2024-07-25 15:17:09 ET
Valley National Bancorp (VLY)
Q2 2024 Earnings Conference Call
July 25, 2024 11:00 AM ET
Company Participants
Travis Lan - IR
Ira Robbins - CEO
Tom Iadanza - President
Mike Hagedorn - CFO
Mark Saeger - Chief Credit Officer
Conference Call Participants
Frank Schiraldi - Piper Sandler
Steven Alexopoulos - JPMorgan
Matthew Breese - Stephens
Manan Gosalia - Morgan Stanley
Steve McGrady - KBW
Stephen Moss - Raymond Jane
Jon Arfstrom - RBC Capital Markets
Jared Shaw - Barclays
Presentation
Operator
Good day, and thank you for standing by. Welcome to the Second Quarter 2024 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 recorded.
I would now like to turn the conference over to your speaker for today, Travis Lan. Please go ahead.
Travis Lan
Good morning, and welcome to Valley's second 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 second quarter of 2024, Valley reported net income of $70 million and diluted earnings per share of $0.13. The sequential reduction in net income was the result of stable pre-tax pre-provision net revenue supported by the positive inflection in net interest income and the elevated loan loss provision. While this provision is outside our normal range, we believe that this quarter will represent the relative peak in our provisioning....
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Valley National Bancorp (VLY) Q2 2024 Earnings Call Transcript