Valley National Bancorp · NASDAQ:VLY
Valley National Bancorp — Q3 2026 Earnings Presentation
38 slides from Valley National Bancorp's earnings presentation, Oct 22, 2026
Slide 1: 3Q26 Earnings Presentation
3Q26 Earnings Presentation October 22, 2026 Exhibit 99.2
Slide 2: Forward Looking Statements
2 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 abo
Slide 3: 3Q 2026 Financial Highlights
3Q 2026 Financial Highlights 3Q26 2Q26 3Q25 3Q26 2Q26 3Q25 Net Income ($mm) $206.3 $170.9 $163.4 $206.4 $172.8 $164.1 Return on Average Assets Annualized 1.24% 1.04% 1.04% 1.24% 1.05% 1.04% Annualized ROATCE 2 14.2% 11.9% 12.1% 14.2% 12.1% 12.1% Efficiency Ratio (Non -GAAP) -- -- -- 49.4% 52.1% 53.4
Slide 4: Strong Balance Sheet Metrics
9.29% 10.82% 10.99% 10.91% 10.71% 10.71% 12/31/23 12/31/24 12/31/25 3/31/26 6/30/26 9/30/26 Strong Balance Sheet Metrics 4 ACL / Loans 0.93% 1.17% 1.19% 1.18% 1.16% 1.13% 12/31/23 12/31/24 12/31/25 3/31/26 6/30/26 9/30/26 Loans / Deposits CET 1 / RWA 1 Regulatory CRE is defined in accordance with jo
Slide 5: Profitability Metrics Continued to Improve
Profitability Metrics Continued to Improve 5 Net Interest Margin (FTE, %) 1 PPNR / Avg. Assets (%) 2 Return on Avg. Assets (%) 2 Return on Avg. Tangible Common Equity (%) 2 2.96% 2.85% 3.05% 3.17% 3.20% 3.28% FY2023 FY 2024 FY 2025 1Q26 2Q26 3Q26 1.19% 1.21% 1.41% 1.44% 1.52% 1.65% 1.34% 1.26% 1.48%
Slide 6: Strategic Transformation Journey
Strategic Transformation Journey 6 1 Please refer to the Non -GAAP Disclosure Reconciliation in Appendix. 2 Preliminary 2028 exit targets inclusive of the pending acquisitions of Providence and Bluevine . CRE Concentration - 5 Quarter Trend_2Q26 Source- Earnings Release in Workiva Source- Earnings R
Slide 7: Driving Long-Term Value
65 144 12/31/17 9/30/26 Commercial 69%75% 59%49% 127%124% VLYPeer Median Cumulative Dividends Post-2017 Reported TBV Growth Post-2017 +121% Shareholder Value Creation vs. Peers 1 Deposit Accounts (000s) Commercial Loan Diversity by Geography 3 Enhanced Funding Diversity by Geography 21% 51% 79% 49%
Slide 8: Strategic priorities: grow core deposits and diverse loan growth
▪ Grow Core Deposits ▪ Accelerate consumer, small business, and business banking sales efforts to create a high -quality funding engine. ▪ Continue to utilize treasury management capabilities to further penetrate commercial deposit opportunities. ▪ Leverage existing specialty niches and explore new
Slide 9: Valley's Technology Ecosystem
• $200mm of committed capital; $80mm deployed • Embedded in Silicon Valley startup economy • Leverage portfolio company solutions • Implementation into Valley’s AI initiatives • ~2,000 Tech Banking clients • Differentiated depth of venture capital and startup relationships • Leverage client’s produc
Slide 10: 2026 Outlook Update
Metric Gross Loans 2026 Outlook Update 1 Please refer to the Non -GAAP Disclosure Reconciliation in Appendix. 2 Excludes tax credit amortization and other non -operating expenses. The Company is providing this outlook only on a non -GAAP basis because not all of the information necessary for a quant
