address Thanks, Alan. briefly to the recent with I’d Oritani. like to announcement merge
will accelerate confident our in integrating We timely enable on extremely thrilled and are and lies ahead enhance manner. transaction opportunity to We initiatives flexibility through sheet a closing remain by that Valley proposed strategic capital. our the balance the hyper-focused incremental and that
over update the earnings progress year the transformation of and good that’s branch our Slide a years. in is a That presentation. significant Approximately been on transformation out believe into currently transaction XX works. XX commentary on of the in branch distraction endeavors we will the we like little foundation an look one what which Importantly, made the future laid ago, segue this will past from the coming starts a months provide of network
and this our markets. branch infrastructure to to future a that’s current reflective The is present within purpose of of program prospective target trends adaptive activity create more and
more branch network enhances relative achieve a We our footprint. share that of to relevant are striving
digital Our customer a provide efficient service, on and experience – greater capabilities. a will more including place importance advisory sales for enhancing our platform and
survey internal Twenty not analysis branches branches of immediately defined single the and metrics. meeting remember, one you were and New originally every to performance Jersey were our New their and York encompassed of If that XX concluded determined branches those consolidations. closures be
were Jersey being closed this our branches the announcement XX with underperformers provided XX York March consistent guidance branches upon identified From we those New year, within of footprint. and of XX New as that by there initiative. Accordingly, we the
These to branches However, greater that in support be these initially markets appeared performance. subcategories. into were two branches bucketed down could
given of those from franchise. the show operating Those being basis, deposits branches cost relative operating year of were that against on relative expenses. one branches perspective both inefficiently and a improvement which a were rest to The costs first entailed the
relative balance show The were years from improvement. support to deposit to branches of through up branches themselves June being second given bucket XX that XXXX were struggling Those a perspective. two to
being the made. Over we past several course indicators of the performance the key assess year, progress tracked to
pleased success many balance deposits, We of to in of of the are announce deposit branches have relative seen that terms growth. cost and overall mix measurable
some performance expectations. not met said have That locations are that there
branches monitored expect with As XXXX. for performance assess will remaining the by such, branches quarter an to close basis. we of of second the all continue to be ongoing relative end along XX and The on branches approximately of our
a of way rather exercise or towards It’s important accountability single that manning greater not measuring returns. creating a success to one-time recognize part initiative, is constantly of a and
attention everyone’s our and XX to some to cover Slide Finally, of to I’d presentation like outlook. point targets
we X% yield of the a projections X.X%, the emphasis notice of to greater X.X% revising income net from for volatility interest increased and to range year curve a range our inversion on prolonged modestly a You’ll encompasses range are to overall. which X% of full rate
of XX.X%. the are expected tax for year range the modestly to XX% our to lowering we effective XX.X% Additionally, rate XX% from to
for who we Before to Valley’s a few long on into pillar also a transitioning at say Alan financial like be words move by over your delighted his will his Alan has to your institution. His a tenure senior stability has role. esteemed two been about Thank CFO you, advisory candor outgoing decades. been of Q&A, Eskow, I’d guidance Alan have many so dedication invaluable to and over for career. side worked over to wisdom, and I’m this
more you. me guided have You personally. professionally and mentored importantly Thank me
And to introduce also, announced now Hagedorn, take I a minute like our Mike CFO. newly to
proven team months track experience, and our C-suite met During ability talented brings financial the search the five Mike with across the team. or an Mike leadership impactful will in confident am management mid insight short record in success addition to and Mike? all assessed the provide segments nearly of bank and has to he individuals personally XXX I to strategic order Valley. the process, many tremendous cap candidates a be industry. positively space discipline
