Net income, as reported (GAAP)$133,167 $106,058 $70,424 $239,225 $166,704 
Average shareholders' equity$7,524,231 $7,458,177 $6,753,981 $7,491,395 $6,739,838 
Less: Average goodwill and other intangible assets1,987,381 1,994,061 2,016,766 1,990,702 2,020,883 
Average tangible shareholders' equity$5,536,850 $5,464,116 $4,737,215 $5,500,693 $4,718,955 
Annualized return on average tangible shareholders' equity (non-GAAP)9.62 %7.76 %5.95 %8.70 %7.07 %
Efficiency ratio (non-GAAP):
Non-interest expense, as reported (GAAP)$284,122 $276,618 $277,497 $560,740 $557,807 
Less: Loss on extinguishment of debt (pre-tax)922 — — 922 — 
Less: FDIC special assessment (pre-tax)— — 1,363 — 8,757 
Less: Restructuring charge (pre-tax)800 — 334 800 954 
Less: Amortization of tax credit investments (pre-tax)9,134 9,320 5,791 18,454 11,353 
Non-interest expense, as adjusted (non-GAAP)$273,266 $267,298 $270,009 $540,564 $536,743 
Net interest income, as reported (GAAP)432,408 420,105 401,685 852,513 795,233 
Non-interest income, as reported (GAAP)62,604 58,294 51,213 120,898 112,628 
Add: Losses on available for sale and held to maturity securities transactions, net (pre-tax)— 11 4 11 11 
Less: Gain on sale of premium finance division (pre-tax)— — — — (3,629)
Non-interest income, as adjusted (non-GAAP)$62,604 $58,305 $51,217 $120,909 $109,010 
Gross operating income, as adjusted (non-GAAP)$495,012 $478,410 $452,902 $973,422 $904,243 
Efficiency ratio (non-GAAP)55.20 %55.87 %59.62 %55.53 %59.36 %
As of
June 30,March 31,December 31,September 30,June 30,
($ in thousands, except for share data)20252025202420242024
Tangible book value per common share (non-GAAP):
Common shares outstanding560,281,821 560,028,101 558,786,093 509,252,936 509,205,014 
Shareholders' equity (GAAP)$7,575,421 $7,499,897 $7,435,127 $6,972,380 $6,737,737 
Less: Preferred stock354,345 354,345 354,345 354,345 209,691 
Less: Goodwill and other intangible assets1,983,515 1,990,276 1,997,597 2,004,414 2,012,580 
Tangible common shareholders' equity (non-GAAP)$5,237,561 $5,155,276 $5,083,185 $4,613,621 $4,515,466 
Tangible book value per common share (non-GAAP)$9.35 $9.21 $9.10 $9.06 $8.87 
Tangible common equity to tangible assets (non-GAAP):
Tangible common shareholders' equity (non-GAAP)$5,237,561 $5,155,276 $5,083,185 $4,613,621 $4,515,466 
Total assets (GAAP)$62,705,358 $61,865,655 $62,491,691 $62,092,332 $62,058,974 
Less: Goodwill and other intangible assets1,983,515 1,990,276 1,997,597 2,004,414 2,012,580 
Tangible assets (non-GAAP)$60,721,843 $59,875,379 $60,494,094 $60,087,918 $60,046,394 
Tangible common equity to tangible assets (non-GAAP)8.63 %8.61 %8.40 %7.68 %7.52 %
15



