Valley National Bancorp announced consolidated earnings results for the fourth quarter and year ended December 31, 2014. The company reported net interest income was $128,646,000 against $116,128,000 a year ago. Net interest income after provision for credit losses was $124,666,000 against $109,688,000 a year ago. Income before income taxes was $32,962,000 against $55,669,000 a year ago. Net income was $25,135,000 or $0.11 per diluted common share as compared $39,608,000 or $0.20 per diluted common share. Annualized return on average assets was 0.55% against 0.98% a year ago. Annualized return on average shareholders' equity was 5.65% against 10.35% a year ago. Annualized return on average tangible shareholders' equity was 8.26% against 14.88% a year ago.

For the full year, net interest income was $474,757,000 against $447,720,000 a year ago. Net interest income after provision for credit losses was $472,873,000 against $431,625,000 a year ago. Income before income taxes was $147,234,000 against $178,940,000 a year ago. Net income was $116,172,000 or $0.56 per diluted common share compared to $131,961,000 or $0.66 per diluted common share. Annualized return on average assets was 0.69% against 0.83% a year ago. Annualized return on average shareholders' equity was 7.18% against 8.69% a year ago. Annualized return on average tangible shareholders' equity was 10.26% against 12.51% a year ago. Book value per share as at December 31, 2014 was $8.03 against $7.72 a year ago. Tangible book value per share as at December 31, 2014 was $5.38 against $5.39 a year ago.

Net charge-offs for the fourth quarter of 2013 was $277,000 against $433,000 a year ago.

For 2015, the company anticipates that effective tax rate will range from 27% to 29% primarily reflecting the impacts of tax-exempt income, tax-advantaged investments and general business credits.