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An plunge in income tax expenses and organic loan growth helped propel Valley National Bancorp (VLY) in Wayne, N.J., to a solid first quarter.
April 24 -
A movement to jump-start affordable-housing development is gathering momentum in New York and elsewhere, and bankers are concerned that new mandates would cut into their profits on loans for such projects.
March 13 -
Valley National Bank (VLY) in Wayne, N.J., is joining the trend toward self-service banking with a plan to upgrade the technology at most of its 204 branches over the next five years.
December 23 -
Valley National Bancorp (VLY) of Wayne, N.J., reported net income Thursday of $39.6 million for the fourth quarter, a 7.6% increase from a year earlier.
January 30
Valley National Bancorp in Wayne, N.J., reported that second-quarter earnings declined because of a significant drop in noninterest income.
The $16.3 billion- asset company said on Wednesday that net income was $29.5 million, down 13% from a year earlier. Earnings per share of 15 cents beat the estimates of analysts polled by Bloomberg by a penny.
Noninterest income plunged 62%, to $12.4 million. This decline was partly attributed to net gains on sales of loans falling 95%, to $679,000, as mortgage refinance activity slowed.
Noninterest expenses dropped 1%, to $94.2 million, from a year earlier because of lower advertising costs and a reduced FDIC insurance assessment. These decreases were partially offset by higher seasonal maintenance costs like snow removal and a rise in professional and legal fees related to the
Valley National's net interest income rose 7%, to $117.4 million. The company's net interest margin expanded 12 basis points, to 3.27%.
The company also reported year over year increases for several lending categories, including commercial and industrial, automobile, commercial real estate and residential mortgage.
"The commercial loan pipeline, with the exception of construction loans, in the early stages of the third quarter has remained strong and has shown signs of broadening across many customer business segments of the portfolio," Gerald Lipkin, chairman and chief executive for Valley National, said in a press release.