Valley National (NASDAQ: VLY) reported Q4 EPS of $0.24, $0.01 better than the analyst estimate of $0.23.

• Net income for the fourth quarter 2019 of $38.1 million, or $0.10 per diluted common share, as compared to the fourth quarter 2018 earnings of $77.1 million, or $0.22 per diluted common share, and net income of $81.9 million, or $0.24 per diluted common share, for the third quarter 2019.
• During the fourth quarter 2019, Valley incurred non-core after tax charges of $52.5 million mostly due to prepayment penalties on FHLB borrowings, merger expenses and additional income tax expense related to reserves for uncertain tax positions.
• Excluding all non-core charges, our adjusted net income was $90.7 million, or $0.24 per diluted common share, for the fourth quarter 2019, $72.7 million, or $0.21 per diluted common share, for the fourth quarter 2018, and $83.1 million, or $0.24 per diluted common share, for the third quarter 2019

Ira Robbins, CEO and President commented, "Our fourth quarter 2019 earnings, adjusted for non-core charges, reflected the strength of Valley's balance sheet and our continuous focus on operating efficiency. Our margin expanded five basis points as compared to the third quarter 2019 largely due to our ability to manage our funding costs, while executing on strong organic lending efforts in our primary markets. During 2019, Valley and its employees made significant progress toward our long-term operating goals, however, there is more work to be done. As I look forward to 2020, I am excited to see our strategic vision for Valley unfold, including our relentless commitment to providing the best experience and products to the customers and communities we serve."

Mr. Robbins added, "In December, we completed our in-market acquisition of Oritani and welcomed their customers and knowledgeable staff to Valley. Prior to and after the merger, our dedicated employees have been hard at work to ensure the acquisition is a success. Due to these efforts, we expect the full systems integration of the Oritani operations to be completed in the latter part of the first quarter 2020."

For earnings history and earnings-related data on Valley National (VLY) click here.