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


June 30,December 31,
20252024
 (Unaudited)
Assets
Cash and due from banks$440,870 $411,412 
Interest bearing deposits with banks745,547 1,478,713 
Investment securities:
Equity securities77,408 71,513 
Available for sale debt securities3,896,205 3,369,724 
Held to maturity debt securities (net of allowance for credit losses of $637 at June 30, 2025 and $647 at December 31, 2024)
3,530,924 3,531,573 
Total investment securities7,504,537 6,972,810 
Loans held for sale (includes fair value of $9,146 at June 30, 2025 and $16,931 at December 31, 2024 for loans originated for sale)
28,096 25,681 
Loans49,391,420 48,799,711 
Less: Allowance for loan losses(579,500)(558,850)
Net loans48,811,920 48,240,861 
Premises and equipment, net337,371 350,796 
Lease right of use assets332,324 328,475 
Bank owned life insurance735,026 731,574 
Accrued interest receivable238,278 239,941 
Goodwill1,868,936 1,868,936 
Other intangible assets, net114,579 128,661 
Other assets1,547,874 1,713,831 
Total Assets$62,705,358 $62,491,691 
Liabilities
Deposits:
Non-interest bearing$11,746,770 $11,428,674 
Interest bearing:
Savings, NOW and money market26,091,633 26,304,639 
Time12,886,881 12,342,544 
Total deposits50,725,284 50,075,857 
Short-term borrowings162,244 72,718 
Long-term borrowings2,903,091 3,174,155 
Junior subordinated debentures issued to capital trusts57,629 57,455 
Lease liabilities392,633 388,303 
Accrued expenses and other liabilities889,056 1,288,076 
Total Liabilities55,129,937 55,056,564 
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at June 30, 2025 and December 31, 2024)
111,590 111,590 
Series B (4,000,000 shares issued at June 30, 2025 and December 31, 2024)
98,101 98,101 
Series C (6,000,000 shares issued at June 30, 2025 and December 31, 2024)
144,654 144,654 
Common stock (no par value, authorized 650,000,000 shares; issued 560,522,946 shares at June 30, 2025 and 558,786,093 shares at December 31, 2024)196,606 195,998 
Surplus5,451,543 5,442,070 
Retained earnings1,694,903 1,598,048 
Accumulated other comprehensive loss(119,889)(155,334)
Treasury stock, at cost (241,125 common shares at June 30, 2025)
(2,087)— 
Total Shareholders’ Equity7,575,421 7,435,127 
Total Liabilities and Shareholders’ Equity$62,705,358 $62,491,691 
16



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,
20252025202420252024
Interest Income
Interest and fees on loans$720,282 $703,609 $770,964 $1,423,891 $1,542,517 
Interest and dividends on investment securities:
Taxable67,164 63,898 40,460 131,062 76,257 
Tax-exempt4,681 4,702 4,799 9,383 9,595 
Dividends5,528 5,664 6,341 11,192 13,169 
Interest on federal funds sold and other short-term investments7,357 6,879 10,902 14,236 20,584 
Total interest income805,012 784,752 833,466 1,589,764 1,662,122 
Interest Expense
Interest on deposits:
Savings, NOW and money market203,390 200,221 231,597 403,611 464,103 
Time129,324 125,069 160,442 254,393 311,507 
Interest on short-term borrowings1,736 2,946 691 4,682 21,303 
Interest on long-term borrowings and junior subordinated debentures38,154 36,411 39,051 74,565 69,976 
Total interest expense372,604 364,647 431,781 737,251 866,889 
Net Interest Income432,408 420,105 401,685 852,513 795,233 
Provision (credit) for credit losses for available for sale and held to maturity securities4 (14)(41)(10)(115)
Provision for credit losses for loans37,795 62,675 82,111 100,470 127,385 
Net Interest Income After Provision for Credit Losses394,609 357,444 319,615 752,053 667,963 
Non-Interest Income
Wealth management and trust fees14,056 15,031 13,136 29,087 31,066 
Insurance commissions3,430 3,402 3,958 6,832 6,209 
Capital markets9,767 6,940 7,779 16,707 13,449 
Service charges on deposit accounts14,705 12,726 11,212 27,431 22,461 
(Losses) gains on securities transactions, net(1)46 3 45 52 
Fees from loan servicing3,671 3,215 2,691 6,886 5,879 
Gains on sales of loans, net2,025 2,197 884 4,222 2,502 
Bank owned life insurance6,019 4,777 4,545 10,796 7,780 
Other8,932 9,960 7,005 18,892 23,230 
Total non-interest income62,604 58,294 51,213 120,898 112,628 
Non-Interest Expense
Salary and employee benefits expense145,422 142,618 140,815 288,040 282,646 
Net occupancy expense25,483 25,888 24,252 51,371 48,575 
Technology, furniture and equipment expense30,667 29,896 35,203 60,563 70,665 
FDIC insurance assessment12,192 12,867 14,446 25,059 32,682 
Amortization of other intangible assets7,427 8,019 8,568 15,446 17,980 
Professional and legal fees19,970 15,670 17,938 35,640 34,403 
Loss on extinguishment of debt922 — — 922 — 
Amortization of tax credit investments9,134 9,320 5,791 18,454 11,353 
Other32,905 32,340 30,484 65,245 59,503 
Total non-interest expense284,122 276,618 277,497 560,740 557,807 
Income Before Income Taxes173,091 139,120 93,331 312,211 222,784 
Income tax expense 39,924 33,062 22,907 72,986 56,080 
Net Income133,167 106,058 70,424 239,225 166,704 
Dividends on preferred stock6,948 6,955 4,108 13,903 8,227 
Net Income Available to Common Shareholders$126,219 $99,103 $66,316 $225,322 $158,477 
17



