Valley National Bancorp Reports Third Quarter Earnings And Strong Commercial Real Estate Loan Growth
WAYNE, N.J., Oct. 24, 2013 /PRNewswire/ -- Valley National Bancorp (NYSE: VLY), the holding company for Valley National Bank, today reported net income for the third quarter of 2013 of $27.1 million, or $0.14 per diluted common share as compared to the third quarter of 2012 earnings of $39.4 million, or $0.20 per diluted common share. The decline from the third quarter of 2012 was largely due to a substantial decrease in net gains on residential mortgage loan sales. The decline in net gains was anticipated as new and refinanced loan originations were negatively impacted by the increase in long-term market interest rates since June 2013 (see additional details below).
Within the available for sale investment securi ...
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