Valley National Bancorp VLY Income Statement

Valley national bancorp (VLY)

Income statement / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Sep'09	Jun'09
Interest Income
Interest and fees on loans
1,243,699	1,198,908	1,166,442	1,133,928	1,084,684	1,033,993	943,683	863,677	797,707	734,474	716,173	701,452	689,158	680,876	674,052	660,050	648,788	633,199	616,083	594,050	572,224	552,821	538,701	537,753	535,381	537,301	544,538	556,389	566,235	581,696	576,638	570,930	562,202	547,365	542,488	539,927	541,263	543,009	549,037	552,653	0	0	0
Interest and dividends on investment securities:
Taxable
85,983	86,926	89,565	89,126	88,859	87,306	83,144	79,704	76,410	72,676	70,095	66,405	61,733	58,143	55,224	53,140	51,117	52,050	54,472	57,458	60,934	62,458	62,837	62,143	59,359	57,392	55,954	57,247	62,436	68,698	77,993	88,812	99,300	108,129	111,466	113,275	115,486	115,593	121,531	127,317	0	0	0
Tax-exempt
16,542	17,420	18,500	19,304	20,587	21,504	20,056	18,785	17,089	15,399	15,816	16,087	15,878	15,537	15,215	14,785	14,646	14,568	14,450	14,504	14,609	14,683	14,571	14,490	14,463	14,426	14,275	14,133	13,687	13,157	13,000	12,685	11,887	11,273	10,523	10,157	10,325	10,366	10,300	9,946	0	0	0
Dividends
12,250	12,023	12,701	13,511	14,444	13,209	12,515	11,191	9,600	9,812	8,743	7,698	6,877	6,206	5,952	5,998	6,298	6,557	6,583	6,447	6,221	6,272	6,241	6,236	6,350	6,240	6,517	6,866	7,036	7,107	6,734	6,433	6,350	6,655	7,487	7,601	7,291	7,428	7,646	8,676	0	0	0
Interest on federal funds sold and other short-term investments
6,095	5,723	4,613	3,732	3,403	3,236	3,207	2,948	2,388	1,793	1,436	1,083	1,100	1,126	979	936	786	649	783	681	562	369	226	274	549	738	867	967	696	535	431	345	402	402	378	329	317	416	489	646	0	0	0
Total interest income
1,364,569	1,321,000	1,291,821	1,259,601	1,211,977	1,159,248	1,062,605	976,305	903,194	834,154	812,263	792,725	774,746	761,888	751,422	734,909	721,635	707,023	692,371	673,140	654,550	636,603	622,576	620,896	616,102	616,097	622,151	635,602	650,090	671,193	674,796	679,205	680,141	673,824	672,342	671,289	674,682	676,812	689,003	699,238	0	0	0
Interest on deposits:
Savings, NOW and money market
143,407	145,177	142,793	135,624	122,360	108,394	92,610	79,476	67,434	55,300	48,956	43,480	40,727	39,787	36,700	32,122	28,072	24,824	23,493	22,766	21,385	19,671	18,104	17,603	17,442	17,863	18,425	19,117	19,438	20,090	20,249	20,159	20,551	19,876	19,464	19,214	18,945	19,126	21,022	22,107	0	0	0
Time
171,336	166,693	151,949	129,210	105,514	81,959	63,335	54,078	47,609	42,546	40,126	38,686	37,743	37,775	38,015	38,138	37,043	35,432	33,323	30,769	29,324	27,882	26,940	27,238	28,349	29,928	31,963	33,910	35,392	37,466	39,772	42,970	46,310	48,291	49,453	50,262	52,366	55,798	63,384	76,257	0	0	0
Interest on short-term borrowings
40,020	47,862	54,454	56,694	52,747	45,930	35,294	25,262	19,865	18,034	18,063	16,447	14,051	12,022	9,029	5,610	2,697	919	559	651	748	972	1,052	928	764	590	587	1,049	1,278	1,387	1,422	1,159	1,066	1,154	1,260	1,301	1,355	1,345	1,482	1,727	0	0	0
Interest on long-term borrowings and junior subordinated debentures
