Valley National Bancorp Announces Third Quarter 2026 Results

NEW YORK, Oct. 22, 2026 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, today reported net income for the third quarter 2026 of $206.3 million, or $0.36 per diluted common share, as compared to the second quarter 2026 net income of $170.9 million, or $0.29 per diluted common share, and net income of $163.4 million, or $0.28 per diluted common share, for the third quarter 2025. Excluding all non-core income and charges, our adjusted net income (a non-GAAP measure) was $206.4 million, or $0.36 per diluted common share, for the third quarter 2026, $172.8 million, or $0.30 per diluted common share, for the second quarter 2026, and $164.1 million, or $0.28 per diluted common share, for the third quarter 2025. See further details below, including a reconciliation of our non-GAAP adjusted net income, in the “Consolidated Financial Highlights” tables.

Ira Robbins, CEO, commented, “Our third quarter results demonstrate the continued improvement in Valley’s profitability. Strong revenue growth and disciplined expense management drove record quarterly net income for Valley and an efficiency ratio below 50 percent. We remain on track to achieve, and likely exceed, our previously stated return on average tangible common equity goal of 15 percent by the end of 2027. We believe that we are structurally well-positioned to navigate a range of potential interest rate scenarios while driving relative net interest margin outperformance. Combined with our strong capital and liquidity, this positioning gives us the flexibility to keep growing alongside our clients as we execute on our strategic priorities.”

Mr. Robbins continued, “Our pending acquisitions of Providence Financial Corporation and Bluevine Inc. are a natural extension of our strategy to further optimize our funding base. Providence will enhance our presence in the Chicagoland market, while Bluevine is expected to expand our ability to serve small businesses nationwide through differentiated digital capabilities. Together, these transactions will strengthen our core deposit franchise, broaden our growth opportunities and support sustainable long-term value creation for shareholders.”

Key financial highlights for the third quarter 2026:

