EXHIBIT 99

 

FOR IMMEDIATE RELEASE

   Contact:    Alan D. Eskow
     

Senior Executive Vice President and

Chief Financial Officer

973-305-4003

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.

Performance Highlights

 

   

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 SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Valley National Bancorp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account