EXHIBIT 99.1
vlylogoa01a16.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 FIRST QUARTER NET INCOME
AND STRONG ORGANIC LOAN GROWTH

WAYNE, NJ – April 26, 2018 --
Valley National Bancorp (NYSE:VLY), the holding company for Valley National Bank, today reported net income for the first quarter of 2018 of $42.0 million, or $0.12 per diluted common share, as compared to the first quarter of 2017 earnings of $46.1 million, or $0.17 per diluted common share, and net income of $26.1 million, or $0.09 per diluted common share, for the fourth quarter of 2017. Net income for first quarter of 2018 included infrequent charges totaling $25.9 million ($19.1 million after-tax) which mainly consisted of $13.4 million of merger expenses related to our acquisition of USAmeriBancorp, Inc. ("USAB") effective January 1, 2018 and a $10.5 million increase in litigation reserves. The fourth quarter of 2017 results included infrequent charges of $21.1 million ($19.7 million after-tax) mainly due to the impact of the Tax Cuts and Jobs Act ("the Tax Act") and, to a much lesser extent, USAB merger expenses. Excluding these charges and other non-core items, our adjusted net income was $61.5 million, or $0.18 per diluted common share, for the first quarter of 2018, and $45.8 million, or $0.16 per diluted common share, for the fourth quarter of 2017. See further details below, including the "Consolidated Financial Highlights" tables.
Key financial highlights for the first quarter:
Acquisition of USAmeriBancorp, Inc.: On January 1, 2018 Valley completed its acquisition of USAB and its wholly-owned subsidiary, USAmeriBank, headquartered in Clearwater, Florida. USAB had approximately $5.1 billion in assets, $3.7 billion in loans and $3.6 billion in deposits, after purchase accounting adjustments, and a branch network of 29 offices. The acquisition represents a significant addition to Valley’s Florida franchise, specifically in the Tampa Bay market. The acquisition also brought Valley to the Birmingham, Montgomery, and Tallapoosa areas in Alabama, where Valley now operates 15 branch office locations. The common shareholders of USAB received 6.1 shares of Valley common stock for each USAB share they owned. The total consideration for the acquisition was approximately $737 million, and the transaction resulted in $388 million of goodwill and $46 million of core deposit intangible assets subject to amortization. Full systems integration is expected to be completed in the second quarter of 2018.
Loan Portfolio: Loans increased $4.2 billion to approximately $22.6 billion at March 31, 2018 from December 31, 2017 largely due to $3.7 billion in acquired loans from USAB. The remaining increase was largely due to strong quarter over quarter organic growth in total commercial real estate loans, commercial and industrial loans and residential mortgage loans. Additionally, we sold $234.2 million of residential mortgage loans resulting in pre-tax gains of $6.8 million during the first quarter of 2018. See additional information under the "Loans, Deposits and Other Borrowings" section below.

1


The following information was filed by Valley National Bancorp (VLY) on Thursday, April 26, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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