• Net Interest Margin and Income: Our net interest margin on a tax equivalent basis of 3.28 percent for the third quarter 2026 increased 8 basis points and 23 basis points from the second quarter 2026 and third quarter 2025, respectively. Net interest income on a tax equivalent basis of $506.8 million for the third quarter 2026 increased $18.4 million and $59.3 million compared to the second quarter 2026 and third quarter 2025, respectively. The increases from the second quarter 2026 were mainly due to upward repricing of adjustable interest rate loans, higher yields on new loan originations, an increase in average loans and one additional day during the third quarter 2026, partially offset by higher average time deposits and an increase in the cost of certain non-maturity deposits. See additional details in the “Net Interest Income and Margin” and “Other Borrowings” sections below.
• Deposits: Total deposit balances increased $1.1 billion to $55.2 billion at September 30, 2026 as compared to $54.1 billion at June 30, 2026 primarily attributable to an increase in direct customer deposits during the third quarter 2026. The growth in direct customer deposits was mainly driven by inflows of non-maturity interest bearing deposits from commercial banking customers, as well as retail CD offerings during the third quarter 2026. See the “Deposits” section below for more details.
• Loan Portfolio: Total loans increased $722.7 million, or 5.5 percent on an annualized basis, to $53.2 billion at September 30, 2026 from June 30, 2026 mostly due to increases of $363.0 million and $343.5 million in commercial and industrial (C&I) loans and total commercial real estate (CRE) loans, respectively. Loan originations from a range of relationship-driven small to midsize clients continued to drive C&I loan growth during the third quarter 2026, while new owner occupied loans and an uptick in construction loan activity were the primary drivers of the increase in CRE loans at September 30, 2026. Our CRE loan concentration ratio (defined as total CRE loans held for investment and held for sale, excluding owner occupied loans, as a percentage of total risk-based capital) declined to approximately 312 percent at September 30, 2026 from 317 percent at June 30, 2026. See the “Loans” section below for more details.
• Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $600.5 million and $606.9 million at September 30, 2026 and June 30, 2026, respectively, representing 1.13 percent and 1.16 percent of total loans at each respective date. During the third quarter 2026, we recorded a provision for credit losses for loans of $30.7 million as compared to $29.2 million and $19.2 million for the second quarter 2026 and third quarter 2025, respectively. See the “Credit Quality” section below for more details.
• Credit Quality: Total internally criticized and classified loans as a percentage of total loans declined to 7.1 percent at September 30, 2026 from 7.3 percent at June 30, 2026. Net loan charge-offs totaled $37.1 million for the third quarter 2026 as compared to $22.0 million and $14.6 million for the second quarter 2026 and third quarter 2025, respectively. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) decreased $25.7 million to $154.5 million, or 0.29 percent of total loans, at September 30, 2026 as compared to $180.2 million, or 0.34 percent of total loans, at June 30, 2026. The decrease was mainly due to migration of a few larger CRE loans to non-accrual category and, to a lesser extent, a decrease in early stage residential mortgage loan delinquencies. Non-accrual loans totaled $511.4 million, or 0.96 percent of total loans, at September 30, 2026 as compared to $462.6 million, or 0.88 percent of total loans, at June 30, 2026. See the “Credit Quality” section below for more details.
• Non-Interest Income: Non-interest income increased $5.0 million to $78.7 million for the third quarter 2026 as compared to the second quarter 2026 largely due to a $6.4 million increase in other income primarily driven by recovery income from legal settlements and net valuation gains on certain fintech investments at September 30, 2026. Wealth management and trust fees also increased $4.5 million mainly due to a higher volume of transaction-related tax credit advisory fees. These increases were partially offset by lower bank owned life insurance and capital markets income.
• Non-Interest Expense: Non-interest expense decreased $1.2 million to $310.0 million for the third quarter 2026 as compared to the second quarter 2026. The overall decrease was largely driven by a $4.4 million decline in professional and legal fees due to lower business transformation-related consulting fees during the third quarter 2026, partially offset by higher amortization of tax credit investments. During the third quarter 2026, we recorded $3.1 million of merger related expenses (primarily reported within professional and legal fees and other expense) related to our pending acquisitions of Providence Financial Corporation (Providence) and Bluevine Inc. (Bluevine). See additional information below.
• Income Tax Expense: Income tax expense totaled $37.3 million and $49.6 million for the third and second quarters of 2026, respectively. Our effective tax rate was 15.3 percent for the third quarter 2026 as compared to 22.5 percent for the second quarter 2026. The decrease in income tax expense and the effective tax rate as compared to the linked second quarter 2026 was due to the availability and purchase of additional tax credits in excess of amounts previously anticipated during the third quarter 2026.
• Efficiency Ratio: Our efficiency ratio was 49.38 percent for the third quarter 2026 as compared to 52.11 percent and 53.37 percent for the second quarter 2026 and third quarter 2025, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures.
• Performance Ratios: Annualized return on average assets (ROAA), shareholders’ equity (ROAE) and tangible common shareholders’ equity (ROATCE) were 1.24 percent, 10.36 percent and 14.24 percent for the third quarter 2026, respectively. Annualized ROAA, ROAE, and ROATCE, adjusted for non-core income and charges, were 1.24 percent, 10.36 percent and 14.24 percent for the third quarter 2026, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures.
  
  

On August 25, 2026, Valley announced that it will acquire Providence, and its principal subsidiary, Providence Bank & Trust headquartered in South Holland, Illinois. We believe the acquisition of this high-performing commercial bank, with $1.6 billion in total assets and a 14-branch network as of June 30, 2026, will provide an established physical delivery channel in the Chicagoland area to supplement Valley’s existing commercial presence in the market. The acquisition is expected to close in early 2027, subject to standard regulatory approvals, approval of Providence’s shareholders, and the satisfaction or waiver of other customary closing conditions.

