(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
(Address of Principal Executive Offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbols | Name of exchange on which registered | ||||||
Item 2.02 | Results of Operations and Financial Condition. |
Item 7.01 | Regulation FD Disclosure. |
Item 9.01 | Financial Statements and Exhibits. | |||||||
(d) | Exhibits. | |||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Dated: January 25, 2024 | VALLEY NATIONAL BANCORP | ||||||||||
By: | /s/ Michael D. Hagedorn | ||||||||||
Michael D. Hagedorn | |||||||||||
Senior Executive Vice President and | |||||||||||
Chief Financial Officer (Principal Financial Officer) |
![]() | News Release |
FOR IMMEDIATE RELEASE | Contact: | Michael D. Hagedorn | |||||||||
Senior Executive Vice President and | |||||||||||
Chief Financial Officer | |||||||||||
973-872-4885 |
December 31, 2023 | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||
Allocation | Allocation | Allocation | ||||||||||||||||||||||||||||||||||||
as a % of | as a % of | as a % of | ||||||||||||||||||||||||||||||||||||
Allowance | Loan | Allowance | Loan | Allowance | Loan | |||||||||||||||||||||||||||||||||
Allocation | Category | Allocation | Category | Allocation | Category | |||||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||||||||
Loan Category: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans | $ | 133,359 | 1.44 | % | $ | 133,988 | 1.44 | % | $ | 139,941 | 1.59 | % | ||||||||||||||||||||||||||
Commercial real estate loans: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | 194,820 | 0.69 | 191,562 | 0.68 | 200,421 | 0.78 | ||||||||||||||||||||||||||||||||
Construction | 54,778 | 1.47 | 53,485 | 1.40 | 58,987 | 1.59 | ||||||||||||||||||||||||||||||||
Total commercial real estate loans | 249,598 | 0.78 | 245,047 | 0.77 | 259,408 | 0.88 | ||||||||||||||||||||||||||||||||
Residential mortgage loans | 42,957 | 0.77 | 44,621 | 0.80 | 39,020 | 0.73 | ||||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||||
Home equity | 3,429 | 0.61 | 3,689 | 0.67 | 4,333 | 0.86 | ||||||||||||||||||||||||||||||||
Auto and other consumer | 16,737 | 0.58 | 14,830 | 0.52 | 15,953 | 0.57 | ||||||||||||||||||||||||||||||||
Total consumer loans | 20,166 | 0.59 | 18,519 | 0.55 | 20,286 | 0.61 | ||||||||||||||||||||||||||||||||
Allowance for loan losses | 446,080 | 0.89 | 442,175 | 0.88 | 458,655 | 0.98 | ||||||||||||||||||||||||||||||||
Allowance for unfunded credit commitments | 19,470 | 20,170 | 24,600 | |||||||||||||||||||||||||||||||||||
Total allowance for credit losses for loans | $ | 465,550 | $ | 462,345 | $ | 483,255 | ||||||||||||||||||||||||||||||||
Allowance for credit losses for | ||||||||||||||||||||||||||||||||||||||
loans as a % loans | 0.93 | % | 0.92 | % | 1.03 | % | ||||||||||||||||||||||||||||||||
Three Months Ended | Years Ended | ||||||||||||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | ||||||||||||||||||||||||||
($ in thousands, except for share data) | 2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
FINANCIAL DATA: | |||||||||||||||||||||||||||||
Net interest income - FTE (1) | $ | 398,581 | $ | 413,657 | $ | 467,233 | $ | 1,670,973 | $ | 1,660,468 | |||||||||||||||||||
Net interest income | 397,275 | 412,418 | 465,819 | 1,665,478 | 1,655,640 | ||||||||||||||||||||||||
Non-interest income | 52,691 | 58,664 | 52,796 | 225,729 | 206,793 | ||||||||||||||||||||||||
Total revenue | 449,966 | 471,082 | 518,615 | 1,891,207 | 1,862,433 | ||||||||||||||||||||||||
Non-interest expense | 340,421 | 267,133 | 266,240 | 1,162,691 | 1,024,949 | ||||||||||||||||||||||||
Pre-provision net revenue | 109,545 | 203,949 | 252,375 | 728,516 | 837,484 | ||||||||||||||||||||||||
Provision for credit losses | 20,580 | 9,117 | 7,239 | 50,184 | 56,817 | ||||||||||||||||||||||||
Income tax expense | 17,411 | 53,486 | 67,545 | 179,821 | 211,816 | ||||||||||||||||||||||||
Net income | 71,554 | 141,346 | 177,591 | 498,511 | 568,851 | ||||||||||||||||||||||||
Dividends on preferred stock | 4,104 | 4,127 | 3,630 | 16,135 | 13,146 | ||||||||||||||||||||||||
Net income available to common stockholders | $ | 67,450 | $ | 137,219 | $ | 173,961 | $ | 482,376 | $ | 555,705 | |||||||||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||||||||||||||
Basic | 507,683,229 | 507,650,668 | 506,359,704 | 507,532,365 | 485,434,918 | ||||||||||||||||||||||||
Diluted | 509,714,526 | 509,256,599 | 509,301,813 | 509,245,768 | 487,817,710 | ||||||||||||||||||||||||
Per common share data: | |||||||||||||||||||||||||||||
Basic earnings | $ | 0.13 | $ | 0.27 | $ | 0.34 | $ | 0.95 | $ | 1.14 | |||||||||||||||||||
Diluted earnings | 0.13 | 0.27 | 0.34 | 0.95 | 1.14 | ||||||||||||||||||||||||
Cash dividends declared | 0.11 | 0.11 | 0.11 | 0.44 | 0.44 | ||||||||||||||||||||||||
