Valley national bancorp (VLYPP)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Sep'09Jun'09
Interest Income
Interest and fees on loans

333,068

315,313

298,384

296,934

288,277

282,847

265,870

247,690

237,586

192,537

185,864

181,720

174,353

174,236

171,143

169,426

166,071

167,412

157,141

158,164

150,482

150,296

135,108

136,338

131,079

136,176

134,160

133,966

132,999

143,413

146,011

143,812

148,460

138,355

140,303

135,084

133,623

133,478

137,742

136,420

135,369

139,506

141,358

Interest and dividends on investment securities:
Taxable

21,933

19,760

21,801

22,489

22,876

22,399

21,362

22,222

21,323

18,237

17,922

18,928

17,589

15,656

14,232

14,256

13,999

12,737

12,148

12,233

14,932

15,159

15,134

15,709

16,456

15,538

14,440

12,925

14,489

14,100

15,733

18,114

20,751

23,395

26,552

28,602

29,580

26,732

28,361

30,813

29,687

32,670

34,147

Tax-exempt

3,926

4,041

4,219

4,356

4,804

5,121

5,023

5,639

5,721

3,673

3,752

3,943

4,031

4,090

4,023

3,734

3,690

3,768

3,593

3,595

3,612

3,650

3,647

3,700

3,686

3,538

3,566

3,673

3,649

3,387

3,424

3,227

3,119

3,230

3,109

2,429

2,505

2,480

2,743

2,597

2,546

2,414

2,389

Dividends

3,401

2,883

3,171

2,795

3,174

3,561

3,981

3,728

1,939

2,867

2,657

2,137

2,151

1,798

1,612

1,316

1,480

1,544

1,658

1,616

1,739

1,570

1,522

1,390

1,790

1,539

1,517

1,504

1,680

1,816

1,866

1,674

1,751

1,443

1,565

1,591

2,056

2,275

1,679

1,281

2,193

2,493

2,709

Interest on federal funds sold and other short-term investments

1,465

1,776

1,686

1,168

1,093

666

805

839

926

637

546

279

331

280

193

296

357

133

150

146

220

267

48

27

27

124

96

302

216

253

196

31

55

149

110

88

55

125

61

76

154

198

218

Total interest income

363,793

343,773

329,261

327,742

320,224

314,594

297,041

280,118

267,495

217,951

210,741

207,007

198,455

196,060

191,203

189,028

185,597

185,594

174,690

175,754

170,985

170,942

155,459

157,164

153,038

156,915

153,779

152,370

153,033

162,969

167,230

166,858

174,136

166,572

171,639

167,794

167,819

165,090

170,586

171,187

169,949

177,281

180,821

Interest on deposits:
Savings, NOW and money market

34,513

34,930

35,944

38,020

36,283

32,546

28,775

24,756

22,317

16,762

15,641

12,714

10,183

10,418

10,165

9,961

9,243

7,331

5,587

5,911

5,995

6,000

4,860

4,530

4,281

4,433

4,359

4,369

4,702

4,995

5,051

4,690

5,354

5,154

4,961

5,082

4,679

4,742

4,711

4,813

4,860

6,638

5,796

Time

42,814

45,343

42,848

40,331

38,171

30,599

20,109

16,635

14,616

11,975

10,852

10,166

9,553

9,555

9,412

9,223

9,585

9,795

9,535

8,128

7,974

7,686

6,981

6,683

6,532

6,744

7,279

7,794

8,111

8,779

9,226

9,276

10,185

11,085

12,424

12,616

12,166

12,247

13,233

14,720

15,598

19,833

26,106

Interest on short-term borrowings

4,707

7,500

12,953

14,860

12,549

14,092

15,193

10,913

5,732

3,456

5,161

5,516

3,901

3,485

3,545

3,120

1,872

492

126

207

94

132

218

304

318

212

94

140

144

209

556

369

253

244

293

276

341

350

334

330

331

487

579

Interest on long-term borrowings and junior subordinated debentures

16,420

17,459

16,891

14,297

14,573

15,304

16,164

17,062

17,232

16,344

15,142

13,791

12,950

13,242

13,935

15,269

16,744

19,930

25,482

25,331

24,836

28,478

28,732

28,228

27,883

29,398

30,378

30,180

30,040

30,457

30,575

30,452

30,885

31,775

32,026

32,150

33,741

34,610

34,574

34,298

34,309

35,255

35,227

Total interest expense

98,454

105,232

108,636

107,508

101,576

92,541

80,241

69,366

59,897

48,537

46,796

42,187

36,587

36,700

37,057

37,573

37,444

37,548

40,730

39,577

38,899