On September 28, 2026, Valley also announced that it will acquire Bluevine, a leading nationwide digital banking platform for small businesses headquartered in Jersey City, New Jersey. Upon closing, Bluevine will bring Valley a scaled, high-growth digital small business platform; low-cost, digitally-sourced deposit relationships; and an established suite of integrated banking, payments, lending and financial-management solutions designed for small businesses across the country. The acquisition is expected to close in early 2027, subject to standard regulatory approvals, and the satisfaction or waiver of other customary closing conditions.

Net Interest Income and Margin

Net interest income on a tax equivalent basis of $506.8 million for the third quarter 2026 increased $18.4 million and $59.3 million compared to the second quarter 2026 and the third quarter 2025, respectively. Interest income on a tax equivalent basis increased $27.8 million to $858.5 million for the third quarter 2026 as compared to the second quarter 2026. The increase was primarily due to higher yields on adjustable interest rate loans, the origination of higher-yielding loans within the C&I and CRE loan portfolios, an overall increase in average loan balances and one additional day during the third quarter 2026 as compared to the second quarter 2026. Total interest expense increased $9.4 million to $351.7 million for the third quarter 2026 as compared to the second quarter 2026 mainly due to an increase in average time deposits during the third quarter 2026, as well as the higher cost of certain non-maturity deposits. See the “Deposits” and “Other Borrowings” sections below for more details.

Net interest margin on a tax equivalent basis of 3.28 percent for the third quarter 2026 increased 8 basis points from 3.20 percent for the second quarter 2026 and 23 basis points from 3.05 percent for the third quarter 2025. The yield on average interest earning assets increased by 11 basis points to 5.55 percent on a linked quarter basis largely due to the higher yields on new loan originations during the third quarter 2026 and upward repricing of adjustable interest rate loans. The overall cost of average interest bearing liabilities increased by 6 basis points to 3.16 percent for the third quarter 2026 as compared to the second quarter 2026 mostly due to the higher cost of both non-maturity and time deposits. Our cost of total average deposits was 2.33 percent for the third quarter 2026 as compared to 2.28 percent and 2.69 percent for the second quarter 2026 and third quarter 2025, respectively.

Loans, Deposits and Other Borrowings

Loans. Total loans increased $722.7 million, or 5.5 percent on an annualized basis, to $53.2 billion at September 30, 2026 from June 30, 2026. C&I loans increased $363.0 million, or 12.1 percent on an annualized basis, to $12.3 billion at September 30, 2026 from June 30, 2026, primarily driven by new originations from relationship-driven small to midsize clients across several markets, with particularly strong loan production in New York, Florida, California, and Arizona. Total CRE (including construction) loans increased $343.5 million to $30.7 billion at September 30, 2026 from June 30, 2026 due, in large part, to continued momentum in new owner occupied CRE loan originations from our healthcare vertical and the Florida market, as well as an uptick in construction loan advances primarily in New York and Florida. Non-owner occupied loans decreased $145.7 million from June 30, 2026 mainly due to our continued targeted runoff of transactional/non-relationship loans, which outpaced limited new originations in this category during the third quarter 2026. Residential mortgage loans increased $101.5 million from June 30, 2026 mainly due to continued retention of most new loan origination activity and the modest levels of prepayments. Total consumer loans decreased $85.3 million from June 30, 2026 primarily due to a $118.1 million decrease in automobile loans as normal loan repayments outpaced consumer demand which was constrained by several factors, including gasoline prices and the high level of market interest rates.

Deposits. Actual ending balances for deposits increased $1.1 billion to $55.2 billion at September 30, 2026 from June 30, 2026 mainly due to a $730.9 million increase in the savings, NOW and money market deposits category and a $482.1 million increase in time deposits, partially offset by a $102.8 million decline in non-interest bearing deposits. The increase in savings, NOW and money market deposits from June 30, 2026 was mostly attributable to inflows from our commercial banking customers, partially offset by lower indirect customer money market deposit balances. The increase in time deposits was largely driven by higher indirect customer CD balances and deposits generated from our targeted retail CD offerings. Total indirect customer deposits (consisting of both brokered time and money market deposits) totaled $5.3 billion at both September 30, 2026 and June 30, 2026. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 23 percent, 53 percent and 24 percent of total deposits at both September 30, 2026 and June 30, 2026.

