Valley National Bancorp Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Effective Tax Rate Guidance for Year 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 29, 2015 at 06:00 pm IST
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Valley National Bancorp announced consolidated earnings results for the fourth quarter and year ended December 31, 2014. The company reported net interest income was $128,646,000 against $116,128,000 a year ago. Net interest income after provision for credit losses was $124,666,000 against $109,688,000 a year ago. Income before income taxes was $32,962,000 against $55,669,000 a year ago. Net income was $25,135,000 or $0.11 per diluted common share as compared $39,608,000 or $0.20 per diluted common share. Annualized return on average assets was 0.55% against 0.98% a year ago. Annualized return on average shareholders' equity was 5.65% against 10.35% a year ago. Annualized return on average tangible shareholders' equity was 8.26% against 14.88% a year ago.
For the full year, net interest income was $474,757,000 against $447,720,000 a year ago. Net interest income after provision for credit losses was $472,873,000 against $431,625,000 a year ago. Income before income taxes was $147,234,000 against $178,940,000 a year ago. Net income was $116,172,000 or $0.56 per diluted common share compared to $131,961,000 or $0.66 per diluted common share. Annualized return on average assets was 0.69% against 0.83% a year ago. Annualized return on average shareholders' equity was 7.18% against 8.69% a year ago. Annualized return on average tangible shareholders' equity was 10.26% against 12.51% a year ago. Book value per share as at December 31, 2014 was $8.03 against $7.72 a year ago. Tangible book value per share as at December 31, 2014 was $5.38 against $5.39 a year ago.
Net charge-offs for the fourth quarter of 2013 was $277,000 against $433,000 a year ago.
For 2015, the company anticipates that effective tax rate will range from 27% to 29% primarily reflecting the impacts of tax-exempt income, tax-advantaged investments and general business credits.
Valley National Bancorp is a bank holding and financial holding company. The Company's principal subsidiary is Valley National Bank. The Company's segments include Consumer Banking, Commercial Banking and Treasury and Corporate Other. The Consumer Banking segment is mainly comprised of residential mortgages and automobile loans, and to a lesser extent, secured personal lines of credit, home equity loans and other consumer loans. The Consumer Banking segment also includes the wealth management and insurance services division, comprised of trust, asset management, brokerage, insurance and tax credit advisory services. The Commercial Banking segment is comprised of floating rate and adjustable rate commercial and industrial loans and construction loans, as well as fixed rate owner occupied and commercial real estate loans. It also offers financial services, including loan and deposit products for homeowners associations, cannabis-related business banking and venture banking.
Valley National Bancorp Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Effective Tax Rate Guidance for Year 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014