Valley National flat after Q2 results

Q2 net income of $29.5M or $0.15 per share vs. $33.9M and $0.17 one year ago as the slowdown in the mortgage market dealt a big blow to the bank's gain on sales of loans.

Net interest income of $117.4M up $7.5M from a year ago, with NIM up 12 basis points to 3.27%.

Solid organic auto loan growth led a 4.7% annualized gain in total non-covered loans.

No provision taken for non-covered loan losses vs. a $2.7M charge one year ago.

CEO Gerald Lipkin: "We remain upbeat on our ability to reduce our overall funding cost as over $1.5 billion of high cost long-term borrowings mature beginning in 2015 through 2017."

Previously: Valley National Bancorp beats by $0.02, misses on revenue

VLY opened nicely higher, but is now flat on the session

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