Exhibit 99.1
vlylogo.gif News Release



FOR IMMEDIATE RELEASE
Contact:
 
Alan D. Eskow
 
 
 
Senior Executive Vice President and
 
 
 
Chief Financial Officer
 
 
 
973-305-4003

VALLEY NATIONAL BANCORP REPORTS FOURTH QUARTER NET INCOME
AND SOLID NET INTEREST MARGIN
 

WAYNE, NJ – January 25, 2018 -- Valley National Bancorp (NYSE:VLY), the holding company for Valley National Bank, today reported net income for the fourth quarter of 2017 of $26.1 million, or $0.09 per diluted common share, as compared to the fourth quarter of 2016 earnings of $50.1 million, or $0.19 per diluted common share, and net income of $39.6 million, or $0.14 per diluted common share, for the third quarter of 2017. The fourth quarter of 2017 results include $22.6 million of charges (representing a $0.09 per share decrease in earnings) from the impact of the Tax Cuts and Jobs Act (Tax Act) and $1.4 million (or $1.0 million after-tax) of merger expenses related to the USAmeriBancorp, Inc. ("USAB") acquisition effective January 1, 2018. Excluding these charges, our adjusted net income was
$49.7 million, or $0.18 per diluted common share, for the fourth quarter of 2017. See the "Consolidated Financial Highlights" tables below for the reconciliation of this and other non-GAAP measures.

Net income for the year ended December 31, 2017 was $161.9 million, or $0.58 per diluted common share, compared to 2016 earnings of $168.1 million, or $0.63 per diluted common share. The earnings for the year ended December 31, 2017 included the Tax Act charge, $9.9 million ($5.7 million after-tax) related to our LIFT earnings enhancement program and $2.6 million ($2.3 million after-tax) of USAB merger related expenses. Excluding these charges, our adjusted net income was $192.5 million, or $0.69 per diluted common share for the year ended December 31, 2017.
Key financial highlights for the fourth quarter:
Net Interest Income: Net interest income on a tax equivalent basis of $173.9 million for the fourth quarter of 2017 increased $7.1 million as compared to the third quarter of 2017 largely due to our solid loan growth and higher commercial loan fees.
Net Interest Margin: Our net interest margin on a tax equivalent basis increased 9 basis points to 3.17 percent in the fourth quarter of 2017 as compared to 3.08 percent for the third quarter of 2017. See the "Net Interest Income and Margin" section below for more details.
Loan Portfolio: Loans increased $130.1 million, or 2.9 percent on an annualized basis, to approximately $18.3 billion at December 31, 2017 from September 30, 2017 largely due to solid commercial, auto and consumer loan volumes, partially offset by increased secondary residential mortgage banking activity and a decline in construction loan advances during the fourth quarter. See additional information under the "Loans, Deposits and Other Borrowings" section below.
Credit Quality: Net loan recoveries totaled $772 thousand for the fourth quarter of 2017, and represented our second consecutive quarter of net recoveries. Due to the strong collections, net

1


The following information was filed by Valley National Bancorp (VLY) on Thursday, January 25, 2018 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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