Other Borrowings. Short-term borrowings decreased $383.2 million to $50.3 million at September 30, 2026 from June 30, 2026 mainly due to maturity and repayment of $375 million of short-term FHLB advances during the third quarter 2026. Long-term borrowings totaled $2.6 billion at September 30, 2026 and remained relatively unchanged as compared to June 30, 2026.

Credit Quality

Non-Performing Assets (NPAs). NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, increased $46.0 million to $513.8 million at September 30, 2026 from June 30, 2026. Non-accrual loans increased $48.8 million to $511.4 million, or 0.96 percent of total loans, at September 30, 2026 as compared to $462.6 million, or 0.88 percent of total loans, at June 30, 2026. The increase was primarily attributable to a $30.1 million construction loan that was placed on non-accrual status during the third quarter 2026, as well as higher levels of non-accrual C&I loans. The $30.1 million construction loan is considered well-secured and did not require a specific reserve within our allowance for credit losses for loans at September 30, 2026 based upon the estimated value of the underlying collateral. Non-accrual CRE loans decreased $3.0 million to $253.1 million at September 30, 2026 from June 30, 2026, primarily reflecting repayments and partial charge-offs, partially offset by the migration of three CRE loans previously reported as loans 30 to 59 days past due at June 30, 2026 to non-accrual status during the third quarter 2026.

Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) decreased $25.7 million to $154.5 million, or 0.29 percent of total loans, at September 30, 2026 as compared to $180.2 million, or 0.34 percent of total loans, at June 30, 2026.

Loans 30 to 59 days past due decreased $41.7 million to $109.3 million at September 30, 2026 as compared to June 30, 2026 primarily due to the migration of three CRE loans totaling $24.7 million, net of partial charge-offs of $9.1 million during the third quarter 2026, to non-accrual loans at September 30, 2026, as well as lower residential mortgage loan delinquencies. Loans 60 to 89 days past due increased $14.8 million to $27.9 million at September 30, 2026 as compared to June 30, 2026 mainly due to one CRE loan relationship totaling $10.9 million and higher residential mortgage loans delinquencies. Loans 90 days or more past due and still accruing interest increased $1.3 million to $17.3 million at September 30, 2026 as compared to June 30, 2026 largely due to the third quarter 2026 migration of a $4.0 million CRE loan previously reported in the 30 to 59 days past due delinquency category at June 30, 2026, partially offset by lower residential mortgage and C&I loans delinquencies. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.

Allowance for Credit Losses for Loans and Unfunded Commitments. The following table summarizes the allocation of the allowance for credit losses to loan categories and the allocation as a percentage of each loan category at September 30, 2026, June 30, 2026, and September 30, 2025:

Our loan portfolio, totaling $53.2 billion at September 30, 2026, had net loan charge-offs totaling $37.1 million for the third quarter 2026 as compared to $22.0 million and $14.6 million for the second quarter 2026 and the third quarter 2025, respectively. Gross loan charge-offs totaled $40.1 million for the third quarter 2026 and included (i) an $11.6 million partial charge-off of a C&I loan with $2.0 million of allocated reserves within our allowance for credit losses for loans at September 30, 2026 and (ii) partial charge-offs totaling $9.1 million related to the aforementioned three non-accrual CRE loans totaling $24.7 million, net of the charge-offs, with no related allocated reserves within our allowance for credit losses for loans at September 30, 2026.

