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VALLEY NATIONAL BANCORP REPORTS RECORD 1992 AND STRONG FOURTH QUARTER RESULTS

 WAYNE, N.J., Jan. 25 /PRNewswire/ -- Valley National Bancorp (NASDAQ: VNBP) today reported record net income of $41.6 million, or $2.18 per share, for the year ended Dec. 31, 1992. The results represent a 38.1 percent increase from the $30.1 million, or $1.58 per share, earned in 1991.
 For the 1992 fourth quarter Valley reported earnings of $10.1 million, or 53 cents per share, 23.0 percent above the $8.2 million, or 43 cents per share, earned for the 1991 fourth quarter. Earnings per share figures have been adjusted to reflect a 3:2 common stock split effected in April of 1992.
 The results for 1992 produced a return on average assets of 1.4 percent and a return on average equity of 19.9 percent, both of which are in the historical top 1 percent of the banking industry.
 Gerald H. Lipkin, chairman and chief executive officer, stated that the primary factors driving Valley's results were the solid increases in net interest income from the bank's core operations. Strong growth took place in consumer loans and residential mortgages throughout the year; and increased non-interest income resulted from additional fee income and gains on the sale of securities and loans.
 During the past 18 months, net income was further boosted by the bank's acquisition program. Valley acquired Powder Mill Bank, Morris Plains, on May 22, 1992 from the FDIC and during 1991 acquired 27 branches of four savings and loans from the RTC.
 Net interest income prior to the provision for possible loan losses was $30.9 million for the fourth quarter and $114.9 million for all of 1992, representing increases of 19.1 percent and 26.3 percent over the comparable periods in 1991.
 Non-interest expenses were $64.8 million in 1992, 32.3 percent above 1991, and resulted from an increase in Valley's franchise which grew to 53 branches in 33 communities at 1992 year end. At the beginning of 1991, Valley had 29 branches in 18 communities.
 Non-performing assets, including non-accrual loans, other real estate owned and loans past due in excess of 90 days and still accruing interest were $34.0 million, or 2.2 percent of loans net of unearned income at Dec. 31, 1992, versus $44.4 million, or 3.0 percent of loans at Sept. 30, 1992. This compares with $37.8 million or 2.7 percent of loans at Dec. 31, 1991.
 During 1992, Valley's total assets grew 10.6 percent and reached $3.2 billion at 1992 year end. Loans, net of unearned income were $1.5 billion at Dec. 31, 1992, compared with $1.4 billion at the end of 1991. Deposits were $2.9 billion at 1992 year end, compared with $2.6 billion a year ago representing a 12.8 percent increase. Total shareholders' equity was $218.3 million, or $11.45 per share at Dec. 31, 1992.
 Valley National Bancorp is a "super community" bank holding company, whose principal subsidiaries Valley National Bank and Mayflower Financial Corporation operate 53 offices in Passaic, Bergen, Essex, Hudson and Morris counties in New Jersey.
 VALLEY NATIONAL BANCORP
 Financial Summary
 EARNINGS SUMMARY
 ($ in thousands except for share and per share amounts)
 Periods ended Three Months 12 Months
 Dec. 31 1992 1991 1992 1991
 Interest income $54,978 $57,395 $223,004 $198,844
 Interest expense 24,089 31,454 108,146 107,896
 Net interest income 30,889 25,941 114,858 90,948
 Prov. for loan losses 3,250 2,920 16,000 12,000
 Net interest income
 after provision for
 possible loan losses 27,639 23,021 98,858 78,948
 Other operating revs. 5,099 3,179 23,187 11,306
 Securities gains, net 158 167 5,667 1,324
 Total non-interest inc. 5,257 3,346 28,854 12,630
 Salaries and employee
 benefit expense 8,069 6,791 29,957 23,100
 Occupancy expense 2,430 2,152 9,060 7,166
 Other expense 7,196 5,873 25,791 18,718
 Total non-interest exp. 17,695 14,816 64,808 48,984
 Inc. before inc. taxes 15,201 11,551 62,904 42,594
 Income taxes 5,147 3,377 21,306 12,477
 Net income $10,054 $ 8,174 $ 41,598 $ 30,117
 Net income per share $0.53 $0.43 $2.18 $1.58
 Aver. shares outstg. 19,049,076 19,028,475 19,038,598 19,023,829
 FINANCIAL RATIOS
 (Percent)
 Twelve months ended Dec. 31 1992 1991
 Annualized return on average assets 1.38 1.31
 Annualized return on average equity 19.86 15.87
 Net interest rate yield (FTE) 4.37 4.64
 Annualized net loan losses to average loans 0.65 0.43
 Tier-one leverage 7.13 6.85
 SELECTED BALANCE SHEET INFORMATION
 (In millions)
 12/31/92 12/31/91
 Interest-earning assets $2,936 $2,593
 Interest-bearing liabilities 2,592 2,342
 Loans, net 1,517 1,377
 Allowance for loan losses 29 22
 Deposits 2,885 2,557
 Shareholders' equity 218 195
 Total assets $3,170 $2,865
 Book value per share $11.45 $10.22
 -0- 1/25/93
 /NOTE TO EDITORS: Valley National Bancorp (NASDAQ: VNBP) has no relationship with Valley National Corporation (NASDAQ: VNCP) of Phoenix, Ariz., or any other company of a similar name/
 /CONTACT: Gerald H. Lipkin of Valley, 201-305-4001; or Edmund R. Belak Jr. of Georgeson & Co., 212-440-9801, for Valley/
 (VNBP)


CO: Valley National Bancorp ST: New Jersey IN: FIN SU: ERN

GK-TS -- NY070 -- 8577 01/25/93 14:13 EST
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Date:Jan 25, 1993
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