EX-99.1 2 dex991.htm VALLEY NATIONAL BANCORP INVESTOR PRESENTATION Valley National Bancorp Investor Presentation
Merrill Lynch Investor Luncheon 
May 4, 2006
Exhibit 99.1

2
This
presentation
contains
forward
looking
statements
concerning
Valley’s
future
business
outlook,
financial
condition
and
operating results.  Generally, the words "will," "may," "should," "continue," "believes," "expects," "anticipates" or similar
expressions identify forward looking statements.  Readers are advised not to place undue reliance on these forward looking
statements as they are influenced by certain risk factors and unpredictable events.  Factors that could cause actual results
to
differ
materially
from
those
predicted
by
the
forward
looking
statements
include
among
others:
unanticipated changes in the direction of interest rates;
competition from banks and other financial institutions;
changes in loan, investment and mortgage prepayment assumptions;
insufficient allowance for loan losses;
relationships with major customers;
changes in effective income tax rates;
higher or lower cash flow levels than anticipated;
inability to hire and retain qualified employees;
slowdown in levels of deposit growth;
a decline in the economy in New Jersey and New York;
a decrease in loan origination volume;
a change in legal and regulatory barriers including issues related to AML/BSA compliance;
the development of new tax strategies or the disallowance of prior tax strategies;
unanticipated litigation pertaining to fiduciary responsibility;
and
retention of loans, deposits, customers and staff from Valley’s acquisition of Shrewsbury and NorCrown during
2005.
NOTE:  Valley disclaims any obligation to update or revise forward looking statements for any reason.
Information For Investors And Shareholders

3
Overview of Valley National Bancorp
79 Year Commercial Banking History
Listed on the NYSE:  VLY (twelve years as of December 5, 2005)
Consistent Shareholder Returns
Strong Financial Performance
Sound Asset Quality
Management Longevity/Ownership
Big Bank –
Act Like Small Bank
Marketplace

4
60 Miles from Wayne
60 Minutes from Wayne
Valley National Bancorp’s
Concentrated Focus and Market Share
1
As of March 31, 2006
2
June 2005 Total Deposits
Merrill Lynch Bank and Trust, Metlife Inc. and TD Waterhouse bank were adjusted from county totals.
5.10
154
NJ Footprint
0.26
9
Manhattan
0.43
1
Middlesex
1.42
10
Union
6.45
19
Morris
9.11
27
Essex
2.74
12
Monmouth
2.08
13
Hudson
3.77
4
Somerset
4.68
37
Bergen
5.09
3
Warren
9.48
6
Sussex
25.73%
22
Passaic
Market
Share by
Deposits²
Valley
Offices¹
County
5.10
154
NJ Footprint
0.26
9
Manhattan
0.43
1
Middlesex
1.42
10
Union
6.45
19
Morris
9.11
27
Essex
2.74
12
Monmouth
2.08
13
Hudson
3.77
4
Somerset
4.68
37
Bergen
5.09
3
Warren
9.48
6
Sussex
25.73%
22
Passaic
Market
Share by
Deposits²
Valley
Offices¹
County

5
Focused Growth
Branches under Development
New Jersey
Edison, Middlesex County
Freehold, Monmouth County
Hackensack, Bergen County
Highlands, Monmouth County
Hillsborough, Somerset County
Keansburg, Monmouth County
Manalapan, Monmouth County
Milltown, Middlesex County
North Brunswick, Middlesex County (2)
Paterson, Passaic County
Piscataway, Middlesex County
Upper Montclair, Essex County
Woodbridge, Middlesex County
Expansion concentration within 1 Hour of Wayne
Seeking
to
fill
in
and
expand
to
contiguous
counties,
including
Kings
and
Queens
Counties,
NY
Properties
under
construction/contract
include:
Manhattan
Church Street & Franklin Street
Hudson Street & Laight Street
18
th
Street & Eighth Avenue
88
th
Street & Third Avenue
Brooklyn
61
st
Street & 18th Avenue

6
26%
23%
23%
28%
Commercial & Construction Loans
Commercial Mortgages
Residential Mortgages
Consumer Loans
($ in millions)
Total Loans $8,161
Total Loan Portfolio Composition
as of March 31, 2006

7
Valley National Bank -
Sensitivity Analysis
Repricing Loan Cash Flow in One Year
20.92%
22.68%
22.33%
23.39%
22.08%
20.95%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
2001
2002
2003
2004
2005
3/31/2006
Prime-Based Loans
Reprice Cash Flow

8
Loan Portfolio Growth 2001-
2005
2.30%
8.13%
7.81%
12.41%
17.29%
0.00%
3.00%
6.00%
9.00%
12.00%
15.00%
18.00%
2001
2002
2003
2004
2005*
* Includes loans acquired in connection with the Shrewsbury and NorCrown acquisitions
totaling approximately $276 million and $413 million, respectively.