42,296

40,791

39,745

39,014

40,787

42,110

42,483

42,997

44,440

45,408

44,787

46,677

48,258

49,704

50,124

50,927

51,949

52,852

54,161

55,098

62,213

67,708

Net Interest Income

265,339

238,541

220,625

220,234

218,648

222,053

216,800

210,752

207,598

169,414

163,945

164,820

161,868

159,360

154,146

151,455

148,153

148,046

133,960

136,177

132,086

128,646

114,668

117,419

114,024

116,128

111,669

109,887

110,036

118,529

121,822

122,071

127,459

118,314

121,935

117,670

116,892

113,141

117,734

117,026

114,851

115,068

113,113

Provision for credit losses for held to maturity securities

759

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Allowance For Credit Loss, Expense (Reversal)

33,924

-

-

-

8,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for credit losses

-

-

8,700

2,100

-

7,859

6,552

7,142

10,948

2,200

1,640

3,632

2,470

3,800

5,840

1,429

800

3,507

94

4,500

0

3,980

-423

-5,671

3,998

6,440

5,334

2,552

1,769

5,200

7,250

7,405

5,697

15,364

7,783

6,026

24,162

15,099

9,308

12,438

12,611

12,722

13,064

Net Interest Income After Provision for Credit Losses

230,656

233,123

211,925

218,134

210,648

214,194

210,248

203,610

196,650

167,214

162,305

161,188

159,398

155,560

148,306

150,026

147,353

144,539

133,866

131,677

132,086

124,666

115,091

123,090

110,026

109,688

106,335

107,335

108,267

113,329

114,572

114,666

121,762

102,950

114,152

111,644

92,730

98,042

108,426

104,588

102,240

102,346

100,049

Non-Interest Income
Insurance commissions

1,951

2,487

2,748

2,649

2,525

3,720

3,646

4,026

3,821

4,218

4,519

4,358

5,061

4,973

4,580

4,845

4,708

4,779

4,119

4,130

4,205

4,232

3,632

4,491

4,498

3,631

4,224

4,062

3,990

3,547

3,228

3,283

5,436

4,131

3,416

3,657

4,423

2,917

2,561

2,660

3,196

2,504

2,577

Debt and Equity Securities, Gain (Loss)

-40

-36

-93

11

-32

-1,462

-79

-36

-765

-25

6

22

-23

519

-10

-3

271

6

157

-92

2,416

643

103

7

-8

10,670

9

41

3,958

44

1,496

1,204

-157

12,034

863

16,492

2,679

6,967

112

3,656

863

-5

288

Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings

-

-

0

2,928

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Portion recognized in other comprehensive income (before taxes)

-

-

0

0

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,697

550

-

-23,632

0

0

825

0

0

2,049

1,200

743

2,434

Other than Temporary Impairment Losses, Investments

-

-

0

2,928

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

42,775

0

0

0

0

0

0

1,393

-

0

Fees from loan servicing

2,748

2,534

2,463

2,367

2,430

2,478

2,573

2,045

2,223

1,843

1,895

1,831

1,815

1,688

1,598

1,561

1,594

1,693

1,703

1,642

1,603

1,751

1,806

1,786

1,670

1,931

1,851

1,721

1,517

1,362

1,173

1,149

1,159

981

989

1,170

1,197

1,285

1,187

1,211

1,236

1,216

1,193

Net impairment losses on securities recognized in earnings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,697

550

-

19,143

0

0

825

0

0

2,049

2,593

743

2,434

Trading (losses) gains, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,231

-270

-2,202

2,166

6

1,609

-988

-839

776

-1,048

3,382

-2,078

-2,627

838

-3,030

-3,474

-18,631

Gain (Loss) on Sales of Loans, Net

4,550

5,214

5,194

3,930

4,576

2,372

3,748

7,642

6,753

6,375

5,520

4,791

4,128

12,307

4,823

3,105

1,795

1,211

2,014

422

598

234

-95

679

913

1,540

2,729

14,366

15,060

15,636

25,055

3,141

3,166

2,639

2,890

1,561

3,609

7,504

1,548

1,019

2,520

2,699

2,432

Gain (Loss) on Disposition of Assets

121

-

-

-

77,720

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gains (losses) on sales of assets, net

