Exhibit 99

FOR IMMEDIATE RELEASE	Contact:	Alan D. Eskow
		Executive Vice President and
		Chief Financial Officer
		973-305-4003

VALLEY NATIONAL BANCORP REPORTS

INCREASE IN NET INCOME FOR SECOND QUARTER

WAYNE, NJ – July 19, 2006 — Valley National Bancorp (NYSE:VLY) (“Valley”), the holding company for Valley National Bank, announced today six months and second quarter results for 2006. Net income for the six months ended June 30, 2006 was $81.7 million compared to $77.3 million for the same period in 2005, an increase of 5.7 percent. Adjusting for a five percent stock dividend issued on May 22, 2006, fully diluted earnings per common share were $0.70 for the six months ended June 30, 2006, compared to $0.69 per common share for the six months ended June 30, 2005. All common share data presented below was adjusted to reflect the stock dividend.

Net income for the second quarter of 2006 was $40.8 million compared to $39.0 million for the second quarter of 2005, an increase of 4.6 percent. Fully diluted earnings per common share were $0.35 for the second quarter of 2006, compared to $0.34 per common share in the same quarter of 2005.

Chairman’s Comments

Gerald H. Lipkin, Chairman, President and CEO noted that, “Although the current economic and interest rate environment remains challenging, once again, Valley generated excellent shareholder returns. For the quarter, the average return on tangible shareholders’ equity exceeded 22.0 percent. Management continues to focus on structuring the balance sheet in a manner which optimizes long-term returns as compared with immediate results.

Loan growth during the quarter was robust as the portfolio grew by 8.6 percent on an annualized basis. New loan originations in the second quarter of 2006 exceeded originations in the same period of 2005 by approximately 20.0 percent. Additionally, the interest rate on new originations was nearly 7.00 percent, compared to 5.75 percent a year earlier. Management continues to utilize various funding sources to support loan growth. During the first six months of 2006, Valley repriced and entered into nearly $800 million of short and long-term borrowings at an average interest rate of 4.42 percent with an average life of 2 ¹/2 years. During the second quarter of 2006, market interest rates on wholesale funds escalated, making deposits a better funding alternative. Valley’s deposit growth initiatives coupled with enhanced marketing efforts have returned solid results during the second quarter as deposits increased over 10.0 percent on an annualized basis. Additionally, new checking and saving account originations during the first six months in 2006 approached nearly 39 thousand.

The contraction of two basis points in the net interest margin from the first quarter reflects the smallest linked quarter decrease since the third quarter of 2004. Stabilization of the margin coupled with growth in interest earning assets and the structure of deposit and borrowed funds should produce positive results for the remainder of 2006.”

Valley National Bancorp (NYSE: VLY)

2006 Second Quarter Earnings

July 19, 2006

Net Interest Income and Margin

Net interest income on a tax equivalent basis was $100.0 million for the second quarter of 2006, a $1.6 million decrease from the same quarter of 2005 and a decrease of $263 thousand from the linked quarter ended March 31, 2006. The decrease during the quarter was mainly a result of an increase in funding costs of $6.1 million, or 26 basis points from the first quarter of 2006.

The net interest margin on a tax equivalent basis was 3.48 percent for the second quarter of 2006, a decline of two basis points from the linked quarter ended March 31, 2006. However, the yield on average total loans continue to improve as the second quarter of 2006 equaled 6.49 percent, an increase of 54 basis points from the same period a year ago and a 23 basis point increase from the first quarter of 2006.

Valley’s cost of total deposits remained relatively low by industry standards at 2.11 percent for the second quarter of 2006 compared to 1.85 percent for the three months ended March 31, 2006. Management is pleased with an increase of only 26 basis points as the average federal funds rate increased approximately 47 basis points from the first quarter.

Valley entered into cash flow hedges in July 2004, which negatively impacted net interest income during the six months ended June 30, 2006. When the hedges expire on August 1, 2006, Valley expects net interest income to improve by approximately $1.5 million per quarter and the net interest margin to increase by over four basis points, on an annual basis, based upon the current level of interest rates and anticipated loan volume.

