Valley National Bancorp (VLY) 8-K Results of Operations and Financial Condition

Exhibit 99

FOR IMMEDIATE RELEASE	Contact:	Alan D. Eskow
		Executive Vice President and
		Chief Financial Officer
		973-305-4003

A SUCCESSFUL YEAR FOR VALLEY NATIONAL BANCORP

DESPITE FLAT YIELD CURVE AND MARGIN DECLINE

WAYNE, NJ – January 24, 2006 —Valley National Bancorp (NYSE:VLY) (“Valley”) today reported higher net income of $44.2 million for the fourth quarter, an increase of 5.5 percent over the third quarter and 11.0 percent over the same quarter of 2004. Fourth quarter diluted earnings were $0.40 per share, a 5.3 percent increase over both the third quarter and the same period in 2004. Net income for the year was $163.4 million, a 5.9 percent increase over last year. Even with the additional shares issued in connection with Valley’s two acquisitions earlier this year, the diluted earnings per share for 2005 were $1.49 compared to $1.48 for 2004.

The favorable results for the quarter and full year reflect the increase in net interest income of 5.4 percent and 7.0 percent over last year in spite of declines in the net interest margin. The net interest margin declined to 3.55 percent for the quarter and 3.69 percent for the full year. The quarter and full year also include losses on securities transactions, lower loan sale gains and lower income tax expense compared to the prior periods.

Chairman’s Comments

Gerald H. Lipkin, Valley’s Chairman, President and CEO said, “We just completed a year that included two successful acquisitions, which increased our branch network by 20 percent. However, it was a year that also included a flat and now inverted yield curve. The result was a net interest margin that impacted negatively on our traditional source of income as a spread bank.

Despite the yield curve, we increased loans during the year and the quarter. During the last three quarters we were able to increase total loan yields between 13 and 19 basis points during each period. We expect this trend to continue in 2006 as a result of our pricing, as well as anticipated Federal Reserve increases in short term rates. We remain steadfast to maintain our credit quality and asset-liability composition in the current marketplace, as we believe these strategies will be beneficial in the long-run.

During the quarter deposit costs increased more rapidly than loan yields mostly as a result of competitive pricing in our marketplace. In addition, some of our deposit base is tied to variable market rates. These two items negatively impacted the net interest income and the net interest margin. Management has taken action to stabilize the margin beginning in the first quarter of 2006.

Our investment portfolio decreased during the quarter through normal principal paydowns and the sale of $58 million of lower yielding securities. As long as the yield curve remains flat or inverted, we expect the investment portfolio to decline through attrition and we will utilize the cash flow to decrease borrowings or fund loan growth.

Valley National Bancorp (NYSE: VLY)

2005 4th Quarter Earnings

January 24, 2006

We continue to closely monitor and control expenses and will not deviate from our underwriting standards. We plan on opening a number of new branches in 2006 in our traditional territory, however we may also look to expand to other markets to increase our footprint to grow deposits and loans.”

Net Interest Income and Margin

Net interest income on a tax equivalent basis increased $26.5 million or 7.0 percent for the full year 2005 over 2004 despite a decline in the net interest margin of 25 basis points over the same period. For the fourth quarter 2005 net interest income on a tax equivalent basis was $102.8 million, $1.8 million less than the third quarter of 2005 and the net interest margin declined 11 basis points to 3.55 percent. The decline during the quarter was the result of the flat and partially inverted yield curve, higher priced deposits due mainly to competition, a switch from some floating rate borrowings to longer term fixed rate borrowings and a decline of investment security balances mostly through attrition.

Loans and Deposits

Average loans on a linked quarter basis increased by $144.4 million or 7.3 percent while loans increased by $50.7 million or 2.5 percent annualized for the fourth quarter. Compared to 2004, loans for the year increased by 17.3 percent, while organic loan growth on an annual basis was 7.4 percent, excluding the loans acquired as a result of Valley’s acquisitions.

The most significant growth during the fourth quarter was in the commercial, residential and construction loan sectors. Commercial loans increased despite the traditional seasonal paydowns of the New York lines of credit which generally continue through the first quarter. Automobile lending decreased during the quarter as a result of slower automobile sales after the summer and fall special programs offered by the major automobile manufacturers.

Valley continues to price strategically to increase deposits in one of the most competitive deposit markets in the United States. However, on a continuing basis, Valley balances the growth of traditional core deposits against alternative wholesale funding vehicles.

