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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)


☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended March 31, 2026


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number 1-11277

Valley National Bancorp

(Exact name of registrant as specified in its charter)

New Jersey

22-2477875

(State or other jurisdiction of
Incorporation or Organization)

(I.R.S. Employer
Identification Number)

One Penn Plaza

New York,

10119

(Address of principal executive office)

(Zip code)

973-305-8800

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbols	Name of exchange on which registered
Common Stock, no par value	VLY	The Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series A, no par value	VLYPP	The Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series B, no par value	VLYPO	The Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series C, no par value	VLYPN	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

☒

Accelerated filer

☐

Smaller reporting company

☐

Non-accelerated filer

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Common Stock (no par value), of which 554,131,478 shares were outstanding as of May 6, 2026.

TABLE OF CONTENTS


		Page Number
PART I	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)
	Consolidated Statements of Financial Condition as of March 31, 2026 and December 31, 2025	3
	Consolidated Statements of Income for the Three Months Ended March 31, 2026 and 2025	4
	Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 2025	5
	Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2026 and 2025	6
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025	7
	Notes to Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	44

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	79

Item 4.	Controls and Procedures	79

PART II	OTHER INFORMATION

Item 1.	Legal Proceedings	80

Item 1A.	Risk Factors	80

Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	80

Item 5.	Other Information	80

Item 6.	Exhibits	81

SIGNATURES		82

Glossary of Defined Terms

The following terms may be used throughout this Report, including the consolidated financial statements and related notes.


Term						Definition
ACL						Allowance for credit losses
AFS						Available for sale
ASC						Accounting Standards Codification
ASU						Accounting Standards Update
Bank						Valley National Bank (Valley’s principal subsidiary)
Basel III						Capital rules under a global regulatory framework developed by the Basel Committee on Banking Supervision
Board						Board of Directors of Valley National Bancorp
CD						Certificate of deposit

CECL						Current expected credit loss model
CET1						Common Equity Tier 1
CFPB						Consumer Financial Protection Bureau

CRA						Community Reinvestment Act
CRE loan concentration ratio						Total commercial real estate loans held for investment and held for sale, excluding owner occupied loans, as a percentage of total risk-based capital
Exchange Act						Securities Exchange Act of 1934, as amended
Fannie Mae						Federal National Mortgage Association

FDIC						Federal Deposit Insurance Corporation
Federal Reserve						Board of Governors of the Federal Reserve System
FRB						Federal Reserve Bank
FHLB						Federal Home Loan Bank
FOMC						Federal Open Market Committee
Freddie Mac						Federal Home Loan Mortgage Corporation
GAAP						U. S. Generally Accepted Accounting Principles
GDP						Gross domestic product
Ginnie Mae						Government National Mortgage Association
HTM						Held to Maturity

Moody’s						Moody’s Investor Service, Inc.
NAV						Net asset value
NPA						Non-performing asset
OCC						Office of the Comptroller of the Currency
OREO						Other real estate owned
OTC						Over-the-counter

ROATCE						Return on average tangible common shareholders’ equity
RSU						Restricted stock unit

SEC						U.S. Securities and Exchange Commission
SOFR						Secured Overnight Financing Rate
U.S. Treasury						United States Department of the Treasury
Valley						May refer to Valley National Bancorp individually, Valley National Bancorp and its consolidated subsidiaries, or certain of Valley National Bancorp’s subsidiaries, as the context requires (interchangeable with the “Company,” “we,” “our” and “us”).
Valley's Annual Report						Valley's Annual Report on Form 10-K for the year ended December 31, 2025

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

VALLEY NATIONAL BANCORP

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


(in thousands, except for share data)	March 31, 2026		December 31, 2025
Assets	(Unaudited)
Cash and due from banks	$	362,073	$	315,166
Interest bearing deposits with banks	797,357		1,268,399
Investment securities:
Equity securities	83,866		82,774

Available for sale debt securities	4,157,034		4,202,218
Held to maturity debt securities (net of allowance for credit losses of $746 at March 31, 2026 and $734 at December 31, 2025)	3,619,808		3,495,837
Total investment securities	7,860,708		7,780,829
Loans held for sale (includes fair value of $2,477 at March 31, 2026 and $8,212 at December 31, 2025 for loans originated for sale)	11,227		26,236
Loans	50,828,820		50,136,728
Less: Allowance for loan losses	(584,500)		(583,400)
Net loans	50,244,320		49,553,328
Premises and equipment, net	321,739		330,757
Lease right of use assets	306,271		313,891
Bank owned life insurance	740,411		738,090
Accrued interest receivable	244,275		243,897
Goodwill	1,868,936		1,868,936
Other intangible assets, net	94,770		100,875
Other assets	1,614,498		1,592,321
Total Assets	$	64,466,585	$	64,132,725
Liabilities
Deposits:
Non-interest bearing	$	12,250,974	$	12,155,500
Interest bearing:
Savings, NOW and money market	29,172,499		28,603,470
Time	11,436,148		11,424,123
Total deposits	52,859,621		52,183,093
Short-term borrowings	63,877		91,475
Long-term borrowings	2,560,887		2,908,579
Junior subordinated debentures issued to capital trusts	57,890		57,803
Lease liabilities	363,990		372,448
Accrued expenses and other liabilities	731,877		711,629
Total Liabilities	56,638,142		56,325,027
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at March 31, 2026 and December 31, 2025)	111,590		111,590
Series B (4,000,000 shares issued at March 31, 2026 and December 31, 2025)	98,101		98,101
Series C (6,000,000 shares issued at March 31, 2026 and December 31, 2025)	144,654		144,654
Common stock (no par value, authorized 650,000,000 shares; issued 560,878,750 shares at March 31, 2026 and December 31, 2025)	196,730		196,730
Surplus	5,451,735		5,464,845
Retained earnings	2,003,048		1,912,933
Accumulated other comprehensive loss	(97,603)		(74,379)
Treasury stock, at cost (6,561,874 common shares at March 31, 2026 and 4,260,729 common shares at December 31, 2025)	(79,812)		(46,776)
Total Shareholders’ Equity	7,828,443		7,807,698
Total Liabilities and Shareholders’ Equity	$	64,466,585	$	64,132,725

See accompanying notes to consolidated financial statements.

