WAYNE, N.J., Jan. 24 /PRNewswire-FirstCall/ -- Valley National Bancorp
(NYSE: VLY) ("Valley") today reported higher net income of $44.2 million for
the fourth quarter, an increase of 5.5 percent over the third quarter and 11.0
percent over the same quarter of 2004. Fourth quarter diluted earnings were
$0.40 per share, a 5.3 percent increase over both the third quarter and the
same period in 2004. Net income for the year was $163.4 million, a 5.9
percent increase over last year. Even with the additional shares issued in
connection with Valley's two acquisitions earlier this year, the diluted
earnings per share for 2005 were $1.49 compared to $1.48 for 2004.
The favorable results for the quarter and full year reflect the increase
in net interest income of 5.4 percent and 7.0 percent over last year in spite
of declines in the net interest margin. The net interest margin declined to
3.55 percent for the quarter and 3.69 percent for the full year. The quarter
and full year also include losses on securities transactions, lower loan sale
gains and lower income tax expense compared to the prior periods.
Chairman's Comments
Gerald H. Lipkin, Valley's Chairman, President and CEO said, "We just
completed a year that included two successful acquisitions, which increased
our branch network by 20 percent. However, it was a year that also included a
flat and now inverted yield curve. The result was a net interest margin that
impacted negatively on our traditional source of income as a spread bank.
Despite the yield curve, we increased loans during the year and the
quarter. During the last three quarters we were able to increase total loan
yields between 13 and 19 basis points during each period. We expect this
trend to continue in 2006 as a result of our pricing, as well as anticipated
Federal Reserve increases in short term rates. We remain steadfast to maintain
our credit quality and asset-liability composition in the current marketplace,
as we believe these strategies will be beneficial in the long-run.
During the quarter deposit costs increased more rapidly than loan yields
mostly as a result of competitive pricing in our marketplace. In addition,
some of our deposit base is tied to variable market rates. These two items
negatively impacted the net interest income and the net interest margin.
Management has taken action to stabilize the margin beginning in the first
quarter of 2006.
Our investment portfolio decreased during the quarter through normal
principal paydowns and the sale of $58 million of lower yielding securities.
As long as the yield curve remains flat or inverted, we expect the investment
portfolio to decline through attrition and we will utilize the cash flow to
decrease borrowings or fund loan growth.
We continue to closely monitor and control expenses and will not deviate
from our underwriting standards. We plan on opening a number of new branches
in 2006 in our traditional territory, however we may also look to expand to
other markets to increase our footprint to grow deposits and loans."
Net Interest Income and Margin
Net interest income on a tax equivalent basis increased $26.5 million or
7.0 percent for the full year 2005 over 2004 despite a decline in the net
interest margin of 25 basis points over the same period. For the fourth
quarter 2005 net interest income on a tax equivalent basis was $102.8 million,
$1.8 million less than the third quarter of 2005 and the net interest margin
declined 11 basis points to 3.55 percent. The decline during the quarter was
the result of the flat and partially inverted yield curve, higher priced
deposits due mainly to competition, a switch from some floating rate
borrowings to longer term fixed rate borrowings and a decline of investment
security balances mostly through attrition.
Loans and Deposits
Average loans on a linked quarter basis increased by $144.4 million or 7.3
percent while loans increased by $50.7 million or 2.5 percent annualized for
the fourth quarter. Compared to 2004, loans for the year increased by 17.3
percent, while organic loan growth on an annual basis was 7.4 percent,
excluding the loans acquired as a result of Valley's acquisitions.
The most significant growth during the fourth quarter was in the
commercial, residential and construction loan sectors. Commercial loans
increased despite the traditional seasonal paydowns of the New York lines of
credit which generally continue through the first quarter. Automobile lending
decreased during the quarter as a result of slower automobile sales after the
summer and fall special programs offered by the major automobile
manufacturers.
Valley continues to price strategically to increase deposits in one of the
most competitive deposit markets in the United States. However, on a
continuing basis, Valley balances the growth of traditional core deposits
against alternative wholesale funding vehicles.
