Valley National Bancorp Reports a 45 Percent Increase in Third Quarter 2022 Earnings With Strong Net Interest Income and Margin

NEW YORK, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the third quarter 2022 of $178.1 million, or $0.34 per diluted common share, as compared to the third quarter 2021 earnings of $122.6 million, or $0.29 per diluted common share, and net income of $96.4 million, or $0.18 per diluted common share, for the second quarter 2022. Excluding all non-core charges, our adjusted net income (a non-GAAP measure) was $181.5 million, or $0.35 per diluted common share, for the third quarter 2022, $124.7 million, or $0.30 per diluted common share, for third quarter 2021, and $165.8 million, or $0.32 per diluted common share, for the second quarter 2022. See further details below, including a reconciliation of our non-GAAP adjusted net income in the "Consolidated Financial Highlights" tables.

Key financial highlights for the third quarter:

  • Net Interest Income and Margin: Net interest income on a tax equivalent basis of $455.3 million for the third quarter 2022 increased $35.7 million and $153.6 million as compared to the second quarter 2022 and third quarter 2021, respectively, reflecting a well-positioned balance sheet and continued organic loan growth in the current rising interest rate environment. Our net interest margin on a tax equivalent basis remained strong and increased by 17 basis points to 3.60 percent in the third quarter 2022 as compared to 3.43 percent for the second quarter 2022. See the "Net Interest Income and Margin" section below for more details.
  • Loan Portfolio: Total loans increased $1.6 billion to $45.2 billion at September 30, 2022 from June 30, 2022 primarily due to strong organic loan growth. Our loan portfolio increased 15 percent on an annualized basis during the third quarter 2022 from the second quarter 2022 as a result of solid commercial loan volumes and a continued increase in new residential mortgage loans originated for investment rather than sale. During the third quarter 2022, we sold only $48.4 million of residential mortgage loans. See the "Loans, Deposits and Other Borrowings" section below for more details.
  • Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $498.4 million and $491.0 million at September 30, 2022 and June 30, 2022, respectively, representing 1.10 percent and 1.13 percent of total loans at each respective date. During the third quarter 2022, the provision for credit losses for loans totaled $1.8 million as compared to $43.7 million and $3.5 million for the second quarter 2022 and third quarter 2021, respectively. The second quarter 2022 provision included $41.0 million related to non-PCD loans and unfunded credit commitments acquired from Bank Leumi Le-Israel Corporation (Bank Leumi USA) on April 1, 2022.
  • Credit Quality: Non-accrual loans represented 0.65 percent and 0.72 percent of total loans at September 30, 2022 and June 30, 2022, respectively. Net recoveries of loan charge-offs totaled $5.6 million for the third quarter 2022 as compared to net loan charge-offs of $2.3 million for the second quarter 2022. Total accruing past due loans increased $25.2 million to $98.7 million, or 0.22 percent of total loans, at September 30, 2022 as compared to $73.5 million, or 0.17 percent of total loans, at June 30, 2022. See the "Credit Quality" section below for more details.
  • Non-Interest Income: Non-interest income decreased $2.3 million to $56.2 million for the third quarter 2022 as compared to the second quarter 2022 primarily due to the decline in sales of residential mortgage loans. Net gains on sales of loans decreased $2.7 million to $922 thousand for the third quarter 2022 as compared to $3.6 million for the second quarter 2022.
  • Non-Interest Expense: Non-interest expense decreased $38.1 million to $261.6 million for the third quarter 2022 as compared to the second quarter 2022. The decrease was largely due to $54.5 million of merger expenses incurred during the second quarter 2022 as compared to only $4.7 million during the third quarter 2022 resulting from the Bank Leumi USA acquisition. Salary and employee benefits expense included $1.3 million and $28.0 million of the merger expenses for the third quarter 2022 and second quarter 2022, respectively. Within salary and employee benefits expense, non-merger related expense increased $6.5 million in the third quarter 2022 as compared to the second quarter 2022 partially due to the impact of competitive labor markets and higher incentive compensation accruals. The third quarter 2022 also included a $2.0 million contribution to the Valley Bank Charitable Fund which will enable Valley to further support local nonprofit and community organizations.
  • Efficiency Ratio: Our efficiency ratio was 49.76 percent for the third quarter 2022 as compared to 50.78 percent and 49.16 percent for the second quarter 2022 and third quarter 2021, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.
  • Performance Ratios: Annualized return on average assets (ROA), shareholders’ equity (ROE) and tangible ROE were 1.30 percent, 11.39 percent, and 17.21 percent for the third quarter 2022, respectively. Annualized ROA, ROE, and tangible ROE, adjusted for non-core charges, were 1.32 percent, 11.60 percent and 17.54 percent for the third quarter 2022, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.

Ira Robbins, CEO commented, “The third quarter’s exceptional results were highlighted by continued profitability improvement and very strong credit quality metrics. Our asset sensitive balance sheet continues to grow and benefit from rising interest rates despite the increased funding pressure that is evident across the industry. We are pleased with our ongoing net interest margin enhancement and consistent net interest income growth. Despite a reduction in origination activity, loan growth remained strong as payoffs slowed meaningfully during the quarter. Additionally, a handful of positive credit resolutions led to approximately $6 million of net loan recoveries during the third quarter 2022 and a reduction in non-accrual loan balances at September 30, 2022. Valley’s asset quality and consistent underwriting criteria remain a hallmark of our organization and have driven solid performance across various economic environments.”

Mr. Robbins continued, “While the environment around us is uncertain and rapidly changing, I am incredibly proud of Valley’s ability to continually execute on strategic growth opportunities. As Valley continues to evolve, our unique relationship-focused commercial bank stands out in an increasingly commoditized financial service landscape.”