VALLEY NATIONAL BANCORP

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(in thousands, except for per share data)


	Three Months Ended March 31,
	2026		2025
Interest Income
Interest and fees on loans	$	708,640	$	703,609
Interest and dividends on investment securities:
Taxable	73,808		63,898
Tax-exempt	4,718		4,702
Dividends	4,800		5,664
Interest on federal funds sold and other short-term investments	10,758		6,879

Total interest income	802,724		784,752
Interest Expense
Interest on deposits:
Savings, NOW and money market	190,785		200,221
Time	106,678		125,069
Interest on short-term borrowings	236		2,946
Interest on long-term borrowings and junior subordinated debentures	33,500		36,411
Total interest expense	331,199		364,647
Net Interest Income	471,525		420,105

Provision (credit) for credit losses for available for sale and held to maturity securities	12		(14)
Provision for credit losses for loans	21,244		62,675
Net Interest Income After Provision for Credit Losses	450,269		357,444
Non-Interest Income
Wealth management and trust fees	16,006		15,031
Insurance commissions	2,867		3,402
Capital markets	10,381		6,940
Service charges on deposit accounts	18,204		12,726
Gains on securities transactions, net	21		46

Fees from loan servicing	3,218		3,215
Gains on sales of loans, net	3,090		2,197

Bank owned life insurance	5,835		4,777
Other	9,214		9,960
Total non-interest income	68,836		58,294
Non-Interest Expense
Salary and employee benefits expense	155,715		142,618
Net occupancy expense	27,182		25,888
Technology, furniture and equipment expense	31,878		29,896
FDIC insurance assessment	10,476		12,867
Amortization of other intangible assets	6,919		8,019
Professional and legal fees	25,142		15,670


Amortization of tax credit investments	16,014		9,320
Other	36,600		32,340
Total non-interest expense	309,926		276,618
Income Before Income Taxes	209,179		139,120
Income tax expense	45,266		33,062
Net Income	163,913		106,058
Dividends on preferred stock	7,217		6,955
Net Income Available to Common Shareholders	$	156,696	$	99,103



Earnings Per Common Share:
Basic	$	0.28	$	0.18
Diluted	0.28		0.18

See accompanying notes to consolidated financial statements.

VALLEY NATIONAL BANCORP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(in thousands)


	Three Months Ended March 31,
	2026		2025
Net income	$	163,913	$	106,058
Other comprehensive (loss) income, net of tax:
Unrealized gains and losses on available for sale securities
Net (losses) gains arising during the period	(23,105)		27,212
Amounts reclassified to earnings	(7)		—
Total	(23,112)		27,212




Unrealized gains on derivatives (cash flow hedges)

Amounts reclassified to earnings	(123)		(218)
Total	(123)		(218)
Defined benefit pension and postretirement benefit plans

Amortization of actuarial net loss	11		88

Total other comprehensive (loss) income	(23,224)		27,082
Total comprehensive income	$	140,689	$	133,140

See accompanying notes to consolidated financial statements.

VALLEY NATIONAL BANCORP

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

For the Three Months Ended March 31, 2026


			Common Stock							Accumulated
	Preferred Stock		Shares	Amount		Surplus		Retained Earnings		Other Comprehensive Loss		Treasury Stock		Total Shareholders’ Equity
	(in thousands, except for per share data)
Balance - December 31, 2025	$	354,345	556,618	$	196,730	$	5,464,845	$	1,912,933	$	(74,379)	$	(46,776)	$	7,807,698


Net income	—		—	—		—		163,913		—		—		163,913
Other comprehensive loss, net of tax	—		—	—		—		—		(23,224)		—		(23,224)
Cash dividends declared:
Preferred stock, Series A, $0.49 per share	—		—	—		—		(2,242)		—		—		(2,242)
Preferred stock, Series B, $0.47 per share	—		—	—		—		(1,881)		—		—		(1,881)
Preferred stock, Series C, $0.52 per share	—		—	—		—		(3,094)		—		—		(3,094)
Common stock, $0.11 per share	—		—	—		—		(61,829)		—		—		(61,829)
Effect of stock incentive plan, net	—		1,699	—		(13,110)		(4,752)		—		19,066		1,204

Common stock repurchased	—		(4,000)	—		—		—		—		(52,102)		(52,102)
Balance - March 31, 2026	$	354,345	554,317	$	196,730	$	5,451,735	$	2,003,048	$	(97,603)	$	(79,812)	$	7,828,443

For the Three Months Ended March 31, 2025


			Common Stock							Accumulated
	Preferred Stock		Shares	Amount		Surplus		Retained Earnings		Other Comprehensive Loss		Treasury Stock		Total Shareholders’ Equity
	(in thousands, except for per share data)
Balance - December 31, 2024	$	354,345	558,786	$	195,998	$	5,442,070	$	1,598,048	$	(155,334)	$	—	$	7,435,127
Net income	—		—	—		—		106,058		—		—		106,058
Other comprehensive income, net of tax	—		—	—		—		—		27,082		—		27,082
Cash dividends declared:
Preferred stock, Series A, $0.39 per share	—		—	—		—		(1,797)		—		—		(1,797)
Preferred stock, Series B, $0.52 per share	—		—	—		—		(2,065)		—		—		(2,065)
Preferred stock, Series C, $0.52 per share	—		—	—		—		(3,094)		—		—		(3,094)
Common stock, $0.11 per share	—		—	—		—		(62,460)		—		—		(62,460)
Effect of stock incentive plan, net	—		1,492	522		2,686		—		—		—		3,208
Common stock repurchased	—		(250)	—		—		—		—		(2,162)		(2,162)

Balance - March 31, 2025	$	354,345	560,028	$	196,520	$	5,444,756	$	1,634,690	$	(128,252)	$	(2,162)	$	7,499,897

See accompanying notes to consolidated financial statements.

VALLEY NATIONAL BANCORP

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	163,913	$	106,058
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	9,071		9,892
Stock-based compensation	7,667		6,840
Provision for credit losses	21,256		62,661
Net accretion of discounts and amortization of premium on securities and borrowings	(2,645)		(1,827)
Amortization of other intangible assets	6,919		8,019
Losses on available for sale and held to maturity debt securities, net	10		11
Proceeds from sales of loans held for sale at fair value	40,981		47,094
Gains on sales of loans, net	(3,090)		(2,197)
Originations of loans held for sale	(34,023)		(37,437)
Gains on sales of assets, net	(7)		(43)


Net change in:
Fair value of financial instruments hedged by derivative transactions	188		4,693

Lease right of use assets	7,573		(5,710)
Cash surrender value of bank owned life insurance	(5,534)		(4,777)
Accrued interest receivable	(378)		1,615
Other assets	(21,250)		85,015
Accrued expenses and other liabilities	18,983		(297,029)
Net cash provided by (used in) operating activities	209,634		(17,122)
Cash flows from investing activities:
Loans originated and purchased, net of principal collected	(713,114)		88,203
Equity securities:
Purchases	(1,539)		(3,045)
Sales and capital returns	231		427
Held to maturity debt securities:
Purchases	(207,009)		(89,352)

Maturities, calls and principal repayments	84,042		75,678
Available for sale debt securities:
Purchases	(166,544)		(341,315)

Maturities, calls and principal repayments	184,794		91,660
Death benefit proceeds from bank owned life insurance	3,213		3,226
Proceeds from sales of real estate property and equipment	1,212		2,255
Proceeds from sales of loans not originated for sale	10,644		—
Purchases of real estate property and equipment	(1,399)		(3,047)


Net cash used in investing activities	$	(805,469)	$	(175,310)


VALLEY NATIONAL BANCORP CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (continued) (in thousands)


	Three Months Ended March 31,
	2026		2025
Cash flows from financing activities:
Net change in deposits	$	678,322	$	(111,529)
Net change in short-term borrowings	(27,598)		(13,692)

Repayments of long-term borrowings	(350,000)		(273,000)

Cash dividends paid to preferred shareholders	(7,217)		(6,956)
Cash dividends paid to common shareholders	(62,943)		(62,930)
Purchase of common shares related to stock compensation plan activity	(9,801)		(7,037)
Purchase of common shares to treasury	(51,802)		(2,162)
Common stock issued, net	3,040		3,405
Other, net	(301)		(95)
Net cash provided by (used in) financing activities	171,700		(473,996)
Net change in cash and cash equivalents	(424,135)		(666,428)
Cash and cash equivalents at beginning of year	1,583,565		1,890,125
Cash and cash equivalents at end of period	$	1,159,430	$	1,223,697

Supplemental disclosures of cash flow information:
Cash payments for:
Interest on deposits and borrowings	$	335,918	$	403,276
Federal and state income taxes	20,260		13,044
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned, net	$	2,439	$	694
Transfer of loans to loans held for sale, net	—		10,200
Lease right of use assets obtained in exchange for operating lease liabilities	10,059		14,886

See accompanying notes to consolidated financial statements.

