Valley National Q4 2019 Earnings Report
Key Takeaways
Valley National Bancorp reported a net income of $38.1 million for Q4 2019, or $0.10 per diluted common share. The quarter included non-core after-tax charges of $52.5 million. Excluding these charges, the adjusted net income was $90.7 million, or $0.24 per diluted common share. The acquisition of Oritani Financial Corp. was completed on December 1, 2019, adding approximately $4.3 billion in assets.
Net interest income on a tax equivalent basis increased by $17.9 million compared to Q3 2019.
Net interest margin on a tax equivalent basis increased 5 basis points to 2.96 percent compared to Q3 2019.
Loans increased by $3.1 billion from September 30, 2019, primarily due to the acquisition of Oritani loans.
A loss of $32.0 million was recorded due to the early extinguishment of debt.
Valley National
Valley National
Forward Guidance
Valley National Bancorp anticipates a promising 2020, with successful integration of Oritani operations expected by the end of Q1. The company estimates an effective tax rate ranging from 24% to 26% for the full year.