Net Interest Income and Margin

Net interest income on a tax equivalent basis totaling $455.3 million for the third quarter 2022 increased $35.7 million as compared to the second quarter 2022 and increased $153.6 million from the third quarter 2021. Interest income on a tax equivalent basis in the third quarter 2022 increased $83.7 million to $538.0 million as compared to the second quarter 2022. The increase was mostly due to higher average loan balances driven by our organic loan growth and increased yields on both new originations and adjustable rate loans in our portfolio. Interest expense of $82.7 million for the third quarter 2022 increased $47.9 million as compared to the second quarter 2022 largely due to higher interest rates on both non-maturity deposits and short-term borrowings, as well as a $1.5 billion increase in average interest bearing liabilities.

Our net interest margin on a tax equivalent basis of 3.60 percent for the third quarter 2022 increased by 17 basis points and 45 basis points from 3.43 percent and 3.15 percent for the second quarter 2022 and third quarter 2021, respectively. The yield on average interest earning assets increased by 54 basis points on a linked quarter basis mostly due to the aforementioned higher yields on new and adjustable rate loans in the third quarter 2022 as compared to the second quarter 2022. The yield on average loans increased by 57 basis points to 4.48 percent for the third quarter 2022 as compared to the second quarter 2022 largely due to the higher level of market interest rates. The yields on average taxable and non-taxable investments also increased 9 basis points and 25 basis points, respectively, from the second quarter 2022 largely due to investment maturities and prepayments redeployed into new higher yielding securities, as well as lower premium amortization expense caused by a decline in prepayments on mortgage-backed securities during the third quarter 2022. Our cost of total average deposits increased to 0.59 percent for the third quarter 2022 from 0.19 percent for the second quarter 2022. The overall cost of average interest bearing liabilities also increased 59 basis points to 1.06 percent for the third quarter 2022 as compared to the second quarter 2022. The increased cost of funds was mainly due to higher interest rates on most of our interest bearing deposit products combined with greater utilization of brokered and retail CDs in our funding mix during the third quarter 2022.

Loans, Deposits and Other Borrowings

Loans. Loans increased $1.6 billion to approximately $45.2 billion at September 30, 2022 from June 30, 2022 largely due to strong organic loan growth and slower paydowns of existing loans. Commercial and industrial, total commercial real estate (including construction), and residential mortgage increased 9 percent, 17 percent and 14 percent, respectively, on an annualized basis during the third quarter 2022. SBA Paycheck Protection Program (PPP) loans within the commercial and industrial category totaled $85.8 million at September 30, 2022 compared to $136.0 million at June 30, 2022. Solid organic commercial loan production continued to be experienced across most of our geographic footprints and supported by our market expansion efforts resulting from the Bank Leumi USA acquisition in the second quarter 2022. Residential mortgage loans increased $172.1 million during the third quarter 2022 almost entirely due to new loan activity in the purchased home market and higher levels of such loans originated for investment rather than sale. Residential mortgage loans held for sale at fair value totaled only $6.1 million and $18.3 million at September 30, 2022 and June 30, 2022, respectively.

Deposits. Total deposits increased $1.4 billion to approximately $45.3 billion at September 30, 2022 from June 30, 2022 largely due to growth in our retail and brokered CD portfolios. Total brokered deposits, consisting of money market and time deposit accounts, increased to $3.7 billion at September 30, 2022 as compared to $2.3 billion at June 30, 2022. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 34 percent, 52 percent and 14 percent of total deposits as of September 30, 2022, respectively, as compared to 37 percent, 54 percent and 9 percent of total deposits as of June 30, 2022, respectively. The increase in time deposits within our overall deposit mix is a result of strategic retail CD campaigns and higher brokered CDs at September 30, 2022.

Other Borrowings. Short-term borrowings decreased $603.5 million to $919.3 million at September 30, 2022 as compared to June 30, 2022 largely due to the maturity of FHLB advances during the third quarter 2022 and our increased utilization of brokered deposits, as a favorable funding alternative at September 30, 2022. Long-term borrowings increased to approximately $1.5 billion at September 30, 2022 as compared to $1.4 billion at June 30, 2022 primarily due to the issuance of new subordinated notes during the third quarter 2022. On September 20, 2022, Valley issued $150 million of 6.25 percent fixed-to-floating rate subordinated notes due September 30, 2032. At September 30, 2022, the subordinated notes had a carrying value of $147.5 million, net of unamortized debt issuance costs.

Credit Quality

Non-Performing Assets (NPAs). Total NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets decreased $19.9 million to $294.8 million at September 30, 2022 as compared to June 30, 2022 mostly due to declines in non-accrual commercial and industrial and commercial real estate loans mainly caused by a few large loan repayments, and, to a lesser extent, loan charge-offs during the third quarter 2022. Non-accrual loans represented 0.65 percent of total loans at September 30, 2022 compared to 0.72 percent at June 30, 2022.

Non-performing Taxi Medallion Loan Portfolio. Our non-performing taxi medallion loans within the non-accrual commercial and industrial loan category decreased $4.1 million to $76.3 million at September 30, 2022 from June 30, 2022 mostly due to partial loan charge-offs related to one borrower during the third quarter 2022. At September 30, 2022, all taxi medallion loans were on non-accrual status and had related reserves of $51.4 million, or 67.3 percent of such loans, within the allowance for loan losses.

Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $25.2 million to $98.7 million, or 0.22 percent of total loans, at September 30, 2022 as compared to $73.5 million, or 0.17 percent of total loans at June 30, 2022.

Loans 60 to 89 days past due increased $11.2 million as compared to June 30, 2022 mostly due to two construction loan relationships totaling $13.0 million included in this delinquency category at September 30, 2022.

