Business Segments (Tables)

12 Months Ended

Dec. 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 years ended December 31, 2021, 2020 and 2019:

	Year Ended December 31, 2021
	Consumer Lending			Commercial Lending			Investment Management			Corporate and Other Adjustments		Total
	($ in thousands)
Average interest earning assets (unaudited)	$	7,262,808		$	25,554,177		$	5,410,830		$	—	$	38,227,815
Interest income	$	238,715		$	1,018,674		$	80,051		$	(3,214)	$	1,334,226
Interest expense	19,117			67,265			14,243			23,700		124,325
Net interest income (loss)	219,598			951,409			65,808			(26,914)		1,209,901
(Credit) provision for credit losses	(6,807)			39,703			(263)			—		32,633
Net interest income (loss) after provision for credit losses	226,405			911,706			66,071			(26,914)		1,177,268
Non-interest income	72,063			35,600			10,575			36,775		155,013
Non-interest expense	78,853			108,577			3,632			500,480		691,542
Internal transfer expense (income)	81,423			286,335			60,573			(428,331)		—
Income (loss) before income taxes	$	138,192		$	552,394		$	12,441		$	(62,288)	$	640,739
Return on average interest earning assets (pre-tax) (unaudited)	1.90		%	2.16		%	0.23		%	N/A		1.68		%

	Year Ended December 31, 2020
	Consumer Lending			Commercial Lending			Investment Management			Corporate and Other Adjustments		Total
	($ in thousands)
Average interest earning assets (unaudited)	$	7,160,793		$	24,625,066		$	5,225,074		$	—	$	37,010,933
Interest income	$	257,196		$	1,027,796		$	102,883		$	(4,156)	$	1,383,719
Interest expense	47,712			164,075			34,814			18,214		264,815
Net interest income (loss)	209,484			863,721			68,069			(22,370)		1,118,904
Provision for credit losses	11,502			113,585			635			—		125,722
Net interest income (loss) after provision for credit losses	197,982			750,136			67,434			(22,370)		993,182
Non-interest income	81,499			64,783			10,083			26,667		183,032
Non-interest expense	77,582			98,710			1,136			468,720		646,148
Internal transfer expense (income)	77,835			267,588			56,788			(402,211)		—
Income (loss) before income taxes	$	124,064		$	448,621		$	19,593		$	(62,212)	$	530,066
Return on average interest earning assets (pre-tax) (unaudited)	1.73		%	1.82		%	0.37		%	N/A		1.43		%

	Year Ended December 31, 2019
	Consumer Lending			Commercial Lending			Investment Management			Corporate and Other Adjustments		Total
	($ in thousands)
Average interest earning assets (unaudited)	$	6,891,462		$	19,343,791		$	4,340,277		$	—	$	30,575,530
Interest income	$	272,773		$	926,328		$	126,723		$	(4,824)	$	1,321,000
Interest expense	91,798			257,670			57,815			15,669		422,952
Net interest income (loss)	180,975			668,658			68,908			(20,493)		898,048
Provision for credit losses	6,688			17,530			—			—		24,218
Net interest income (loss) after provision for credit losses	174,287			651,128			68,908			(20,493)		873,830
Non-interest income	57,981			41,157			8,818			106,564		214,520
Non-interest expense	76,046			101,924			1,034			452,551		631,555
Internal transfer expense (income)	78,743			221,113			49,670			(349,526)		—
Income (loss) before income taxes	$	77,479		$	369,248		$	27,022		$	(16,954)	$	456,795
Return on average interest earning assets (pre-tax) (unaudited)	1.12		%	1.91		%	0.62		%	N/A		1.49		%