Non-Interest Income
Non-interest income for the fourth quarter of 2005 decreased $3.6 million
compared to the third quarter mainly due to security losses. For 2005,
non-interest income decreased $10.6 million primarily as a result of net
securities losses of $461 thousand compared to $6.5 million in net gains
during 2004. Reduced title insurance commissions, call premiums and loan
servicing fees as well as lower gains from residential mortgage loan sales
also contributed to this decrease. These decreases were partly offset by
higher service charge income and income from Bank Owned Life Insurance.
Non-Interest Expense
Non-interest expense for the fourth quarter of 2005 decreased to $60.0
million or 2.5 percent, when compared to the linked quarter ended September
30, 2005. The decrease is mainly due to lower employee benefit expense and
decreased occupancy expenses. For 2005, non-interest expense increased by 8.0
percent or $17.5 million mostly due to operating expenses related to the
Shrewsbury and NorCrown mergers combined with additional regulatory related
expenses.
Income Tax Expense
Income tax expense was $66.8 million for 2005, reflecting an effective tax
rate of 29.0 percent, compared with $74.2 million, reflecting an effective tax
rate of 32.5 percent for 2004. This decrease was a result of increased low
income housing tax credits, increased investment in tax exempt investments,
decreased state income tax expense and tax benefits recognized during
management's reassessment of required tax accruals.
Income tax expense was $11.1 million for the fourth quarter of 2005,
reflecting an effective tax rate of 20.0 percent, compared with $16.8 million,
or 29.6 percent for the comparable 2004 period. This decrease is primarily
due to the same items noted above.
For 2006, Valley anticipates an effective tax rate similar to the full
year of 2005. This rate is projected based upon tax planning implemented
during the latter half of 2005 and is anticipated to continue through 2006
unless there are changes in levels of non-taxable income, changes in tax
planning strategies or unexpected changes in federal or state income tax laws.
Credit Quality
Net charge-offs for the fourth quarter were $1.5 million compared to $1.0
million for the third quarter of 2005 and $2.8 million for the fourth quarter
of 2004. The provision for loan losses was $1.5 million for the fourth
quarter 2005 compared to $1.1 million for the third quarter of 2005 and $3.2
million for the fourth quarter of 2004.
Total non-performing assets, which include non-accrual loans and other
real estate owned ("OREO"), totaled $27.8 million, or 0.34 percent of loans
and OREO, at December 31, 2005, compared to $25.8 million or 0.32 percent of
loans and OREO at September 30, 2005 and $30.8 million or 0.44 percent of
loans and OREO at December 31, 2004.
Loans past due 90 days or more and still accruing at December 31, 2005
were $4.4 million, or 0.05 percent of $8.1 billion of total loans, compared to
$6.8 million at September 30, 2005 and $2.9 million at December 31, 2004.
Total loans past due in excess of 30 days were 0.89 percent of all loans at
December 31, 2005 compared with 0.73 percent at September 30, 2005 and 0.90
percent at December 31, 2004.
Balance Sheet
Valley's financial measurements remain excellent. For the quarter and
year ended December 31, 2005, Valley achieved a return on average equity of
19.16 percent and 19.17 percent, respectively. The return on average tangible
equity was 25.10 percent and 23.61 percent for the same periods.
For the quarter and year ended December 31, 2005, Valley achieved a return
on average assets of 1.43 percent and 1.39 percent and an efficiency ratio of
51.3 percent and 50.3 percent, respectively. Valley's risk-based capital
ratios at December 31, 2005 were 10.28 percent for Tier 1 capital, 12.16
percent for total capital and 7.82 percent for Tier 1 leverage.
Valley National Bancorp is a regional bank holding company with over $12
billion in assets, headquartered in Wayne, New Jersey. Its principal
subsidiary, Valley National Bank, currently operates 163 offices in 105
communities serving 12 counties throughout northern and central New Jersey and
Manhattan.
