Valley National Bancorp (NASDAQ:VLY) Q1 2022 Earnings Conference Call April 28, 2022 11:00 AM ET

Company Participants

Travis Lan - Head of Investor Relations

Ira Robbins - President and CEO

Tom Iadanza - President

Mike Hagedorn - Chief Financial Officer

Conference Call Participants

Frank Schiraldi - Piper Sandler

Michael Perito - KBW

Steven Alexopoulos - JPMorgan

Matthew Breese - Stephens

Dave Bishop - Hovde Group

Operator

Thank you for standing by, and welcome to the First Quarter 2022 Valley National Bancorp Earnings Conference Call. [Operator Instructions] As a reminder, today's program may be recorded.

I would now like to introduce your host for today's program, Travis Lan, Head of Investor Relations. Please go ahead.

Travis Lan

Good morning, and welcome to Valley's First 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. A few comments to make this morning, and then we'll ask Tom to provide some insight on our loan growth and strategic progress. Mike will then discuss the quarter's financial results in more detail.

In the first quarter of 2022, Valley reported net income of $117 million, earnings per share of $0.27 and a return on average assets of 1.07%. Exclusive of noncore charges, EPS and ROA would have been $0.28 and 1.10%, respectively. The benefits of our diverse and agile business model and strong balance sheet were evident during the quarter. Strong organic net interest income growth and robust swap revenues more than offset both a $10 million reduction in PPP income and mortgage banking headwinds. Tangible book value was also preserved as the March 31 valuation of our relatively modest available for sale portfolio had limited impact on our equity.