Non-Interest Income

Non-interest income was unchanged from the first quarter of 2006, totaling approximately $19.4 million for the three months ended June 30, 2006. However, service charges on deposit accounts increased $348 thousand. While, trust and investment services also increased $249 thousand to $1.9 million from the prior quarter mainly due to an increase in managed account fees. Partially offsetting the increases, net gains on securities transactions decreased $401 thousand as compared to the first quarter of 2006.

Non-interest income increased $55 thousand from a year ago, totaling approximately $19.4 million for the three months ended June 30, 2006 compared to $19.3 million for the same period in 2005. Trust and investment services increased $312 thousand, or 19.3 percent, from $1.6 million for the second quarter of 2005 mainly due to an increase in managed account fees. Bank owned life insurance income increased $286 thousand, or 16.3 percent, primarily due to a higher yield on the underlying investment securities. However, fees from loan servicing decreased $299 thousand to $1.5 million for the second quarter of 2006 compared to the same period in 2005 mainly due to smaller balances of loans serviced resulting from refinance and payoff activity.

2

Valley National Bancorp (NYSE: VLY)

2006 Second Quarter Earnings

July 19, 2006

Non-Interest Expense

Non-interest expense increased by $1.4 million, or 2.4 percent to $61.9 million for the quarter ended June 30, 2006 from $60.5 million for the quarter ended June 30, 2005 primarily due to a $1.1 million increase in net occupancy and equipment expense. The increase in net occupancy and equipment expense is mainly attributed to the acquisition of NorCrown Bank on June 3, 2005, which added 15 offices to Valley’s branch network.

Non-interest expense increased $1.1 million, or 1.9 percent to $61.9 million for the second quarter of 2006 from $60.8 million for the linked quarter ended March 31, 2006. Advertising expense increased $651 thousand primarily due to new checking account and certificate of deposit promotions during the second quarter. Other non-interest expense also increased $738 thousand mainly due to customer events, CRA expenses, and postage for additional customer mailings during the period.

Income Tax Expense

Income tax expense as a percentage of income before income taxes was 22.6 percent and 32.5 percent for the three months ended June 30, 2006 and 2005, respectively. The decline was mainly due to lower state income tax expense, settlement of income tax examinations, and an increase in low income housing tax credits from a year ago.

For the remainder of 2006, Valley anticipates an effective tax rate of approximately 27.0 percent, compared to 24.7 percent for the six months ended June 30, 2006. The rate is projected based upon management’s judgment regarding future results and could vary due to changes in income, tax planning strategies and federal or state income tax laws.

Loans and Deposits

During the second quarter loans increased 2.1 percent, or 8.6 percent on an annualized basis, to approximately $8.3 billion at June 30, 2006 compared to $8.2 billion at March 31, 2006. The linked quarter growth in loans is mainly comprised of increases in construction, commercial, and automobile loans of $59.2 million, $43.5 million and $39.3 million, respectively. The increase is mainly attributable to new originations augmented slightly by an increase in commercial loan line usage.

During the quarter deposits increased $212.2 million, or 10.2 percent on an annualized basis, from $8.4 billion at March 31, 2006. The increase in deposits reflects Valley’s deposit growth initiatives introduced in the first quarter of 2006 carried through the second quarter. The largest increases were in time deposits and money market accounts, partially offset by a decrease in municipal deposits. For the remainder of 2006, deposit growth is expected to be dependent on the rates dictated by market competition versus the cost of alternative funding sources. Valley intends to maintain a funding strategy dependent on the Bank’s consolidated interest earning asset mix.

3

Valley National Bancorp (NYSE: VLY)

2006 Second Quarter Earnings

July 19, 2006

Credit Quality

Net loan charge-offs for the second quarter of 2006 were $3.3 million compared to $936 thousand for the second quarter of 2005, and $584 thousand for the first quarter of 2006. The increase in net loan charge-offs is mainly due to charge-offs totaling $2.2 million on two commercial loans, which were on non-accrual. The provision for loan losses was $3.1 million for the second quarter of 2006 compared to $925 thousand for the second quarter of 2005, and $1.3 million for the first quarter of 2006. Total non-performing assets, consisting of non-accrual loans and other real estate owned, totaled $30.7 million, or 0.37 percent of loans and other real estate owned at June 30, 2006 down from $35.1 million or 0.43 percent at March 31, 2006.

