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FOR IMMEDIATE RELEASE
Alan D. Eskow
Senior Executive Vice President and
Chief Financial Officer
Acquisition of CNLBancshares, Inc.: On December 1, 2015, Valley completed its acquisition of CNLBancshares, Inc. ("CNL") and its wholly-owned subsidiary, CNLBank, headquartered in Orlando, Florida. CNL had approximately $1.6 billion in assets, $825 million in loans and $1.2 billion in deposits, after purchase accounting adjustments, and a branch network of 16 offices. The CNL acquisition increases Valley's Florida branch network to a total of 36 branches covering most major markets in central and southern Florida. The common shareholders of CNL received 0.705 of a share of Valley common stock for each CNL share they owned prior to the merger. The total consideration for the acquisition was approximately $230 million, consisting of 20.6 million shares of Valley common stock. The transaction generated approximately $110 million in goodwill and $19 million in core deposit intangible assets subject to amortization.
Loss on Extinguishment of Debt: In late October 2015 and December 2015, Valley prepaid high cost borrowings mostly from the Federal Home Loan Bank of New York. The prepaid borrowings of $795 million and $50 million had contractual maturities in 2017 and 2018, respectively, and a total average cost of 3.72 percent. The settlement of such borrowings resulted in the recognition of pre-tax prepayment penalties totaling $51.1 million in the fourth quarter of 2015.
Net Interest Income and Margin: Net interest income totaling $148.0 million for the three months ended December 31, 2015 increased $14.1 million and $19.4 million as compared to the third quarter of 2015 and fourth quarter of 2014, respectively. On a tax equivalent basis, our net interest margin increased 21 basis points to 3.30 percent in the fourth quarter of 2015 as compared
The following information was filed by Valley National Bancorp (VLY) on Wednesday, January 27, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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