65,067	63,220	61,065	60,338	63,103	65,762	66,802	65,780	62,509	58,227	55,125	53,918	55,396	59,190	65,878	77,425	87,487	95,579	104,127	107,377	110,274	113,321	114,241	115,887	117,839	119,996	121,055	121,252	121,524	122,369	123,687	125,138	126,836	129,692	132,527	135,075	137,223	137,791	138,436	139,089	0	0	0
Total interest expense
419,830	422,952	410,261	381,866	343,724	302,045	258,041	224,596	197,417	174,107	162,270	152,531	147,917	148,774	149,622	153,295	155,299	156,754	161,502	161,563	161,731	161,846	160,337	161,656	164,394	168,377	172,030	175,328	177,632	181,312	185,130	189,426	194,763	199,013	202,704	205,852	209,889	214,060	224,324	239,180	0	0	0
Net Interest Income
944,739	898,048	881,560	877,735	868,253	857,203	804,564	751,709	705,777	660,047	649,993	640,194	626,829	613,114	601,800	581,614	566,336	550,269	530,869	511,577	492,819	474,757	462,239	459,240	451,708	447,720	450,121	460,274	472,458	489,881	489,666	489,779	485,378	474,811	469,638	465,437	464,793	462,752	464,679	460,058	0	0	0
Provision for credit losses for held to maturity securities
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Allowance For Credit Loss, Expense (Reversal)
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provision for credit losses
-	-	26,659	24,511	-	32,501	26,842	21,930	18,420	9,942	11,542	15,742	13,539	11,869	11,576	5,830	8,901	8,101	8,574	8,057	-2,114	1,884	4,344	10,101	18,324	16,095	14,855	16,771	21,624	25,552	35,716	36,249	34,870	53,335	53,070	54,595	61,007	49,456	47,079	50,835	0	0	0
Net Interest Income After Provision for Credit Losses
893,838	873,830	854,901	853,224	838,700	824,702	777,722	729,779	687,357	650,105	638,451	624,452	613,290	601,245	590,224	575,784	557,435	542,168	522,295	503,520	494,933	472,873	457,895	449,139	433,384	431,625	435,266	443,503	450,834	464,329	453,950	453,530	450,508	421,476	416,568	410,842	403,786	413,296	417,600	409,223	0	0	0
Non-Interest Income
Insurance commissions
9,835	10,409	11,642	12,540	13,917	15,213	15,711	16,584	16,916	18,156	18,911	18,972	19,459	19,106	18,912	18,451	17,736	17,233	16,686	16,199	16,560	16,853	16,252	16,844	16,415	15,907	15,823	14,827	14,048	15,494	16,078	16,266	16,640	15,627	14,413	13,558	12,561	11,334	10,921	10,937	0	0	0
Debt and Equity Securities, Gain (Loss)
-158	-150	-1,576	-1,562	-1,609	-2,342	-905	-820	-762	-20	524	508	483	777	264	431	342	2,487	3,124	3,070	3,169	745	10,772	10,678	10,712	14,678	4,052	5,539	6,702	2,587	14,577	13,944	29,232	32,068	27,001	26,250	13,414	11,598	4,626	4,802	0	0	0
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings
-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Portion recognized in other comprehensive income (before taxes)
-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-22,807	825	825	2,874	3,249	3,992	6,426	0	0	0
Other than Temporary Impairment Losses, Investments
-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	42,775	0	0	0	1,393	1,393	0	0	-	0
Fees from loan servicing