Loans past due 90 days or more and still accruing at June 30, 2006 were $7.4 million, or 0.09 percent of $8.3 billion of total loans, compared to $5.0 million at June 30, 2005 and $2.6 million at March 31, 2006. Total loans past due in excess of 30 days were 0.65 percent of total loans at June 30, 2006 compared with 0.74 percent at March 31, 2006.

Financial Ratios

Valley’s annualized return on average shareholders’ equity was 17.25 percent and 18.41 percent for the three months ended June 30, 2006 and 2005, respectively. The decrease is mainly attributable to additional goodwill and net core deposit intangibles generated from the NorCrown Bank acquisition on June 3, 2005, which totaled approximately $97.4 million. On a comparative basis, adjusting for Valley’s goodwill and other intangible assets, the annualized return on average tangible shareholders’ equity was 22.31 percent and 22.51 percent, respectively, for the quarter ended June 30, 2006 and 2005. See “Notes to Selected Financial Data” section in the tables that follow for information regarding the computation of these ratios.

For the second quarter of 2006 and 2005, annualized return on average assets was 1.33 percent and 1.35 percent, respectively.

Valley’s risk-based capital ratios were 10.54 percent for Tier 1 capital, 12.41 percent for total capital and 8.18 percent for Tier 1 leverage at June 30, 2006.

Valley National Bancorp is a regional bank holding company with over $12 billion in assets, headquartered in Wayne, New Jersey. Its principal subsidiary, Valley National Bank, currently operates 163 offices in 107 communities serving 12 counties throughout northern and central New Jersey and Manhattan.

4

Valley National Bancorp (NYSE: VLY)

2006 Second Quarter Earnings

July 19, 2006

Forward-Looking Statements

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about new and existing programs and products, relationships, opportunities, taxation, technology and market conditions. These statements may be identified by such forward-looking terminology as “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “typically,” “usually,” “anticipate,” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ from those contemplated by such forward-looking statements include, among others, the following: unanticipated changes in the direction of interest rates, effective income tax rates, loan and investment prepayments and assumptions, levels of loan quality and origination volume, relationships with major customers, as well as the effects of unanticipated economic conditions and legal and regulatory barriers including compliance issues related to AML/BSA compliance and the development of new tax strategies or the disallowance of prior tax strategies. Valley assumes no obligation for updating any such forward-looking statement at any time.

# # #

-Tables to Follow-

5

Valley National Bancorp

Consolidated Financial Highlights

SELECTED FINANCIAL DATA

(Dollars in thousands, except for share data)	Three Months Ended June 30,						Six Months Ended June 30,
	2006			2005			2006			2005
FINANCIAL DATA:
Net income	$	40,786		$	38,991		$	81,697		$	77,259
Net interest income		98,337			99,840			196,878			194,433
Net interest income - FTE (2)		99,976			101,581			200,216			197,819
Weighted Average Number of Shares Outstanding (3):
Basic		116,883,643			114,805,491			116,868,333			111,937,007
Diluted		117,408,282			115,240,814			117,328,091			112,410,101
Per share data (3):
Basic earnings	$	0.35		$	0.34		$	0.70		$	0.69
Diluted earnings		0.35			0.34			0.70			0.69
Cash dividends declared		0.22			0.21			0.43			0.41
Book value		8.08			7.85			8.08			7.85
Tangible book value (1)		6.24			5.91			6.24			5.91
Closing stock price - high		25.71			24.06			25.71			25.23
Closing stock price - low		23.90			21.73			22.06			21.73
FINANCIAL RATIOS:
Net interest margin		3.42	%		3.70	%		3.43	%		3.71	%
Net interest margin - FTE (2)		3.48			3.76			3.49			3.78
Annualized return on average assets		1.33			1.35			1.33			1.38
Annualized return on average shareholders’ equity		17.25			18.41			17.32			19.77
Annualized return on average tangible shareholders’ equity (1)		22.31			22.51			22.46			22.68
Efficiency ratio (4)		52.59			50.75			52.06			49.81
AVERAGE BALANCE SHEET ITEMS:
Assets	$	12,294,841		$	11,583,688		$	12,274,970		$	11,173,330
Interest earning assets		11,501,020			10,801,202			11,479,359			10,468,622
Loans		8,243,355			7,480,523			8,197,622			7,234,991
Interest bearing liabilities		9,363,120			8,774,898			9,357,439			8,505,138
Deposits		8,503,424			8,200,244			8,445,135			7,857,009
Shareholders’ equity		946,018			847,214			943,184			781,730

