8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) April 24, 2008

VALLEY NATIONAL BANCORP

(Exact Name of Registrant as Specified in Charter)

New Jersey	1-11277	22-2477875
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

1455 Valley Road, Wayne, New Jersey	07470
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code (973) 305-8800

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ 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))

Item 2.02 Results of Operations and Financial Condition

On April 24, 2008, Valley National Bancorp (“Valley” or “Company”) issued a press release reporting 2008 first quarter results of operations.

A copy of the press release is attached to this Current Report Form 8-K as Exhibit 99.

The information disclosed in this Item 2.02 shall be considered “furnished” but not “filed” for purposes of the Securities Exchange Act of 1934, as amended.

Valley’s 2008 first quarter press release contains certain supplemental financial information, described in the Notes to Selected Financial Data included in Exhibit 99, which has been determined by methods other than Generally Accepted Accounting Principles (“GAAP”). Management internally reviews each of these non-GAAP financial measures to evaluate performance on a comparative period to period basis. Management believes these non-GAAP financial measures provide information useful to investors in understanding Valley’s financial results, the impact of such non-GAAP financial measures on Valley’s operating results and financial condition.

Item 9.01 Financial Statements and Exhibits.

Exhibit 99	Press Release dated April 24, 2008
	The Press Release disclosed in this Item 9.01 as Exhibit 99 shall be considered “furnished” but not “filed” for purposes of the Securities Exchange Act of 1934, as amended.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 24, 2008	VALLEY NATIONAL BANCORP
	By:	/s/ Alan D. Eskow
		Alan D. Eskow
		Executive Vice President and Chief Financial Officer (Principal Financial Officer)

EX-99

Exhibit 99

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

IN CONJUNCTION WITH FIRST QUARTER EARNINGS RESULTS, VALLEY NATIONAL

BANCORP REPORTS LOAN QUALITY REMAINS STRONG

WAYNE, NJ – April 24, 2008 — Valley National Bancorp (NYSE:VLY) (“Valley”), the holding company for Valley National Bank, today announced first quarter results for 2008. Credit quality remained solid during the quarter as loans past due 90 days or more and still accruing declined to 0.09 percent of total loans; total loans past due in excess of 30 days decreased to 0.93 percent of total loans; total non-performing assets remained relatively flat at $33.3 million or 0.38 percent of total loans; and net charge-offs declined $648 thousand from a quarter ago. Capital levels also continued to be strong compared to the prior quarter.

Net income was $31.6 million for the first quarter of 2008 compared to $49.4 million for the first quarter of 2007. The decline in net income was mainly attributable to an after tax one-time gain of $10.3 million ($16.4 million pre-tax) recognized on the sale of a Manhattan office building in the first quarter of 2007 and an after tax decline of $5.3 million ($8.5 million pre-tax) in net gains on the change in the fair value of trading assets and liabilities from the 2007 period.

Adjusting for a five percent stock dividend declared April 7, 2008, payable May 23, 2008 to shareholders of record on May 9, 2008, fully diluted earnings per common share were $0.25 for the first quarter of 2008 as compared to $0.39 per common share from the same quarter of 2007.

All other common share data presented was adjusted to reflect the stock dividend.

Set forth below are highlights of several significant events that occurred during the first quarter of 2008:

• On March 19, 2008, Valley entered into a merger agreement with Greater Community Bancorp (“Greater Community”) (NASDAQ: GFLS). Greater Community is the holding company for Greater Community Bank, a commercial bank with approximately $1.0 billion in assets and 16 full-service branches in northern New Jersey. Based on Valley’s stock closing price of $19.96 on March 19, 2008, the total consideration for the acquisition is estimated to be $167 million, resulting in an estimated $117 million of intangible assets which are dependent on the market values of Greater Community’s assets and liabilities on the closing date of the merger.

• Valley’s home equity and residential mortgage loan delinquencies remained below the banking industry averages. At March 31, 2008, Valley’s $542 million home equity portfolio consisting of over 14,500 loans had only 16 loans past due 30 days or more totaling $1.1 million or 0.21 percent of the portfolio. At the same time, the residential mortgage portfolio totaling $2.1 billion and approximately 9,200 total loans had 38 loans past due 30 days or more representing $8.0 million or 0.37 percent of the portfolio. See “Credit Quality” section below for more details.

Valley National Bancorp (NYSE: VLY)

2008 First Quarter Earnings

April 24, 2008

• Valley’s net income included a $1.6 million pre-tax gain resulting from the mandatory partial redemption of its Class B Visa shares as part of the Visa Inc. initial public offering that occurred in March of 2008, and $3.2 million in net losses before income taxes on the change in fair value of trading assets and liabilities.