10,112	9,794	9,738	9,848	9,526	9,319	8,684	8,006	7,792	7,384	7,229	6,932	6,662	6,441	6,446	6,551	6,632	6,641	6,699	6,802	6,946	7,013	7,193	7,238	7,173	7,020	6,451	5,773	5,201	4,843	4,462	4,278	4,299	4,337	4,641	4,839	4,880	4,919	4,850	4,856	0	0	0
Net impairment losses on securities recognized in earnings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	19,968	825	825	2,874	4,642	5,385	7,819	0	0	0
Trading (losses) gains, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,925	-300	1,579	2,793	-212	558	-2,099	2,271	1,032	-2,371	-485	-6,897	-8,293	-24,297	0	0	0
Gain (Loss) on Sales of Loans, Net
18,888	18,914	16,072	14,626	18,338	20,515	24,518	26,290	23,439	20,814	26,746	26,049	24,363	22,030	10,934	8,125	5,442	4,245	3,268	1,159	1,416	1,731	3,037	5,861	19,548	33,695	47,791	70,117	58,892	46,998	34,001	11,836	10,256	10,699	15,564	14,222	13,680	12,591	7,786	8,670	0	0	0
Gain (Loss) on Disposition of Assets
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gains (losses) on sales of assets, net
-	-	76,717	74,977	-	-2,401	0	0	0	-	-	-	-	-	-	-	-	-	17,799	18,440	18,516	18,087	11,758	10,665	11,067	10,947	-1,412	-207	-629	-329	527	511	401	426	619	518	590	619	510	607	0	0	0
Bank Owned Life Insurance Income
9,487	8,232	8,510	8,368	8,815	8,691	8,593	7,589	6,638	7,338	6,935	7,077	7,194	6,694	7,091	7,214	7,014	6,815	6,987	6,752	6,748	6,392	6,237	6,219	6,029	5,962	5,908	6,029	6,237	6,855	7,070	7,385	7,633	7,380	6,733	6,441	6,329	6,166	6,429	6,129	0	0	0
Other
65,706	55,634	56,729	46,383	47,297	45,607	36,643	32,775	28,836	25,062	26,003	25,395	22,710	21,988	16,545	16,299	14,845	15,185	15,935	15,264	14,930	15,304	14,808	15,745	17,026	16,146	14,566	14,554	21,019	21,969	23,137	22,134	15,628	15,921	16,167	17,154	16,959	16,015	17,194	17,373	0	0	0
Change in FDIC loss-share receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-12,562	-16,330	-24,636	-20,792	-12,857	-11,039	-5,328	-8,427	-7,137	-5,522	-10,544	-7,459	-6,088	-7,275	-2,922	13,403	0	0	0	-	-	-	-	-	-
Total non-interest income
148,244	214,520	211,120	199,008	209,474	134,052	129,517	127,476	118,237	111,706	119,242	117,098	112,532	108,260	94,603	90,669	86,605	83,802	89,327	83,189	75,523	77,616	90,126	97,735	118,095	128,653	120,405	138,511	129,647	120,946	100,893	80,600	90,105	112,297	134,371	131,496	120,437	91,327	72,559	54,842	0	0	0
Non-Interest Expense
Salary and employee benefits expense
330,054	327,431	317,361	320,868	323,629	333,816	317,574	306,082	290,702	263,337	267,561	256,382	248,890	243,222	230,602	226,810	225,312	221,765	218,407	209,593	202,113	193,489	189,354	191,287	191,926	194,410	194,200	196,033	199,514	199,968	194,455	190,313	183,208	176,307	178,691	177,132	175,958	176,106	171,264	0	0	0	-
Salary expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Employee benefit expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Net occupancy and equipment expense
122,746	118,191	114,432	111,524	108,725	108,763	104,963	101,424	97,132	92,243	89,925	87,827	87,386	87,140	90,278	91,146	91,110	90,521	84,642	80,127	75,968	74,492	71,844	73,263	73,469	71,634	75,012	74,048	72,772	71,245	69,754	67,944	66,508	66,332	64,810	64,395	65,016	63,771	61,722	60,825	0	0	0
