Valley National Bancorp Reports a 19 Percent Increase in Third Quarter Net Income, Strong Commercial Loan Growth and Maintains Net Interest Margin

WAYNE, N.J., Oct. 26, 2016 /PRNewswire/ -- Valley National Bancorp (NYSE: VLY), the holding company for Valley National Bank, today reported net income for the third quarter of 2016 of $42.8 million, or $0.16 per diluted common share as compared to the third quarter of 2015 earnings of $36.0 million, or $0.15 per diluted common share and net income of $39.0 million, or $0.15 per diluted common share, for the second quarter of 2016. 

Key financial highlights for the third quarter:

• Net Interest Income and Margin: Net interest income on a tax equivalent basis of $156.3 million for the third quarter of 2016 increased $2.8 million as compared to the second quarter of 2016 and increased $20.4 million as compared to the third quarter of 2015. Our net interest margin on a tax equivalent basis of 3.14 percent for the third quarter of 2016 was unchanged from the second quarter of 2016, and increased by 5 basis points as compared to the third quarter of 2015.  The increase in net interest income for the third quarter of 2016 as compared to the linked second quarter was mainly driven by the solid loan growth during the first nine months of 2016 combined with a reduction in our cost of funds largely related to the debt modification in August 2016. See the "Net Interest Income and Margin" section below for more details.

• Loan Portfolio: Loans increased by $135.0 million, or 3.3 percent on an annualized basis, to $16.6 billion at September 30, 2016 from June 30, 2016 largely due to a $328.8 million net increase in total commercial real estate loans. The overall loan growth was partially offset by a decrease of $229.2 million in residential mortgage loans caused, in part, by the transfer of $174.5 million of performing 30-year fixed rate mortgages to loans held for sale during the third quarter of 2016.  The transfer was the result of our continuous efforts to effectively manage the level of interest rate risk on our balance sheet.  The sale of these loans is expected to be completed during the fourth quarter of 2016 and result in a pre-tax gain of approximately $7 million. We also originated for sale $171.9 million of residential mortgage loans during the third quarter. Total new organic loan originations, excluding new lines of credit and purchased loans, totaled over $900 million mostly in the commercial loan categories during the third quarter of 2016. See additional information under the "Loans, Deposits and Other Borrowings" section below.

• Debt Modification: In August 2016, we elected to prepay $405 million of FHLB borrowings with various maturity dates in 2018. The prepaid borrowings with a total average cost of 3.69 percent were funded with a new fixed-rate five-year FHLB advance totaling $405 million.  The transaction was accounted for as a debt modification under U.S. GAAP.  As a result, the new advance has an adjusted annual interest rate of 2.51 percent, after amortization of prepayment penalties totaling $20.0 million paid to the FHLB.

• Asset Quality: Non-performing assets (including non-accrual loans) decreased by 16.7 percent to $51.0 million at September 30, 2016 as compared to $61.3 million at June 30, 2016 due, in part, to a few large non-accrual loan payoffs during the third quarter of 2016. Total accruing past due and non-accrual loans as a percentage of our entire loan portfolio of $16.6 billion also decreased to 0.47 percent at September 30, 2016 from 0.49 percent at June 30, 2016. 

• Provision for Credit Losses: During the third quarter of 2016, we recorded a $5.8 million provision for credit losses as compared to a provision of $1.4 million and $94 thousand for the second quarter of 2016 and third quarter of 2015, respectively. For the third quarter of 2016, we recognized net loan charge-offs totaling $3.3 million as compared to net recoveries totaling $1.3 million and $1.7 million for the second quarter of 2016 and third quarter of 2015, respectively.  The increase in net loan charge-offs was largely due to $3.7 million of charge-offs related to one impaired commercial and industrial loan relationship at September 30, 2016. See further details under the "Credit Quality" section below.

• Non-Interest Income: Non-interest income increased $589 thousand, or 2.4 percent, to $24.9 million for the third quarter of 2016 from $24.3 million for the second quarter of 2016 due, in part, to a $1.7 million increase in net gains on sales of residential mortgage loans caused by strong refinanced loan volumes.  The increase was partially offset by declines in net gains on the sales of assets and non-interest income related to changes in our FDIC loss-share receivable as compared to the second quarter of 2016.