VALLEY NATIONAL BANCORP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. Basis of Presentation

The unaudited consolidated financial statements of Valley include the accounts of the Bank and all other entities in which Valley has a controlling financial interest. All intercompany transactions and balances have been eliminated. The accounting and reporting policies of Valley conform to GAAP and general practices within the financial services industry. In accordance with GAAP, Valley does not consolidate statutory trusts established for the sole purpose of issuing trust preferred securities and related trust common securities.

In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to fairly present Valley’s financial position, results of operations, changes in shareholders' equity and cash flows at March 31, 2026 and for all periods presented have been made. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the entire fiscal year or any subsequent interim period.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP and industry practice have been condensed or omitted pursuant to rules and regulations of the SEC. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in Valley’s Annual Report.

Significant Estimates. In preparing the unaudited consolidated financial statements in conformity with GAAP, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and results of operations for the periods indicated. Material estimates that require application of management’s most difficult, subjective or complex judgment and are particularly susceptible to change include: the allowance for credit losses, the evaluation of goodwill and other intangible assets for impairment, and income taxes. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual amounts or results could differ significantly from those estimates. Current economic conditions increase uncertainty in these estimates, and actual results could differ materially. Also, future amounts and values may differ materially from those estimates due to changes in values and circumstances after the balance sheet date.

Note 2. Earnings Per Common Share

The following table shows the calculation of both basic and diluted earnings per common share for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
	(in thousands, except for share and per share data)
Net income available to common shareholders	$	156,696	$	99,103
Basic weighted average number of common shares outstanding	555,777,748		559,613,272
Plus: Common stock equivalents	3,477,224		3,692,253
Diluted weighted average number of common shares outstanding	559,254,972		563,305,525
Earnings per common share:
Basic	$	0.28	$	0.18
Diluted	0.28		0.18

Common stock equivalents represent the dilutive effect of additional common shares issuable upon the assumed vesting or exercise, if applicable, of RSUs and stock options to purchase Valley’s common shares. Stock options

and RSUs with exercise and vesting prices that exceed the average market price of Valley’s common stock during the periods presented may have an anti-dilutive effect on the diluted earnings per common share calculation and therefore are excluded from the diluted earnings per share calculation. Potential anti-dilutive weighted common shares totaled approximately 1.3 million and 638 thousand for the three months ended March 31, 2026 and 2025, respectively.

Note 3. Accumulated Other Comprehensive Loss

The following tables present the after-tax changes in the balances of each component of accumulated other comprehensive loss for the three months ended March 31, 2026 and 2025:



	Components of Accumulated Other Comprehensive Loss						Total Accumulated Other Comprehensive Loss
	Unrealized Gains and Losses on AFS Securities		Unrealized Gains and Losses on Derivatives		Defined Benefit Pension and Postretirement Benefit Plans
	(in thousands)
December 31, 2025	$	(64,553)	$	420	$	(10,246)	$	(74,379)
Other comprehensive loss before reclassification	(23,105)		—		—		(23,105)
Amounts reclassified to earnings	(7)		(123)		11		(119)
Other comprehensive (loss) income, net	(23,112)		(123)		11		(23,224)
March 31, 2026	$	(87,665)	$	297	$	(10,235)	$	(97,603)

December 31, 2024	$	(133,898)	$	1,245	$	(22,681)	$	(155,334)
Other comprehensive income before reclassification	27,212		—		—		27,212
Amounts reclassified to earnings	—		(218)		88		(130)
Other comprehensive income (loss), net	27,212		(218)		88		27,082
March 31, 2025	$	(106,686)	$	1,027	$	(22,593)	$	(128,252)

The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three months ended March 31, 2026 and 2025:


	Amounts Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended March 31,
Components of Accumulated Other Comprehensive Loss	2026		2025		Income Statement Line Item
	(in thousands)
Unrealized gains on AFS securities before tax	$	10	$	—	Gains on securities transactions, net
Tax effect	(3)		—
Total net of tax	7		—



Unrealized gains on derivatives (cash flow hedges) before tax	171		301		Interest and fees on loans
Tax effect	(48)		(83)
Total net of tax	123		218
Defined benefit pension and postretirement benefit plans:
Amortization of actuarial net loss	(15)		(121)		Other non-interest expense

Tax effect	4		33
Total net of tax	(11)		(88)
Total reclassifications, net of tax	$	119	$	130

Note 4. New Authoritative Accounting Guidance

ASU No. 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements,” amends the existing requirement that cash flow hedges of groups of individual forecasted transactions that use a single derivative as the hedging instrument share the same risk exposure. Instead, the new guidance requires such groups to have a similar risk exposure. Additionally, ASU No. 2025-09 clarifies that the quantitative threshold for determining similar risk exposure aligns with the highly effective threshold used in assessing hedge effectiveness. ASU No. 2025-09 is effective for interim and annual reporting periods beginning after December 15, 2026 with early adoption permitted. The amendments should be applied prospectively to all hedging relationships beginning on or after the date of adoption. ASU No. 2025-09 is currently not expected to have a significant impact on Valley’s consolidated financial statements.

ASU No. 2025-08, “Financial Instruments - Credit Losses (Topic 326): Purchased Loans,” amends the guidance in ASC 326 on the accounting for certain purchased loans. Under ASU No. 2025-8, entities must account for acquired loans that meet certain criteria of “purchased seasoned loans” at acquisition by recognizing them at their purchase price plus an allowance for expected credit losses (gross-up approach). The intent of amendments is to align the accounting for purchased seasoned loans with the current accounting guidance under ASC 326 for purchased financial assets with credit deterioration (PCD assets). ASU No. 2025-08 is effective for interim and annual reporting periods beginning after December 15, 2026 with early adoption permitted. The amendments must be applied prospectively. ASU No. 2025-08 is currently not expected to have a significant impact on Valley's consolidated financial statements.

ASU No. 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” clarifies and modernizes the accounting for costs related to internal-use software. The new guidance clarifies the threshold entities apply to begin capitalizing costs and removes all references to project stages in ASC Subtopic 350-40. ASU No. 2025-06 is effective for all entities for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. The new guidance may be applied using a prospective, retrospective or modified transition approach with early adoption permitted. ASU No. 2025-06 is currently not expected to have a significant impact on Valley's consolidated financial statements.

ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU No. 2024-03 does not change the expense captions an entity presents on the face of the income statement. Subsequently issued ASU No. 2025-01 amended the effective date of ASU No. 2024-03 to require all public business entities to adopt the new guidance for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption and retrospective application are permitted. The adoption of ASU No. 2024-03 is currently not expected to have a significant impact on Valley's consolidated financial statements and disclosures.

