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You are at:»»Valley National Bancorp (NYSE:VLY) Shares Up 2% Despite Lower Q2 Earnings

Valley National Bancorp (NYSE:VLY) Shares Up 2% Despite Lower Q2 Earnings

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By on Financial

Valley National Bancorp (NYSE:VLY) shares rose Wednesday, despite lower Q2 earnings from the bank-holding company as the quarterly profit nevertheless exceeded analysts’ expectations. VLY was up 1.7% at $9.81 recently, trading in the lower half of its 52-week range between $9.27 and $10.81.

The company’s earnings fell to $29.5 million, or $0.15 per diluted share, from $33.9 million, or $0.17 per share, a year earlier. However, the latest quarter’s per-share result topped the $0.13 average estimate from analysts polled by Capital IQ.

The decline in income was primarily due to a $0.04-per-share decline in net gains on sales of loans largely caused by the market-wide drop in the level of residential mortgage loan refinance activity, the company said.

Revenue–net interest income plus noninterest income–fell to $131.8 million from $144.8 million a year earlier, near the $132 million average analyst estimate.

“The commercial loan pipeline, with the exception of construction loans, in the early stages of the third quarter of 2014 has remained strong and has shown signs of broadening across many customer business segments of the portfolio,” CEO Gerald Lipkin said. “As we get closer to 2015, we remain upbeat on our ability to reduce our overall funding cost as over $1.5 billion of high cost long-term borrowings mature beginning in 2015 through 2017.”

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