Loans 90 days or more past due and still accruing interest increased $14.2 million as compared to June 30, 2022 mainly due to two commercial real estate loan relationships totaling $9.7 million and $5.4 million, respectively, included in this delinquency category at September 30, 2022. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.

Allowance for Credit Losses for Loans and Unfunded Commitments. The following table summarizes the allocation of the allowance for credit losses to loan categories and the allocation as a percentage of each loan category at September 30, 2022, June 30, 2022 and September 30, 2021:

  September 30, 2022 June 30, 2022 September 30, 2021
    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$154,051 1.77% $144,539 1.70% $103,877 1.84%
Commercial real estate loans:           
 Commercial real estate 217,124 0.89   227,457 0.97   178,206 0.99 
 Construction 50,656 1.42   49,770 1.47   21,515 1.19 
Total commercial real estate loans 267,780 0.95   277,227 1.03   199,721 1.01 
Residential mortgage loans 36,157 0.70   29,889 0.60   24,732 0.57 
Consumer loans:           
 Home equity 4,083 0.87   3,907 0.91   4,110 1.02 
 Auto and other consumer 13,673 0.49   13,257 0.49   10,087 0.40 
Total consumer loans 17,756 0.55   17,164 0.55   14,197 0.49 
Allowance for loan losses 475,744 1.05   468,819 1.08   342,527 1.05 
Allowance for unfunded credit commitments 22,664    22,144    14,400  
Total allowance for credit losses for loans$498,408   $490,963   $356,927  
Allowance for credit losses for           
 loans as a % total loans  1.10%   1.13%   1.09%

Our loan portfolio, totaling $45.2 billion at September 30, 2022, had net recoveries of loan charge-offs totaling $5.6 million for the third quarter 2022 as compared to net loan charge-offs of $2.3 million (excluding $62.4 million of immediate PCD loan charge-offs related to the Bank Leumi USA acquisition) and $293 thousand for the second quarter 2022 and third quarter 2021, respectively. Gross loan charge-offs of taxi medallion loans totaled $3.8 million for the third quarter 2022 as compared to $143 thousand and $2.7 million during the third quarter 2021 and the second quarter 2022, respectively.

The allowance for credit losses for loans, comprised of our allowance for loan losses and unfunded credit commitments, as a percentage of total loans was 1.10 percent at September 30, 2022 as compared to 1.13 percent and 1.09 percent at June 30, 2022 and September 30, 2021, respectively. During the third quarter 2022, the provision for credit losses for loans totaled $1.8 million as compared to $43.7 million and $3.5 million for the second quarter 2022 and third quarter 2021, respectively. The second quarter 2022 provision was largely elevated due to $41 million of provision related to non-PCD loans and unfunded credit commitments acquired from Bank Leumi USA. Overall, an increased economic forecast reserve component of our CECL model was largely offset by lower expected quantitative loss experience at September 30, 2022.

Capital Adequacy

Valley's total risk-based capital, common equity Tier 1 capital, Tier 1 capital and Tier 1 leverage capital ratios were 11.84 percent, 9.09 percent, 9.56 percent, and 8.31 percent, respectively, at September 30, 2022.

Investor Conference Call

Valley will host a conference call with investors and the financial community at 11:00 AM Eastern Daylight Savings Time, today to discuss the third quarter 2022 earnings and related matters.

Those wishing to participate in the call may dial toll-free 800-715-9871 Conference Id: 9870349. The teleconference will also be webcast live: https://edge.media-server.com/mmc/p/ybx28825 and archived on Valley’s website through Monday, November 28, 2022. Investor presentation materials will be made available prior to the conference call at www.valley.com  and archived on Valley’s website through Monday, November 28, 2022.

About Valley

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with nearly $56 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Care Center at 800-522-4100.

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 our business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by such forward-looking terminology as “intend,” “should,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “would,” “could,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project,” 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 materially from those contemplated by such forward-looking statements include, but are not limited to:

  • the inability to realize expected cost savings and synergies from the Bank Leumi USA acquisition in the amounts or timeframe anticipated;
  • greater than expected costs or difficulties relating to Bank Leumi USA integration matters;
  • the inability to retain customers and qualified employees of Bank Leumi USA;
  • greater than expected non-recurring charges related to the Bank Leumi USA acquisition;
  • the continued impact of COVID-19 on the U.S. and global economies, including business disruptions, reductions in employment, supply chain interruptions, inflation, Federal Reserve actions impacting the level of market interest rates and an increase in business failures, specifically among our clients;
  • the continued impact of COVID-19 on our employees and our ability to provide services to our customers and respond to their needs as more cases and new variants of COVID-19 may arise in our primary markets;
  • continued deterioration in general business and economic conditions or turbulence in domestic or global financial markets;
  • the impact of forbearances or deferrals we are required or agree to as a result of customer requests and/or government actions, including, but not limited to our potential inability to recover fully deferred payments from the borrower or the collateral;
  • the risks related to the discontinuation of the London Interbank Offered Rate and other reference rates, including increased expenses and litigation and the effectiveness of hedging strategies;
  • damage verdicts or settlements or restrictions related to existing or potential class action litigation or individual litigation arising from claims of violations of laws or regulations, contractual claims, breach of fiduciary responsibility, negligence, fraud, environmental laws, patent or trademark infringement, employment related claims, and other matters;
  • a prolonged downturn in the economy, mainly in New Jersey, New York, Florida, Alabama, California, and Illinois, as well as an unexpected decline in commercial real estate values within our market areas;
  • higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations and case law;
  • the inability to grow customer deposits to keep pace with loan growth;
  • a material change in our allowance for credit losses under CECL due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios;
  • the need to supplement debt or equity capital to maintain or exceed internal capital thresholds;
  • greater than expected technology related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations;
  • the loss of or decrease in lower-cost funding sources within our deposit base, including our inability to achieve deposit retention targets under Valley's branch transformation strategy;
  • cyber-attacks, ransomware attacks, computer viruses or other malware that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data, disable or degrade service, or sabotage our systems;
  • results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank (FRB), the Consumer Financial Protection Bureau (CFPB) and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities;
  • our inability or determination not to pay dividends at current levels, or at all, because of inadequate earnings, regulatory restrictions or limitations, changes in our capital requirements or a decision to increase capital by retaining more earnings;
  • unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather, the COVID-19 pandemic or other external events; and
  • unexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, changes in regulatory lending guidance or other factors.

