Valley National Bancorp Reports Increased Second Quarter Net Income and Strong Commercial Loan Growth
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Valley National (VLY) Reports In-Line Q2 EPS
July 25, 2019 8:06 AM EDTValley National (NASDAQ: VLY) reported Q2 EPS of $0.23, in-line with the analyst estimate of $0.23.
Key financial highlights for the second quarter:
Loan Portfolio: Loans increased $379.0 million, or 6.0 percent on an annualized basis, to approximately $25.8 billion at June 30, 2019 from March 31, 2019. The increase was largely due to strong organic loan growth within the commercial and industrial loan and commercial real estate loan categories. Additionally, we sold approximately $223 million of residential mortgage loans resulting in total pre-tax gains of $3.9 million in the second quarter of 2019.Net Interest Income and Margin: Net... More