9
Non-Performing Loans as a % of Loans
2001-
3/31/2006
0.35%
0.38%
0.36%
0.44%
0.32%
0.40%
0.00%
0.50%
1.00%
1.50%
2.00%
2001
2002
2003
2004
2005
3/31/2006
(annualized)

10
Net
Charge-Offs
to
Average
Loans
2001-
3/31/2006
0.27%
0.24%
0.11%
0.11%
0.05%
0.03%
0.00%
0.50%
1.00%
1.50%
2.00%
2001
2002
2003
2004
2005
3/31/2006
(annualized)

11
Net Interest Margin Trend
Net
Interest
Margin
is
presented
on
a
tax
equivalent
basis
using
a
35%
tax
rate
3.80%
3.76%
3.66%
3.55%
3.50%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
6/30/2005
9/30/2005
12/31/2005
3/31/2006
3/31/2005

12
As the slope of the yield curve steepens, Valley’s Net
Interest Margin will increase.
With the expiration of a cash flow hedge on August 1,
2006, Net Interest Margin will increase 4bps annually.
Yields on loans originated in the first quarter of 2006
were 33 bps higher than loans originated in the fourth
quarter of 2005, while the rate paid on deposits was
only 3 bps higher.
Net Interest Margin Trend

13
Strong Capital Position
Includes $200 Million Trust Preferred Issued November 2001.
Total Capital Ratio Includes $100 Million Sub-debt Issued July 2005.
8.1%
10.6%
12.5%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
2001
2002
2003
2004
2005
3/31/2006
Leverage Ratio
Tier 1 Ratio
Total Capital Ratio

14
Unrealized Capital Position
(as of March 31, 2006)
Marked-to-Market Facilities
Number of facilities owned -
74
Approximate book value of facilities owned
*
$82 Million
Approximate Market Value of
Facilities owned -
$280 Million

15
Net Income Per Diluted Share
1.14
(1)
1.36
(2)
1.40
1.41
0.35
1.42
0.35
$0.00
$0.50
$1.00
$1.50
2001
2002
2003
2004
2005
3/31/2006
All
share
data
is
adjusted
to
reflect
a
5
percent
stock
dividend
to
be
issued
on
May
22,
2006.
(1)
Amount for 2001 includes merger-related charges of $7.0 million for Merchants  acquisition.
(2)
Includes
tax
benefit
due
to
restructuring
of
a
subsidiary
into
a
REIT
of
$8.75
million.
as of 3/31/05

