Operating Segments (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Financial Data for Business Segments

The following tables represent the financial data for Valley’s operating segments for the years ended December 31, 2022, 2021and 2020:

	Year Ended December 31, 2022
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets (unaudited)	$	8,133,665		$	33,796,688		$	6,137,028		$	48,067,381
Interest income	$	272,295		$	1,556,182		$	148,206		$	1,976,683
Interest expense	48,843			202,948			69,252			321,043
Net interest income	223,452			1,353,234			78,954			1,655,640
Provision for credit losses	20,880			35,456			481			56,817
Net interest income after provision for credit losses	202,572			1,317,778			78,473			1,598,823
Non-interest income	56,506			79,695			70,592			206,793
Non-interest expense	73,105			118,919			832,925			1,024,949
Internal transfer expense (income)	121,220			491,507			(612,727)			—
Income before income taxes	$	64,753		$	787,047		$	(71,133)		$	780,667
Return on average interest earning assets (pre-tax) (unaudited)	0.80		%	2.33		%	(1.16)		%	1.62		%

	Year Ended December 31, 2021
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			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		$	76,837		$	1,334,226
Interest expense	19,117			67,265			37,943			124,325
Net interest income	219,598			951,409			38,894			1,209,901
(Credit) provision for credit losses	(6,807)			39,703			(263)			32,633
Net interest income after provision for credit losses	226,405			911,706			39,157			1,177,268
Non-interest income	72,063			35,600			47,350			155,013
Non-interest expense	78,853			108,577			504,112			691,542
Internal transfer expense (income)	81,423			286,335			(367,758)			—
Income (loss) before income taxes	$	138,192		$	552,394		$	(49,847)		$	640,739
Return on average interest earning assets (pre-tax) (unaudited)	1.90		%	2.16		%	(0.92)		%	1.68		%

	Year Ended December 31, 2020
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			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		$	98,727		$	1,383,719
Interest expense	47,712			164,075			53,028			264,815
Net interest income	209,484			863,721			45,699			1,118,904
Provision for credit losses	11,502			113,585			635			125,722
Net interest income after provision for credit losses	197,982			750,136			45,064			993,182
Non-interest income	81,499			64,783			36,750			183,032
Non-interest expense	77,582			98,710			469,856			646,148
Internal transfer expense (income)	77,835			267,588			(345,423)			—
Income (loss) before income taxes	$	124,064		$	448,621		$	(42,619)		$	530,066
Return on average interest earning assets (pre-tax) (unaudited)	1.73		%	1.82		%	(0.82)		%	1.43		%