• Total loans grew by $171.3 million, or 8.1% on an annualized basis, as Valley experienced solid linked quarter growth in residential mortgage, commercial mortgage, automobile, and commercial loans.

• Total deposits increased $321.6 million, or 15.9% on an annualized basis from December 31, 2007. Valley experienced increases in all deposit categories partially due to positive results from Valley’s deposit initiatives at its de novo branch locations, as well as customer demand for safe investment alternatives driven by the volatile financial markets.

• Net interest income on a fully tax equivalent basis increased for the second consecutive quarter, up $235 thousand from the fourth quarter of 2007. The increase, primarily due to a 33 basis point decline in the cost of interest-bearing liabilities during the quarter, was hindered by the immediate repricing of Valley’s floating rate commercial loans and home equity lines in response to the recent Federal Reserve interest rate cuts. Net interest margin on a fully tax equivalent basis declined six basis points from the fourth quarter of 2007 to 3.35 percent mainly as a result of the Federal Reserve interest rate cuts. Valley expects its cost of funds to continue to decline during the second quarter of 2008 as higher cost time deposits mature and reprice at lower rates.

• Valley successfully opened five new branches, including its first two branch offices in Queens, New York and Valley’s third branch location in Brooklyn, New York. Valley also opened branches in Manhattan and North Brunswick, New Jersey during the quarter.

Chairman’s Comments

Gerald H. Lipkin, Chairman, President and CEO noted that, “Valley’s first quarter results reflect our disciplined risk management approach and resilience to the turbulence found throughout the financial markets. Our core operating results remain solid and Valley’s balance sheet is well-positioned for the future. Reflective of this, loan growth was a very positive factor for us during the quarter. Valley’s residential and commercial mortgage portfolios each grew by over 12 percent, on an annualized basis. Commercial and automobile loans also experienced solid growth during the quarter, which was very encouraging. Our core deposits increased a healthy amount during the first quarter, as total deposits increased by almost 16 percent, on an annualized basis.

Valley’s delinquency levels remained relatively low with total loans past due in excess of 30 days declining to 0.93 percent of our total loan portfolio of $8.7 billion at March 31, 2008 as compared to 1.00 percent of total loans at December 31, 2007. These numbers continue to demonstrate the strong performance of our loan portfolio and management’s dedication to high loan underwriting standards.

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Valley National Bancorp (NYSE: VLY)

2008 First Quarter Earnings

April 24, 2008

During the quarter, we were pleased to announce the acquisition of Greater Community. Greater Community is a well-run financial institution with a longstanding commitment to credit quality, sound loan underwriting standards and no known exposure to subprime loans. Their 16 full-service branches located in our primary northern New Jersey market will nicely compliment Valley’s existing 176 branch network and strengthen our position within this very competitive and desirable market.

In 2008, Valley continued its branch expansion plan which focuses on finding attractive building sites and expanding our presence in the New Jersey counties and towns neighboring our current office locations, as well as in Manhattan, Kings and Queens Counties in New York. During the first quarter, five new branch offices were opened, including Valley’s first and second branch locations in Queens. Valley anticipates opening approximately nine additional de novo branches through the remainder of 2008. Generally, new branches can add immediate franchise value; however, the additional operating costs and capital requirement will have a negative impact on non-interest expense and net income for several years as the branch operations become individually profitable.”

Credit Quality

Credit quality remains very strong with delinquencies and losses remaining relatively low, despite the difficulties being reported by many other financial institutions. Valley does not originate subprime, Alt-A or option arm mortgage loans. With a loan portfolio totaling approximately $8.7 billion, net loan charge-offs for the first quarter of 2008 were $3.9 million compared to $4.6 million for the fourth quarter of 2007, and $1.1 million for the first quarter of 2007. The provision for credit losses was $4.0 million for the first quarter of 2008 compared to $4.9 million for the fourth quarter of 2007, and $1.9 million for the first quarter of 2007. The quarterly provision is the result of Valley’s quarterly analyses of the loan portfolio and, among other factors, reflects the increase in the size and rate of growth of the loan portfolio, the level of net loan charge-offs, delinquencies and the current economic environment. Total non-performing assets, consisting of non-accrual loans, other real estate owned and other repossessed assets, totaled $33.3 million, or 0.38 percent of loans at March 31, 2008, relatively unchanged from $32.7 million, or 0.38 percent of loans at December 31, 2007.

