Valley National Bancorp Reports Increased Second Quarter Net Income And Strong Organic Loan Growth
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Valley National (VLY) Misses Q2 EPS by 1c
July 26, 2018 8:14 AM EDTValley National (NYSE: VLY) reported Q2 EPS of $0.21, $0.01 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $210.75 million versus the consensus estimate of $244.38 million.
Key financial highlights for the second quarter:
Loan Portfolio: Loans increased $681.9 million, or 12.1 percent on an annualized basis, to approximately $23.2 billion at June 30, 2018 from March 31, 2018. The increase was largely due to solid organic loan growth within most loan categories. Additionally, we sold approximately $195 million of residential mortgage loans resulting in pre-tax gains of $7.6 million during the second quarter of 2018.Net Interest... More