A detailed discussion of factors that could affect our results is included in our SEC filings, including the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2021.

We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. 

Contact: Michael D. Hagedorn
  Senior Executive Vice President and
  Chief Financial Officer
  973-872-4885

-Tables to Follow-

VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS

SELECTED FINANCIAL DATA

 Three Months Ended Nine Months Ended
 September 30, June 30, September 30, September 30,
($ in thousands, except for share data)2022 2022 2021 2022 2021
FINANCIAL DATA:         
Net interest income - FTE(1)$455,308  $419,565  $301,744  $1,193,235  $897,115 
Net interest income$453,992  $418,160  $301,026  $1,189,821  $894,600 
Non-interest income 56,194   58,533   42,431   153,997   116,790 
Total revenue 510,186   476,693   343,457   1,343,818   1,011,390 
Non-interest expense 261,639   299,730   174,922   758,709   507,028 
Pre-provision net revenue 248,547   176,963   168,535   585,109   504,362 
Provision for credit losses 2,023   43,998   3,531   49,578   20,934 
Income tax expense 68,405   36,552   42,424   144,271   124,626 
Net income 178,119   96,413   122,580   391,260   358,802 
Dividends on preferred stock 3,172   3,172   3,172   9,516   9,516 
Net income available to common shareholders$174,947  $93,241  $119,408  $381,744  $349,286 
Weighted average number of common shares outstanding:         
Basic 506,342,200   506,302,464   406,824,160   478,383,342   405,986,114 
Diluted 508,690,997   508,479,206   409,238,001   480,625,357   408,509,767 
Per common share data:         
Basic earnings$0.35  $0.18  $0.29  $0.80  $0.86 
Diluted earnings 0.34   0.18   0.29   0.79   0.86 
Cash dividends declared 0.11   0.11   0.11   0.33   0.33 
Closing stock price - high 12.95   13.04   13.61   15.02   14.63 
Closing stock price - low 10.14   10.34   11.80   10.14   9.74 
FINANCIAL RATIOS:         
Net interest margin 3.59%  3.42%  3.14%  3.41%  3.15%
Net interest margin - FTE(1) 3.60   3.43   3.15   3.41   3.16 
Annualized return on average assets 1.30   0.72   1.18   1.03   1.16 
Annualized return on avg. shareholders' equity 11.39   6.18   10.23   8.89   10.14 
NON-GAAP FINANCIAL DATA AND RATIOS:(3)         
Basic earnings per share, as adjusted$0.35  $0.32  $0.30  $0.96  $0.88 
Diluted earnings per share, as adjusted 0.35   0.32   0.30   0.95   0.88 
Annualized return on average assets, as adjusted 1.32   1.25   1.20   1.23   1.19 
Annualized return on average shareholders' equity, as adjusted 11.60%  10.63%  10.41%  10.62%  10.37%
Annualized return on avg. tangible shareholders' equity 17.21   9.33   14.64   13.20   14.63 
Annualized return on average tangible shareholders' equity, as adjusted 17.54   16.05   14.90   15.77   14.97 
Efficiency ratio 49.76   50.78   49.16   51.03   48.12 
          
AVERAGE BALANCE SHEET ITEMS:         
Assets$54,858,306  $53,211,422  $41,543,930  $50,588,010  $41,144,375 
Interest earning assets 50,531,242   48,891,230   38,332,874   46,605,417   37,902,547 
Loans 44,341,894   42,517,287   32,698,382   40,529,794   32,641,362 
Interest bearing liabilities 31,228,739   29,694,271   25,354,160   29,042,253   25,588,185 
Deposits 44,770,368   42,896,381   33,599,820   41,176,472   32,731,459 
Shareholders' equity 6,256,767   6,238,985   4,794,843   5,869,736   4,718,960 


 As Of
BALANCE SHEET ITEMS:September 30, June 30, March 31, December 31, September 30,
(In thousands)2022 2022 2022 2021 2021
Assets$55,927,501  $54,438,807  $43,551,457  $43,446,443  $41,278,007 
Total loans 45,185,764   43,560,777   35,364,405   34,153,657   32,606,814 
Deposits 45,308,843   43,881,051   35,647,336   35,632,412   33,632,605 
Shareholders' equity 6,273,829   6,204,913   5,096,384   5,084,066   4,822,498 
          
LOANS:         
(In thousands)         
Commercial and industrial loans:         
Commercial and industrial$8,615,557  $8,378,454  $5,587,781  $5,411,601  $4,761,227 
Commercial and industrial PPP loans 85,820   136,004   203,609   435,950   874,033 
Total commercial and industrial 8,701,377   8,514,458   5,791,390   5,847,551   5,635,260 
Commercial real estate:         
Commercial real estate 24,493,445   23,535,086   19,763,202   18,935,486   17,912,070 
Construction 3,571,818   3,374,373   2,174,542   1,854,580   1,804,580 
Total commercial real estate 28,065,263   26,909,459   21,937,744   20,790,066   19,716,650 
Residential mortgage 5,177,128   5,005,069   4,691,935   4,545,064   4,332,422 
Consumer:         
Home equity 467,135   431,455   393,538   400,779   402,658 
Automobile 1,711,086   1,673,482   1,552,928   1,570,036   1,563,698 
Other consumer 1,063,775   1,026,854   996,870   1,000,161   956,126 
Total consumer loans 3,241,996   3,131,791   2,943,336   2,970,976   2,922,482 
Total loans$45,185,764  $43,560,777  $35,364,405  $34,153,657  $32,606,814 
          
