XML 69 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Income (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Interest Income    
Interest and fees on loans $ 150,482us-gaap_InterestAndFeeIncomeLoansAndLeases $ 131,079us-gaap_InterestAndFeeIncomeLoansAndLeases
Interest and dividends on investment securities:    
Taxable 14,932us-gaap_InterestIncomeSecuritiesTaxable 16,456us-gaap_InterestIncomeSecuritiesTaxable
Tax-exempt 3,612us-gaap_InterestIncomeSecuritiesTaxExempt 3,686us-gaap_InterestIncomeSecuritiesTaxExempt
Dividends 1,739us-gaap_DividendIncomeOperating 1,790us-gaap_DividendIncomeOperating
Interest on federal funds sold and other short-term investments 220vly_InterestOnFederalFundsSoldAndOtherShortTermInvestments 27vly_InterestOnFederalFundsSoldAndOtherShortTermInvestments
Total interest income 170,985us-gaap_InterestAndDividendIncomeOperating 153,038us-gaap_InterestAndDividendIncomeOperating
Interest Expense    
Savings, NOW and money market 5,995us-gaap_InterestExpenseNOWAccountsMoneyMarketAccountsAndSavingsDeposits 4,281us-gaap_InterestExpenseNOWAccountsMoneyMarketAccountsAndSavingsDeposits
Time 7,974us-gaap_InterestExpenseTimeDeposits 6,532us-gaap_InterestExpenseTimeDeposits
Interest on short-term borrowings 94us-gaap_InterestExpenseShortTermBorrowings 318us-gaap_InterestExpenseShortTermBorrowings
Interest on long-term borrowings and junior subordinated debentures 24,836us-gaap_InterestExpenseLongTermDebt 27,883us-gaap_InterestExpenseLongTermDebt
Total interest expense 38,899us-gaap_InterestExpense 39,014us-gaap_InterestExpense
Net Interest Income 132,086us-gaap_InterestIncomeExpenseNet 114,024us-gaap_InterestIncomeExpenseNet
Provision for credit losses 0us-gaap_ProvisionForLoanLeaseAndOtherLosses 3,998us-gaap_ProvisionForLoanLeaseAndOtherLosses
Net Interest Income After Provision for Credit Losses 132,086us-gaap_InterestIncomeExpenseAfterProvisionForLoanLoss 110,026us-gaap_InterestIncomeExpenseAfterProvisionForLoanLoss
Non-Interest Income    
Trust and investment services 2,494us-gaap_FeesAndCommissionsFiduciaryAndTrustActivities 2,442us-gaap_FeesAndCommissionsFiduciaryAndTrustActivities
Insurance commissions 4,205us-gaap_InsuranceCommissionsAndFees 4,498us-gaap_InsuranceCommissionsAndFees
Service charges on deposit accounts 5,290us-gaap_FeesAndCommissionsDepositorAccounts 5,751us-gaap_FeesAndCommissionsDepositorAccounts
Gains (losses) on securities transactions, net 2,416us-gaap_GainLossOnSaleOfSecuritiesNet (8)us-gaap_GainLossOnSaleOfSecuritiesNet
Fees from loan servicing 1,603us-gaap_ServicingFeesNet 1,670us-gaap_ServicingFeesNet
Gains on sales of loans, net 598us-gaap_GainLossOnSalesOfLoansNet 913us-gaap_GainLossOnSalesOfLoansNet
Gains (losses) on sales of assets, net 281us-gaap_GainsLossesOnSalesOfAssets (148)us-gaap_GainsLossesOnSalesOfAssets
Bank owned life insurance 1,764us-gaap_BankOwnedLifeInsuranceIncome 1,408us-gaap_BankOwnedLifeInsuranceIncome
Change in FDIC loss-share receivable (3,920)vly_ChangeInFdicLossShareReceivable (76)vly_ChangeInFdicLossShareReceivable
Other 3,914us-gaap_NoninterestIncomeOtherOperatingIncome 4,288us-gaap_NoninterestIncomeOtherOperatingIncome
Total non-interest income 18,645us-gaap_NoninterestIncome 20,738us-gaap_NoninterestIncome
Non-Interest Expense    
Salary and employee benefits expense 56,712us-gaap_LaborAndRelatedExpense 48,088us-gaap_LaborAndRelatedExpense
Net occupancy and equipment expense 22,200us-gaap_OccupancyNet 20,724us-gaap_OccupancyNet
FDIC insurance assessment 3,792us-gaap_FederalDepositInsuranceCorporationPremiumExpense 3,287us-gaap_FederalDepositInsuranceCorporationPremiumExpense
Amortization of other intangible assets 2,393us-gaap_AmortizationOfIntangibleAssets 2,351us-gaap_AmortizationOfIntangibleAssets
Professional and legal fees 3,341vly_ProfessionalAndLegalFees 3,678vly_ProfessionalAndLegalFees
Amortization of tax credit investments 4,496vly_InvestmentTaxCreditAmortization 3,716vly_InvestmentTaxCreditAmortization
Advertising 1,729us-gaap_AdvertisingExpense 617us-gaap_AdvertisingExpense
Other 13,455us-gaap_OtherNoninterestExpense 13,638us-gaap_OtherNoninterestExpense
Total non-interest expense 108,118us-gaap_NoninterestExpense 96,099us-gaap_NoninterestExpense
Income Before Income Taxes 42,613us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 34,665us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Income tax expense 12,272us-gaap_IncomeTaxExpenseBenefit 830us-gaap_IncomeTaxExpenseBenefit
Net Income $ 30,341us-gaap_NetIncomeLoss $ 33,835us-gaap_NetIncomeLoss
Earnings Per Common Share:    
Basic (in usd per share) $ 0.13us-gaap_EarningsPerShareBasic $ 0.17us-gaap_EarningsPerShareBasic
Diluted (in usd per share) $ 0.13us-gaap_EarningsPerShareDiluted $ 0.17us-gaap_EarningsPerShareDiluted
Cash Dividends Declared per Common Share (in usd per share) $ 0.11us-gaap_CommonStockDividendsPerShareDeclared $ 0.11us-gaap_CommonStockDividendsPerShareDeclared
Weighted Average Number of Common Shares Outstanding:    
Basic (in shares) 232,338,775us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 200,128,384us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Diluted (in shares) 232,341,921us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 200,128,384us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding