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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 $171.1 million for the second quarter of 2017 increased $17.6 million and $6.4 million as compared to the second quarter of 2016 and first quarter of 2017, respectively. Our net interest margin on a tax equivalent basis of 3.20 percent for the second quarter of 2017 increased by 6 basis points as compared to 3.14 percent for both the second quarter of 2016 and first quarter of 2017. The increase in net interest income and margin for the second quarter of 2017 as compared to the linked first quarter was partly caused by a $3.5 million increase in interest income from derivative swap fees. See the "Net Interest Income and Margin" section below for more details.
Loan Portfolio: Loans increased by $261.3 million, or 6.0 percent on an annualized basis, to $17.7 billion at June 30, 2017 from March 31, 2017 largely due to a net increase of $259.3 million in total commercial real estate loans. The overall loan growth was partially offset by a decrease of $20.7 million in residential mortgage loans caused by the transfer of approximately $122 million of performing 30-year fixed rate mortgages to loans held for sale at June 30, 2017. The sale of these loans is expected to be completed during the third quarter of 2017 and result in a pre-tax gain of approximately $4 million. See additional information under the "Loans, Deposits and Other Borrowings" section below.
Asset Quality: Total accruing past due and non-accrual loans as a percentage of our entire loan portfolio of $17.7 billion decreased to 0.47 percent at June 30, 2017 from 0.61 percent at March 31, 2017 mostly due to a decrease in commercial loans past due 30 to 59 days. Non-performing assets (including non-accrual loans) increased by 5.9 percent to $54.6 million at June 30, 2017 as
The following information was filed by Valley National Bancorp (VLY) on Wednesday, July 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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