VALLEY NATIONAL BANCORP

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

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

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 Income

	Years Ended December 31,
	2024	2023	2022
(in thousands, except for share data)
Interest Income
Interest and fees on loans	$3,079,864	$2,886,930	$1,828,477
Interest and dividends on investment securities:
Taxable	181,940	130,708	105,716
Tax-exempt	19,253	20,305	17,958
Dividends	24,958	24,139	11,468
Interest on federal funds sold and other short-term investments	51,482	76,809	13,064
Total interest income	3,357,497	3,138,891	1,976,683
Interest Expense
Interest on deposits:
Savings, NOW and money market	913,963	739,025	186,709
Time	644,964	535,749	69,691
Interest on short-term borrowings	22,047	94,869	17,453
Interest on long-term borrowings and junior subordinated debentures	147,815	103,770	47,190
Total interest expense	1,728,789	1,473,413	321,043
Net Interest Income	1,628,708	1,665,478	1,655,640
(Credit) provision for credit losses for available for sale and held to maturity securities	(558)	4,559	481
Provision for credit losses for loans	309,388	45,625	56,336
Net Interest Income After Provision for Credit Losses	1,319,878	1,615,294	1,598,823
Non-Interest Income
Wealth management and trust fees	62,616	44,158	34,709
Insurance commissions	12,794	11,116	11,975
Capital markets	27,221	41,489	52,362
Service charges on deposit accounts	48,276	41,306	36,930
Gains (losses) on securities transactions, net	100	1,104	(1,230)
Fees from loan servicing	12,393	10,670	11,273
(Losses) gains on sales of loans, net	(5,840)	6,054	6,418
Gains on sales of assets, net	3,727	6,809	897
Bank owned life insurance	16,942	11,843	8,040
Other	46,272	51,180	45,419
Total non-interest income	224,501	225,729	206,793
Non-Interest Expense
Salary and employee benefits expense	558,595	563,591	526,737
Net occupancy expense	102,124	101,470	94,352
Technology, furniture and equipment expense	135,109	150,708	161,752
FDIC insurance assessment	61,476	88,154	22,836
Amortization of other intangible assets	35,045	39,768	37,825
Professional and legal fees	70,315	80,567	82,618
Amortization of tax credit investments	18,946	18,009	12,407
Other	124,250	120,424	86,422
Total non-interest expense	1,105,860	1,162,691	1,024,949
Income Before Income Taxes	438,519	678,332	780,667
Income tax expense	58,248	179,821	211,816
Net Income	380,271	498,511	568,851
Dividends on preferred stock	21,369	16,135	13,146
Net Income Available to Common Shareholders	$358,902	$482,376	$555,705
Earnings Per Common Share:
Basic	$0.70	$0.95	$1.14
Diluted	0.69	0.95	1.14

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