Valley National Bancorp (NASDAQ:VLY) Q1 2023 Earnings Conference Call April 27, 2023 11:00 AM ET
Company Participants
Travis Lan - Head of Investor Relations
Ira Robbins - Chairman and Chief Executive Officer
Tom Iadanza - President
Mike Hagedorn - Chief Financial Officer
Conference Call Participants
Steve Moss - Raymond James
Frank Schiraldi - Piper Sandler
David Bishop - Hovde Group
Manan Gosalia - Morgan Stanley
Tim Switzer - KBW
Matthew Breese - Stephens
Jon Arfstrom - RBC Capital Markets
Operator
Good day, and thank you for standing by. Welcome to the Valley National Bancorp Q1 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Travis Lan, Head of Investor Relations. Travis, the floor is yours.
Travis Lan
Good morning and welcome to Valley's first quarter 2023 earnings conference call. Presenting on behalf of Valley today are CEO, Ira Robbins; President, Tom Iadanza; and Chief Financial Officer, Mike Hagedorn.
Before we begin, I would like to make everyone aware that our quarterly earnings release and supporting documents can be found on our company website at valley.com. When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results. Please refer to today's earnings release for reconciliations of these non-GAAP measures.
Additionally, I would like to highlight slide two of our earnings presentation and remind you that the comments made during this call may contain forward-looking statements relating to Valley National Bancorp and the banking industry. Valley encourages all participants to refer to our SEC filings, including those found on Forms 8-K, 10-Q and 10-K for a complete discussion of forward-looking statements and the factors that could cause actual results to differ from those statements.
With that, I'll turn the call over to Ira Robbins.
Ira Robbins
Thank you, Travis. And welcome to those of you on the call. This morning, I will discuss Valley's response to recent events. And then we'll have time to provide insight on the quarter's loan and deposit results. Mike will then discuss the financial results in more detail.
In the first quarter of 2023, Valley reported net income of $147 million, earnings per share of $0.28, and an annualized ROA of 0.98%. Exclusive of non-core items, adjusted net income, EPS and ROA were $155 million, $0.30 and 1.03% respectively. This quarter's financial performance was negatively impacted by seasonal factors related to net interest income and operating expenses.