$VLYPN

VALLEY NATIONAL BANCORP

CIK:0000714310|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest Income
Interest and fees on loans	$ 736,060	$ 720,282	$ 1,444,700	$ 1,423,891
Interest and dividends on investment securities:
Taxable	76,113	67,164	149,921	131,062
Tax-exempt	5,048	4,681	9,766	9,383
Dividends	5,771	5,528	10,571	11,192
Interest on federal funds sold and other short-term investments	6,383	7,357	17,141	14,236
Total interest income	829,375	805,012	1,632,099	1,589,764
Interest on deposits:
Savings, NOW and money market	190,973	203,390	381,758	403,611
Time	112,693	129,324	219,371	254,393
Interest on short-term borrowings	6,047	1,736	6,283	4,682
Interest on long-term borrowings and junior subordinated debentures	32,638	38,154	66,138	74,565
Total interest expense	342,351	372,604	673,550	737,251
Net Interest Income	487,024	432,408	958,549	852,513
(Credit) provision for credit losses for available for sale and held to maturity securities	(2)	4	10	(10)
Provision for credit losses for loans	29,166	37,795	50,410	100,470
Net Interest Income After Provision for Credit Losses	457,860	394,609	908,129	752,053
Non-Interest Income
Insurance commissions	3,770	3,430	6,637	6,832
Capital markets	12,933	9,767	23,314	16,707
Gains (losses) on securities transactions, net	50	(1)	71	45
Fees from loan servicing	3,268	3,671	6,486	6,886
Gains on sales of loans, net	1,742	2,025	4,832	4,222
Bank owned life insurance	5,913	6,019	11,748	10,796
Other	9,652	8,932	18,866	18,892
Total non-interest income	73,711	62,604	142,547	120,898
Non-Interest Expense
Salary and employee benefits expense	150,432	145,422	306,147	288,040
Net occupancy expense	27,179	25,483	54,361	51,371
Technology, furniture and equipment expense	33,247	30,667	65,125	60,563
FDIC insurance assessment	11,691	12,192	22,167	25,059
Amortization of other intangible assets	6,268	7,427	13,187	15,446
Professional and legal fees	29,533	19,970	54,675	35,640
Loss on extinguishment of debt	0	922	0	922
Amortization of tax credit investments	16,157	9,134	32,171	18,454
Other	36,616	32,905	73,216	65,245
Total non-interest expense	311,123	284,122	621,049	560,740
Income Before Income Taxes	220,448	173,091	429,627	312,211
Income tax expense	49,563	39,924	94,829	72,986
Net Income	170,885	133,167	334,798	239,225
Dividends on preferred stock	7,316	6,948	14,533	13,903
Net Income Available to Common Shareholders	$ 163,569	$ 126,219	$ 320,265	$ 225,322
Earnings Per Common Share:
Basic (usd per share)	$ 0.30	$ 0.23	$ 0.58	$ 0.40
Diluted (usd per share)	$ 0.29	$ 0.22	$ 0.57	$ 0.40
Wealth management and trust fees
Non-Interest Income
Revenue from contracts with customer	$ 17,655	$ 14,056	$ 33,661	$ 29,087
Service charges on deposit accounts
Non-Interest Income
Revenue from contracts with customer	$ 18,728	$ 14,705	$ 36,932	$ 27,431

