Operating Segments (Tables)

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024 and 2023:

	Three Months Ended March 31, 2024
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	9,795,462		$	40,451,129		$	6,372,206		$	56,618,797
Interest income	$	113,631		$	657,922		$	57,103		$	828,656
Interest expense	73,173			302,174			59,761			435,108
Net interest income	40,458			355,748			(2,658)			393,548
Provision (credit) for credit losses	3,072			42,202			(74)			45,200
Net interest income after provision for credit losses	37,386			313,546			(2,584)			348,348
Non-interest income	26,546			17,994			16,875			61,415
Non-interest expense	18,651			36,288			225,371			280,310
Internal transfer expense (income)	33,111			136,631			(169,742)			—
Income (loss) before income taxes	$	12,170		$	158,621		$	(41,338)		$	129,453
Return on average interest earning assets (pre-tax)	0.50		%	1.57		%	(2.59)		%	0.91		%

	Three Months Ended March 31, 2023
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	9,476,112		$	38,383,259		$	7,503,419		$	55,362,790
Interest income	$	95,963		$	559,263		$	65,004		$	720,230
Interest expense	46,476			188,253			49,481			284,210
Net interest income	49,487			371,010			15,523			436,020
Provision for credit losses	6,444			3,006			4,987			14,437
Net interest income after provision for credit losses	43,043			368,004			10,536			421,583
Non-interest income	17,882			15,747			20,670			54,299
Non-interest expense	19,633			35,723			216,810			272,166
Internal transfer expense (income)	28,968			117,461			(146,429)			—
Income (loss) before income taxes	$	12,324		$	230,567		$	(39,175)		$	203,716
Return on average interest earning assets (pre-tax)	0.52		%	2.40		%	(2.09)		%	1.47		%