Valley National Bancorp

Consolidated Financial Highlights

SELECTED FINANCIAL DATA

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2006		2005		2006			2005
ALLOWANCE FOR LOAN LOSSES:
Beginning of period	$	75,898	$	69,029	$	75,188		$	65,699
Provision for loan losses		3,117		925		4,411			1,677
Charge-offs		3,845		1,886		5,239			3,264
Recoveries		526		950		1,336			1,695
Additions from acquisitions		—		6,041		—			9,252
End of period	$	75,696	$	75,059	$	75,696		$	75,059
					As of June 30,
					2006			2005
BALANCE SHEET ITEMS:
Assets					$	12,429,815		$	12,267,025
Loans						8,335,692			7,838,985
Deposits						8,571,267			8,627,093
Shareholders’ equity						944,511			916,725
CAPITAL RATIOS:
Tier 1 leverage ratio						8.18	%		8.01	%
Risk-based capital - Tier 1						10.54			10.18
Risk-based capital - Total Capital						12.41			11.02
ASSET QUALITY:
Non-accrual loans					$	29,015		$	25,037
Other real estate owned (OREO)						1,728			1,083
Total non-performing assets						30,743			26,120
Loans past due 90 days or more and still accruing						7,374			4,984
ASSET QUALITY RATIOS:
Non-performing assets to total loans plus OREO						0.37	%		0.33	%
Allowance for loan losses to loans						0.91			0.96
Annualized net charge-offs to average loans						0.10			0.04

Valley National Bancorp

Consolidated Financial Highlights

NOTES TO SELECTED FINANCIAL DATA

(1) This press release contains certain supplemental financial information, described in the following notes, which has been determined by methods other than Generally Accepted Accounting Principles (“GAAP”) that management uses in its analysis of Valley’s performance. Valley’s management believes these non-GAAP financial measures provide information useful to investors in understanding the underlying operational performance of Valley, its business and performance trends and facilitates comparisons with the performance of others in the financial services industry.

Tangible book value and return on average tangible equity, which represent non-GAAP measures, are computed as follows:

• Tangible book value is computed by dividing total shareholders’ equity less goodwill and other intangible assets by common shares outstanding.

• Return on average tangible shareholders’ equity is computed by dividing net income by average shareholders’ equity less average goodwill and average other intangible assets.

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in thousands, except for share data)	2006			2005			2006			2005
Common shares outstanding		116,904,122			116,843,367			116,904,122			116,843,367
Shareholders’ equity	$	944,511		$	916,725		$	944,511		$	916,725
Less: Goodwill and other intangible assets		(214,758	)		(226,096	)		(214,758	)		(226,096	)
Tangible shareholders’ equity	$	729,753		$	690,629		$	729,753		$	690,629
Tangible book value	$	6.24		$	5.91		$	6.24		$	5.91
Net income	$	40,786		$	38,991		$	81,697		$	77,259
Average shareholders’ equity		946,018			847,214			943,184			781,730
Less: Average goodwill and other intangible assets		(214,874	)		(154,263	)		(215,693	)		(100,446	)
Average tangible shareholders’ equity	$	731,144		$	692,951		$	727,491		$	681,284
Annualized return on average tangible shareholders’ equity		22.31	%		22.51	%		22.46	%		22.68	%

(2) Net interest income and net interest margin are presented on a tax equivalent basis using a 35 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.