16
Peer Groups
Institution
Asset Size as
of 12/31/05
Peer Group 1 ($5 billion - $15 billion)
(in $000s)
First Citizens BancShares, Inc.
Raleigh
NC
14,639,392
City National Corporation
Beverly Hills
CA
14,581,860
South Financial Group, Inc.
Greenville
SC
14,318,910
Commerce Bancshares, Inc.
Kansas City
MO
13,885,545
TCF Financial Corporation
Wayzata
MN
13,365,360
Fulton Financial Corporation
Lancaster
PA
12,403,681
Investors Financial Services Corp.
Boston
MA
12,096,393
BancorpSouth, Inc.
Tupelo
MS
11,769,164
Cullen/Frost Bankers, Inc.
San Antonio
TX
11,741,437
Wilmington Trust Corporation
Wilmington
DE
10,228,135
Bank of Hawaii Corporation
Honolulu
HI
10,187,038
FirstMerit Corporation
Akron
OH
10,161,317
Whitney Holding Corporation
New Orleans
LA
10,109,006
First Republic Bank
San Francisco
CA
9,319,910
Old National Bancorp
Evansville
IN
8,492,022
Corus Bankshares, Inc.
Chicago
IL
8,458,740
Trustmark Corporation
Jackson
MS
8,389,750
East West Bancorp, Inc.
San Marino
CA
8,278,256
UMB Financial Corporation
Kansas City
MO
8,247,789
Wintrust Financial Corporation
Lake Forest
IL
8,177,042
UCBH Holdings, Inc.
San Francisco
CA
7,962,583
Citizens Banking Corporation
Flint
MI
7,751,883
Sterling Financial Corporation
Spokane
WA
7,558,928
Susquehanna Bancshares, Inc.
Lititz
PA
7,466,007
First Midwest Bancorp, Inc.
Itasca
IL
7,210,151
Greater Bay Bancorp
E. Palo Alto
CA
7,116,325
Pacific Capital Bancorp
Santa Barbara
CA
6,876,159
United Bankshares, Inc.
Charleston
WV
6,728,492
Irwin Financial Corporation
Columbus
IN
6,646,524
Texas Regional Bancshares, Inc.
McAllen
TX
6,588,319
Chittenden Corporation
Burlington
VT
6,464,670
Headquarters
Institution
Asset Size as
of 12/31/05
Peer Group 1 ($5 billion - $15 billion)
(in $000s)
Cathay General Bancorp, Inc.
Los Angeles
CA
6,373,313
Provident Bankshares Corporation
Baltimore
MD
6,354,952
Republic Bancorp Inc.
Owosso
MI
6,081,766
First Commonwealth Financial Corp.
Indiana
PA
6,026,320
Hancock Holding Company
Gulfport
MS
5,950,187
Alabama National BanCorporation
Birmingham
AL
5,931,673
United Community Banks, Inc.
Blairsville
GA
5,865,756
MB Financial, Inc.
Chicago
IL
5,714,131
F.N.B. Corporation
Hermitage
PA
5,590,326
SVB Financial Group
Santa Clara
CA
5,541,715
Park National Corporation
Newark
OH
5,436,048
CVB Financial Corp.
Ontario
CA
5,422,971
Umpqua Holdings Corporation
Portland
OR
5,360,639
AMCORE Financial, Inc.
Rockford
IL
5,344,902
Central Pacific Financial Corp.
Honolulu
HI
5,239,139
Westamerica Bancorporation
San Rafael
CA
5,149,209
Boston Private Financial Holdings, Inc.
Boston
MA
5,134,065
Peer Group 2 ($15 billion - $40 billion)
(in $000s)
Associated Banc-Corp
Green Bay
WI
22,100,082
BOK Financial Corporation
Tulsa
OK
16,252,907
Colonial BancGroup, Inc.
Montgomery
AL
21,426,197
Commerce Bancorp, Inc.
Cherry Hill
NJ
38,466,037
Compass Bancshares, Inc.
Birmingham
AL
30,798,232
First Horizon National Corporation
Memphis
TN
36,579,061
Huntington Bancshares Incorporated
Columbus
OH
32,764,805
Mellon Financial Corporation
Pittsburgh
PA
38,678,000
Mercantile Bankshares Corporation
Baltimore
MD
16,421,729
Sky Financial Group, Inc.
Bowling Green
OH
15,683,291
Synovus Financial Corp.
Columbus
GA
27,626,723
TD Banknorth Inc.
Portland
ME
32,095,353
Webster Financial Corporation
Waterbury
CT
17,824,391
Headquarters

17
Dividend Payout Ratio Comparison
59.40%
32.81%
43.85%
53.80%
34.07%
36.00%
54.60%
34.52%
36.65%
57.05%
37.28%
38.40%
58.00%
39.10%
40.79%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
2001
2002
2003
2004
2005
Valley
Peer Group 1
Peer Group 2

18
Actual Valley Dividends
Paid vs. Peer Group Proforma
135.2
80.3
154.6
83.2
153.4
83.8
154.4
88.1
163.4
94.8
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
2001
2002
2003
2004
2005
Valley Net Income
Valley Payout
Peer Group 1
Peer Group 2

19
.16
.21
.23
.25
.26
.26
.27
.30
.36
.40
.42
.47
.53
.59
.64
.67
.72
.76
.80
.83
86
87
88
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
Annual Dividend paid, adjusted for stock splits and stock
dividends.
Current annual rate is $0.86 per share
Dividend Growth Per Share

20
Total Returns –
3/31/96 –
3/31/06*
203.45%
70.38%
139.90%
26.37%
135.67%
21.46%
0%
50%
100%
150%
200%
250%
Valley
Russell 1000 Index
S&P Index
10 Years
5 Years
11.73%
Annual
*Source-
Bloomberg
11.23%
Annual
9.13%
Annual
4.79%
Annual
8.94%
Annual
3.96%
Annual

21
For More Information
Log onto our web site:   www.valleynationalbank.com
Visit our kids site:
www.vnbkids.com
E-mail requests to:   dgrenz@valleynationalbank.com
Call Shareholder Relations at: (973) 305-3380
Write to:  Valley National Bank
1455 Valley Road
Wayne, New Jersey 07470
Attn:     Dianne M. Grenz, Senior Vice President
Director of Shareholder & Public Relations
Log onto our website above or www.sec.gov to obtain free
copies
of documents filed by Valley with the SEC