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income	$ 170,885	$ 163,913	$ 133,167	$ 106,058	$ 334,798	$ 239,225
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization					17,838	19,922
Stock-based compensation					16,285	13,651
Provision for credit losses	29,164		37,799		50,420	100,460
Net accretion of discounts and amortization of premium on securities and borrowings					(6,538)	(3,618)
Amortization of other intangible assets	6,268		7,427		13,187	15,446
Losses on available for sale and held to maturity debt securities, net					10	11
Proceeds from sales of loans held for sale at fair value					78,724	90,628
Gains on sales of loans, net	(1,742)		(2,025)		(4,832)	(4,222)
Originations of loans held for sale					(73,560)	(80,509)
Gains on sales of assets, net					12	(187)
Loss on extinguishment of debt	0		922		0	922
Net change in:
Fair value of financial instruments hedged by derivative transactions					1,689	7,048
Trading debt securities					(26,493)	0
Lease right of use assets					14,989	(4,192)
Cash surrender value of bank owned life insurance					(11,403)	(10,464)
Accrued interest receivable					(6,806)	1,663
Other assets					(135,200)	151,240
Accrued expenses and other liabilities					110,056	(394,992)
Net cash provided by operating activities					373,176	142,032
Cash flows from investing activities:
Loans originated and purchased, net of principal collected					(2,375,514)	(680,904)
Equity securities:
Purchases					(6,811)	(6,938)
Sales and capital returns					616	715
Held to maturity debt securities:
Purchases					(434,016)	(159,213)
Maturities, calls and principal repayments					174,524	159,870
Available for sale debt securities:
Purchases					(478,400)	(682,591)
Maturities, calls and principal repayments					358,649	209,332
Death benefit proceeds from bank owned life insurance					7,263	7,012
Proceeds from sales of real estate property and equipment					1,220	2,277
Proceeds from sales of loans not originated for sale					10,644	0
Purchases of real estate property and equipment					(4,744)	(6,154)
Net cash used in investing activities					(2,746,569)	(1,156,594)
Cash flows from financing activities:
Net change in deposits					1,938,385	647,933
Net change in short-term borrowings					342,009	89,526
Proceeds from issuance of long-term borrowings, net					594,084	210,000
Repayments of long-term borrowings					(900,000)	(488,000)
Cash dividends paid to preferred shareholders					(14,533)	(13,903)
Cash dividends paid to common shareholders					(124,041)	(125,248)
Purchase of common shares related to stock compensation plan activity					(10,171)	(8,615)
Purchase of common shares to treasury					(71,896)	(4,326)
Common stock issued, net					3,705	3,744
Other, net					(825)	(257)
Net cash provided by financing activities					1,756,717	310,854
Net change in cash and cash equivalents					(616,676)	(703,708)
Cash and cash equivalents at beginning of year		$ 1,583,565		$ 1,890,125	1,583,565	1,890,125	$ 1,890,125
Cash and cash equivalents at end of period	$ 966,889		$ 1,186,417		966,889	1,186,417	$ 1,583,565
Supplemental disclosures of cash flow information:
Interest on deposits and borrowings					673,890	769,206
Federal and state income taxes					69,195	34,099
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned, net					2,461	832
Transfer of loans to loans held for sale, net					0	10,200
Lease right of use assets obtained in exchange for operating lease liabilities					$ 19,508	$ 22,866

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 388,741	$ 315,166
Interest bearing deposits with banks	578,148	1,268,399
Investment securities:
Equity securities	88,541	82,774
Trading debt securities	26,493	0
Available for sale debt securities	4,292,148	4,202,218
Held to maturity debt securities (net of allowance for credit losses of $744 at June 30, 2026 and $734 at December 31, 2025)	3,757,200	3,495,837
Total investment securities	8,164,382	7,780,829
Loans held for sale (includes fair value of $4,940 at June 30, 2026 and $8,212 at December 31, 2025 for loans originated for sale)	13,690	26,236
Loans	52,467,251	50,136,728
Less: Allowance for loan losses	(590,600)	(583,400)
Net loans	51,876,651	49,553,328
Premises and equipment, net	316,364	330,757
Lease right of use assets	298,807	313,891
Bank owned life insurance	742,230	738,090
Accrued interest receivable	250,703	243,897
Goodwill	1,868,936	1,868,936
Other intangible assets, net	89,199	100,875
Other assets	1,730,457	1,592,321
Total Assets	66,318,308	64,132,725
Deposits:
Non-interest bearing	12,549,527	12,155,500
Interest bearing:
Savings, NOW and money market	28,666,443	28,603,470
Time	12,902,637	11,424,123
Total deposits	54,118,607	52,183,093
Short-term borrowings	433,484	91,475
Long-term borrowings	2,607,222	2,908,579
Junior subordinated debentures issued to capital trusts	57,977	57,803
Lease liabilities	355,482	372,448
Accrued expenses and other liabilities	828,392	711,629
Total Liabilities	58,401,164	56,325,027
Shareholders’ Equity
Common stock (no par value, authorized 650,000,000 shares; issued 560,878,750 shares at June 30, 2026 and December 31, 2025)	196,730	196,730
Surplus	5,458,768	5,464,845
Retained earnings	2,103,922	1,912,933
Accumulated other comprehensive loss	(99,617)	(74,379)
Treasury stock, at cost (7,809,650 common shares at June 30, 2026 and 4,260,729 common shares at December 31, 2025)	(97,004)	(46,776)
Total Shareholders’ Equity	7,917,144	7,807,698
Total Liabilities and Shareholders’ Equity	66,318,308	64,132,725
Series A
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:	111,590	111,590
Series B
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:	98,101	98,101
Series C
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:	$ 144,654	$ 144,654