Note 5. Fair Value Measurement of Assets and Liabilities

ASC Topic 820, “Fair Value Measurement,” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

•Level 1 - Unadjusted exchange quoted prices in active markets for identical assets or liabilities, or identical liabilities traded as assets that the reporting entity has the ability to access at the measurement date.

•Level 2 - Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly (i.e., quoted prices on similar assets) for substantially the full term of the asset or liability.

•Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Assets and Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis

The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at March 31, 2026 and December 31, 2025. The assets presented under “non-recurring fair value measurements” in the tables below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized).


			Fair Value Measurements at Reporting Date Using:
	March 31, 2026		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Recurring fair value measurements:
Assets
Investment securities:
Equity securities	$	23,240	$	23,240	$	—	$	—
Equity securities at net asset value (NAV)	9,371		—		—		—

Available for sale debt securities:
U.S. Treasury securities	227,333		227,333		—		—
U.S. government agency securities	38,862		—		38,862		—
Obligations of states and political subdivisions	189,851		—		189,851		—
Residential mortgage-backed securities	3,471,873		—		3,471,873		—
Corporate and other debt securities	229,115		—		229,115		—
Total available for sale debt securities	4,157,034		227,333		3,929,701		—
Loans held for sale (1)	2,477		—		2,477		—
Other assets (2)	210,774		—		210,774		—
Total assets	$	4,402,896	$	250,573	$	4,142,952	$	—
Liabilities
Other liabilities (2)	$	211,748	$	—	$	211,748	$	—
Total liabilities	$	211,748	$	—	$	211,748	$	—
Non-recurring fair value measurements:




Collateral dependent loans (3)	$	105,559	$	—	$	—	$	105,559

Foreclosed assets	3,356		—		—		3,356
Total	$	108,915	$	—	$	—	$	108,915


			Fair Value Measurements at Reporting Date Using:
	December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Recurring fair value measurements:
Assets
Investment securities:
Equity securities	$	23,293	$	23,293	$	—	$	—
Equity securities at net asset value (NAV)	10,110		—		—		—

Available for sale debt securities:
U.S. Treasury securities	228,487		228,487		—		—
U.S. government agency securities	39,944		—		39,944		—
Obligations of states and political subdivisions	193,380		—		193,380		—
Residential mortgage-backed securities	3,514,078		—		3,514,078		—

Corporate and other debt securities	226,329		—		226,329		—
Total available for sale debt securities	4,202,218		228,487		3,973,731		—

Loans held for sale (1)	8,212		—		8,212		—
Other assets (2)	182,673		—		182,673		—
Total assets	$	4,426,506	$	251,780	$	4,164,616	$	—
Liabilities
Other liabilities (2)	$	184,162	$	—	$	184,162	$	—
Total liabilities	$	184,162	$	—	$	184,162	$	—
Non-recurring fair value measurements:

Collateral dependent loans (3)	$	105,107	$	—	$	—	$	105,107
Foreclosed assets	5,680		—		—		5,680
Total	$	110,787	$	—	$	—	$	110,787

(1)Represents residential mortgage loans originated for sale that are carried at fair value and had contractual unpaid principal balances totaling $2.5 million and $8.1 million at March 31, 2026 and December 31, 2025, respectively.

(2)Derivative financial instruments are included in this category.

(3)Net of specific reserve allocations reported within the allowance for loan losses totaling $78.5 million and $82.0 million at March 31, 2026 and December 31, 2025, respectively.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following valuation techniques were used for financial instruments measured at fair value on a recurring basis. All of the valuation techniques described below apply to the unpaid principal balance, excluding any accrued interest or dividends at the measurement date. Interest income and expense are recorded within the consolidated statements of income depending on the nature of the instrument using the effective interest method based on acquired discount or premium.

Equity securities. The equity securities consisted of two publicly traded mutual funds and CRA investments. These investments are reported at fair value utilizing Level 1 inputs.

Equity securities at NAV. Valley also has privately held CRA funds and investments in entities that develop new financial technologies, including limited liability companies and partnerships. These investments are at fair value measured at NAV using the most recently available financial information from the investee. Certain equity investments without readily determinable fair values are measured at NAV per share (or its equivalent) as a practical expedient and are excluded from fair value hierarchy levels in the tables above.

Available for sale debt securities. U.S. Treasury securities are reported at fair value utilizing Level 1 inputs. The majority of other investment securities are reported at fair value utilizing Level 2 inputs. The prices for these instruments are obtained through an independent pricing service or dealer market participants with whom Valley has historically transacted both purchases and sales of investment securities. Prices obtained from these sources include prices derived from market quotations and matrix pricing. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Management reviews the data and assumptions used in pricing the securities by its third party provider to ensure the highest level of significant inputs are derived from market observable data. In addition, Valley reviews the volume and level of activity for all AFS debt securities and attempts to identify transactions which may not be orderly or reflective of a significant level of activity and volume.

Loans held for sale. Residential mortgage loans originated for sale are reported at fair value using Level 2 inputs. The fair values were calculated utilizing quoted prices for similar assets in active markets. The market prices represent a delivery price, which reflects the underlying price each institution would pay Valley for an immediate sale of an aggregate pool of mortgages. Non-performance risk did not materially impact the fair value of mortgage loans held for sale at March 31, 2026 and December 31, 2025 based on the short duration these assets were held and their credit quality.

Derivatives. Derivatives are reported at fair value utilizing Level 2 inputs. The fair values of Valley’s derivatives are determined using third party prices that are based on discounted cash flow analysis using observed market inputs, such as the SOFR curve at March 31, 2026 and December 31, 2025. The fair value of mortgage banking derivatives, consisting of interest rate lock commitments to fund residential mortgage loans and forward commitments for the future delivery of such loans (including certain loans held for sale at March 31, 2026 and December 31, 2025), is determined based on the current market prices for similar instruments. The fair value of a credit default swap related to a portion of Valley's automobile loan portfolio is based on estimated discounted cash flows that incorporate market data for auto credit loss forecasts and anticipated cash outflows for the instrument's premium payments. The fair value of most of the derivatives incorporate credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, to account for potential nonperformance risk of Valley and its counterparties. The credit valuation adjustments were not significant to the overall valuation of Valley’s derivatives at March 31, 2026 and December 31, 2025. See Note 1 2 for additional details on Valley's derivatives.

Assets and Liabilities Measured at Fair Value on a Non-recurring Basis

The following valuation techniques were used for certain non-financial assets measured at fair value on a non-recurring basis, including collateral dependent loans reported at the fair value of the underlying collateral and foreclosed assets, which are reported at fair value upon initial recognition or subsequent impairment as described below.

Collateral dependent loans. Collateral dependent loans are loans where foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and substantially all the repayment is expected from the sale of collateral. Collateral dependent loans are reported at the fair value of the underlying collateral when the fair value is lower than the recorded investment in the loan. Collateral values are estimated using Level 3 inputs, consisting of individual third party appraisals that may be adjusted based on certain discounting criteria. Certain real estate appraisals may be discounted based on specific market data by location and property type. At March 31, 2026, collateral dependent loans were individually re-measured and reported at fair value (net carrying amount) through direct loan charge-offs to the allowance for loan losses based on the fair value of the underlying collateral. Collateral dependent loans with a total amortized cost of $184.0 million (including taxi medallion loans totaling $46.6 million), were reduced by specific allowance for loan loss allocations totaling $78.5 million to a reported total net carrying amount of $105.6 million at March 31, 2026.