Slide 11: Capital Returns to Shareholders
5,605 199 (61) (35) (118) 5,590 6/30/2026 3Q26 Earnings 3Q26 Dividends 3Q26 Buybacks OCI / Other 9/30/2026 Tangible Common Equity1 ($mm's) 10.71% 0.37% (0.11%) (0.07%) (0.21%) 0.02% 10.71% 6/30/2026 3Q26 Earnings 3Q26 Dividends 3Q26 Buybacks 3Q26 RWA Growth Other 9/30/2026 CET1 / RWA 11 Capital Retu
Slide 12: Continued Direct Deposit Growth
Continued Direct Deposit Growth 27.2 28.7 29.4 11.7 12.5 12.4 12.3 12.9 13.4 $51.2 $54.1 $55.2 9/30/2025 6/30/2026 9/30/2026 Time Non-Interest Savings, NOW and money market 24% 23% 53% 23% 53% 23% 24% 2.67% 2.69% 2.45% 2.27% 2.28% 2.33% 4.50% 4.46% 4.02% 3.75% 3.75% 3.79% 2Q25 3Q25 4Q25 1Q26 2Q26 3Q
Slide 13: Total Deposit Breakdown
Traditional Deposits $35.9 65% Specialized Deposits $14.0 25% Fully FDIC -Insured Indirect Customer $5.3 10% $55.2bn New Jersey $17.6 New York $7.1 Florida & Alabama $9.4 Other $1.8 $3 5.9 bn Total Deposit Breakdown ($bn) Traditional Deposits 1 ($bn) Uninsured Deposits & Liquidity ($bn) $15.7 $1.1 $
Slide 14: Core Deposit Growth & Diversification
Core Deposit Growth & Diversification 12/31/17 9/30/26 Expectations for 2026 & Beyond • $18bn Total Deposits • 78% in Northeast Branches • 101% Loans / Deposits • $7bn Commercial Deposits • $85mm Total Deposits / Branch • $55bn Total Deposits • 45% in Northeast Branches • 96% Loans / Deposits • $31b
Slide 15: Loan Portfolio Detail
Multifamily CRE 17% Non Owner -Occupied CRE 21% Owner -Occupied CRE 15% C&I 23% Consumer 8% Residential Mortgage 11% Construction 5% CRE 38% C&I 38% Other 24% 9/30/2026 Loan Composition Loan Portfolio Detail Gross Loans ($bn) Avg. Fed Funds vs. Loan Yields (%) Cumulative Loan Beta (Current Cycle) 2
Slide 16: Diverse C&I Growth Capabilities
New Jersey 19% New York 28% Florida 26% California 5% Illinois 4% Other 18% North - east 47% South - east & Other 53% Diverse C&I Growth Capabilities 2.2 0.4 2.7 4.3 4.8 6.9 5.8 8.8 9.2 9.9 11.0 12.3 Traditional C&I PPP ~19% C&I CAGR since 2017 Source- “Loan Balances- 5 Quarter Trend_2Q26_FINAL” Sou
Slide 17: Focused C&I Initiatives Supporting Growth
• $18bn Total Loans • $2.7bn C&I loans • 79% of Commercial Loans 1 in Northeast • C&I / Owner -Occ 24% of Loans • $53bn Total Loans • $12.3bn C&I loans • 49% of Commercial Loans 1 in New York and New Jersey • C&I / Owner -Occ 38% of Loans Focused C&I Initiatives Supporting Growth • Capital Call Line
Slide 18: Net Interest Income and Margin
Net Interest Income ($mm) and Margin 1 $447 $466 $473 $488 $507 3.05% 3.17% 3.17% 3.20% 3.28% 3Q25 4Q25 1Q26 2Q26 3Q26 Net Interest Income ($mm) NIM $4.6 $5.0 $2.1 $1.1 $2.5 3.71% 3.97% 4.05% 3.91% 4.08% 4Q26 1Q27 2Q27 3Q27 Beyond Maturing CDs and FHLB Borrowings Balance ($bn) Weighted Avg. Rate (%)
Slide 19: Strong & Stable Non-Interest Income Streams
All Other $17.6 22% Wealth, Trust & Insurance $25.2 32% Capital Markets $10.0 13% Deposit Service Charges $19.2 24% BOLI $3.7 5% Loan Servicing $3.1 4% $78.7mm Non -Interest Income 19 Strong & Stable Non -Interest Income Streams ($mm) $73.7 $75.6 ($0.5 ) ($2.9 ) ($2.2 ) $3.8 $0.4 $3.4 2Q26 Gain on S
Slide 20: Drivers of Fee Income Momentum