FDIC insurance assessment
19,465	21,710	23,453	25,776	28,889	28,266	26,126	23,308	20,192	19,821	19,760	19,961	20,128	20,100	19,893	19,257	18,174	16,867	15,809	15,175	14,556	14,051	14,145	14,520	16,701	16,767	16,386	16,392	14,026	14,292	13,877	12,955	13,049	12,759	12,870	13,374	13,615	13,719	13,828	20,610	0	0	0
Amortization of other intangible assets
19,280	18,080	18,023	18,023	18,423	18,416	16,011	13,811	11,773	10,016	10,473	10,648	11,014	11,327	10,900	10,457	9,625	9,169	9,742	9,711	9,961	9,919	9,362	9,425	9,006	8,258	8,391	8,823	9,428	9,783	9,392	10,047	9,311	9,315	8,083	7,334	7,983	7,721	8,457	6,866	0	0	0
Professional and legal fees
21,626	20,810	20,405	21,173	22,365	34,141	34,749	39,221	38,186	25,834	24,464	17,385	18,555	17,755	20,300	20,912	19,499	18,945	17,231	16,197	16,522	16,859	15,873	16,376	16,277	16,491	16,854	16,213	15,273	15,005	15,293	15,488	15,163	15,312	13,404	12,198	11,791	10,137	9,248	8,935	0	0	0
Gain (Loss) on Extinguishment of Debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of tax credit investments
16,447	20,392	25,465	26,492	26,099	24,200	35,458	38,435	41,697	41,747	34,829	32,890	32,804	34,744	34,441	33,215	30,080	27,312	24,279	23,685	24,976	24,196	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Advertising
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	6,706	7,226	7,217	7,103	7,255	7,717	8,579	8,373	7,573	6,214	4,622	4,052	3,550	3,046	0	0	0
Telecommunication expense
9,902	9,883	9,483	10,112	10,776	12,102	12,027	11,164	10,856	9,921	10,712	10,707	10,294	10,021	9,297	8,888	8,639	8,259	7,723	7,316	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
67,942	63,063	60,538	60,993	64,187	69,357	64,742	59,088	51,335	46,154	39,863	42,488	49,781	51,816	59,349	59,759	55,614	55,108	58,192	55,462	52,664	53,124	40,935	46,280	50,893	52,583	59,163	56,735	53,404	53,347	55,596	53,241	53,457	50,158	49,194	47,623	46,178	44,182	43,097	43,010	0	0	0
Total non-interest expense
639,416	631,555	589,121	594,925	603,104	629,061	611,666	592,550	561,873	509,073	497,585	478,288	478,852	476,125	526,189	521,573	509,182	499,075	445,449	428,333	415,274	403,255	378,080	381,005	381,998	381,338	380,869	379,627	375,791	374,900	365,622	357,705	349,275	338,556	334,625	328,270	325,163	319,688	311,166	310,325	0	0	0
Income Before Income Taxes
402,666	456,795	476,900	457,307	445,070	329,693	295,573	264,705	243,721	252,738	260,108	263,262	246,970	233,380	158,638	144,880	134,858	126,895	166,173	158,376	155,182	147,234	169,941	165,869	169,481	178,940	174,802	202,387	204,690	210,375	189,221	176,425	191,338	195,217	216,314	214,068	199,060	184,935	178,993	153,740	0	0	0
Income tax expense
118,935	147,002	128,109	120,848	112,277	68,265	85,149	84,191	85,944	90,831	74,209	74,170	68,916	65,234	35,911	29,041	26,055	23,938	42,752	43,227	42,504	31,062	39,296	35,785	34,995	46,979	45,620	60,879	64,284	66,748	58,748	50,042	60,881	62,706	70,484	70,956	59,832	54,929	54,399	46,788	0	0	0
Net Income (Loss) Attributable to Parent