CAPITAL RATIOS:         
Book value per common share$11.98  $11.84  $11.60  $11.57  $11.32 
Tangible book value per common share(3) 7.87   7.71   7.93   7.94   7.78 
Tangible common equity to tangible assets(3) 7.40%  7.46%  7.96%  7.98%  7.95%
Tier 1 leverage capital 8.31   8.33   8.70   8.88   8.63 
Common equity tier 1 capital 9.09   9.06   9.67   10.06   10.06 
Tier 1 risk-based capital 9.56   9.54   10.27   10.69   10.73 
Total risk-based capital 11.84   11.53   12.65   13.10   13.24 


 Three Months Ended Nine Months Ended
ALLOWANCE FOR CREDIT LOSSES:September 30, June 30, September 30, September 30,
($ in thousands)2022 2022 2021 2022 2021
Allowance for credit losses for loans         
Beginning balance$490,963  $379,252  $353,724  $375,702  $351,354 
Allowance for purchased credit deteriorated (PCD) loans, net(2)    70,319      70,319    
Loans charged-off:         
Commercial and industrial (5,033)  (4,540)  (1,248)  (11,144)  (19,283)
Commercial real estate (4,000)        (4,173)  (382)
Residential mortgage    (1)     (27)  (139)
Total consumer (962)  (726)  (771)  (2,513)  (3,389)
Total loans charged-off (9,995)  (5,267)  (2,019)  (17,857)  (23,193)
Charged-off loans recovered:         
Commercial and industrial 13,236   1,952   514   16,012   2,781 
Commercial real estate 1,729   224   29   2,060   759 
Construction             4 
Residential mortgage 163   74   228   694   576 
Total consumer 477   697   955   2,431   3,359 
Total loans recovered 15,605   2,947   1,726   21,197   7,479 
Net recoveries (charge-offs) 5,610   (2,320)  (293)  3,340   (15,714)
Provision for credit losses for loans 1,835   43,712   3,496   49,047   21,287 
Ending balance$498,408  $490,963  $356,927  $498,408  $356,927 
Components of allowance for credit losses for loans:         
Allowance for loan losses$475,744  $468,819  $342,527  $475,744  $342,527 
Allowance for unfunded credit commitments 22,664   22,144   14,400   22,664   14,400 
Allowance for credit losses for loans$498,408  $490,963  $356,927  $498,408  $356,927 
Components of provision for credit losses for loans:         
Provision for credit losses for loans$1,315  $38,310  $3,496  $42,883  $17,998 
Provision for unfunded credit commitments 520   5,402      6,164   3,289 
Total provision for credit losses for loans$1,835  $43,712  $3,496  $49,047  $21,287 
Annualized ratio of total net (recoveries) charge-offs to average loans(0.05)%  0.02%  0.00% (0.01)%  0.06%
Allowance for credit losses for loans as a % of total loans 1.10   1.13   1.09   1.10   1.09 


 As of
ASSET QUALITY:September 30, June 30, March 31, December 31, September 30,
($ in thousands)2022 2022 2022 2021 2021
Accruing past due loans:         
30 to 59 days past due:         
Commercial and industrial$19,526  $7,143  $6,723  $6,717  $2,677 
Commercial real estate 6,196   10,516   30,807   14,421   22,956 
Construction    9,108   1,708   1,941    
Residential mortgage 13,045   12,326   9,266   10,999   9,293 
Total consumer 6,196   6,009   5,862   6,811   5,463 
Total 30 to 59 days past due 44,963   45,102   54,366   40,889   40,389 
60 to 89 days past due:         
Commercial and industrial 2,188   3,870   14,461   7,870   985 
Commercial real estate 383   630   6,314      5,897 
Construction 12,969   3,862   3,125       
Residential mortgage 5,947   2,410   2,560   3,314   974 
Total consumer 1,174   702   554   1,020   1,617 
Total 60 to 89 days past due 22,661   11,474   27,014   12,204   9,473 
90 or more days past due:         
Commercial and industrial 15,072   15,470   9,261   1,273   2,083 
Commercial real estate 15,082         32   1,942 
Residential mortgage 550   1,188   1,746   677   1,002 
Total consumer 421   267   400   789   325 
Total 90 or more days past due 31,125   16,925   11,407   2,771   5,352 
Total accruing past due loans$98,749  $73,501  $92,787  $55,864  $55,214 
Non-accrual loans:         
Commercial and industrial$135,187  $148,404  $96,631  $99,918  $100,614 
Commercial real estate 67,319   85,807   79,180   83,592   95,843 
Construction 61,098   49,780   17,618   17,641   17,653 
Residential mortgage 26,564   25,847   33,275   35,207   33,648 
Total consumer 3,227   3,279   3,754   3,858   4,073 
Total non-accrual loans 293,395   313,117   230,458   240,216   251,831 
Other real estate owned (OREO) 286   422   1,024   2,259   3,967 
Other repossessed assets 1,122   1,200   1,176   2,931   1,896 
Total non-performing assets$294,803  $314,739  $232,658  $245,406  $257,694 
Performing troubled debt restructured loans$69,748  $67,274  $56,538  $71,330  $64,832 
Total non-accrual loans as a % of loans 0.65%  0.72%  0.65%  0.70%  0.77%
Total accruing past due and non-accrual loans as a % of loans 0.87%  0.89%  0.91%  0.87%  0.94%
Allowance for losses on loans as a % of non-accrual loans 162.15%  149.73%  157.30%  149.53%  136.01%

NOTES TO SELECTED FINANCIAL DATA

(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.