Forward Looking Statement
The foregoing contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements are not
historical facts and include expressions about management's confidence and
strategies and management's expectations about new and existing programs and
products, relationships, opportunities, taxation, technology and market
conditions. These statements may be identified by such forward-looking
terminology as "expect," "believe," "view," "opportunity," "allow,"
"continues," "reflects," "typically," "usually," "anticipate," or similar
statements or variations of such terms. Such forward-looking statements
involve certain risks and uncertainties. Actual results may differ materially
from such forward-looking statements. Factors that may cause actual results to
differ from those contemplated by such forward-looking statements include,
among others, the following: unanticipated changes in the direction of
interest rates, effective income tax rates, loan prepayment assumptions,
levels of loan quality and origination volume, relationships with major
customers, as well as the effects of unanticipated economic conditions and
legal and regulatory barriers including compliance issues related to AML/BSA
compliance and the development of new tax strategies or the disallowance of
prior tax strategies and the ability of Valley to successfully integrate
NorCrown and Shrewsbury without the loss of significant loan and deposit
business. Valley assumes no obligation for updating any such forward-looking
statement at any time.
Valley National Bancorp
Consolidated Financial Highlights
SELECTED FINANCIAL DATA
Three Months Ended Twelve Months Ended
December 31, December 31,
(Dollars in
thousands, except
for share data) 2005 2004 2005 2004
FINANCIAL DATA:
Net income $44,248 $39,851 $163,449 $154,398
Net interest
income 101,104 95,945 398,425 372,319
Net interest
income - FTE (2) 102,803 97,585 405,234 378,708
Weighted Average
Number of Shares
Outstanding:
Diluted 111,642,960 104,262,487 109,351,675 104,137,633
Per share data:
Basic earnings $0.40 $0.38 $1.50 $1.49
Diluted earnings 0.40 0.38 1.49 1.48
Cash dividends
declared 0.22 0.21 0.87 0.85
Book value 8.37 6.82 8.37 6.82
Tangible book
value(1) 6.42 6.37 6.42 6.37
Closing stock
price - high 25.03 27.09 26.50 27.09
Closing stock
price - low 22.03 24.60 22.03 23.00
FINANCIAL RATIOS:
Net interest
margin - FTE(2) 3.55 % 3.90 % 3.69 % 3.94 %
Return on average
assets 1.43 1.50 1.39 1.51
Return on average
equity 19.16 22.70 19.17 22.77
Return on average
tangible equity(1) 25.10 24.30 23.61 24.54
Efficiency ratio(3) 51.34 48.91 50.32 48.19
AVERAGE BALANCE
SHEET ITEMS:
Assets $12,410,834 $10,644,006 $11,758,090 $10,242,679
Interest earning
assets 11,582,963 10,003,378 10,989,382 9,616,170
Loans 8,106,582 6,913,293 7,637,973 6,541,993
Interest bearing
liabilities 9,465,024 8,095,754 8,949,683 7,770,425
Deposits 8,662,161 7,528,894 8,258,388 7,373,992
Shareholders'
equity 923,580 702,219 852,834 678,068
Valley National Bancorp
Consolidated Financial Highlights
SELECTED FINANCIAL DATA
Three Months Ended Twelve Months Ended
December 31, December 31,
(Dollars in thousands) 2005 2004 2005 2004
ALLOWANCE FOR LOAN LOSSES:
Beginning of period $75,180 $65,324 $65,699 $64,650
Provision for loan losses 1,538 3,204 4,340 8,003
Charge-offs 2,448 4,976 7,601 13,138
Recoveries 918 2,147 3,498 6,184
Allowance for loan losses -
Shrewsbury and NorCrown 0 0 9,252 0
End of period $75,188 $65,699 $75,188 $65,699
As of December 31,
2005 2004
BALANCE SHEET ITEMS:
Assets $12,434,005 $10,763,391
Loans 8,133,954 6,934,315
Deposits 8,570,001 7,518,739
Shareholders' equity 931,910 707,598
CAPITAL RATIOS:
Tier 1 leverage ratio 7.82 % 8.28 %
Risk-based capital - Tier 1 10.28 11.12
Risk-based capital - Total Capital 12.16 11.95
ASSET QUALITY:
Non-accrual loans $25,794 $30,274
Other real estate owned (OREO) 2,023 480
Total non-performing assets 27,817 30,754
Loans past due 90 days or more and still accruing 4,442 2,870
ASSET QUALITY RATIOS:
Non-performing assets to total loans plus other
real estate owned (OREO) 0.34 % 0.44 %
Allowance for loan losses to loans 0.92 0.95
Net charge-offs to average loans 0.05 0.11
Valley National Bancorp
Consolidated Financial Highlights
NOTES TO SELECTED FINANCIAL DATA
(1) This press release contains certain supplemental financial
information, described in the following notes, which has been
determined by methods other than Generally Accepted Accounting
Principles ("GAAP") that management uses in its analysis of Valley's
performance. Management believes these non-GAAP financial measures
provide information useful to investors in understanding Valley's
financial results and facilitates comparisons with the performance of
peers within the financial services industry.