The allowance for credit losses for loans, comprised of our allowance for loan losses and unfunded credit commitments, as a percentage of total loans was 1.13 percent at September 30, 2026, 1.16 percent at June 30, 2026, and 1.21 percent at September 30, 2025. For the third quarter 2026, the provision for credit losses for loans totaled $30.7 million as compared to $29.2 million and $19.2 million for the second quarter 2026 and third quarter 2025, respectively. The third quarter 2026 provision was mainly impacted by increases in (i) the economic forecast component of our reserve, (ii) non-economic qualitative reserves and (iii) specific reserves associated with certain collateral dependent loans, partially offset by (iv) a decline in quantitative reserves largely within certain CRE loan categories, including construction loans, at September 30, 2026.

Capital Adequacy

Valley’s total risk-based capital, Tier 1 capital, common equity tier 1 capital, and Tier 1 leverage capital ratios were 13.70 percent, 11.36 percent, 10.71 percent and 9.54 percent, respectively, at September 30, 2026 as compared to 13.77 percent, 11.37 percent, 10.71 percent and 9.49 percent, respectively, at June 30, 2026. During the third quarter 2026, we repurchased 2.5 million shares of our common stock at an average price of $13.86 under our current stock repurchase plan.

Investor Conference Call

Valley’s CEO, Ira Robbins, will host a conference call on Thursday, October 22, 2026 at 8:30 AM (ET) to discuss Valley’s third quarter 2026 earnings and related matters. Interested parties should pre-register using this link: https://register-conf.media-server.com/register to receive the dial-in number and a personal PIN, which are required to access the conference call. The teleconference will also be webcast live: https://edge.media-server.com/ and archived on Valley’s website through Monday, November 23, 2026. Investor presentation materials will be made available prior to the conference call at www.valley.com.

About Valley

As the principal subsidiary of Valley National Bancorp (NASDAQ: VLY), Valley National Bank is a regional financial institution with over $67 billion in assets. Founded in 1927, Valley has more than 220 branch locations and commercial offices nationwide and serves clients across New Jersey, New York, Florida, Alabama, California, Illinois, Pennsylvania and Arizona. Valley delivers a full range of consumer, commercial, and wealth management solutions designed to support everything from homeownership and business growth to long-term financial planning. Big enough to support complex financial needs and small enough to stay deeply connected, Valley is grounded in a relationship-led approach focused on understanding people first. That same relationship-led approach guides Valley’s commitment to community investment and responsible corporate citizenship. To learn more, visit www.valley.com or call the Valley Customer Care Center at 800-522-4100.

Forward-Looking Statements

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about our business, new and existing programs and products, the Transactions (as defined below) and other mergers or acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by forward-looking terminology such as “intend,” “should,” “expect,” “believe,” “position,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “would,” “could,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated in these forward-looking statements include, but are not limited to:

• risks and uncertainties relating to Valley’s pending acquisitions of Providence and Bluevine (together, the “Transactions”), including, but not limited to: the possibility that the Transactions may not be completed when expected or at all, including as a result of delays in obtaining, or the failure to obtain, required regulatory or other approvals or the failure to satisfy other closing conditions, including approval by Providence shareholders; the occurrence of any event that could give rise to the right of any party to terminate the merger or other agreement; the possibility that the anticipated benefits of the Transactions, including potential cost savings, synergies, and earnings accretion, will not be realized when expected or at all; the possibility that the Transactions may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management and attention from ongoing business operations; costs or difficulties relating to integration matters might be greater than expected; the inability to retain customers and qualified employees of Providence and Bluevine; potential business disruption or adverse reactions or changes to business, customer or employee relationships as a result of the Transactions; and changes in estimates of non-recurring charges related to the Transactions;
• the impact of market interest rates and monetary and fiscal policies of the U.S. federal government and its agencies in connection with prolonged inflationary pressures, which could have a material adverse effect on our clients, our business, our employees, and our ability to provide services to our customers;
• the impact of unfavorable macroeconomic conditions or downturns, including instability or volatility in financial markets resulting from the impact of tariffs/import fees and other trade policies and practices, any retaliatory actions, changes in energy commodity prices, related market uncertainty, or other factors; U.S. government debt default or rating downgrade; unanticipated loan delinquencies; loss of collateral; decreased service revenues; increased business disruptions or failures; reductions in employment; and other potential negative effects on our business, employees or clients caused by factors outside of our control, such as new legislation and policy changes under the current U.S. presidential administration, any shutdown of the U.S. federal government, geopolitical instabilities or events, including ongoing conflicts in the Middle East, natural and other disasters, including severe weather events and other climate-related risks, health emergencies, acts of terrorism, or other external events;
• the impact of any potential instability within the U.S. financial sector or future bank failures, including the possibility of a run on deposits by a coordinated deposit base, and the impact of any actual or perceived concerns regarding the soundness, or creditworthiness, of other financial institutions, including any resulting disruption within the financial markets, increased expenses, including FDIC insurance assessments, or adverse impact on our stock price, deposits or our ability to borrow or raise capital;
• the impact of negative public opinion regarding Valley or banks in general that damages our reputation and adversely impacts business and revenues;
• changes in the statutes, regulations, policies, enforcement priorities, or composition of the federal bank regulatory agencies;
• the loss of or decrease in lower-cost funding sources within our deposit base;
• investigations, damage verdicts, settlements or restrictions related to existing or potential class action litigation or individual litigation arising from claims of violations of laws or regulations, contractual claims, breach of fiduciary responsibility, negligence, fraud, environmental laws, patent, trademark or other intellectual property infringement, misappropriation or other violation, employment-related claims, and other matters;
• a prolonged downturn and contraction in the economy, as well as any decline in commercial real estate values collateralizing a significant portion of our loan portfolio;
• higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations, and case law;
• the inability to grow customer deposits to keep pace with the level of loan growth;
• a material change in our allowance for credit losses due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios;
• the need to supplement debt or equity capital to maintain or exceed internal capital thresholds;
• changes in our business, strategy, market conditions or other factors that may negatively impact the estimated fair value of our goodwill and other intangible assets and result in future impairment charges;
• greater than expected technology-related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations;
• increased competitive challenges and competitive pressure on pricing of our products and services;
• our ability to stay current with rapid technological changes and evolving legal and regulatory requirements in the financial services industry, including developments relating to the use of artificial intelligence, blockchain, and related regulatory developments, as well as our ability to effectively assess and monitor the effects of, and risks associated with, the implementation and use of such technology;
• cyberattacks, ransomware attacks, computer viruses, malware or other cybersecurity incidents that may breach the security of our or our third-party service providers’ websites or other systems or networks to obtain unauthorized access to personal, confidential, proprietary or sensitive information, destroy data, disable or degrade service, or sabotage our systems or networks, and the increasing sophistication of such attacks and use of targeted tactics against the financial services industry;
• any disruption of our systems and network, or those of our third-party service providers, resulting from events that are wholly or partially beyond our control, including, for example, electrical, telecommunications, or other major service outages, or actions by employees, which may give rise to financial loss or liability;
• results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank, the Consumer Financial Protection Bureau and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities;
• application of heightened regulatory standards for certain large insured national banks, and the expenses we will incur to develop policies, programs, and systems that comply with the enhanced standards applicable to us;
• our inability or determination not to pay dividends at current levels, or at all, because of inadequate earnings, regulatory restrictions or limitations, changes in our capital requirements, or a decision to increase capital by retaining more earnings;
• unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather and other climate-related risks, pandemics or other public health crises, acts of terrorism or other external events;
• our ability to successfully execute our business plan and strategic initiatives; and
• unexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, risk mitigation strategies, changes in regulatory lending guidance or other factors.
  
  

A detailed discussion of factors that could affect our results is included in our SEC filings, including Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025.

We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.