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FOR IMMEDIATE RELEASE
Alan D. Eskow
Senior Executive Vice President and
Chief Financial Officer
Net Interest Income and Margin: Net interest income on a tax equivalent basis of $164.7 million for the first quarter of 2017 increased $14.6 million as compared to the first quarter of 2016, and decreased $1.9 million as compared to the fourth quarter of 2016. Our net interest margin on a tax equivalent basis of 3.14 percent for the first quarter of 2017 increased by 6 basis points as compared to the first quarter of 2016, and decreased 13 basis points from the fourth quarter of 2016. The decrease in net interest income and margin for the first quarter of 2017 as compared to the linked fourth quarter was mainly caused by a combined $5.9 million decline in interest income from derivative swap and loan prepayment fees. See the "Net Interest Income and Margin" section below for more details.
Loan Portfolio: Loans increased by $213.4 million, or 5.0 percent on an annualized basis, to $17.4 billion at March 31, 2017 from December 31, 2016 largely due to a $307.7 million net increase in total commercial real estate loans. The overall loan growth was partially offset by a decrease of $122.5 million in residential mortgage loans caused, in part, by the transfer of approximately $104 million of performing 30-year fixed rate mortgages to loans held for sale at March 31, 2017. The sale of these loans is expected to be completed during the second quarter of 2017 and result in a pre-tax gain greater than $3 million. Total new organic loan originations, excluding new lines of credit and purchased loans, totaled approximately $740 million mostly within the commercial loan categories during the first quarter of 2017. See additional information under the "Loans, Deposits and Other Borrowings" section below.
Asset Quality: Non-performing assets (including non-accrual loans) increased by 4.2 percent to $51.5 million at March 31, 2017 as compared to $49.4 million at December 31, 2016 due to moderate increases in both non-accrual loans and other real estate owned. Total accruing past due and non-accrual loans as a percentage of our entire loan portfolio of $17.4 billion increased to 0.61 percent at March 31, 2017 from 0.55 percent at December 31, 2016 mostly due to an increase in commercial loans past due 30 to 59 days.
The following information was filed by Valley National Bancorp (VLY) on Wednesday, April 26, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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