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FOR IMMEDIATE RELEASE
Alan D. Eskow
Senior Executive Vice President and
Chief Financial Officer
Loans: Total non-covered loans (i.e., loans which are not subject to our loss-sharing agreements with the FDIC) increased by $195.8 million, or 7.0 percent on an annualized basis, to $11.5 billion at December 31, 2013 from September 30, 2013 largely due to solid organic commercial real estate (excluding construction) loan growth, which equaled 13.9 percent on an annualized basis, and a $38.6 million increase in automobile loans, partially offset by declines within the residential mortgage loan portfolio and the commercial real estate loan segment of our purchased credit-impaired (PCI) loans. Total covered loans (i.e., loans subject to our loss-sharing agreements with the FDIC) decreased to $96.2 million, or 0.8 percent of our total loans, at December 31, 2013 as compared to $121.5 million at September 30, 2013, mainly due to normal collection and prepayment activity.
Net Interest Income and Margin: Net interest income totaling $116.1 million for the three months ended December 31, 2013 increased $4.5 million as compared to the third quarter of 2013, and decreased $2.4 million from the fourth quarter of 2012. Interest income on loans contributed approximately $2.0 million to the increase from the third quarter of 2013 largely due to a $291.6 million increase in average loans driven by strong commercial real estate loan volumes over the last six months of 2013. On a tax equivalent basis, our net interest margin increased 7 basis points to 3.27 percent in the fourth quarter of 2013 as compared to 3.20 percent for the third quarter of 2013, and decreased 14 basis points from 3.41 percent for the fourth quarter of 2012. The increase in the margin compared to the third quarter of this year was mostly caused by higher yields on our taxable investment securities portfolio as prepayment speeds and premium amortization for many of our investments continued to decline in the fourth quarter due, in part, to higher long-term market interest rates. Additionally, the cost of average long-term borrowings declined by 0.20 percent to 4.02 percent for the fourth quarter of 2013 as compared to the third quarter of
The following information was filed by Valley National Bancorp (VLY) on Thursday, January 30, 2014 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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