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.

At 20 cents per share, the $16.1 billion-asset Valley National beat the average estimates of analysts polled by Bloomberg by about two cents. Valley National was aided by loan growth of 5% as total loans rose to $11.6 billion.

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