• Non-Interest Expense: Non-interest expense decreased $6.5 million, or 5.5 percent, to $113.3 million for the third quarter of 2016 from $119.8 million for the second quarter of 2016 largely due to periodic decreases in net occupancy and equipment expense; professional and legal fees; other operating losses; amortization of tax credit investments; and advertising expense totaling $1.5 million, $1.4 million, $1.3 million, $1.2 million and $1.1 million, respectively.  These items, and moderate decreases in several other categories, were partially offset by a $2.0 million increase in our salary and employee benefit expense largely driven by higher cash incentive compensation accruals as compared to the second quarter of 2016.

• Branch Efficiency Plan: Under a plan first implemented in 2015, we have currently closed 31 branches based upon our continuous evaluation of customer delivery channel preferences, branch usage patterns, and other factors.  Of the 31 branches, 30 branches were closed as of September 30, 2016 (including 3 branches closed during the third quarter of 2016 and 13 branches closed in the second quarter of 2016). The remaining branch, located in Sebastian, Florida, was sold with its deposits totaling approximately $13.6 million to another financial institution during October 2016.  The transaction is expected to result in an immaterial gain for the fourth quarter of 2016.

• Income Tax Expense: Income tax expense totaled $17.0 million for the third quarter of 2016 and remained relatively stable as a percentage of pre-tax income as compared to the linked quarter.  Our effective tax rate was 28.5 percent, 28.4 percent, and 22.1 percent for the third quarter of 2016, second quarter of 2016, and third quarter of 2015, respectively.  For the remainder of 2016, we anticipate that our effective tax rate will range from 27 percent to 30 percent primarily reflecting the impacts of tax-exempt income, tax-advantaged investments and general business credits.

• Capital Strength: Valley's regulatory capital ratios continue to reflect its strong capital position. Valley's total risk-based capital, Tier 1 capital, Tier 1 leverage capital, and Tier 1 common capital ratios were 11.64 percent, 9.36 percent, 7.35 percent and 8.73 percent, respectively, at September 30, 2016.

Gerald H. Lipkin, Chairman, President and CEO commented that, "We are pleased with our earnings performance in the third quarter of 2016 which reflected a 10.2 percent increase in net income available to common shareholders as compared to the second quarter of 2016. Our net income for the third quarter benefited from the linked quarter growth in our net interest income largely driven by our strong loan volumes originated for investment over the last six months and our continued efforts to reduce our overall cost of funds.  We also remain focused on the containment and reduction of operating expenses whenever possible, while prudently managing the increased regulatory burdens within today's banking environment."  Mr. Lipkin added, "The credit quality of our balance sheet continues to be healthy, as reflected by loan delinquencies totaling only 0.47 percent of loans at September 30, 2016 and relatively modest loan charge-offs through the first nine months of 2016. Despite the uncertainty in the U.S. economic and political environments, we remain optimistic about the current level of lending demand and our team's ability to execute on lending and other bank service opportunities in our markets." 

Net Interest Income and Margin

Net interest income on a tax equivalent basis totaling $156.3 million for the third quarter of 2016 increased $2.8 million and $20.4 million from the second quarter of 2016 and third quarter of 2015, respectively.  Interest income on a tax equivalent basis increased $2.3 million to $193.4 million for the third quarter of 2016 as compared to the second quarter of 2016 mainly due to increases of $317.8 million and $140.3 million in average loans and investments, respectively, partially offset by a 4 basis point decline in the yield on average loans.  The decrease in yield on average loans for the third quarter of 2016 as compared to the linked second quarter was due, in part, to a decline in periodic interest income recoveries from non-performing loans, including closed purchased credit-impaired (PCI) loan pools, as well as a moderate decrease in loan prepayment penalty fees.  Interest expense of $37.1 million for the three months ended September 30, 2016 decreased $516 thousand from the second quarter of 2016, and decreased $3.7 million as compared to the third quarter of 2015.  During third quarter of 2016, our interest expense on long-term borrowings declined by approximately $1.3 million largely due to the $405 million in FHLB borrowings modified at lower interest rates during August 2016, as well as the maturity of $27 million and $75 million of high cost FHLB borrowings in late April and July 2016, respectively.  The reduction in interest expense from the FHLB modifications and repayments was partially offset by higher interest expense on short-term borrowings and interest bearing deposits, which was mostly caused by increases of $221.2 million and $152.2 million in their respective average balances during the third quarter of 2016.  The  average short-term borrowings increased due to new short-term FHLB borrowings used to fund certain maturities of long-term borrowings over the last six months, while average interest bearing deposits increased, in part, due to higher brokered money market deposit account balances.

