During Friday’s Current trade, Shares of Valley National Bancorp (NYSE:VLY), lost -0.30% to $9.89.
Valley National Bancorp (VLY), the holding company for Valley National Bank, recently stated net income for the second quarter of 2015 of $32.0 million, or $0.14 per diluted common share as contrast to net income of $30.3 million, or $0.13 per diluted common share, for the first quarter of 2015 and the second quarter of 2014 earnings of $29.5 million, or $0.15 per diluted common share.
Key financial highlights for the second quarter:
Non-Covered Loans: Total non-covered loans (i.e., loans which are not subject to our loss-sharing agreements with the FDIC) raised by $784.3 million, or 23.2 percent on an annualized basis, to $14.3 billion at June 30, 2015 from March 31, 2015 largely due to a $648.0 million enhance, mainly multi-family loans, in total commercial real estate loans. The commercial real estate loan growth, totaling 39 percent on an annualized basis, contrast to the total balance at March 31, 2015, resulted from both organic growth and purchased loan participations in multi-family loans in our local market. Higher volumes within 1-4 family residential mortgage loans, automobile loans and other consumer loans also contributed to the second quarter growth, as total June 30, 2015 outstanding balances in these categories raised by $62.9 million, $35.1 million and $32.7 million, or 9.7 percent, 12.1 percent, and 40.7 percent, on an annualized basis, respectively, contrast to March 31, 2015. During the second quarter of 2015, Valley sold about $14.1 million of residential mortgage loans originated for sale.
Net Interest Income and Margin: Net interest income raised $4.1 million to $136.2 million for the three months ended June 30, 2015 as contrast to the first quarter of 2015, and raised $18.8 million as contrast to the second quarter of 2014. On a tax equivalent basis, our net interest margin raised by 2 basis points to 3.22 percent for the second quarter of 2015 as contrast to the first quarter of 2015, and reduced 5 basis point from 3.27 percent in the second quarter of 2014. See the “Net Interest Income and Margin” section below for more details.
Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, insurance, and wealth administration financial services products. The company operates through Commercial Lending, Consumer Lending, and Investment Administration segments. Its deposit products comprise non-interest bearing, savings, NOW, and money market deposits, in addition to certificates of deposit. The company’s loan products comprise construction, residential mortgage, home equity, automobile, and floating rate and adjustable rate commercial and industrial loans, in addition to fixed rate owner occupied and commercial real estate loans, credit card loans, personal lines of credit, personal loans, and loans secured by cash surrender value of life insurance. It also invests in securities, such as fixed rate investments, federal funds, and interest-bearing deposits with banks; and offers international banking services, such as standby letters of credit, documentary letters of credit, and related products and other ancillary services.
Shares of CIT Group Inc. (NYSE:CIT), inclined 0.89% to $46.49, during its current trading session.
CIT Group Inc. (CIT) stated net income of $115 million, $0.66 per diluted share, for the quarter ended June 30, 2015, contrast to net income of $247 million, $1.29 per diluted share, for the second quarter of 2014. Net income for the six month period ended June 30, 2015 was $219 million, $1.24 per diluted share, contrast to $364 million, $1.88 per diluted share, for the period ended June 30, 2014. The three and six month periods ended June 30, 2014 comprised of $52 million, $0.27 per diluted share, and $54 million, $0.28 per diluted share, of income from a suspended operation, respectively.
Summary of Second Quarter Financial Results from Ongoing Operations
All references in this section relate to ongoing operations and therefore do not comprise any of the assets or results of operations of the suspended operation, which were sold in the second quarter of 2014.
Income from ongoing operations of $115 million, net of a $38 million tax provision, reflects a stable Net Finance Margin (NFM) and lower provision for credit losses. Net income comprises $4 million of charges related to portfolios that we are exiting.
CIT Group Inc. operates as the holding company for CIT bank that provides commercial financing and leasing products; and a suite of savings options in the United States. Its Transportation & International Finance segment offers leasing and financing solutions to operators and suppliers in the aviation and railcar industries.
MBIA Inc. (NYSE:MBI), during its Friday’s current trading session gained 1.79% to $6.26.
National Public Finance Guarantee Corporation (National), an indirect partner of MBIA Inc. (MBI), recently declared that Standard & Poor’s Ratings Services (S&P) has affirmed its AA- financial strength rating of National with a Stable Outlook. In its June 29 report affirming National’s rating, which is accessible on National’s website, S&P recognized National’s extremely strong capital adequacy position, strong liquidity and operating performance and prospective strong competitive position within the financial guarantee industry. In addition, S&P noted that there would be no change in National’s capital adequacy score if there were a default by multiple Puerto Rico issuers over a one, two or three year time period, without accounting for any other factors, reflecting the substantial capital accessible at National in excess of S&P’s triple-A capital level, which the company estimates to be almost $1 billion as of year-end 2014.
MBIA Inc. provides financial guarantee insurance services to public finance markets in the United States and internationally. The company operates through U.S. Public Finance Insurance, and International and Structured Finance Insurance segments. It issues financial guarantees for municipal bonds, counting tax-exempt and taxable indebtedness, in addition to utility districts, airports, health care institutions, higher educational facilities, student loan issuers, housing authorities, and other similar agencies and obligations issued by private entities.
Finally, Chart Industries, Inc. (NASDAQ:GTLS), decreased -3.07%, to $27.16.
Chart Industries, Inc. (GTLS), a leading diversified global manufacturer of highly engineered equipment for the industrial gas, energy and biomedical industries, recently stated results for the second quarter ended June 30, 2015. Highlights comprise:
- Strong Distribution & Storage orders in U.S.
- Declares global alliance with LNG Limited and pending equipment order for Magnolia LNG project.
- Completes Thermax acquisition.
Net income for the second quarter of 2015 was $17.2 million, or $0.56 per diluted share. Second quarter 2015 earnings would have been $0.60 per diluted share not taking into account $1.7 million, or $0.04 per diluted share, of facility shutdown and severance costs recorded in the quarter. This compares with net income of $20.1 million, or $0.65 per diluted share, for the second quarter of 2014. Second quarter 2014 earnings would have been $0.70 per share not taking into account $2.0 million, or $0.04 per diluted share, of acquisition-related and facility start-up costs in that period, in addition to a $0.01 per diluted share impact associated with Chart’s Convertible Notes.
Net sales for the second quarter of 2015 reduced 12% to $270.3 million from $306.8 million in the comparable period a year ago. Gross profit for the second quarter of 2015 was $74.9 million, or 27.7% of sales, as compared to $92.2 million, or 30.0% of sales, in the comparable quarter of 2014.
Chart Industries, Inc. manufactures and sells engineered equipment for the industrial gas, energy, and biomedical industries worldwide. The company operates in three segments: Energy & Chemicals (E&C), Distribution & Storage (D&S), and BioMedical. The E&C segment primarily provides brazed aluminum heat exchangers, Core-in-Kettle heat exchangers, air cooled heat exchangers, and cold boxes for natural gas processing, liquefied natural gas (LNG), and industrial gas applications.
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