2 unchanged sentences
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
−Removed: (in thousands, except for share data) June 30,
+Added: (in thousands, except for share data) September 30,
2025 December 31,
5 unchanged sentences
Available for sale debt securities 4,117,121 3,369,724
−Removed: Held to maturity debt securities (net of allowance for credit losses of $ 637 at June 30, 2025 and $ 647 at December 31, 2024)
+Added: Held to maturity debt securities (net of allowance for credit losses of $ 637 at September 30, 2025 and $ 647 at December 31, 2024)
3,540,819 3,531,573
Total investment securities 7,736,236 6,972,810
−Removed: Loans held for sale (includes fair value of $ 9,146 at June 30, 2025 and $ 16,931 at December 31, 2024 for loans originated for sale)
+Added: Loans held for sale (includes fair value of $ 5,405 at September 30, 2025 and $ 16,931 at December 31, 2024 for loans originated for sale)
18,092 25,681
24 unchanged sentences
50,000,000 authorized shares:
−Removed: Series A ( 4,600,000 shares issued at June 30, 2025 and December 31, 2024)
+Added: Series A ( 4,600,000 shares issued at September 30, 2025 and December 31, 2024)
111,590 111,590
−Removed: Series B ( 4,000,000 shares issued at June 30, 2025 and December 31, 2024)
+Added: Series B ( 4,000,000 shares issued at September 30, 2025 and December 31, 2024)
98,101 98,101
−Removed: Series C ( 6,000,000 shares issued at June 30, 2025 and December 31, 2024)
+Added: Series C ( 6,000,000 shares issued at September 30, 2025 and December 31, 2024)
144,654 144,654
Common stock ( no par value, authorized 650,000,000 shares;
−Removed: issued 560,522,946 shares at June 30, 2025 and 558,786,093 shares at December 31, 2024)
+Added: issued 560,878,750 shares at September 30, 2025 and 558,786,093 shares at December 31, 2024)
196,731 195,998
2 unchanged sentences
Accumulated other comprehensive loss ( 98,802 ) ( 155,334 )
−Removed: Treasury stock, at cost ( 241,125 common shares at June 30, 2025)
+Added: Treasury stock, at cost ( 94,398 common shares at September 30, 2025)
Total Shareholders’ Equity 7,695,374 7,435,127
5 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
23 unchanged sentences
Service charges on deposit accounts 16,764 12,826 44,195 35,287
−Removed: (Losses) gains on securities transactions, net ( 1 ) 3 45 52
+Added: Gains on securities transactions, net 28 47 73 99
Fees from loan servicing 3,405 3,443 10,291 9,322
−Removed: Gains on sales of loans, net 2,025 884 4,222 2,502
+Added: Gains (losses) on sales of loans, net 740 ( 3,644 ) 4,962 ( 1,142 )
Bank owned life insurance 4,657 5,387 15,453 13,167
25 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
2 unchanged sentences
Unrealized gains and losses on available for sale securities
−Removed: Net gains (losses) arising during the period 8,496 ( 5,600 ) 35,708 ( 15,805 )
+Added: Net gains arising during the period 21,206 48,023 56,914 32,218
Amounts reclassified to earnings ( 1 ) 1 ( 1 ) 9
5 unchanged sentences
Amortization of actuarial net loss 104 36 280 108
−Removed: Total other comprehensive income (loss) 8,363 ( 5,765 ) 35,445 ( 16,157 )
+Added: Total other comprehensive income 21,087 47,841 56,532 31,684
Total comprehensive income $ 184,442 $ 145,697 $ 459,112 $ 296,244
2 unchanged sentences
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
−Removed: For the Six Months Ended June 30, 2025
+Added: For the Nine Months Ended September 30, 2025
Common Stock Accumulated
22 unchanged sentences
Net income — — — — 133,167 — — 133,167
−Removed: Other comprehensive loss, net of tax — — — — — 8,363 — 8,363
+Added: Other comprehensive income, net of tax — — — — — 8,363 — 8,363
Cash dividends declared:
12 unchanged sentences
$ 354,345 560,282 $ 196,606 $ 5,451,543 $ 1,694,903 $ ( 119,889 ) $ ( 2,087 ) $ 7,575,421
−Removed: For the Six Months Ended June 30, 2024
+Added: Net income — — — — 163,355 — — 163,355
+Added: Other comprehensive income, net of tax — — — — — 21,087 — 21,087
+Added: Cash dividends declared:
+Added: Preferred stock, Series A, $ 0.54 per share
+Added: — — — — ( 2,471 ) — — ( 2,471 )
+Added: Preferred stock, Series B, $ 0.52 per share
+Added: — — — — ( 2,078 ) — — ( 2,078 )
+Added: Preferred stock, Series C, $ 0.52 per share
+Added: — — — — ( 3,094 ) — — ( 3,094 )
+Added: Common stock, $ 0.11 per share
+Added: — — — — ( 62,413 ) — — ( 62,413 )
+Added: Effect of stock incentive plan, net
+Added: — 1,785 125 5,401 ( 1,061 ) — 13,134 17,599
+Added: Common stock repurchased — ( 1,283 ) — — — — ( 12,032 ) ( 12,032 )
+Added: Balance - September 30, 2025 $ 354,345 560,784 $ 196,731 $ 5,456,944 $ 1,787,141 $ ( 98,802 ) $ ( 985 ) $ 7,695,374
+Added: For the Nine Months Ended September 30, 2024
Common Stock Accumulated
31 unchanged sentences
$ 209,691 509,205 $ 178,645 $ 4,995,638 $ 1,516,376 $ ( 162,613 ) $ — $ 6,737,737
+Added: Net income — — — — 97,856 — — 97,856
+Added: Other comprehensive loss, net of tax — — — — — 47,841 — 47,841
+Added: Cash dividends declared:
+Added: Preferred stock, Series A, $ 0.39 per share
+Added: — — — — ( 1,797 ) — — ( 1,797 )
+Added: Preferred stock, Series B, $ 0.60 per share
+Added: — — — — ( 2,395 ) — — ( 2,395 )
+Added: Preferred stock, Series C, $ 0.32 per share
+Added: — — — — ( 1,925 ) — — ( 1,925 )
+Added: Common stock, $ 0.11 per share
+Added: — — — — ( 56,687 ) — — ( 56,687 )
+Added: Preferred Stock Issued 144,654 — — — — — — 144,654
+Added: Effect of stock incentive plan, net — 48 16 7,080 — — — 7,096
+Added: Balance - September 30, 2024
+Added: $ 354,345 509,253 $ 178,661 $ 5,002,718 $ 1,551,428 $ ( 114,772 ) $ — $ 6,972,380
See accompanying notes to consolidated financial statements.
2 unchanged sentences
(in thousands)
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
Cash flows from operating activities:
Net income $ 402,580 $ 264,560
−Removed: Adjustments to reconcile net income to net cash (used in) provided by operating activities:
+Added: Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 28,731 31,245
3 unchanged sentences
Amortization of other intangible assets 22,990 26,672
−Removed: Losses on available for sale and held to maturity debt securities, net 11 11
+Added: (Gains) losses on available for sale and held to maturity debt securities, net ( 17 ) 12
Proceeds from sales of loans held for sale at fair value 139,507 155,863
−Removed: Gains on sales of loans, net ( 4,222 ) ( 2,502 )
+Added: (Gains) losses on sales of loans, net ( 4,962 ) 1,142
Originations of loans held for sale ( 124,768 ) ( 148,294 )
14 unchanged sentences
Purchases ( 11,687 ) ( 8,295 )
−Removed: Sales 715 751
+Added: Sales and capital returns 3,989 1,146
Held to maturity debt securities:
13 unchanged sentences
(in thousands)
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
Cash flows from financing activities:
3 unchanged sentences
Repayments of long-term borrowings ( 488,000 ) ( 65,000 )
+Added: Proceeds from issuance of preferred stock, net — 144,654
Cash dividends paid to preferred shareholders ( 21,547 ) ( 16,141 )
25 unchanged sentences
Certain prior period amounts have been reclassified to conform to the current presentation.
