Valley National Bancorp · NASDAQ:VLY
Valley National Bancorp — Q4 2025 Earnings Presentation
35 slides from Valley National Bancorp's earnings presentation, Jan 29, 2026
Slide 1: 4Q25 Earnings Presentation
Exhibit 99.2 4Q25 Earnings Presentation January 29, 2026
Slide 2: Forward Looking Statements
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 o
Slide 3: 4Q 2025 Financial Highlights
4Q 2025 Financial Highlights ee GAAP Reported Non-GAAP Adjusted! Net Income ($mm) $195.4 $163.4 Return on Average Assets 1.24% 1.04% Annualized ‘ ° Annualized ROATCE 2 14.2% 12.1% Efficiency Ratio (Non-GAAP) - - Diluted Earnings Per Share $0.33 $0.28 Pre-Provision Net Revenue 3($mm) $241.8 $2291 PPN
Slide 4: Strong Balance Sheet Metrics
Strong Balance Sheet Metrics CRE/TRBC! ACL/ Loans yt 117% 1.19% 362% 333% 0.93% 12/3/23 12/31/24 12/31/25 12/31/23 12/3/24 12/3/25 Loans / Deposits CET1/RWA 102.0% 10.99% 97.5% 10.82% 5 96.1% 9.29% 12/323 12/3/24 12/325 12/3/23 12/31/24 12/3/25 1 Commercial Real Estate (including CRE loans held for
Slide 5: Improving Revenue Growth
Improving Revenue Growth Net Interest Income ($mm) 1,860 1764 1,665 1,629 FY2023 FY 2024 FY 2025 4Q25 annualized Non-Interest Expense ($mm) ! Non-Interest Income ($mm)! FY2023 FY 2024 FY 2025 4Q25 annualized 305 262 225 305 FY2023 FY 2024 FY 2025 4Q25 annualized Provision for Loan Losses ($mm) 309 1
Slide 6: Profitability Metrics Exceed Prior Expectations
Profitability Metrics Exceed Prior Expectations Net Interest Margin (FTE, %) 2 Guidance entering 2025 3.17% 9% 3.05% S50% 2.96% UJ 7 il FY2023 FY 2024 FY 2025 4Q25 Adj. Return on Avg. Assets (%)! 1.14% 0.91% 0.94% >1,00% : tr f FY 2023 FY 2024 FY 2025 4Q25, Adj. PPNR / Avg. Assets (%) ! 159% 1.48% 2
Slide 7: Driving Long-Term Value
Driving Long-Term Value Shareholder Value Creation vs. Peers! = Cumulative Dividends Post-2017 m Reported TBV Growth Post-2017 7 16% 106% Peer Median VLY Commercial Loan Diversity by Geography 3 Deposit Accounts (000s) mFL&Other @NYS&NJ 50% 21% 12/317 12/31/25 QD ™ 142 545 440 ; | 12/317 12/31/25 12
Slide 8: Strategic Growth Imperatives for 2026
Strategic Growth Imperatives for 2026 Our Strategic Focus Remains Consistent, Supported by Evolving Initiatives = Grow Core Deposits = Accelerate consumer, small business, and business banking sales efforts to create a high-quality funding engine. = Continue to utilize treasury management capabiliti
Slide 9: 2026 Financial Outlook
2026 Financial Outlook } Metric 2025 ~10% CSI growth, low single-digit CRE growth, mid single-digit consumer / residential growth. Gross Loans $50.1bn 4% - 6% Growth Broad-based growth across retail, commercial and specialty channels. Exit 2026 with NIM above 3.30%; solid balance Net Interest Income
Slide 10: $109mm returned to shareholders during 4Q25
10 $109mm returned to shareholders during 4Q25 Over 50% (21bp) of organically generated regulatory capital returned to shareholders during 4Q25
Slide 11: Continued Direct Deposit Growth
Continued Direct Deposit Growth Deposits by Product ($bn) Avg. Fed Funds vs. Deposit Costs (%) $50.1 $51.2 $52.2 122 2.94% 23% 23% 2.65% 2.67% 2.69% [] [ U f 482% 23% T 52% eto) 53% [eae 55% [ee — = 4Q24 1925 2Q25 3Q25 4Q25 12/31/2024 9/30/2025 12/31/2025 Time mNon-Interest m Savings, NOW and money
Slide 12: Diversified Deposit Base
Diversified Deposit Base Total Deposit Breakdown ($bn) Specialized Deposits Traditional eal Deposits $52.2bn $347 67% Fully FDIC-insured Indirect Customer $5.4 10% Traditional Deposits ' ($bn) New Jersey $16.8 Florida & Alabama $2.0 $9.5 Specialized Deposits by Business Line ($bn) International Corp
