Business Combinations (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Assets Acquired and Liabilities Assumed in Acquisition

The following table sets forth assets acquired, and liabilities assumed in the Westchester acquisition, at their estimated fair values as of the closing date of the transaction:

	December 1, 2021
	($ in thousands)
Assets acquired:
Cash and cash equivalents	$	332,221
Held to maturity debt securities	9,197
Loans, net	908,023
Premises and equipment	1,356
Right of use asset	5,873
Bank owned life insurance	28,756
Accrued interest receivable	2,179
Goodwill	63,469
Other intangible assets	8,130
Other assets	22,861
Total assets acquired	$	1,382,065
Liabilities assumed:
Deposits:
Non-interest bearing	$	434,780
Savings, NOW and money market	636,569
Time deposits	90,635
Total deposits	1,161,984
Lease liabilities	5,873
Accrued expense and other liabilities	3,074
Total liabilities assumed	$	1,170,931
Common stock issued in acquisition	$	211,134

Financing Receivable, Purchased With Credit Deterioration

The following table provides a reconciliation of the difference between the purchase price and the par value of the PCD loans acquired from Westchester:

	December 1, 2021
	($ in thousands)
Purchase price of PCD loans	$	346,883
Allowance for credit losses at acquisition	6,542
Non-credit discount at acquisition	8,457
Par value of acquired PCD loans	$	361,882

Business Acquisition, Pro Forma Information

Had the acquisition of Oritani taken place in the beginning of 2019. Valley’s revenues (defined as the sum of net interest income and non-interest income), net income, basic earnings per share, and diluted earnings per share would have equaled the amounts indicated in the following table for the year ended December 31, 2019:

	2019
(in thousands, except per share data)	Unaudited
Revenues	$	1,219,887
Net income	361,079
Basic earnings per share	0.86
Diluted earnings per share	0.85