Loans past due 90 days or more and still accruing declined $666 thousand to $7.8 million, or 0.09 percent of total loans at March 31, 2008 compared to $8.5 million, or 0.10 percent at December 31, 2007, and increased $4.9 million compared to $2.9 million, or 0.04 percent at March 31, 2007. Loans past due 90 days or more and still accruing include matured loans in the normal process of renewal which totaled approximately $2.2 million and $2.7 million at March 31, 2008 and December 31, 2007, respectively. No matured loans in the normal process of renewal were included in the loans past due 90 days or more and still accruing at March 31, 2007. Total loans past due in excess of 30 days declined to 0.93 percent of total loans at March 31, 2008 compared with 1.00 percent of total loans at December 31, 2007 and include matured loans in the normal process of renewal totaling approximately $10.6 million and $7.5 million, at March 31, 2008 and December 31, 2007.

Loans and Deposits

During the quarter, loans increased $171.3 million, or 8.1 percent on an annualized basis, to approximately $8.7 billion at March 31, 2008. The linked quarter increase in loans is mainly

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Valley National Bancorp (NYSE: VLY)

2008 First Quarter Earnings

April 24, 2008

comprised of increases in commercial mortgage, residential mortgage, automobile and commercial loans of $73.4 million, $65.7 million, $35.2 million and $21.0 million, respectively, partially offset by a $20.4 million decrease in non-auto consumer loans mainly comprised of home equity loans. Valley’s lending operations continue to benefit from the dislocation in the credit markets and the expansion of its lending teams through Valley’s growing branch network.

During the quarter, deposits increased $321.6 million, or 15.9 percent on an annualized basis, to $8.4 billion at March 31, 2008 mainly due to a $232.2 million increase in time deposits. Lower cost savings, NOW, and money market accounts also increased $67.6 million and non-interest bearing accounts increased $21.8 million during the quarter. Much of the increases were due to deposit initiatives at Valley’s de novo branches during the period, as well as increased customer demand for such products in light of the turmoil in the current financial markets. Future deposit growth is expected to be dependent on earning asset demand combined with the rates dictated by market competition versus the cost of alternative funding sources.

Net Interest Income and Margin

Net interest income on a tax equivalent basis was $97.0 million for the first quarter of 2008, a $742 thousand decrease from the same quarter of 2007 and an increase of $235 thousand from the linked quarter ended December 31, 2007. The linked quarter increase was mainly a result of a decline in funding costs of $5.6 million, or 33 basis points, mostly offset by a 31 basis point decrease in yield on interest earning assets. Both of the declines resulted mainly from a decrease in interest rates as the average target Federal funds rate decreased 131 basis points from the linked quarter in response to three rate cuts by the Federal Reserve totaling 200 basis points during the first quarter of 2008.

The net interest margin on a tax equivalent basis was 3.35 percent for the first quarter of 2008, a decrease of 6 basis points from 3.41 percent for the linked quarter ended December 31, 2007 and a decrease of 10 basis points from 3.45 percent for the prior year first quarter. The cost of average interest bearing liabilities decreased 33 basis points from the fourth quarter of 2007, mainly due to a decrease in the cost of deposits. The yield on average interest earning assets decreased by 31 basis points on a linked quarter basis mainly due to a 36 basis point decrease in yield on average total loans as compared to the three months ended December 31, 2007.

Valley’s cost of total deposits remained relatively low by industry standards at 2.18 percent for the first quarter of 2008 compared to 2.49 percent for the three months ended December 31, 2007. The decrease of 31 basis points was primarily due to lower rates on savings, NOW and money market accounts, and normal repricing of time deposit maturities at lower interest rates during the first quarter of 2008.

Non-Interest Income

First quarter of 2008 compared with first quarter of 2007

Non-interest income for the first quarter of 2008 decreased $19.0 million, or 46.4 percent from $41.1 million for the quarter ended March 31, 2007 mainly due to the $16.4 million ($10.3 million after-taxes) gain on the sale of a Manhattan office building during the first quarter of 2007. Net gains on

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Valley National Bancorp (NYSE: VLY)

2008 First Quarter Earnings

April 24, 2008

trading securities decreased $5.8 million from a $5.4 million net gain for the quarter ended March 31, 2007 to a $404 thousand net loss for the quarter ended March 31, 2008 due to a smaller trading portfolio and relative price movements in the 2008 period. Net gains on sales of loans declined $1.3 million from the 2007 period primarily due to a higher mark-to-market gain on loans held for sale in the prior year, as Valley elects to carry all of its loans held for sale at fair value. Partially offsetting these decreases, Valley’s other non-interest income increased $2.0 million from $3.6 million for the quarter ended March 31, 2007 mainly due to a $1.6 million gain resulting from the mandatory redemption of a portion of its Class B Visa (member bank) shares as part of the Visa Inc. initial public offering that occurred in March of 2008. Bank owned life insurance also increased $1.1 million due to income generated from an additional bank owned life insurance investment of $75.0 million during the second quarter of 2007 made in light of a general rise in employee benefit costs. Service charges on deposit accounts increased $885 thousand from the 2007 period mainly due to better collections on overdraft fees and an increase in checking fees.

