Earnings Per Common Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2025 and 2024:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands, except for share and per share data)
Net income available to common shareholders	$	126,219	$	66,316	$	225,322	$	158,477
Basic weighted average number of common shares outstanding	560,336,610		509,141,252		559,976,939		508,740,986
Plus: Common stock equivalents	1,975,720		1,197,250		3,454,451		1,696,973
Diluted weighted average number of common shares outstanding	562,312,330		510,338,502		563,431,390		510,437,959
Earnings per common share:
Basic	$	0.23	$	0.13	$	0.40	$	0.31
Diluted	0.22		0.13		0.40		0.31

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 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.