Industrial loan development boosts financial institution earnings


Region banks Valley National Bancorp Inc. and Lakeland Bancorp Inc. reported third-quarter earnings growth, buoyed by an increase in loans.

Wayne-based Valley mentioned inside a statement that net revenue climbed 19 % to $42.eight million, or sixteen cents a share, from $36 million, or 15 cents, from your exact same time period a 12 months in the past, lifted by a commercial loan surge.

Net curiosity earnings to the third quarter rose $20.four million to $156.three million in the very same quarter a yr ago, driven by loan development plus a reduction in price of funds largely associated with the debt modification in August 2016. Complete new organic loan originations, excluding new lines of credit and bought loans, totaled a lot more than $900 million, primarily from the business loan categories in the course of the third quarter of 2016, the company explained.

Non-performing assets decreased by sixteen.7 % to $51 million as of Sept. thirty, compared with $61.3 million at June thirty, due, in part, to a couple of large non-accrual loan payoffs throughout the third quarter.

Oak Ridge-based Lakeland said third-quarter net revenue climbed 45 percent to $11.three million, or 25 cents a share, from $7.eight million, or twenty cents, to the very same period in 2015.

Lakeland stated excluding the acquisition of Harmony Bank, complete loans and leases elevated by $80.5 million, or 2 percent, to $3.79 billion throughout the quarter. This general improve was mainly because of the addition of $65.eight million in business authentic estate loans and $23.3 million in business, industrial together with other loans.

Thomas J. Shara, Lakeland Bancorp’s president and chief executive officer, cited Lakeland’s completion of its acquire of Ocean County-based Harmony Bank and natural growth in loans and deposits as highlights from the quarter.

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