Operating Segments (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2023, 2022 and 2021:

	Year Ended December 31, 2023
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets (unaudited)	$	8,892,563		$	40,459,298		$	7,148,667		$	56,500,528
Interest income	$	367,986		$	2,518,988		$	251,917		$	3,138,891
Interest expense	223,819			1,018,328			231,266			1,473,413
Net interest income	144,167			1,500,660			20,651			1,665,478
Provision for credit losses	6,162			39,463			4,559			50,184
Net interest income after provision for credit losses	138,005			1,461,197			16,092			1,615,294
Non-interest income	86,743			51,909			87,077			225,729
Non-interest expense	82,557			141,029			939,105			1,162,691
Internal transfer expense (income)	107,639			480,593			(588,232)			—
Income before income taxes	$	34,552		$	891,484		$	(247,704)		$	678,332
Return on average interest earning assets (pre-tax) (unaudited)	0.39		%	2.20		%	(3.47)		%	1.20		%

	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 (loss) 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		%