−Removed: In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly Valley’s financial position, results of operations, changes in shareholders' equity and cash flows at June 30, 2025 and for all periods presented have been made.
−Removed: The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the entire fiscal year or any subsequent interim period.
+Added: In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly Valley’s financial position, results of operations, changes in shareholders' equity and cash flows at September 30, 2025 and for all periods presented have been made.
+Added: The results of operations for the three and nine months ended September 30, 2025 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.
9 unchanged sentences
Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date.
−Removed: On July 4, 2025, new federal legislation commonly known as the One Big Beautiful Bill Act (OBBBA) was enacted into law.
+Added: On July 4, 2025, new federal legislation commonly known as the OBBBA was enacted into law.
The OBBBA extends or reinstates certain provisions of the 2017 Tax Cuts and Jobs Act, includes tax relief measures, modifies certain energy tax credits and sets various limits on tax deductions, among other key provisions.
−Removed: Valley is currently evaluating the provisions of the OBBBA, but it is not expected to have a material impact on Valley's consolidated financial statements.
+Added: The enactment of the OBBBA did not have a material impact on Valley's consolidated financial statements for the third quarter 2025.
+Added: Valley will continue to evaluate certain provisions of the OBBBA that are effective starting in 2026, but they are also not expected to have a material impact on Valley's consolidated financial statements.
Earnings Per Common Share
−Removed: The following table shows the calculation of both basic and diluted earnings per common share for the three and six months ended June 30, 2025 and 2024:
+Added: The following table shows the calculation of both basic and diluted earnings per common share for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
11 unchanged sentences
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.
−Removed: Pote ntial anti-dilutive weighted common shares totaled approximately 3.5 million and 6.9 million for the three months ended June 30, 2025 and 2024, respectively, and 798 thousand and 6.0 million for the six months ended June 30, 2025 and 2024, respectively.
+Added: Pote ntial anti-dilutive weighted common shares totaled approximately 280 thousand and 3.6 million for the three months ended September 30, 2025 and 2024, respectively, and 267 thousand and 4.0 million for the nine months ended September 30, 2025 and 2024, respectively.
Accumulated Other Comprehensive Loss
−Removed: The following tables present the after-tax changes in the balances of each component of accumulated other comprehensive loss for th e three and six months ended June 30, 2025 and 2024:
+Added: The following tables present the after-tax changes in the balances of each component of accumulated other comprehensive loss for th e three and nine months ended September 30, 2025 and 2024:
Components of Accumulated Other Comprehensive Loss Total
7 unchanged sentences
(in thousands)
−Removed: March 31, 2025 $ ( 106,686 ) $ 1,027 $ ( 22,593 ) $ ( 128,252 )
+Added: June 30, 2025 $ ( 98,190 ) $ 806 $ ( 22,505 ) $ ( 119,889 )
Other comprehensive income before reclassification 21,206 — — 21,206
1 unchanged sentence
Other comprehensive income (loss), net 21,205 ( 222 ) 104 21,087
+Added: September 30, 2025 $ ( 76,985 ) $ 584 $ ( 22,401 ) $ ( 98,802 )
June 30, 2024 $ ( 131,299 ) $ 1,682 $ ( 32,996 ) $ ( 162,613 )
−Removed: March 31, 2024 $ ( 125,707 ) $ 1,892 $ ( 33,033 ) $ ( 156,848 )
−Removed: Other comprehensive loss before reclassification ( 5,600 ) — — ( 5,600 )
+Added: Other comprehensive income before reclassification 48,023 — — 48,023
Amounts reclassified to earnings 1 ( 219 ) 36 ( 182 )
−Removed: Other comprehensive (loss) income, net ( 5,592 ) ( 210 ) 37 ( 5,765 )
−Removed: June 30, 2024 $ ( 131,299 ) $ 1,682 $ ( 32,996 ) $ ( 162,613 )
+Added: Other comprehensive income (loss), net 48,024 ( 219 ) 36 47,841
+Added: September 30, 2024 $ ( 83,275 ) $ 1,463 $ ( 32,960 ) $ ( 114,772 )
Components of Accumulated Other Comprehensive Loss Total
11 unchanged sentences
Other comprehensive income (loss), net 56,913 ( 661 ) 280 56,532
−Removed: June 30, 2025 $ ( 98,190 ) $ 806 $ ( 22,505 ) $ ( 119,889 )
+Added: September 30, 2025 $ ( 76,985 ) $ 584 $ ( 22,401 ) $ ( 98,802 )
December 31, 2023 $ ( 115,502 ) $ 2,114 $ ( 33,068 ) $ ( 146,456 )
−Removed: Other comprehensive loss before reclassification ( 15,805 ) — — ( 15,805 )
+Added: Other comprehensive income before reclassification 32,218 — — 32,218
Amounts reclassified to earnings 9 ( 651 ) 108 ( 534 )
−Removed: Other comprehensive (loss) income, net ( 15,797 ) ( 432 ) 72 ( 16,157 )
−Removed: June 30, 2024 $ ( 131,299 ) $ 1,682 $ ( 32,996 ) $ ( 162,613 )
−Removed: 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 and six months ended June 30, 2025 and 2024:
+Added: Other comprehensive income (loss), net 32,227 ( 651 ) 108 31,684
+Added: September 30, 2024 $ ( 83,275 ) $ 1,463 $ ( 32,960 ) $ ( 114,772 )
+Added: 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 and nine months ended September 30, 2025 and 2024:
Amounts Reclassified from
1 unchanged sentence
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
Components of Accumulated Other Comprehensive Loss 2025 2024 2025 2024 Income Statement Line Item
(in thousands)
−Removed: Unrealized losses on AFS securities before tax $ — $ ( 11 ) $ — $ ( 11 ) (Losses) gains on securities transactions, net
+Added: Unrealized gains (losses) on AFS securities before tax $ 1 $ ( 1 ) $ 1 $ ( 12 ) Gains on securities transactions, net
Tax effect — — — 3
9 unchanged sentences
New Authoritative Accounting Guidance
+Added: 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):
+Added: "Targeted Improvements to the Accounting for Internal-Use Software" clarifies and modernizes the accounting for costs related to internal-use software.
+Added: The new guidance clarifies the threshold entities apply to begin capitalizing costs and removes all references to project stages in ASC Subtopic 350-40.
+Added: 2025-06 is effective for all entities for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years.
+Added: The new guidance
+Added: may be applied using a prospective, retrospective or modified transition approach with early adoption permitted.
+Added: Valley is currently evaluating the impact of ASU No.
+Added: 2025-06 on its consolidated financial statements.
2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):
3 unchanged sentences
2025-01 amended the effective date of ASU No.
−Removed: 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
−Removed: years beginning after December 15, 2027.
+Added: 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.
Valley is currently evaluating the impact of ASU No.
−Removed: 2024-03 on its consolidated financial statements.
+Added: 2024-03 on its consolidated financial statements disclosures.
Fair Value Measurement of Assets and Liabilities
6 unchanged sentences
Assets and Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis
−Removed: 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 June 30, 2025 and December 31, 2024.
+Added: 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 September 30, 2025 and December 31, 2024.
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).
+Added: September 30,
2025 Fair Value Measurements at Reporting Date Using:
66 unchanged sentences
Total $ 162,026 $ — $ 8,750 $ 153,276
−Removed: (1) Represents residential mortgage loans originated for sale that are carried at fair value and had contractual unpaid principal balances totaling $ 8.9 million and $ 16.8 million at June 30, 2025 and December 31, 2024, respectively.
+Added: (1) Represents residential mortgage loans originated for sale that are carried at fair value and had contractual unpaid principal balances totaling $ 5.3 million and $ 16.8 million at September 30, 2025 and December 31, 2024, respectively.
(2) Derivative financial instruments are included in this category.
5 unchanged sentences
Equity securities .
−Removed: The equity securities consisted of two publicly traded mutual funds, CRA inves tments and a publicly traded financial technology company.
+Added: The equity securities consisted of two publicly traded mutual funds and CRA inves tments.
These investments are reported at fair value utilizing Level 1 inputs.
Equity securities at NAV .