(3) Share data reflects a five percent stock dividend issued on May 22, 2006.

(4) The efficiency ratio measures Valley’s total non-interest expense as a percentage of net interest income plus total non-interest income.

SHAREHOLDER RELATIONS

Requests for copies of reports and/or other inquiries should be directed to Dianne Grenz, Director of Shareholder and Public Relations, Valley National Bancorp, 1455 Valley Road, Wayne, New Jersey, 07470, by telephone at (973) 305-3380, by fax at (973) 696-2044 or by e-mail at dgrenz@valleynationalbank.com.

VALLEY NATIONAL BANCORP

Consolidated Statements of Financial Condition (Unaudited)

(Dollars in thousands, except for share data)

	June 30, 2006			December 31, 2005
Assets
Cash and due from banks	$	221,364		$	246,119
Interest bearing deposits with banks		12,301			13,926
Federal funds sold		10,000			—
Investment securities:
Held to maturity, fair value of $1,182,556 at June 30, 2006 and $1,218,081 at December 31, 2005		1,215,678			1,229,190
Available for sale		1,886,641			2,038,894
Trading securities		1,922			4,208
Total investment securities		3,104,241			3,272,292
Loans held for sale		—			3,497
Loans		8,335,692			8,130,457
Less: Allowance for loan losses		(75,696	)		(75,188	)
Net loans		8,259,996			8,055,269
Premises and equipment, net		195,185			182,739
Bank owned life insurance		186,831			182,789
Accrued interest receivable		56,448			57,280
Due from customers on acceptances outstanding		12,241			11,314
Goodwill		180,718			179,898
Other intangible assets, net		34,040			37,456
Other assets		156,450			193,523
Total assets	$	12,429,815		$	12,436,102
Liabilities
Deposits:
Non-interest bearing	$	2,001,717		$	2,048,218
Interest bearing:
Savings, NOW and money market		3,808,398			4,026,249
Time		2,761,152			2,495,534
Total deposits		8,571,267			8,570,001
Short-term borrowings		343,898			582,575
Long-term borrowings		2,475,377			2,245,570
Bank acceptances outstanding		12,241			11,314
Accrued expenses and other liabilities		82,521			94,732
Total liabilities		11,485,304			11,504,192
Shareholders’ Equity*
Preferred stock, no par value, authorized 30,000,000 shares; none issued		—			—
Common stock, no par value, authorized 173,139,309 shares; issued 116,943,418 shares at June 30, 2006 and 116,985,373 shares at December 31, 2005		41,250			39,302
Surplus		882,589			741,456
Retained earnings		66,650			177,332
Unallocated common stock held by the employee benefit plan		—			—
Accumulated other comprehensive loss		(45,060	)		(24,036	)
Less: Treasury stock, at cost, 39,296 common shares at June 30, 2006 and 92,320 shares at December 31, 2005		(918	)		(2,144	)
Total shareholders’ equity		944,511			931,910
Total liabilities and shareholders’ equity	$	12,429,815		$	12,436,102

* Share data reflects a five percent common stock dividend issued May 22, 2006.

VALLEY NATIONAL BANCORP

Consolidated Statements of Income (Unaudited)

