DBRS: Valley National unchanged

DBRS Inc. said Valley National Bancorp's A (low) issuer and senior debt ratings are unchanged, following the announcement of its fourth-quarter earnings.

The trend is stable.

Valley reported net income of $38.2 million for the quarter, up from $32.6 million in the previous quarter, DBRS said.

On a sequential quarter basis, fourth-quarter results benefited from an $18.5 million increase in noninterest income to $35.8 million that included $7 million of gains on the sale of securities and a $6.3 million gain that resulted from increasing the FDIC loss-share receivable in the quarter, the agency said.

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