This excerpt taken from the VLY 8-K filed Jul 23, 2009.
INCREASED NET INTEREST INCOME AND NET INTEREST MARGIN GROWTH
WAYNE, NJ July 23, 2009 Valley National Bancorp (NYSE:VLY), the holding company for Valley National Bank, today reported net income for second quarter of $15.0 million, $0.06 per diluted common share, compared to second quarter of 2008 earnings of $41.5 million, or $0.31 per diluted common share. Diluted earnings per common share were impacted by a $24.4 million ($0.11 per common share) non-cash charge due to the change in the fair value of junior subordinated debentures carried at fair value, a $6.5 million ($0.03 per common share) industry-wide FDIC special assessment, and accrued preferred stock dividends and accretion totaling $5.8 million ($0.04 per common share) for the second quarter of 2009. All common per share data presented was adjusted to reflect the stock dividend issued on May 22, 2009.
The following performance highlights and significant events occurred during the second quarter of 2009:
Valley National Bancorp (NYSE: VLY)
2009 Second Quarter Earnings
July 23, 2009