(Dollars in thousands, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2006		2005		2006		2005
Interest Income
Interest and fees on loans	$	133,672	$	111,183	$	261,100	$	212,377
Interest and dividends on investment securities:
Taxable		35,745		36,007		71,990		70,200
Tax-exempt		2,974		3,155		6,047		6,136
Dividends		1,362		1,432		2,791		2,121
Interest on federal funds sold and other short-term investments		573		291		795		397
Total interest income		174,326		152,068		342,723		291,231
Interest Expense
Interest on deposits:
Savings, NOW and money market		18,865		12,073		35,888		20,707
Time		26,095		15,739		47,816		28,658
Interest on short-term borrowings		4,142		3,769		9,553		7,119
Interest on long-term borrowings		26,887		20,647		52,588		40,314
Total interest expense		75,989		52,228		145,845		96,798
Net Interest Income		98,337		99,840		196,878		194,433
Provision for loan losses		3,117		925		4,411		1,677
Net interest income after provision for loan losses		95,220		98,915		192,467		192,756
Non-Interest Income
Trust and investment services		1,931		1,619		3,613		3,196
Insurance premiums		2,779		2,773		5,418		6,063
Service charges on deposit accounts		5,938		5,921		11,528		10,864
Gains on securities transactions, net		553		585		1,507		2,318
Gains on trading securities, net		302		471		678		907
Fees from loan servicing		1,489		1,788		3,076		3,562
Gains on sales of loans, net		529		559		1,194		1,067
Bank owned life insurance		2,039		1,753		4,042		3,312
Other		3,827		3,863		7,700		7,401
Total non-interest income		19,387		19,332		38,756		38,690
Non-Interest Expense
Salary expense		27,053		27,004		53,569		51,446
Employee benefit expense		6,713		7,121		13,885		13,778
Net occupancy and equipment expense		11,139		10,064		22,724		19,899
Amortization of other intangible assets		2,183		2,340		4,371		4,076
Professional and legal fees		2,065		1,885		3,998		3,847
Advertising		2,450		2,459		4,249		4,433
Other		10,307		9,604		19,876		18,644
Total non-interest expense		61,910		60,477		122,672		116,123
Income before income taxes		52,697		57,770		108,551		115,323
Income tax expense		11,911		18,779		26,854		38,064
Net Income	$	40,786	$	38,991	$	81,697	$	77,259
Weighted Average Number of Common Shares Outstanding:*
Basic		116,883,643		114,805,491		116,868,333		111,937,007
Diluted		117,408,282		115,240,814		117,328,091		112,410,101
Earnings Per Common Share:*
Basic	$	0.35	$	0.34	$	0.70	$	0.69
Diluted		0.35		0.34		0.70		0.69
Cash Dividends Declared Per Common Share*		0.22		0.21		0.43		0.41

* Share data reflects a five percent common stock dividend issued May 22, 2006.

Valley National Bancorp

(Dollars in thousands)

Loan Portfolio	End of Period - 06/30/06 Loan Portfolio		End of Period - 03/31/06 Loan Portfolio		End of Period - 12/31/05 Loan Portfolio		End of Period - 09/30/05 Loan Portfolio		End of Period - 06/30/05 Loan Portfolio
Commercial Loans	$	1,492,688	$	1,449,207	$	1,449,919	$	1,414,639	$	1,363,119
Construction		515,683		456,478		471,560		459,935		457,258
Residential Mortgage		2,093,694		2,099,696		2,083,004		2,061,366		2,044,101
Commercial Mortgage		2,311,897		2,298,239		2,234,950		2,230,586		2,189,195
Total Mortgage Loans		4,921,274		4,854,413		4,789,514		4,751,887		4,690,554
Home Equity		570,500		559,118		565,960		571,441		559,049
Credit Card		8,279		8,061		9,044		8,764		8,849
Automobile		1,234,005		1,194,749		1,221,525		1,233,125		1,104,749
Other Consumer		108,946		95,252		94,495		101,956		112,665
Total Consumer Loans		1,921,730		1,857,180		1,891,024		1,915,286		1,785,312
Total Loans	$	8,335,692	$	8,160,800	$	8,130,457	$	8,081,812	$	7,838,985