The net interest margin on a tax equivalent basis of 3.14 percent for the third quarter of 2016 was unchanged from the second quarter of 2016, and increased 5 basis points as compared to the third quarter of 2015. The yield on average interest earning assets decreased by 2 basis points on a linked quarter basis mostly due to the lower yield on average loans. The yield on average loans decreased 4 basis points to 4.13 percent for the  third quarter of 2016 and was negatively impacted by the aforementioned decreases in periodic interest income and fees as compared to the second quarter of 2016.  Our yield on average taxable investment securities decreased by 6 basis points during the third quarter of 2016 as compared to the second quarter of 2016 largely due to increased premium amortization expense caused by higher principal repayments on residential mortgage-backed securities, as well as the purchases of lower yielding residential mortgage-backed securities issued by Ginnie Mae.  The overall cost of average interest bearing liabilities decreased by 3 basis points from 1.05 percent in the linked second quarter of 2016.  The decrease was primarily due to a 9 basis point decrease in the cost of long-term borrowings mostly caused by the aforementioned debt modification.  Our cost of total deposits was 0.47 percent for the third quarter of 2016 and remained unchanged as compared to the second quarter of 2016. 

Loans, Deposits and Other Borrowings

Loans. Loans increased $135.0 million, or 3.3 percent on an annualized basis, to approximately $16.6 billion at September 30, 2016 from June 30, 2016, net of $174.5 million in performing residential mortgage loans transferred to loans held for sale during the third quarter and a $118.3 million decline in the PCI loan portion of the portfolio. The decline in PCI loans was primarily due to larger loan repayments, of which some resulted from continued efforts by management to encourage borrower prepayment.  During the third quarter of 2016, Valley also originated $171.9 million of residential mortgage loans for sale rather than investment.  Loans held for sale totaled $202.4 million and $4.5 million at September 30, 2016 and June 30, 2016, respectively.  See additional information regarding our residential mortgage loan activities below.  

Total commercial and industrial loans increased $30.2 million, or 4.8 percent on an annualized basis, from June 30, 2016 to approximately $2.6 billion at September 30, 2016, despite a $35.4 million decline in the PCI loan portion of the portfolio during the third quarter of 2016. Exclusive of the decline in PCI loans, the non-PCI commercial and industrial loan portfolio increased by approximately 11.9 percent on an annualized basis to $2.3 billion at September 30, 2016 from June 30, 2016. This growth was partially driven by a few new organic customer relationships originated during the third quarter of 2016. In addition to the PCI loan repayments, the level of loan growth within this portfolio continues to be challenged by strong market competition for both new and existing commercial loan borrowers within our primary markets, and relatively stable levels of line of credit usage by our customer base during 2016.

Commercial real estate loans (excluding construction loans) increased $295.1 million from June 30, 2016 to $8.3 billion at September 30, 2016 mainly due to a $356.2 million, or 20.9 percent on an annualized basis, increase in the non-PCI loan portfolio. The increase in non-PCI loans was primarily due to solid organic loan volumes in New York and New Jersey, as well as approximately $99 million of participations in multi-family loans (mostly in New York City) purchased in September 2016. The purchased participation loans are seasoned loans with expected shorter durations. Each purchased participation loan was stress-tested by Valley under its normal underwriting criteria to further satisfy ourselves as to their credit quality. The organic loan volumes generated across a broad based segment of borrowers within the commercial real estate portfolio were partially offset by a $61.1 million decline in the acquired PCI loan portion of the portfolio.  Construction loans increased $33.7 million, or 17.5 percent on an annualized basis, to $802.6 million at September 30, 2016 from June 30, 2016.  The increase was mostly due to advances on existing construction projects.