First quarter of 2008 compared with fourth quarter of 2007

Non-interest income for the first quarter of 2008 increased $16.8 million from $5.2 million for the quarter ended December 31, 2007 mainly due to a $17.9 million other-than-temporary impairment charge on perpetual preferred securities recognized during the linked quarter of 2007. Other non-interest income also increased $2.0 million from the 2007 period primarily due to the $1.6 million gain resulting from the mandatory redemption of Visa stock. Insurance premiums increased $934 thousand due to higher quarterly bonus commissions received from insurance carriers during the 2008 period. Net gains on trading securities decreased $1.7 million from a $1.3 million net gain for the quarter ended December 31, 2007 to a $404 thousand net loss for the quarter ended March 31, 2008 mainly due to the change in the mark-to-market adjustment on securities held as trading.

Non-Interest Expense

First quarter of 2008 compared with first quarter of 2007

Non-interest expense increased by $6.1 million, or 9.4 percent to $70.3 million for the quarter ended March 31, 2008 from $64.2 million for the quarter ended March 31, 2007 primarily due to the addition of nine de novo branches over the last twelve-month period. The de novo branch openings expanded Valley’s branch network by over five percent as compared to the first quarter of 2007 and contributed to a $2.6 million increase in salary and employee benefits and a $1.5 million increase in net occupancy and equipment expense. Salary and employee benefits included a $649 thousand increase in stock award expense primarily related to stock awards granted to several retirement eligible employees which are required to be immediately expensed on the grant date. Other non-interest expense increased $2.1 million or 18.4 percent to $13.3 million for the quarter ended March 31, 2008 mainly due to a $2.8 million mark-to-market loss adjustment on Valley’s junior subordinated debentures issued to capital trust (commonly known as “trust preferred securities”) and Federal Home Loan Bank advances reported at fair value as compared to a $1.4 million mark-to-market loss adjustment for the quarter ended March 31, 2007. The remaining increase in other non-interest expense was primarily due to general increases caused by Valley’s de novo branching efforts since the 2007 period.

5

Valley National Bancorp (NYSE: VLY)

2008 First Quarter Earnings

April 24, 2008

First quarter of 2008 compared with fourth quarter of 2007

Non-interest expense increased $8.4 million, or 13.6 percent to $70.3 million for the first quarter of 2008 from $61.9 million for the linked quarter ended December 31, 2007. Other non-interest expense increased $4.4 million to $13.3 million for the quarter ended March 31, 2008 mainly due to a $2.8 million mark-to-market loss adjustment on trust preferred securities and Federal Home Loan Bank advances reported at fair value as compared to a $1.5 million mark-to-market gain adjustment for the quarter ended December 31, 2007. Salary and employee benefits increased $3.4 million due to higher payroll taxes during the current period as annual tax limits on employee income reduced such expenses in the fourth quarter of 2007, as well as, a $935 thousand increase in stock award expense during the 2008 period mostly related to stock awards granted to retirement eligible employees. Professional and legal fees increased $2.2 million mainly due to a $1.7 million reduction in contingencies during the fourth quarter of 2007. Net occupancy and equipment expense increased $910 thousand from the linked quarter as Valley opened five additional de novo branches during the 2008 period and experienced normal seasonally increases in utilities and other maintenance expenses. Partially offsetting these increases, non-interest expense declined $2.3 million due to a goodwill impairment charge relating to Valley’s decision to sell its wholly owned broker-dealer subsidiary during the fourth quarter of 2007. The sale transaction was completed on March 31, 2008 and the transaction resulted in an immaterial loss for the first quarter of 2008.

Income Tax Expense

Income tax expense was $11.7 million for the first quarter of 2008, reflecting an effective tax rate of 27.1 percent, compared with $21.7 million for the first quarter of 2007, reflecting an effective tax rate of 30.5 percent. The decrease compared to the prior comparable quarter was primarily due to the higher marginal tax rates attributable to the gain on the sale of a Manhattan office building in the first quarter of 2007 and the decline of $8.5 million in net gains on trading assets and liabilities from the first quarter of 2007.

