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|FOR IMMEDIATE RELEASE||Contact:||Alan D. Eskow|
|Senior Executive Vice President and|
Chief Financial Officer
VALLEY NATIONAL BANCORP REPORTS 34 PERCENT INCREASE
IN FOURTH QUARTER RESULTS
WAYNE, NJ January 27, 2011 Valley National Bancorp (NYSE:VLY), the holding company for Valley National Bank, today reported net income for the fourth quarter of 2010 of $38.2 million, $0.24 per diluted common share, as compared to the fourth quarter of 2009 earnings of $28.6 million, after $3.5 million in dividends and accretion on Valley preferred stock (fully redeemed in 2009 under the U.S. Treasurys TARP Capital Purchase Program), or $0.18 per diluted common share. See the Fourth Quarter 2010 Performance Highlights section below for more details.
Net income for the year ended December 31, 2010 was $131.2 million, $0.81 per diluted common share, compared to 2009 earnings of $96.5 million, after $19.5 million in dividends and accretion on Valley preferred stock, or $0.64 per diluted common share. The increase in net income was largely due to: (i) a 26.4 percent increase in non-interest income, (ii) higher net interest income, resulting from a widening of the net interest margin on an annual basis, and (iii) a decline in the FDIC insurance assessment due to the industry-wide special assessment in 2009, partially offset by (iv) increases in all other non-interest expense categories caused, in part, by two FDIC-assisted acquisitions in March 2010.
Gerald H. Lipkin, Chairman, President and CEO commented that, We recorded strong fourth quarter and annual results reflecting our solid credit metrics, despite some interest margin compression during the fourth quarter due to the prolonged low level of interest rates. Our ability to generate consistent earnings, while navigating one of the worst economic times in recent history, allowed us the flexibility of maintaining our cash dividend to our shareholders throughout 2010. We continue to face challenging headwinds in 2011 due to the slow recovery in both our local markets and the U.S. economy. However, we are confident that our position of capital strength, our ability to evaluate credit and other investment opportunities, and Valleys commitment to provide excellent service to its customers will continue to benefit our shareholders.
Fourth Quarter 2010 Performance Highlights
Asset Quality: Total non-accrual loans declined $547 thousand from September 30, 2010 to $105.1 million, or 1.1 percent of our entire loan portfolio of $9.4 billion, at December 31, 2010. Total loans past due 30 days or more were 1.77 percent of the loan portfolio at December 31, 2010 compared to 1.70 percent at September 30, 2010. The increase was largely due to one $4.0 million commercial real estate loan, that is matured and in the normal process of renewal, within the past due 30 89 days category. The residential mortgage and home equity loan portfolios totaling nearly 22,000 individual loans had only 253 loans past due 30 days or more at December 31, 2010. At December 31, 2010, the residential mortgage and home equity loan
The following information was filed by Valley National Bancorp (VLY) on Thursday, January 27, 2011 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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