Total residential mortgage loans decreased $229.2 million, or approximately 30.0 percent on an annualized basis, to approximately $2.8 billion at September 30, 2016 from June 30, 2016 mostly due to the aforementioned transfer of $174.5 million in mortgage loans to loans held for sale, as well as a large percentage of new loans originated for sale rather than investment during the third quarter of 2016. Valley sold approximately $149.2 million of residential mortgage loans originated for sale (including $4.5 million of loans held for sale at June 30, 2016) during the third quarter of 2016. New and refinanced residential mortgage loan originations totaled approximately $258.3 million for the third quarter of 2016 as compared to $177.7 million and $115.1 million for the second quarter of 2016 and third quarter of 2015, respectively.  Of the $258.3 million in total originations, $18.1 million, or 7.0 percent, represented new Florida residential mortgage loans.

Automobile loans decreased by $20.2 million, or 7.1 percent on an annualized basis, to $1.1 billion at September 30, 2016 as compared to June 30, 2016 as our new indirect auto loan volumes continued to not keep pace with the normal portfolio repayment activity in the third quarter of 2016. The decline in indirect auto originations during the first nine months of 2016 was largely caused by current market loan pricing and fee constraints resulting from new regulatory lending guidance.  During the third quarter of 2016, management implemented various strategies to enhance new auto volumes, including new technology to improve the decision-making process for our auto dealer network.  These enhancements and continued growth in our relatively new Florida markets led to much improved new loan volumes as compared to the linked second quarter of 2016.  While we're optimistic that this positive trend in new loan production will continue into the fourth quarter of 2016, we can provide no assurance that our auto loans will not continue to decline in future periods. 

Other consumer loans increased $34.3 million, or 27.4 percent on an annualized basis, to $534.2 million at September 30, 2016 as compared to $499.9 million at June 30, 2016 mainly due to continued growth and customer usage of collateralized personal lines of credit.  Home equity loans totaling $476.8 million at September 30, 2016 decreased by $8.9 million as compared to June 30, 2016 mostly due to normal repayment activity largely within the PCI loan portion of the portfolio.  New home equity loan volumes and customer usage of existing home equity lines of credit continue to be weak, despite the relatively favorable low interest rate environment.

Deposits. Total deposits increased $616.1 million, or 3.8 percent, to approximately $17.0 billion at September 30, 2016 from June 30, 2016 mostly due to an increased use of low-cost brokered money market deposit account balances as part of our current funding strategy, as well as new promotional retail certificates of deposit. Non-interest bearing deposits; savings, NOW, money market deposits; and time deposits represented approximately 30 percent, 52 percent and 18 percent of total deposits as of September 30, 2016.  The composition of deposits based upon the period end balances remained relatively unchanged at September 30, 2016 as compared to June 30, 2016.

Other Borrowings. Short-term borrowings increased $21.5 million to $1.4 billion at September 30, 2016 as compared to June 30, 2016 largely due to $20 million of new FHLB advances.  Long-term borrowings decreased $94.7 million to $1.5 billion at September 30, 2016 as compared to June 30, 2016 primarily due to the maturity and repayment of $75 million in high cost FHLB advances during July 2016, as well the unamortized portion of the $20 million prepayment penalty related to the debt modification during the third quarter of 2016.  

Credit Quality

Non-Performing Assets. Our past due loans and non-accrual loans discussed further below exclude PCI loans. Under U.S. GAAP, the PCI loans (acquired at a discount that is due, in part, to credit quality) are accounted for on a pool basis and are not subject to delinquency classification in the same manner as loans originated by Valley.  At September 30, 2016, our PCI loan portfolio totaled $1.9 billion, or 11.2 percent of our total loan portfolio.

Total non-performing assets (NPAs), consisting of non-accrual loans, other real estate owned (OREO) properties, other repossessed assets, and non-accrual debt securities declined $10.2 million, or 16.7 percent, to $51.0 million at September 30, 2016 as compared to $61.3 million at June 30, 2016 due, in part, to strong collections within the non-accrual loan category during the third quarter of 2016.  As a result, non-accrual loans represented only 0.23 percent of total loans at September 30, 2016 as compared to 0.29 percent of total loans at June 30, 2016.

Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $5.9 million to $39.2 million, or 0.24 percent of total loans, at September 30, 2016 as compared to $33.3 million, or 0.20 percent of total loans, at June 30, 2016.  The increase was largely due to higher levels of commercial real estate loans in the 30 to 59 days and 60 to 89 day past due loan categories primarily driven by 3 new delinquent loan relationships. Additionally, the 90 or more days past due loan category included $1.9 million and $347 thousand of matured performing construction and commercial real estate loans in the normal process of renewal, respectively, at September 30, 2016.  Partially offsetting these increases, commercial and industrial loans past due 60 to 89 days declined $4.9 million to $788 thousand at September 30, 2016 from $5.7 million at June 30, 2016.  The decrease was mostly due to one loan relationship collateralized by Chicago taxi cab medallions totaling $5.2 million that was partially charged off by $3.7 million during the third quarter, and the adjusted carrying value of $1.5 million reclassified to non-accrual loans at September 30, 2016.  This impaired loan relationship is the only past due relationship in our entire taxi medallion loan portfolio totaling $152.0 million (including $19.2 million of contractual outstanding balances within our PCI loan portfolio). Of the $152.0 million taxi medallion loan portfolio, $141.0 million and $11.0 million represent New York City and Chicago taxi medallion loans, respectively. Valley's historical taxi medallion lending criteria has been conservative in regards to capping the loan amounts in relation to market valuations, as well as obtaining personal guarantees and other collateral whenever possible. We will continue to closely monitor this portfolio's performance and the potential impact of the changes in market valuations for taxi medallions due to relatively new competing services.  Overall, our credit quality metrics continued to reflect our solid underwriting standards at September 30, 2016, however we can provide no assurances as to the future level of our loan delinquencies.

Allowance for Credit Losses.

The following table summarizes the allocation of the allowance for credit losses to specific loan categories and the allocation as a percentage of each loan category (including PCI loans) at September 30, 2016, June 30, 2016, and September 30, 2015:

 

 

Our loan portfolio, totaling $16.6 billion at September 30, 2016, had net loan charge-offs of $3.3 million for the third quarter of 2016 as compared to net recoveries totaling $1.3 million and $1.7 million for the second quarter of 2016 and the third quarter of 2015, respectively.  The quarter over quarter increase in net loan charge-offs was largely due to the $3.7 million partial charge-off related to a Chicago taxi medallion relationship within the commercial and industrial loan portfolio. During the third quarter of 2016, we recorded a $5.8 million provision for credit losses as compared to a provision of $1.4 million and $94 thousand for the second quarter of 2016 and the third quarter of 2015, respectively.  The linked quarter over quarter increase in the provision was mostly due to longer estimated loss emergence periods for most of our commercial loan portfolios based upon our updated annual loss emergence study performed at September 30, 2016, as well as a moderate increase in allocated reserves for internally classified loans. 

The allowance for credit losses, comprised of our allowance for loan losses and reserve for unfunded letters of credit, as a percentage of total loans was 0.68 percent at September 30, 2016 as compared to 0.67 percent and 0.71 percent of total loans at June 30, 2016 and September 30, 2015, respectively.  At September 30, 2016, our allowance allocations for losses as a percentage of total loans remained relatively stable in several loan categories as compared to June 30, 2016, but increased for commercial and industrial loans due, in part, to the aforementioned increase in the loss emergence period and a higher level of net loan charge-offs and internally classified loans (including taxi medallion loans) at September 30, 2016.  The overall mix of these items, significant loan growth in the commercial real estate and other consumer loan categories of the portfolio, assumptions based on the current economic environment, as well as other qualitative factors, impacted our estimate of the allowance for credit losses at September 30, 2016.  