About Valley

Valley is a regional bank holding company with approximately $13.0 billion in assets, headquartered in Wayne, New Jersey. Its principal subsidiary, Valley National Bank, currently operates 176 branches in 115 communities serving 14 counties throughout northern and central New Jersey and Manhattan, Brooklyn and Queens. Valley is one of the largest commercial banks headquartered in New Jersey and is committed to providing the most convenient service, the latest in product innovations and an experienced and knowledgeable staff with a high priority on friendly customer service 24 hours a day, 7 days a week. Valley offers a wide range of deposit products, mortgage loans and cash management services to consumers and businesses including products tailored for the medical, insurance and leasing business. Valley’s comprehensive delivery channels enable customers to bank in person, by telephone or online.

For more information about Valley National Bank and its products and services, please visit www.valleynationalbank.com or call Customer Service 24/7 at 1-800-522-4100.

6

Valley National Bancorp (NYSE: VLY)

2008 First Quarter Earnings

April 24, 2008

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; volatility in earnings due to certain financial assets and liabilities held at fair value; the occurrence of an other-than-temporary impairment to investment securities classified as available for sale or held to maturity; stronger competition from banks, other financial institutions and other companies; changes in loan, investment and mortgage prepayment assumptions; insufficient allowance for credit losses; a higher level of net loan charge-offs and delinquencies than anticipated; a decline in the economy in Valley’s primary market areas, mainly in New Jersey and New York; changes in relationships with major customers; changes in effective income tax rates; higher or lower cash flow levels than anticipated; inability to hire or retain qualified employees; a decline in the levels of deposits or loss of alternate funding sources; a decrease in loan origination volume; a change in legal and regulatory barriers including issues related to compliance with anti-money laundering (“AML”) and bank secrecy act (“BSA”) laws; adoption, interpretation and implementation of new or pre-existing accounting pronouncements; the development of new tax strategies or the disallowance of prior tax strategies; operational risks, including the risk of fraud by employees or outsiders and unanticipated litigation pertaining to Valley’s fiduciary responsibility; the inability to successfully implement new lines of business or new products and services; failure to obtain shareholder or regulatory approval for the merger of Greater Community with Valley or to satisfy other conditions to the merger on the proposed terms and within the proposed timeframe; the inability to realize expected cost savings and synergies from the merger of Greater Community with Valley in the amounts or in the timeframe anticipated; material adverse changes in Valley’s or Greater Community’s operations or earnings; and the inability to retain Greater Community’s customers and employees.

# # #

-Tables to Follow-

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Valley National Bancorp

Consolidated Financial Highlights

SELECTED FINANCIAL DATA

	Three Months Ended
(in thousands, except for share data)	March 31, 2008			December 31, 2007			March 31, 2007
FINANCIAL DATA:
Net interest income	$	95,582		$	95,318		$	96,172
Net interest income - FTE (2)		97,026			96,791			97,768
Non-interest income		22,014			5,186			41,058
Non-interest expense		70,265			61,851			64,215
Income tax expense		11,748			6,128			21,671
Net income		31,583			27,661			49,434
Weighted average number of shares outstanding (3):
Basic		125,891,171			125,899,054			126,936,759
Diluted		126,021,920			126,081,621			127,491,945
Per share data (3):
Basic earnings	$	0.25		$	0.22		$	0.39
Diluted earnings		0.25			0.22			0.39
Cash dividends declared		0.20			0.20			0.20
Book value		7.61			7.54			7.36
Tangible book value (1)		6.00			5.92			5.71
Closing stock price - high		19.49			22.34			23.98
Closing stock price - low		16.71			16.89			21.95
FINANCIAL RATIOS:
Net interest margin		3.30	%		3.36	%		3.40	%
Net interest margin - FTE (2)		3.35			3.41			3.45
Annualized return on average assets		1.00			0.89			1.63
Annualized return on average shareholders’ equity		13.25			11.68			21.57
Annualized return on average tangible shareholders’ equity (1)		16.86			14.94			27.99
Efficiency ratio (4)		59.75			61.54			46.79
AVERAGE BALANCE SHEET ITEMS:
Assets	$	12,582,453		$	12,380,543		$	12,158,989
Interest earning assets		11,576,697			11,343,372			11,321,169
Loans		8,539,812			8,362,192			8,292,884
Interest bearing liabilities		9,689,201			9,413,844			9,312,079
Deposits		8,181,464			8,306,622			8,378,033
Shareholders’ equity		953,240			947,444			916,693

