VALLEY NATIONAL BANCORP

For the period ended Dec 31, 2024. Filed Feb 28, 2025.

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FY2024 · Filed Feb 28, 2025

VLY$14.31+0.1%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows

	Years Ended December 31,
	2024	2023	2022
(in thousands)
Cash flows from operating activities:
Net income	$380,271	$498,511	$568,851
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	43,789	43,437	41,620
Stock-based compensation	28,988	33,102	28,788
Provision for credit losses	308,830	50,184	56,817
Net accretion of discounts and amortization of premium on securities and borrowings	(3,399)	(2,145)	10,653
Amortization of other intangible assets	35,045	39,768	37,825
Losses (gains) on available for sale and held to maturity debt securities, net	15	(401)	(95)
Proceeds from sales of loans held for sale	253,749	205,575	389,666
Losses (gains) on sales of loans, net	5,840	(6,054)	(6,418)
Originations of loans held for sale	(244,710)	(204,686)	(267,158)
Gains on sales of assets, net	(3,727)	(6,809)	(897)
Net deferred income tax (benefit) expense	(6,139)	(9,359)	7,485
Net change in:
Fair value of financial instruments hedged by derivative transactions	13,402	4,810	(28,907)
Trading debt securities	3,973	9,465	24,692
Lease right of use assets	18,467	(37,125)	1,831
Cash surrender value of bank owned life insurance	(16,942)	(11,843)	(8,040)
Accrued interest receivable	5,557	(48,892)	(74,007)
Other assets	(263,375)	(173,512)	(229,107)
Accrued expenses and other liabilities	(11,094)	(5,834)	874,880
Net cash provided by operating activities	548,540	378,192	1,428,479
Cash flows from investing activities:
Net loan originations and purchases	(137,723)	(3,346,633)	(6,868,735)
Equity securities:
Purchases	(9,950)	(14,011)	(11,209)
Sales	1,910	1,850	3,118
Held to maturity debt securities:
Purchases	(103,256)	(302,774)	(838,569)
Maturities, calls and principal repayments	309,475	379,536	475,327
Available for sale debt securities:
Purchases	(2,387,595)	(112,317)	(54,618)
Sales	—	18,779	12,846
Maturities, calls and principal repayments	296,860	78,588	225,942
Death benefit proceeds from bank owned life insurance	9,121	5,218	4,680
Proceeds from sales of real estate property and equipment	3,199	18,308	10,832
Proceeds from sales of loans not originated for sale	1,226,759	—	—
Proceeds from sale of commercial premium finance lending division	98,060	—	—
Purchases of real estate property and equipment	(16,144)	(76,046)	(68,935)
Cash and cash equivalents acquired in acquisitions, net	—	—	321,540
Net cash used in investing activities	$(709,284)	$(3,349,502)	$(6,787,781)

VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
	Years Ended December 31,
	2024	2023	2022
(in thousands)
Cash flows from financing activities:
Net change in deposits	$830,609	$1,605,915	$4,974,505
Net change in short-term borrowings	(845,116)	779,105	(620,791)
Proceeds from issuance of long-term borrowings, net	1,001,800	1,251,804	147,508
Repayments of long-term borrowings	(165,000)	(475,000)	—
Proceeds from issuance of preferred stock, net	144,654	—	—
Cash dividends paid to preferred shareholders	(21,369)	(14,338)	(13,146)
Cash dividends paid to common shareholders	(228,228)	(225,411)	(205,999)
Purchase of common shares to treasury	(8,867)	(11,475)	(24,123)
Common stock issued, net	451,164	4,006	120
Other, net	(3)	(18)	(745)
Net cash provided by financing activities	1,159,644	2,914,588	4,257,329
Net change in cash and cash equivalents	998,900	(56,722)	(1,101,973)
Cash and cash equivalents at beginning of year	891,225	947,947	2,049,920
Cash and cash equivalents at end of year	$1,890,125	$891,225	$947,947
Supplemental disclosures of cash flow information:
Cash payments for:
Interest on deposits and borrowings	$1,737,721	$1,359,534	$281,137
Federal and state income taxes	89,701	236,503	172,102
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned, net	$12,431	$974	$—
Transfer of loans to loans held for sale, net	1,042,725	10,000	—
Lease right of use assets obtained in exchange for operating lease liabilities	21,501	81,727	32,604
Acquisitions:
Non-cash assets acquired:
Equity securities	$—	$—	$6,239
Investment securities available for sale	—	—	505,928
Investment securities held to maturity	—	—	806,627
Loans, net	—	—	5,844,070
Premises and equipment	—	—	38,827
Lease right of use assets	—	—	49,434
Bank owned life insurance	—	—	126,861
Accrued interest receivable	—	—	25,717
Goodwill	—	—	409,928
Other intangible assets	—	—	159,587
Other assets	—	—	155,945
Total non-cash assets acquired	$—	$—	$8,129,163
Liabilities assumed:
Deposits	$—	$—	$7,029,997
Short-term borrowings	—	—	103,794
Lease liabilities	—	—	79,844
Accrued expenses and other liabilities	—	—	119,240
Total liabilities assumed	$—	$—	$7,332,875
Net non-cash assets acquired	$—	$—	$796,288
Cash and cash equivalents acquired in acquisitions, net	$—	$—	$321,540
Common stock issued in acquisition	$—	$—	$1,117,829

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