Item 2. Properties
Item 2. Properties
We conduct our business at 226 retail banking centers locations in northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn and Queens, Long Island, Florida and Alabama. We own 98 of our banking center facilities and several non-branch operating facilities. The other properties are leased for various terms.
The following table summarizes our retail banking centers in each state:
Number of banking centers % of Total
New Jersey
Northern 106 46.9
Central 25 11.1
Total New Jersey 131 58.0
New York
Manhattan 12 5.3
Long Island 12 5.3
Brooklyn 9 4.0
Queens 5 2.2
Total New York 38 16.8
Florida 41 18.1
Alabama 16 7.1
Total 226 100.0 %
Our principal executive office is located at One Penn Plaza in Manhattan, New York. Many of our bank operations are located in Wayne, New Jersey, where we own five office buildings. Our New York City corporate headquarters are primarily used as a central hub for New York based lending activities of senior executives and other commercial lenders. We also lease six non-bank office facilities in Florida, used for operational, executive and lending purposes.
On December 1, 2019, the acquisition of Oritani added 26 banking centers mostly located in northern New Jersey. During 2020, we closed and consolidated 11 of the 26 acquired branches into nearby legacy Valley branches. See the "Executive Summary" section of Item 7. MD&A for details on other planned changes to our branch network in 2021.
The total net book value of our premises and equipment (including land, buildings, leasehold improvements and furniture and equipment) was $319.8 million at December 31, 2020. We believe that all of our properties and equipment are well maintained, in good operating condition and adequate for all of our present and anticipated needs.
Item 3. Legal Proceedings
In the normal course of business, we may be a party to various outstanding legal proceedings and claims. In the opinion of management, our financial condition, results of operations, and liquidity should not be materially affected by the outcome of such legal proceedings and claims.
31
2020 Form 10-K
PART II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.