Valley National Bancorp (NASDAQ:VLY) Q1 2018 Earnings Conference Call - Preliminary Transcript

Apr 26, 2018 • 11:00 am ET


Valley National Bancorp (NASDAQ:VLY) Q1 2018 Earnings Conference Call - Preliminary Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Valley National Bank's First Quarter Earnings Release. At this time, all participant lines are in a listen-only mode. There will be an opportunity for your question. Instructions will be given at that time. (Operator Instructions) As a reminder, the call is being recorded. And I now turn the call over to Mr. Rick Kraemer. Please go ahead.

Rick Kraemer

Thanks John. Good morning and welcome to Valley National Bancorp first quarter 2018 earnings conference call. Leading our call today will be Valley President and CEO, Ira Robbins; and our Chief Financial Officer, Alan Eskow.

Before we get started, I want to make everyone aware, that you can find our first quarter earnings release and supporting documents on our company website

Additionally, I would like to point everyone to Slide 2 of our 1Q 2018 earnings presentation and remind everyone 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 Form 8-K, 10-Q and 10-K for a complete discussion of forward-looking statements.And now it's my pleasure to turn the call over to Ira Robbins.

Ira Robbins

Thank you, Rick. Good morning and thank you for joining us this morning. The first quarter 2018 while no easy from a financial perspective, was tremendously successful as we continue to execute on many of the initiatives necessary to provide future relevance to our franchise, enhance profitability and create the foundation for greater shareholder returns.

Our technology roadmap remains on course as we continue to focus on enhancing the customer experience through new frontend delivery channels, while simultaneously improving the operating efficiency of the entire organization. During the first three months of 2018, we launched the dynamic website through which our customers have access to a modern digital account opening experience, avoid the traditional pinpoints.

Additionally, we introduce our new residential mortgage loan origination platform, which incorporate an end-to-end paperless process. Approximately 50% of their originations today are utilizing this technology and we anticipate reaching a 100% by the end of the second quarter. Investments and technology such as these will help shape the customer experience at Valley and to a greater degree supports scalable growth and improved operating efficiency.

Our goal of becoming one of the premier regional banks in the country is not going to be easy, nor is instantaneous. There are going to be many apps to close to overcome some known and many unforeseen. That said, the foundation we are improving upon today will lead us in a position to capitalize on in the future. On January 1, 2018, we closed our acquisition of USAmeriBank. We are excited to have all of our new teammates onboard including Joe Chillura and Al Rogers USAB's former CEO and Chief Lending Officer respectively and look forward to their valued contributions.

Our systems integration is on track come for mid-May and we should begin