Valley National Bancorp (VLY) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, and thank you for standing by. Welcome to the Valley National Bancorp first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Andrew Giannetti, Investor Relations. Please go ahead. Good morning, and welcome to Valley's first quarter 2026 earnings conference call. I am joined today by CEO Ira Robbins and CFO Travis Land. Our quarterly earnings release and supporting documents are available at valley.com. Reconciliations of any non-GAAP measures mentioned on the call can be found in today's earnings release and presentation. Please also note slide two of our earnings presentation and remember that comments made today may include forward-looking statements about Valley National Bank Corp. and the banking industry. For more information on these forward-looking statements and associated risk factors, please refer to our SEC filings, including Forms 8-K 10Q and 10K. With that, I'll turn the call over to Ira Robbins. Thank you, Andrew. Valley delivered another strong quarter with net income of approximately $164 million or 28 cents per diluted share. Excluding certain non-core items, adjusted net income was $169 million or 29 cents per diluted share. Despite traditional first quarter headwinds, including elevated payroll taxes and a lower day count, adjusted pre-provision net revenue increased to $253 mil...