VLY FY 2009 Earnings Report — Valley National Bancorp Revenue & Financial Results | Market Cap Arena

Valley National BancorpVLY

FY 2009 Earnings

Reported February 26, 2010

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2009	Prior Q	FY 2008	QoQ Change	YoY Change
Revenue	$784M	—	$733M	—	7.0%
Op. Income	$168M	—	$111M	—	51.6%
Gross Margin	60.4%	—	54.0%	—	6.4pp
Net Margin	14.8%	—	12.8%	—	2.0pp
EPS (Diluted)	$0.58	—	$0.58	—	0.0%
Free Cash Flow	$79M	—	$905M	—	-91.2%

Revenue Flow

Item	Amount
REVENUE	$784M
Cost of Revenue	$311M
GROSS PROFIT	$474M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$184M
SG&A Expenses	$187M
Other Expenses	$119M
Operating Expenses	$306M
Cost & Expenses	$617M
OPERATING INCOME	$168M
Interest Income	$712M
Interest Expense	$263M
Other Income/Expenses	$0
INCOME BEFORE TAX	$168M
Income Tax Expense	$51M
Net Income from Continuing Ops	$116M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$116M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$97M
D&A	$22M
EBIT	$168M
EBITDA	$190M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$784M
Cost of Revenue	$311M
GROSS PROFIT	$474M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$184M
SG&A Expenses	$187M
Other Expenses	$119M
Operating Expenses	$306M
Cost & Expenses	$617M
OPERATING INCOME	$168M
Interest Income	$712M
Interest Expense	$263M
Other Income/Expenses	$0
INCOME BEFORE TAX	$168M
Income Tax Expense	$51M
Net Income from Continuing Ops	$116M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$116M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$97M
D&A	$22M
EBIT	$168M
EBITDA	$190M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$116M
Depreciation & Amortization	$22M
Stock-Based Compensation	$5M
Deferred Income Tax	-$11M
Other Non-Cash Items	$34M
Change in Working Capital	-$62M
OPERATING CASH FLOW	$105M
Capital Expenditure	-$25M
Acquisitions (Net)	-$285.0K
Purchases of Investments	-$1.5B
Sales/Maturities of Investments	$1.2B
Other Investing Activities	$740M
NET CASH FROM INVESTING	$429M
Net Debt Issuance	-$485M
Common Stock Repurchased	$0
Common Dividends Paid	-$109M
Other Financing Activities	$314M
NET CASH FROM FINANCING	-$453M
FREE CASH FLOW	$79M
Net Change in Cash	$81M

Balance Sheet

Item	Amount
Cash & Equivalents	$661M
Short-Term Investments	$1.4B
Net Receivables	$56M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.1B
PP&E (Net)	$266M
Goodwill	$296M
Intangible Assets	$24M
Long-Term Investments	$10.9B
Tax Assets	$0
Other Non-Current Assets	$749M
TOTAL NON-CURRENT ASSETS	$12.2B
TOTAL ASSETS	$14.3B
Account Payables	$0
Short-Term Debt	$871M
Deferred Revenue	$0
Other Current Liabilities	$9.5B
TOTAL CURRENT LIABILITIES	$10.6B
Long-Term Debt	$2.5B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$7M
TOTAL NON-CURRENT LIABILITIES	$2.5B
TOTAL LIABILITIES	$13.0B
Common Stock	$54M
Additional Paid-In Capital	$1.2B
Retained Earnings	$74M
Treasury Stock	-$34M
Accum. Other Comp. Income	-$20M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.3B
Minority Interest	$0
TOTAL EQUITY	$1.3B
TOTAL LIABILITIES & EQUITY	$14.3B
Total Debt	$3.3B
Net Debt	$2.7B