Earnings Per Common Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Common Share

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, 2025 and 2024:

	Three Months Ended March 31,
	2025		2024
	(in thousands, except for share and per share data)
Net income available to common shareholders	$	99,103	$	92,161
Basic weighted average number of common shares outstanding	559,613,272		508,340,719
Plus: Common stock equivalents	3,692,253		2,293,226
Diluted weighted average number of common shares outstanding	563,305,525		510,633,945
Earnings per common share:
Basic	$	0.18	$	0.18
Diluted	0.18		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 common stock options to purchase Valley’s common shares. Common 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 638 thousand and 1.3 million for the three months ended March 31, 2025 and 2024, respectively.