Ira Robbins, CEO, commented, "This quarter's results reflect Valley's strong momentum as our profitability improvement is catching up to the balance sheet strengthening that has occurred since the beginning of 2024. New additions to our leadership team have already begun to positively impact our business generation, talent base, and strategic operating model."
Mr. Robbins continued, "Valley remains a strong regional bank player in an ever-shrinking pool. Our unique ability to combine the robust suite of financial products and services of a large bank with the high-touch service, responsiveness, and market knowledge of a community bank position us extremely well to capitalize on the significant opportunities that we believe lay ahead in the rest of 2025 and into 2026 and beyond."
Key financial highlights for the third quarter 2025:
Net Interest Income and Margin: Our net interest margin on a tax equivalent basis increased by 4 basis points to 3.05 percent for the third quarter 2025 as compared to 3.01 percent for the second quarter 2025. Net interest income on a tax equivalent basis of $447.5 million for the third quarter 2025 increased $13.8 million and $35.7 million compared to the second quarter 2025 and the third quarter 2024, respectively. The increase in net interest income from the second quarter 2025 was mainly driven by (i) higher yields on most new loan originations, (ii) increases in average loans and taxable investments, and (iii) one additional day during the third quarter 2025. Our net interest margin increased due to these same factors, although higher average interest-bearing cash balances were a slight headwind to its growth during the third quarter 2025. See additional details in the "Net Interest Income and Margin" section below.
Deposits: Total deposit balances increased $450.5 million to $51.2 billion at September 30, 2025 as compared to $50.7 billion at June 30, 2025 mainly due to deposit inflows from commercial customer and government deposits in the savings, NOW and money market deposit category during the third quarter 2025, partially offset by a $629.9 million decline in indirect customer deposits. Non-interest bearing deposits were $11.7 billion at both September 30, 2025 and June 30, 2025. See the "Deposits" section below for more details.
Loan Portfolio: Total loans decreased $118.6 million, or 1.0 percent on an annualized basis, to $49.3 billion at September 30, 2025 from June 30, 2025 mostly due to decreases of $142.5 million and $112.2 million in total commercial real estate (CRE) loans and commercial and industrial (C&I) loans, respectively, partially offset by increases in residential mortgage and total consumer loans. The decline in commercial loan activity in the third quarter 2025 was primarily due to targeted runoff of transactional CRE loans and a small commodities portfolio within C&I loans. 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 337 percent at September 30, 2025 from 349 percent at June 30, 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 $598.6 million and $594.0 million at September 30, 2025 and June 30, 2025, respectively, representing 1.21 percent and 1.20 percent of total loans at each respective date. During the third quarter 2025, we recorded a provision for credit losses for loans of $19.2 million as compared to $37.8 million and $75.0 million for the second quarter 2025 and third quarter 2024, respectively. See the "Credit Quality" section below for more details.
Credit Quality: Net loan charge-offs totaled $14.6 million for the third quarter 2025 as compared to $37.8 million and $42.9 million for the second quarter 2025 and third quarter 2024, respectively. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) decreased $114.4 million to $84.8 million, or 0.17 percent of total loans, at September 30, 2025 as compared to $199.2 million, or 0.40 percent of total loans, at June 30, 2025. Non-accrual loans totaled $421.5 million, or 0.86 percent of total loans, at September 30, 2025 as compared to $354.4 million, or 0.72 percent of total loans, at June 30, 2025. The increase in non-accrual loans was mainly due to three new non-performing CRE and construction loans totaling $67.0 million. These loans are largely well-collateralized and have total allocated reserves of $8.8 million within the allowance for loan losses at September 30, 2025. See the "Credit Quality" section below for more details.
