Operating Segments (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2024 and 2023:

	Three Months Ended June 30, 2024
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	9,839,291		$	40,181,610		$	6,752,049		$	56,772,950
Interest income	$	118,668		$	652,295		$	62,503		$	833,466
Interest expense	72,700			296,872			62,209			431,781
Net interest income	45,968			355,423			294			401,685
Provision (credit) for credit losses	4,820			77,291			(41)			82,070
Net interest income after provision for credit losses	41,148			278,132			335			319,615
Non-interest income	24,995			10,802			15,416			51,213
Non-interest expense	20,666			36,577			220,254			277,497
Internal transfer expense (income)	29,775			121,621			(151,396)			—
Income (loss) before income taxes	$	15,702		$	130,736		$	(53,107)		$	93,331
Return on average interest earning assets (pre-tax)	0.64		%	1.30		%	(3.15)		%	0.66		%

	Three Months Ended June 30, 2023
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	9,638,329		$	39,819,608		$	7,893,871		$	57,351,808
Interest income	$	102,678		$	612,494		$	72,287		$	787,459
Interest expense	59,739			246,331			61,624			367,694
Net interest income	42,939			366,163			10,663			419,765
Provision (credit) for credit losses	3,492			2,840			(282)			6,050
Net interest income after provision for credit losses	39,447			363,323			10,945			413,715
Non-interest income	20,941			14,343			24,791			60,075
Non-interest expense	21,365			36,249			225,357			282,971
Internal transfer expense (income)	26,741			110,475			(137,216)			—
Income (loss) before income taxes	$	12,282		$	230,942		$	(52,405)		$	190,819
Return on average interest earning assets (pre-tax)	0.51		%	2.32		%	(2.66)		%	1.33		%

	Six Months Ended June 30, 2024
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	9,817,377		$	40,316,369		$	6,562,128		$	56,695,874
Interest income	$	232,299		$	1,310,217		$	119,606		$	1,662,122
Interest expense	145,873			599,046			121,970			866,889
Net interest income	86,426			711,171			(2,364)			795,233
Provision (credit) for credit losses	7,892			119,493			(115)			127,270
Net interest income after provision for credit losses	78,534			591,678			(2,249)			667,963
Non-interest income	51,541			28,796			32,291			112,628
Non-interest expense	39,317			72,865			445,625			557,807
Internal transfer expense (income)	62,886			258,252			(321,138)			—
Income (loss) before income taxes	$	27,872		$	289,357		$	(94,445)		$	222,784
Return on average interest earning assets (pre-tax)	0.57		%	1.44		%	(2.88)		%	0.79		%

	Six Months Ended June 30, 2023
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	9,557,669		$	39,105,820		$	7,699,305		$	56,362,794
Interest income	$	198,641		$	1,171,757		$	137,291		$	1,507,689
Interest expense	106,215			434,584			111,105			651,904
Net interest income	92,426			737,173			26,186			855,785
Provision for credit losses	9,936			5,846			4,705			20,487
Net interest income after provision for credit losses	82,490			731,327			21,481			835,298
Non-interest income	38,823			30,090			45,461			114,374
Non-interest expense	40,998			71,972			442,167			555,137
Internal transfer expense (income)	55,709			227,936			(283,645)			—
Income (loss) before income taxes	$	24,606		$	461,509		$	(91,580)		$	394,535
Return on average interest earning assets (pre-tax)	0.51		%	2.36		%	(2.38)		%	1.40		%