WAYNE, N.J., Oct. 19 /PRNewswire-FirstCall/ -- Valley National Bancorp
(NYSE: VLY) today reported higher net income of $41.9 million for the third
quarter, an increase of 7.6 percent over the second quarter and 6.5 percent
over the same quarter of 2004. Third quarter diluted earnings were $0.38 per
share, a 5.6 percent increase over the second quarter and unchanged from the
same quarter of 2004. Net income for the first nine months this year was
$119.2 million, a 4.1 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 were $1.10, the same as last year.
The favorable results reflect the increase in net interest income of
8.6 percent in the third quarter compared to the same quarter last year and
3.1 percent over the previous quarter this year. The increases were achieved
in spite of declines in the net interest margin.
Gerald H. Lipkin, Valley's Chairman, President and CEO said, "We are
pleased with the results considering we have been operating in one of the most
challenging environments community banks like Valley have faced in some time.
The flattening of the yield curve has pressured lending rates while the
increase in short term rates has increased deposit and borrowing costs." Mr.
Lipkin added, "Valley continues to pursue its traditional structure and will
not get caught up in chasing questionable lending practices or deposit rates
at all costs."
The branches recently acquired in connection with the Shrewsbury and
NorCrown acquisitions have generated over 6,000 new deposit accounts, totaling
in excess of $100 million, representing over 10 percent growth in accounts and
balances for the two combined institutions.
During the quarter, loans increased by $238.5 million or 12.2 percent
annualized. Compared to September 30, 2004, loans increased by 18.5 percent,
while organic loan growth on an annual basis was 8.4 percent, excluding the
loans acquired as a result of each acquisition. The most significant growth
during the third quarter was in the automobile and commercial loan sectors.
Automobile lending increased, as a result of the manufacturers "employee
discount" sales promotion combined with the expanded market presence of
Valley's indirect dealer program with active account relationships of over
640 dealers. In addition, commercial lines of credit increased with existing
customers and new customers. Residential mortgage loans remained relatively
unchanged during the quarter as Valley continues to operate utilizing
traditional lending products and refrains from participating in the negative
amortizing home mortgage business. The long term exposure here is not in
keeping with Valley's long term loan philosophy.
Reflecting the benefit of the recent acquisitions, as well as expansion of
existing relationships, Valley's deposits at the end of September were
17.4 percent over the same time last year. On a linked quarter basis,
deposits increased 2.9 percent annualized, primarily from increases in savings
and time deposits. 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.
Valley's financial measurements remain excellent. Annualized return on
average tangible equity was 23.94 percent, annualized return on average assets
was 1.37 percent and the efficiency ratio was 50.31 percent. After
considering the intangible purchase accounting adjustments arising from
Valley's two acquisitions, the GAAP return on equity was 18.20 percent.
Valley's risk-based capital ratios at September 30, 2005 were
10.13 percent for Tier 1 capital, 12.03 percent for total capital and
7.75 percent for Tier 1 leverage. As a result of the $100 million
subordinated debt issuance completed on July 13, 2005, the total capital ratio
increased 9.2 percent from the prior quarter. Although the additional
interest expense negatively impacted Valley's third quarter results, the
offering demonstrated management's continued strategy to position the balance
sheet for the long term. Mr. Lipkin stated, "The subordinated debt issuance
provides Valley the flexibility to grow by de novo or acquisition, as
opportunities in the marketplace present themselves."
Net charge-offs for the third quarter were $1.0 million compared to
$936 thousand for the second quarter of 2005 and $2.8 million for the fourth
quarter of 2004. The provision for loan losses was $1.1 million for the third
quarter of 2005 compared to $925 thousand for the second 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
$25.8 million including additions from Shrewsbury and NorCrown, or
0.32 percent of loans and OREO, at September 30, 2005, compared to
$26.1 million at June 30, 2005 and $30.8 million at December 31, 2004.
Loans past due 90 days or more and still accruing at September 30, 2005
were $6.8 million, or 0.08 percent of $8.1 billion of total loans, compared to
$5.0 million at June 30, 2005 and $2.9 million at December 31, 2004. The
current quarter increase was attributed to matured loans from the
acquisitions. Total loans past due in excess of 30 days were 0.73 percent of
all loans at September 30, 2005 compared to 0.69 percent at June 30, 2005 and
0.90 percent at December 31, 2004.
Non-interest income for the third quarter of 2005 was flat at
$19.3 million, when compared to the prior quarter. For the nine months ended
September 30, 2005 non-interest income decreased $5.1 million compared to the
same period in 2004. Decreases in title insurance premiums, gains on sale of
residential mortgage loans and reduced income from security gains accounted
for the majority of the decrease.