Foreclosed assets. Certain foreclosed assets (consisting of other real estate owned and other repossessed assets included in other assets), upon initial recognition and transfer from loans, are re-measured and reported at fair value

using Level 3 inputs, consisting of a third party appraisal less estimated cost to sell. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for loan losses. If further declines in the estimated fair value of an asset occur, the asset is re-measured and reported at fair value through a write-down recorded in non-interest expense. There were no write-downs of foreclosed assets during the three months ended March 31, 2026 and 2025. There were no adjustments to the appraisals of foreclosed assets at March 31, 2026 and December 31, 2025.

Other Fair Value Disclosures

ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis.

The fair value estimates presented in the following table were based on pertinent market data and relevant information on the financial instruments available as of the valuation date. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire portfolio of financial instruments. Because no market exists for a portion of the financial instruments, fair value estimates may be based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair value estimates are based on existing balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For instance, Valley has certain fee-generating business lines (e.g., its mortgage servicing operations or Wealth Management reporting unit) that were not considered in these estimates since these activities are not financial instruments. In addition, the tax implications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates.

The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at March 31, 2026 and December 31, 2025 were as follows:


	Fair Value Hierarchy	March 31, 2026				December 31, 2025
		Carrying Amount		Fair Value		Carrying Amount		Fair Value
		(in thousands)
Financial assets
Cash and due from banks	Level 1	$	362,073	$	362,073	$	315,166	$	315,166
Interest bearing deposits with banks	Level 1	797,357		797,357		1,268,399		1,268,399
Equity securities (1)	Level 3	51,255		51,255		49,371		49,371
Held to maturity debt securities:

U.S. government agency securities	Level 2	291,085		249,519		292,269		253,062
Obligations of states and political subdivisions	Level 2	356,992		327,967		353,875		333,834
Residential mortgage-backed securities	Level 2	2,862,831		2,548,404		2,732,752		2,431,987
Trust preferred securities	Level 2	36,109		30,953		36,103		30,689
Corporate and other debt securities	Level 2	73,537		71,897		81,572		80,031
Total held to maturity debt securities (2)		3,620,554		3,228,740		3,496,571		3,129,603
Net loans (3)	Level 3	50,253,070		48,379,622		49,571,352		47,868,967
Accrued interest receivable	Level 1	244,275		244,275		243,897		243,897
FRB and FHLB stock (4)	Level 2	324,709		324,709		339,484		339,484
Financial liabilities
Deposits without stated maturities	Level 1	41,423,473		41,423,473		40,758,970		40,758,970
Deposits with stated maturities	Level 2	11,436,148		11,451,071		11,424,123		11,465,247
Short-term borrowings	Level 2	63,877		61,125		91,475		88,468
Long-term borrowings	Level 2	2,560,887		2,554,952		2,908,579		2,916,674
Junior subordinated debentures issued to capital trusts	Level 2	57,890		51,163		57,803		53,050
Accrued interest payable (5)	Level 1	84,964		84,964		89,683		89,683

(1)Represents equity securities without a readily determinable fair value, which are measured based on the price at which the investment was acquired plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. Total changes in the valuation of equity securities were immaterial for the three months ended March 31, 2026 and the year ended December 31, 2025, respectively.

(2)The carrying amount is presented gross without the allowance for credit losses.

(3)Includes non-performing loans held for sale carried at lower of cost (or market) of $8.8 million at March 31, 2026 and $18.0 million at December 31, 2025, respectively.

(4)Included in other assets.

(5)Included in accrued expenses and other liabilities.

Note 6. Investment Securities

Equity Securities

Equity securities totaled $83.9 million and $82.8 million at March 31, 2026 and December 31, 2025, respectively. See Note 5 for further details on equity securities.

Available for Sale Debt Securities

The amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities at March 31, 2026 and December 31, 2025 were as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
March 31, 2026
U.S. Treasury securities	$	251,052	$	—	$	(23,719)	$	227,333
U.S. government agency securities	40,223		25		(1,386)		38,862
Obligations of states and political subdivisions:
Obligations of states and state agencies	43,701		—		(738)		42,963
Municipal bonds	183,723		—		(36,835)		146,888
Total obligations of states and political subdivisions	227,424		—		(37,573)		189,851
Residential mortgage-backed securities	3,522,295		20,570		(70,992)		3,471,873

Corporate and other debt securities	235,970		1,676		(8,531)		229,115
Total	$	4,276,964	$	22,271	$	(142,201)	$	4,157,034
December 31, 2025
U.S. Treasury securities	$	250,494	$	226	$	(22,233)	$	228,487
U.S. government agency securities	41,026		35		(1,117)		39,944
Obligations of states and political subdivisions:
Obligations of states and state agencies	44,079		—		(646)		43,433
Municipal bonds	181,883		1		(31,937)		149,947
Total obligations of states and political subdivisions	225,962		1		(32,583)		193,380
Residential mortgage-backed securities	3,541,284		36,238		(63,444)		3,514,078

Corporate and other debt securities	231,876		1,781		(7,328)		226,329

Total	$	4,290,642	$	38,281	$	(126,705)	$	4,202,218

Accrued interest on investments, which is excluded from the amortized cost of AFS debt securities, totaled $18.3 million and $18.2 million at March 31, 2026 and December 31, 2025, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition.

The age of unrealized losses and fair value of the related AFS debt securities at March 31, 2026 and December 31, 2025 were as follows:


	Less than 12 Months				More than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
March 31, 2026
U.S. Treasury securities	$	99,405	$	(625)	$	127,928	$	(23,094)	$	227,333	$	(23,719)
U.S. government agency securities	17,877		(104)		19,828		(1,282)		37,705		(1,386)
Obligations of states and political subdivisions:
Obligations of states and state agencies	—		—		5,238		(738)		5,238		(738)
Municipal bonds	2,322		(101)		136,980		(36,734)		139,302		(36,835)
Total obligations of states and political subdivisions	2,322		(101)		142,218		(37,472)		144,540		(37,573)
Residential mortgage-backed securities	903,487		(8,103)		481,145		(62,889)		1,384,632		(70,992)

Corporate and other debt securities	39,276		(464)		121,413		(8,067)		160,689		(8,531)
Total	$	1,062,367	$	(9,397)	$	892,532	$	(132,804)	$	1,954,899	$	(142,201)
December 31, 2025
U.S. Treasury securities	$	—	$	—	$	128,232	$	(22,233)	$	128,232	$	(22,233)
U.S. government agency securities	—		—		20,754		(1,117)		20,754		(1,117)
Obligations of states and political subdivisions:
Obligations of states and state agencies	—		—		5,453		(646)		5,453		(646)
Municipal bonds	—		—		141,083		(31,937)		141,083		(31,937)
Total obligations of states and political subdivisions	—		—		146,536		(32,583)		146,536		(32,583)
Residential mortgage-backed securities	118,263		(234)		650,985		(63,210)		769,248		(63,444)

Corporate and other debt securities	12,741		(9)		132,307		(7,319)		145,048		(7,328)

Total	$	131,004	$	(243)	$	1,078,814	$	(126,462)	$	1,209,818	$	(126,705)

Within the AFS debt securities portfolio, the total number of security positions in an unrealized loss position was 650 and 602 at March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026, the fair value of AFS securities that were pledged to secure public deposits, repurchase agreements, lines of credit, and for other purposes required by law, was $1.1 billion.

