Operating Segments (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Financial Data for Business Segments

The following tables represent the financial data for Valley’s operating segments and Treasury and Corporate Other for the three and nine months ended September 30, 2023 and 2022:

	Three Months Ended September 30, 2023
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	8,941,112		$	41,078,302		$	6,783,151		$	56,802,565
Interest income	$	94,280		$	659,360		$	59,378		$	813,018
Interest expense	60,950			279,415			60,235			400,600
Net interest income	33,330			379,945			(857)			412,418
(Credit) provision for credit losses	(4,568)			13,715			(30)			9,117
Net interest income after provision for credit losses	37,898			366,230			(827)			403,301
Non-interest income	22,591			11,208			24,865			58,664
Non-interest expense	19,944			33,141			214,048			267,133
Internal transfer expense (income)	28,273			127,249			(155,522)			—
Income (loss) before income taxes	$	12,272		$	217,048		$	(34,488)		$	194,832
Return on average interest earning assets (pre-tax)	0.55		%	2.11		%	(2.03)		%	1.37		%

	Three Months Ended September 30, 2022
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	8,307,993		$	36,033,901		$	6,189,348		$	50,531,242
Interest income	$	70,590		$	425,930		$	40,208		$	536,728
Interest expense	12,288			53,294			17,154			82,736
Net interest income	58,302			372,636			23,054			453,992
Provision (credit) for credit losses	7,182			(5,347)			188			2,023
Net interest income after provision for credit losses	51,120			377,983			22,866			451,969
Non-interest income	19,637			23,510			13,047			56,194
Non-interest expense	24,352			31,759			205,528			261,639
Internal transfer expense (income)	26,268			113,932			(140,200)			—
Income (loss) before income taxes	$	20,137		$	255,802		$	(29,415)		$	246,524
Return on average interest earning assets (pre-tax)	0.97		%	2.84		%	(1.90)		%	1.95		%

	Nine Months Ended September 30, 2023
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	8,871,992		$	40,248,161		$	7,390,844		$	56,510,997
Interest income	$	270,198		$	1,853,839		$	196,670		$	2,320,707
Interest expense	159,154			722,009			171,341			1,052,504
Net interest income	111,044			1,131,830			25,329			1,268,203
Provision for credit losses	5,368			19,561			4,675			29,604
Net interest income after provision for credit losses	105,676			1,112,269			20,654			1,238,599
Non-interest income	62,410			41,316			69,312			173,038
Non-interest expense	61,416			104,229			656,625			822,270
Internal transfer expense (income)	81,174			361,239			(442,413)			—
Income (loss) before income taxes	$	25,496		$	688,117		$	(124,246)		$	589,367
Return on average interest earning assets (pre-tax)	0.38		%	2.28		%	(2.24)		%	1.39		%

	Nine Months Ended September 30, 2022
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	7,978,732		$	32,551,062		$	6,075,623		$	46,605,417
Interest income	$	193,186		$	1,036,276		$	100,671		$	1,330,133
Interest expense	20,218			84,356			35,738			140,312
Net interest income	172,968			951,920			64,933			1,189,821
Provision for credit losses	14,457			34,590			531			49,578
Net interest income after provision for credit losses	158,511			917,330			64,402			1,140,243
Non-interest income	50,540			54,815			48,642			153,997
Non-interest expense	59,711			81,292			617,706			758,709
Internal transfer expense (income)	92,544			371,213			(463,757)			—
Income (loss) before income taxes	$	56,796		$	519,640		$	(40,905)		$	535,531
Return on average interest earning assets (pre-tax)	0.95		%	2.13		%	(0.90)		%	1.53		%