Non-Interest Income

Non-interest income for the fourth quarter of 2005 decreased $3.6 million compared to the third quarter mainly due to security losses. For 2005, non-interest income decreased $10.6 million primarily as a result of net securities losses of $461 thousand compared to $6.5 million in net gains during 2004. Reduced title insurance commissions, call premiums and loan servicing fees as well as lower gains from residential mortgage loan sales also contributed to this decrease. These decreases were partly offset by higher service charge income and income from Bank Owned Life Insurance.

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Valley National Bancorp (NYSE: VLY)

2005 4th Quarter Earnings

January 24, 2006

Non-Interest Expense

Non-interest expense for the fourth quarter of 2005 decreased to $60.0 million or 2.5 percent, when compared to the linked quarter ended September 30, 2005. The decrease is mainly due to lower employee benefit expense and decreased occupancy expenses. For 2005, non-interest expense increased by 8.0 percent or $17.5 million mostly due to operating expenses related to the Shrewsbury and NorCrown mergers combined with additional regulatory related expenses.

Income Tax Expense

Income tax expense was $66.8 million for 2005, reflecting an effective tax rate of 29.0 percent, compared with $74.2 million, reflecting an effective tax rate of 32.5 percent for 2004. This decrease was a result of increased low income housing tax credits, increased investment in tax exempt investments, decreased state income tax expense and tax benefits recognized during management’s reassessment of required tax accruals.

Income tax expense was $11.1 million for the fourth quarter of 2005, reflecting an effective tax rate of 20.0 percent, compared with $16.8 million, or 29.6 percent for the comparable 2004 period. This decrease is primarily due to the same items noted above.

For 2006, Valley anticipates an effective tax rate similar to the full year of 2005. This rate is projected based upon tax planning implemented during the latter half of 2005 and is anticipated to continue through 2006 unless there are changes in levels of non-taxable income, changes in tax planning strategies or unexpected changes in federal or state income tax laws.

Credit Quality

Net charge-offs for the fourth quarter were $1.5 million compared to $1.0 million for the third quarter of 2005 and $2.8 million for the fourth quarter of 2004. The provision for loan losses was $1.5 million for the fourth quarter 2005 compared to $1.1 million for the third quarter of 2005 and $3.2 million for the fourth quarter of 2004.

Total non-performing assets, which include non-accrual loans and other real estate owned (“OREO”), totaled $27.8 million, or 0.34 percent of loans and OREO, at December 31, 2005, compared to $25.8 million or 0.32 percent of loans and OREO at September 30, 2005 and $30.8 million or 0.44 percent of loans and OREO at December 31, 2004.

Loans past due 90 days or more and still accruing at December 31, 2005 were $4.4 million, or 0.05 percent of $8.1 billion of total loans, compared to $6.8 million at September 30, 2005 and $2.9 million at December 31, 2004. Total loans past due in excess of 30 days were 0.89 percent of all loans at December 31, 2005 compared with 0.73 percent at September 30, 2005 and 0.90 percent at December 31, 2004.

Balance Sheet

Valley’s financial measurements remain excellent. For the quarter and year ended December 31, 2005, Valley achieved a return on average equity of 19.16 percent and 19.17 percent, respectively. The return on average tangible equity was 25.10 percent and 23.61 percent for the same periods.

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Valley National Bancorp (NYSE: VLY)

2005 4th Quarter Earnings

January 24, 2006

For the quarter and year ended December 31, 2005, Valley achieved a return on average assets of 1.43 percent and 1.39 percent and an efficiency ratio of 51.3 percent and 50.3 percent, respectively. Valley’s risk-based capital ratios at December 31, 2005 were 10.28 percent for Tier 1 capital, 12.16 percent for total capital and 7.82 percent for Tier 1 leverage.

Valley National Bancorp is a regional bank holding company with over $12 billion in assets, headquartered in Wayne, New Jersey. Its principal subsidiary, Valley National Bank, currently operates 163 offices in 105 communities serving 12 counties throughout northern and central New Jersey and Manhattan.