−Removed: Valley also has privately held CRA funds and investments in limited liability companies and partnerships at fair value measured at NAV using the most recently available financial information from the investee.
+Added: Valley also has privately held CRA funds and investments in entities that develop new financial technologies, including limited liability companies and partnerships.
+Added: 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, excluded from fair value hierarchy levels in the table above, are measured at NAV per share (or its equivalent) as a practical expedient.
12 unchanged sentences
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.
−Removed: Non-performance risk did not materially impact the fair value of mortgage loans held for sale at June 30, 2025 and December 31, 2024 based on the short duration these assets were held and their credit quality.
+Added: Non-performance risk did not materially impact the fair value of mortgage loans held for sale at September 30, 2025 and December 31, 2024 based on the short duration these assets were held and their credit quality.
Derivatives are reported at fair value utilizing Level 2 inputs.
−Removed: 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 June 30, 2025 and December 31, 2024.
−Removed: 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 June 30, 2025 and December 31, 2024), is determined based on the current market prices for similar instruments.
+Added: 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 September 30, 2025 and December 31, 2024.
+Added: 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 September 30, 2025 and December 31, 2024), 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.
−Removed: The credit valuation adjustments were not significant to the overall valuation of Valley’s derivatives at June 30, 2025 and December 31, 2024.
+Added: The credit valuation adjustments were not significant to the overall valuation of Valley’s derivatives at September 30, 2025 and December 31, 2024.
See Note 12 for additional details on Valley's derivatives.
2 unchanged sentences
Non-performing commercial real estate loans held for sale .
−Removed: During 2023, Valley transferred a non-performing construction loan totaling $ 10.0 million, net of $ 4.2 million charge-offs, to the allowance for loan losses, to loans held for sale.
+Added: During 2023, Valley transferred a non-performing construction loan totaling $ 10.0 million, net of a $ 4.2 million charge-off to the allowance for loan losses, to loans held for sale.
The fair value of the loan was determined using Level 2 inputs, including bids from a third party broker engaged to solicit interest from potential purchasers.
1 unchanged sentence
Fair value was determined based on a non-binding sale agreement selected by Valley in the bidding process.
−Removed: During 2024, an additional $ 1.2 million write-down was recorded to earnings to reflect the loan's current estimated fair value of $ 8.8 million at December 31, 2024 and June 30, 2025.
−Removed: During the six months ended June 30, 2025, Valley transferred a non-performing construction loan totaling $ 10.2 million, net of $ 638 thousand charge-offs to the allowance for loan losses, to loans held for sale.
−Removed: The fair value of the loan was determined using Level 2 inputs, including bids to purchase from multiple third-parties.
−Removed: Fair value was determined based on a non-binding sale agreement selected by Valley in the bidding process.
+Added: During 2024, an additional $ 1.2 million write-down was recorded to earnings to reflect the loan's current estimated fair value of $ 8.8 million at December 31, 2024 and September 30, 2025.
+Added: During the third quarter 2025, Valley transferred a non-performing construction loan relationship totaling $ 3.9 million, net of a $ 541 thousand charge-off to the allowance for loan losses, to loans held for sale at September 30, 2025.
+Added: Fair value was determined based on a non-binding sale agreement selected by Valley in the bidding process held by the Bank.
+Added: During the three months ended March 31, 2025, Valley transferred a non-performing construction loan totaling $ 10.2 million, net of a $ 638 thousand charge-off to the allowance for loan losses, to loans held for sale.
+Added: During the third quarter 2025, the loan was sold to an unrelated party resulting in a $ 1.3 million loss recognized within net gains on sales of loans for the three and nine months ended September 30, 2025.
Collateral dependent loans .
3 unchanged sentences
Certain real estate appraisals may be discounted based on specific market data by location and property type.
−Removed: At June 30, 2025, collateral dependent loans were individually re-measured and reported at fair value through direct loan charge-offs to the allowance for loan losses based on the fair value of the underlying collateral.
−Removed: Collateral dependent loans with a total amortized cost of $ 199.7 million (including taxi medallion loans totaling $ 48.6 million), were reduced by specific allowance for loan loss allocations totaling $ 55.4 million to a reported total net carrying amount of $ 144.3 million at June 30, 2025.
+Added: At September 30, 2025, collateral dependent loans were individually re-measured and reported at fair value through direct loan charge-offs to the allowance for loan losses based on the fair value of the underlying collateral.
+Added: Collateral dependent loans with a total amortized cost of $ 197.6 million (including taxi medallion loans totaling $ 48.2 million), were reduced by specific allowance for loan loss allocations totaling $ 61.1 million to a reported total net carrying amount of $ 136.5 million at September 30, 2025.
Foreclosed assets .
2 unchanged sentences
If further declines in the estimated fair value of an asset occur, the a sset is re-measured and reported at fair value through a write-down recorded in non-interest expense.
−Removed: The re-measurement of foreclosed assets at fair value subsequent to their initial recognition resulted in $ 2.9 million of losses for the three and six months ended June 30, 2025 included in non-interest expense and related to one other real estate owned property.
−Removed: There were no write-downs of foreclosed assets during three and six months ended June 30, 2024.
−Removed: There were no adjustments to the appraisals of foreclosed assets at June 30, 2025 and December 31, 2024.
+Added: The re-measurement of foreclosed assets at fair value subsequent to their initial recognition resulted in $ 3.1 million of losses for the nine months ended September 30, 2025 included in non-interest expense and related to one other real estate owned property.
+Added: There were no write-downs of foreclosed assets during three and nine months ended September 30, 2024.
+Added: There were no adjustments to the appraisals of foreclosed assets at September 30, 2025 and December 31, 2024.
Other Fair Value Disclosures
8 unchanged sentences
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.
−Removed: 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 June 30, 2025 and December 31, 2024 were as follows:
−Removed: Hierarchy June 30, 2025 December 31, 2024
+Added: 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 September 30, 2025 and December 31, 2024 were as follows:
+Added: Hierarchy September 30, 2025 December 31, 2024
Amount Fair Value Carrying
29 unchanged sentences
(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.
−Removed: Total changes in the valuation of equity securities were immaterial for the six months ended June 30, 2025 and the year ended December 31, 2024, respectively.
+Added: Total changes in the valuation of equity securities were immaterial for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively.
(2) The carrying amount is presented gross without the allowance for credit losses.
3 unchanged sentences
Equity Securities
−Removed: Equity securities totaled $ 77.4 million and $ 71.5 million at June 30, 2025 and December 31, 2024, respectively.
+Added: Equity securities totaled $ 78.3 million and $ 71.5 million at September 30, 2025 and December 31, 2024, respectively.
See Note 5 for further details on equity securities.
Available for Sale Debt Securities
−Removed: The amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities at June 30, 2025 and December 31, 2024 were as follows:
+Added: The amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities at September 30, 2025 and December 31, 2024 were as follows:
Losses Fair Value
(in thousands)
−Removed: June 30, 2025
+Added: September 30, 2025
Treasury securities $ 349,355 $ 28 $ ( 22,639 ) $ 326,744
17 unchanged sentences
Total $ 3,552,273 $ 4,063 $ ( 186,612 ) $ 3,369,724
−Removed: Accrued interest on investments , which is excluded from the amortized cost of AFS debt securities, totaled $ 15.4 million and $ 13.1 million at June 30, 2025 and December 31, 2024, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition.
−Removed: The age of unrealized losses and fair value of the related AFS debt securities at June 30, 2025 and December 31, 2024 were as follows:
+Added: Accrued interest on investments , which is excluded from the amortized cost of AFS debt securities, totaled $ 17.0 million and $ 13.1 million at September 30, 2025 and December 31, 2024, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition.
+Added: The age of unrealized losses and fair value of the related AFS debt securities at September 30, 2025 and December 31, 2024 were as follows:
Less than 12 Months More than 12 Months Total
3 unchanged sentences
(in thousands)
−Removed: June 30, 2025
+Added: September 30, 2025
Treasury securities $ — $ — $ 301,335 $ ( 22,639 ) $ 301,335 $ ( 22,639 )
21 unchanged sentences
Total $ 1,483,442 $ ( 22,242 ) $ 1,126,912 $ ( 164,370 ) $ 2,610,354 $ ( 186,612 )
−Removed: Within the AFS debt securities portfolio, the total number of security positions in an unrealized loss position was 661 and 726 at June 30, 2025 and December 31, 2024, respectively.
