Valley National (VLY) Tops Q4 EPS by 1c
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Valley National Bancorp Reports a Higher Net Interest Margin Driving Its Fourth Quarter Net Income and the Prepayment of High Cost Borrowings
January 30, 2020 8:30 AM ESTNEW YORK, Jan. 30, 2020 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported 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.... More