Forward Looking Statement

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about new and existing programs and products, relationships, opportunities, taxation, technology and market conditions. These statements may be identified by such forward-looking terminology as “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “typically,” “usually,” “anticipate,” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ from those contemplated by such forward-looking statements include, among others, the following: unanticipated changes in the direction of interest rates, effective income tax rates, loan prepayment assumptions, levels of loan quality and origination volume, relationships with major customers, as well as the effects of unanticipated economic conditions and legal and regulatory barriers including compliance issues related to AML/BSA compliance and the development of new tax strategies or the disallowance of prior tax strategies and the ability of Valley to successfully integrate NorCrown and Shrewsbury without the loss of significant loan and deposit business. Valley assumes no obligation for updating any such forward-looking statement at any time.

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-Tables to Follow-

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Valley National Bancorp

Consolidated Financial Highlights

SELECTED FINANCIAL DATA

	Three Months Ended December 31,						Twelve Months Ended December 31,
(Dollars in thousands, except for share data)	2005			2004			2005			2004
FINANCIAL DATA:
Net income	$	44,248		$	39,851		$	163,449		$	154,398
Net interest income		101,104			95,945			398,425			372,319
Net interest income - FTE (2)		102,803			97,585			405,234			378,708
Weighted Average Number of Shares Outstanding:
Diluted		111,642,960			104,262,487			109,351,675			104,137,633
Per share data:
Basic earnings	$	0.40		$	0.38		$	1.50		$	1.49
Diluted earnings		0.40			0.38			1.49			1.48
Cash dividends declared		0.22			0.21			0.87			0.85
Book value		8.37			6.82			8.37			6.82
Tangible book value (1)		6.42			6.37			6.42			6.37
Closing stock price - high		25.03			27.09			26.50			27.09
Closing stock price - low		22.03			24.60			22.03			23.00
FINANCIAL RATIOS:
Net interest margin - FTE (2)		3.55	%		3.90	%		3.69	%		3.94	%
Return on average assets		1.43			1.50			1.39			1.51
Return on average equity		19.16			22.70			19.17			22.77
Return on average tangible equity (1)		25.10			24.30			23.61			24.54
Efficiency ratio (3)		51.34			48.91			50.32			48.19
AVERAGE BALANCE SHEET ITEMS:
Assets	$	12,410,834		$	10,644,006		$	11,758,090		$	10,242,679
Interest earning assets		11,582,963			10,003,378			10,989,382			9,616,170
Loans		8,106,582			6,913,293			7,637,973			6,541,993
Interest bearing liabilities		9,465,024			8,095,754			8,949,683			7,770,425
Deposits		8,662,161			7,528,894			8,258,388			7,373,992
Shareholders’ equity		923,580			702,219			852,834			678,068

Valley National Bancorp

Consolidated Financial Highlights

SELECTED FINANCIAL DATA

	Three Months Ended December 31,				Twelve Months Ended December 31,
(Dollars in thousands)	2005		2004		2005		2004
ALLOWANCE FOR LOAN LOSSES:
Beginning of period	$	75,180	$	65,324	$	65,699	$	64,650
Provision for loan losses		1,538		3,204		4,340		8,003
Charge-offs		2,448		4,976		7,601		13,138
Recoveries		918		2,147		3,498		6,184
Allowance for loan losses - Shrewsbury and NorCrown		0		0		9,252		0
End of period	$	75,188	$	65,699	$	75,188	$	65,699

	As of December 31,
	2005			2004
BALANCE SHEET ITEMS:
Assets	$	12,434,005		$	10,763,391
Loans		8,133,954			6,934,315
Deposits		8,570,001			7,518,739
Shareholders’ equity		931,910			707,598
CAPITAL RATIOS:
Tier 1 leverage ratio		7.82	%		8.28	%
Risk-based capital - Tier 1		10.28			11.12
Risk-based capital - Total Capital		12.16			11.95
ASSET QUALITY:
Non-accrual loans	$	25,794		$	30,274
Other real estate owned (OREO)		2,023			480
Total non-performing assets		27,817			30,754
Loans past due 90 days or more and still accruing		4,442			2,870
ASSET QUALITY RATIOS:
Non-performing assets to total loans plus other real estate owned (OREO)		0.34	%		0.44	%
Allowance for loan losses to loans		0.92			0.95
Net charge-offs to average loans		0.05			0.11

Valley National Bancorp

Consolidated Financial Highlights

NOTES TO SELECTED FINANCIAL DATA

(1) This press release contains certain supplemental financial information, described in the following notes, which has been determined by methods other than Generally Accepted Accounting Principles (“GAAP”) that management uses in its analysis of Valley’s performance. Management believes these non-GAAP financial measures provide information useful to investors in understanding Valley’s financial results and facilitates comparisons with the performance of peers within the financial services industry.

