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Valley National Bancorp (VLY)
Q1 2012 Earnings Call
April 26, 2012 11:00 AM ET
Dianne Grenz – IR
Gerald Lipkin – Chairman, President and CEO
Alan Eskow – CFO, SVP and Corporate Secretary
Steven Alexopoulos – JPMorgan
Craig Siegenthaler – Credit Suisse
Kenneth – Morgan Stanley
Dan Werner – Morningstar Equity
Travis Lan – Stifel Nicolaus
Nancy Bush – NAB Research
Ladies and gentlemen, thank you for standing by. Welcome to the Valley National Bancorp First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will be given at that time. (Operator Instructions)
I would now like to hand the conference over Ms. Dianne Grenz. Please go ahead, madam.
Good morning. Welcome to Valley’s first quarter 2012 earnings conference call. If you have not read the earnings release we issued earlier this morning, you may access it along with the financial tables and schedules for the first quarter from our website at valleynationalbank.com.
Comments made during this call may contain forward-looking statements relating to the Valley National Bancorp and the banking industry. Valley encourages participants to refer to our SEC filings including those found on Form 8-K, 10-K and 10-Q for a complete discussion of forward-looking statements.
And now, I’d like to turn the call over to Valley’s Chairman, President and CEO, Gerald Lipkin.
Thank you, Dianne. Good morning and welcome to our first quarter earnings conference call. Valley reported first quarter net income of $34.5 million compared to $24.8 million in the prior linked-quarter. We are pleased with the financial results for the period although net income was negatively impacted by both non-cash trading losses and non-recurring State Bank merger charges. Alan will provide a little more color on each of those shortly.