Valley National Bancorp · NASDAQ:VLY
Valley National Bancorp — Q3 2025 Earnings Presentation
32 slides from Valley National Bancorp's earnings presentation, Oct 23, 2025
Slide 1: 3Q25 Earnings Presentation
Exhibit 99.2 . 3Q25 Earnings Presentation October 23, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation 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 abo
Slide 3: 3Q 2025 Financial Highlights
3Q 2025 Financial Highlights GAAP Reported Non-GAAP Adjusted ! Net Income($mm) $163.4 $133.2 Return on Average Assets 1.04% 0.86% Annualized . z Efficiency Ratio (Non-GAAP) - = Diluted Earnings Per Share $0.28 $0.22 Pre-Provision Net Revenue? ($mm) $229.1 $210.9 PPNR / Average Assets? 1.45% 136% Ann
Slide 4: Maintaining Balance Sheet Strength
Maintaining Balance Sheet Strength CRE/TRBC! ACL / Loans 1.20% - 1.22% [1.20% [ig 1.21% [RPO 1.17% B 421% 1.14% fo Ba oo ~ 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 est. est. Loans / Deposits CET1/RWA 97.9% °F 975% BE 97.4% FR 97.4% <97% 10.8
Slide 5: Achieving Profitability Goals Ahead of Schedule
Achieving Profitability Goals Ahead of Schedule Net Interest Margin (FTE, %) 2 Adj. PPNR / Avg. Assets (%) ! : 3.05% 310% >3.10% 151% 150% —>1.50% 3.01% mt 1.43% fond zo2m 226% al 137% it 2.86% 3.00% 132% 1.31% ioe ll l [ [ | | 3Q24 4Q24 1925 2Q25 3Q25 2025 4Q25 3Q24 4Q24 1925 2Q25 3Q25 2025 4Q25 es
Slide 6: Guidance Update
Guidance Update a | 4025 Expectations ~2% growth based on 12/31/24 of $48.8bn ~1% growth (Modest downward revision from ~3% previously) Gross Loan Growth ~8% growth based on 2024 of $1,629mm (Low end of prior 8% - 10% range) 9% - 10% growth range based on 2024 of $227mm! (High end of prior 6% - 10%
Slide 7: New Commercial and Consumer Leadership
New Commercial and Consumer Leadership Gino Martocci President, Commercial Banking Gino joined Valley in March 2025 and is responsible for Valley's Commercial Banking and Treasury Solutions efforts. Gino previously spent over 20 years at MST Bank, and most recently served as Head of Commercial and C
Slide 8: Driving Long-Term Value
Driving Long-Term Value Shareholder Value Creation vs. Peers! Deposit Accounts (000s) = Cumulative Dividends Post-2017 m Reported TBV Growth Post-2017* m% 98% a1 547 440 : | 55% 12/3117 9/30/25 12/3117 9/30/25 Peer Median vLY m Commercial = Consumer Commercial Loan Diversity by Geography ? Enhanced
Slide 9: Continued Direct Deposit Growth
Continued Direct Deposit Growth Deposits by Product ($bn) Avg. Fed Funds vs. Deposit Costs (%) $50.4 $50.7 $51.2 28% 25% 24% 22% Tie 23% [Rina 23% 50% ary 52% [ia 53% [eae 9/30/2024 6/30/2025 ——=«9/30/2025 = Time mNon-Interest _m Savings, NOW and money market Deposits by Customer Type ($bn) 5.43% ee
Slide 10: Diversified Deposit Base
Diversified Deposit Base Total Deposit Breakdown ($bn) Specialized Deposits $131 26% $51.2bn Traditional ore ial Fully FDIC-insured 63% Indirect Customer $58 11% Traditional Branch Deposits 3 ($bn) New Jersey Sg New York 127 branches $51 $32.2bn 42 branches Other é Florida $13 $8.2 20 branches Sibre
Slide 11: • • • • • • • • • • • • • •
