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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2023
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 Pension and OPEB plans at December 31, 2023 and 2022, if applicable: 
PensionOPEB
2023202220232022
 (in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year$175,496 $180,204 $5,981 $— 
Acquisition (1)
— 49,008 — 7,445 
Interest cost8,923 5,373 279 174 
Actuarial gain (loss) 7,604 (48,109)(161)(975)
Benefits paid(12,105)(10,980)(648)(663)
Projected benefit obligation at end of year$179,918 $175,496 $5,451 $5,981 
Change in fair value of plan assets:
Fair value of plan assets at beginning of year$275,406 $278,420 $— $— 
Acquisition— 53,433 — — 
Actual return on plan assets37,993 (47,029)— — 
Employer contributions1,566 1,562 648 663 
Benefits paid(12,105)(10,980)(648)(663)
Fair value of plan assets at end of year (2)
$302,860 $275,406 $— $— 
Funded status of the plan
Assets (liabilities) recognized$122,942 $99,910 $(5,451)$(5,981)
Accumulated benefit obligation179,918 175,496 $5,451 $5,981 
(1)    Beginning balances of the Pension and OPEB plans assumed from Bank Leumi USA are presented as of April 1, 2022, based on the actuarial valuation by the plan administrator.
(2)    Pension assets include accrued interest receivables of $826 thousand and $710 thousand as of December 31, 2023 and 2022, respectively.
Components of Accumulated Other Comprehensive Loss
Amounts recognized as a component of accumulated other comprehensive loss at end of year that have not been recognized as a component of the net periodic pension expense for Valley’s Pension and OPEB plans are presented in the following table:
PensionOPEB
2023202220232022
 (in thousands)
Net actuarial loss (gain)$45,746 $53,400 $(988)$(881)
Prior service cost216 251 — — 
Deferred (benefit) tax expense(12,697)(15,116)273 249 
Total$33,265 $38,535 $(715)$(632)
Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets for Non-Qualified Plans
The non-qualified plans presented within Pension in the tables above had a projected benefit obligation, accumulated benefit obligation, and fair value of plan assets as follows: 
20232022
 (in thousands)
Projected benefit obligation$14,571 $14,899 
Accumulated benefit obligation14,571 14,899 
Fair value of plan assets— — 
Components of Net Periodic Pension Income for Qualified and Non-Qualified Plans
The net periodic benefit (income) cost for the Pension and OPEB plans were reported within other non-interest expense included the following components for the years ended December 31, 2023, 2022 and 2021: 
PensionOPEB
20232022202120232022
 (in thousands)
Interest cost$8,923 $5,373 $3,510 $279 $174 
Expected return on plan assets(22,792)(20,858)(16,364)— — 
Amortization of net loss (gain)58 1,000 1,538 (54)(95)
Amortization of prior service cost135 135 135 — — 
Net periodic benefit (income) cost$(13,676)$(14,350)$(11,181)$225 $79 
Qualified and Non-Qualified Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss for the years ended December 31, 2023 and 2022 were as follows: 
PensionOPEB
2023202220232022
 (in thousands)
Net actuarial (gain) loss$(7,596)$19,777 $(161)$(976)
Amortization of prior service cost(135)(135)— — 
Amortization of actuarial (loss) gain(58)(1,000)54 95 
Total recognized in other comprehensive loss$(7,789)$18,642 $(107)$(881)
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss (before tax)$(21,465)$4,292 $118 $(802)
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: 
YearPensionOPEB
(in thousands)
2024$12,777 $395 
202512,438 366
202613,094 342
202712,849 331
202813,157 328
Thereafter63,988 1,523 
Assumptions Used to Determine Pension Expense
The weighted average assumptions used to determine net periodic benefit (income) cost for the years ended December 31, 2023, 2022 and 2021 were as follows: 
PensionOPEB
20232022202120232022
Discount rate - projected benefit obligation5.31 %2.85 %2.50 %5.29 %2.85 %
Discount rate - service costN/AN/AN/AN/A2.85 %
Discount rate - interest cost5.23 %2.49 %1.88 %5.29 %2.85 %
Expected long-term return on plan assets7.50 %6.79 %6.75 %N/AN/A
Rate of compensation increaseN/AN/AN/AN/AN/A
Assumed healthcare cost trend rate *N/AN/AN/A5.50 %5.75 %
*    The assumed healthcare cost trend rate used to measure the expected cost of benefits covered by the OPEB plans for 2024 is 5.50 percent. The rate to which the healthcare cost trend rate is assumed to decline (ultimate trend rate) along with the year that the ultimate trend rate will be reached is 4.50 percent in 2028.