Our allowance for credit losses as a percentage of total non-PCI loans (excluding PCI loans with carrying values totaling approximately $1.9 billion) was 0.76 percent at both September 30, 2016 and June 30, 2016, as compared to 0.79 percent at September 30, 2015.  PCI loans, including all of the loans acquired from CNL Bancshares, Inc. (CNL) during the fourth quarter of 2015, are accounted for on a pool basis and initially recorded net of fair valuation discounts related to credit which may be used to absorb future losses on such loans before any allowance for loan losses is recognized subsequent to acquisition.  Due to the adequacy of such discounts, there were no allowance reserves related to PCI loans at September 30, 2016.

About Valley

Valley National Bancorp is a regional bank holding company headquartered in Wayne, New Jersey with  over $22 billion in assets. Its principal subsidiary, Valley National Bank, currently operates 209 branch locations serving northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn, Queens and Long Island, and Florida. Valley National Bank is one of the largest commercial banks headquartered in New Jersey and is committed to providing the most convenient service, the latest in product innovations and an experienced and knowledgeable staff with a high priority on friendly customer service 24 hours a day, 7 days a week. For more information about Valley National Bank and its products and services, please visit www.valleynationalbank.com or call Customer Service, 24/7 at 800-522-4100.

Forward Looking Statements

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by such forward-looking terminology as "should," "expect," "believe," "view," "opportunity," "allow," "continues," "reflects," "typically," "usually," "anticipate," or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

• weakness or a decline in the U.S. economy, in particular in New Jersey, New York Metropolitan area (including Long Island) and Florida;
• unexpected changes in market interest rates for interest earning assets and/or interest bearing liabilities;
• less than expected cost savings from the maturity, modification or prepayment of long-term borrowings that mature through 2022;
• further prepayment penalties related to the early extinguishment of high cost borrowings;
• less than expected cost savings in 2016 and 2017 from Valley's branch efficiency and cost reduction plans;
• lower than expected cash flows from purchased credit-impaired loans;
• claims and litigation pertaining to fiduciary responsibility, contractual issues, environmental laws and other matters;
• cyber attacks, computer viruses or other malware that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data, disable or degrade service, or sabotage our systems;
• results of examinations by the OCC, the FRB, the CFPB and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, require us to reimburse customers, change the way we do business, or limit or eliminate certain other banking activities;
• government intervention in the U.S. financial system and the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve;
• our inability to pay dividends at current levels, or at all, because of inadequate future earnings, regulatory restrictions or limitations, and changes in the composition of qualifying regulatory capital and minimum capital requirements (including those resulting from the U.S. implementation of Basel III requirements);
• higher than expected loan losses within one or more segments of our loan portfolio;
• unexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, changes in regulatory lending guidance or other factors;
• unanticipated credit deterioration in our loan portfolio;
• unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather or other external events;
• an unexpected decline in real estate values within our market areas;
• changes in accounting policies or accounting standards, including the potential issuance of new authoritative accounting guidance which may increase the required level of our allowance for credit losses;
• higher than expected income tax expense or tax rates, including increases resulting from changes in tax laws, regulations and case law;
• higher than expected FDIC insurance assessments;
• the failure of other financial institutions with whom we have trading, clearing, counterparty and other financial relationships;
• lack of liquidity to fund our various cash obligations;
• unanticipated reduction in our deposit base;
• potential acquisitions that may disrupt our business;
• declines in value in our investment portfolio, including additional other-than-temporary impairment charges on our investment securities;
• future goodwill impairment due to changes in our business, changes in market conditions, or other factors;
• legislative and regulatory actions (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulations) subject us to additional regulatory oversight which may result in higher compliance costs and/or require us to change our business model;
• our inability to promptly adapt to technological changes;
• our internal controls and procedures may not be adequate to prevent losses;
• the inability to realize expected revenue synergies from the CNL merger in the amounts or in the timeframe anticipated;
• inability to retain customers and employees, including those of CNL; and
• other unexpected material adverse changes in our operations or earnings.

A detailed discussion of factors that could affect our results is included in our SEC filings, including the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2015.

We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations.  Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.  

 

 

 

 

 

 

VALLEY NATIONAL BANCORP CONSOLIDATED FINANCIAL HIGHLIGHTS

NOTES TO SELECTED FINANCIAL DATA

 

 

 

 

 

 

 

 

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