Business Segments (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Financial Data for Business Segments

The following tables represent the financial data for Valley’s four business segments for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31, 2021
	Consumer Lending			Commercial Lending			Investment Management			Corporate and Other Adjustments		Total
	($ in thousands)
Average interest earning assets	$	7,049,252		$	25,533,227		$	4,803,740		$	—	$	37,386,219
Interest income	$	60,845		$	252,336		$	19,509		$	(892)	$	331,798
Interest expense	6,415			23,235			4,371			5,110		39,131
Net interest income (loss)	54,430			229,101			15,138			(6,002)		292,667
(Credit) provision for credit losses	(2,635)			11,676			(385)			—		8,656
Net interest income (loss) after provision for credit losses	57,065			217,425			15,523			(6,002)		284,011
Non-interest income	13,685			7,713			2,331			7,504		31,233
Non-interest expense	19,849			25,531			1,777			113,056		160,213
Internal transfer expense (income)	19,502			70,555			13,277			(103,334)		—
Income (loss) before income taxes	$	31,399		$	129,052		$	2,800		$	(8,220)	$	155,031
Return on average interest earning assets (pre-tax)	1.78		%	2.02		%	0.23		%	N/A		1.66		%

	Three Months Ended March 31, 2020
	Consumer Lending			Commercial Lending			Investment Management			Corporate and Other Adjustments		Total
	($ in thousands)
Average interest earning assets	$	7,217,144		$	22,782,284		$	4,674,647		$	—	$	34,674,075
Interest income	$	68,255		$	264,875		$	31,769		$	(1,106)	$	363,793
Interest expense	19,700			62,186			12,760			3,808		98,454
Net interest income (loss)	48,555			202,689			19,009			(4,914)		265,339
Provision for credit losses	6,785			27,139			759			—		34,683
Net interest income (loss) after provision for credit losses	41,770			175,550			18,250			(4,914)		230,656
Non-interest income	14,677			15,599			3,142			7,979		41,397
Non-interest expense	19,871			24,158			387			111,240		155,656
Internal transfer expense (income)	20,335			64,196			13,175			(97,706)		—
Income (loss) before income taxes	$	16,241		$	102,795		$	7,830		$	(10,469)	$	116,397
Return on average interest earning assets (pre-tax)	0.90		%	1.80		%	0.67		%	N/A		1.34		%