VLYPNMEDIUM SIGNALFINANCIAL10-K

Valley National Bancorp's fiscal 2025 10-K shows meaningfully improved profitability and a stronger balance sheet, offset by a notable decline in operating cash flow and a modest reduction in shares outstanding.

The improvement in net income alongside a reduction in total debt by roughly 29% reflects a healthier capital structure and stronger earnings capacity, which is constructive for equity holders. However, the decline in operating cash flow of approximately 37% warrants monitoring, as it suggests earnings quality may be partially driven by non-cash or accrual items rather than cash generation. The balance sheet expansion — total assets growing from $62.5 billion to $64.1 billion and total deposits rising from $50.1 billion to $52.2 billion — reinforces a narrative of steady organic growth at the bank level.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

Net income grew substantially year-over-year, reflecting meaningfully improved earnings performance across the period. This was accompanied by a significant deleveraging of the balance sheet, with total debt declining approximately 29% from $2.3 billion to $1.7 billion, signaling active liability management. The counterpoint is a meaningful 37% contraction in operating cash flow, which investors should watch closely as it introduces some uncertainty around the sustainability and cash-backed quality of reported earnings.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+57.3%
$380.3M$598.0M

Net income grew 57.3% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
-37.3%
$548.5M$343.8M

Operating cash flow fell 37.3% — earnings quality concerns; investigate working capital changes and non-cash items.

Total Debt
Balance Sheet
-28.6%
$2.3B$1.7B

Debt reduced 28.6% — deleveraging strengthens balance sheet and reduces financial risk.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
There were 555,426,220 shares of Common Stock outstanding at February 26, 2026 .
The 2026 Prox y Statement will be filed within 120 days of December 31, 2025.
Fintech Financial technology FOMC Federal Open Market Committee Freddie Mac Federal Home Loan Mortgage Corporation GAAP U.
General Founded in 1927, Valley National Bancorp, is a registered bank holding company and financial holding company with the Federal Reserve under the BHC Act, headquartered in Morristown, New Jersey.
At December 31, 2025, Valley had consolidated total assets of $64.1 billion, total net loans of $49.6 billion, total deposits of $52.2 billion and total shareholders equity of $7.8 billion.
Valley s principal subsidiary, Valley National Bank (commonly referred to as the Bank in this Report), has been chartered as a national banking association under the laws of the United States since 1927 and currently has 230 branch offices located in New Jersey, New York, Florida, Alabama, California, and Illinois.
Our mission is to give people and businesses the power to succeed and is guided by our vision of being a premier relationship-based national bank, delivering solutions-based, service-driven outcomes.
We deliver that mission and create value for our shareholders by executing on our strategy to build a sustainable and predictable business model through optimizing our commercial and consumer banking value propositions, enhancing our balance sheet flexibility, and driving sustainable fee revenue.
Valley helps its clients across several industries, including, real estate, commercial and industrial, healthcare, nonprofit, government contracting, and other specialized industries, turn their ambition into action.
Business Developments During 2025, Valley made significant progress toward its intermediate and long-term strategic objectives, including significant reductions in both its CRE loan concentration ratio and reliance on wholesale funding sources, while delivering solid fee income growth within non-interest income as compared to the year ended December 31, 2024.
REMOVED
There were 560,275,784 shares of Common Stock outstanding at February 26, 2025 .
The 2025 Prox y Statement will be filed within 120 days of December 31, 2024.
Fintech Financial technology Freddie Mac Federal Home Loan Mortgage Corporation GAAP U.
General Valley National Bancorp, headquartered in Morristown, New Jersey, is a New Jersey corporation organized in 1983 and is registered as a bank holding company and a financial holding company with the Federal Reserve under the BHC Act.
At December 31, 2024, Valley had consolidated total assets of $62.5 billion, total net loans of $48.2 billion, total deposits of $50.1 billion and total shareholders equity of $7.4 billion.
Valley s principal subsidiary, Valley National Bank (commonly referred to as the Bank in this Report), has been chartered as a national banking association under the laws of the United States since 1927.
The Bank also provides convenient account access to customers through a number of account management services, including access to more than 200 branch locations across New Jersey, New York, Florida, Alabama, California and Illinois; online, mobile and telephone banking; drive-in and night deposit services; ATMs; remote deposit capture; and safe deposit facilities.
In addition, certain international banking services are available to customers, including standby letters of credit, documentary letters of credit and related products, and certain ancillary services, such as foreign exchange transactions, documentary collections, and foreign wire transfers.
On April 1, 2022, Valley completed its acquisition of Bank Leumi Le-Israel Corporation, the U.S.
subsidiary of Bank Leumi Le-Israel B.M., and parent company of Bank Leumi USA, collectively referred to as Bank Leumi USA.
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