Drivers of Fee Income Momentum 20 Workiva Workiva • Continue to focus on sustainable fee income by offering a valuable and robust product suite to our commercial clients • Organically leverage existing opportunities in capital markets, insurance, and treasury management • Improve the integration of
Slide 21: Non-Interest Expenses
Adjusted Non -Interest Expenses 1 ($mm) • Lower professional and legal fees reflecting reduced business transformation spend. • Continue to optimize resource and headcount allocation to most value -add areas. • Continuing to utilize technology and AI tools to drive positive operating leverage. Non -
Slide 22: Asset Quality & Reserve Trends
Non -Accrual Loans / Total Loans 0.99 % 1.03 % Accruing Past Due Loans / Total Loans Asset Quality & Reserve Trends 22 ACL / Total Loans 0.86% 0.87% 0.85% 0.88% 0.96% 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 0.17% 0.28% 0.25% 0.34% 0.29% 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 30-59 PD 60-89 PD 90+
Slide 23: Criticized and Classified Loan Trend
23 Criticized and Classified Loan Trend Criticized and Classified loans declined by $70mm, or about 2%, during the quarter. Criticized and Classified loans declined roughly $500 million, or 12%, relative to 3Q25. Reductions continue to reflect improving fundamental trends within our commercial real
Slide 24: Equity & Capitalization
$9.57 $9.85 $9.94 $10.13 $10.15 $13.09 $13.39 $13.48 $13.67 $13.70 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 TBV per share Book Value per share Book Value and Tangible Book Value per Share 1 Equity Capitalization Level 1 8.79% 8.82% 8.82% 8.71% 8.53% 12.21% 12.17% 12.14% 11.94% 11.70% 9/30/
Slide 25: Appendix
APPENDIX
Slide 26: Definitions of terms
Term Definition ACL AFS Allowance for credit losses Available for sale BLUSA Bank Leumi Le -Israel Corporation acquired by Valley on April 1, 2022 BOLI Bank owned life insurance C&I Commercial & industrial CAGR Compound annual growth rate CECL Current expected credit loss model CET 1 Tier 1 common c
Slide 27: Valley's AI Strategy
Valley’s AI Strategy Focused Deployment Supported by Expected Economic Return and Appropriate Governance Structure GUIDING PRINCIPLES Focus on Measurable Value Responsible & Ethical AI ▪ Targeting associate productivity, risk mitigation, and scalable growth. ▪ ROI -focus on cost discipline and enhan
Slide 28: Examples of Valley-Specific AI Use Cases
Examples of Valley -Specific AI Use Cases 28 AI Knowledge Assistants Generative AI supporting Customer Care agents’ access to approved policies and procedures AML / Fraud Alert Actioning Machine -learning models segment risk, identify wire fraud, and reduce false positives to improve the speed and c
Slide 29: AI Journey & Priority Focus Areas
AI Journey & Priority Focus Areas 2023 – 2025 Foundational Initiatives 2025 - 2027 AI Portfolio Execution 2028 & Beyond AI -Driven Banking Establishing a Strong Foundation & Driving Associate Productivity • Enterprise Data Hub with robust data pipelines • Cloud -native environment • Transition from
Slide 30: CRE Detail