−Removed: As of June 30, 2025, 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 $ 1.0 billion.
+Added: Within the AFS debt securities portfolio, the total number of security positions in an unrealized loss position was 630 and 726 at September 30, 2025 and December 31, 2024, respectively.
+Added: As of September 30, 2025, 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 $ 988.1 million.
Contractual Maturities
−Removed: The contractual maturities of AFS debt securities at June 30, 2025 are set forth in the following table.
+Added: The contractual maturities of AFS debt securities at September 30, 2025 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.
−Removed: June 30, 2025
+Added: September 30, 2025
(in thousands)
5 unchanged sentences
Total $ 4,222,169 $ 4,117,121
−Removed: The weighted average remaining expected life for AFS residential mortgage-backed securities was 8.39 years at June 30, 2025.
+Added: The weighted average remaining expected life for AFS residential mortgage-backed securities was 7.45 years at September 30, 2025.
Impairment Analysis of Available For Sale Debt Securities
Valley's AFS debt securities portfolio includes corporate bonds and revenue bonds, among other securities.
−Removed: These types of securities may pose a higher risk of future impairment charges by Valley due to a variety of factors such as the unpredictable nature of the U.S.
+Added: These types of securities may pose a higher risk of future impairment charges by Valley due to various factors such as the unpredictable nature of the U.S.
economy and its potential negative effect on the future performance of the security issuers.
AFS debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis.
−Removed: Valley also evaluated AFS debt securities that were in an unrealized loss position as of June 30, 2025 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.
−Removed: Based on a comparison of the present value of expected cash flows to the amortized cost, th ere was no impairment recognized during the three and six months ended June 30, 2025 and 2024 .
+Added: Valley also evaluated AFS debt securities that were in an unrealized loss position as of September 30, 2025 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.
+Added: Based on a comparison of the present value of expected cash flows to the amortized cost, th ere was no impairment recognized during the three and nine months ended September 30, 2025 and 2024 .
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 its securities prior to recovery of their amortized cost basis.
−Removed: None of the AFS debt securities were past due as of June 30, 2025.
−Removed: As a result, there was no allowance for credit losses f or AFS debt securities at June 30, 2025 and December 31, 2024.
+Added: None of the AFS debt securities were past due as of September 30, 2025.
+Added: As a result, there was no allowance for credit losses f or AFS debt securities at September 30, 2025 and December 31, 2024.
Held to Maturity Debt Securities
−Removed: The amortized cost, gross unrealized gains and losses and fair value of HTM debt securities at June 30, 2025 and December 31, 2024 were as follows:
+Added: The amortized cost, gross unrealized gains and losses and fair value of HTM debt securities at September 30, 2025 and December 31, 2024 were as follows:
Losses Fair Value Allowance for Credit Losses Net Carrying Value
(in thousands)
−Removed: June 30, 2025
−Removed: Treasury securities $ 25,095 $ — $ ( 16 ) $ 25,079 $ — $ 25,095
+Added: September 30, 2025
government agency securities $ 292,897 $ — $ ( 39,617 ) $ 253,280 $ — $ 292,897
19 unchanged sentences
Total $ 3,532,220 $ 2,107 $ ( 506,043 ) $ 3,028,284 $ 647 $ 3,531,573
−Removed: Accrued interest on investments , which is excluded from the amortized cost of HTM debt securities, totaled $ 13.0 million at both June 30, 2025 and December 31, 2024, and is presented within total accrued interest receivable on the consolidated statements of financial condition.
+Added: Accrued interest on investments , which is excluded from the amortized cost of HTM debt securities, totaled $ 11.9 million and $ 13.0 million at September 30, 2025 and December 31, 2024, 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).
−Removed: The age of unrealized losses and fair value of related HTM debt securities at June 30, 2025 and December 31, 2024 were as follows:
+Added: The age of unrealized losses and fair value of related HTM debt securities at September 30, 2025 and December 31, 2024 were as follows:
Less than 12 Months More than 12 Months Total
3 unchanged sentences
(in thousands)
−Removed: June 30, 2025
−Removed: Treasury securities $ 25,079 $ ( 16 ) $ — $ — $ 25,079 $ ( 16 )
+Added: September 30, 2025
government agency securities $ 18,376 $ ( 33 ) $ 234,820 $ ( 39,584 ) $ 253,196 $ ( 39,617 )
23 unchanged sentences
Total $ 328,108 $ ( 3,761 ) $ 2,492,592 $ ( 502,282 ) $ 2,820,700 $ ( 506,043 )
−Removed: Within the HTM securities portfolio, the total number of security positions in an unrealized loss position was 737 and 798 at June 30, 2025 and December 31, 2024, respectively.
−Removed: As of June 30, 2025, 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 $ 1.2 billion.
+Added: Within the HTM securities portfolio, the total number of security positions in an unrealized loss position was 704 and 798 at September 30, 2025 and December 31, 2024, respectively.
+Added: As of September 30, 2025, 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 $ 1.2 billion.
Contractual Maturities
−Removed: The contractual maturities of investments in HTM debt securities at June 30, 2025 is set forth in the table below.
+Added: The contractual maturities of investments in HTM debt securities at September 30, 2025 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.
−Removed: June 30, 2025
+Added: September 30, 2025
(in thousands)
5 unchanged sentences
Total $ 3,541,456 $ 3,150,523
−Removed: The weighted-average remaining expected life for HTM residential mortgage-backed securitie s was 9.13 years at June 30, 2025.
+Added: The weighted-average remaining expected life for HTM residential mortgage-backed securitie s was 8.88 years at September 30, 2025.
Credit Quality Indicators
Valley monitors the credit quality of the HTM debt securities utilizing the most c urrent credit ratings from external rating agencies.
−Removed: The following table summarizes the amortized cost of HTM debt securities by external credit rating at June 30, 2025 and December 31, 2024.
+Added: The following table summarizes the amortized cost of HTM debt securities by external credit rating at September 30, 2025 and December 31, 2024.
AAA/AA/A Rated BBB rated Non-rated Total
(in thousands)
−Removed: June 30, 2025
−Removed: Treasury securities $ 25,095 $ — $ — $ 25,095
+Added: September 30, 2025
government agency securities $ 292,897 $ — $ — $ 292,897
3 unchanged sentences
Total obligations of states and political subdivisions 289,648 — 60,325 349,973
−Removed: 304,645 — 53,732 358,377
Residential mortgage-backed securities 2,777,381 — — 2,777,381
9 unchanged sentences
Total obligations of states and political subdivisions 330,691 — 41,798 372,489
−Removed: 330,691 — 41,798 372,489
Residential mortgage-backed securities 2,710,642 — — 2,710,642
3 unchanged sentences
Obligations of states and political subdivisions include municipal bonds and revenue bonds issued by various municipal corporations.
−Removed: At June 30, 2025, 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.
+Added: At September 30, 2025, 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.
6 unchanged sentences
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.
−Removed: The following table details the activity in the allowance for credit losses for HTM securities for the three and six months ended June 30, 2025 and 2024:
+Added: The following table details the activity in the allowance for credit losses for HTM securities for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
5 unchanged sentences
Loans and Allowance for Credit Losses for Loans
−Removed: The details of the loan portfolio as of June 30, 2025 and December 31, 2024 were as follows:
−Removed: June 30, 2025 December 31, 2024
+Added: The details of the loan portfolio as of September 30, 2025 and December 31, 2024 were as follows:
+Added: September 30, 2025 December 31, 2024
(in thousands)
10 unchanged sentences
Total loans $ 49,272,823 $ 48,799,711
−Removed: Total loans include net unearned discounts and deferred loan fees of $ 21.5 million and $ 45.3 million at June 30, 2025 and December 31, 2024, respectively.