Closing stock price - high | 11.10 | 10.30 | 12.92 | 12.59 | 15.02 | ||||||||||||||||||||||||
Closing stock price - low | 7.71 | 7.63 | 10.96 | 6.59 | 10.14 | ||||||||||||||||||||||||
FINANCIAL RATIOS: | |||||||||||||||||||||||||||||
Net interest margin | 2.81 | % | 2.90 | % | 3.56 | % | 2.95 | % | 3.44 | % | |||||||||||||||||||
Net interest margin - FTE (1) | 2.82 | 2.91 | 3.57 | 2.96 | 3.45 | ||||||||||||||||||||||||
Annualized return on average assets | 0.47 | 0.92 | 1.25 | 0.82 | 1.09 | ||||||||||||||||||||||||
Annualized return on avg. shareholders' equity | 4.31 | 8.56 | 11.23 | 7.60 | 9.50 | ||||||||||||||||||||||||
NON-GAAP FINANCIAL DATA AND RATIOS: (3) | |||||||||||||||||||||||||||||
Basic earnings per share, as adjusted | $ | 0.22 | $ | 0.26 | $ | 0.35 | $ | 1.06 | $ | 1.31 | |||||||||||||||||||
Diluted earnings per share, as adjusted | 0.22 | 0.26 | 0.35 | 1.06 | 1.31 | ||||||||||||||||||||||||
Annualized return on average assets, as adjusted | 0.76 | % | 0.89 | % | 1.29 | % | 0.91 | % | 1.25 | % | |||||||||||||||||||
Annualized return on average shareholders' equity, as adjusted | 7.01 | 8.26 | 11.56 | 8.45 | 10.87 | ||||||||||||||||||||||||
Annualized return on avg. tangible shareholders' equity | 6.21 | % | 12.39 | % | 16.70 | % | 11.05 | % | 14.08 | % | |||||||||||||||||||
Annualized return on average tangible shareholders' equity, as adjusted | 10.10 | 11.95 | 17.20 | 12.29 | 16.10 | ||||||||||||||||||||||||
Efficiency ratio | 60.70 | 56.72 | 49.30 | 56.62 | 50.55 | ||||||||||||||||||||||||
AVERAGE BALANCE SHEET ITEMS: | |||||||||||||||||||||||||||||
Assets | $ | 61,113,553 | $ | 61,391,688 | $ | 56,913,215 | $ | 61,065,897 | $ | 52,182,310 | |||||||||||||||||||
Interest earning assets | 56,469,468 | 56,802,565 | 52,405,601 | 56,500,528 | 48,067,381 | ||||||||||||||||||||||||
Loans | 50,039,429 | 50,019,414 | 46,086,363 | 49,351,861 | 41,930,353 | ||||||||||||||||||||||||
Interest bearing liabilities | 40,753,313 | 40,829,078 | 33,596,874 | 40,042,506 | 30,190,267 | ||||||||||||||||||||||||
Deposits | 49,460,571 | 49,848,446 | 46,234,857 | 48,491,669 | 42,451,465 | ||||||||||||||||||||||||
Shareholders' equity | 6,639,906 | 6,605,786 | 6,327,970 | 6,558,768 | 5,985,236 |
As of | |||||||||||||||||||||||||||||
BALANCE SHEET ITEMS: | December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||||||||
(In thousands) | 2023 | 2023 | 2023 | 2023 | 2022 | ||||||||||||||||||||||||
Assets | $ | 60,934,974 | $ | 61,183,352 | $ | 61,703,693 | $ | 64,309,573 | $ | 57,462,749 | |||||||||||||||||||
Total loans | 50,210,295 | 50,097,519 | 49,877,248 | 48,659,966 | 46,917,200 | ||||||||||||||||||||||||
Deposits | 49,242,829 | 49,885,314 | 49,619,815 | 47,590,916 | 47,636,914 | ||||||||||||||||||||||||
Shareholders' equity | 6,701,391 | 6,627,299 | 6,575,184 | 6,511,581 | 6,400,802 | ||||||||||||||||||||||||
LOANS: | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 9,230,543 | $ | 9,274,630 | $ | 9,287,309 | $ | 9,043,946 | $ | 8,804,830 | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||
Commercial real estate | 28,243,239 | 28,041,050 | 27,793,072 | 27,051,111 | 25,732,033 | ||||||||||||||||||||||||
Construction | 3,726,808 | 3,833,269 | 3,815,761 | 3,725,967 | 3,700,835 | ||||||||||||||||||||||||
Total commercial real estate | 31,970,047 | 31,874,319 | 31,608,833 | 30,777,078 | 29,432,868 | ||||||||||||||||||||||||
Residential mortgage | 5,569,010 | 5,562,665 | 5,560,356 | 5,486,280 | 5,364,550 | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Home equity | 559,152 | 548,918 | 535,493 | 516,592 | 503,884 | ||||||||||||||||||||||||
Automobile | 1,620,389 | 1,585,987 | 1,632,875 | 1,717,141 | 1,746,225 | ||||||||||||||||||||||||
Other consumer | 1,261,154 | 1,251,000 | 1,252,382 | 1,118,929 | 1,064,843 | ||||||||||||||||||||||||
Total consumer loans | 3,440,695 | 3,385,905 | 3,420,750 | 3,352,662 | 3,314,952 | ||||||||||||||||||||||||
Total loans | $ | 50,210,295 | $ | 50,097,519 | $ | 49,877,248 | $ | 48,659,966 | $ | 46,917,200 | |||||||||||||||||||
CAPITAL RATIOS: | |||||||||||||||||||||||||||||
Book value per common share | $ | 12.79 | $ | 12.64 | $ | 12.54 | $ | 12.41 | $ | 12.23 | |||||||||||||||||||
Tangible book value per common share (3) | 8.79 | 8.63 | 8.51 | 8.36 | 8.15 | ||||||||||||||||||||||||
Tangible common equity to tangible assets (3) | 7.58 | % | 7.40 | % | 7.24 | % | 6.82 | % | 7.45 | % | |||||||||||||||||||
Tier 1 leverage capital | 8.16 | 8.08 | 7.86 | 7.96 | 8.23 | ||||||||||||||||||||||||
Common equity tier 1 capital | 9.29 | 9.21 | 9.03 | 9.02 | 9.01 | ||||||||||||||||||||||||
Tier 1 risk-based capital | 9.72 | 9.64 | 9.47 | 9.46 | 9.46 | ||||||||||||||||||||||||
Total risk-based capital | 11.76 | 11.68 | 11.52 | 11.58 | 11.63 |
Three Months Ended | Years Ended | ||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES: | December 31, | September 30, | December 31, | December 31, | |||||||||||||||||||||||||