Valley National Bancorp

Consolidated Financial Highlights

SELECTED FINANCIAL DATA

	Three Months Ended
(Dollars in thousands)	March 31, 2008			December 31, 2007			March 31, 2007
ALLOWANCE FOR CREDIT LOSSES:
Beginning of period	$	74,935		$	74,624		$	74,718
Provision for credit losses		4,000			4,864			1,910
Charge-offs		(4,602	)		(5,455	)		(1,730	)
Recoveries		697			902			635
End of period	$	75,030		$	74,935		$	75,533
Components:
Allowance for loan losses	$	72,917		$	72,664		$	73,200
Reserve for unfunded letters of credit		2,113			2,271			2,333
Allowance for credit losses	$	75,030		$	74,935		$	75,533
	As of
	March 31, 2008			December 31, 2007			March 31, 2007
BALANCE SHEET ITEMS:
Assets	$	12,961,211		$	12,748,959		$	12,302,728
Loans		8,667,484			8,496,221			8,040,397
Deposits		8,412,603			8,091,004			8,341,195
Shareholders’ equity		958,772			949,060			930,993
CAPITAL RATIOS:
Tier 1 leverage ratio		7.58	%		7.62	%		7.93	%
Risk-based capital - Tier 1		9.63			9.55			10.50
Risk-based capital - Total capital		11.42			11.35			12.42
ASSET QUALITY:
Non-accrual loans	$	31,832		$	30,623		$	29,069
Other real estate owned		233			609			560
Other repossessed assets		1,202			1,466			1,130
Total non-performing assets	$	33,267		$	32,698		$	30,759
Loans past due 90 days or more and still accruing	$	7,796		$	8,462		$	2,949
ASSET QUALITY RATIOS:
Non-performing assets to total loans		0.38	%		0.38	%		0.38	%
Loans past due 30 days or more to total loans		0.93			1.00			0.81
Allowance for credit losses to total loans		0.87			0.88			0.94
Annualized net charge-offs to average loans		0.18			0.14			0.05

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. Management believes these non-GAAP financial measures provide information useful to investors in understanding Valley’s financial results and facilitates comparisons with the performance of peers within 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 shares outstanding.

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

	Three Months Ended
(Dollars in thousands, except for share data)	March 31, 2008			December 31, 2007			March 31, 2007
Tangible Book Value
Common shares outstanding		125,932,678			125,844,074			126,433,630
Shareholders’ equity	$	958,772		$	949,060		$	930,993
Less: Goodwill and other intangible assets		202,858			204,547			209,624
Tangible shareholders’ equity	$	755,914		$	744,513		$	721,369
Tangible book value	$	6.00		$	5.92		$	5.71
Return on Average Tangible Equity
Net income	$	31,583		$	27,661		$	49,434
Average shareholders’ equity	$	953,240		$	947,444		$	916,693
Less: Average goodwill and other intangible assets		203,798			206,672			210,202
Average tangible shareholders’ equity	$	749,442		$	740,772		$	706,491
Annualized return on average tangible shareholders’ equity		16.86	%		14.94	%		27.99	%

(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 the five percent stock dividend declared on April 7, 2008, to be issued May 23, 2008 to shareholders of record on May 9, 2008.

(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)

($ in thousands, except for share data)

