Operating Segments (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30, 2024
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	9,929,693		$	40,197,270		$	7,524,687		$	57,651,650
Interest income	$	122,419		$	664,261		$	73,869		$	860,549
Interest expense	75,373			305,156			69,522			450,051
Net interest income	47,046			359,105			4,347			410,498
Provision (credit) for credit losses	6,007			69,031			(14)			75,024
Net interest income after provision for credit losses	41,039			290,074			4,361			335,474
Non-interest income	26,239			9,259			25,173			60,671
Non-interest expense	24,243			44,662			200,566			269,471
Internal transfer expense (income)	29,709			121,053			(150,762)			—
Income (loss) before income taxes	$	13,326		$	133,618		$	(20,270)		$	126,674
Return on average interest earning assets (pre-tax)	0.54		%	1.33		%	(1.08)		%	0.88		%

	Three Months Ended September 30, 2023
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	9,681,379		$	40,338,035		$	6,783,151		$	56,802,565
Interest income	$	106,384		$	647,258		$	59,376		$	813,018
Interest expense	65,987			274,377			60,236			400,600
Net interest income	40,397			372,881			(860)			412,418
(Credit) provision for credit losses	(4,568)			13,715			(30)			9,117
Net interest income after provision for credit losses	44,965			359,166			(830)			403,301
Non-interest income	21,035			13,015			24,614			58,664
Non-interest expense	20,796			40,248			206,089			267,133
Internal transfer expense (income)	30,104			121,878			(151,982)			—
Income before income taxes	$	15,100		$	210,055		$	(30,323)		$	194,832
Return on average interest earning assets (pre-tax)	0.62		%	2.08		%	(1.79)		%	1.37		%

	Nine Months Ended September 30, 2024
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	9,855,089		$	40,276,379		$	6,885,322		$	57,016,790
Interest income	$	354,718		$	1,974,478		$	193,475		$	2,522,671
Interest expense	221,246			904,202			191,492			1,316,940
Net interest income	133,472			1,070,276			1,983			1,205,731
Provision (credit) for credit losses	13,899			188,524			(129)			202,294
Net interest income after provision for credit losses	119,573			881,752			2,112			1,003,437
Non-interest income	77,780			38,051			57,468			173,299
Non-interest expense	68,260			136,653			622,365			827,278
Internal transfer expense (income)	91,782			374,903			(466,685)			—
Income (loss) before income taxes	$	37,311		$	408,247		$	(96,100)		$	349,458
Return on average interest earning assets (pre-tax)	0.50		%	1.35		%	(1.86)		%	0.82		%

	Nine Months Ended September 30, 2023
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	9,599,359		$	39,520,794		$	7,390,844		$	56,510,997
Interest income	$	305,025		$	1,819,015		$	196,667		$	2,320,707
Interest expense	172,202			708,961			171,341			1,052,504
Net interest income	132,823			1,110,054			25,326			1,268,203
Provision for credit losses	5,368			19,561			4,675			29,604
Net interest income after provision for credit losses	127,455			1,090,493			20,651			1,238,599
Non-interest income	59,858			43,105			70,075			173,038
Non-interest expense	65,595			127,810			628,865			822,270
Internal transfer expense (income)	90,460			372,426			(462,886)			—
Income (loss) before income taxes	$	31,258		$	633,362		$	(75,253)		$	589,367
Return on average interest earning assets (pre-tax)	0.43		%	2.14		%	(1.36)		%	1.39		%