($ in thousands) | 2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Allowance for credit losses for loans | |||||||||||||||||||||||||||||
Beginning balance | $ | 462,345 | $ | 458,676 | $ | 498,408 | $ | 483,255 | $ | 375,702 | |||||||||||||||||||
Impact of the adoption of ASU No. 2022-02 | — | — | — | (1,368) | — | ||||||||||||||||||||||||
Allowance for purchased credit deteriorated (PCD) loans, net (2) | — | — | — | — | 70,319 | ||||||||||||||||||||||||
Beginning balance, adjusted | 462,345 | 458,676 | 498,408 | 481,887 | 446,021 | ||||||||||||||||||||||||
Loans charged-off: | |||||||||||||||||||||||||||||
Commercial and industrial | (10,616) | (7,487) | (22,106) | (48,015) | (33,250) | ||||||||||||||||||||||||
Commercial real estate | (8,814) | (255) | (388) | (11,134) | (4,561) | ||||||||||||||||||||||||
Construction | (1,906) | — | — | (11,812) | — | ||||||||||||||||||||||||
Residential mortgage | (25) | (20) | (1) | (194) | (28) | ||||||||||||||||||||||||
Total consumer | (1,274) | (1,156) | (1,544) | (4,298) | (4,057) | ||||||||||||||||||||||||
Total loans charged-off | (22,635) | (8,918) | (24,039) | (75,453) | (41,896) | ||||||||||||||||||||||||
Charged-off loans recovered: | |||||||||||||||||||||||||||||
Commercial and industrial | 4,655 | 3,043 | 1,069 | 11,270 | 17,081 | ||||||||||||||||||||||||
Commercial real estate | 1 | 5 | 13 | 34 | 2,073 | ||||||||||||||||||||||||
Residential mortgage | 15 | 30 | 17 | 201 | 711 | ||||||||||||||||||||||||
Total consumer | 473 | 362 | 498 | 1,986 | 2,929 | ||||||||||||||||||||||||
Total loans recovered | 5,144 | 3,440 | 1,597 | 13,491 | 22,794 | ||||||||||||||||||||||||
Total net charge-offs | (17,491) | (5,478) | (22,442) | (61,962) | (19,102) | ||||||||||||||||||||||||
Provision for credit losses for loans | 20,696 | 9,147 | 7,289 | 45,625 | 56,336 | ||||||||||||||||||||||||
Ending balance | $ | 465,550 | $ | 462,345 | $ | 483,255 | $ | 465,550 | $ | 483,255 | |||||||||||||||||||
Components of allowance for credit losses for loans: | |||||||||||||||||||||||||||||
Allowance for loan losses | $ | 446,080 | $ | 442,175 | $ | 458,655 | $ | 446,080 | $ | 458,655 | |||||||||||||||||||
Allowance for unfunded credit commitments | 19,470 | 20,170 | 24,600 | 19,470 | 24,600 | ||||||||||||||||||||||||
Allowance for credit losses for loans | $ | 465,550 | $ | 462,345 | $ | 483,255 | $ | 465,550 | $ | 483,255 | |||||||||||||||||||
Components of provision for credit losses for loans: | |||||||||||||||||||||||||||||
Provision for credit losses for loans | $ | 21,396 | $ | 11,221 | $ | 5,353 | $ | 50,755 | $ | 48,236 | |||||||||||||||||||
(Credit) provision for unfunded credit commitments | (700) | (2,074) | 1,936 | (5,130) | 8,100 | ||||||||||||||||||||||||
Total provision for credit losses for loans | $ | 20,696 | $ | 9,147 | $ | 7,289 | $ | 45,625 | $ | 56,336 | |||||||||||||||||||
Annualized ratio of total net charge-offs to average loans | 0.14 | % | 0.04 | % | 0.19 | % | 0.13 | % | 0.05 | % | |||||||||||||||||||
Allowance for credit losses as a % of total loans | 0.93 | % | 0.92 | % | 1.03 | % | 0.93 | % | 1.03 | % |
As of | |||||||||||||||||||||||||||||
ASSET QUALITY: | December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||||||||
($ in thousands) | 2023 | 2023 | 2023 | 2023 | 2022 | ||||||||||||||||||||||||
Accruing past due loans: | |||||||||||||||||||||||||||||
30 to 59 days past due: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 9,307 | $ | 10,687 | $ | 6,229 | $ | 20,716 | $ | 11,664 | |||||||||||||||||||
Commercial real estate | 3,008 | 8,053 | 3,612 | 13,580 | 6,638 | ||||||||||||||||||||||||
Residential mortgage | 26,345 | 13,159 | 15,565 | 12,599 | 16,146 | ||||||||||||||||||||||||
Total consumer | 20,554 | 15,509 | 8,431 | 7,845 | 9,087 | ||||||||||||||||||||||||
Total 30 to 59 days past due | 59,214 | 47,408 | 33,837 | 54,740 | 43,535 | ||||||||||||||||||||||||
60 to 89 days past due: | |||||||||||||||||||||||||||||
Commercial and industrial | 5,095 | 5,720 | 7,468 | 24,118 | 12,705 | ||||||||||||||||||||||||
Commercial real estate | 1,257 | 2,620 | — | — | 3,167 | ||||||||||||||||||||||||
Residential mortgage | 8,200 | 9,710 | 1,348 | 2,133 | 3,315 | ||||||||||||||||||||||||
Total consumer | 4,715 | 1,720 | 4,126 | 1,519 | 1,579 | ||||||||||||||||||||||||
Total 60 to 89 days past due | 19,267 | 19,770 | 12,942 | 27,770 | 20,766 | ||||||||||||||||||||||||
90 or more days past due: | |||||||||||||||||||||||||||||
Commercial and industrial | 5,579 | 6,629 | 6,599 | 8,927 | 18,392 | ||||||||||||||||||||||||
Commercial real estate | — | — | 2,242 | — | 2,292 | ||||||||||||||||||||||||
Construction | 3,990 | 3,990 | 3,990 | 6,450 | 3,990 | ||||||||||||||||||||||||
Residential mortgage | 2,488 | 1,348 | 1,165 | 1,668 | 1,866 | ||||||||||||||||||||||||