Non-Interest Income: Non-interest income increased $2.3 million to $64.9 million for the third quarter 2025 as compared to the second quarter 2025 mainly driven by an increase of $2.1 million in both service charges on deposit accounts and wealth management and trust fees. The increases were mostly due to growth in treasury service fees for commercial deposit customers, brokerage fees and tax credit advisory service fees. These increases were partially offset by lower bank owned life insurance income and net gains on sales of loans during the third quarter 2025.
Non-Interest Expense: Non-interest expense decreased $2.1 million to $282.0 million for the third quarter 2025 as compared to the second quarter 2025 largely due to a decrease of $3.8 million in the FDIC insurance assessment expense reflecting a decline in our total expected special assessment charges. In addition, other non-interest expense and loss on extinguishment of debt decreased $1.6 million and $922 thousand, respectively, for the third quarter 2025 as compared to the second quarter 2025. These decreases were largely offset by 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 $1.4 million largely due to a $3.1 million increase in restructuring related severance charges, partially offset by a decrease in payroll taxes. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-core items, including the FDIC special assessment expense and severance charges.
Efficiency Ratio: Our efficiency ratio was 53.37 percent for the third quarter 2025 as compared to 55.20 percent and 56.13 percent for the second quarter 2025 and third 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 1.04 percent, 8.58 percent and 11.59 percent for the third quarter 2025, respectively. Annualized ROA, ROE, and tangible ROE, adjusted for non-core income and charges, were 1.04 percent, 8.62 percent and 11.64 percent for the third quarter 2025, respectively. Our profitability ratios continue to improve steadily and our adjusted annualized ROA for the third quarter 2025 recovered to the highest level since the fourth quarter 2022. 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 $447.5 million for the third quarter 2025 increased $13.8 million and $35.7 million compared to the second quarter 2025 and the third quarter 2024, respectively. Interest income on a tax equivalent basis increased $21.9 million to $828.2 million for the third quarter 2025 as compared to the second quarter 2025. The increase was mostly driven by (i) higher yields on most new loan originations, (ii) increases in average loans and taxable investments and (iii) one additional day in the third quarter 2025. Total interest expense increased $8.1 million to $380.7 million for the third quarter 2025 as compared to the second quarter 2025. The increase was largely due to a $1.1 billion increase in average interest bearing deposit balances, partially offset by the positive impact of the early redemption of $115 million of subordinated notes on June 15, 2025, lower utilization of short-term FHLB borrowings and the repayment of higher-cost indirect customer deposits throughout the quarter. See the "Deposits" and "Other Borrowings" sections below for more details.
Net interest margin on a tax equivalent basis of 3.05 percent for the third quarter 2025 increased by 4 basis points from 3.01 percent for the second quarter 2025 and increased 19 basis points from 2.86 percent for the third quarter 2024. The increase as compared to the second quarter 2025 was mostly due to the 5 basis point increase in the yield on average interest earning assets largely caused by higher interest rates on most new loan originations in the third quarter 2025 and higher yielding investment purchases during the last six months, which were both partially offset by our elevated cash position. The overall cost of average interest bearing liabilities increased 1 basis points to 3.57 percent for the third quarter 2025 as compared to the second quarter 2025 mostly due to a 4 basis point increase in the cost of non-maturity interest bearing deposits, partially offset by a lower overall cost of time deposits mostly driven by the repayment of maturing indirect customer CDs. Our cost of total average deposits was 2.69 percent for the third quarter 2025 as compared to 2.67 percent and 3.25 percent for the second quarter 2025 and the third quarter 2024, respectively.
