Valley National Bancorp (NYSE:VLY), the holding company for Valley National Bank, today reported net income for the first quarter of 2016 of $36.2 million, or $0.14 per diluted common share as compared to the first quarter of 2015 earnings of $30.3 million, or $0.13 per diluted common share and net income of $4.7 million, or $0.01 per diluted common share, for the fourth quarter of 2015. The fourth quarter of 2015 included a pre-tax loss of $51.1 million on the extinguishment of higher cost debt, as well as other infrequent items.
Gerald H. Lipkin, Chairman, President and CEO commented that, “The first quarter of 2016 earnings were positively impacted by our decision to prepay several high cost borrowings in the fourth quarter of 2015 and cost reductions related to branch consolidations and other operational measures, but remained challenged by the low interest rate environment and continued competition for strong loan relationships. While our loan growth was negatively impacted by higher payoffs from our PCI portfolio, we remain optimistic about the commercial and residential mortgage lending demand in our markets and the strength of our current loan pipelines for most loan categories. Additionally, the credit quality of our balance sheet has remained healthy, as reflected by our annualized net charge-offs to average loans totaling 0.04 percent for the first quarter of 2016.”
See the full report here https://www.valleynationalbank.com/PDF/1st_Qtr_2016_Earnings_Release.pdf