Total consumer | 1,088 | 391 | 1,006 | 747 | 47 | ||||||||||||||||||||||||
Total 90 or more days past due | 13,145 | 12,358 | 15,002 | 17,792 | 26,587 | ||||||||||||||||||||||||
Total accruing past due loans | $ | 91,626 | $ | 79,536 | $ | 61,781 | $ | 100,302 | $ | 90,888 | |||||||||||||||||||
Non-accrual loans: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 99,912 | $ | 87,655 | $ | 84,449 | $ | 78,606 | $ | 98,881 | |||||||||||||||||||
Commercial real estate | 99,739 | 83,338 | 82,712 | 67,938 | 68,316 | ||||||||||||||||||||||||
Construction | 60,851 | 62,788 | 63,043 | 68,649 | 74,230 | ||||||||||||||||||||||||
Residential mortgage | 26,986 | 21,614 | 20,819 | 23,483 | 25,160 | ||||||||||||||||||||||||
Total consumer | 4,383 | 3,545 | 3,068 | 3,318 | 3,174 | ||||||||||||||||||||||||
Total non-accrual loans | 291,871 | 258,940 | 254,091 | 241,994 | 269,761 | ||||||||||||||||||||||||
Other real estate owned (OREO) | 71 | 71 | 824 | 1,189 | 286 | ||||||||||||||||||||||||
Other repossessed assets | 1,444 | 1,314 | 1,230 | 1,752 | 1,937 | ||||||||||||||||||||||||
Total non-performing assets | $ | 293,386 | $ | 260,325 | $ | 256,145 | $ | 244,935 | $ | 271,984 | |||||||||||||||||||
Total non-accrual loans as a % of loans | 0.58 | % | 0.52 | % | 0.51 | % | 0.50 | % | 0.57 | % | |||||||||||||||||||
Total accruing past due and non-accrual loans as a % of loans | 0.76 | % | 0.68 | % | 0.63 | % | 0.70 | % | 0.77 | % | |||||||||||||||||||
Allowance for losses on loans as a % of non-accrual loans | 152.83 | % | 170.76 | % | 171.76 | % | 180.54 | % | 170.02 | % |
(1) | Net interest income and net interest margin are presented on a tax equivalent basis using a 21 percent federal tax rate. Valley believes that this presentation provides comparability of net interest income and net interest margin arising from both taxable and tax-exempt sources and is consistent with industry practice and SEC rules. | ||||
(2) | Represents the allowance for acquired PCD loans, net of PCD loan charge-offs totaling $62.4 million in the second quarter 2022. | ||||
(3) | Non-GAAP Reconciliations. This press release contains certain supplemental financial information, described in the Notes below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles ("GAAP") that management uses in its analysis of Valley's performance. The Company believes that the non-GAAP financial measures provide useful supplemental information to both management and investors in understanding Valley’s underlying operational performance, business and performance trends, and may facilitate comparisons of our current and prior performance with the performance of others in the financial services industry. Management utilizes these measures for internal planning, forecasting and analysis purposes. Management believes that Valley’s presentation and discussion of this supplemental information, together with the accompanying reconciliations to the GAAP financial measures, also allows investors to view performance in a manner similar to management. These non-GAAP financial measures should not be considered in isolation or as a substitute for or superior to financial measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures may also be calculated differently from similar measures disclosed by other companies. | ||||
Three Months Ended | Years Ended | ||||||||||||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | ||||||||||||||||||||||||||
($ in thousands, except for share data) | 2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Adjusted net income available to common shareholders (non-GAAP): | |||||||||||||||||||||||||||||
Net income, as reported (GAAP) | $ | 71,554 | $ | 141,346 | $ | 177,591 | $ | 498,511 | $ | 568,851 | |||||||||||||||||||
Add: FDIC Special assessment (net of tax)(a) | 36,053 | — | — | 36,053 | — | ||||||||||||||||||||||||
Less: Net (gains) losses on available for sale and held to maturity securities transactions (net of tax)(b) | (629) | 318 | 5 | (288) | (69) | ||||||||||||||||||||||||
Add: Restructuring charge (net of tax)(c) | (386) | (484) | — | 7,145 | — | ||||||||||||||||||||||||
Add: Provision for credit losses for available for sale securities (d) | — | — | — | 5,000 | — | ||||||||||||||||||||||||
Add: Non-PCD provision for credit losses (net of tax)(e) | — | — | — | — | 29,282 | ||||||||||||||||||||||||
Add: Merger related expenses (net of tax)(f) | 7,168 | — | 5,285 | 10,130 | 52,388 | ||||||||||||||||||||||||
Less: Net gains on sales of office buildings (net of tax)(g) | — | (4,817) | — | (4,817) | — | ||||||||||||||||||||||||
Add: Litigation reserve (net of tax)(h) | 2,537 | — | — | 2,537 | — | ||||||||||||||||||||||||
Net income, as adjusted (non-GAAP) | $ | 116,297 | $ | 136,363 | $ | 182,881 | $ | 554,271 | $ | 650,452 | |||||||||||||||||||