283,731	309,793	348,791	336,459	332,793	261,428	210,424	180,514	157,777	161,907	185,899	189,092	178,054	168,146	122,727	115,839	108,803	102,957	123,421	115,149	112,678	116,172	130,645	130,084	134,486	131,961	129,182	141,508	140,406	143,627	130,473	126,383	130,457	132,511	145,830	143,112	139,228	130,006	124,594	106,952	0	0	0
Dividends on preferred stock
12,688	12,688	12,688	12,688	12,688	12,688	12,688	12,199	10,824	9,449	8,074	7,188	7,188	7,188	7,187	7,407	5,610	3,813	2,017	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Net Income (Loss) Available to Common Stockholders, Basic
271,043	297,105	336,103	323,771	320,105	248,740	197,736	168,315	146,953	152,458	177,825	181,904	170,866	160,958	115,540	108,432	103,193	99,144	123,951	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Earnings Per Share [Abstract]
Basic (usd per share)
0.21	0.09	0.24	0.22	0.33	0.22	0.20	0.21	0.12	0.09	0.14	0.18	0.17	0.18	0.16	0.15	0.14	0.00	0.15	0.14	0.13	0.10	0.14	0.15	0.17	0.19	0.14	0.17	0.16	0.18	0.20	0.17	0.18	0.12	0.20	0.21	0.21	0.18	0.19	0.20	0.16	0.17	0.06
Diluted (usd per share)
0.21	0.08	0.24	0.22	0.33	0.22	0.20	0.21	0.12	0.09	0.14	0.18	0.17	0.18	0.16	0.15	0.14	0.00	0.15	0.14	0.13	0.10	0.14	0.15	0.17	0.19	0.14	0.17	0.16	0.18	0.20	0.17	0.18	0.12	0.20	0.21	0.21	0.18	0.19	0.20	0.16	0.17	0.06
Common Stock, Dividends, Per Share, Declared
0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.12	0.16	0.16	0.16	0.17	0.16	0.16	0.16	0.18	0.16	0.16	0.16	0.15	0.17	0.17	0.17	0.18	0.18
Weighted Average Number of Common Shares Outstanding:
Weighted Average Number of Shares Outstanding, Basic
403,519	356,021	331,797	331,748	331,601	331,503	331,486	331,318	330,727	264,339	264,058	263,958	263,797	256,435	254,473	254,381	254,075	239,981	232,737	232,565	232,338	221,650	200,614	200,472	200,128	199,622	199,445	199,244	198,924	197,801	197,437	197,246	196,930	-177,978,484	178,507	178,335,522	178,154	203,255	169,177	169,009	168,831	152,305	148,894
Weighted Average Number of Shares Outstanding, Diluted
405,424	361,271	333,405	332,959	332,834	332,413	333,000	332,895	332,465	265,295	264,936	264,778	264,546	257,014	254,940	254,771	254,347	240,039	232,780	232,586	232,341	221,650	200,614	200,472	200,128	199,622	199,445	199,244	198,924	197,767	197,437	197,250	196,961	-177,988,524	178,508	178,345,558	178,162	203,284	169,178	169,013	168,834	152,305	148,895
Trust and investment services
Revenue from contracts with customer
13,155	12,646	12,294	12,141	12,307	12,633	12,567	12,486	12,024	11,538	11,339	10,905	10,649	10,345	10,112	9,934	9,966	10,020	9,935	9,896	9,564	9,512	9,335	9,062	9,075	8,610	8,357	8,166	7,893	7,690	7,484	7,306	7,274	7,523	7,657	7,818	7,813	7,665	7,563	7,225	0	0	0
Service charges on deposit accounts
Revenue from contracts with customer
23,413	23,636	23,922	24,615	25,467	26,817	25,922	24,883	23,546	21,529	21,555	21,260	21,012	20,879	20,842	20,820	20,989	21,176	21,456	21,937	22,310	22,771	23,350	23,990	24,176	24,115	24,081	24,232	24,496	24,752	24,247	23,350	22,906	22,610	23,112	24,058	25,067	25,691	26,358	26,359	0	0	0