Valley National Bancorp (NASDAQ:VLY) Q2 2022 Earnings Conference Call July 28, 2022 11:00 AM ET
Company Participants
Travis Lan - Head of IR
Ira Robbins - President & CEO
Tom Iadanza - President
Mike Hagedorn - CFO
Conference Call Participants
Michael Perito - KBW
Frank Schiraldi - Piper Sandler
Matthew Breese - Stephens
Dave Bishop - Hovde Group
Jon Arfstrom - RBC Capital Markets
Operator
Good day, and thank you for standing by. Welcome to Q2 2022 Valley National Bancorp Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there'll 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, you may begin.
Travis Lan
Good morning, and welcome to Valley's second 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 Form 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. I have a few comments to make this morning and then we ask Tom to provide insight on the exceptional growth results that were achieved on both sides of the balance sheet this quarter. Mike will then discuss the financial results in more detail.
In the second quarter of 2022, Valley reported net income of $96 million, earnings per share of $0.18 and an annualized ROA of 0.72%. Exclusive of non-core charges, including the provision expense, mainly associated with Bank in these non-PCD loans. Adjusted net income, EPS and ROA were $166 million, $0.32 and 1.25% respectively. These exceptional results reflect significant organic loan and deposit growth and our ability to manage deposit betas in the generally supportive constraint environment.