• • • • • • • • • • • • • • • • • • • • • • • 11 Exhibit 99.2
Slide 12: Loan Portfolio Detail
Loan Portfolio Detail Gross Loans ($bn)! Avg. Fed Funds vs. Loan Yields (%) (301) $0.0 $49. 549.3 9/30/2025 Loan Composition ' 6.28% 6.04% 5.78% 5.88% 5.95% 5.43% A | pee 4.50% 4.50% 4.46% 3Q24 4Q24 1Q25 mmm Total Loan Yield 2Q25 3Q25 ‘Average Fed Funds (Upper) Cumulative Loan Beta (Current Cycle) 2
Slide 13: Diverse C&I Growth Capabilities
Diverse C&l Growth Capabilities C&I Loans ($bn) 9/30/25 C&l Industry Diversity 9% C&l CAGR since 2017 Traditional CSI ‘24 10.8 9/30/25 Real Estate Related 1496 Other 19% Wholesale Trade 10% Non-Profit & Condos $10. "we 6% Finance & Insurance ay 21% J 3% Equipment Hospitality, Food Serv. _/ Manufactu
Slide 14: • • • • • • • • • • • • • •
• • • • • • • • • • • • • • • • • • • • 14 Exhibit 99.2
Slide 15: Net Interest Income and Margin
Net Interest Income and Margin Net Interest Income ($mm) and Margin Net Interest Income Commentary 3.05% 3.01% $447 2.86% $434 $424 $421 $412 / 3Q24 4Q24 1Q25, 2Q25 3Q25 Mm Net Interest Income ($mm) — ==NIM % Net interest income increased 3% from 2Q25 and 8% from 3Q24. NIM has expanded for the sixth
Slide 16: Non-Interest Income
Non-Interest Income Non-Interest Income ($mm)! (0.5) S- 64.9 (4) 2Q25 Capital BOLI Deposit Wealth & All Other 3Q25 Markets Service Trust Charges 3Q25 Non-Interest Income ($mm) Deposit Service Charges BOLI $16.8 $47 26% 7% Loan Servicing $3.4 y 5% Capital Markets $9.8 15% Wealth, Trust & Insurance $1
Slide 17: • •• • • • • • • • • • • • •
17 • •• • • • • • • • • • • • • • • Exhibit 99.2
Slide 18: Operating Expenses Remain Well-Controlled
Operating Expenses Remain Well-Controlled Non-Interest Expenses ($mm) Efficiency Ratio Trend! ti Reported m Adjusted! 282.0 269.5 prrtttan ; 56.1% 55.2% “ 3Q24 3Q25 3Q24 2Q25 3Q25 Adj. Ann. Non-Interest Expenses '/ Avg. Assets #3 Compensation costs declined sequentially, 219% 2.17% exclusive of $3.9
Slide 19: Asset Quality & Reserve Trends
Asset Quality & Reserve Trends Non-Accrual Loans / Total Loans Accruing Past Due Loans / Total Loans ™30-59PD = 60-89PD m90+PD 0.40% 0.35% 0.86% . ~ bo — _ oe PS i wens “WA NSS AOS SES 9/30/24 12/31/24 3/3/25 6/30/25 9/30/25 ACL / Total Loans Loan Loss Provision & Net Charge-Offs ($mm) Net Charge-Of
Slide 20: Cumulative CRE Net Charge-Offs in Cycle
Cumulative CRE Net Charge-Offs in Cycle CRE Net Charge-Offs / Avg. CRE Loans (%) 0.88% = SSR 0.57% Oe 0.43% : _— es cas ma --- . 0.21%. = ~ (0.36% = ot 018% 0.19% 0.16% 11% 010% - = i oe | 1Q24 2Q24 3Q24 4Q24 1925 2Q25 3Q25 Mmmm Annualized CRE NCOs / Avg. CRE Loans Cumulative CRE NCOs / Avg. CRE Loa
Slide 21: Equity & Capitalization
Equity & Capitalization Book Value and Tangible Book Value per Share ! Equity Capitalization Level ' $13.00 12.89 $13.09 $12.67 $12.76 $12.8: 11.90% 12.12% 12.08% 12.21% ak 23% 1 8.63% eae 79% $9.57 BAK: 8.61% _— $9.35 7.68% - 5 LE i ' | i 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 9/30/2024
Slide 22: Appendix
Exhibit 99.2
Slide 23: Glossary of Defined Terms
