Valley National Bancorp has posted a net income of $16.9 million, or $0.11 per fully diluted common share, for the fourth quarter of 2008, compared to $27.66 million or $0.22 per fully diluted common share in the same quarter of 2007.
Net interest income on a tax equivalent basis was $108.7 million for the fourth quarter of 2008, a $11.9 million increase from the same quarter of 2007.
Net income for the year ended December 31, 2008 was $93.6 million, or $0.70 per fully diluted common share, compared to $153.22 million, or $1.21 per fully diluted common share, in year 2007. Net interest income on a tax equivalent basis was $426.258 million for year 2008, compared to $387.86 million in 2007.
Gerald Lipkin, chairman, president and CEO of Valley National Bancorp, said: We are disappointed with our results for both the quarter and full year of 2008. Much of the negative results were based upon mark to market of investments as well as capital and liquidity issues resulting from the economic environment. During the fourth quarter we issued $300 million in preferred stock under the TARP programme as a precautionary measure to protect Valley and its shareholders from the current turbulence found throughout the financial markets.
