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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Valley National Bancorp | NASDAQ:VLY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.23 | 3.07% | 7.73 | 7.66 | 7.82 | 7.845 | 7.65 | 7.70 | 5,425,543 | 01:00:00 |
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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A.
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Full title of the plan and the address of the plan, if different from that of the issuer named below:
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B.
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Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
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Page
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Report of Independent Registered Public Accounting Firm
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1
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Statements of Net Assets Available for Benefits – December 31, 2015 and 2014
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2
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Statements of Changes in Net Assets Available for Benefits – Years Ended December 31, 2015 and 2014
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3
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Notes to Financial Statements
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4
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Supplemental Schedule*
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Schedule H, Line 4i – Schedule of Assets (Held at End of Year) – December 31, 2015
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12
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Signature
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14
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Exhibit No. 23.1 – Consent of Independent Registered Public Accounting Firm
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*
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Schedules required by Form 5500, which are not applicable, have not been included.
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December 31,
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||||||
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2015
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2014
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Assets:
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Investments at fair value:
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||||
Mutual funds
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$
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150,166,520
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$
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141,965,333
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Valley common stock fund
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6,841,024
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6,741,660
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Valley employer stock match fund
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4,448,666
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4,502,535
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Common collective trust fund
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4,128,366
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3,750,251
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Total investments at fair value
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165,584,576
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156,959,779
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Notes receivable from participants
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2,996,157
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2,755,171
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Other receivables
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72,233
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83,188
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Total assets
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168,652,966
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159,798,138
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Liabilities:
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Benefits payable
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72,181
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73,820
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Accrued expenses and other liabilities
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68,322
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83,840
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Total liabilities
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140,503
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157,660
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Net assets available for benefits
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$
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168,512,463
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$
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159,640,478
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Years Ended December 31,
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||||||
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2015
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2014
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Additions to net assets attributed to:
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Contributions:
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Employer
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$
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6,363,839
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$
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5,906,351
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Employee
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10,063,119
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9,051,791
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Participant rollover
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833,599
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987,712
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Total contributions
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17,260,557
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15,945,854
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Investment income:
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Net (depreciation) appreciation in fair value of investments
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(4,913,777
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)
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1,955,729
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Dividends and interest
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7,196,125
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8,279,792
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Total investment income
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2,282,348
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10,235,521
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Interest income on notes receivable from participants
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121,309
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97,678
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Total additions
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19,664,214
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26,279,053
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Deductions from net assets attributed to:
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Benefits paid to participants
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10,766,747
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10,656,505
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Administrative expenses
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25,482
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24,123
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Total deductions
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10,792,229
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10,680,628
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Net increase in net assets available for benefits before transfer
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8,871,985
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15,598,425
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Transfer from merged retirement savings plan (note 6)
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—
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12,390,344
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Net increase in net assets available for benefits after transfer
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8,871,985
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27,988,769
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Net assets available for benefits:
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Beginning of year
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159,640,478
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131,651,709
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End of year
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$
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168,512,463
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$
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159,640,478
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(a)
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General
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(b)
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Contributions and Participant Accounts
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(c)
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Investment Elections
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(d)
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Participant Notes Receivable
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(e)
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Withdrawals
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(f)
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Forfeitures
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(g)
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Payments of Benefits
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(h)
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Plan Termination
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(2)
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Summary of Significant Accounting Policies
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(a)
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Basis of Accounting
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(b)
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Use of Estimates
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(c)
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Income Recognition
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(d)
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Notes Receivable from Participants
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(e)
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Administrative Expenses
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(f)
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Benefits Payments
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(g)
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New Authoritative Accounting Guidance
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(3)
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Fair Value Measurements
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Level 1
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Unadjusted exchange quoted prices in active markets for identical assets or liabilities, or identical liabilities traded as assets that the reporting entity has the ability to access at the measurement date.
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Level 2
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Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly (i.e., quoted prices on similar assets), for substantially the full term of the asset or liability.
