NEW YORK (AP) — NEW YORK (AP) — Valley National Bancorp (VLY) on Thursday reported first-quarter profit of $96.3 million.
The bank, based in New York, said it had earnings of 18 cents per share. Earnings, adjusted for one-time gains and costs, were 19 cents per share.
The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 20 cents per share.
The holding company for Valley National Bank posted revenue of $890.1 million in the period. Its revenue net of interest expense was $455 million, which beat Street forecasts. Five analysts surveyed by Zacks expected $447.4 million.
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