Tangible book value and return on average tangible equity, which
represent non-GAAP measures, are computed as
follows:
-- Tangible book value is computed by dividing total shareholders'
equity less goodwill and other intangible assets by shares
outstanding.
-- Return on average tangible equity is computed by dividing net
income by average shareholders' equity less average goodwill and
average identifiable intangible assets.
Three Months Ended Twelve Months Ended
December 31, December 31,
(Dollars in
thousands, except
for share data) 2005 2004 2005 2004
Shareholders'
equity - as
reported $931,910 $707,598 $931,910 $707,598
Less: goodwill 179,898 18,732 179,898 18,732
Less: other
intangible assets 37,456 27,156 37,456 27,156
Tangible equity 714,556 661,710 714,556 661,710
Common shares
outstanding 111,326,717 103,798,312 111,326,717 103,798,312
Tangible book
value $6.42 $6.37 $6.42 $6.37
Net income - as
reported $44,248 $39,851 $163,449 $154,398
Average
shareholders'
equity 923,580 702,219 852,834 678,068
Less: Average
goodwill and other
intangible assets 218,451 46,187 160,607 48,805
Average
tangible
shareholders'
equity 705,129 656,032 692,227 629,263
Annualized
return on
average
tangible
equity 25.10% 24.30% 23.61% 24.54%
(2) Net interest income and net interest margin are presented on a tax
equivalent basis using a 35 percent federal tax rate. Valley believes
that this presentation provides comparability of net interest income
and net interest margin arising from both taxable and tax-exempt
sources and is consistent with industry practice and SEC rules.
(3) The efficiency ratio measures Valley's total non-interest expense as a
percentage of net interest income plus total non-interest income.
SHAREHOLDER RELATIONS
Requests for copies of reports and/or other inquiries should be directed
to Dianne Grenz, Senior Vice President, Director of Shareholder and Public
Relations, Valley National Bancorp, 1455 Valley Road, Wayne, New Jersey,
07470, by telephone at (973) 305-3380, by fax at (973) 696-2044 or by e-mail
at dgrenz@valleynationalbank.com.
