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FOR IMMEDIATE RELEASE
Michael D. Hagedorn
Senior Executive Vice President and
Chief Financial Officer
Loan Portfolio: Loans increased $765.0 million, or 11.9 percent on an annualized basis, to approximately $26.6 billion at September 30, 2019 from June 30, 2019. The increase was largely due to strong organic loan growth within the commercial real estate, commercial and industrial and automobile loan categories. Additionally, we sold approximately $220 million of residential mortgage loans resulting in total pre-tax gains of $5.2 million in the third quarter of 2019.
Net Interest Income and Margin: Net interest income on a tax equivalent basis of $221.7 million for the third quarter of 2019 increased $355 thousand as compared to the second quarter of 2019. Our net interest margin on a tax equivalent basis of 2.91 percent for the third quarter of 2019 decreased by 5 basis points from 2.96 percent for the second quarter of 2019. See the "Net Interest Income and Margin" section below for more details.
Provision for Credit Losses: The provision for credit losses increased $6.6 million to $8.7 million for the third quarter of 2019 as compared to $2.1 million for the second quarter of 2019 due, in part, to additional reserves on impaired taxi medallion loans and strong loan growth in the third quarter.
Credit Quality: Net loan charge-offs totaled $2.0 million for the third quarter of 2019 as compared to $3.0 million for the second quarter of 2019. Non-accrual loans represented 0.38 percent and 0.37 percent of total loans at September 30, 2019 and June 30, 2019, respectively.
Non-interest Income: Non-interest income increased $13.5 million to $41.2 million for the third quarter of 2019 as compared to the second quarter of 2019 mainly due to increases of $8.5 million and $1.3 million in swap fee income from commercial loan customer transactions and net gains on the sale of residential mortgage loans, respectively. Additionally, there were no net impairment
The following information was filed by Valley National Bancorp (VLY) on Thursday, October 24, 2019 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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