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FOR IMMEDIATE RELEASE
Alan D. Eskow
Senior Executive Vice President and
Chief Financial Officer
Loan Portfolio: Loans increased by $490.7 million, or 11.1 percent on an annualized basis, to $18.2 billion at September 30, 2017 from June 30, 2017 largely due to net increases of $216.7 million, $143.1 million and $75.6 million in residential mortgage loans, total commercial real estate loans and commercial and industrial loans, respectively. The residential mortgage loan growth was largely driven by solid loan production from our expanding internal team of mortgage consultants covering New Jersey, New York and Florida. Additionally, during the third quarter of 2017, we sold $176 million of residential mortgage loans (including approximately $139 million of loans held for sale at June 30, 2017) resulting in pre-tax gains of $5.5 million. See additional information under the "Loans, Deposits and Other Borrowings" section below.
Earnings Enhancement Program: In July 2017, we completed the idea generation and approval phase of the our company-wide earning enhancement initiative called LIFT. As a result of these efforts, we plan to achieve approximately $22 million in total cost reductions and revenue enhancements on an annualized pre-tax run-rate through a combination of workforce reduction and other efficiency and revenue initiatives. We estimate that these changes will result in employee severance and other implementation costs of approximately $11 million, of which the vast majority was recognized in the third quarter of 2017. The implementation phase of the initiative enhancements is expected to be fully phased-in by June 30, 2019. During the third quarter of 2017, Valley implemented several enhancements that we anticipate will result in cost reductions of $9 million on an annualized pre-tax basis beginning in the fourth quarter of 2017.
Efficiency Ratio: Our efficiency ratio was 69.43 percent for the third quarter of 2017 compared to 63.28 percent and 61.57 percent for the third quarter of 2016 and second quarter of 2017, respectively. Excluding the aforementioned $11.1 million of infrequent charges and amortization
The following information was filed by Valley National Bancorp (VLY) on Wednesday, October 25, 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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