Non-interest expense for the third quarter of 2005 increased to
$61.5 million or 1.7 percent, when compared to the linked quarter ended
June 30, 2005. Non-interest expense for the first nine months of 2005
increased by $14.8 million or 9.1 percent from the same period in 2004. The
increase is mostly attributable to operating expenses related to the
Shrewsbury and NorCrown mergers combined with additional regulatory related
expenses. Mr. Lipkin stated, "The quarterly level of non-interest expense
reflects the initial implementation of various cost cutting initiatives
throughout the organization. The third quarter includes three months of
operating expenses and core deposit amortization associated with NorCrown
which closed on June 3, 2005. We expect to see a reduction in these operating
expenses in future quarters once the NorCrown integration is complete."
Income tax expense for the third quarter of 2005 was $17.7 million
reflecting an effective tax rate of 29.6 percent. The decline from the prior
quarter reflects a lower expected effective state income tax rate for the full
year of 2005.
Valley National Bancorp is a regional bank holding company headquartered
in Wayne, New Jersey. Its principal subsidiary, Valley National Bank,
currently operates 162 offices located in 104 communities serving 12 counties
throughout northern and central New Jersey and Manhattan. Valley's web site
can be found at http://www.valleynationalbank.com.
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
(Dollars in Three Months Ended Nine Months Ended
thousands, except September 30, September 30,
for share data) 2005 2004 2005 2004
FINANCIAL DATA:
Net income $41,942 $39,386 $119,201 $114,547
Net interest income 102,888 94,771 297,321 276,374
Net interest income
- FTE (1) 104,611 96,413 302,431 281,123
Weighted Average
Number of Shares
Outstanding:
Diluted 111,636,535 104,072,003 108,590,868 104,072,887
Per share data:
Basic earnings $0.38 $0.38 $1.10 $1.11
Diluted earnings 0.38 0.38 1.10 1.10
Cash dividends
declared 0.22 0.21 0.65 0.63
Book value 8.25 6.72 8.25 6.72
Tangible book value 6.29 6.26 6.29 6.26
Closing stock
price - high 24.54 24.96 26.50 26.12
Closing stock
price - low 22.70 23.11 22.70 23.00
FINANCIAL RATIOS:
Net interest
margin - FTE (1) 3.66 % 3.94 % 3.74 % 3.95 %
Annualized return
on average assets 1.37 1.51 1.38 1.51
Annualized return
on average equity 18.20 23.65 19.17 22.80
Annualized return
on average tangible
equity (2) 23.94 25.44 23.17 24.60
Efficiency ratio (3) 50.31 48.06 49.98 47.94
AVERAGE BALANCE
SHEET ITEMS:
Assets $12,255,800 $10,401,992 $11,538,118 $10,107,433
Interest earning
assets 11,420,341 9,790,367 10,789,348 9,485,682
Loans 7,962,189 6,644,741 7,480,054 6,416,866
Interest bearing
liabilities 9,308,938 7,939,067 8,776,015 7,660,791
Deposits 8,644,289 7,413,933 8,122,319 7,321,791
Shareholders' equity 921,977 666,169 828,993 669,929
(1) 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.
(2) Tangible shareholders' equity equals total shareholders' equity less
goodwill and identifiable intangible assets. The annualized return on
average tangible equity is computed by dividing annualized net
earnings by average monthly tangible shareholders' equity.
(3) The efficiency ratio measures Valley's total non-interest expense as
a percentage of net interest income plus total non-interest income.
Valley National Bancorp
Consolidated Financial Highlights
SELECTED FINANCIAL DATA
Three Months Ended Nine Months Ended
September 30, September 30,
(Dollars in thousands) 2005 2004 2005 2004
ALLOWANCE FOR LOAN LOSSES:
Beginning of period $75,059 $64,812 $65,699 $64,650
Provision for loan losses 1,125 1,475 2,802 4,799
Charge-offs 1,889 2,182 5,153 8,162
Recoveries 885 1,219 2,580 4,037
Allowance for loan losses -
Shrewsbury and NorCrown 0 0 9,252 0
End of period $75,180 $65,324 $75,180 $65,324
As of September 30,
2005 2004
BALANCE SHEET ITEMS:
Assets $12,483,716 $10,630,850
Loans 8,083,264 6,823,625
Deposits 8,690,535 7,402,105
Shareholders' equity 918,127 696,166
CAPITAL RATIOS:
Tier 1 leverage ratio 7.75 % 8.28 %
Risk-based capital - Tier 1 10.13 10.81
Risk-based capital - Total Capital 12.03 11.63
ASSET QUALITY:
Non-accrual loans $24,192 $17,915
Other real estate owned (OREO) 1,628 480
Total non-performing assets 25,820 18,395
Loans past due 90 days or more and still accruing 6,816 3,754
ASSET QUALITY RATIOS:
Non-performing assets to total loans plus other
real estate owned (OREO) 0.32 % 0.27 %
Allowance for loan losses to loans 0.93 0.96
Net charge-offs to average loans 0.05 0.09
SHAREHOLDER RELATIONS
Requests for copies of reports and/or other inquiries should be directed
to Dianne Grenz, Director of Public & Shareholder Relations, Valley National
Bancorp, 1455 Valley Road, Wayne, New Jersey, 07470, by telephone at (973)
305-3380, by fax at (973) 696-2044 or by e-mail at
dgrenz@valleynationalbank.com.