Dividends on preferred stock | 4,104 | 4,127 | 3,630 | 16,135 | 13,146 | ||||||||||||||||||||||||
Net income available to common shareholders, as adjusted (non-GAAP) | $ | 112,193 | $ | 132,236 | $ | 179,251 | $ | 538,136 | $ | 637,306 | |||||||||||||||||||
_____________ | |||||||||||||||||||||||||||||
(a) Included in FDIC insurance assessment. | |||||||||||||||||||||||||||||
(b) Included in gains (losses) on securities transactions, net. | |||||||||||||||||||||||||||||
(c) Represents severance (credit adjustments) expense related to workforce reductions within salary and employee benefits expense. | |||||||||||||||||||||||||||||
(d) Included in provision for credit losses for available for sale and held to maturity securities (tax disallowed). | |||||||||||||||||||||||||||||
(e) Represents provision for credit losses for non-PCD assets and unfunded credit commitments acquired during the period. | |||||||||||||||||||||||||||||
(f) Represents data processing termination costs within technology, furniture and equipment expense and severance within salary and employee benefits expense for the 2023 periods. The merger related expense for the 2022 periods were mainly salary and employee benefits expense. | |||||||||||||||||||||||||||||
(g) Included in net (losses) gains on sale of assets within non-interest income. | |||||||||||||||||||||||||||||
(h) Represents legal reserves and settlement charges included in professional and legal fees. | |||||||||||||||||||||||||||||
Adjusted per common share data (non-GAAP): | |||||||||||||||||||||||||||||
Net income available to common shareholders, as adjusted (non-GAAP) | $ | 112,193 | $ | 132,236 | $ | 179,251 | $ | 538,136 | $ | 637,306 | |||||||||||||||||||
Average number of shares outstanding | 507,683,229 | 507,650,668 | 506,359,704 | 507,532,365 | 485,434,918 | ||||||||||||||||||||||||
Basic earnings, as adjusted (non-GAAP) | $ | 0.22 | $ | 0.26 | $ | 0.35 | $ | 1.06 | $ | 1.31 | |||||||||||||||||||
Average number of diluted shares outstanding | 509,714,526 | 509,256,599 | 509,301,813 | 509,245,768 | 487,817,710 | ||||||||||||||||||||||||
Diluted earnings, as adjusted (non-GAAP) | $ | 0.22 | $ | 0.26 | $ | 0.35 | $ | 1.06 | $ | 1.31 | |||||||||||||||||||
Adjusted annualized return on average tangible shareholders' equity (non-GAAP): | |||||||||||||||||||||||||||||
Net income, as adjusted (non-GAAP) | $ | 116,297 | $ | 136,363 | $ | 182,881 | $ | 554,271 | $ | 650,452 | |||||||||||||||||||
Average shareholders' equity | 6,639,906 | 6,605,786 | 6,327,970 | 6,558,768 | 5,985,236 | ||||||||||||||||||||||||
Less: Average goodwill and other intangible assets | 2,033,656 | 2,042,486 | 2,074,367 | 2,047,172 | 1,944,503 | ||||||||||||||||||||||||
Average tangible shareholders' equity | $ | 4,606,250 | $ | 4,563,300 | $ | 4,253,603 | $ | 4,511,596 | $ | 4,040,733 | |||||||||||||||||||
Annualized return on average tangible shareholders' equity, as adjusted (non-GAAP) | 10.10 | % | 11.95 | % | 17.20 | % | 12.29 | % | 16.10 | % |
Three Months Ended | Years Ended | ||||||||||||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | ||||||||||||||||||||||||||
($ in thousands) | 2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Adjusted annualized return on average assets (non-GAAP): | |||||||||||||||||||||||||||||
Net income, as adjusted (non-GAAP) | $ | 116,297 | $ | 136,363 | $ | 182,881 | $ | 554,271 | $ | 650,452 | |||||||||||||||||||
Average assets | 61,113,553 | 61,391,688 | 56,913,215 | 61,065,897 | 52,182,310 | ||||||||||||||||||||||||
Annualized return on average assets, as adjusted (non-GAAP) | 0.76 | % | 0.89 | % | 1.29 | % | 0.91 | % | 1.25 | % | |||||||||||||||||||
Adjusted annualized return on average shareholders' equity (non-GAAP): | |||||||||||||||||||||||||||||
Net income, as adjusted (non-GAAP) | $ | 116,297 | $ | 136,363 | $ | 182,881 | $ | 554,271 | $ | 650,452 | |||||||||||||||||||
Average shareholders' equity | 6,639,906 | 6,605,786 | 6,327,970 | 6,558,768 | 5,985,236 | ||||||||||||||||||||||||
Annualized return on average shareholders' equity, as adjusted (non-GAAP) | 7.01 | % | 8.26 | % | 11.56 | % | 8.45 | % | 10.87 | % | |||||||||||||||||||
Annualized return on average tangible shareholders' equity (non-GAAP): | |||||||||||||||||||||||||||||
Net income, as reported (GAAP) | $ | 71,554 | $ | 141,346 | $ | 177,591 | $ | 498,511 | $ | 568,851 | |||||||||||||||||||
Average shareholders' equity | 6,639,906 | 6,605,786 | 6,327,970 | 6,558,768 | 5,985,236 | ||||||||||||||||||||||||
Less: Average goodwill and other intangible assets | 2,033,656 | 2,042,486 | 2,074,367 | 2,047,172 | 1,944,503 | ||||||||||||||||||||||||
Average tangible shareholders' equity | $ | 4,606,250 | $ | 4,563,300 | $ | 4,253,603 | $ | 4,511,596 | $ | 4,040,733 | |||||||||||||||||||
Annualized return on average tangible shareholders' equity (non-GAAP) | 6.21 | % | 12.39 | % | 16.70 | % | 11.05 | % | 14.08 | % | |||||||||||||||||||
