Valley National Bancorp in Wayne, N.J., said Thursday that second-quarter net income more than tripled from a year earlier.
The $14.1 billion-asset company earned $33 million, or 21 cents a share, compared with $9.2 million, or 6 cents a share, exceeding analysts' expectations.
Credit-quality indicators, however, deteriorated somewhat from the first quarter. Total nonperforming assets rose 11.2%, to $109.8 million, stemming from an increase in delinquencies in Valley National's commercial and industrial loan portfolio. Troubled debt restructurings rose to $48 million, from $3.6 million.
Net chargeoffs totaled $5.2 million, compared with $10.9 million in the first quarter and $8.2 million a year earlier.
Valley National's loan-loss provision declined slightly, to $12.4 million from $13.1 million in the second quarter of 2009.
As of June 30, Valley National had a total risk-based capital ratio of 12.74% and a leverage ratio of 8.16%.