	March 31, 2008			December 31, 2007
Assets
Cash and due from banks	$	250,820		$	218,896
Interest bearing deposits with banks		9,672			9,569
Federal funds sold		160,000			9,000
Investment securities:
Held to maturity, fair value of $610,947 at March 31, 2008 and $548,353 at December 31, 2007		637,585			556,113
Available for sale		1,828,276			1,606,410
Trading securities		412,994			722,577
Total investment securities		2,878,855			2,885,100
Loans held for sale, at fair value		8,580			2,984
Loans		8,667,484			8,496,221
Less: Allowance for loan losses		(72,917	)		(72,664	)
Net loans		8,594,567			8,423,557
Premises and equipment, net		233,225			227,553
Bank owned life insurance		276,853			273,613
Accrued interest receivable		56,870			56,578
Due from customers on acceptances outstanding		5,469			8,875
Goodwill		179,735			179,835
Other intangible assets, net		23,123			24,712
Other assets		283,442			428,687
Total Assets	$	12,961,211		$	12,748,959
Liabilities
Deposits:
Non-interest bearing	$	1,951,334		$	1,929,555
Interest bearing
Savings, NOW and money market		3,450,069			3,382,474
Time		3,011,200			2,778,975
Total deposits		8,412,603			8,091,004
Short-term borrowings		430,736			605,154
Long-term borrowings (includes fair value of a Federal Home Loan Bank advance of $42,431 at March 31, 2008 and $41,359 at December 31, 2007)		2,852,182			2,801,195
Junior subordinated debentures issued to capital trust, at fair value		164,948			163,233
Bank acceptances outstanding		5,469			8,875
Accrued expenses and other liabilities		136,501			130,438
Total Liabilities		12,002,439			11,799,899
Shareholders’ Equity*
Preferred stock, no par value, authorized 30,000,000 shares; none issued		—			—
Common stock, no par value, authorized 190,886,088 shares; issued 128,507,513 shares at March 31, 2008 and 128,503,294 shares at December 31, 2007		43,185			43,185
Surplus		880,802			879,892
Retained earnings		110,080			104,225
Accumulated other comprehensive loss		(12,105	)		(12,982	)
Treasury stock, at cost (2,574,835 common shares at March 31, 2008 and 2,659,220 common shares at December 31, 2007)		(63,190	)		(65,260	)
Total Shareholders’ Equity		958,772			949,060
Total Liabilities and Shareholders’ Equity	$	12,961,211		$	12,748,959

* Share data reflects the 5% common stock dividend declared on April 7, 2008, to be issued May 23, 2008 to shareholders of record on May 9, 2008.

VALLEY NATIONAL BANCORP

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

($ in thousands, except per share data)

	Three Months Ended March 31,
	2008			2007
Interest Income
Interest and fees on loans	$	135,629		$	138,947
Interest and dividends on investment securities:
Taxable		34,142			33,048
Tax-exempt		2,665			2,897
Dividends		2,252			2,037
Interest on federal funds sold and other short-term investments		1,496			2,200
Total interest income		176,184			179,129
Interest Expense
Interest on deposits:
Savings, NOW and money market		14,065			19,418
Time		30,488			31,764
Interest on short-term borrowings		2,307			3,978
Interest on long-term borrowings and junior subordinated debentures		33,742			27,797
Total interest expense		80,602			82,957
Net Interest Income		95,582			96,172
Provision for credit losses		4,000			1,910
Net interest income after provision for credit losses		91,582			94,262
Non-Interest Income
Trust and investment services		1,768			1,780
Insurance premiums		3,372			2,961
Service charges on deposit accounts		6,581			5,696
Gains on securities transactions, net		145			26
(Losses) gains on trading securities, net		(404	)		5,428
Fees from loan servicing		1,252			1,390
Gains on sales of loans, net		333			1,671
Gains on sale of assets, net		93			16,373
Bank owned life insurance		3,241			2,127
Other		5,633			3,606
Total non-interest income		22,014			41,058
Non-Interest Expense
Salary expense		30,163			28,528
Employee benefit expense		8,955			7,961
Net occupancy and equipment expense		13,481			12,016
Amortization of intangible assets		1,746			1,924
Professional and legal fees		2,289			1,655
Advertising		376			936
Other		13,255			11,195
Total non-interest expense		70,265			64,215
Income before income taxes		43,331			71,105
Income tax expense		11,748			21,671
Net Income	$	31,583		$	49,434
Earnings Per Share:*
Basic		0.25			0.39
Diluted		0.25			0.39
Cash Dividends Declared Per Common Share*		0.20			0.20
Weighted Average Number of Shares Outstanding:*
Basic		125,891,171			126,936,759
Diluted		126,021,920			127,491,945

* Share data reflects the 5% common stock dividend declared on April 7, 2008, to be issued May 23, 2008 to shareholders of record on May 9, 2008.

Valley National Bancorp

(dollars in thousands)

	For the periods ended
	3/31/2008		12/31/2007		9/30/2007		6/30/2007		3/31/2007
Loan Portfolio
Commercial Loans	$	1,584,190	$	1,563,150	$	1,665,169	$	1,517,184	$	1,447,165
Mortgage Loans:
Construction		399,069		402,806		408,969		470,592		493,095
Residential Mortgage		2,128,949		2,063,242		1,933,321		1,873,943		1,849,069
Commercial Mortgage		2,443,719		2,370,345		2,282,669		2,262,290		2,281,871
Total Mortgage Loans		4,971,737		4,836,393		4,624,959		4,606,825		4,624,035
Consumer Loans:
Home Equity		542,162		554,830		554,859		555,306		560,577
Credit Card		9,338		10,077		9,290		9,105		8,498
Automobile		1,483,067		1,447,838		1,433,178		1,391,801		1,280,809
Other Consumer		76,990		83,933		83,009		99,920		119,313
Total Consumer Loans		2,111,557		2,096,678		2,080,336		2,056,132		1,969,197
Total Loans	$	8,667,484	$	8,496,221	$	8,370,464	$	8,180,141	$	8,040,397