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Level 3
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Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
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Fair Value Measurements at Reporting Date Using:
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December 31,
2015
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Quoted Prices
in Active Markets
for Identical
Assets (Level 1)
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Significant
Other
Observable Inputs
(Level 2)
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Significant
Unobservable
Inputs
(Level 3)
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||||||||
Investments:
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Mutual funds
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$
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150,166,520
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$
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150,166,520
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$
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—
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$
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—
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Valley common stock fund
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6,841,024
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6,841,024
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—
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—
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Valley employer stock match fund
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4,448,666
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4,448,666
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—
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—
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Common collective trust fund
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4,128,366
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—
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4,128,366
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—
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Total investments at fair value
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$
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165,584,576
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$
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161,456,210
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$
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4,128,366
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$
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—
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(4)
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Valley Employer Stock Match Fund
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(5)
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Federal Income Tax Status
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(6)
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Plan Mergers
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(7)
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Related-Party Transactions
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(8)
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Risks and Uncertainties
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(9)
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Subsequent Event
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Notes
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Description of investment
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Number of
shares or units
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Cost
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Current value
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Mutual funds:
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(2) (4)
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Fidelity Cash Reserve Fund
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8,407,293
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(1)
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$
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8,407,293
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(2) (4)
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Fidelity Worldwide Fund
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202,945
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(1)
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4,507,407
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(2) (4)
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Fidelity Growth Company K Fund
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219,562
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(1)
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30,044,869
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(2) (4)
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Fidelity Balanced K Fund
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661,397
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(1)
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14,034,835
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(2) (4)
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Fidelity Low-Priced Stock K Fund
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94,893
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(1)
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4,527,324
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(2) (4)
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Fidelity Diversified International K Fund
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83,388
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(1)
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2,917,754
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(2) (4)
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Fidelity Dividend Growth K Fund
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87,717
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(1)
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2,532,432
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(2) (4)
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Fidelity Freedom Income K Fund
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69,505
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(1)
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789,580
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(2) (4)
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Fidelity Freedom 2005 K Fund
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19,907
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(1)
