Valley National Bancorp (NASDAQ:VLY) Q3 2022 Earnings Conference Call October 27, 2022 11:00 AM ET
Company Participants
Travis Lan – Head of Investor Relations
Ira Robbins – Chief Executive Officer
Tom Iadanza – President
Mike Hagedorn – Chief Financial Officer
Conference Call Participants
Michael Perito – KBW
Frank Schiraldi – Piper Sandler
Dave Bishop – Hovde Group
Steven Alexopoulos – JPMorgan
Matthew Breese – Stephens Inc.
Jon Arfstrom – RBC Capital Markets
Travis Lan
Good morning, and welcome to Valley’s Third Quarter 2022 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 2 of our earnings presentation and remind you that 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.
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 today. I have a few comments to make this morning, and then we ask Tom to provide insight on the quarter’s loan and deposit results. Mike will then discuss the financial results in more detail.
In the third quarter of 2022, Valley reported net income of $178 million, earnings per share of $0.34 and annualized ROA of 1.30%. Exclusive of non-core charges, adjusted net income, EPS and ROA were $182 million, $0.35 and 1.32%, respectively. These exceptional results reflect the benefits of our asset-sensitive balance sheet and our consistently strong credit results.
As you are aware, Valley has undergone a meaningful evolution over the last few years. By expanding in terms of both size and capability, we have uniquely positioned ourselves as one of the premier service-oriented commercial banks in the entire country. From a size perspective, we sit in an incredibly strong position with only a handful of nationwide peers.
Our customers have access to the robust suite of products and services that we found at a large bank but with Valley’s exceptional responsiveness and high-touch approach. This combination has accelerated our brand awareness and enabled us to selectively add top-level talent and desirable clients.