On Friday, Shares of Valley National Bancorp (NYSE:VLY), dropped -0.53% to $9.38.
Valley National Bancorp, stated net income for the first quarter of 2015 of $30.3 million, or $0.13 per diluted common share as contrast to net income of $25.1 million, or $0.11 per diluted common share, for the fourth quarter of 2014 and the first quarter of 2014 earnings of $33.8 million, or $0.17 per diluted common share. The first quarter of 2014 earnings per diluted common share comprised of about $0.04 per share related to a tax benefit of $8.3 million as a result of a decrease in our reserve for unrecognized tax benefits.
Key financial highlights for the first quarter:
- Total non-covered loans (i.e., loans which are not subject to our loss-sharing agreements with the FDIC) raised by $288.7 million, or 8.7 percent on an annualized basis, to $13.6 billion at March 31, 2015 from December 31, 2014 largely due to solid growth in all loan categories. Higher volumes within commercial and industrial loans, commercial real estate (counting construction) loans and residential mortgage loans accounted for the majority of the first quarter growth, as total outstanding balances in these categories raised by $124.7 million, $73.8 million and $70.1 million, or 22.3 percent, 4.5 percent, and 11.1 percent on an annualized basis, respectively. The commercial and industrial loan growth resulted from a noteworthy uptick in new and existing customer demand. During the first quarter of 2015, Valley sold about $31.1 million of residential mortgage loans originated for sale.
- Overall, our non-performing assets reduced by 11.9 percent to $73.2 million at March 31, 2015 as contrast to $83.1 million at December 31, 2014 partly due to the sale of a $7.1 million non-performing loan held for sale. Non-accrual loans moderately raised to $57.5 million, or 0.42 percent of our entire loan portfolio of $13.7 billion, at March 31, 2015 as contrast to $55.8 million, or 0.41 percent of total loans, at December 31, 2014.
- Net interest income totaling $132.1 million for the three months ended March 31, 2015 raised $3.4 million as contrast to the fourth quarter of 2014, and raised $18.1 million as contrast to the first quarter of 2014. On a tax equivalent basis, our net interest margin remained unchanged at 3.20 percent for the first quarter of 2015 as contrast to the fourth quarter of 2014, and reduced 1 basis point from 3.21 percent in the first quarter of 2014.
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.
Shares of AbbVie Inc. (NYSE:ABBV), declined -0.53% to $64.32, during its last trading session.
AbbVie, declared that it has extended the expiration of its exchange offer to acquire all of the outstanding shares of common stock of Pharmacyclics, Inc. to 5 p.m., New York City time, on May 15, 2015.
The depositary of the exchange offer has advised that, as of 4:00 p.m., New York City time, on May 1, 2015, a total of about 51,470,840 shares of Pharmacyclics common stock were validly tendered and not properly withdrawn in the exchange offer.
All other terms and conditions of the exchange offer remain unchanged.
AbbVie Inc. discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company’s products comprise HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases.
At the end of Friday’s trade, Shares of V.F. Corporation (NYSE:VFC), dwindled -0.52% to $72.05.
V.F. Corporation, stated financial results for its first quarter ended April 4, 2015. All per share amounts are presented on a diluted basis.
First Quarter 2015 Highlights
- Revenues rose 8 percent on a currency neutral basis counting growth in our Outdoor & Action Sports, Jeanswear, Imagewear and Sportswear coalitions, and our international and direct-to-consumer businesses. On a stated basis, revenues raised 2 percent over the 2014 quarter.
- Gross margin was 49.0 percent on a stated basis, down 40 basis points contrast with the same quarter last year and in line with our expectations. Continued benefit from the shift of our revenue mix toward higher margin businesses was more than offset by the impact of foreign currency. The company continues to expect a 70 basis point improvement for the full year to reach 49.5 percent on a currency neutral basis (49.2 percent stated).
- Operating income on a stated basis was down 1 percent to $398 million contrast with the same period of 2014. Operating margin on a stated basis declined 50 basis points to 14.0 percent, which comprises a 70 basis point headwind from changes in foreign currency rates.
- Earnings per share were up 13 percent on a currency neutral basis and were flat on a stated basis contrast with last year’s same period.
V.F. Corporation designs, manufactures, markets, and distributes branded lifestyle apparel, footwear, and accessories in the United States and Europe. The company offers outdoor apparel, footwear and equipment, youth culture/action sports-inspired footwear, handbags, luggage, backpacks, totes, accessories, merino wool socks, women’s activewear, and travel accessories under the The North Face, Vans, Timberland, Kipling, Napapijri, Jansport, Reef, Smartwool, Eastpak, lucy, and Eagle Creek brands.
Finally, Sirius XM Holdings Inc. (NASDAQ:SIRI), ended its last trade with -0.51% loss, and closed at $3.93.
Sirius XM Holdings, declared it will launch “Let’s Talk with Abby and Ari,” a live, one-hour weekly, call-in show hosted by MSNBC The Cycle’s Abby Huntsman and Ari Melber.
Abby, 28, was named one of Forbes 30 under 30 for media in 2013 and is the daughter of former presidential candidate and businessman Jon Huntsman, who also hosts the “No Labels Radio” show on SiriusXM. Ari, 35, was designated MSNBC’s Chief Legal Correspondent this month, and covers legal and political issues across all MSNBC platforms. Abby and Ari are co-hosts of The Cycle, airing at 3:00 pm ET on MSNBC, together with MSNBC co-hosts Krystal Ball and Toure.
Sirius XM Holdings Inc., through its auxiliaries, provides satellite radio services in the United States. The company broadcasts music plus sports, entertainment, comedy, talk, news, traffic, and weather programs, counting various music genres ranging from rock, pop and hip-hop to country, dance, jazz, Latin, and classical.
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