Fair Value Measurements
The following table presents the weighted-average asset allocations by asset category for the defined benefit pension plans that are measured at fair value by level within the fair value hierarchy. See Note 3 for further details regarding the fair value hierarchy. 
   Fair Value Measurements at Reporting Date Using:
 % of Total
Investments
December 31, 2023Quoted Prices
in Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
 ($ in thousands)
Assets:
Investments:
Mutual funds30 %$91,000 $91,000 $— $— 
Equity securities20 60,918 60,918 — — 
Corporate bonds19 56,267 — 56,267 — 
U.S. Treasury securities18 54,234 54,234 — — 
Commingled fund25,115 — 25,115 — 
U.S. government agency securities10,580 — 10,580 — 
Cash and money market funds3,920 3,920 — — 
Total investments100 %$302,034 $210,072 $91,962 $— 

   Fair Value Measurements at Reporting Date Using:
 % of Total
Investments
December 31, 2022Quoted 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 funds30 %$78,712 $78,712 $— $— 
Equity securities20 55,157 55,157 — — 
Corporate bonds17 46,839 — 46,839 — 
U.S. Treasury securities20 57,587 57,587 — — 
Commingled fund23,395 — 23,395 — 
U.S. government agency securities9,271 — 9,271 — 
Cash and money market funds3,735 3,735 — — 
Total investments100 %$274,696 $195,191 $79,505 $— 
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award
The table below summarizes average grant date fair values of RSUs for the years ended December 31, 2023, 2022, and 2021:
Restricted Stock Units Average Grant Date Fair Values
 202320222021
(in thousands, except per share data)
Average grant date fair value per share:
Performance-based RSUs$12.80 $14.72 $12.36 
Time-based RSUs$11.25 $13.22 $12.01 
Changes in RSUs Outstanding
The following table sets forth the changes in RSUs outstanding for the years ended December 31, 2023, 2022 and 2021: 
Restricted Stock Units Outstanding
 202320222021
Outstanding at beginning of year5,196,609 3,889,756 3,228,659 
Granted2,944,837 3,426,181 1,999,376 
Vested(2,110,120)(1,833,739)(1,239,797)
Forfeited(336,996)(285,589)(98,482)
Outstanding at end of year5,694,330 5,196,609 3,889,756 
Changes in Restricted Stock Awards Outstanding
The following table sets forth the changes in restricted stock awards outstanding for the years ended December 31, 2023, 2022 and 2021: 
Restricted Stock Awards Outstanding
 202320222021
Outstanding at beginning of year5,245 213,908 413,701 
Vested(5,245)(208,663)(191,104)
Forfeited— — (8,689)
Outstanding at end of year— 5,245 213,908 
Stock Options Activity
The following table summarizes stock option activity as of December 31, 2023, 2022 and 2021 and changes during the years ended on those dates: 
 202320222021
Weighted
Average
Exercise
Weighted
Average
Exercise
Weighted
Average
Exercise
Stock OptionsSharesPriceSharesPriceSharesPrice
Outstanding at beginning of year2,927,031 $217,555 $2,986,347 $
Acquired in business combinations— — 2,726,113 — — 
Exercised(12,202)(16,637)(2,768,792)
Forfeited or expired— — — — — — 
Outstanding at end of year2,914,829 2,927,031 217,555 
Exercisable at year-end2,914,829 2,927,031 217,555 
Stock Options Outstanding and Exercisable
The following table summarizes information about stock options outstanding and exercisable at December 31, 2023: 
Options Outstanding and Exercisable
Range of Exercise PricesNumber of OptionsWeighted Average
Remaining Contractual
Life in Years
Weighted Average
Exercise Price
$4-6
42,352 2.2$
6-8
88,764 3.2
8-10
2,758,113 1.8
10-12
25,600 4.710 
2,914,829 2.0