Valley National Bancorp in Wayne, N.J., reported higher quarterly profit because of loan sales and increases in other fees.
The $21.8 billion-asset company said in a press release Wednesday that net income rose 22% from a year earlier to $39 million, or 15 cents a share.
Noninterest income increased by 20% to $24.2 million, reflecting gains from the sale of loans, along with higher insurance commissions and income from bank-owned life insurance.
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Shares of Valley National Bancorp. slumped Wednesday after the Wayne, N.J., company reported a first-quarter profit that fell short of analysts' expectations.
April 27 -
Valley National in Wayne, N.J., reported an increase in second-quarter earnings on expanded commercial real estate and business lending.
July 30 -
Valley National Bank in Wayne, N.J., has appointed former PNC executive Robert Bardusch to be its chief information officer.
May 25 -
Earnings at Valley National Bancorp in Wayne, N.J., fell significantly in the fourth quarter, largely because of costs to pay off debt.
January 27
Net interest income rose by 11.2% to $151.5 million. Total loans increased by 13.1% to $16.4 billion, including an 18% increase in commercial real estate lending. The net interest margin narrowed by 8 basis points to 3.10%.
The loan-loss provision fell by 69% to $1.4 million. Valley recorded $1.3 million in net recoveries during the second quarter.
Noninterest expenses rose 12% to $119.8 million due to increased costs for salary and employment benefits and professional fees. The company also recorded a $315,000 loss from extinguishing debt.