Non-GAAP Reconciliations to GAAP Financial Measures

 Three Months Ended Nine Months Ended
 September 30, June 30, September 30, September 30,
($ in thousands, except for share data)2022 2022 2021 2022 2021
Adjusted net income available to common shareholders (non-GAAP):         
Net income, as reported (GAAP)$178,119  $96,413  $122,580  $391,260  $358,802 
Add: Loss on extinguishment of debt (net of tax)             6,024 
Less: Gains on available for sale and held to maturity securities transactions (net of tax)(a) (24)  (56)  (565)  (74)  (399)
Add: Provision for credit losses (net of tax)(b)    29,282      29,282    
Add: Merger related expenses (net of tax)(c) 3,360   40,164   1,207   47,103   1,207 
Add: Litigation reserve (net of tax)(d)       1,505      1,505 
Net income, as adjusted (non-GAAP)$181,455  $165,803  $124,727  $467,571  $367,139 
Dividends on preferred stock 3,172   3,172   3,172   9,516   9,516 
Net income available to common shareholders, as adjusted (non-GAAP)$178,283  $162,631  $121,555  $458,055  $357,623 
__________         
(a) Included in gains (losses) on securities transactions, net.
(b) Primarily represents provision for credit losses for non-PCD loans and unfunded credit commitments acquired from Bank Leumi USA.
(c) Merger related expenses are primarily within salary and employee benefits expense, technology, furniture and equipment expense and professional and legal fees for the nine months ended September 30, 2022..
(d) Included in professional and legal fees.
          
Adjusted per common share data (non-GAAP):         
Net income available to common shareholders, as adjusted (non-GAAP)$178,283  $162,631  $121,555  $458,055  $357,623 
Average number of shares outstanding 506,342,200   506,302,464   406,824,160   478,383,342   405,986,114 
Basic earnings, as adjusted (non-GAAP)$0.35  $0.32  $0.30  $0.96  $0.88 
Average number of diluted shares outstanding 508,690,997   508,479,206   409,238,001   480,625,357   408,509,767 
Diluted earnings, as adjusted (non-GAAP)$0.35  $0.32  $0.30  $0.95  $0.88 
Adjusted annualized return on average tangible shareholders' equity (non-GAAP):         
Net income, as adjusted (non-GAAP)$181,455  $165,803  $124,727  $467,571  $367,139 
Average shareholders' equity$6,256,767  $6,238,985  $4,794,843   5,869,736   4,718,960 
Less: Average goodwill and other intangible assets 2,117,818   2,105,585   1,446,760   1,917,217   1,449,285 
Average tangible shareholders' equity$4,138,949  $4,133,400  $3,348,083  $3,952,519  $3,269,675 
Annualized return on average tangible shareholders' equity, as adjusted (non-GAAP) 17.54%  16.05%  14.90%  15.77%  14.97%
Adjusted annualized return on average assets (non-GAAP):         
Net income, as adjusted (non-GAAP)$181,455  $165,803  $124,727  $467,571  $367,139 
Average assets$54,858,306  $53,211,422  $41,543,930  $50,588,010  $41,144,375 
Annualized return on average assets, as adjusted (non-GAAP) 1.32%  1.25%  1.20%  1.23%  1.19%

Non-GAAP Reconciliations to GAAP Financial Measures (Continued)

 Three Months Ended Nine Months Ended
 September 30, June 30, September 30, September 30,
($ in thousands)2022 2022 2021 2022 2021
Adjusted annualized return on average shareholders' equity (non-GAAP):         
Net income, as adjusted (non-GAAP)$181,455  $165,803  $124,727  $467,571  $367,139 
Average shareholders' equity$6,256,767  $6,238,985  $4,794,843  $5,869,736  $4,718,960 
Annualized return on average shareholders' equity, as adjusted (non-GAAP) 11.60%  10.63%  10.41%  10.62%  10.37%
Annualized return on average tangible shareholders' equity (non-GAAP):         
Net income, as reported (GAAP)$178,119  $96,413  $122,580  $391,260  $358,802 
Average shareholders' equity$6,256,767  $6,238,985  $4,794,843   5,869,736   4,718,960 
Less: Average goodwill and other intangible assets 2,117,818   2,105,585   1,446,760   1,917,217   1,449,285 
Average tangible shareholders' equity$4,138,949  $4,133,400  $3,348,083  $3,952,519  $3,269,675 
Annualized return on average tangible shareholders' equity (non-GAAP) 17.21%  9.33%  14.64%  13.20%  14.63%
Efficiency ratio (non-GAAP):         
Non-interest expense, as reported (GAAP)$261,639  $299,730  $174,922  $758,709  $507,028 
Less: Loss on extinguishment of debt (pre-tax)             8,406 
Less: Merger-related expenses (pre-tax) 4,707   54,496   1,287   63,831   1,287 
Less: Amortization of tax credit investments (pre-tax) 3,105   3,193   3,079   9,194   8,795 
Less: Litigation reserve (pre-tax)       2,100      2,100 
Non-interest expense, as adjusted (non-GAAP)$253,827  $242,041  $168,456  $685,684  $486,440 
Net interest income, as reported (GAAP) 453,992   418,160   301,026   1,189,821   894,600 
Non-interest income, as reported (GAAP) 56,194   58,533   42,431   153,997   116,790 
Less: Gains on available for sale and held to maturity securities transactions, net (pre-tax) (33)  (78)  (788)  (102)  (557)
Non-interest income, as adjusted (non-GAAP)$56,161  $58,455  $41,643  $153,895  $116,233 
Gross operating income, as adjusted (non-GAAP)$510,153  $476,615  $342,669  $1,343,716  $1,010,833 
Efficiency ratio (non-GAAP) 49.76%  50.78%  49.16%  51.03%  48.12%