Efficiency ratio (non-GAAP): | |||||||||||||||||||||||||||||
Non-interest expense, as reported (GAAP) | $ | 340,421 | $ | 267,133 | $ | 266,240 | $ | 1,162,691 | $ | 1,024,949 | |||||||||||||||||||
Less: FDIC Special assessment (pre-tax) | 50,297 | — | — | 50,297 | — | ||||||||||||||||||||||||
Less: Restructuring charge (pre-tax) | (538) | (675) | — | 9,969 | — | ||||||||||||||||||||||||
Less: Merger-related expenses (pre-tax) | 10,000 | — | 7,372 | 14,133 | 71,203 | ||||||||||||||||||||||||
Less: Amortization of tax credit investments (pre-tax) | 4,547 | 4,191 | 3,213 | 18,009 | 12,407 | ||||||||||||||||||||||||
Less: Litigation reserve (pre-tax) | 3,540 | — | — | 3,540 | — | ||||||||||||||||||||||||
Non-interest expense, as adjusted (non-GAAP) | 272,575 | 263,617 | 255,655 | 1,066,743 | 941,339 | ||||||||||||||||||||||||
Net interest income, as reported (GAAP) | 397,275 | 412,418 | 465,819 | 1,665,478 | 1,655,640 | ||||||||||||||||||||||||
Non-interest income, as reported (GAAP) | 52,691 | 58,664 | 52,796 | 225,729 | 206,793 | ||||||||||||||||||||||||
Less: Net (gains) losses on available for sale and held to maturity securities transactions, net (pre-tax) | (877) | 443 | 7 | (401) | (95) | ||||||||||||||||||||||||
Less: Net gains on sales of office buildings (pre-tax) | — | (6,721) | — | (6,721) | — | ||||||||||||||||||||||||
Non-interest income, as adjusted (non-GAAP) | $ | 51,814 | $ | 52,386 | $ | 52,803 | $ | 218,607 | $ | 206,698 | |||||||||||||||||||
Gross operating income, as adjusted (non-GAAP) | $ | 449,089 | $ | 464,804 | $ | 518,622 | $ | 1,884,085 | $ | 1,862,338 | |||||||||||||||||||
Efficiency ratio (non-GAAP) | 60.70 | % | 56.72 | % | 49.30 | % | 56.62 | % | 50.55 | % |
As of | |||||||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||||||||||
($ in thousands, except for share data) | 2023 | 2023 | 2023 | 2023 | 2022 | ||||||||||||||||||||||||
Tangible book value per common share (non-GAAP): | |||||||||||||||||||||||||||||
Common shares outstanding | 507,709,927 | 507,660,742 | 507,619,430 | 507,762,358 | 506,374,478 | ||||||||||||||||||||||||
Shareholders' equity (GAAP) | $ | 6,701,391 | $ | 6,627,299 | $ | 6,575,184 | $ | 6,511,581 | $ | 6,400,802 | |||||||||||||||||||
Less: Preferred stock | 209,691 | 209,691 | 209,691 | 209,691 | 209,691 | ||||||||||||||||||||||||
Less: Goodwill and other intangible assets | 2,029,267 | 2,038,202 | 2,046,882 | 2,056,107 | 2,066,392 | ||||||||||||||||||||||||
Tangible common shareholders' equity (non-GAAP) | $ | 4,462,433 | $ | 4,379,406 | $ | 4,318,611 | $ | 4,245,783 | $ | 4,124,719 | |||||||||||||||||||
Tangible book value per common share (non-GAAP) | $ | 8.79 | $ | 8.63 | $ | 8.51 | $ | 8.36 | $ | 8.15 | |||||||||||||||||||
Tangible common equity to tangible assets (non-GAAP): | |||||||||||||||||||||||||||||
Tangible common shareholders' equity (non-GAAP) | $ | 4,462,433 | $ | 4,379,406 | $ | 4,318,611 | $ | 4,245,783 | $ | 4,124,719 | |||||||||||||||||||
Total assets (GAAP) | $ | 60,934,974 | $ | 61,183,352 | $ | 61,703,693 | $ | 64,309,573 | $ | 57,462,749 | |||||||||||||||||||
Less: Goodwill and other intangible assets | 2,029,267 | 2,038,202 | 2,046,882 | 2,056,107 | 2,066,392 | ||||||||||||||||||||||||
Tangible assets (non-GAAP) | $ | 58,905,707 | $ | 59,145,150 | $ | 59,656,811 | $ | 62,253,466 | $ | 55,396,357 | |||||||||||||||||||
Tangible common equity to tangible assets (non-GAAP) | 7.58 | % | 7.40 | % | 7.24 | % | 6.82 | % | 7.45 | % |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Cash and due from banks | $ | 284,090 | $ | 444,325 | |||||||
Interest bearing deposits with banks | 607,135 | 503,622 | |||||||||
Investment securities: | |||||||||||
Equity securities | 64,464 | 48,731 | |||||||||
Trading debt securities | 3,973 | 13,438 | |||||||||
Available for sale debt securities | 1,296,576 | 1,261,397 | |||||||||
Held to maturity debt securities (net of allowance for credit losses of $1,205 at December 31, 2023 and $1,646 at December 31, 2022) | 3,739,208 | 3,827,338 | |||||||||
Total investment securities | 5,104,221 | 5,150,904 | |||||||||
Loans held for sale (includes fair value of $20,640 at December 31, 2023 and $18,118 at December 31, 2022 for loans originated for sale) | 30,640 | 18,118 | |||||||||
Loans | 50,210,295 | 46,917,200 | |||||||||
Less: Allowance for loan losses | (446,080) | (458,655) | |||||||||
Net loans | 49,764,215 | 46,458,545 | |||||||||
Premises and equipment, net | 381,081 | 358,556 | |||||||||
Lease right of use assets | 343,461 | 306,352 | |||||||||
Bank owned life insurance | 723,799 | 717,177 | |||||||||
Accrued interest receivable | 245,498 | 196,606 | |||||||||
Goodwill | 1,868,936 | 1,868,936 | |||||||||
Other intangible assets, net | 160,331 | 197,456 | |||||||||
