Valley National Q4 2020 Earnings Report
Key Takeaways
Valley National Bancorp reported a strong fourth quarter with net income of $105.4 million, or $0.25 per diluted common share, compared to $38.1 million, or $0.10 per diluted common share, in the fourth quarter of 2019. The results were driven by a 21% increase in net interest income.
Net interest income increased by $49.2 million compared to the fourth quarter of 2019.
Loans totaled $32.2 billion, an increase of 8.5 percent compared to one year ago.
The allowance for credit losses for loans totaled $351.4 million.
Annualized return on average assets (ROA) was 1.02 percent for the fourth quarter.
Valley National
Valley National
Forward Guidance
The company is focused on supporting customers and communities during the pandemic and innovating new products, services, and technology to position Valley for the future.