Valley National Bancorp 1999 A n n u a l R e p o r t SUSSEX PASSAIC MORRIS WARREN BERGEN HUDSON UNION ESSEX SOMERSET MIDDLESEX Valley National Bancorp is a regional bank holding company with over $6.4 billion in assets. Valley National Bank, its principal subsidiary, is a super community bank that operates 117 branch offices in 76 communities throughout 10 counties in northern New Jersey. Valley is the third-largest bank headquartered in New Jersey. Historical Financial Data 1979–1999* ($ in millions, except for share data) Year End Total Assets Net Income Diluted Earnings Per Share Return on Average Assets Return on Average Equity Dividends Per Share Stock Splits and Dividends 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 $6,360 $106.3(1) $1.73 1.75% 18.35% $1.02 5/99—5% Stock Dividend 5,541 5,091 4,687 4,586 3,744 3,605 3,357 3,055 2,149 1,975 1,835 1,663 1,615 1,471 1,355 933 733 600 520 498 97.3(2) 85.0 67.5(3) 62.6(4) 59.0 56.4 43.4 31.7 28.6 36.0 34.2 32.1 29.6 24.2 17.5 14.8 9.8 6.8 5.9 5.1 1.67 1.52 1.33 1.21 1.35 1.31 1.03 0.75 0.68 0.85 0.81 0.76 0.70 0.58 0.48 0.43 0.29 0.22 0.19 0.16 1.82 1.67 1.47 1.40 1.60 1.62 1.36 1.29 1.44 1.92 2.00 2.02 1.99 1.73 1.64 1.82 1.53 1.32 1.15 1.05 18.47 18.88 17.23 16.60 20.03 21.42 19.17 15.40 14.54 19.93 20.96 22.95 24.90 23.76 24.84 27.49 23.83 17.60 16.31 15.43 5/98—5:4 Stock Split 5/97—5% Stock Dividend 5/96—5% Stock Dividend 5/95—5% Stock Dividend 5/94—10% Stock Dividend 4/93—5:4 Stock Split 4/92—3:2 Stock Split 7/88—3:2 Stock Split 5/86—3:2 Stock Split 2/85—2:1 Stock Split 5/83—2:1 Stock Split 4/82—5% Stock Dividend 4/80—5% Stock Dividend 0.93 0.81 0.72 0.69 0.66 0.51 0.47 0.44 0.44 0.42 0.38 0.36 0.29 0.24 0.17 0.13 0.10 0.09 0.09 0.08 All per share amounts have been adjusted retroactively for stock splits and stock dividends during the periods presented. (1) Includes the one-time charge, net of tax, of $2.2 million, or $0.04 per diluted share recorded in connection with the Ramapo Financial Corp. merger. (2) Includes the one-time charge, net of tax, of $3.2 million, or $0.06 per diluted share recorded in connection with the Wayne Bancorp merger. (3) Includes the one-time FDIC SAIF assessment, net of tax, of $3.8 million, or $0.07 per share. (4) Includes the one-time Lakeland merger and acquisition expenses, net of tax, of $5.4 million, or $0.10 per share. * Data for years prior to 1999 exclude Ramapo Financial Corp., for years prior to 1998 exclude Wayne Bancorp Inc., for years prior to 1997 exclude Midland Bancorp, Inc., and for years prior to 1995 exclude Lakeland First Financial Group, Inc. Valley National Bancorp 1