Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying Amount of Goodwill

The following table presents carrying amounts of goodwill allocated to Valley's reporting units at December 31, 2024 and 2023.

	Reporting Unit (*)
	Wealth Management		Consumer Banking		Commercial Banking		Total
	(in thousands)
Goodwill	$	78,142	$	349,646	$	1,441,148	$	1,868,936

*    The Wealth Management and Consumer Banking reporting units are both components of the overall Consumer Banking operating segment, which is further described in Note 21.

Other Intangible Assets

The following tables summarize other intangible assets at December 31, 2024 and 2023: 

	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
	(in thousands)
December 31, 2024
Loan servicing rights	$	125,961	$	(104,833)	$	21,128
Core deposits	215,620		(138,080)		77,540
Other	50,393		(20,400)		29,993
Total other intangible assets	$	391,974	$	(263,313)	$	128,661
December 31, 2023
Loan servicing rights	$	122,586	$	(100,636)	$	21,950
Core deposits	215,620		(113,183)		102,437
Other	50,393		(14,449)		35,944
Total other intangible assets	$	388,599	$	(228,268)	$	160,331

Schedule of Change in Loan Servicing Rights

The following table summarizes the change in loan servicing rights during the years ended December 31, 2024, 2023 and 2022:

	2024		2023		2022
	(in thousands)
Beginning balance	$	21,950	$	23,807	$	23,685
Origination of loan servicing rights	3,375		2,643		5,307
Amortization expense	(4,197)		(4,500)		(5,185)
Ending balance	$	21,128	$	21,950	$	23,807

Estimated Future Amortization Expense

The following table presents the estimated amortization expense of other intangible assets over the next five-year period:

Year	Loan Servicing Rights		Core Deposits		Other
	(in thousands)
2025	$	2,584	$	21,048	$	5,380
2026	2,322		17,223		4,805
2027	2,051		13,544		4,205
2028	1,805		10,117		3,633
2029	1,596		7,500		3,081