 As of
 September 30, June 30, March 31, December 31, September 30,
($ in thousands, except for share data)2022 2022 2022 2021 2021
Tangible book value per common share (non-GAAP):         
Common shares outstanding 506,351,502   506,328,526   421,437,068   421,437,068   407,313,664 
Shareholders' equity (GAAP)$6,273,829  $6,204,913  $5,096,384  $5,084,066  $4,822,498 
Less: Preferred stock 209,691   209,691   209,691   209,691   209,691 
Less: Goodwill and other intangible assets 2,079,731   2,090,147   1,543,238   1,529,394   1,444,967 
Tangible common shareholders' equity (non-GAAP)$3,984,407  $3,905,075  $3,343,455  $3,344,981  $3,167,840 
Tangible book value per common share (non-GAAP)$7.87  $7.71  $7.93  $7.94  $7.78 
Tangible common equity to tangible assets (non-GAAP):         
Tangible common shareholders' equity (non-GAAP)$3,984,407  $3,905,075  $3,343,455  $3,344,981  $3,167,840 
Total assets (GAAP)$55,927,501  $54,438,807  $43,551,457  $43,446,443  $41,278,007 
Less: Goodwill and other intangible assets 2,079,731   2,090,147   1,543,238   1,529,394   1,444,967 
Tangible assets (non-GAAP)$53,847,770  $52,348,660  $42,008,219  $41,917,049  $39,833,040 
Tangible common equity to tangible assets (non-GAAP) 7.40%  7.46%  7.96%  7.98%  7.95%



  
 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, 1455 Valley Road, Wayne, New Jersey, 07470, by telephone at (973) 305-3380, by fax at (973) 305-1364 or by e-mail at tzarkadas@valley.com.


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data)

 September 30, December 31,
 2022 2021
 (Unaudited)  
Assets   
Cash and due from banks$431,471  $205,156 
Interest bearing deposits with banks 686,877   1,844,764 
Investment securities:   
Equity securities 43,318   36,473 
Trading debt securities 4,100   38,130 
Available for sale debt securities 1,271,854   1,128,809 
Held to maturity debt securities (net of allowance for credit losses of $1,696 at September 30, 2022 and $1,165 at December 31, 2021) 3,720,324   2,667,532 
Total investment securities 5,039,596   3,870,944 
Loans held for sale, at fair value 6,073   139,516 
Loans 45,185,764   34,153,657 
Less: Allowance for loan losses (475,744)  (359,202)
Net loans 44,710,020   33,794,455 
Premises and equipment, net 362,203   326,306 
Lease right of use assets 314,511   259,117 
Bank owned life insurance 714,649   566,770 
Accrued interest receivable 159,406   96,882 
Goodwill 1,871,505   1,459,008 
Other intangible assets, net 208,226   70,386 
Other assets 1,422,964   813,139 
Total Assets$55,927,501  $43,446,443 
Liabilities   
Deposits:   
Non-interest bearing$15,420,625  $11,675,748 
Interest bearing:   
Savings, NOW and money market 23,559,662   20,269,620 
Time 6,328,556   3,687,044 
Total deposits 45,308,843   35,632,412 
Short-term borrowings 919,283   655,726 
Long-term borrowings 1,541,097   1,423,676 
Junior subordinated debentures issued to capital trusts 56,673   56,413 
Lease liabilities 367,428   283,106 
Accrued expenses and other liabilities 1,460,348   311,044 
Total Liabilities 49,653,672   38,362,377 
Shareholders’ Equity   
Preferred stock, no par value; 50,000,000 authorized shares:   
Series A (4,600,000 shares issued at September 30, 2022 and December 31, 2021) 111,590   111,590 
Series B (4,000,000 shares issued at September 30, 2022 and December 31, 2021) 98,101   98,101 
Common stock (no par value, authorized 650,000,000 shares; issued 507,896,910 and 423,034,027 at September 30, 2022 and December 31, 2021) 178,185   148,482 
Surplus 4,972,732   3,883,035 
Retained earnings 1,100,838   883,645 
Accumulated other comprehensive loss (165,557)  (17,932)
Treasury stock, at cost (1,545,408 shares at September 30, 2022 and 1,596,959 common shares at December 31, 2021) (22,060)  (22,855)
Total Shareholders’ Equity 6,273,829   5,084,066 
Total Liabilities and Shareholders’ Equity$55,927,501  $43,446,443 


VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for share data)