Tangible book value and return on average tangible equity, which represent non-GAAP measures, are computed as follows:

• Tangible book value is computed by dividing total shareholders’ equity less goodwill and other intangible assets by shares outstanding.

• Return on average tangible equity is computed by dividing net income by average shareholders’ equity less average goodwill and average identifiable intangible assets.

	Three Months Ended December 31,						Twelve Months Ended December 31,
(Dollars in thousands, except for share data)	2005			2004			2005			2004
Shareholders’ equity - as reported	$	931,910		$	707,598		$	931,910		$	707,598
Less: goodwill		179,898			18,732			179,898			18,732
Less: other intangible assets		37,456			27,156			37,456			27,156
Tangible equity		714,556			661,710			714,556			661,710
Common shares outstanding		111,326,717			103,798,312			111,326,717			103,798,312
Tangible book value	$	6.42		$	6.37		$	6.42		$	6.37
Net income - as reported	$	44,248		$	39,851		$	163,449		$	154,398
Average shareholders’ equity		923,580			702,219			852,834			678,068
Less: Average goodwill and other intangible assets		218,451			46,187			160,607			48,805
Average tangible shareholders’ equity		705,129			656,032			692,227			629,263
Annualized return on average tangible equity		25.10	%		24.30	%		23.61	%		24.54	%

(2) Net interest income and net interest margin are presented on a tax equivalent basis using a 35 percent federal tax rate. Valley believes that this presentation provides comparability of net interest income and net interest margin arising from both taxable and tax-exempt sources and is consistent with industry practice and SEC rules.

(3) The efficiency ratio measures Valley’s total non-interest expense as a percentage of net interest income plus total non-interest income.

SHAREHOLDER RELATIONS

Requests for copies of reports and/or other inquiries should be directed to Dianne Grenz, Director of Shareholder and Public Relations, Valley National Bancorp, 1455 Valley Road, Wayne, New Jersey, 07470, by telephone at (973) 305-3380, by fax at (973) 696-2044 or by e-mail at dgrenz@valleynationalbank.com.

VALLEY NATIONAL BANCORP

Consolidated Statements of Financial Condition

($ in thousands, except per share data)

	December 31,
	2005			2004
Assets
Cash and due from banks	$	260,045		$	163,371
Securities:
Available for sale		2,038,894			1,883,729
Held to maturity		1,229,190			1,292,338
Trading account		4,208			2,514
Total securities		3,272,292			3,178,581
Loans held for sale		3,497			2,157
Loans		8,130,457			6,932,158
Less: Allowance for loan losses		(75,188	)		(65,699	)
Loans, net		8,055,269			6,866,459
Premises and equipment, net		182,739			161,473
Due from customers on acceptances outstanding		11,314			11,294
Accrued interest receivable		57,280			46,737
Intangible assets		217,354			45,888
Bank owned life insurance		182,789			170,602
Other assets		191,426			116,829
Total assets	$	12,434,005		$	10,763,391
Liabilities
Deposits:
Non-interest bearing	$	2,048,218		$	1,768,352
Interest bearing:
Savings		4,026,249			3,591,986
Time		2,495,534			2,158,401
Total deposits		8,570,001			7,518,739
Federal funds purchased and securities sold under agreements to repurchase		569,427			493,654
Treasury tax and loan account and other short-term borrowings		14,605			16,637
Long-term debt		2,244,113			1,890,170
Bank acceptances outstanding		11,314			11,294
Accrued expenses and other liabilities		92,635			125,299
Total liabilities		11,502,095			10,055,793
Shareholders’ Equity
Preferred stock, no par value 30,000,000 shares authorized; none issued		0			0
Common stock, no par value, authorized 164,894,580 shares; issued 111,419,037 shares in 2005 and 103,827,183 shares in 2004		39,302			34,930
Surplus		741,456			437,659
Retained earnings		177,332			232,431
Unallocated common stock held by the employee benefit plan		0			(88	)
Accumulated other comprehensive (loss) gain		(24,036	)		3,355
		934,054			708,287
Treasury stock, at cost (92,320 common shares in 2005 and 28,871 in 2004)		(2,144	)		(689	)
Total shareholders’ equity		931,910			707,598
Total liabilities and shareholders’ equity	$	12,434,005		$	10,763,391