-

-

-159

-564

-

-280

-1,899

-125

-97

-

-

-

-

-

-

-

-

-

-558

200

281

17,876

83

276

-148

11,547

-1,010

678

-268

-812

195

256

32

44

179

146

57

237

78

218

86

128

175

Bank Owned Life Insurance Income

3,142

1,453

2,687

2,205

1,887

1,731

2,545

2,652

1,763

1,633

1,541

1,701

2,463

1,230

1,683

1,818

1,963

1,627

1,806

1,618

1,764

1,799

1,571

1,614

1,408

1,644

1,553

1,424

1,341

1,590

1,674

1,632

1,959

1,805

1,989

1,880

1,706

1,158

1,697

1,768

1,543

1,421

1,397

Other

19,832

15,754

19,110

11,010

9,760

16,849

8,764

11,924

8,070

7,885

4,896

7,985

4,296

8,826

4,288

5,300

3,574

3,383

4,042

3,846

3,914

4,133

3,371

3,512

4,288

3,637

4,308

4,793

3,408

2,057

4,296

11,258

4,358

3,225

3,293

4,752

4,651

3,471

4,280

4,557

3,707

4,650

4,459

Change in FDIC loss-share receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-55

595

-3,920

-9,182

-3,823

-7,711

-76

-1,247

-2,005

-2,000

-3,175

43

-390

-7,022

-90

1,414

-1,577

-2,669

16,235

-

-

-

-

-

-

Total non-interest income

41,397

38,094

41,150

27,603

107,673

34,694

29,038

38,069

32,251

30,159

26,997

28,830

25,720

37,695

24,853

24,264

21,448

24,038

20,919

20,200

18,645

29,563

14,781

12,534

20,738

42,073

22,390

32,894

31,296

33,825

40,496

24,030

22,595

13,772

20,203

33,535

44,787

35,846

17,328

22,476

15,677

17,078

-389

Non-Interest Expense
Salary and employee benefits expense

85,728

90,872

77,271

76,183

83,105

80,802

80,778

78,944

93,292

64,560

69,286

63,564

65,927

68,784

58,107

56,072

60,259

56,164

54,315

54,574

56,712

52,806

45,501

47,094

48,088

48,671

47,434

47,733

50,572

48,461

49,267

51,214

51,026

42,948

45,125

44,109

44,125

45,332

43,566

42,935

44,273

40,490

-

Salary expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

31,397

Employee benefit expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,938

Net occupancy and equipment expense

32,441

31,402

29,203

29,700

27,886

27,643

26,295

26,901

27,924

23,843

22,756

22,609

23,035

21,525

20,658

22,168

22,789

24,663

21,526

22,132

22,200

18,784

17,011

17,973

20,724

16,136

18,430

18,179

18,889

19,514

17,466

16,903

17,362

18,023

15,656

15,467

17,186

16,501

15,241

16,088

15,941

14,452

14,344

FDIC insurance assessment

3,876

5,560

5,098

4,931

6,121

7,303

7,421

8,044

5,498

5,163

4,603

4,928

5,127

5,102

4,804

5,095

5,099

4,895

4,168

4,012

3,792

3,837

3,534

3,393

3,287

3,931

3,909

5,574

3,353

3,550

3,915

3,208

3,619

3,135

2,993

3,302

3,329

3,246

3,497

3,543

3,433

3,355

10,279

Amortization of other intangible assets

5,500

4,880

4,700

4,200

4,300

4,823

4,700

4,600

4,293

2,418

2,500

2,562

2,536

2,875

2,675

2,928

2,849

2,448

2,232

2,096

2,393

3,021

2,201

2,346

2,351

2,464

2,264

1,927

1,603

2,597

2,696

2,532

1,958

2,206

3,351

1,796

1,962

974

2,602

2,445

1,700

1,710

1,011

Professional and legal fees

6,087

5,524

5,870

4,145

5,271

5,119

6,638

5,337

17,047

5,727

11,110

4,302

4,695

4,357

4,031

5,472

3,895

6,902

4,643

4,059

3,341

5,188

3,609

4,384

3,678

4,202

4,112

4,285

3,892

4,565

3,471

3,345

3,624

4,853

3,666

3,020

3,773

2,945

2,460

2,613

2,119

2,056

2,147

Gain (Loss) on Extinguishment of Debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of tax credit investments