VALLEY NATIONAL BANCORP
Consolidated Statements of Financial Condition
($ in thousands, except per share data)
December 31,
Assets 2005 2004
Cash and due from banks $260,045 $163,371
Securities:
Available for sale 2,038,894 1,883,729
Held to maturity 1,229,190 1,292,338
Trading account 4,208 2,514
Total securities 3,272,292 3,178,581
Loans held for sale 3,497 2,157
Loans 8,130,457 6,932,158
Less: Allowance for loan losses (75,188) (65,699)
Loans, net 8,055,269 6,866,459
Premises and equipment, net 182,739 161,473
Due from customers on acceptances
outstanding 11,314 11,294
Accrued interest receivable 57,280 46,737
Intangible assets 217,354 45,888
Bank owned life insurance 182,789 170,602
Other assets 191,426 116,829
Total assets $12,434,005 $10,763,391
Liabilities
Deposits:
Non-interest bearing $2,048,218 $1,768,352
Interest bearing:
Savings 4,026,249 3,591,986
Time 2,495,534 2,158,401
Total deposits 8,570,001 7,518,739
Federal funds purchased and
securities sold under agreements
to repurchase 569,427 493,654
Treasury tax and loan account and
other short-term borrowings 14,605 16,637
Long-term debt 2,244,113 1,890,170
Bank acceptances outstanding 11,314 11,294
Accrued expenses and other
liabilities 92,635 125,299
Total liabilities 11,502,095 10,055,793
Shareholders' Equity
Preferred stock, no par value
30,000,000 shares authorized;
none issued 0 0
Common stock, no par value,
authorized 164,894,580
shares; issued 111,419,037 shares
in 2005 and 103,827,183 shares in 2004 39,302 34,930
Surplus 741,456 437,659
Retained earnings 177,332 232,431
Unallocated common stock held by the
employee benefit plan 0 (88)
Accumulated other comprehensive
(loss) gain (24,036) 3,355
934,054 708,287
Treasury stock, at cost (92,320
common shares in 2005 and 28,871 in 2004) (2,144) (689)
Total shareholders' equity 931,910 707,598
Total liabilities and
shareholders' equity $12,434,005 $10,763,391
VALLEY NATIONAL BANCORP
Consolidated Statements of Income
($ in thousands, except per share data)
Three Months Ended
December 31,
2005 2004
Interest Income
Interest and fees on loans $126,982 $100,045
Interest and dividends on investment
securities 42,272 37,163
Interest on federal funds sold and
other short-term investments 600 96
Total interest income 169,854 137,304
Interest Expense
Interest on deposits:
Savings deposits 18,620 7,354
Time deposits 20,781 12,570
Interest on other borrowings 29,349 21,435
Total interest expense 68,750 41,359
Net Interest Income 101,104 95,945
Provision for loan losses 1,538 3,204
Net interest income after provision
for loan losses 99,566 92,741
Non-Interest Income
Trust and investment services 2,145 2,118
Insurance premiums 2,652 3,164
Service charges on deposit accounts 5,643 5,126
(Losses) Gains on securities
transactions, net (3,140) 1,264
Fees from loan servicing 1,740 1,865
Gains on sales of loans, net 540 739
Bank owned life insurance 1,921 1,554
Other 4,200 5,358
Total non-interest
income 15,701 21,188
Non-Interest Expense
Salary expense 27,171 25,386
Employee benefit expense 5,611 7,339
Net occupancy expense 10,538 9,263
Amortization of intangible assets 2,446 1,992
Other 14,199 13,314
Total non-interest
expense 59,965 57,294
Income before income taxes 55,302 56,635
Income tax expense 11,054 16,784
Net Income $44,248 $39,851
Earnings Per Share:
Basic $0.40 $0.38
Diluted $0.40 $0.38
Weighted Average Number of Shares
Outstanding:
Basic 111,250,155 103,685,814
Diluted 111,642,960 104,262,487
VALLEY NATIONAL BANCORP