Loans, Deposits and Other Borrowings
Loans. Total loans decreased $118.6 million, or 1.0 percent on an annualized basis, to $49.3 billion at September 30, 2025 from June 30, 2025. Total CRE (including construction) loans decreased $142.5 million to $28.7 billion at September 30, 2025 from June 30, 2025. Construction loans decreased $337.6 million, or 47.3 percent on an annualized basis, to $2.5 billion at September 30, 2025 from June 30, 2025. The decrease in construction loans was mainly due to the completion of existing projects that were repaid or moved to permanent financing within both the non-owner and owner occupied loan categories of the CRE loan portfolio during the third quarter 2025. As a result of this migration and new originations, owner occupied CRE loans increased $307.9 million, or 21.3 percent on an annualized basis at September 30, 2025 from June 30, 2025. Non-owner occupied and multifamily CRE loans decreased $73.4 million and $39.5 million, respectively, at September 30, 2025 from June 30, 2025 due to the targeted runoff of transactional CRE loans. C&I loans declined by $112.2 million, or 4.1 percent on an annualized basis, to $10.8 billion at September 30, 2025 from June 30, 2025 mostly due to repayment activity in a small sub-segment of loans made to the commodities industry during the third quarter 2025. Residential mortgage loans increased $85.4 million to $5.8 billion at September 30, 2025 from June 30, 2025 as new loan originations continued to outpace repayment activity. Total consumer loans increased $50.7 million to $4.0 billion at September 30, 2025 from June 30, 2025 mainly driven by home equity line usage and new originations and moderate upticks in the other customer loan categories. Loans held for sale decreased $10.0 million to $18.1 million at September 30, 2025 from June 30, 2025 primarily due to the sale of a $10.2 million non-performing construction loan to an unrelated party. The non-performing loan sale resulted in a $1.3 million loss recognized within net gains on sales of loans for the third quarter 2025.
Deposits. Actual ending balances for deposits increased $450.5 million to $51.2 billion at September 30, 2025 from June 30, 2025 mainly due to a $1.2 billion increase in savings, NOW and money market deposit balances, partially offset by a $616.8 million decrease in time deposits. The increase in savings, NOW and money market deposit balances from June 30, 2025 was largely due to deposit inflows from commercial customer and government deposit accounts. The decrease in time deposit balances was mainly driven by the repayment of maturing indirect customer CDs during the third quarter 2025. Total indirect customer deposits (consisting of brokered time and money market deposits) totaled $5.8 billion and $6.5 billion at September 30, 2025 and June 30, 2025, respectively. Non-interest bearing deposits were approximately $11.7 billion at both September 30, 2025 and June 30, 2025 and remained relatively stable across our customer base during the third quarter 2025. 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 September 30, 2025, respectively, as compared to 23 percent, 52 percent and 25 percent of total deposits as of June 30, 2025, respectively.
Other Borrowings. Short-term borrowings decreased $111.2 million to $51.1 million at September 30, 2025 from June 30, 2025 largely due to the repayment of $100 million of maturing short-term FHLB advances. Long-term borrowings totaled $2.9 billion at September 30, 2025 and remained relatively unchanged as compared to June 30, 2025.
Credit Quality
Non-Performing Assets (NPAs). Total NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, increased $66.6 million to $427.3 million at September 30, 2025 as compared to June 30, 2025. Non-accrual loans increased $67.1 million to $421.5 million, or 0.86 percent of total loans at September 30, 2025 as compared to $354.4 million, or 0.72 percent of total loans, at June 30, 2025. The increase was mainly driven by one $35.0 million construction loan that migrated from the 30 to 59 days past due delinquency category at June 30, 2025 and two smaller non-performing CRE loans, partially offset by the sale of a $10.2 million non-performing construction loan classified as held for sale during the third 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 $114.4 million to $84.8 million, or 0.17 percent of total loans, at September 30, 2025 as compared to $199.2 million, or 0.40 percent of total loans, at June 30, 2025.
Loans 30 to 59 days past due decreased $59.4 million to $63.6 million at September 30, 2025 as compared to June 30, 2025 largely due to a $39.2 million CRE loan included in this early stage delinquency category at June 30, 2025 that was subsequently paid in full during July 2025 and the aforementioned $35.0 million construction loan that migrated from this past due category to non-accrual loans during the third quarter 2025.