Other assets | 1,421,567 | 1,242,152 | |||||||||
Total Assets | $ | 60,934,974 | $ | 57,462,749 | |||||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Non-interest bearing | $ | 11,539,483 | $ | 14,463,645 | |||||||
Interest bearing: | |||||||||||
Savings, NOW and money market | 24,526,622 | 23,616,812 | |||||||||
Time | 13,176,724 | 9,556,457 | |||||||||
Total deposits | 49,242,829 | 47,636,914 | |||||||||
Short-term borrowings | 917,834 | 138,729 | |||||||||
Long-term borrowings | 2,328,375 | 1,543,058 | |||||||||
Junior subordinated debentures issued to capital trusts | 57,108 | 56,760 | |||||||||
Lease liabilities | 403,781 | 358,884 | |||||||||
Accrued expenses and other liabilities | 1,283,656 | 1,327,602 | |||||||||
Total Liabilities | 54,233,583 | 51,061,947 | |||||||||
Shareholders’ Equity | |||||||||||
Preferred stock, no par value; authorized 50,000,000 shares authorized: | |||||||||||
Series A (4,600,000 shares issued at December 31, 2023 and December 31, 2022) | 111,590 | 111,590 | |||||||||
Series B (4,000,000 shares issued at December 31, 2023 and December 31, 2022) | 98,101 | 98,101 | |||||||||
Common stock (no par value, authorized 650,000,000 shares; issued 507,896,910 shares at December 31, 2023 and December 31, 2022) | 178,187 | 178,185 | |||||||||
Surplus | 4,989,989 | 4,980,231 | |||||||||
Retained earnings | 1,471,371 | 1,218,445 | |||||||||
Accumulated other comprehensive loss | (146,456) | (164,002) | |||||||||
Treasury stock, at cost (186,983 common shares at December 31, 2023 and 1,522,432 common shares at December 31, 2022) | (1,391) | (21,748) | |||||||||
Total Shareholders’ Equity | 6,701,391 | 6,400,802 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 60,934,974 | $ | 57,462,749 |
Three Months Ended | Years Ended | ||||||||||||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | ||||||||||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Interest Income | |||||||||||||||||||||||||||||
Interest and fees on loans | $ | 762,894 | $ | 753,638 | $ | 599,015 | $ | 2,886,930 | $ | 1,828,477 | |||||||||||||||||||
Interest and dividends on investment securities: | |||||||||||||||||||||||||||||
Taxable | 34,117 | 32,383 | 31,300 | 130,708 | 105,716 | ||||||||||||||||||||||||
Tax-exempt | 4,820 | 4,585 | 5,219 | 20,305 | 17,958 | ||||||||||||||||||||||||
Dividends | 6,138 | 5,299 | 3,978 | 24,139 | 11,468 | ||||||||||||||||||||||||
Interest on federal funds sold and other short-term investments | 10,215 | 17,113 | 7,038 | 76,809 | 13,064 | ||||||||||||||||||||||||
Total interest income | 818,184 | 813,018 | 646,550 | 3,138,891 | 1,976,683 | ||||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||||||||
Interest on deposits: | |||||||||||||||||||||||||||||
Savings, NOW and money market | 221,501 | 201,916 | 109,286 | 739,025 | 186,709 | ||||||||||||||||||||||||
Time | 165,351 | 164,336 | 48,417 | 535,749 | 69,691 | ||||||||||||||||||||||||
Interest on short-term borrowings | 5,524 | 5,189 | 7,404 | 94,869 | 17,453 | ||||||||||||||||||||||||
Interest on long-term borrowings and junior subordinated debentures | 28,533 | 29,159 | 15,624 | 103,770 | 47,190 | ||||||||||||||||||||||||
Total interest expense | 420,909 | 400,600 | 180,731 | 1,473,413 | 321,043 | ||||||||||||||||||||||||
Net Interest Income | 397,275 | 412,418 | 465,819 | 1,665,478 | 1,655,640 | ||||||||||||||||||||||||
(Credit) provision for credit losses for available for sale and held to maturity securities | (116) | (30) | (50) | 4,559 | 481 | ||||||||||||||||||||||||
Provision for credit losses for loans | 20,696 | 9,147 | 7,289 | 45,625 | 56,336 | ||||||||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 376,695 | 403,301 | 458,580 | 1,615,294 | 1,598,823 | ||||||||||||||||||||||||
Non-Interest Income | |||||||||||||||||||||||||||||
Wealth management and trust fees | 11,978 | 11,417 | 10,720 | 44,158 | 34,709 | ||||||||||||||||||||||||
Insurance commissions | 3,221 | 2,336 | 2,903 | 11,116 | 11,975 | ||||||||||||||||||||||||
Capital Markets | 6,489 | 7,141 | 10,120 | 41,489 | 52,362 | ||||||||||||||||||||||||
Service charges on deposit accounts | 9,336 | 10,952 | 10,313 | 41,306 | 36,930 | ||||||||||||||||||||||||
Gains (losses) on securities transactions, net | 907 | (398) | (172) | 1,104 | (1,230) | ||||||||||||||||||||||||
Fees from loan servicing | 2,616 | 2,681 | 2,637 | 10,670 | 11,273 | ||||||||||||||||||||||||
Gains on sales of loans, net | 2,302 | 2,023 | 908 | 6,054 | 6,418 | ||||||||||||||||||||||||
(Losses) gains on sales of assets, net | (129) | 6,653 | 1,269 | 6,809 | 897 | ||||||||||||||||||||||||
Bank owned life insurance | 4,107 | 2,709 | 2,200 | 11,843 | 8,040 | ||||||||||||||||||||||||
Other | 11,864 | 13,150 | 11,898 | 51,180 | 45,419 | ||||||||||||||||||||||||
Total non-interest income | 52,691 | 58,664 | 52,796 | 225,729 | 206,793 | ||||||||||||||||||||||||
