Valley National Bancorp (NASDAQ:VLY) Q3 2023 Earnings Conference Call October 26, 2023 11:00 AM ET
Company Participants
Travis Lan - Head, IR
Ira Robbins - Chairman and CEO
Thomas Iadanza - President and Chief Banking Officer
Michael Hagedorn - Senior EVP and CFO
Mark Saeger - EVP and Chief Credit Officer
Conference Call Participants
Frank Schiraldi - Piper Sandler
Matthew Breese - Stephens
Michael Perito - KBW
Jon Arfstrom - RBC Capital Markets
Manan Gosalia - Morgan Stanley
Steve Moss - Raymond James
Operator
Good day and thank you for standing by. Welcome to the Third Quarter 2023 Valley National Bancorp Earnings Conference 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. Please go ahead.
Travis Lan
Good morning and welcome to Valley's third 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 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 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. In the third quarter of 2023, Valley reported net income of $141 million and earnings per share of $0.27. Exclusive of non-core items, adjusted net income and EPS were $136 million and $0.26, respectively. Our quarterly results were highlighted by organic capital growth, sound asset quality metrics, improved core deposit flows, and solid expense control.
The current interest rate environment reflective of an inverted curve has challenged traditional banking models, and we have not been insulated from these pressures. That said, while the duration of the current inversion has exceeded original expectations, and is anticipated to continue for the foreseeable future, we do not intend to change our foundational business model.