Valley National: 4Q Earnings Snapshot
WAYNE, N.J. (AP) _ Valley National Bancorp (VLY) on Thursday reported fourth-quarter earnings of $77.1 million.
The bank, based in Wayne, New Jersey, said it had earnings of 22 cents per share. Earnings, adjusted for non-recurring gains, came to 21 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.
The holding company for Valley National Bank posted revenue of $349.3 million in the period. Its revenue net of interest expense was $256.7 million, exceeding Street forecasts. Three analysts surveyed by Zacks expected $253.5 million.
For the year, the company reported profit of $261.4 million, or 75 cents per share. Revenue was reported as $991.3 million.
Valley National shares have increased 17 percent since the beginning of the year. The stock has decreased 17 percent in the last 12 months.