Valley National Bancorp (NASDAQ:VLY) Q3 2024 Earnings Call October 24, 2024 11:00 AM ET
Company Participants
Travis Lan - Investor Relations
Ira Robbins - Chief Executive Officer
Tom Iadanza - President
Mike Hagedorn - Chief Financial Officer
Mark Saeger - Chief Credit Officer
Conference Call Participants
Jon Arfstrom - RBC Capital Markets
Chris McGratty - KBW
Manan Gosalia - Morgan Stanley
Matthew Breese - Stephens
Ben Gerlinger - Citi
Jared Shaw - Barclays
Anthony Elian - JPMorgan
Steve Moss - Raymond James
Operator
Good day and thank you for standing by. Welcome to the Third Quarter 2024 Valley National Bancorp Earnings Conference Call. [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. Please go ahead.
Travis Lan
Good morning and welcome to Valley’s third quarter 2024 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. During the third quarter of 2024, Valley reported net income of approximately $98 million and diluted earnings per share of $0.18. This compares to net income and EPS of $70 million and $0.13 a quarter ago. The significant improvement in earnings was broad based and primarily the result of top line revenue expansion and continued expense management. Our provision for loan losses declined during the quarter, but exceeded our third quarter guidance primarily as a result of the significant growth in C&I loans and unfunded C&I commitments as well as the discrete reserve for the potential impacts of Hurricane Helene. Exclusive of these variables, the third quarter provision would have been in line with our prior guidance.