Consolidated Statements of Income
($ in thousands, except per share data)
Twelve Months Ended
December 31,
2005 2004
Interest Income
Interest and fees on loans $461,443 $370,921
Interest and dividends on investment
securities 162,397 147,709
Interest on federal funds sold and
other short-term investments 1,244 296
Total interest income 625,084 518,926
Interest Expense
Interest on deposits:
Savings deposits 55,456 23,115
Time deposits 67,601 46,832
Interest on other borrowings 103,602 76,660
Total interest expense 226,659 146,607
Net Interest Income 398,425 372,319
Provision for loan losses 4,340 8,003
Net interest income after provision
for loan losses 394,085 364,316
Non-Interest Income
Trust and investment services 8,204 8,432
Insurance premiums 11,719 13,982
Service charges on deposit accounts 22,382 20,242
(Losses) Gains on securities
transactions, net (461) 6,475
Fees from loan servicing 7,011 8,010
Gains on sales of loans, net 2,108 3,039
Bank owned life insurance 7,053 6,199
Other 15,692 17,949
Total non-interest
income 73,708 84,328
Non-Interest Expense
Salary expense 105,988 99,325
Employee benefit expense 26,163 24,465
Net occupancy expense 41,669 36,374
Amortization of intangible assets 8,797 8,964
Other 54,949 50,921
Total non-interest
expense 237,566 220,049
Income before income taxes 230,227 228,595
Income tax expense 66,778 74,197
Net Income $163,449 $154,398
Earnings Per Share:
Basic $1.50 $1.49
Diluted $1.49 $1.48
Weighted Average Number of Shares
Outstanding:
Basic 108,948,978 103,604,828
Diluted 109,351,675 104,137,633
Valley National Bancorp
(dollars in thousands)
End of End of End of
Period - Period - Period -
12/31/05 09/30/05 06/30/05
Loan Loan Loan
Portfolio Portfolio Portfolio
Commercial Loans $1,450,559 $1,416,091 $1,368,499
Construction 471,560 459,935 457,258
Residential Mortgage 2,085,861 2,061,366 2,044,527
Commercial Mortgage 2,234,950 2,230,586 2,189,195
Total Mortgage Loans 4,792,371 4,751,887 4,690,980
Home Equity 565,960 571,441 559,049
Credit Card 9,044 8,764 8,849
Automobile 1,221,525 1,233,125 1,104,749
Other Consumer 94,495 101,956 112,665
Total Consumer Loans 1,891,024 1,915,286 1,785,312
Total Loans $8,133,954 $8,083,264 $7,844,791
End of Period End of Period
03/31/05 12/31/04
Loan Loan
Portfolio Portfolio
Commercial Loans $1,310,757 $1,261,854
Construction 435,812 368,120
Residential Mortgage 1,980,833 1,853,708
Commercial Mortgage 1,877,144 1,745,155
Total Mortgage Loans 4,293,789 3,966,983
Home Equity 554,534 517,325
Credit Card 8,745 9,691
Automobile 1,064,150 1,079,050
Other Consumer 89,050 99,412
Total Consumer Loans 1,716,479 1,705,478
Total Loans $7,321,025 $6,934,315
Quarter End - 12/31/05
Average Avg.
Balance Interest Rate
Assets
Loans $8,106,582 $127,026 6.27%
Taxable Investments 3,115,049 39,196 5.03%
Non-Taxable Investments 301,445 4,731 6.28%
Fed Funds and Other Int. Earning
Assets 59,887 600 4.01%
Total Int. Earning Assets 11,582,963 171,553 5.92%
Other Assets 827,871
Total Average Assets $12,410,834
Liabilities and Shareholders' Equity
Savings $4,206,136 $18,620 1.77%
Time Deposits 2,482,182 20,781 3.35%
S/T Borrowings 584,695 5,099 3.49%
Long-term Debt 2,192,011 24,250 4.43%
Interest Bearing Liabilities 9,465,024 68,750 2.91%
Non-Interest Bearing Deposits 1,973,843
Other Liabilities 48,387
Shareholders' Equity 923,580
Total Average Liabilities and
Shareholders' Equity $12,410,834
Net Interest Income and Margin -
tax equivalent basis $102,803 3.55%
Quarter End - 09/30/05
Average Avg.