Slide 13: Core Deposit Growth & Diversification
Core Deposit Growth & Diversification 2/317 : 12/31/25 Expectations for 2026 & Beyond $18bn Total Deposits $52bn Total Deposits + Leverage specialty deposit + 78% in Northeast Branches + 44% in Northeast Branches verticals and explore new * 101% Loans / Deposits * 96% Loans / Deposits capabilities +
Slide 14: Loan Portfolio Detail
Loan Portfolio Detail Gross Loans ($bn)! Avg. Fed Funds vs. Loan Yields (%) 0.1 som $0.8 ($0.3) $501 $49.3 9/30/25 Transactional Other CRE CEI Resi& 12/3/25 CRE Consumer 12/31/2025 Loan Composition ! Non Owner-Occupied CRE 23% Owner-Occupied CRE Multifamily 13% 17% c&I Construction 22% 5% Residentia
Slide 15: Diverse CSI Growth Capabilities
Diverse CSI Growth Capabilities C&I Loans ($bn) 12/31/25 C&l Industry Diversity 7 18 9 ‘20 ‘21 Traditional CSI $1.0 125: Real Estate Related Other Working Capital 13% 20% J wiles Trade Non-Profit & Condos $11. om m Finance & Insurance nae 19% ns Consumer Serv Professional Services 6 3% Equipment Hos
Slide 16: Focused C&I Initiatives Supporting Growth
Focused C&l Initiatives Supporting Growth 12/31/17 $18bn Total Loans $2.7bn C&l loans 79% of Commercial Loans! in Northeast C&l / Owner-Occ 24% of Loans 12/31/25 $50bn Total Loans $11.0bn CSI loans 50% of Commercial Loans! in New York and New Jersey C&l / Owner-Occ 35% of Loans * Capital Call Lines
Slide 17: Net Interest Income and Margin
Net Interest Income and Margin Net Interest Income ($mm) and Margin 3.17% 4Q24 1Q25 2Q25 3Q25 4Q25 a Net Interest Income ($mm) ~— ====NIM Net Interest Income Commentary 9% Net interest income increased 4% from 3Q25 and 10% from 4Q24. #3 NIM has expanded for the seventh consecutive quarter to 3.17%.
Slide 18: Non-Interest Income
Non-Interest Income Non-Interest Income ($mm) ! $(0.1) $0:3 ba a $64.9 3Q25 Capital BOLI Deposit Wealth & All Other 4Q25 Markets Service Trust Charges 4Q25 Non-Interest Income ($mm) Deposit Service Charges $17.0 BOLI $4.6 6% Loan Servicing 22 $31 Capital Markets a a $15.5 20% All Other $14.3 19% Wea
Slide 19: Drivers of Fee Income Momentum
Drivers of Fee Income Momentum FY 2017 EY2025 * $103mm of Non-Interest + $262mm of Non-Interest Income Income (12% CAGR) + $2Imm Gain on Traditional + $7mm Gain on Traditional Loan Sales Loan Sales * Gain on Sale Comprises 20% * Gain on Sale Comprises 3% of Non-Interest Income of Non-Interest Income
Slide 20: Non-Interest Expenses
Non-Interest Expenses Non-Interest Expenses ($mm) 71 Reported Notable 405 Expense Items ($mm) m Adjusted ' $299 $279 $282 Fl ipaaaranoass } Excess Performance $8mm 2026 Branding OTE $289 Related Campaign Expenses $3 $5 3Q25 4Q25 Efficiency Ratio Trend! 9} 4Q25 adjusted non-interest expense included
Slide 21: Asset Quality & Reserve Trends
Asset Quality & Reserve Trends Non-Accrual Loans / Total Loans Accruing Past Due Loans / Total Loans m30-59PD ™60-89PD 90+ PD ; = 0.40% 0.74% O.n% 0.72% 0.86% 0.87% 0.20% 0.28% alle = | — =| 12/3/24 3/3/25 6/30/25 9/30/25 12/3/25 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 ACL/ Total Loans Loan Loss P
Slide 22: Criticized and Classified Loan Improvement
Criticized and Classified Loan Improvement Criticized & Classified Loans ($mm) 9.0% 88% wee - eo ew ~ 4443 70 4,343 1 701 be 3,672 3,584 2025 3025 mmm CRE om CS) Consumer/Resi = 8.0% ~-~4 ° 3,988 76 649 3,263 4Q25 == Asa % of Total Loans > » » Criticized & classified loans declined by $355mm in 4Q25
Slide 23: CRE Net Charge-Offs
23 0.11% 0.28% 0.47% 0.88% 0.18% 0.19% 0.16% 0.21% 0.03% 0.10% 0.21% 0.43% 0.47% 0.53% 0.57% 0.62% 0.08% 0.13% 0.25% 0.43% 0.45% 0.43% 0.36% 0.18% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Annualized CRE NCOs / Avg. CRE Loans Cumulative CRE NCOs / Avg. CRE Loans Rolling 4 Qtr Annualized CRE NCOs / Avg
