Revenue during the quarter grew 11.87 percent to $173.16 million from $154.78 million in the previous year period. Net interest income for the quarter rose 15.07 percent over the prior year period to $154.15 million. Non-interest income for the quarter rose 18.81 percent over the last year period to $24.85 million.

Valley National Bancorp has made provision of $5.84 million for loan losses during the quarter, up 6,112.77 percent from $0.09 million in the same period last year.

Net interest margin improved 5 basis points to 3.10 percent in the quarter from 3.05 percent in the last year period. Efficiency ratio for the quarter improved to 63.28 percent from 70.15 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

Gerald H. Lipkin, chairman, president and chief executive officer commented that, “We are pleased with our earnings performance in the third quarter of 2016 which reflected a 10.2 percent increase in net income available to common shareholders as compared to the second quarter of 2016. Our net income for the third quarter benefited from the linked quarter growth in our net interest income largely driven by our strong loan volumes originated for investment over the last six months and our continued efforts to reduce our overall cost of funds. We also remain focused on the containment and reduction of operating expenses whenever possible, while prudently managing the increased regulatory burdens within today's banking environment." Mr. Lipkin added, "The credit quality of our balance sheet continues to be healthy, as reflected by loan delinquencies totaling only 0.47 percent of loans at September 30, 2016 and relatively modest loan charge-offs through the first nine months of 2016. Despite the uncertainty in the U.S. economic and political environments, we remain optimistic about the current level of lending demand and our team's ability to execute on lending and other bank service opportunities in our markets."

Investments stood at $3,121.86 million as on Sep. 30, 2016, up 28.22 percent or $687.16 million from year-ago. Shareholders equity stood at $2,257.07 million as on Sep. 30, 2016, up 13.03 percent or $260.12 million from year-ago.

Return on average assets moved up 4 basis points to 0.78 percent in the quarter from 0.74 percent in the last year period. At the same time, return on average equity increased 41 basis points to 7.61 percent in the quarter from 7.20 percent in the last year period.

Nonperforming assets moved down 33.26 percent or $25.44 million to $51.03 million on Sep. 30, 2016 from $76.47 million on Sep. 30, 2015.

Tier-1 leverage ratio stood at 7.35 percent for the quarter, down from 7.67 percent for the previous year quarter. Book value per share was $8.43 for the quarter, up 4.07 percent or $0.33 compared to $8.10 for the same period last year.