Balance Interest Rate
Assets
Loans $7,962,189 $122,127 6.14%
Taxable Investments 3,114,714 38,549 4.95%
Non-Taxable Investments 313,324 4,799 6.13%
Fed Funds and Other Int. Earning
Assets 30,114 247 3.28%
Total Int. Earning Assets 11,420,341 165,722 5.80%
Other Assets 835,459
Total Average Assets $12,255,800
Liabilities and Shareholders' Equity
Savings $4,249,153 $16,129 1.52%
Time Deposits 2,430,264 18,162 2.99%
S/T Borrowings 555,043 4,298 3.10%
Long-term Debt 2,074,478 22,522 4.34%
Interest Bearing Liabilities 9,308,938 61,111 2.63%
Non-Interest Bearing Deposits 1,964,872
Other Liabilities 60,013
Shareholders' Equity 921,977
Total Average Liabilities and
Shareholders' Equity $12,255,800
Net Interest Income and Margin -
tax equivalent basis $104,611 3.66%
Quarter End - 06/30/05
Average Avg.
Balance Interest Rate
Assets
Loans $7,480,523 $111,225 5.95%
Taxable Investments 2,960,641 37,439 5.06%
Non-Taxable Investments 325,138 4,854 5.97%
Fed Funds and Other Int. Earning
Assets 34,900 291 3.34%
Total Int. Earning Assets 10,801,202 153,809 5.70%
Other Assets 782,486
Total Average Assets $11,583,688
Liabilities and Shareholders' Equity
Savings $3,993,938 $12,073 1.21%
Time Deposits 2,285,187 15,739 2.75%
S/T Borrowings 535,485 3,769 2.82%
Long-term Debt 1,960,288 20,647 4.21%
Interest Bearing Liabilities 8,774,898 52,228 2.38%
Non-Interest Bearing Deposits 1,921,119
Other Liabilities 40,457
Shareholders' Equity 847,214
Total Average Liabilities and
Shareholders' Equity $11,583,688
Net Interest Income and Margin -
tax equivalent basis $101,581 3.76%
Quarter End - 03/31/05
Average Avg.
Balance Interest Rate
Assets
Loans $6,986,730 $101,235 5.80%
Taxable Investments 2,809,959 34,882 4.97%
Non-Taxable Investments 323,590 4,587 5.67%
Fed Funds and Other Int. Earning
Assets 12,067 106 3.51%
Total Int. Earning Assets 10,132,346 140,810 5.56%
Other Assets 626,066
Total Average Assets $10,758,412
Liabilities and Shareholders' Equity
Savings $3,658,713 $8,634 0.94%
Time Deposits 2,093,702 12,919 2.47%
S/T Borrowings 590,699 3,350 2.27%
Long-term Debt 1,889,266 19,667 4.16%
Interest Bearing Liabilities 8,232,380 44,570 2.17%
Non-Interest Bearing Deposits 1,757,545
Other Liabilities 52,968
Shareholders' Equity 715,519
Total Average Liabilities and
Shareholders' Equity $10,758,412
Net Interest Income and Margin -
tax equivalent basis $96,240 3.80%
Quarter End - 12/31/04
Average Avg.
Balance Interest Rate
Assets
Loans $6,913,293 $100,085 5.79%
Taxable Investments 2,749,399 34,191 4.97%
Non-Taxable Investments 322,141 4,572 5.68%
Fed Funds and Other Int. Earning
Assets 18,545 96 2.07%
Total Int. Earning Assets 10,003,378 138,944 5.56%
Other Assets 640,628
Total Average Assets $10,644,006
Liabilities and Shareholders' Equity
Savings $3,569,992 $7,354 0.82%
Time Deposits 2,157,664 12,570 2.33%
S/T Borrowings 508,105 2,235 1.76%
Long-term Debt 1,859,993 19,200 4.13%
Interest Bearing Liabilities 8,095,754 41,359 2.04%
Non-Interest Bearing Deposits 1,801,238
Other Liabilities 44,795
Shareholders' Equity 702,219
Total Average Liabilities and
Shareholders' Equity $10,644,006
Net Interest Income and Margin -
tax equivalent basis $97,585 3.90%
Notes:
Interest income is presented on a tax equivalent basis using a 35 percent
federal tax rate.
Loans are stated net of unearned income and include non-accrual loans.
SOURCE Valley National Bancorp
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