Loans 60 to 89 days past due decreased $57.2 million to $16.2 million at September 30, 2025 as compared to June 30, 2025 mainly due to a $60.6 million CRE past due loan included in this delinquency category at June 30, 2025 that was subsequently modified and was brought current to its restructured terms during the third quarter 2025. Loans 90 days or more past due and still accruing interest increased $2.1 million to $5.0 million at September 30, 2025 as compared to June 30, 2025. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.
Allowance for Credit Losses for Loans and Unfunded Commitments. The following table summarizes the allocation of the allowance for credit losses to loan categories and the allocation as a percentage of each loan category at September 30, 2025, June 30, 2025, and September 30, 2024:
September 30, 2025
June 30, 2025
September 30, 2024
Allocation
Allocation
Allocation
as a % of
as a % of
as a % of
Allowance
Loan
Allowance
Loan
Allowance
Loan
Allocation
Category
Allocation
Category
Allocation
Category
($ in thousands)
Loan Category:
Commercial and industrial loans
$
161,848
1.50
%
$
173,415
1.60
%
$
166,365
1.70
%
Commercial real estate loans:
Commercial real estate
297,685
1.14
270,937
1.04
249,608
0.93
Construction
51,908
2.06
64,042
2.24
59,420
1.70
Total commercial real estate loans
349,593
1.22
334,979
1.16
309,028
1.02
Residential mortgage loans
51,094
0.88
48,830
0.86
51,545
0.91
Consumer loans:
Home equity
3,735
0.57
3,689
0.58
3,303
0.57
Auto and other consumer
18,730
0.55
18,587
0.55
18,086
0.63
Total consumer loans
22,465
0.56
22,276
0.56
21,389
0.62
Allowance for loan losses
585,000
1.19
579,500
1.17
548,327
1.11
Allowance for unfunded credit commitments
13,604
14,520
16,344
Total allowance for credit losses for loans
$
598,604
$
594,020
$
564,671
Allowance for credit losses for loans as a % of total loans
1.21
%
1.20
%
1.14
%
Our loan portfolio, totaling $49.3 billion at September 30, 2025, had net loan charge-offs totaling $14.6 million for the third quarter 2025 as compared to $37.8 million and $42.9 million for the second quarter 2025 and the third quarter 2024, respectively. Gross loan charge-offs totaled $16.6 million for the third quarter 2025 and were largely driven by partial charge-offs within the CRE loan category related to four non-performing loan relationships.
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 1.21 percent at September 30, 2025, 1.20 percent at June 30, 2025, and 1.14 percent at September 30, 2024. For the third quarter 2025, the provision for credit losses for loans totaled $19.2 million as compared to $37.8 million and $75.0 million for the second quarter 2025 and third quarter 2024, respectively. The third quarter 2025 provision reflects, among other factors, moderate increases in both the economic forecast and non-economic qualitative reserve components of the allowance for credit losses and higher specific reserves associated with collateral dependent loans, partially offset by a decline in quantitative reserves in certain loan categories, including C&I and construction loans, at September 30, 2025.
Capital Adequacy
Valley's total risk-based capital, Tier 1 capital, common equity tier 1 capital, and Tier 1 leverage capital ratios were 13.83 percent, 11.72 percent, 11.00 percent and 9.52 percent, respectively, at September 30, 2025 as compared to 13.67 percent, 11.57 percent, 10.85 percent and 9.49 percent, respectively, at June 30, 2025. During the third quarter 2025, we repurchased 1.3 million shares of our common stock at an average price of $9.38 under our current stock repurchase plan. During the nine months ended September 30, 2025, we repurchased a total of 1.8 million shares of our common stock at an average price of $9.18 under this plan.