VALLEY NATIONAL BANCORP

Consolidated Statements of Income

($ in thousands, except per share data)

	Three Months Ended December 31,
	2005			2004
Interest Income
Interest and fees on loans	$	126,982		$	100,045
Interest and dividends on investment securities		42,272			37,163
Interest on federal funds sold and other short-term investments		600			96
Total interest income		169,854			137,304
Interest Expense
Interest on deposits:
Savings deposits		18,620			7,354
Time deposits		20,781			12,570
Interest on other borrowings		29,349			21,435
Total interest expense		68,750			41,359
Net Interest Income		101,104			95,945
Provision for loan losses		1,538			3,204
Net interest income after provision for loan losses		99,566			92,741
Non-Interest Income
Trust and investment services		2,145			2,118
Insurance premiums		2,652			3,164
Service charges on deposit accounts		5,643			5,126
(Losses) Gains on securities transactions, net		(3,140	)		1,264
Fees from loan servicing		1,740			1,865
Gains on sales of loans, net		540			739
Bank owned life insurance		1,921			1,554
Other		4,200			5,358
Total non-interest income		15,701			21,188
Non-Interest Expense
Salary expense		27,171			25,386
Employee benefit expense		5,611			7,339
Net occupancy expense		10,538			9,263
Amortization of intangible assets		2,446			1,992
Other		14,199			13,314
Total non-interest expense		59,965			57,294
Income before income taxes		55,302			56,635
Income tax expense		11,054			16,784
Net Income	$	44,248		$	39,851
Earnings Per Share:
Basic	$	0.40		$	0.38
Diluted	$	0.40		$	0.38
Weighted Average Number of Shares Outstanding:
Basic		111,250,155			103,685,814
Diluted		111,642,960			104,262,487

VALLEY NATIONAL BANCORP

Consolidated Statements of Income

($ in thousands, except per share data)

	Twelve Months Ended December 31,
	2005			2004
Interest Income
Interest and fees on loans	$	461,443		$	370,921
Interest and dividends on investment securities		162,397			147,709
Interest on federal funds sold and other short-term investments		1,244			296
Total interest income		625,084			518,926
Interest Expense
Interest on deposits:
Savings deposits		55,456			23,115
Time deposits		67,601			46,832
Interest on other borrowings		103,602			76,660
Total interest expense		226,659			146,607
Net Interest Income		398,425			372,319
Provision for loan losses		4,340			8,003
Net interest income after provision for loan losses		394,085			364,316
Non-Interest Income
Trust and investment services		8,204			8,432
Insurance premiums		11,719			13,982
Service charges on deposit accounts		22,382			20,242
(Losses) Gains on securities transactions, net		(461	)		6,475
Fees from loan servicing		7,011			8,010
Gains on sales of loans, net		2,108			3,039
Bank owned life insurance		7,053			6,199
Other		15,692			17,949
Total non-interest income		73,708			84,328
Non-Interest Expense
Salary expense		105,988			99,325
Employee benefit expense		26,163			24,465
Net occupancy expense		41,669			36,374
Amortization of intangible assets		8,797			8,964
Other		54,949			50,921
Total non-interest expense		237,566			220,049
Income before income taxes		230,227			228,595
Income tax expense		66,778			74,197
Net Income	$	163,449		$	154,398
Earnings Per Share:
Basic	$	1.50		$	1.49
Diluted	$	1.49		$	1.48
Weighted Average Number of Shares Outstanding:
Basic		108,948,978			103,604,828
Diluted		109,351,675			104,137,633

Valley National Bancorp

(dollars in thousands)