Non-Interest Expense | |||||||||||||||||||||||||||||
Salary and employee benefits expense | 131,719 | 137,292 | 129,634 | 563,591 | 526,737 | ||||||||||||||||||||||||
Net occupancy expense | 27,590 | 24,675 | 23,446 | 101,470 | 94,352 | ||||||||||||||||||||||||
Technology, furniture and equipment expense | 44,404 | 37,320 | 46,507 | 150,708 | 161,752 | ||||||||||||||||||||||||
FDIC insurance assessment | 60,627 | 7,946 | 6,827 | 88,154 | 22,836 | ||||||||||||||||||||||||
Amortization of other intangible assets | 9,696 | 9,741 | 10,900 | 39,768 | 37,825 | ||||||||||||||||||||||||
Professional and legal fees | 25,238 | 17,109 | 19,620 | 80,567 | 82,618 | ||||||||||||||||||||||||
Amortization of tax credit investments | 4,547 | 4,191 | 3,213 | 18,009 | 12,407 | ||||||||||||||||||||||||
Other | 36,600 | 28,859 | 26,093 | 120,424 | 86,422 | ||||||||||||||||||||||||
Total non-interest expense | 340,421 | 267,133 | 266,240 | 1,162,691 | 1,024,949 | ||||||||||||||||||||||||
Income Before Income Taxes | 88,965 | 194,832 | 245,136 | 678,332 | 780,667 | ||||||||||||||||||||||||
Income tax expense | 17,411 | 53,486 | 67,545 | 179,821 | 211,816 | ||||||||||||||||||||||||
Net Income | 71,554 | 141,346 | 177,591 | 498,511 | 568,851 | ||||||||||||||||||||||||
Dividends on preferred stock | 4,104 | 4,127 | 3,630 | 16,135 | 13,146 | ||||||||||||||||||||||||
Net Income Available to Common Shareholders | $ | 67,450 | $ | 137,219 | $ | 173,961 | $ | 482,376 | $ | 555,705 | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average | Avg. | Average | Avg. | Average | Avg. | ||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (1)(2) | $ | 50,039,429 | $ | 762,918 | 6.10 | % | $ | 50,019,414 | $ | 753,662 | 6.03 | % | $ | 46,086,363 | $ | 599,040 | 5.20 | % | |||||||||||||||||||||||||||||||||||
Taxable investments (3) | 4,950,773 | 40,255 | 3.25 | 4,915,778 | 37,682 | 3.07 | 4,934,084 | 35,278 | 2.86 | ||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt investments (1)(3) | 593,577 | 6,101 | 4.11 | 620,439 | 5,800 | 3.74 | 623,322 | 6,608 | 4.24 | ||||||||||||||||||||||||||||||||||||||||||||
Interest bearing deposits with banks | 885,689 | 10,215 | 4.61 | 1,246,934 | 17,113 | 5.49 | 761,832 | 7,038 | 3.70 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 56,469,468 | 819,489 | 5.80 | 56,802,565 | 814,257 | 5.73 | 52,405,601 | 647,964 | 4.95 | ||||||||||||||||||||||||||||||||||||||||||||
Other assets | 4,644,085 | 4,589,123 | 4,507,614 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 61,113,553 | $ | 61,391,688 | $ | 56,913,215 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders' equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings, NOW and money market deposits | $ | 23,991,093 | $ | 221,500 | 3.69 | % | $ | 23,016,737 | $ | 201,916 | 3.51 | % | $ | 23,476,111 | $ | 109,286 | 1.86 | % | |||||||||||||||||||||||||||||||||||
Time deposits | 13,934,683 | 165,351 | 4.75 | 14,880,311 | 164,336 | 4.42 | 7,641,769 | 48,417 | 2.53 | ||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 449,831 | 5,524 | 4.91 | 436,518 | 5,189 | 4.75 | 880,615 | 7,404 | 3.36 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings (4) | 2,377,706 | 28,533 | 4.80 | 2,495,512 | 29,159 | 4.67 | 1,598,379 | 15,624 | 3.91 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 40,753,313 | 420,908 | 4.13 | 40,829,078 | 400,600 | 3.92 | 33,596,874 | 180,731 | 2.15 | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | 11,534,795 | 11,951,398 | 15,116,977 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 2,185,539 | 2,005,426 | 1,871,394 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 6,639,906 | 6,605,786 | 6,327,970 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 61,113,553 | $ | 61,391,688 | $ | 56,913,215 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/interest rate spread (5) | $ | 398,581 | 1.67 | % | $ | 413,657 | 1.81 | % | $ | 467,233 | 2.80 | % | |||||||||||||||||||||||||||||||||||||||||
Tax equivalent adjustment | (1,305) | (1,239) | (1,414) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, as reported | $ | 397,276 | $ | 412,418 | $ | 465,819 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (6) | 2.81 | % | 2.90 | % | 3.56 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Tax equivalent effect | 0.01 | 0.01 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin on a fully tax equivalent basis (6) | 2.82 | % | 2.91 | % | 3.57 | % |
SHAREHOLDERS RELATIONS Requests for copies of reports and/or other inquiries should be directed to Tina Zarkadas, Assistant Vice President, Shareholder Relations Specialist, Valley National Bancorp, 70 Speedwell Avenue, Morristown, New Jersey, 07960, by telephone at (973) 305-3380, by fax at (973) 305-1364 or by e-mail at tzarkadas@valley.com. |
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