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Valley National Bancorp (VLY) in Wayne, N.J., has agreed to buy 1st United Bancorp (FUBC) in Boca Raton, Fla.
May 8 -
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 -
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. announced Tuesday a five-year restructuring plan in which it will modernize many of its 204 bank branches.
January 21
Valley National Bancorp in Wayne, N.J., reported higher earnings driven by loan growth, lower costs and improvements in credit quality.
The $16 billion-asset company's profit was $27.7 million, up 2.2% from a year earlier. Earnings per share remained flat at 14 cents.
Total loans increased 6.7%, to $12.1 billion. The net interest margin narrowed by 4 basis points, to 3.16%, largely because of lower yields on new and refinanced loans, but net interest income still increased 2.6%, to $114.7 million.
"A large portion of the loan production was closed late in the third quarter," Chairman and Chief Executive Gerald H. Lipkin said in a press release Wednesday. Loan growth and the expected benefits from Valley National's deal to buy
Noninterest income fell 37%, to $14.1 million, on lower insurance commissions and service charges on deposits. Noninterest expense fell 4% to $90.8 million, despite higher advertising costs and $480,000 in professional and legal fees related to the 1st United deal.
Asset quality improved, allowing Valley to lower its allowance for credit losses by 10%, to $105 million. The company recorded a credit of $423,000 to its provision for loan losses, which compares with a provision of $5.3 million a year earlier.