−Removed: Accrued interest on loans , which is excluded from the amortized cost of loans held for investment, totaled $ 206.2 million and $ 208.9 million at June 30, 2025 and December 31, 2024, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition.
+Added: Total loans include net unearned discounts and deferred loan fees of $ 15.1 million and $ 45.3 million at September 30, 2025 and December 31, 2024, respectively.
+Added: Accrued interest on loans , which is excluded from the amortized cost of loans held for investment, totaled $ 207.8 million and $ 208.9 million at September 30, 2025 and December 31, 2024, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition.
Loans Portfolio Sales and Transfers to Loans Held for Sale
Valley sells residential mortgage loans originated for sale (at fair value) primarily to Fannie Mae and Freddie Mac in the normal course of business.
−Removed: Under certain circumstances, Valley may decide to sell loans that were not originated with the intent to sell.
−Removed: During the six months ended June 30, 2025, Valley transferred a non-performing construction loan totaling $ 10.2 million, net of $ 638 thousand charge-offs, from the held for investment loan portfolio to loans held for sale.
+Added: Under certain circumstances, Valley may decide to sell loans that were not originated with the intent to sell, including both performing and non-performing loans.
+Added: During the nine months ended September 30, 2025, Valley transferred non-performing construction loan relationships totaling $ 14.1 million from the held for investment loan portfolio to loans held for sale, of which $ 10.2 million was sold during the three months ended September 30, 2025.
See Note 5 for further details.
−Removed: During the six months ended June 30, 2024, Valley completed the sale of its commercial premium finance lending business for $ 96.8 million.
−Removed: This asset sale included $ 95.5 million of assets, mainly consisting of $ 93.6 million of loans, and $ 2.8 million of related liabilities.
−Removed: The transaction generated a $ 3.6 million net gain for the six months ended June 30, 2024.
−Removed: There w ere no other transfers or sales of loans from the held for investment portfolio during the three and six months ended June 30, 2025 and 2024.
+Added: See Valley’s Annual Report for details regarding transfers and sales of loans for the year ended December 31, 2024.
Credit Risk Management
6 unchanged sentences
Credit Quality
−Removed: The following table presents past due, current, and non-accrual loans without an allowance for loan losses by loan portfolio class at June 30, 2025 and December 31, 2024:
+Added: The following table presents past due, current, and non-accrual loans without an allowance for loan losses by loan portfolio class at September 30, 2025 and December 31, 2024:
Past Due and Non-Accrual Loans
6 unchanged sentences
(in thousands)
−Removed: June 30, 2025
+Added: September 30, 2025
Commercial and industrial
34 unchanged sentences
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.
−Removed: Under Valley’s internal risk rating system, loan relationships could be classified as “Pass,” “Special Mention,” “Substandard,” “Doubtful,” and “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.
+Added: 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.
3 unchanged sentences
Risk ratings are updated any time the situation warrants.
−Removed: The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at June 30, 2025 and December 31, 2024, as well as the gross loan charge-offs by year of origination for the six months ended June 30, 2025 and for the year ended December 31, 2024:
+Added: The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at September 30, 2025 and December 31, 2024, as well as the gross loan charge- offs by year of origination for the nine months ended September 30, 2025 and for the year ended December 31, 2024:
Amortized Cost Basis by Origination Year
−Removed: June 30, 2025 2025 2024 2023 2022 2021 Prior to 2021
+Added: September 30, 2025 2025 2024 2023 2022 2021 Prior to 2021
Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total
40 unchanged sentences
For residential mortgages, 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.
−Removed: The following table presents the amortized cost in those loan classes based on payment activity by origination year as of June 30, 2025 and December 31, 2024, as well as the gross loan charge-offs by year of origination for the six months ended June 30, 2025 and for the year ended December 31, 2024:
+Added: The following table presents the amortized cost in those loan classes based on payment activity by origination year as of September 30, 2025 and December 31, 2024, as well as the gross loan charge-offs by year of origination for the nine months ended September 30, 2025 and for the year ended December 31, 2024:
Amortized Cost Basis by Origination Year
−Removed: June 30, 2025 2025 2024 2023 2022 2021 Prior to 2021
+Added: September 30, 2025 2025 2024 2023 2022 2021 Prior to 2021
Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total
40 unchanged sentences
From time to time, Valley may extend, restructure, or otherwise modify the terms of existing loans, on a case-by-case basis, to remain competitive and retain certain customers, as well as assist other customers who may be experiencing financial difficulties.
−Removed: The following tables present the amortized cost basis of loans to borrowers experiencing financial difficulty at June 30, 2025 that were modified during the three and six months ended June 30, 2025 and 2024, disaggregated by class of financing receivable and type of modification.
−Removed: Term extension Term extension and interest rate reduction Term extension and principal forgiveness Other than Insignificant Payment Delay Total % of Total Loan Class
+Added: The following tables present the amortized cost basis of loans to borrowers experiencing financial difficulty at September 30, 2025 that were modified during the three and nine months ended September 30, 2025 and 2024, disaggregated by class of financing receivable and type of modification.
+Added: Interest rate reduction Term extension Term extension and interest rate reduction Term extension and principal forgiveness Other than Insignificant Payment Delay Total % of Total Loan Class
($ in thousands)
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Commercial and industrial $ — $ 26,992 $ 10,375 $ — $ 296 $ 37,663 0.35 %
Commercial real estate — 30,252 — — 108,104 138,356 0.53
+Added: Residential mortgage — 668 — — — 668 0.01
Total $ — $ 57,912 $ 10,375 $ — $ 108,400 $ 176,687 0.36 %
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Commercial and industrial $ 924 $ 7,556 $ — $ — $ — $ 8,480 0.09 %
Commercial real estate — 36,800 — — 111,204 148,004 0.55
−Removed: Residential mortgage 898 — — — 898 0.02
Total $ 924 $ 44,356 $ — $ — $ 111,204 $ 156,484 0.32 %
−Removed: Six Months Ended
−Removed: June 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2025
Commercial and industrial $ — $ 37,134 $ 10,375 $ — $ 4,866 $ 52,375 0.49 %
Commercial real estate — 34,949 991 20,573 108,497 165,010 0.63
+Added: Residential mortgage — 668 — — — 668 0.01
Total $ — $ 72,751 $ 11,366 $ 20,573 $ 113,363 $ 218,053 0.44 %
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: Nine Months Ended
+Added: September 30, 2024
Commercial and industrial $ 924 $ 87,427 $ 133 $ — $ — $ 88,484 0.90 %
2 unchanged sentences
Total $ 924 $ 125,302 $ 16,354 $ — $ 111,204 $ 253,784 0.51 %
−Removed: The following table describes the types of modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025 and 2024:
+Added: The following table describes the types of modifications made to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2025 and 2024:
Weighted Average Interest Rate Reduction Weighted Average Term Extension (in months) Principal Forgiveness (in thousands) Weighted Average Payment Deferral (in months)
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Commercial and industrial 0.13 % 13 $ — 11
Commercial real estate — 3 — 2
+Added: Residential mortgage — 83 — —
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Commercial and industrial 3.41 % 18 $ — —
Commercial real estate — 20 — 12
−Removed: Residential mortgage — 50 — —
−Removed: Six Months Ended
−Removed: June 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2025
Commercial and industrial 0.13 % 14 $ — 6
Commercial real estate 5.50 15 17,500 * 2
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: Residential mortgage — 83 — —
+Added: Nine Months Ended
+Added: September 30, 2024
Commercial and industrial 3.10 % 9 $ — —
4 unchanged sentences
Valley closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts.
−Removed: The following table presents the aging analysis of loans that have been modified within the previous 12 months at June 30, 2025 and 2024.
+Added: The following table presents the aging analysis of loans that have been modified within the previous 12 months at September 30, 2025 and 2024.