Slide 24: Equity & Capitalization
Equity & Capitalization Book Value and Tangible Book Value per Share! $13.39 $12.67 $12.76 $12.89 $13.09 $9.85 $9.57 ; ; ] [ i 12/31/2024 3/31/2025 = 6/30/2025 = 9/30/2025 12/31/2025 mmm TBV per share! —— Book Value per share Equity Capitalization Level! 11.90% 12.12% 12.08% 12.21% 12.17% ee Se ee 8
Slide 25: Appendix
APPENDIX
Slide 26: Glossary of Defined Terms
Glossary of Defined Terms Term Definition Term Definition ACL Allowance for credit losses NCOs Net charge-offs AFS Available for sale NDF Non-deliverable forward BRUNA Bank Leumi Le-Israel Corporation acquired by Valley on NIM Net joterest Marain April 1, 2022 NJ New Jersey BOLI Bank owned life insu
Slide 27: CRE Detail as of 12/31/25
CRE Detail as of 12/31/25 Portfolio by Property Type Portfolio by Geography Réteal Mee Use 16% aie Healthcare fies Apartment & $26. son Residential 30% Industrial 11% Healthcare Specialty & Other 12% 11% Apartment & Resi Retail Industrial Healthcare Office Specialty & Other Mixed Use Co-Ops Total Fl
Slide 28: Multifamily Portfolio Detail
Multifamily Portfolio Detail’ Multifamily Portfolio by Sub-Asset Class ($bn) Non Co-Op Multifamily by Geography ($bn) Florida & Alabama New Jersey 19% 19% Manhattan 9% Co-Op $19 New Yort Other (ex 24% Manhattan) 29% New York City by % Rent Regulated Units 0% of units 42% tanding Avg. Size Wd. Avg. W
Slide 29: Granular & Diverse Office Portfolio
Granular & Diverse Office Portfolio Office Portfolio by Tenancy Office Portfolio by Geography ($bn) Multi Tenant witknelion ae Florida & Alabama $0.2 $17 Manhattan $1 ™% 57% $0.2 36% ™% Healthcare Office $0.4 13% New York (ex. Manhattan) $0.5 7% Single Tenant $07 New Jersey 23% Other $0.8 _, $0.4 27
Slide 30: 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 2028 2029 2030 2031 2032 2033
1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 2028 2029 2030 2031 2032 2033 + 30
Slide 31: Securities Portfolio Detail ($mm)
Securities Portfolio Detail ($mm) wa HTM AFS mmm Equity & Trading —Yield () Securities as % of Total Assets 4.02% 4.07% 3.95% 3.98% 6,973 $ $74 $77 $6,253 2 $5,936 ee $77 $5,104 $5,231 $73 sn $a.n7 $4,202 $68 $3,370 $3,659 $3,896 $2,212 $2,602 $1297 $1,449 $3,739 $3,771 $3,650 $3,532 $3,496 4Q23 192
Slide 32: Non-GAAP Reconciliations to GAAP Financial Measures
Non-GAAP Reconciliations to GAAP Financial Measures (S in thousands, except for share data) Adjusted net income available to common sharehol Net income, as reported (GAAP) ‘Add: Restructuring charge (a) ‘Add: Loss on extinguishment of debt ‘Add: Net losses on the sale of commercial realestate loans
Slide 33: Non-GAAP Reconciliations to GAAP Financial Measures
Non-GAAP Reconciliations to GAAP Financial Measures (Sin thousands) Adjusted annualized return on average assets (Non-GAAI Net income, as adjusted (Non-GAAP) Average assets Annualized return on average assets, as adjusted (Non-GAAP) Adjusted annualized return on average shareholders’ equity (Non-GAA
Slide 34: Non-GAAP Reconciliations to GAAP Financial Measures
Non-GAAP Reconciliations to GAAP Financial Measures ‘Three Months Ended Years Ended —December31, — September 30, December 31, December 31, December 31, December 31, (Sin thousands) 2025 2025 2024 2025 2024 2023 Annualized pre-provision net revenue / average assets, as adjusted Pre-provision net reve
Slide 35: © 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.
Valley National Bancorp — Q4 2025 Earnings Presentation on 6ix