3,228

3,971

4,385

4,863

7,173

9,044

5,412

4,470

5,274

20,302

8,389

7,732

5,324

13,384

6,450

7,646

7,264

13,081

5,224

4,511

4,496

10,048

4,630

5,802

3,716

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Advertising

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,664

533

617

-

1,203

1,850

1,802

1,851

1,723

1,841

1,688

2,003

2,185

2,703

1,482

1,203

826

1,111

912

701

322

Telecommunication expense

2,287

2,566

2,698

2,351

2,268

2,166

3,327

3,015

3,594

2,091

2,464

2,707

2,659

2,882

2,459

2,294

2,386

2,158

2,050

2,045

2,006

-

1,622

1,643

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

16,539

19,351

16,658

15,394

11,660

16,826

17,113

18,588

16,830

12,211

11,459

10,835

11,649

5,920

14,084

18,128

13,684

13,453

14,494

13,983

13,178

16,537

11,764

11,185

13,638

4,348

17,109

15,798

15,328

10,928

14,681

12,467

15,271

13,177

12,326

12,683

11,972

12,213

10,755

11,238

9,976

11,128

10,668

Total non-interest expense

155,656

196,146

145,877

141,737

147,795

153,712

151,681

149,916

173,752

136,317

132,565

119,239

120,952

124,829

113,268

119,803

118,225

174,893

108,652

107,412

108,118

121,267

91,536

94,353

96,099

96,092

94,461

95,346

95,439

95,623

93,219

91,510

94,548

86,345

85,302

83,080

83,829

82,414

78,947

79,973

78,354

73,892

78,106

Income Before Income Taxes

116,397

75,071

107,198

104,000

170,526

95,176

87,605

91,763

55,149

61,056

56,737

70,779

64,166

68,426

59,891

54,487

50,576

-6,316

46,133

44,465

42,613

32,962

38,336

41,271

34,665

55,669

34,264

44,883

44,124

51,531

61,849

47,186

49,809

30,377

49,053

62,099

53,688

51,474

46,807

47,091

39,563

45,532

21,554

Income tax expense

29,129

36,967

25,307

27,532

57,196

18,074

18,046

18,961

13,184

34,958

17,088

20,714

18,071

18,336

17,049

15,460

14,389

-10,987

10,179

12,474

12,272

7,827

10,654

11,751

830

16,061

7,143

10,961

12,814

14,702

22,402

14,366

15,278

6,702

13,696

25,205

17,103

14,480

14,168

14,081

12,200

13,950

6,557

Net Income (Loss) Attributable to Parent

87,268

38,104

81,891

76,468

113,330

77,102

69,559

72,802

41,965

26,098

39,649

50,065

46,095

50,090

42,842

39,027

36,187

4,671

35,954

31,991

30,341

25,135

27,682

29,520

33,835

39,608

27,121

33,922

31,310

36,829

39,447

32,820

34,531

23,675

35,357

36,894

36,585

36,994

32,639

33,010

27,363

31,582

14,997

Dividends on preferred stock

3,172

3,172

3,172

3,172

3,172

3,172

3,172

3,172

3,172

3,172

2,683

1,797

1,797

1,797

1,797

1,797

1,797

1,796

2,017

0

0

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,983

5,789

Net Income (Loss) Available to Common Stockholders, Basic

84,096

34,932

78,719

73,296

110,158

73,930

66,387

69,630

38,793

22,926

36,966

48,268

44,298

48,293

41,045

37,230

34,390

2,875

33,937

31,991

30,341

-

27,682

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

25,599

9,208

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

3,413

3,350

3,296

3,096

2,904

2,998

3,143

3,262

3,230

2,932

3,062

2,800

2,744

2,733

2,628

2,544

2,440

2,500

2,450

2,576

2,494

2,415

2,411

2,244

2,442

2,238

2,138

2,257

1,977

1,985

1,947

1,984

1,774

1,779

1,769

1,952

2,023

1,913

1,930

1,947

1,875

1,811

1,592

Service charges on deposit accounts
Revenue from contracts with customer

5,680

6,002

5,904

5,827

5,903

6,288

6,597

6,679

7,253

5,393

5,558

5,342

5,236

5,419

5,263

5,094

5,103

5,382

5,241

5,263

5,290

5,662

5,722

5,636

5,751

6,241

6,362

5,822

5,690

6,207

6,513

6,086

5,946

5,702

5,616

5,642

5,650

6,204

6,562

6,651

6,274

6,871

6,563