Contractual Maturities

The contractual maturities of AFS debt securities at March 31, 2026 are set forth in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Residential mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties.


	March 31, 2026
	Amortized Cost		Fair Value
	(in thousands)
Due in one year	$	5,955	$	5,915
Due after one year through five years	232,017		228,079
Due after five years through ten years	244,630		236,171
Due after ten years	272,067		214,996
Residential mortgage-backed securities	3,522,295		3,471,873
Total	$	4,276,964	$	4,157,034

The weighted average remaining expected life for AFS residential mortgage-backed securities was 6.80 years at March 31, 2026.

Impairment Analysis of Available For Sale Debt Securities

Valley's AFS debt securities portfolio includes corporate bonds and revenue bonds, among other securities. These securities may pose a higher risk of future impairment due to economic uncertainty and potential adverse effects on issuers’ performance.

AFS debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. Valley also evaluated AFS debt securities that were in an unrealized loss position as of March 31, 2026 included in the tables above and has determined that the declines in fair value are mainly attributable to interest rates, credit spreads, market volatility and liquidity conditions, not credit quality or other factors. Based on a comparison of the present value of expected cash flows to the amortized cost, there was no impairment recognized during the three months ended March 31, 2026 and 2025.

Valley does not intend to sell any of its AFS debt securities in an unrealized loss position prior to recovery of their amortized cost basis, and it is more likely than not that Valley will not be required to sell any of these securities prior to recovery of their amortized cost basis. None of the AFS debt securities were past due as of March 31, 2026. As a result, there was no allowance for credit losses for AFS debt securities at March 31, 2026 and December 31, 2025.

Held to Maturity Debt Securities

The amortized cost, gross unrealized gains and losses and fair value of HTM debt securities at March 31, 2026 and December 31, 2025 were as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses		Net Carrying Value
	(in thousands)
March 31, 2026

U.S. government agency securities	$	291,085	$	37	$	(41,603)	$	249,519	$	—	$	291,085
Obligations of states and political subdivisions:
Obligations of states and state agencies	58,929		346		(4,102)		55,173		1		58,928
Municipal bonds	298,063		24		(25,293)		272,794		172		297,891
Total obligations of states and political subdivisions	356,992		370		(29,395)		327,967		173		356,819
Residential mortgage-backed securities	2,862,831		6,313		(320,740)		2,548,404		—		2,862,831
Trust preferred securities	36,109		—		(5,156)		30,953		417		35,692
Corporate and other debt securities	73,537		1		(1,641)		71,897		156		73,381
Total	$	3,620,554	$	6,721	$	(398,535)	$	3,228,740	$	746	$	3,619,808
December 31, 2025

U.S. government agency securities	$	292,269	$	19	$	(39,226)	$	253,062	$	—	$	292,269
Obligations of states and political subdivisions:
Obligations of states and state agencies	60,801		504		(3,293)		58,012		2		60,799
Municipal bonds	293,074		43		(17,295)		275,822		134		292,940
Total obligations of states and political subdivisions	353,875		547		(20,588)		333,834		136		353,739
Residential mortgage-backed securities	2,732,752		11,050		(311,815)		2,431,987		—		2,732,752
Trust preferred securities	36,103		—		(5,414)		30,689		425		35,678
Corporate and other debt securities	81,572		—		(1,541)		80,031		173		81,399
Total	$	3,496,571	$	11,616	$	(378,584)	$	3,129,603	$	734	$	3,495,837

Accrued interest on investments, which is excluded from the amortized cost of HTM debt securities, totaled $12.0 million and $12.3 million at March 31, 2026 and December 31, 2025, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition. HTM debt securities are carried net of an allowance for credit losses (as shown in the table above).

The age of unrealized losses and fair value of related HTM debt securities at March 31, 2026 and December 31, 2025 were as follows:


	Less than 12 Months				More than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
March 31, 2026

U.S. government agency securities	$	78	$	—	$	232,776	$	(41,603)	$	232,854	$	(41,603)
Obligations of states and political subdivisions:
Obligations of states and state agencies	11,440		(234)		30,622		(3,868)		42,062		(4,102)
Municipal bonds	70,014		(7,199)		145,096		(18,094)		215,110		(25,293)
Total obligations of states and political subdivisions	81,454		(7,433)		175,718		(21,962)		257,172		(29,395)
Residential mortgage-backed securities	345,140		(4,530)		1,770,474		(316,210)		2,115,614		(320,740)
Trust preferred securities	—		—		30,953		(5,156)		30,953		(5,156)
Corporate and other debt securities	—		—		59,395		(1,641)		59,395		(1,641)
Total	$	426,672	$	(11,963)	$	2,269,316	$	(386,572)	$	2,695,988	$	(398,535)
December 31, 2025

U.S. government agency securities	$	—	$	—	$	235,027	$	(39,226)	$	235,027	$	(39,226)
Obligations of states and political subdivisions:
Obligations of states and state agencies	8,974		(161)		32,537		(3,132)		41,511		(3,293)
Municipal bonds	18,237		(1,777)		176,687		(15,518)		194,924		(17,295)
Total obligations of states and political subdivisions	27,211		(1,938)		209,224		(18,650)		236,435		(20,588)
Residential mortgage-backed securities	23,866		(152)		1,837,989		(311,663)		1,861,855		(311,815)
Trust preferred securities	—		—		30,689		(5,414)		30,689		(5,414)
Corporate and other debt securities	10,471		(29)		64,560		(1,512)		75,031		(1,541)
Total	$	61,548	$	(2,119)	$	2,377,489	$	(376,465)	$	2,439,037	$	(378,584)

Within the HTM securities portfolio, the total number of security positions in an unrealized loss position was 706 and 667 at March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026, the fair value of HTM debt securities that were pledged to secure public deposits, repurchase agreements, lines of credit, and for other purposes required by law was $1.1 billion.

Contractual Maturities

The contractual maturities of investments in HTM debt securities at March 31, 2026 is set forth in the table below. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Residential mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties.


	March 31, 2026
	Amortized Cost		Fair Value
	(in thousands)
Due in one year	$	47,797	$	47,682
Due after one year through five years	50,493		49,767
Due after five years through ten years	177,188		167,436
Due after ten years	482,245		415,451
Residential mortgage-backed securities	2,862,831		2,548,404
Total	$	3,620,554	$	3,228,740

The weighted-average remaining expected life for HTM residential mortgage-backed securities was 9.34 years at March 31, 2026.

Credit Quality Indicators

Valley monitors the credit quality of the HTM debt securities utilizing the most current credit ratings from external rating agencies. The following table summarizes the amortized cost of HTM debt securities by external credit rating at March 31, 2026 and December 31, 2025.