VALLEY NATIONAL BANCORP
Consolidated Statements of Financial Condition
($ in thousands, except per share data)
September 30,
Assets 2005 2004
Cash and due from banks $ 251,768 $ 195,887
Securities:
Available for sale 2,190,702 1,799,130
Held to maturity 1,241,014 1,278,403
Trading account 2,396 2,346
Total securities 3,434,112 3,079,879
Loans held for sale 1,452 8,252
Loans 8,081,812 6,815,373
Less: Allowance for loan losses (75,180) (65,324)
Loans, net 8,006,632 6,750,049
Premises and equipment, net 180,297 154,439
Due from customers on acceptances outstanding 12,698 13,836
Accrued interest receivable 58,269 49,068
Intangible assets 219,007 47,610
Bank owned life insurance 180,869 169,049
Other assets 138,612 162,781
Total assets $12,483,716 $10,630,850
Liabilities
Deposits:
Non-interest bearing $1,989,042 $1,722,255
Interest bearing:
Savings 4,246,416 3,487,954
Time 2,455,077 2,191,896
Total deposits 8,690,535 7,402,105
Federal funds purchased and securities sold
under agreements to repurchase 639,140 578,019
Treasury tax and loan account and other
short-term borrowings 3,479 25,060
Long-term debt 2,090,128 1,790,187
Bank acceptances outstanding 12,698 13,836
Accrued expenses and other liabilities 129,609 125,477
Total liabilities 11,565,589 9,934,684
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 111,430,999 shares
in 2005 and 103,842,064 shares in 2004 39,340 34,963
Surplus 743,332 439,370
Retained earnings 157,793 215,025
Unallocated common stock held by the employee
benefit plan (13) (129)
Accumulated other comprehensive (loss) gain (17,616) 11,275
922,836 700,504
Treasury stock, at cost (202,400
common shares in 2005 and 181,824 in 2004) (4,709) (4,338)
Total shareholders' equity 918,127 696,166
Total liabilities and
shareholders' equity $12,483,716 $10,630,850
VALLEY NATIONAL BANCORP
Consolidated Statements of Income
($ in thousands, except per share data)
Three Months Ended
September 30,
2005 2004
Interest Income
Interest and fees on loans $122,084 $ 94,077
Interest and dividends on investment
securities 41,668 38,278
Interest on federal funds sold and
other short-term investments 247 76
Total interest income 163,999 132,431
Interest Expense
Interest on deposits:
Savings deposits 16,129 5,886
Time deposits 18,162 11,821
Interest on other borrowings 26,820 19,953
Total interest expense 61,111 37,660
Net Interest Income 102,888 94,771
Provision for loan losses 1,125 1,475
Net interest income after provision
for loan losses 101,763 93,296
Non-Interest Income
Trust and investment services 1,956 1,899
Insurance premiums 3,004 3,401
Service charges on deposit accounts 5,875 5,118
Gains on securities transactions, net 361 594
Fees from loan servicing 1,709 1,934
Gains on sales of loans, net 501 792
Bank owned life insurance 1,820 1,532
Other 4,091 4,141
Total non-interest income 19,317 19,411
Non-Interest Expense
Salary expense 27,371 25,660
Employee benefit expense 6,774 5,919
Net occupancy expense 11,232 8,981
Amortization of intangible assets 2,275 2,083
Other 13,826 12,234
Total non-interest expense 61,478 54,877
Income before income taxes 59,602 57,830
Income tax expense 17,660 18,444
Net Income $41,942 $39,386
Earnings Per Share:
Basic $0.38 $0.38
Diluted $0.38 $0.38
Weighted Average Number of Shares
Outstanding:
Basic 111,256,033 103,609,898
Diluted 111,636,535 104,072,003
VALLEY NATIONAL BANCORP
Consolidated Statements of Income
($ in thousands, except per share data)
Nine Months Ended
September 30,
2005 2004
Interest Income
Interest and fees on loans $334,461 $270,876
Interest and dividends on investment
securities 120,125 110,546
Interest on federal funds sold and
other short-term investments 644 200
Total interest income 455,230 381,622
Interest Expense
Interest on deposits:
Savings deposits 36,836 15,761
Time deposits 46,820 34,262
Interest on other borrowings 74,253 55,225
Total interest expense 157,909 105,248
Net Interest Income 297,321 276,374
Provision for loan losses 2,802 4,799
Net interest income after provision
for loan losses 294,519 271,575
Non-Interest Income