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

Net Interest Income on a Tax Equivalent Basis

	Quarter End - 3/31/2008							Quarter End - 12/31/07							Quarter End - 9/30/07							Quarter End - 6/30/07							Quarter End - 3/31/07
	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)	$	8,539,812	$	135,638		6.35	%	$	8,362,192	$	140,365		6.71	%	$	8,207,941	$	141,210		6.88	%	$	8,181,248	$	139,622		6.83	%	$	8,292,884	$	138,983		6.70	%
Taxable investments (3)		2,590,800		36,394		5.62	%		2,649,378		37,684		5.69	%		2,549,294		35,732		5.61	%		2,525,972		34,470		5.46	%		2,580,236		35,085		5.44	%
Tax-exempt investments (1)(3)		254,701		4,100		6.44	%		262,269		4,178		6.37	%		260,094		4,223		6.49	%		277,274		4,477		6.46	%		279,176		4,457		6.39	%
Federal funds sold and other interest bearing deposits		191,384		1,496		3.13	%		69,533		809		4.65	%		267,262		3,505		5.25	%		315,440		4,188		5.31	%		168,873		2,200		5.21	%
Total interest earning assets		11,576,697		177,628		6.14	%		11,343,372		183,036		6.45	%		11,284,591		184,670		6.55	%		11,299,934		182,757		6.47	%		11,321,169		180,725		6.39	%
Other assets		1,005,756							1,037,171							931,828							895,856							837,820
Total Assets	$	12,582,453						$	12,380,543						$	12,216,419						$	12,195,790						$	12,158,989
Liabilities and shareholders’ equity
Interest bearing liabilities:
Savings, NOW and money market deposits	$	3,386,570	$	14,065		1.66	%	$	3,407,805	$	17,825		2.09	%	$	3,430,218	$	19,236		2.24	%	$	3,503,061	$	19,216		2.19	%	$	3,559,302	$	19,418		2.18	%
Time deposits		2,918,671		30,488		4.18	%		2,969,684		33,876		4.56	%		3,055,620		35,891		4.70	%		2,898,393		33,143		4.57	%		2,894,086		31,764		4.39	%
Short-term borrowings		406,726		2,307		2.27	%		487,852		4,489		3.68	%		441,227		4,656		4.22	%		419,937		4,522		4.31	%		371,911		3,978		4.28	%
Long-term borrowings (4)		2,977,234		33,742		4.53	%		2,548,503		30,055		4.72	%		2,453,424		28,962		4.72	%		2,483,966		28,494		4.59	%		2,486,780		27,797		4.47	%
Total interest bearing liabilities		9,689,201		80,602		3.33	%		9,413,844		86,245		3.66	%		9,380,489		88,745		3.78	%		9,305,357		85,375		3.67	%		9,312,079		82,957		3.56	%
Non-interest bearing deposits		1,876,223							1,929,133							1,903,502							1,938,035							1,924,645
Other liabilities		63,789							90,122							1,069							17,671							5,572
Shareholders' equity		953,240							947,444							931,359							934,727							916,693
Total liabilities and shareholders’ equity	$	12,582,453						$	12,380,543						$	12,216,419						$	12,195,790						$	12,158,989
Net interest income/interest rate spread (5)				97,026		2.81	%				96,791		2.79	%				95,925		2.77	%				97,382		2.80	%				97,768		2.83	%
Tax equivalent adjustment				(1,444	)						(1,473	)						(1,511	)						(1,601	)						(1,596	)
Net interest income, as reported			$	95,582						$	95,318						$	94,414						$	95,781						$	96,172
Net interest margin (6)						3.30	%						3.36	%						3.35	%						3.39	%						3.40	%
Tax equivalent effect						0.05	%						0.05	%						0.05	%						0.06	%						0.05	%
Net interest margin on a fully tax equivalent basis (6)						3.35	%						3.41	%						3.40	%						3.45	%						3.45	%

(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) Includes junior subordinated debentures issued to capital trusts which are presented separately on the consolidated statements of condition.

(5) 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.

(6) Net interest income as a percentage of total average interest earning assets.