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Operating Segments
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Operating Segments Operating SegmentsPrior to the second quarter 2022, Valley operated as four reportable segments: Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments. Valley re-evaluated its segment reporting during the second quarter 2022 to consider the Bank Leumi USA acquisition on April 1, 2022 along with other factors, including changes in the internal structure of operations, discrete financial information reviewed by key decision-makers, balance sheet management strategies and personnel. As a result, Valley determined it operated reportable segments consisting of Consumer Lending, Commercial Lending and Treasury and Corporate Other at June 30, 2022. Treasury and Corporate Other was reorganized to consolidate Treasury and other corporate-wide functions, including the Treasury managed investment securities portfolios and overnight interest earning cash balances formerly reported under Investment Management. The discrete financial information related to the activities previously reported in the Investment Management segment is no longer provided to Valley's CEO, who is the chief operating decision maker. Each operating segment is reviewed routinely for its asset growth, contribution to income before income taxes and return on average interest earning assets and impairment (if events or circumstances indicate a possible inability to realize the carrying amount). Valley regularly assesses its strategic plans, operations, and reporting structures to identify its reportable segments.
Consumer Lending is mainly comprised of residential mortgages and automobile loans, and to a lesser extent, secured personal lines of credit, home equity loans and other consumer loans. The duration of the residential mortgage loan portfolio is subject to movements in the market level of interest rates and forecasted prepayment speeds. The average weighted life of the automobile loans within the portfolio is relatively unaffected by movements in the market level of interest rates. However, the average life may be impacted by new loans as a result of the availability of credit within the automobile marketplace and consumer demand for purchasing new or used automobiles. Consumer Lending also includes the Wealth Management and Insurance Services Division, comprised of trust, asset management, brokerage, insurance and tax credit advisory services.

Commercial Lending is comprised of floating rate and adjustable rate commercial and industrial loans and construction loans, as well as fixed rate owner occupied and commercial real estate loans. Due to the portfolio’s interest rate characteristics, commercial lending is Valley’s operating segment that is most sensitive to movements in market interest rates.

Treasury and Corporate Other largely consists of the Treasury managed held to maturity debt securities and available for sale debt securities portfolios mainly utilized in the liquidity management needs of our lending segments and income and expense items resulting from support functions not directly attributable to a specific segment. Interest income is generated through investments in various types of securities (mainly comprised of fixed rate securities) and interest-bearing deposits with other banks (primarily the Federal Reserve Bank of New York). Expenses related to the branch network, all other components of retail banking, along with the back office departments of the Bank are allocated from Treasury and Corporate Other to the Consumer Lending and Commercial Lending segments. Interest expense and internal transfer expense (for general corporate expenses) are allocated to each operating segment utilizing a transfer pricing methodology, which involves the allocation of operating and funding costs based on each segment's respective mix of average earning assets and or liabilities outstanding for the period.

The financial reporting for each segment contains allocations and reporting in line with Valley’s operations, which may not necessarily be comparable to any other financial institution. The accounting for each segment includes internal accounting policies designed to measure consistent and reasonable financial reporting and may result in income and expense measurements that differ from amounts under U.S. GAAP. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data. The prior period balances presented in the tables below reflect reclassifications to conform the presentation in those periods to the current operating segment structure. Valley's consolidated results were not impacted by the changes discussed above and remain unchanged for all periods presented.
The following tables represent the financial data for Valley’s operating segments for the three and six months ended June 30, 2022 and 2021:
 Three Months Ended June 30, 2022
 Consumer
Lending		Commercial
Lending		Treasury and Corporate OtherTotal
 ($ in thousands)
Average interest earning assets
$7,967,305 $34,549,982 $6,373,943$48,891,230 
Interest income$63,137 $352,440 $37,370$452,947 
Interest expense4,723 19,735 10,32934,787 
Net interest income58,414 332,705 27,041418,160 
Provision for credit losses5,402 38,310 28643,998 
Net interest income after provision for credit losses53,012 294,395 26,755374,162 
Non-interest income17,086 14,425 27,02258,533 
Non-interest expense18,791 24,448 256,491299,730 
Internal transfer expense (income)37,629 157,365 (194,994)— 
Income (loss) before income taxes$13,678 $127,007 $(7,720)$132,965 
Return on average interest earning assets (pre-tax)
0.69 %1.47 %(0.48)%1.09 %
 Three Months Ended June 30, 2021
 Consumer
Lending		Commercial
Lending		Treasury and Corporate OtherTotal
 ($ in thousands)
Average interest earning assets
$7,150,137 $25,485,161 $5,272,116$37,907,414 
Interest income$59,419 $255,895 $18,334$333,648 
Interest expense5,192 18,467 9,08232,741 
Net interest income54,227 237,428 9,252300,907 
Provision (credit) for credit losses711 8,066 (30)8,747 
Net interest income after provision for credit losses53,516 229,362 9,282292,160 
Non-interest income21,915 9,819 11,39243,126 
Non-interest expense19,792 27,241 124,860171,893 
Internal transfer expense (income)19,862 71,207 (91,069)— 
Income (loss) before income taxes$35,777 $140,733 $(13,117)$163,393 
Return on average interest earning assets (pre-tax)
2.00 %2.21 %(1.00)%1.72 %
 Six Months Ended June 30, 2022
 Consumer
Lending		Commercial
Lending		Treasury and Corporate OtherTotal
 ($ in thousands)
Average interest earning assets
$7,848,764 $30,743,387 $6,017,817$44,609,968 
Interest income$122,596 $610,346 $60,463$793,405 
Interest expense7,930 31,062 18,58457,576 
Net interest income (loss)114,666 579,284 41,879735,829 
Provision for credit losses7,275 39,937 34347,555 
Net interest income (loss) after provision for credit losses
107,391 539,347 41,536688,274 
Non-interest income30,903 31,305 35,59597,803 
Non-interest expense35,359 49,533 412,178497,070 
Internal transfer expense (income)66,276 257,281 (323,557)— 
Income (loss) before income taxes$36,659 $263,838 $(11,490)$289,007 
Return on average interest earning assets (pre-tax)
0.93 %1.72 %(0.38)%1.30 %

 Six Months Ended June 30, 2021
 Consumer
Lending		Commercial
Lending		Treasury and Corporate OtherTotal
 ($ in thousands)
Average interest earning assets
$7,099,973 $25,509,061 $5,039,222$37,648,256 
Interest income$120,264 $508,231 $36,951$665,446 
Interest expense11,607 41,702 18,56371,872 
Net interest income108,657 466,529 18,388593,574 
(Credit) provision for credit losses(1,924)19,715 (388)17,403 
Net interest income after provision for credit losses110,581 446,814 18,776576,171 
Non-interest income35,600 17,533 21,22674,359 
Non-interest expense39,641 52,772 239,693332,106 
Internal transfer expense (income)39,364 141,790 (181,154)— 
Income (loss) before income taxes$67,176 $269,785 $(18,537)$318,424 
Return on average interest earning assets (pre-tax)
1.89 %2.12 %(0.74)%1.69 %