Valley National Bancorp Q1 Profit Rises

(RTTNews) - Valley National Bancorp (VLY) Thursday reported first-quarter profit of $33.8 million or $0.17 per share, up from $31.3 million or $0.16 per share in the same period last year.

On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.14 per share for the quarter. Analysts' estimates typically exclude special items.

Net-interest income increased to $114.0 million from $110.04 million last year. Net-interest margin was 3.20 percent, compared to 3.18 percent last year. Non-interest income totaled $19.5 million, down from $42.1 million last year.