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 third 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, November 24, 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 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 and other trade policies and practices, 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, the recent prolonged shutdown of the U.S federal government, 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 any actual or perceived concerns regarding the soundness, or creditworthiness, of other financial institutions, including any resulting disruption within the financial markets, increased expenses, including 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 any decline in commercial real estate values collateralizing a significant portion of our loan portfolio;
higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations, and case law;
the inability to grow customer deposits to keep pace with the level of loan growth;
a material change in our allowance for credit losses due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios;
the need to supplement debt or equity capital to maintain or exceed internal capital thresholds;
changes in our business, strategy, market conditions or other factors that may negatively impact the estimated fair value of our goodwill and other intangible assets and result in future impairment charges;
greater than expected technology-related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations;
increased competitive challenges and competitive pressure on pricing of our products and services;
our ability to stay current with rapid technological changes in the financial services industry, including the use of artificial intelligence, blockchain and digital currencies, and related regulatory developments, as well as our ability to assess and monitor the effects of, and risks associated with, the implementation and use of such technology;
cyberattacks, ransomware attacks, computer viruses, malware or other cybersecurity incidents that may breach the security of our websites or other systems or networks to obtain unauthorized access to personal, confidential, proprietary or sensitive information, destroy data, disable or degrade service, or sabotage our systems or networks, and the increasing sophistication of such attacks and use of targeted tactics against the financial services industry;
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-
VALLEY NATIONAL BANCORPCONSOLIDATED FINANCIAL HIGHLIGHTS
SELECTED FINANCIAL DATA
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
($ in thousands, except for share data and stock price)
2025
2025
2024
2025
2024
FINANCIAL DATA:
Net interest income - FTE (1)
$
447,473
$
433,675
$
411,812
$
1,302,525
$
1,209,643
Net interest income
$
446,224
$
432,408
$
410,498
$
1,298,737
$
1,205,731
Non-interest income
64,887
62,604
60,671
185,785
173,299
Total revenue
511,111
495,012
471,169
1,484,522
1,379,030
Non-interest expense
281,985
284,122
269,471
842,725
827,278
Pre-provision net revenue
229,126
210,890
201,698
641,797
551,752
Provision for credit losses
19,171
37,799
75,024
119,631
202,294
Income tax expense
46,600
39,924
28,818
119,586
84,898
Net income
163,355
133,167
97,856
402,580
264,560
Dividends on preferred stock
7,644
6,948
6,117
21,547
14,344
Net income available to common shareholders
$
155,711
$
126,219
$
91,739
$
381,033
$
250,216
Weighted average number of common shares outstanding:
Basic
560,504,275
560,336,610
509,227,538
560,154,649
508,904,353
Diluted
563,636,933
562,312,330
511,342,932
563,905,535
510,713,205
Per common share data:
Basic earnings
$
0.28
$
0.23
$
0.18
$
0.68
$
0.49
Diluted earnings
