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|FOR IMMEDIATE RELEASE||Contact:||Alan D. Eskow|
|Executive Vice President and|
|Chief Financial Officer|
VALLEY NATIONAL BANCORP REPORTS FOURTH QUARTER
AND ANNUAL RESULTS
WAYNE, NJ January 22, 2009 Valley National Bancorp (NYSE:VLY) (Valley), the holding company for Valley National Bank, announced today fourth quarter and annual results for 2008. Net income for the fourth quarter of 2008 was $16.9 million or $0.11 per fully diluted common share. The results of the fourth quarter of 2008 include impairment charges on investment securities totaling $10.8 million after taxes, or $0.08 per diluted share.
Net income for the year ended December 31, 2008 was $93.6 million or $0.70 per fully diluted common share. The 2008 annual results include impairment charges on investment securities totaling $50.3 million after taxes, or $0.39 per diluted share.
Set forth below are highlights of several significant events that occurred during the fourth quarter of 2008:
Valleys home equity and residential mortgage loan delinquencies remained below the banking industry averages. At December 31, 2008, Valleys home equity and residential mortgage loan portfolios totaling approximately 25,000 individual loans had only 102 loans past due 30 days or more. These delinquencies totaled $20.5 million, or 0.71 percent of $2.9 billion in total home equity and residential mortgage loans. Total loans past due 30 days or more on Valleys entire loan portfolio of $10.1 billion were 1.06 percent. See Credit Quality section below for more details.
On November 14, 2008, Valley completed its $300 million nonvoting senior preferred stock issuance to the U.S. Treasury under its TARP Capital Purchase Program. The issuance brought additional strength to Valleys already well-capitalized position during the quarter. At December 31, 2008, Valley National Banks capital ratios were all above the minimum level required to be categorized as well capitalized. Valley National Banks total risk-based capital, Tier I capital, and leverage capital were 10.65 percent, 8.91 percent, and 7.09 percent, respectively, at December 31, 2008.
Valley continued to extend credit to new and existing customers while maintaining its conservative underwriting standards. Total loans grew by $86.4 million, or 3.4 percent on an annualized basis, to approximately $10.1 billion at December 31, 2008 compared to September 30, 2008 primarily due to organic loan growth in the commercial mortgage, commercial, and construction loan portfolios.
Valley recorded other than temporary impairment charges totaling $17.5 million ($10.8 million after taxes) on securities held in its available for sale and held to maturity investment portfolios. Of this amount, $3.3 million related to the write down of Fannie Mae and Freddie Mac
The following information was filed by Valley National Bancorp (VLY) on Thursday, January 22, 2009 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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