Current 30-89 Days Past Due 90 Days or More Past Due Total
−Removed: June 30, 2025 ($ in thousands)
+Added: September 30, 2025 ($ in thousands)
Commercial and industrial $ 111,231 * $ — $ — $ 111,231
1 unchanged sentence
Residential mortgage 1,525 134 — 1,659
−Removed: Home equity 40 — — 40
Total $ 280,662 $ 15,177 $ — $ 295,839
−Removed: June 30, 2024
+Added: September 30, 2024
Commercial and industrial $ 91,411 * $ — $ — $ 91,411
1 unchanged sentence
Residential mortgage 869 * — — 869
−Removed: Home equity 30 — — 30
Total $ 302,845 $ 180 $ 2,153 $ 305,178
* Includes non-accrual loans.
−Removed: T he following table provides the amortized cost basis of financing receivables that had a payment default and were modified in the 12 months before default to borrowers experiencing financial difficulty.
−Removed: June 30, 2025 Term extension
−Removed: Six Months Ended June 30, 2024 (in thousands)
−Removed: Residential mortgage $ 898
+Added: T he following table provides the amortized cost basis of loans that had a payment default and were modified in the 12 months before default to borrowers experiencing financial difficulty.
+Added: September 30, 2025 Term extension
+Added: Nine Months Ended September 30, 2024 (in thousands)
+Added: Commercial real estate $ 2,153
+Added: Total $ 2,153
Loans in process of foreclosure.
−Removed: OREO balance totaled $ 4.8 million and $ 12.2 million at June 30, 2025 and December 31, 2024, respectively.
−Removed: Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $ 3.7 million and $ 4.6 million at June 30, 2025 and December 31, 2024, respectively.
+Added: OREO balance totaled $ 4.8 million and $ 12.2 million at September 30, 2025 and December 31, 2024, respectively.
+Added: Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $ 2.9 million and $ 4.6 million at September 30, 2025 and December 31, 2024, respectively.
Collateral dependent loans.
1 unchanged sentence
When Valley determines that repayment or satisfaction of the loan depends on the sale of the collateral, the collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) resulting in an immediate charge-off to the allowance, excluding any consideration for personal guarantees that may be pursued in the Bank’s collection process.
−Removed: The following table presents collateral dependent loans by class as of June 30, 2025 and December 31, 2024:
+Added: The following table presents collateral dependent loans by class as of September 30, 2025 and December 31, 2024:
+Added: September 30,
2025 December 31,
8 unchanged sentences
Total $ 411,599 $ 329,702
−Removed: * Includes non-accrual loans collateralized by taxi medallions totaling $ 48.6 million and $ 49.2 million at June 30, 2025 and December 31, 2024, respectively.
+Added: * Includes non-accrual loans collateralized by taxi medallions totaling $ 48.2 million and $ 49.5 million at September 30, 2025 and December 31, 2024, respectively.
Allowance for Credit Losses for Loans
The allowance for credit losses for loans consists of the allowance for loan losses and the allowance for unfunded credit commitments.
−Removed: The following table summarizes the ACL for loans at June 30, 2025 and December 31, 2024:
+Added: The following table summarizes the ACL for loans at September 30, 2025 and December 31, 2024:
+Added: September 30,
2025 December 31,
6 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
4 unchanged sentences
Total provision for credit losses for loans $ 19,171 $ 75,038 $ 119,641 $ 202,423
−Removed: The following table details the activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2025 and 2024:
+Added: The following table details the activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2025 and 2024:
and Industrial Commercial
3 unchanged sentences
Three Months Ended
−Removed: June 30, 2025
+Added: September 30, 2025
Allowance for loan losses:
2 unchanged sentences
Charged-off loans recovered 1,169 206 56 548 1,979
−Removed: Net charge-offs ( 22,400 ) ( 13,980 ) ( 9 ) ( 1,440 ) ( 37,829 )
−Removed: Provision (credit) for loan losses 11,115 27,297 ( 67 ) 784 39,129
+Added: Net (charge-offs) recoveries ( 1,576 ) ( 12,111 ) 30 ( 930 ) ( 14,587 )
+Added: (Credit) provision for loan losses ( 9,991 ) 26,725 2,234 1,119 20,087
Ending balance $ 161,848 $ 349,593 $ 51,094 $ 22,465 $ 585,000
Three Months Ended
−Removed: June 30, 2024
+Added: September 30, 2024
Allowance for loan losses:
5 unchanged sentences
Ending balance $ 166,365 $ 309,028 $ 51,545 $ 21,389 $ 548,327
−Removed: Six Months Ended
−Removed: June 30, 2025
+Added: Nine Months Ended
+Added: September 30, 2025
Allowance for loan losses:
5 unchanged sentences
Ending balance $ 161,848 $ 349,593 $ 51,094 $ 22,465 $ 585,000
−Removed: Six Months Ended
−Removed: June 30, 2024
+Added: Nine Months Ended
+Added: September 30, 2024
Allowance for loan losses:
5 unchanged sentences
Ending balance $ 166,365 $ 309,028 $ 51,545 $ 21,389 $ 548,327
−Removed: The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology at June 30, 2025 and December 31, 2024.
+Added: The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology at September 30, 2025 and December 31, 2024.
Commercial and Industrial Commercial
2 unchanged sentences
(in thousands)
−Removed: June 30, 2025
+Added: September 30, 2025
Allowance for loan losses:
14 unchanged sentences
Goodwill and Other Intangible Assets
−Removed: The carrying amounts of goodwill allocated to Valley's reporting units at both June 30, 2025 and December 31, 2024, were as follows:
+Added: The carrying amounts of goodwill allocated to Valley's reporting units at both September 30, 2025 and December 31, 2024, were as follows:
Reporting Unit *
7 unchanged sentences
date, which resulted in no impairment of goodwill.
−Removed: During the six months ended June 30, 2025 , there were no triggering events that would more likely than not reduce the fair value of any reporting unit below its carrying amount.
−Removed: There was no imp airment of goodwill recognized during the three and six months ended June 30, 2025 and 2024.
−Removed: The following table summarizes other intangible assets as of June 30, 2025 and December 31, 2024:
+Added: During the nine months ended September 30, 2025 , there were no triggering events that would more likely than not reduce the fair value of any reporting unit below its carrying amount.
+Added: There was no imp airment of goodwill recognized during the three and nine months ended September 30, 2025 and 2024.
+Added: The following table summarizes other intangible assets as of September 30, 2025 and December 31, 2024:
Assets Accumulated
1 unchanged sentence
(in thousands)
−Removed: June 30, 2025
+Added: September 30, 2025
Loan servicing rights $ 127,949 $ ( 107,760 ) $ 20,189
11 unchanged sentences
Impairment charges on loan servicing rights are recognized in earnings when the book value of a stratified group of loan servicing rights exceeds its estimated fair value.
−Removed: There was no impairment of loan servicing rights recognized during the three and six months ended June 30, 2025 and 2024.
+Added: There was no impairment of loan servicing rights recognized during the three and nine months ended September 30, 2025 and 2024.
Core deposits are amortized using an accelerated method over a period of 10.0 years.
1 unchanged sentence
Valley evaluates core deposits and other intangibles for impairment when an indication of impairment exists.
−Removed: There was no impairment of core deposits and other intangibles recognized during the three and six months ended June 30, 2025 and 2024.
+Added: There was no impairment of core deposits and other intangibles recognized during the three and nine months ended September 30, 2025 and 2024.
The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2025 through 2029:
7 unchanged sentences
2029 1,670 7,500 3,081
−Removed: Valley recognized amortization expense on other intangible assets totaling approximately $ 7.4 million and $ 8.6 million for the three months ended June 30, 2025 and 2024, respectively, and $ 15.4 million and $ 18.0 million for the six months ended June 30, 2025 and 2024, respectively.
−Removed: Included in time deposits are certificates of deposit over $250 thousand totaling $ 2.5 billion and $ 2.4 billion at June 30, 2025 and December 31, 2024, respectively.
−Removed: The scheduled maturities of time deposits as of June 30, 2025 were as follows:
+Added: Valley recognized amortization expense on other intangible assets totaling approximately $ 7.5 million and $ 8.7 million for the three months ended September 30, 2025 and 2024, respectively, and $ 23.0 million and $ 26.7 million for the nine months ended September 30, 2025 and 2024, respectively.