Quarterly Analysis of Average Assets, Liabilities and Shareholders’ Equity and

Net Interest Income on a Tax Equivalent Basis

	Quarter End - 06/30/06							Quarter End - 03/31/06							Quarter End - 12/31/05							Quarter End - 09/30/05							Quarter End - 06/30/05
	Average Balance		Interest			Avg. Rate		Average Balance		Interest			Avg. Rate		Average Balance		Interest			Avg. Rate		Average Balance		Interest			Avg. Rate		Average Balance		Interest			Avg. Rate
Assets
Interest earning assets:
Loans (1)(2)	$	8,243,355	$	133,709		6.49	%	$	8,151,381	$	127,472		6.26	%	$	8,106,582	$	127,026		6.27	%	$	7,962,189	$	122,127		6.14	%	$	7,480,523	$	111,225		5.95	%
Taxable investments (3)		2,919,614		37,107		5.08	%		2,990,948		37,674		5.04	%		3,115,049		39,196		5.03	%		3,114,714		38,549		4.95	%		2,960,641		37,439		5.06	%
Tax-exempt investments (1)(3)		292,738		4,576		6.25	%		297,505		4,726		6.35	%		301,445		4,731		6.28	%		313,324		4,799		6.13	%		325,138		4,854		5.97	%
Federal funds sold and other interest bearing deposits		45,313		573		5.06	%		17,624		222		5.04	%		59,887		600		4.01	%		30,114		247		3.28	%		34,900		291		3.34	%
Total interest earning assets		11,501,020		175,965		6.12	%		11,457,458		170,094		5.94	%		11,582,963		171,553		5.92	%		11,420,341		165,722		5.80	%		10,801,202		153,809		5.70	%
Other assets		793,821							797,420							827,871							835,459							782,486
Total assets	$	12,294,841						$	12,254,878						$	12,410,834						$	12,255,800						$	11,583,688
Liabilities and shareholders’ equity
Interest bearing liabilities:
Savings, NOW and money market deposits	$	3,853,598	$	18,865		1.96	%	$	3,916,783	$	17,023		1.74	%	$	4,206,136	$	18,620		1.77	%	$	4,249,153	$	16,129		1.52	%	$	3,993,938	$	12,073		1.21	%
Time deposits		2,683,610		26,095		3.89	%		2,529,421		21,721		3.43	%		2,482,182		20,781		3.35	%		2,430,264		18,162		2.99	%		2,285,187		15,739		2.75	%
Short-term borrowings		415,298		4,142		3.99	%		565,787		5,411		3.83	%		584,695		5,099		3.49	%		555,043		4,298		3.10	%		535,485		3,769		2.82	%
Long-term borrowings		2,410,614		26,887		4.46	%		2,339,703		25,701		4.39	%		2,192,011		24,250		4.43	%		2,074,478		22,522		4.34	%		1,960,288		20,647		4.21	%
Total interest bearing liabilities		9,363,120		75,989		3.25	%		9,351,694		69,856		2.99	%		9,465,024		68,750		2.91	%		9,308,938		61,111		2.63	%		8,774,898		52,228		2.38	%
Non-interest bearing deposits		1,966,216							1,939,995							1,973,843							1,964,872							1,921,119
Other liabilities		19,487							22,870							48,387							60,013							40,457
Shareholders’ equity		946,018							940,319							923,580							921,977							847,214
Total liabilities and shareholders’ equity	$	12,294,841						$	12,254,878						$	12,410,834						$	12,255,800						$	11,583,688
Net interest income /interest rate spread (4)				99,976		2.87	%				100,238		2.95	%				102,803		3.01	%				104,611		3.17	%				101,581		3.32	%
Tax equivalent adjustment				(1,639	)						(1,697	)						(1,700	)						(1,723	)						(1,741	)
Net interest income, as reported			$	98,337						$	98,541						$	101,103						$	102,888						$	99,840
Net interest margin (4)						3.42	%						3.44	%						3.49	%						3.60	%						3.70	%
Tax equivalent effect						0.06	%						0.06	%						0.06	%						0.06	%						0.06	%
Net interest margin on a fully tax equivalent basis (5)						3.48	%						3.50	%						3.55	%						3.66	%						3.76	%

(1) Interest income is presented on a tax equivalent basis using a 35 percent federal tax rate.

(2) Loans are stated net of unearned income and include non-accrual loans.

(3) The yield for securities that are classified as available for sale is based on the average historical amortized cost.

(4) Interest rate spread represents the difference between the average yield on interest earning assets and the average cost of interest bearing liabilities and is presented on a fully tax equivalent basis.

(5) Net interest income on a tax equivalent basis as a percentage of total average interest earning assets.