Glossary of Defined Terms Term ACL AFS BLUSA BOLI cl CAGR CECL CET] CRE DSCR FIX FDIC FL FHLB FRB FRBNY FTE GAAP HFS HHI HOA HTM LIBOR LTV MSA NAICS Definition Allowance for credit losses Available for sale Bank Leumi Le-Israe! Corporation acquired by Valley on April 1, 2022 Bank owned life insuranc
Slide 24: CRE Detail as of 9/30/25
CRE Detail as of 9/30/25 Portfolio by Property Type Retail Mixed Use 16% 9% Office 10% Healthcare eee office Apartment & $26.2bn 2% Residential 31% Industrial 1% Healthcare Specialty & Other 11% 10% Property Type Wed. Avg. LTV! Wed. Avg. DSCR? Apartment & Resi $61 64% 136x Retail $4.2 61% 174x Indus
Slide 25: Multifamily Portfolio Detail
Multifamily Portfolio Detail Multifamily Portfolio by Sub-Asset Class ($bn) Non Co-Op Multifamily by Geography ($bn) Florida & Alabama 20% New Jersey 20% Manhattan 8% Gop; Non Co-Op $19 $8.0bn New York (ex. Manhattan) a 26% New York City by % Rent Regulated Units 0% of units 39% Geography Outstandin
Slide 26: Granular & Diverse Office Portfolio
Granular & Diverse Office Portfolio Office Portfolio by Tenancy Multi Tenant w/ Anchor Multi Tenant $0.2 S17 ™% 57% Healthcare Office $0.4 13% Single Tenant $0.7 23% ~23% of Office Portfolio is Owner-Occupied. Geography Outstanding ($bn) Office Portfolio by Geography ($bn) Florida & Alabama $l Manha
Slide 27: 4Q25 1Q26 2Q26 3Q26 4Q26 2027 2028 2029 2030 2031 2032 and Beyond 27
4Q25 1Q26 2Q26 3Q26 4Q26 2027 2028 2029 2030 2031 2032 and Beyond 27 Exhibit 99.2
Slide 28: Securities Portfolio Detail ($mm)
Securities Portfolio Detail ($mm) ma HTM AFS Mmmm Equity & Trading —Yield Securities as % of Total Assets 3.95% 3.98% 4.02% 3.84% 3.77% $7,736 3.14% ms $74 $6,253 $72 $5,936 $77 $5,051 $5,104 $5,231 $73 = a = $3,370 $3,659 $3,896 $4,017 $2,212 $2,602 $1187 $1,297 $1,449 — : 3Q23 4Q23 1Q24 2Q24 3Q24
Slide 29: Non-GAAP Reconciliations to GAAP Financial Measures
Non-GAAP Reconciliations to GAAP Financial Measures {Sin thousands, except for share data) Net income, as reported (GAAP) Add: Loss on extinguishment of debt ‘Add: FDIC Special assessment (a) ‘Add: (Gains) losses on available for sale and held to maturity securities transactions, net (b) ‘Add: Restr
Slide 30: Non-GAAP Reconciliations to GAAP Financial Measures
Non-GAAP Reconciliations to GAAP Financial Measures (Sin thousands) Net income, as adjusted (Non-GAAP) Average assets ‘Annualized return on average assets, as adjusted (Non-GAAP) Net income, as adjusted (Non-GAAP) ‘Average shareholders’ equity ‘Annualized return on average shareholders’ equity, as a
Slide 31: Non-GAAP Reconciliations to GAAP Financial Measures
Non-GAAP Reconciliations to GAAP Financial Measures (Sin thousands) Pre-provision net revenue (GAAP) ‘Add: Loss on extinguishment of debt (pre-tax) Add: FDIC Special assessment (pre-tax) Add: Restructuring charge (pre-tax) Add: Amortization of tax credit investments (pre-tax) Add: Litigation reserve
Slide 32: © 2025 Valley Bank. All rights reserved. Please see www.valley.com for further details. ▪
© 2025 Valley Bank. All rights reserved. Please see www.valley.com for further details. ▪ ▪ ▪ ▪ Exhibit 99.2
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