+Added: Included in time deposits are certificates of deposit over $250 thousand totaling $ 2.6 billion and $ 2.4 billion at September 30, 2025 and December 31, 2024, respectively.
+Added: The scheduled maturities of time deposits as of September 30, 2025 were as follows:
(in thousands)
6 unchanged sentences
Short-Term Borrowings
−Removed: Short-term borrowings at June 30, 2025 and December 31, 2024 consisted of the following:
−Removed: June 30, 2025 December 31, 2024
+Added: Short-term borrowings at September 30, 2025 and December 31, 2024 consisted of the following:
+Added: September 30, 2025 December 31, 2024
(in thousands)
−Removed: FHLB advances $ 100,000 $ —
Securities sold under agreements to repurchase $ 51,052 $ 72,718
−Removed: Total short-term borrowings $ 162,244 $ 72,718
Long-Term Borrowings
−Removed: Long-term borrowings at June 30, 2025 and December 31, 2024 consisted of the following:
−Removed: June 30, 2025 December 31, 2024
+Added: Long-term borrowings at September 30, 2025 and December 31, 2024 consisted of the following:
+Added: September 30, 2025 December 31, 2024
(in thousands)
3 unchanged sentences
Total long-term borrowings $ 2,905,898 $ 3,174,155
−Removed: * Subordinated debt is reported net of debt issuance costs that were immaterial at both June 30, 2025 and December 31, 2024.
+Added: * Subordinated debt is reported net of debt issuance costs and fair value hedging adjustments at both September 30, 2025 and December 31, 2024.
FHLB advances.
−Removed: Long-term FHLB advances had a weighted average interest rate of 4.42 percent and 4.20 percent at June 30, 2025 and December 31, 2024, respectively.
+Added: Long-term FHLB advances had a weighted average interest rate of 4.42 percent and 4.20 percent at September 30, 2025 and December 31, 2024, respectively.
FHLB advances are secured by pledges of certain eligible collateral, including, but not limited to, U.S.
government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgage and commercial real estate loans.
−Removed: The long-term FHLB advances at June 30, 2025 are scheduled for contractual balance repayments as follows:
+Added: The long-term FHLB advances at September 30, 2025 are scheduled for contractual balance repayments as follows:
(in thousands)
3 unchanged sentences
The FHLB advances reported in the table above are not callable for early redemption.
−Removed: Subordinated debt.
+Added: Subordinated deb t.
On June 15, 2025, Valley redeemed in full $ 115 million of 5.25 percent fixed-to-floating rate subordinated notes issued in June 2020 and due in June 2030.
−Removed: The transaction was accounted for as an early debt extinguishment and resulted in a $ 922 thousand pre-tax loss reported within non-interest expense for the second quarter 2025.
−Removed: Valley also repaid $ 100 million of 4.55 percent fix rate subordinated notes that matured on June 30, 2025.
−Removed: There were no new issuances or other maturities, calls or principal repayments of subordinated debt during the six months ended June 30, 2025.
−Removed: See Note 10 in Valley’s Annual Report for additional information on the outstanding subordinated debt at June 30, 2025.
+Added: The transaction was accounted for as an early debt extinguishment and resulted in a $ 922 thousand pre-tax loss reported within non-interest expense for the nine months ended September 30, 2025.
+Added: Valley also repaid $ 100 million of 4.55 percent fixed rate subordinated notes that matured on June 30, 2025.
+Added: There were no new issuances or other maturities, calls or principal repayments of subordinated debt during the nine months ended September 30, 2025.
+Added: See Note 10 in Valley’s Annual Report for additional information on the outstanding subordinated debt at September 30, 2025.
Stock–Based Compensation
1 unchanged sentence
Under the plan, Valley may issue awards in amounts up to 14.5 million shares, subject to certain adjustments.
−Removed: As of June 30, 2025, 6.8 million shares of common stock were available for issuance under the plan.
+Added: As of September 30, 2025, 7.1 million shares of common stock were available for issuance under the plan.
RSUs are awarded as performance-based RSUs and time-based RSUs.
4 unchanged sentences
Dividend equivalents, per the terms of the agreements, are accumulated and paid to the grantee at the vesting date or forfeited if the applicable performance or service conditions are not met.
−Removed: The table below summarizes RSU awards granted and average grant date fair values for the three and six months ended June 30, 2025 and 2024:
+Added: The table below summarizes RSU awards granted and average grant date fair values for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
7 unchanged sentences
Stock award fair values are expensed over the shorter of the vesting or required service period.
−Removed: Valley recorded total stock-based compensation expense of approximately $ 6.8 million and $ 7.6 million for the three months ended June
−Removed: 30, 2025 and 2024, respectively, and $ 13.6 million and $ 15.7 million for the six months ended June 30, 2025 and 2024, respectively.
−Removed: As of June 30, 2025, the unrecognized amortization expense for all stock-based employee compensation totaled approximately $ 49.6 million.
+Added: Valley recorded total stock-based compensation expense of approximately $ 4.4 million and $ 7.3 million for the three months ended
+Added: September 30, 2025 and 2024, respectively, and $ 18.0 million and $ 23.0 million for the nine months ended September 30, 2025 and 2024, respectively.
+Added: As of September 30, 2025, the unrecognized amortization expense for all stock-based employee compensation totaled approximately $ 42.6 million.
This expense will be recognized over an average remaining vesting period of approximately 2.0 years.
22 unchanged sentences
Credit derivatives are not speculative and are not used to manage interest rate risk in assets or liabilities.
−Removed: Changes in the fair value in credit derivatives are recognized directly in earnings.
−Removed: At June 30, 2025, Valley had 63 credit swaps with an aggregate notional amount of $ 946.9 million related to risk participation agreements.
−Removed: At June 30, 2025, Valley had two “steepener” swaps, each with a current notional amount of $ 10.4 million where the receive rate on the swap mirrors the pay rate on the brokered deposits and the rates paid on these types of hybrid instruments are based on a formula derived from the spread between the long and short ends of the Constant Maturity Swap rate curve.
+Added: Changes in the fair value of credit derivatives are recognized directly in earnings.
+Added: At September 30, 2025, Valley had 64 credit swaps with an aggregate notional amount of $ 954.3 million related to risk participation agreements.
+Added: At September 30, 2025, Valley had two “steepener” swaps, each with a current notional amount of $ 10.4 million where the receive rate on the swap mirrors the pay rate on the brokered deposits and the rates paid on these types of hybrid instruments are based on a formula derived from the spread between the long and short ends of the Constant Maturity Swap rate curve.
Although these types of instruments do not meet the hedge accounting requirements, the change in fair value of both the bifurcated derivative and the stand-alone swap tend to move in opposite directions with changes in the three-month Term SOFR rate and, therefore, provide an effective economic hedge.
−Removed: Valley regularly enters into mortgage banking derivatives which are non-designated hedges.
+Added: Valley regularly enters into mortgage banking derivatives which are not designated as hedges.
These derivatives include interest rate lock commitments provided to customers to fund certain residential mortgage loans to be sold into the secondary market and forward commitments for the future delivery of such loans.
5 unchanged sentences
During June 2024, Valley entered into a credit default swap related to approximately $ 1.5 billion in automobile loans primarily to enhance the risk profile of these assets for regulatory capital purposes.
−Removed: The covered loans have a total remaining balance of $ 874.9 million within Valley's $ 2.2 billion automobile loan portfolio at June 30, 2025.
+Added: The covered loans have a total remaining balance of $ 759.2 million within Valley's $ 2.2 billion automobile loan portfolio at September 30, 2025.
The credit default swap is a free-standing contract measured at fair value with resulting gains or losses recognized in non-interest expense.
−Removed: The premium amortization expense associated with the credit protection totaled $ 1.8 million and $ 3.8 million for the three and six months ended June 30, 2025 and was recorded in other expense reported in non-interest expense.
+Added: The premium amortization expense associated with the credit protection totaled $ 1.8 million and $ 3.2 million for the three months ended September 30, 2025 and 2024, respectively, and $ 5.6 million and $ 4.7 million for the nine months ended September 30, 2025 and 2024, respectively, and was recorded within other expense reported in non-interest expense.
