Please wait while we load the requested 10-K report or click the link below:
FOR IMMEDIATE RELEASE
|Contact:||Alan D. Eskow|
Senior Executive Vice President and
Chief Financial Officer
VALLEY NATIONAL BANCORP REPORTS INCREASE IN
FOURTH QUARTER AND ANNUAL RESULTS
WAYNE, NJ January 21, 2010 Valley National Bancorp (NYSE:VLY), the holding company for Valley National Bank, today reported net income for the fourth quarter of 2009 of $32.1 million, $0.19 per diluted common share, compared to fourth quarter of 2008 earnings of $16.9 million, $0.10 per diluted common share. Diluted earnings per common share were reduced by other-than-temporary impairment on securities totaling $1.0 million (less than $0.01 per common share) for the fourth quarter of 2009, as compared to $17.5 million ($0.08 per common share) for the fourth quarter of 2008. See the performance highlights and other sections below for further analysis of our quarterly results.
Net income for the year ended December 31, 2009 was $116.1 million, $0.67 per diluted common share, compared to $93.6 million, $0.67 per diluted common share, for the year ended December 31, 2008. Diluted earnings per common share for the 2009 annual period were negatively impacted by our cost to carry preferred stock under the TARP Capital Repurchase Program, increases in the provision for credit losses, the increased and special FDIC insurance assessment caused, in part, by the economic downturn, as well as net trading losses incurred due to non-cash mark to market losses on our junior subordinated debentures carried at fair value. However, these items were offset by a $78.5 million decrease in other-than-temporary impairment on securities recognized in earnings for 2009.
Asset Quality: Total loans past due 30 days or more on our entire loan portfolio of $9.4 billion were 1.61 percent at December 31, 2009 compared to 1.60 percent at September 30, 2009. Our commercial real estate loan portfolio had loans past due 30 days or more totaling 0.99 percent at December 31, 2009 as compared to 1.05 percent at September 30, 2009. The residential mortgage and home equity loan portfolios totaling over 22,000 individual loans had only 220 loans past due 30 days or more at December 31, 2009. The residential mortgage and home equity loan delinquencies totaled $39.2 million, or 1.56 percent of $2.5 billion in total loans within these categories at December 31, 2009. See Credit Quality section below for more details.
Provision for Credit Losses: The provision for credit losses totaled $12.2 million for the fourth quarter of 2009 as compared to $12.7 million for the third quarter of 2009 and $11.6 million for the fourth quarter of 2008. The provision for credit losses was $1.4 million lower than net charge-offs totaling $13.6 million for the fourth quarter of 2009 due to, among other factors, a continued decline in our total loan portfolio, a reduction in specific reserves for two performing commercial loans totaling $34.0 million, and $4.4 million in charge-offs relating to
The following information was filed by Valley National Bancorp (VLY) on Thursday, January 21, 2010 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.
View differences made from one year to another to evaluate Valley National Bancorp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Valley National Bancorp.