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246,448
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(2) (4)
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Fidelity Freedom 2010 K Fund
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105,653
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(1)
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1,303,762
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(2) (4)
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Fidelity Freedom 2015 K Fund
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373,258
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(1)
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4,777,700
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(2) (4)
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Fidelity Freedom 2020 K Fund
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769,598
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(1)
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10,404,967
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(2) (4)
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Fidelity Freedom 2025 K Fund
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552,460
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(1)
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7,789,687
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(2) (4)
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Fidelity Freedom 2030 K Fund
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460,245
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|
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(1)
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6,595,307
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(2) (4)
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Fidelity Freedom 2035 K Fund
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305,154
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|
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(1)
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4,504,071
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(2) (4)
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Fidelity Freedom 2040 K Fund
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|
160,339
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|
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(1)
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2,371,420
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|
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(2) (4)
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Fidelity Freedom 2045 K Fund
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|
161,658
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|
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(1)
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|
2,458,819
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(2) (4)
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Fidelity Freedom 2050 K Fund
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|
153,279
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|
|
(1)
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|
2,349,773
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|
|
(2) (4)
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Fidelity Freedom 2055 K Fund
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|
93,241
|
|
|
(1)
|
|
1,058,281
|
|
|
(2) (4)
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|
Fidelity Freedom 2060 K Fund
|
|
6,403
|
|
|
(1)
|
|
63,194
|
|
|
(2) (4)
|
|
Fidelity Limited Term Government Fund
|
|
127,478
|
|
|
(1)
|
|
1,273,504
|
|
|
(2) (4)
|
|
Fidelity Spartan 500 Index Fund
|
|
209,282
|
|
|
(1)
|
|
15,028,564
|
|
|
(2) (4)
|
|
Fidelity Spartan Extended Market Index Advance
|
|
11,508
|
|
|
(1)
|
|
577,716
|
|
|
|
|
Vanguard Total International Stock Advance
|
|
2,971
|
|
|
(1)
|
|
72,023
|
|
|
|
|
Vanguard Target Return Income
|
|
1,214
|
|
|
(1)
|
|
15,110
|
|
|
|
|
Vanguard Target Return 2010
|
|
2,157
|
|
|
(1)
|
|
53,659
|
|
|
|
|
Vanguard Target Return 2015
|
|
9,135
|
|
|
(1)
|
|
129,988
|
|
|
|
|
Vanguard Target Return 2020
|
|
13,622
|
|
|
(1)
|
|
369,850
|
|
|
|
|
Vanguard Target Return 2025
|
|
18,214
|
|
|
(1)
|
|
284,497
|
|
|
|
|
Vanguard Target Return 2030
|
|
6,265
|
|
|
(1)
|
|
173,651
|
|
|
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|
Vanguard Target Return 2035
|
|
15,942
|
|
|
(1)
|
|
268,460
|
|
|
|
|
Vanguard Target Return 2040
|
|
2,360
|
|
|
(1)
|
|
67,136
|
|
|
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|
Vanguard Target Return 2045
|
|
762
|
|
|
(1)
|
|
13,542
|
|
|
|
|
Vanguard Target Return 2050
|
|
322
|
|
|
(1)
|
|
9,166
|
|
|
|
|
Vanguard Target Return 2055
|
|
2,126
|
|
|
(1)
|
|
65,539
|
|
|
|
|
Vanguard Target Return 2060
|
|
415
|
|
|
(1)
|
|
11,284
|
|
|
|
|
Loomis Sayles Core Plus Bond Class N
|
|
779,462
|
|
|
(1)
|
|
9,571,797
|
|
|
|
|
FPA Capital Fund, Inc
|
|
39,320
|
|
|
(1)
|
|
1,272,395
|
|
|
|
|
American Funds Growth Fund of America Class R4
|
|
106,265
|
|
|
(1)
|
|
4,353,660
|
|
|
|
|
Oakmark Equity and Income
|
|
51,407
|
|
|
(1)
|
|
1,468,697
|
|
|
|
|
Fed UST Cash Reserve
|
|
376,468
|
|
|
(1)
|
|
376,468
|
|
|
|
|
T. Rowe Price Equity Income
|
|
106,286
|
|
|
(1)
|
|
3,024,891
|
|
|
|
|
Total mutual funds
|
|
|
|
|
|
150,166,520
|
|
Notes
|
|
Description of investment
|
|
Number of
shares or units
|
|
Cost
|
|
Current value
|
|||
(4)
|
|
Common collective trust fund:
|
|
|
|
|
|
|
|||
(2)
|
|
Fidelity Managed Income Portfolio
|
|
4,128,366
|
|
|
(1)
|
|
4,128,366
|
|
|
(4)
|
|
Valley common stock fund:
|
|
|
|
|
|
|
|||
(2) (3)
|
|
Valley common stock
|
|
666,993
|
|
|
(1)
|
|
6,569,881
|
|
|
(2)
|
|
Interest bearing cash
|
|
271,143
|
|
|
(1)
|
|
271,143
|
|
|
(4)
|
|
Valley employer stock match fund
|
|
|
|
|
|
|
|||
(2) (3)
|
|
Valley common stock
|
|
451,641
|
|
|
(1)
|
|
4,448,666
|
|
|
(2) (5)
|
|
Notes receivable from participants
|
|
|
|
|
|
|
|||
|
|
(interest rates range from 3.25% to 8.50% and maturity dates ranging from February 8, 2016 to December 21, 2029)
|
|
N/A
|
|
|
—
|
|
2,996,157
|
|
|
|
|
Total assets held at December 31, 2015
|
|
|
|
|
|
$
|
168,580,733
|
|
(1)
|
Not required for participant-directed investments.
|
(2)
|
Party-in-interest – as defined by ERISA.
|
(3)
|
Share amounts reflect all prior common stock dividends and splits.
|
(4)
|
Assets managed by Fidelity.
|
(5)
|
Measured at unpaid principal plus accrued but unpaid interest.
|
|
|
|
VALLEY NATIONAL BANK
SAVINGS AND INVESTMENT PLAN
|
||
|
|
|
|
|
By:
/s/ Alan D. Eskow
|
|
|
Alan D. Eskow
|
Senior Executive Vice President and Chief Financial Officer
|
||
|
|
on behalf of the Plan Administrator
|
1 Year Valley National Bancorp Chart |
1 Month Valley National Bancorp Chart |
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