EXHIBIT 99.1

valleylogoa12.jpg

 
News Release




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

VALLEY NATIONAL BANCORP REPORTS INCREASED SECOND QUARTER
NET INCOME AND STRONG COMMERCIAL LOAN GROWTH

NEW YORK, NY – July 25, 2019 -- Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the second quarter of 2019 of $76.5 million, or $0.22 per diluted common share, as compared to the second quarter of 2018 earnings of $72.8 million, or $0.21 per diluted common share, and net income of $113.3 million, or $0.33 per diluted common share, for the first quarter of 2019. Excluding all non-core charges and income, our adjusted net income was $78.8 million, or $0.23 per diluted common share, for the second quarter of 2019, $75.2 million, or $0.22 per diluted common share, for the second quarter of 2018, and $74.9 million, or $0.22 per diluted common share, for the first quarter of 2019. See further details below, including a reconciliation of our adjusted net income (a non-GAAP measure) in the "Consolidated Financial Highlights" tables.

Key financial highlights for the second quarter:

Loan Portfolio: Loans increased $379.0 million, or 6.0 percent on an annualized basis, to approximately $25.8 billion at June 30, 2019 from March 31, 2019. The increase was largely due to strong organic loan growth within the commercial and industrial loan and commercial real estate loan categories. Additionally, we sold approximately $223 million of residential mortgage loans resulting in total pre-tax gains of $3.9 million in the second quarter of 2019.
Net Interest Income and Margin: Net interest income on a tax equivalent basis of $221.4 million for the second quarter of 2019 increased $1.5 million as compared to the first quarter of 2019. Our net interest margin on a tax equivalent basis of 2.96 percent for the second quarter of 2019 decreased by 2 basis points from 2.98 percent for the first quarter of 2019. See the "Net Interest Income and Margin" section below for more details.
Provision for Credit Losses: The provision for credit losses decreased $5.9 million to $2.1 million for the second quarter of 2019 as compared to $8.0 million for the first quarter of 2019.
Credit Quality: Net loan charge-offs totaled $3.0 million for the second quarter of 2019 as compared to $5.3 million for the first quarter of 2019. Non-accrual loans represented 0.37 percent of total loans at both June 30, 2019 and March 31, 2019.
Non-interest Income: Non-interest income decreased $80.1 million to $27.6 million for the second quarter of 2019 as compared to the first quarter of 2019 mainly due to a $78.5 million gain on the sale leaseback of 26 locations in the first quarter. Additionally, we recognized net impairment losses on securities of $2.9 million related to one municipal bond (in default of its contractual payments) during the second quarter of 2019.

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The following information was filed by Valley National Bancorp (VLY) on Thursday, July 25, 2019 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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