Valley National Bancorp VLYPP Income Statement

Valley national bancorp (VLYPP)

Income statement / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08
Interest Income
Interest and fees on loans
1,198,908	1,033,993	734,474	680,876	633,199	552,821	537,301	581,696	547,365	543,009	561,252	572,918
Interest and dividends on investment securities:
Taxable
86,926	87,306	72,676	58,143	52,050	62,458	57,392	68,698	108,129	115,593	131,792	137,763
Tax-exempt
17,420	21,504	15,399	15,537	14,568	14,683	14,426	13,157	11,273	10,366	9,682	10,089
Dividends
12,023	13,209	9,812	6,206	6,557	6,272	6,240	7,107	6,655	7,428	8,513	6,734
Interest on federal funds sold and other short-term investments
5,723	3,236	1,793	1,126	649	369	738	535	402	416	945	2,190
Total interest income
1,321,000	1,159,248	834,154	761,888	707,023	636,603	616,097	671,193	673,824	676,812	712,184	729,694
Interest on deposits:
Savings, NOW and money market
145,177	108,394	55,300	39,787	24,824	19,671	17,863	20,090	19,876	19,126	24,894	45,961
Time
166,693	81,959	42,546	37,775	35,432	27,882	29,928	37,466	48,291	55,798	93,403	117,152
Interest on short-term borrowings
47,862	45,930	18,034	12,022	919	972	590	1,387	1,154	1,345	4,026	10,163
Interest on long-term borrowings and junior subordinated debentures
63,220	65,762	58,227	59,190	95,579	113,321	119,996	122,369	129,692	137,791	140,547	135,619
Total interest expense
422,952	302,045	174,107	148,774	156,754	161,846	168,377	181,312	199,013	214,060	262,870	308,895
Net Interest Income
898,048	857,203	660,047	613,114	550,269	474,757	447,720	489,881	474,811	462,752	449,314	420,799
Provision for credit losses
24,218	32,501	9,942	11,869	8,101	1,884	16,095	25,552	53,335	49,456	47,992	28,282
Net Interest Income After Provision for Credit Losses
873,830	824,702	650,105	601,245	542,168	472,873	431,625	464,329	421,476	413,296	401,322	392,517
Non-Interest Income
Insurance commissions
10,409	15,213	18,156	19,106	17,233	16,853	15,907	15,494	15,627	11,334	10,224	10,053
Debt and Equity Securities, Gain (Loss)
-150	-2,342	-20	777	2,487	745	14,678	2,587	32,068	11,598	8,005	5,020
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings
2,928	0	0	-	-	-	-	-	-	-	-	-
Portion recognized in other comprehensive income (before taxes)
0	0	0	-	-	-	-	5,247	-22,807	3,249	13	-
Other than Temporary Impairment Losses, Investments
2,928	0	0	-	-	-	-	0	42,775	1,393	6,339	84,835
Fees from loan servicing
9,794	9,319	7,384	6,441	6,641	7,013	7,020	4,843	4,337	4,919	4,839	5,236
Net impairment losses on securities recognized in earnings
-	-	-	-	-	-	-	5,247	19,968	4,642	6,352	84,835
Trading (losses) gains, net
-	-	-	-	-	-	-	2,793	2,271	-6,897	-10,434	3,166
Gain (Loss) on Sales of Loans, Net
18,914	20,515	20,814	22,030	4,245	1,731	33,695	46,998	10,699	12,591	8,937	1,274
Gains (losses) on sales of assets, net
78,333	-2,401	-95	-	-	18,087	10,947	-329	426	619	605	518
Bank Owned Life Insurance Income
8,232	8,691	7,338	6,694	6,815	6,392	5,962	6,855	7,380	6,166	5,700	10,167
Other
55,634	45,607	25,062	21,988	15,185	15,304	16,146	21,969	15,921	16,015	17,043	17,222
Change in FDIC loss-share receivable
-	-	-	-	-	-20,792	-8,427	-7,459	13,403	6,268	-	-
Total non-interest income
214,520	134,052	111,706	108,260	83,802	77,616	128,653	120,946	112,297	91,327	72,251	3,256
Non-Interest Expense
Salary and employee benefits expense
327,431	333,816	263,337	243,222	221,765	193,489	194,410	199,968	176,307	176,106	163,746	157,876
Net occupancy and equipment expense
118,191	108,763	92,243	87,140	90,521	74,492	71,634	71,245	66,332	63,771	58,974	54,042
FDIC insurance assessment
21,710	28,266	19,821	20,100	16,867	14,051	16,767	14,292	12,759	13,719	20,128	1,985
Amortization of other intangible assets
18,080	18,416	10,016	11,327	9,169	9,919	8,258	9,783	9,315	7,721	6,887	7,224
Professional and legal fees
20,810	34,141	25,834	17,755	18,945	16,859	16,491	15,005	15,312	10,137	7,907	8,241
Gain (Loss) on Extinguishment of Debt
-32,000	0	0	-	-51,129	-10,132	0	0	-	-	-	-
Amortization of tax credit investments
20,392	24,200	41,747	34,744	27,312	24,196	14,352	4,157	-	-	-	-
Advertising
-	-	-	-	-	-	-	7,103	8,373	4,052	3,372	2,697
Telecommunication expense
9,883	12,102	9,921	10,021	8,259	6,993	6,843	-	-	-	-	-
Other
63,063	69,357	46,154	51,816	55,108	53,124	52,583	53,347	50,158	44,182	45,014	53,183
Total non-interest expense
631,555	629,061	509,073	476,125	499,075	403,255	381,338	374,900	338,556	319,688	306,028	285,248
Income Before Income Taxes
456,795	329,693	252,738	233,380	126,895	147,234	178,940	210,375	195,217	184,935	167,545	110,525
Income tax expense
147,002	68,265	90,831	65,234	23,938	31,062	46,979	66,748	62,706	54,929	51,484	16,934
Net Income (Loss) Attributable to Parent
309,793	261,428	161,907	168,146	102,957	116,172	131,961	143,627	132,511	130,006	116,061	93,591
Dividends on preferred stock
12,688	12,688	9,449	7,188	3,813	0	0	-	-	-	19,524	2,090
Net Income (Loss) Available to Common Stockholders, Basic
297,105	248,740	152,458	160,958	99,144	116,172	131,961	-	-	-	96,537	91,501
Earnings Per Share [Abstract]
Basic (usd per share)
0.88	0.75	0.58	0.63	0.42	0.56	0.66	0.73	0.74	0.73	0.61	0.64
Diluted (usd per share)
0.87	0.75	0.58	0.63	0.42	0.56	0.66	0.73	0.74	0.73	0.61	0.64
Common Stock, Dividends, Per Share, Declared
0.44	0.44	0.44	0.44	0.44	0.44	0.60	0.65	0.66	0.66	0.69	0.72
Weighted Average Number of Common Shares Outstanding:
Weighted Average Number of Shares Outstanding, Basic
337,792	331,258	264,038	254,841	234,405	205,716	199,309	197,354	178,424	177,568	159,259	143,805
Weighted Average Number of Shares Outstanding, Diluted
340,117	332,693	264,889	255,268	234,437	205,716	199,309	197,354	178,426	177,577	159,260	143,884
Trust and investment services
Revenue from contracts with customer
12,646	12,633	11,538	10,345	10,020	9,512	8,610	7,690	7,523	7,665	6,906	7,161
Service charges on deposit accounts
Revenue from contracts with customer
23,636	26,817	21,529	20,879	21,176	22,771	24,115	24,752	22,610	25,691	26,778	28,274