Trust and investment services 6,059 6,314
Insurance premiums 9,067 10,818
Service charges on deposit accounts 16,739 15,116
Gains on securities transactions, net 2,679 5,211
Fees from loan servicing 5,271 6,145
Gains on sales of loans, net 1,568 2,300
Bank owned life insurance 5,132 4,645
Other 11,492 12,591
Total non-interest income 58,007 63,140
Non-Interest Expense
Salary expense 78,817 73,939
Employee benefit expense 20,552 17,126
Net occupancy expense 31,131 27,111
Amortization of intangible assets 6,351 6,972
Other 40,750 37,607
Total non-interest expense 177,601 162,755
Income before income taxes 174,925 171,960
Income tax expense 55,724 57,413
Net Income $119,201 $114,547
Earnings Per Share:
Basic $1.10 $1.11
Diluted $1.10 $1.10
Weighted Average Number of Shares
Outstanding:
Basic 108,173,490 103,577,669
Diluted 108,590,868 104,072,887
Valley National Bancorp
(dollars in thousands)
End of Period - 09/30/05
Loan Portfolio
Commercial Loans $1,416,091
Construction 459,935
Residential Mortgage 2,061,366
Commercial Mortgage 2,230,586
Total Mortgage Loans 4,751,887
Home Equity 571,441
Credit Card 8,764
Automobile 1,233,125
Other Consumer 101,956
Total Consumer Loans 1,915,286
Total Loans $8,083,264
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%
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.
End of Period - 06/30/05
Loan Portfolio
Commercial Loans $1,368,499
Construction 457,258
Residential Mortgage 2,044,527
Commercial Mortgage 2,189,195
Total Mortgage Loans 4,690,980
Home Equity 559,049
Credit Card 8,849
Automobile 1,104,749
Other Consumer 112,665
Total Consumer Loans 1,785,312
Total Loans $7,844,791
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%
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.
End of Period - 03/31/05
Loan Portfolio
Commercial Loans $1,310,757
Construction 435,812
Residential Mortgage 1,980,833
Commercial Mortgage 1,877,144
Total Mortgage Loans 4,293,789
Home Equity 554,534
Credit Card 8,745
Automobile 1,064,150
Other Consumer 89,050
Total Consumer Loans 1,716,479
Total Loans $7,321,025
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%
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.
End of Period - 12/31/04
Loan Portfolio
Commercial Loans $1,261,854
Construction 368,120
Residential Mortgage 1,853,708
Commercial Mortgage 1,745,155
Total Mortgage Loans 3,966,983
Home Equity 517,325
Credit Card 9,691
Automobile 1,079,050
Other Consumer 99,412
Total Consumer Loans 1,705,478
Total Loans $6,934,315
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.
End of Period - 09/30/04
Loan Portfolio
Commercial Loans $1,316,972
Construction 282,299
Residential Mortgage 1,774,827
Commercial Mortgage 1,741,674
Total Mortgage Loans 3,798,800
Home Equity 510,790
Credit Card 9,433
Automobile 1,098,375
Other Consumer 89,255
Total Consumer Loans 1,707,853
Total Loans $6,823,625
Quarter End - 09/30/04
Average Avg.
Balance Interest Rate
Assets
Loans $6,644,741 $94,114 5.67%
Taxable Investments 2,803,510 35,307 5.04%
Non-Taxable Investments 325,127 4,576 5.63%
Fed Funds and Other Int. Earning
Assets 16,989 76 1.79%
Total Int. Earning Assets 9,790,367 134,073 5.48%
Other Assets 611,625
Total Average Assets $10,401,992
Liabilities and Shareholders' Equity
Savings $3,491,498 $5,886 0.67%
Time Deposits 2,160,260 11,821 2.19%
S/T Borrowings 484,850 1,603 1.32%
Long-term Debt 1,802,459 18,350 4.07%
Interest Bearing Liabilities 7,939,067 37,660 1.90%
Non-Interest Bearing Deposits 1,762,175
Other Liabilities 34,581
Shareholders' Equity 666,169
Total Average Liabilities and
Shareholders' Equity $10,401,992
Net Interest Income and Margin -
tax equivalent basis $96,413 3.94%
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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Related links:
http://www.valleynationalbank.com
Company News On-Call:
http://www.prnewswire.com/comp/141340.html
CONTACT:
Alan D. Eskow, Executive Vice President and
Chief Financial Officer, Valley National Bancorp, +1-973-305-4003
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