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, 2025March 31, 2025June 30, 2024
 AverageAvg. AverageAvg. AverageAvg.
($ in thousands) BalanceInterestRate BalanceInterestRate BalanceInterestRate
Assets
Interest earning assets:
Loans (1)(2)
$49,032,637 $720,305 5.88 %$48,654,921 $703,632 5.78 %$50,020,901 $770,987 6.17 %
Taxable investments (3)
7,350,792 72,692 3.96 7,100,958 69,562 3.92 5,379,101 46,801 3.48 
Tax-exempt investments (1)(3)
544,302 5,925 4.35 552,291 5,952 4.31 575,272 6,075 4.22 
Interest bearing deposits with banks625,893 7,357 4.70 583,521 6,879 4.72 797,676 10,902 5.47 
Total interest earning assets57,553,624 806,279 5.60 56,891,691 786,025 5.53 56,772,950 834,765 5.88 
Other assets4,553,321 4,611,077 4,745,689 
Total assets$62,106,945 $61,502,768 $61,518,639 
Liabilities and shareholders' equity
Interest bearing liabilities:
Savings, NOW and money market deposits
$26,451,349 $203,390 3.08 %$26,345,983 $200,221 3.04 %$24,848,266 $231,597 3.73 %
Time deposits12,119,461 129,324 4.27 11,570,758 125,069 4.32 13,311,381 160,442 4.82 
Short-term borrowings196,491 1,736 3.53 307,637 2,946 3.83 97,502 691 2.83 
Long-term borrowings (4)
3,146,434 38,154 4.85 3,006,331 36,411 4.84 3,319,195 39,051 4.71 
Total interest bearing liabilities41,913,735 372,604 3.56 41,230,709 364,647 3.54 41,576,344 431,781 4.15 
Non-interest bearing deposits11,336,314 11,222,562 11,223,562 
Other liabilities1,332,665 1,591,320 1,964,752 
Shareholders' equity7,524,231 7,458,177 6,753,981 
Total liabilities and shareholders' equity$62,106,945 $61,502,768 $61,518,639 
Net interest income/interest rate spread (5)
$433,675 2.04 %$421,378 1.99 %$402,984 1.73 %
Tax equivalent adjustment(1,267)(1,273)(1,299)
Net interest income, as reported$432,408 $420,105 $401,685 
Net interest margin (6)
3.01 %2.95 %2.83 %
Tax equivalent effect0.00 0.01 0.01 
Net interest margin on a fully tax equivalent basis (6)
3.01 %2.96 %2.84 %
(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.

SHAREHOLDER 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.
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