	AAA/AA/A Rated		BBB rated		Non-rated		Total
	(in thousands)
March 31, 2026

U.S. government agency securities	$	291,085	$	—	$	—	$	291,085
Obligations of states and political subdivisions:
Obligations of states and state agencies	45,807		—		13,122		58,929
Municipal bonds	237,021		—		61,042		298,063
Total obligations of states and political subdivisions	282,828		—		74,164		356,992
Residential mortgage-backed securities	2,862,831		—		—		2,862,831
Trust preferred securities	—		—		36,109		36,109
Corporate and other debt securities	—		—		73,537		73,537
Total	$	3,436,744	$	—	$	183,810	$	3,620,554
December 31, 2025

U.S. government agency securities	$	292,269	$	—	$	—	$	292,269
Obligations of states and political subdivisions:
Obligations of states and state agencies	47,458		—		13,343		60,801
Municipal bonds	239,905		—		53,169		293,074
Total obligations of states and political subdivisions	287,363		—		66,512		353,875
Residential mortgage-backed securities	2,732,752		—		—		2,732,752
Trust preferred securities	—		—		36,103		36,103
Corporate and other debt securities	—		3,000		78,572		81,572
Total	$	3,312,384	$	3,000	$	181,187	$	3,496,571

Obligations of states and political subdivisions include municipal bonds and revenue bonds issued by various municipal corporations. At March 31, 2026, most of the obligations of states and political subdivisions were rated investment grade and a large portion of the “non-rated” category included municipal bonds secured by Ginnie Mae securities. Trust preferred securities consist of non-rated single-issuer securities issued by bank holding companies. Corporate bonds consist of debt primarily issued by banks.

Allowance for Credit Losses for Held to Maturity Debt Securities

Valley has a zero loss expectation for certain securities within the HTM portfolio, and therefore it is not required to estimate an allowance for credit losses related to these securities under the CECL standard. After an evaluation of qualitative factors, Valley identified the following security types which it believes qualify for this exclusion: U.S. Treasury securities, U.S. government agency securities, residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, and collateralized municipal bonds. To measure the expected credit losses on HTM debt securities that have loss expectations, Valley estimates the expected credit losses using a discounted cash flow model developed by a third party.

The following table details the activity in the allowance for credit losses for HTM securities for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Beginning balance	$	734	$	647
Provision (credit) for credit losses	12		(14)
Ending balance	$	746	$	633

There were no net charge-offs of HTM debt securities in the respective periods presented in the table above.

Note 7. Loans and Allowance for Credit Losses for Loans

The details of the loan portfolio as of March 31, 2026 and December 31, 2025 were as follows:


	March 31, 2026		December 31, 2025
	(in thousands)
Loans:



Commercial and industrial	$	11,104,079	$	10,961,519
Commercial real estate:
Commercial real estate	27,224,590		26,772,749
Construction	2,485,387		2,471,233
Total commercial real estate loans	29,709,977		29,243,982
Residential mortgage	5,869,070		5,826,192
Consumer:
Home equity	701,136		687,680
Automobile	2,198,102		2,184,600
Other consumer	1,246,456		1,232,755
Total consumer loans	4,145,694		4,105,035
Total loans	$	50,828,820	$	50,136,728

Total loans include net unearned discounts and deferred loan fees of $15.9 million and $17.4 million at March 31, 2026 and December 31, 2025, respectively.

Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $208.6 million and $209.5 million at March 31, 2026 and December 31, 2025, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition.

Loan Portfolio Sales and Transfers to Loans Held for Sale

There were no transfers of loans from the held for investment loan portfolio to loans held for sale during the three months ended March 31, 2026. During the first quarter of 2026, Valley sold a non-performing commercial real estate loan relationship totaling $9.1 million that was transferred from the held for investment loan portfolio to loans held for sale during the fourth quarter of 2025. The sale resulted in the recognition of a $767 thousand net gain during the three months ended March 31, 2026. See Valley’s Annual Report for details regarding transfers and sales of loans for the year ended December 31, 2025.

Credit Risk Management

Valley adheres to a credit policy designed to minimize credit risk while generating the maximum income given the level of risk appetite. Management reviews and approves these policies and procedures on a regular basis with subsequent approval by the Board annually. Credit authority relating to a significant dollar percentage of the overall portfolio is centralized and controlled by the Credit Risk Management Division and by the Credit Committee. Loan portfolio diversification is an important factor utilized by Valley to manage its risk across business sectors and through cyclical economic circumstances. Additionally, Valley does not accept crypto assets as loan collateral for any of its loan portfolio classes. See Valley’s Annual Report for further details.

Credit Quality

The following table presents past due, current, and non-accrual loans without an allowance for loan losses by loan portfolio class at March 31, 2026 and December 31, 2025:


	Past Due and Non-Accrual Loans
	30-59 Days Past Due Loans		60-89 Days Past Due Loans		90 Days or More Past Due Loans		Non-Accrual Loans		Total Past Due Loans		Current Loans		Total Loans		Non-Accrual Loans Without Allowance for Loan Losses
	(in thousands)
March 31, 2026
Commercial and industrial	$	5,285	$	1,015	$	3,499	$	145,804	$	155,603	$	10,948,476	$	11,104,079	$	21,659
Commercial real estate:
Commercial real estate	69,494		—		—		225,417		294,911		26,929,679		27,224,590		188,456
Construction	—		—		—		9,148		9,148		2,476,239		2,485,387		—
Total commercial real estate loans	69,494		—		—		234,565		304,059		29,405,918		29,709,977		188,456
Residential mortgage	20,534		4,285		5,894		45,988		76,701		5,792,369		5,869,070		33,573
Consumer loans:
Home equity	1,409		303		—		6,032		7,744		693,392		701,136		2,293
Automobile	9,219		1,560		781		238		11,798		2,186,304		2,198,102		—
Other consumer	2,484		1,643		528		19		4,674		1,241,782		1,246,456		—
Total consumer loans	13,112		3,506		1,309		6,289		24,216		4,121,478		4,145,694		2,293
Total	$	108,425	$	8,806	$	10,702	$	432,646	$	560,579	$	50,268,241	$	50,828,820	$	245,981


	Past Due and Non-Accrual Loans
	30-59 Days Past Due Loans		60-89 Days Past Due Loans		90 Days or More Past Due Loans		Non-Accrual Loans		Total Past Due Loans		Current Loans		Total Loans		Non-Accrual Loans Without Allowance for Loan Losses
	(in thousands)
December 31, 2025
Commercial and industrial	$	11,177	$	1,274	$	—	$	138,321	$	150,772	$	10,810,747	$	10,961,519	$	21,132
Commercial real estate:
Commercial real estate	72,810		—		212		236,221		309,243		26,463,506		26,772,749		177,372
Construction	—		—		—		9,140		9,140		2,462,093		2,471,233		—
Total commercial real estate loans	72,810		—		212		245,361		318,383		28,925,599		29,243,982		177,372
Residential mortgage	21,615		10,181		3,300		44,424		79,520		5,746,672		5,826,192		28,320
Consumer loans:
Home equity	1,813		620		—		5,530		7,963		679,717		687,680		2,008
Automobile	10,827		1,328		611		279		13,045		2,171,555		2,184,600		—
Other consumer	1,780		3,321		459		23		5,583		1,227,172		1,232,755		—
Total consumer loans	14,420		5,269		1,070		5,832		26,591		4,078,444		4,105,035		2,008
Total	$	120,022	$	16,724	$	4,582	$	433,938	$	575,266	$	49,561,462	$	50,136,728	$	228,832

Credit quality indicators. Valley utilizes an internal loan classification system as a means of reporting problem loans within commercial and industrial, commercial real estate, and construction loan portfolio classes. Under Valley’s internal risk rating system, loan relationships could be classified as “Pass,” “Special Mention,” “Substandard,” “Doubtful,” or “Loss.” Substandard loans include loans that exhibit well-defined weakness and are characterized by the distinct possibility that Valley will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. Loans classified as Loss are those considered uncollectible with insignificant value and are charged-off immediately to the allowance for loan losses and, therefore, not presented in the table below. Loans that do not currently pose a sufficient risk to warrant classification in one of the aforementioned categories but pose weaknesses that deserve management’s close attention are deemed Special Mention. Pass rated loans do not currently pose any identified risk and can range from the highest to average quality, depending on the degree of potential risk. Risk ratings are updated any time the situation warrants.