	End of Period - 12/31/05 Loan Portfolio		End of Period - 09/30/05 Loan Portfolio		End of Period - 06/30/05 Loan Portfolio		End of Period - 03/31/05 Loan Portfolio		End of Period - 12/31/04 Loan Portfolio
Commercial Loans	$	1,450,559	$	1,416,091	$	1,368,499	$	1,310,757	$	1,261,854
Construction		471,560		459,935		457,258		435,812		368,120
Residential Mortgage		2,085,861		2,061,366		2,044,527		1,980,833		1,853,708
Commercial Mortgage		2,234,950		2,230,586		2,189,195		1,877,144		1,745,155
Total Mortgage Loans		4,792,371		4,751,887		4,690,980		4,293,789		3,966,983
Home Equity		565,960		571,441		559,049		554,534		517,325
Credit Card		9,044		8,764		8,849		8,745		9,691
Automobile		1,221,525		1,233,125		1,104,749		1,064,150		1,079,050
Other Consumer		94,495		101,956		112,665		89,050		99,412
Total Consumer Loans		1,891,024		1,915,286		1,785,312		1,716,479		1,705,478
Total Loans	$	8,133,954	$	8,083,264	$	7,844,791	$	7,321,025	$	6,934,315

	Quarter End - 12/31/05						Quarter End - 09/30/05						Quarter End - 06/30/05						Quarter End - 03/31/05						Quarter End - 12/31/04
	Average Balance		Interest		Avg. Rate		Average Balance		Interest		Avg. Rate		Average Balance		Interest		Avg. Rate		Average Balance		Interest		Avg. Rate		Average Balance		Interest		Avg. Rate
Assets
Loans	$	8,106,582	$	127,026	6.27	%	$	7,962,189	$	122,127	6.14	%	$	7,480,523	$	111,225	5.95	%	$	6,986,730	$	101,235	5.80	%	$	6,913,293	$	100,085	5.79	%
Taxable Investments		3,115,049		39,196	5.03	%		3,114,714		38,549	4.95	%		2,960,641		37,439	5.06	%		2,809,959		34,882	4.97	%		2,749,399		34,191	4.97	%
Non-Taxable Investments		301,445		4,731	6.28	%		313,324		4,799	6.13	%		325,138		4,854	5.97	%		323,590		4,587	5.67	%		322,141		4,572	5.68	%
Fed Funds and Other Int. Earning Assets		59,887		600	4.01	%		30,114		247	3.28	%		34,900		291	3.34	%		12,067		106	3.51	%		18,545		96	2.07	%
Total Int. Earning Assets		11,582,963		171,553	5.92	%		11,420,341		165,722	5.80	%		10,801,202		153,809	5.70	%		10,132,346		140,810	5.56	%		10,003,378		138,944	5.56	%
Other Assets		827,871						835,459						782,486						626,066						640,628
Total Average Assets	$	12,410,834					$	12,255,800					$	11,583,688					$	10,758,412					$	10,644,006
Liabilities and Shareholders’ Equity
Savings	$	4,206,136	$	18,620	1.77	%	$	4,249,153	$	16,129	1.52	%	$	3,993,938	$	12,073	1.21	%	$	3,658,713	$	8,634	0.94	%	$	3,569,992	$	7,354	0.82	%
Time Deposits		2,482,182		20,781	3.35	%		2,430,264		18,162	2.99	%		2,285,187		15,739	2.75	%		2,093,702		12,919	2.47	%		2,157,664		12,570	2.33	%
S/T Borrowings		584,695		5,099	3.49	%		555,043		4,298	3.10	%		535,485		3,769	2.82	%		590,699		3,350	2.27	%		508,105		2,235	1.76	%
Long-term Debt		2,192,011		24,250	4.43	%		2,074,478		22,522	4.34	%		1,960,288		20,647	4.21	%		1,889,266		19,667	4.16	%		1,859,993		19,200	4.13	%
Interest Bearing Liabilities		9,465,024		68,750	2.91	%		9,308,938		61,111	2.63	%		8,774,898		52,228	2.38	%		8,232,380		44,570	2.17	%		8,095,754		41,359	2.04	%
Non-Interest Bearing Deposits		1,973,843						1,964,872						1,921,119						1,757,545						1,801,238
Other Liabilities		48,387						60,013						40,457						52,968						44,795
Shareholders’ Equity		923,580						921,977						847,214						715,519						702,219
Total Average Liabilities and Shareholders’ Equity	$	12,410,834					$	12,255,800					$	11,583,688					$	10,758,412					$	10,644,006
Net Interest Income and Margin - tax equivalent basis			$	102,803	3.55	%			$	104,611	3.66	%			$	101,581	3.76	%			$	96,240	3.80	%			$	97,585	3.90	%

Notes:

Interest income is presented on a tax equivalent basis using a 35 percent federal tax rate.

Loans are stated net of unearned income and include non-accrual loans.