Valley National Bancorp Announces Fourth Quarter, 2017 Earnings

VALLEY NATIONAL BANCORP REPORTS FOURTH QUARTER NET INCOME AND SOLID NET INTEREST MARGIN

WAYNE, NJ – January 25, 2018 -- Valley National Bancorp (NYSE:VLY), the holding company for Valley National Bank, today reported net income for the fourth quarter of 2017 of $26.1 million, or $0.09 per diluted common share, as compared to the fourth quarter of 2016 earnings of $50.1 million, or $0.19 per diluted common share, and net income of $39.6 million, or $0.14 per diluted common share, for the third quarter of 2017. The fourth quarter of 2017 results include $22.6 million of charges (representing a $0.09 per share decrease in earnings) from the impact of the Tax Cuts and Jobs Act (Tax Act) and $1.4 million (or $1.0 million after-tax) of merger expenses related to the USAmeriBancorp, Inc. ("USAB") acquisition effective January 1, 2018. Excluding these charges, our adjusted net income was $49.7 million, or $0.18 per diluted common share, for the fourth quarter of 2017. See the "Consolidated Financial Highlights" tables below for the reconciliation of this and other non-GAAP measures.

Net income for the year ended December 31, 2017 was $161.9 million, or $0.58 per diluted common share, compared to 2016 earnings of $168.1 million, or $0.63 per diluted common share. The earnings for the year ended December 31, 2017 included the Tax Act charge, $9.9 million ($5.7 million after-tax) related to our LIFT earnings enhancement program and $2.6 million ($2.3 million after-tax) of USAB merger related expenses. Excluding these charges, our adjusted net income was $192.5 million, or $0.69 per diluted common share for the year ended December 31, 2017.

To view the entire Fourth Quarter 2017 Earnings Report, click here.

To view the Fourth Quarter 2017 Earnings Conference Call Presentation, click here.