Business Combinations (Tables)

12 Months Ended

Dec. 31, 2019

Assets Acquired and Liabilities Assumed in Acquisition

The following table sets forth assets acquired, and liabilities assumed in the Oritani acquisition, at their estimated fair values as of the closing date of the transaction:



	December 1, 2019
	(in thousands)
Assets acquired:
Cash and cash equivalents	$	22,239
Equity securities	51,382
Investment securities available for sale	335,894
Investment securities held to maturity	4,877
Loans	3,380,841
Premises and equipment	23,585
Bank owned life insurance	101,896
Accrued interest receivable	11,781
Goodwill	288,960
Other intangible assets	20,690
Other assets:
Deferred tax assets	24,707
FHLB and FRB stock	23,479
Other assets	1,988
Total other assets	50,174
Total assets acquired	$	4,292,319
Liabilities assumed:
Deposits:
Non-interest bearing	$	142,630
Savings, NOW and money market	1,596,690
Time	1,185,396
Total deposits	2,924,716
Short-term borrowings	10,500
Long-term borrowings	430,130
Accrued expense and other liabilities	91,718
Total liabilities assumed	$	3,457,064
Common stock issued in acquisition	$	835,255

Business Acquisition, Pro Forma Information

Had the acquisition of USAB taken place on January 1, 2017 Valley’s revenues (defined as the sum of net interest income and non-interest income), net income, basic earnings per share, and diluted earnings per share would have equaled the amounts indicated in the following table for the year ended December 31, 2017:



	December 31,
	2017
(in thousands, except per share data)	Unaudited
Revenues	$	931,255
Net income	196,921
Basic earnings per share	0.57
Diluted earnings per share	0.57

Had the acquisition of Oritani taken place on the beginning of the annual periods presented, Valley’s revenues (defined as the sum of net interest income and non-interest income), net income, basic earnings per share, and diluted earnings per share would have equaled the amounts indicated in the following table for the years ended December 31, 2019 and 2018:



	December 31,
	2019		2018
(in thousands, except per share data)	Unaudited
Revenues	$	1,219,887	$	1,106,012
Net income	361,079		313,977
Basic earnings per share	0.86		0.75
Diluted earnings per share	0.85		0.75