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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Change in Projected Benefit Obligation, Change in Fair Value of Plan Assets, and Funded Status of the Plan
The following table sets forth the change in the projected benefit obligation, the change in fair value of plan assets and the funded status and amounts recognized in Valley’s consolidated financial statements for the qualified and non-qualified plans at December 31, 2021 and 2020: 
20212020
 (in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year$190,849 $175,405 
Interest cost3,510 4,941 
Actuarial loss (5,418)18,813 
Benefits paid(8,737)(8,310)
Projected benefit obligation at end of year$180,204 $190,849 
Change in fair value of plan assets:
Fair value of plan assets at beginning of year$260,651 $236,621 
Actual return on plan assets25,057 30,987 
Employer contributions1,449 1,353 
Benefits paid(8,737)(8,310)
Fair value of plan assets at end of year*$278,420 $260,651 
Funded status of the plan
Asset recognized$98,216 $69,802 
Accumulated benefit obligation180,204 190,849 
*    Includes accrued interest receivable of $783 thousand and $623 thousand as of December 31, 2021 and 2020, respectively.
Components of Accumulated Other Comprehensive Loss
Amounts recognized as a component of accumulated other comprehensive loss as of year-end that have not been recognized as a component of the net periodic pension expense for Valley’s qualified and non-qualified plans are presented in the following table. Valley expects to recognize approximately $698 thousand of the net actuarial loss reported in the following table as of December 31, 2021 as a component of net periodic pension expense during 2022. 
20212020
 (in thousands)
Net actuarial loss$34,623 $50,272 
Prior service cost286 321 
Deferred tax benefit(9,703)(14,132)
Total$25,206 $36,461 
Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets for Non-Qualified Plans
The non-qualified plans had a projected benefit obligation, accumulated benefit obligation, and fair value of plan assets as follows: 
20212020
 (in thousands)
Projected benefit obligation$18,911 $20,513 
Accumulated benefit obligation18,911 20,513 
Fair value of plan assets— — 
Components of Net Periodic Pension Income for Qualified and Non-Qualified Plans
The net periodic pension income for the qualified and non-qualified plans reported within other non-interest expense included the following components for the years ended December 31, 2021, 2020 and 2019: 
202120202019
 (in thousands)
Interest cost$3,510 $4,941 $6,113 
Expected return on plan assets(16,364)(17,200)(16,453)
Amortization of net loss1,538 1,003 264 
Total net periodic pension income$(11,316)$(11,256)$(10,076)
Qualified and Non-Qualified Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)
Other changes in the qualified and non-qualified plan assets and benefit obligations recognized in other comprehensive (loss) income for the years ended December 31, 2021 and 2020 were as follows: 
20212020
 (in thousands)
Net (gain) loss $(14,381)$4,754 
Amortization of prior service cost135 136 
Amortization of actuarial loss(1,538)(1,003)
Total recognized in other comprehensive (loss) income$(15,784)$3,887 
Total recognized in net periodic pension income and other comprehensive
 (loss) income (before tax)
$(26,965)$(7,233)
Schedule of Expected Future Benefit Payments
The benefit payments, which reflect expected future service, as appropriate, expected to be paid in future years are presented in the following table: 
YearAmount
 (in thousands)
2022$9,043 
20239,319 
20249,533 
20259,800 
20269,928 
Thereafter49,629 
Assumptions Used to Determine Pension Expense
The weighted average discount rate, expected long-term rate of return on assets and rate of compensation increase used in determining Valley’s pension expense for the years ended December 31, 2021, 2020 and 2019 were as follows: 
202120202019
Discount rate - projected benefit obligation2.50 %3.29 %4.30 %
Discount rate - interest cost1.88 %2.62 %3.99 %
Expected long-term return on plan assets6.75 %7.50 %7.50 %
Rate of compensation increaseN/AN/AN/A
Fair Value Measurements
The following table presents the qualified plan weighted-average asset allocations by asset category that are measured at fair value on a recurring basis by level within the fair value hierarchy under ASC Topic 820. Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. See Note 3 for further details regarding the fair value hierarchy. 
   Fair Value Measurements at Reporting Date Using:
 % of Total
Investments
December 31, 2021Quoted Prices
in Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
 ($ in thousands)
Assets:
Investments:
Mutual funds28 %$79,462 $79,462 $— $— 
Corporate bonds23 64,715 — 64,715 — 
U.S. Treasury securities22 59,931 59,931 — — 
Equity securities21 57,987 57,987 — — 
U.S. government agency securities10,590 — 10,590 — 
Cash and money market funds4,952 4,952 — — 
Total investments100 %$277,637 $202,332 $75,305 $— 
   Fair Value Measurements at Reporting Date Using:
 % of Total
Investments
December 31, 2020Quoted Prices
in Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
 ($ in thousands)
Assets:
Investments:
Mutual funds18 %$48,041 $48,041 $— $— 
Corporate bonds20 51,410 — 51,410 — 
U.S. Treasury securities20 52,549 52,549 — — 
Equity securities37 94,434 94,434 — — 
U.S. government agency securities8,174 — 8,174 — 
Cash and money market funds5,420 5,420 — — 
Total investments100 %$260,028 $200,444 $59,584 $— 
Changes in RSUs Outstanding
The following table sets forth the changes in RSUs outstanding for the years ended December 31, 2021, 2020 and 2019: 
Restricted Stock Units Outstanding
 202120202019
Outstanding at beginning of year3,228,659 2,158,255 1,378,886 
Granted1,999,376 2,030,026 1,412,941 
Vested(1,239,797)(879,085)(500,204)
Forfeited(98,482)(80,537)(133,368)
Outstanding at end of year3,889,756 3,228,659 2,158,255 
Changes in Restricted Stock Awards Outstanding
The following table sets forth the changes in restricted stock awards outstanding for the years ended December 31, 2021, 2020 and 2019: 
Restricted Stock Awards Outstanding
 202120202019
Outstanding at beginning of year413,701 1,058,681 1,720,968 
Vested(191,104)(610,607)(547,653)
Forfeited(8,689)(34,373)(114,634)
Outstanding at end of year213,908 413,701 1,058,681 
Stock Options Activity
The following table summarizes stock options activity as of December 31, 2021, 2020 and 2019 and changes during the years ended on those dates: 
 202120202019
Weighted
Average
Exercise
Weighted
Average
Exercise
Weighted
Average
Exercise
Stock OptionsSharesPriceSharesPriceSharesPrice
Outstanding at beginning of year2,986,347 $3,453,516 $1,051,787 $
Acquired in business combinations— — — — 3,130,171 
Exercised(2,768,792)(249,308)(716,920)
Forfeited or expired— — (217,861)11 (11,522)
Outstanding at end of year217,555 2,986,347 3,453,516 
Exercisable at year-end217,555 2,986,347 3,339,517 
Stock Options Outstanding and Exercisable
The following table summarizes information about stock options outstanding and exercisable at December 31, 2021: 
Options Outstanding and Exercisable
Range of Exercise PricesNumber of OptionsWeighted Average
Remaining Contractual
Life in Years
Weighted Average
Exercise Price
$2-4
1,830 1.0$
4-6
50,892 4.1
6-8
107,233 5.2
8-10
32,000 6.310 
10-12
25,600 6.710 
217,555 5.2