 Three Months Ended Nine Months Ended
 September 30, June 30, September 30, September 30,
 2022
 2022 2021
 2022 2021
Interest Income         
Interest and fees on loans$496,520  $415,577  $309,753  $1,229,462  $938,248 
Interest and dividends on investment securities:         
Taxable 28,264   27,534   14,292   74,416   40,174 
Tax-exempt 5,210   5,191   2,609   12,739   9,181 
Dividends 2,738   3,076   1,505   7,490   5,543 
Interest on federal funds sold and other short-term investments 3,996   1,569   642   6,026   1,101 
Total interest income 536,728   452,947   328,801   1,330,133   994,247 
Interest Expense         
Interest on deposits:         
Savings, NOW and money market 50,674   17,122   10,605   77,423   32,896 
Time 15,174   3,269   4,394   21,274   21,766 
Interest on short-term borrowings 5,160   4,083   1,464   10,049   4,390 
Interest on long-term borrowings and junior subordinated debentures 11,728   10,313   11,312   31,566   40,595 
Total interest expense 82,736   34,787   27,775   140,312   99,647 
Net Interest Income 453,992   418,160   301,026   1,189,821   894,600 
Provision (credit) for credit losses for held to maturity securities 188   286   35   531   (353)
Provision for credit losses for loans 1,835   43,712   3,496   49,047   21,287 
Net Interest Income After Provision for Credit Losses 451,969   374,162   297,495   1,140,243   873,666 
Non-Interest Income         
Wealth management and trust fees 9,281   9,577   3,550   23,989   10,411 
Insurance commissions 3,750   3,463   1,610   9,072   5,805 
Service charges on deposit accounts 10,338   10,067   5,428   26,617   15,614 
Gains (losses) on securities transactions, net 323   (309)  787   (1,058)  1,263 
Fees from loan servicing 3,138   2,717   2,894   8,636   8,980 
Gains on sales of loans, net 922   3,602   6,442   5,510   20,016 
Bank owned life insurance 1,681   2,113   2,018   5,840   6,824 
Other 26,761   27,303   19,702   75,391   47,877 
Total non-interest income 56,194   58,533   42,431   153,997   116,790 
Non-Interest Expense         
Salary and employee benefits expense 134,572   154,798   93,992   397,103   273,190 
Net occupancy expense 26,486   22,429   19,941   70,906   59,171 
Technology, furniture and equipment expense 39,365   49,866   21,007   115,245   64,956 
FDIC insurance assessment 6,500   5,351   3,644   16,009   10,294 
Amortization of other intangible assets 11,088   11,400   5,298   26,925   16,753 
Professional and legal fees 17,840   30,409   13,492   62,998   27,250 
Loss on extinguishment of debt             8,406 
Amortization of tax credit investments 3,105   3,193   3,079   9,194   8,795 
Other 22,683   22,284   14,469   60,329   38,213 
Total non-interest expense 261,639   299,730   174,922   758,709   507,028 
Income Before Income Taxes 246,524   132,965   165,004   535,531   483,428 
Income tax expense 68,405   36,552   42,424   144,271   124,626 
Net Income 178,119   96,413   122,580   391,260   358,802 
Dividends on preferred stock 3,172   3,172   3,172   9,516   9,516 
Net Income Available to Common Shareholders$174,947  $93,241  $119,408  $381,744  $349,286 


 Three Months Ended Nine Months Ended
 September 30, June 30, September 30, September 30,
 2022
 2022
 2021
 2022
 2021
Earnings Per Common Share:         
Basic$0.35  $0.18  $0.29  $0.80  $0.86 
Diluted 0.34   0.18   0.29   0.79   0.86 
Cash Dividends Declared per Common Share 0.11   0.11   0.11   0.33   0.33 
Weighted Average Number of Common Shares Outstanding:         
Basic 506,342,200   506,302,464   406,824,160   478,383,342   405,986,114 
Diluted 508,690,997   508,479,206   409,238,001   480,625,357   408,509,767 


VALLEY NATIONAL BANCORP
Quarterly Analysis of Average Assets, Liabilities and Shareholders' Equity and
Net Interest Income on a Tax Equivalent Basis

 Three Months Ended
 September 30, 2022 June 30, 2022 September 30, 2021
 Average   Avg. Average   Avg. Average   Avg.
($ in thousands)Balance Interest Rate Balance Interest Rate Balance Interest Rate
Assets                 
Interest earning assets:               
Loans(1)(2)$44,341,894  $496,545  4.48% $42,517,287  $415,602  3.91% $32,698,382  $309,778  3.79%
Taxable investments(3) 4,815,181   31,002  2.58   4,912,994   30,610  2.49   3,302,803   15,797  1.91 
Tax-exempt investments(1)(3) 635,795   6,501  4.09   684,471   6,571  3.84   429,941   3,302  3.07 
Interest bearing deposits with banks 738,372   3,996  2.16   776,478   1,569  0.81   1,901,748   642  0.14 
Total interest earning assets 50,531,242   538,044  4.26   48,891,230   454,352  3.72   38,332,874   329,519  3.44 
Other assets 4,327,064       4,320,192       3,211,056     
Total assets$54,858,306      $53,211,422      $41,543,930     
Liabilities and shareholders' equity                 
Interest bearing liabilities:                 
Savings, NOW and money market deposits$23,541,694  $50,674  0.86% $23,027,347  $17,122  0.30% $18,771,619  $10,605  0.23%
Time deposits 5,192,896   15,174  1.17   3,601,088   3,269  0.36   4,126,253   4,394  0.43 
Short-term borrowings 1,016,240   5,160  2.03   1,603,198   4,083  1.02   860,474   1,464  0.68 
Long-term borrowings(4) 1,477,909   11,728  3.17   1,462,638   10,313  2.82   1,595,814   11,312  2.84 
Total interest bearing liabilities 31,228,739   82,736  1.06   29,694,271   34,787  0.47   25,354,160   27,775  0.44 
Non-interest bearing deposits 16,035,778       16,267,946       10,701,948     
Other liabilities 1,337,022       1,010,220       692,979     
Shareholders' equity 6,256,767       6,238,985       4,794,843     
Total liabilities and shareholders' equity$54,858,306      $53,211,422      $41,543,930     
                  
Net interest income/interest rate spread(5)  $455,308  3.20%   $419,565  3.25%   $301,744  3.00%
Tax equivalent adjustment   (1,316)      (1,405)      (718)  
Net interest income, as reported  $453,992      $418,160      $301,026   
Net interest margin(6)    3.59      3.42      3.14 
Tax equivalent effect    0.01      0.01      0.01 
Net interest margin on a fully tax equivalent basis(6)    3.60%     3.43%     3.15%

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(1)   Interest income is presented on a tax equivalent basis using a 21 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.


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