Valley National Corp., parent company of Valley Bank and Trust Co. Utah, reported net income of $2 million, 10 cents per share, for the fourth quarter ended Dec. 31, down from $2.9 million, 15 cents per share and a net loss of $12.8 million, 65 cents per share, for the fourth quarter of 1989.

Net income for 1990 was $7.5 million, 38 cents per share. This compares with a net loss of $149.2 million, $7.55 per share, for 1989."The corporation's results for the fourth quarter, as well as all of 1990, reflect our fundamental strengths which continue to allow us to manage through the weak real estate environment," said Richard J. Lehmann, chairman. "Our corporation benefits from the very strong market franchise and excellent liquidity of its principal banking subsidiaries.

"We are encouraged by the corporation's recent performance indicators, especially a continuing decline in total non-performing assets and non-accrual loans."

Total non-performing assets declined $21.4 million for the quarter and $53.2 million for the year.