Valley National Bancorp in Wayne, N.J., had stronger quarterly profit that reflected improved revenue.

The $22 billion-asset company's net income rose 18.8% from a year earlier to $42.8 million, or 16 cents a share.

Noninterest income jumped 19% to $24.8 million because of increases in trust and investment services, insurance commissions, service charges and gains from loan sales.

Net interest income climbed 15% to $154 million. Total loans rose 11% to $16.6 billion; commercial real estate loans jumped 21% to $9.1 billion. The net interest margin expanded by 5 basis points to 3.10%.

The loan-loss provision totaled $5.8 million, up substantially from $94,000 a year earlier. Valley said it recorded $3.3 million in net chargeoffs in the third quarter, which was largely the result of a $3.7 million chargeoff for an impaired commercial loan.

Noninterest expense rose 4% to $113 million because of increases in salary and employee benefits and Federal Deposit Insurance Corp. insurance assessment.

Valley said the recent sale of a branch with $13.6 million in deposits in Sebastian, Fla., should produce an immaterial gain this quarter.

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