The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at March 31, 2026 and December 31, 2025, as well as the gross loan charge- offs by year of origination for the three months ended March 31, 2026 and for the year ended December 31, 2025:


	Term Loans
	Amortized Cost Basis by Origination Year
March 31, 2026	2026		2025		2024		2023		2022		Prior to 2022		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	470,476	$	1,372,709	$	1,208,406	$	646,328	$	478,454	$	849,008	$	5,356,444	$	9,284	$	10,391,109
Special Mention	—		7,010		8,251		15,690		18,455		24,320		144,627		7,701		226,054
Substandard	—		3,346		23,829		28,587		58,309		80,969		212,989		27,436		435,465
Doubtful	—		—		—		4,105		—		46,092		1,232		22		51,451

Total commercial and industrial	$	470,476	$	1,383,065	$	1,240,486	$	694,710	$	555,218	$	1,000,389	$	5,715,292	$	44,443	$	11,104,079
Commercial real estate
Risk Rating:
Pass	$	1,276,774	$	3,134,021	$	1,620,741	$	2,408,811	$	4,832,794	$	10,421,125	$	464,896	$	9,676	$	24,168,838
Special Mention	1,918		35,509		128,801		199,859		198,013		432,307		189,534		30,776		1,216,717
Substandard	—		—		76,919		148,530		319,509		1,144,849		101,577		—		1,791,384
Doubtful	—		—		—		3,060		—		44,591		—		—		47,651

Total commercial real estate	$	1,278,692	$	3,169,530	$	1,826,461	$	2,760,260	$	5,350,316	$	12,042,872	$	756,007	$	40,452	$	27,224,590
Construction
Risk Rating:
Pass	$	212,442	$	766,262	$	422,279	$	208,405	$	169,950	$	106,455	$	343,295	$	—	$	2,229,088
Special Mention	—		4,403		15,704		5,961		1,171		22,380		65,041		6,934		121,594
Substandard	—		—		398		—		39,530		10,177		51,622		32,978		134,705


Total construction	$	212,442	$	770,665	$	438,381	$	214,366	$	210,651	$	139,012	$	459,958	$	39,912	$	2,485,387
Gross loan charge-offs	$	—	$	144	$	969	$	395	$	485	$	13,763	$	98	$	684	$	16,538


	Term Loans
	Amortized Cost Basis by Origination Year
December 31, 2025	2025		2024		2023		2022		2021		Prior to 2021		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Commercial and industrial
Risk Rating:
Pass	$	1,501,570	$	1,333,581	$	676,608	$	511,649	$	343,565	$	500,972	$	5,438,418	$	8,600	$	10,314,963
Special Mention	1,475		13,426		4,767		18,941		10,050		13,064		151,511		6,964		220,198
Substandard	3,071		4,735		26,196		60,885		3,327		78,607		172,627		23,988		373,436
Doubtful	—		—		4,717		—		—		46,631		1,574		—		52,922

Total commercial and industrial	$	1,506,116	$	1,351,742	$	712,288	$	591,475	$	356,942	$	639,274	$	5,764,130	$	39,552	$	10,961,519
Commercial real estate
Risk Rating:
Pass	$	3,179,469	$	1,802,585	$	2,501,008	$	4,926,062	$	3,406,631	$	7,387,804	$	576,394	$	20,952	$	23,800,905
Special Mention	4,617		90,876		218,532		154,578		112,038		305,609		116,595		30,943		1,033,788
Substandard	—		98,560		175,780		312,117		365,371		818,034		125,261		—		1,895,123
Doubtful	—		—		3,060		—		29,133		10,740		—		—		42,933

Total commercial real estate	$	3,184,086	$	1,992,021	$	2,898,380	$	5,392,757	$	3,913,173	$	8,522,187	$	818,250	$	51,895	$	26,772,749
Construction
Risk Rating:
Pass	$	712,797	$	494,598	$	215,960	$	266,072	$	50,397	$	50,442	$	368,005	$	17,474	$	2,175,745
Special Mention	4,261		31,142		9,329		2,859		28,205		—		78,494		6,973		161,263
Substandard	—		390		—		39,077		1,638		8,535		51,620		32,965		134,225

Total construction	$	717,058	$	526,130	$	225,289	$	308,008	$	80,240	$	58,977	$	498,119	$	57,412	$	2,471,233
Gross loan charge-offs	$	1,979	$	7,048	$	4,031	$	21,122	$	15,471	$	29,715	$	23,458	$	15,921	$	118,745

For residential mortgage, home equity, automobile and other consumer loan portfolio classes, Valley evaluates credit quality based on the aging status of the loan and by payment activity. The following table presents the amortized cost in those loan classes based on payment activity by origination year as of March 31, 2026 and December 31, 2025, as well as the gross loan charge-offs by year of origination for the three months ended March 31, 2026 and for the year ended December 31, 2025:


	Term Loans
	Amortized Cost Basis by Origination Year
March 31, 2026	2026		2025		2024		2023		2022		Prior to 2022		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans		Total
	(in thousands)
Residential mortgage
Performing	$	152,353	$	603,052	$	359,245	$	364,269	$	1,205,951	$	3,076,054	$	86,394	$	—	$	5,847,318
90 days or more past due	—		—		3,677		1,447		1,619		14,328		—		681		21,752
Total residential mortgage	$	152,353	$	603,052	$	362,922	$	365,716	$	1,207,570	$	3,090,382	$	86,394	$	681	$	5,869,070
Consumer loans
Home equity
Performing	$	4,923	$	23,607	$	16,957	$	22,151	$	32,438	$	59,578	$	531,649	$	7,008	$	698,311
90 days or more past due	—		—		244		493		1,383		478		—		227		2,825
Total home equity	4,923		23,607		17,201		22,644		33,821		60,056		531,649		7,235		701,136
Automobile
Performing	$	247,015	$	952,845	$	533,185	$	193,850	$	178,196	$	92,270	$	—	$	—	$	2,197,361
90 days or more past due	—		106		181		238		86		130		—		—		741
Total automobile	247,015		952,951		533,366		194,088		178,282		92,400		—		—		2,198,102
Other consumer
Performing	$	1,371	$	3,904	$	9,530	$	16,418	$	11,765	$	72,620	$	1,110,261	$	19,760	$

VALLEY NATIONAL BANCORP 10-Q