Amounts included in the consolidated statements of financial condition related to the fair value of Valley’s derivative financial instruments were as follows:
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Fair Value Fair Value
15 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
1 unchanged sentence
Amount of gain reclassified from accumulated other comprehensive loss to interest income $ 307 $ 302 $ 912 $ 899
−Removed: The accumulated after-tax gains related to the previously terminated cash flow hedges included in accumulated other comprehensive loss were $ 806 thousand and $ 1.2 million at June 30, 2025 and December 31, 2024, respectively.
−Removed: Valley estimates that $ 875 thousand (before tax) will be reclassified as an increase to interest income over the next 12 months.
+Added: The accumulated after-tax gains related to the previously terminated cash flow hedges included in accumulated other comprehensive loss were $ 584 thousand and $ 1.2 million at September 30, 2025 and December 31, 2024, respectively.
+Added: Valley estimates that the entire after-tax gain of $ 584 thousand at September 30, 2025 will be reclassified as an $ 805 thousand (before tax) increase to interest income over the next 12 months.
Gains (losses) included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows:
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
7 unchanged sentences
The changes in the fair value of the hedged item designated as a qualifying hedge are captured as an adjustment to the carrying amount of the hedged item (basis adjustment).
−Removed: The following table presents the hedged item related to interest rate derivatives designated as fair value hedges and the cumulative basis fair value adjustment included in the net carrying amount of the hedged item at June 30, 2025 and December 31, 2024.
+Added: The following table presents the hedged item related to interest rate derivatives designated as fair value hedges and the cumulative basis fair value adjustment included in the net carrying amount of the hedged item at September 30, 2025 and December 31, 2024.
Line Item in the Statement of Financial Condition in Which the Hedged Item is Included Net Carrying Amount of the Hedged Asset/ Liability Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/Liability
(in thousands)
−Removed: June 30, 2025
+Added: September 30, 2025
Time deposits $ 483,878 $ 3,574
3 unchanged sentences
Long-term borrowings * 284,966 ( 13,859 )
−Removed: * Net carrying amount includes unamortized debt issuance costs of $ 772 thousand and $ 1.2 million at June 30, 2025 and December 31, 2024, respectively.
+Added: * Net carrying amount includes unamortized debt issuance costs of $ 571 thousand and $ 1.2 million at September 30, 2025 and December 31, 2024, respectively.
The net losses included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows:
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
2 unchanged sentences
Other non-interest expense $ ( 1,199 ) $ ( 2,802 ) $ ( 6,188 ) $ ( 3,528 )
−Removed: Capital markets income reported in non-interest income included fee income related to non-designated hedge derivative interest rate swaps executed with commer cial loan customers and foreign exchange contracts (not designated as hedging instruments) with a combined total of $ 8.3 million and $ 6.8 million for the three months ended June 30, 2025 and 2024, respectively, and $ 14.0 million and $ 11.3 million for the six months ended June 30, 2025 and 2024, respectively.
+Added: Capital markets income reported in non-interest income included fee income related to non-designated hedge derivative interest rate swaps executed with commer cial loan customers and foreign exchange contracts (not designated as hedging instruments) with a combined total of $ 7.0 million and $ 5.7 million for the three months ended September 30, 2025 and 2024, respectively, and $ 21.0 million and $ 17.0 million for the nine months ended September 30, 2025 and 2024, respectively.
Collateral Requirements and Credit Risk Related Contingent Features .
6 unchanged sentences
If Valley’s credit rating is reduced below investment grade, or such rating is withdrawn or suspended, then the counterparties could terminate the derivative positions and Valley would be required to settle its obligations under the agreements.
−Removed: As of June 30, 2025, Valley was in compliance with all of the provisions of its derivative counterparty agreements.
−Removed: The aggregate fair value of all derivative financial instruments with credit risk-related contingent features was in a net asset position at June 30, 2025.
+Added: As of September 30, 2025, Valley was in compliance with all of the provisions of its derivative counterparty agreements.
+Added: The aggregate fair value of all derivative financial instruments with credit risk-related contingent features was in a net asset position at September 30, 2025.
Valley has derivative counterparty agreements that require minimum collateral posting thresholds for certain counterparties.
Balance Sheet Offsetting
−Removed: Certain financial instruments, including certain OTC derivatives (mostly interest rate swaps) and repurchase agreements (accounted for as secured long-term borrowings), may be eligible for offset in the consolidated statements of financial condition and/or subject to master netting arrangements or similar agreements.
+Added: Some financial instruments, including certain OTC derivatives (mostly interest rate swaps), may be eligible for offset in the consolidated statements of financial condition and/or subject to master netting arrangements or similar agreements.
OTC derivatives include interest rate swaps executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house (presented in the table below).
7 unchanged sentences
to settle the fair value of the swap or repurchase agreement should Valley be in default.
−Removed: Total amount of collateral held or pledged cannot exceed the net derivative fair values with the counterparty.
−Removed: The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of June 30, 2025 and December 31, 2024.
+Added: The total amount of collateral held or pledged cannot exceed the net fair values of derivatives with the counterparty.
+Added: The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of September 30, 2025 and December 31, 2024.
Gross Amounts Not Offset
6 unchanged sentences
(in thousands)
−Removed: June 30, 2025
+Added: September 30, 2025
Interest rate swaps and other contracts $ 170,079 $ — $ 170,079 $ — $ ( 163,140 ) $ 6,939
13 unchanged sentences
After initial measurement, the carrying amounts of tax credit investments with non-readily determinable fair values are increased to reflect Valley's share of income of the investee and are reduced to reflect its share of losses of the investee, dividends received and impairments, if applicable.
−Removed: The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments at June 30, 2025 and December 31, 2024:
+Added: The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments at September 30, 2025 and December 31, 2024:
+Added: September 30,
2025 December 31,
4 unchanged sentences
Total tax credit investments, net $ 461,498 $ 301,210
−Removed: The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three and six months ended June 30, 2025 and 2024:
+Added: The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
16 unchanged sentences
Valley regularly assesses its strategic plans, operations, and reporting structures to identify its reportable segment s.
−Removed: No changes to the operating segments were determined necessary during the six months ended June 30, 2025.
+Added: No changes to the operating segments were determined necessary during the nine months ended September 30, 2025.
The Consumer Banking segment is mainly comprised of residential mortgages and automobile loans, and to a lesser extent, secured personal lines of credit, home equity loans and other consumer loans.
14 unchanged sentences
Certain prior period amounts have been reclassified to conform to the current presentation for each operating segment and Treasury and Corporate Other.
−Removed: The following tables represent the financial data for Valley’s operating segments and Treasury and Corporate Other for the three and six months ended June 30, 2025 and 2024:
−Removed: Three Months Ended June 30, 2025
+Added: The following tables represent the financial data for Valley’s operating segments and Treasury and Corporate Other for the three and nine months ended September 30, 2025 and 2024:
+Added: Three Months Ended September 30, 2025
Banking Commercial
15 unchanged sentences
Professional and legal fees 3,739 17,413 3,109 24,261
−Removed: Loss on extinguishment of debt — — 922 922
Other segment items * 14,285 14,986 17,703 46,974
4 unchanged sentences
Net interest margin 2.35 % 3.62 % 1.46 % 3.04 %
−Removed: Three Months Ended June 30, 2024
+Added: Three Months Ended September 30, 2024
Banking Commercial
21 unchanged sentences
Net interest margin 1.85 % 3.44 % 1.01 % 2.85 %
−Removed: Six Months Ended June 30, 2025
+Added: Nine Months Ended September 30, 2025
Banking Commercial
22 unchanged sentences
Net interest margin 2.31 % 3.55 % 1.45 % 3.00 %
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
Banking Commercial
6 unchanged sentences
Net interest income 128,076 1,039,373 38,282 1,205,731
−Removed: Provision for credit losses 7,892 119,493 ( 115 ) 127,270
+Added: Provision (credit) for credit losses 13,899 188,524 ( 129 ) 202,294
Net interest income after provision for credit losses 114,177 850,849 38,411 1,003,437
14 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.