0.28
0.22
0.18
0.68
0.49
Cash dividends declared
0.11
0.11
0.11
0.33
0.33
Closing stock price - high
11.10
9.20
9.34
11.10
10.80
Closing stock price - low
9.18
7.87
6.58
7.87
6.52
FINANCIAL RATIOS:
Net interest margin
3.04
%
3.01
%
2.85
%
3.00
%
2.82
%
Net interest margin - FTE (1)
3.05
3.01
2.86
3.01
2.83
Annualized return on average assets
1.04
0.86
0.63
0.86
0.57
Annualized return on average shareholders' equity
8.58
7.08
5.70
7.13
5.20
NON-GAAP FINANCIAL DATA AND RATIOS: (2)
Basic earnings per share, as adjusted
$
0.28
$
0.23
$
0.18
$
0.68
$
0.50
Diluted earnings per share, as adjusted
0.28
0.23
0.18
0.68
0.50
Annualized return on average assets, as adjusted
1.04
%
0.87
%
0.62
%
0.87
%
0.58
%
Annualized return on average shareholders' equity, as adjusted
8.62
7.15
5.64
7.16
5.27
Annualized return on average tangible shareholders' equity
11.59
9.62
8.06
9.68
7.40
Annualized return on average tangible shareholders' equity, as adjusted
11.64
9.71
7.97
9.73
7.50
Efficiency ratio
53.37
55.20
56.13
54.79
58.26
AVERAGE BALANCE SHEET ITEMS:
Assets
$
63,046,215
$
62,106,945
$
62,242,022
$
62,224,382
$
61,674,588
Interest earning assets
58,623,153
57,553,624
57,651,650
57,695,831
57,016,790
Loans
49,270,853
49,032,637
50,126,963
48,988,393
50,131,468
Interest bearing liabilities
42,677,630
41,913,735
42,656,956
41,947,670
41,932,616
Deposits
51,167,324
49,907,124
50,409,234
50,080,358
49,459,617
Shareholders' equity
7,616,810
7,524,231
6,862,555
7,533,660
6,781,022
VALLEY NATIONAL BANCORPCONSOLIDATED FINANCIAL HIGHLIGHTS
As Of
BALANCE SHEET ITEMS:
September 30,
June 30,
March 31,
December 31,
September 30,
(In thousands)
2025
2025
2025
2024
2024
Assets
$
63,018,614
$
62,705,358
$
61,865,655
$
62,491,691
$
62,092,332
Total loans
49,272,823
49,391,420
48,657,128
48,799,711
49,355,319
Deposits
51,175,758
50,725,284
49,965,844
50,075,857
50,395,966
Shareholders' equity
7,695,374
7,575,421
7,499,897
7,435,127
6,972,380
LOANS:
(In thousands)
Commercial and industrial
$
10,757,857
$
10,870,036
$
10,150,205
$
9,931,400
$
9,799,287
Commercial real estate:
Non-owner occupied
11,674,103
11,747,491
11,945,222
12,344,355
12,647,649
Multifamily
8,394,694
8,434,173
8,420,385
8,299,250
8,612,936
Owner occupied
6,097,319
5,789,397
5,722,014
5,886,620
5,654,147
Construction
2,517,258
2,854,859
3,026,935
3,114,733
3,487,464
Total commercial real estate
28,683,374
28,825,920
29,114,556
29,644,958
30,402,196
Residential mortgage
5,795,395
5,709,971
5,636,407
5,632,516
5,684,079
Consumer:
Home equity
655,872
634,553
602,161
604,433
581,181
Automobile
2,191,976
2,178,841
2,041,227
1,901,065
1,823,738
Other consumer
1,188,349
1,172,099
1,112,572
1,085,339
1,064,838
Total consumer loans
4,036,197
3,985,493
3,755,960
3,590,837
3,469,757
Total loans
$
49,272,823
$
49,391,420
$
48,657,128
$
48,799,711
$
49,355,319
CAPITAL RATIOS:
Book value per common share
$
13.09
$
12.89
$
12.76
$
12.67
$
13.00
Tangible book value per common share (2)
9.57
9.35
9.21
9.10
9.06
Tangible common equity to tangible assets (2)
8.79
%
8.63
%
8.61
%
8.40
%
7.68
%
Tier 1 leverage capital
9.52
9.49
9.41
9.16
8.40
Common equity tier 1 capital
11.00
10.85
10.80
10.82
9.57
Tier 1 risk-based capital
11.72
11.57
11.53
11.55
10.29
Total risk-based capital
13.83
13.67
13.91
13.87
12.56
VALLEY NATIONAL BANCORPCONSOLIDATED FINANCIAL HIGHLIGHTS
Three Months Ended
Nine Months Ended
ALLOWANCE FOR CREDIT LOSSES:
September 30,
June 30,
September 30,
September 30,
($ in thousands)
2025
2025
2024
2025
2024
Allowance for credit losses for loans
Beginning balance - Allowance for credit losses for loans
$
594,020
$
594,054
$
532,541
$
573,328
$
465,550
Loans charged-off:
Commercial and industrial
(2,745
)