Apartment & Residential 32% Retail 15% Mixed Use 5% Office 9% Healthcare Office 2% Industrial 11% Healthcare 15% Specialty & Other 11% CRE Detail as of 9/30/26 Portfolio by Property Type Portfolio by Geography Florida 28% New Jersey 19% Other 22% Other NYC Boroughs 15% Manhattan (Multifamily) 6% Man
Slide 31: Multifamily Portfolio Detail
0% of units 46% 1% - 20% of units 7%21% - 50% of units 30% 51% - 99% of units 6% 100% of units 11% Co -Op $1.8 Non Co -Op $7.3 Multifamily Portfolio by Sub -Asset Class ($bn) Non Co -Op Multifamily by Geography ($bn) $9.0bn Geography Outstanding ($bn) Avg. Size ($mm) Wtd . Avg. LTV 1 Wtd . Avg. DSCR
Slide 32: Granular & Diverse Office Portfolio
Granular & Diverse Office Portfolio Multi Tenant w/ Anchor $0.1 4% Multi Tenant $1.7 55% Single Tenant $0.9 29% Healthcare Office $0.4 12% Office Portfolio by Tenancy $3.0bn Office Portfolio by Geography ($bn) ~25% of Office Portfolio is Owner -Occupied. Florida & Alabama $1.1 36% New Jersey $0.8 27
Slide 33: Commercial Real Estate by Contractual Maturity
Commercial Real Estate by Contractual Maturity ($mm) 1,857 838 587 522 914 3,755 3,904 3,078 3,391 2,003 7,094 4Q26 1Q27 2Q27 3Q27 4Q27 2028 2029 2030 2031 2032 2033 + Wtd . Avg. 4Q26 1Q27 2Q27 3Q27 4Q27 2028 2029 2030 2031 2032 2033 + LTV 2 61% 63% 64% 54% 60% 63% 64% 54% 55% 46% 59% DSCR 3 1.36x 1
Slide 34: Securities Portfolio Detail
$3,574 $3,532 $3,545 $3,531 $3,541 $3,496 $3,620 $3,757 $3,727 $2,602 $3,370 $3,659 $3,896 $4,117 $4,202 $4,157 $4,292 $4,230 $77 $72 $74 $77 $78 $83 $84 $115 $119 3.77% 3.84% 3.95% 3.98% 4.02% 4.07% 4.09% 4.17% 4.14% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 HTM AFS Equity & Trading Yield 12.3 %
Slide 35: Adjusted net income non-GAAP reconciliation
September 30, June 30, March 31, September 30, December 31, December 31, December 31, December 31, December 31, December 31, ($ in thousands, except for share data) 2026 2026 2026 2025 2023 2022 2017 2025 2024 2023 Adjusted net income available to common shareholders (Non-GAAP): Net income, as repor
Slide 36: Non-GAAP Reconciliations to GAAP Financial Measures
Non -GAAP Reconciliations to GAAP Financial Measures 36 September 30, June 30, March 31, September 30, December 31, December 31, December 31, December 31, December 31, December 31, ($ in thousands) 2026 2026 2026 2025 2023 2022 2017 2025 2024 2023 Adjusted annualized return on average assets (Non-GA
Slide 37: Non-GAAP Reconciliations to GAAP Financial Measures
Non -GAAP Reconciliations to GAAP Financial Measures 37 September 30, June 30, March 31, December 31, September 30, December 31, ($ in thousands, except for share data) 2026 2026 2026 2025 2025 2017 Tangible book value per common share (Non-GAAP): Common shares outstanding 550,621,196 553,069,100 55
Slide 38: For More Information
© 2026 Valley Bank. All rights reserved. Please see www.valley.com for further details. For More Information ▪ Go to our website: www.valley.com ▪ Email requests to: ajianette@valley.com ▪ Call Andrew Jianette in Investor Relations at: (551) 288 -3182 ▪ Go to our website above or www.sec.gov to obta
Valley National Bancorp — Q3 2026 Earnings Presentation on 6ix