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Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Summary of Financial Instruments with Off-Balance Sheet Risk
The following table provides a summary of financial instruments with off-balance sheet risk at December 31, 2024 and 2023: 
20242023
 (in thousands)
Commitments under commercial loans and lines of credit$10,303,607 $10,727,162 
Home equity and other revolving lines of credit1,913,626 1,681,431 
Standby letters of credit524,108 478,954 
Outstanding residential mortgage loan commitments111,696 175,269 
Commitments under unused lines of credit - credit card
146,832 138,564 
Commitments to sell loans28,561 24,418 
Commercial letters of credit26,639 28,817 
Total$13,055,069 $13,254,615 
Amounts Related to Fair Value of Derivative Financial Instruments
Amounts included in the consolidated statements of financial condition related to the fair value of Valley’s derivative financial instruments were as follows at December 31, 2024 and 2023: 
 20242023
 Fair ValueFair Value
Other AssetsOther LiabilitiesNotional AmountOther AssetsOther LiabilitiesNotional Amount
 (in thousands)
Derivatives designated as hedging instruments:
Fair value hedge interest rate swaps$2,419 $13,993 $780,322 $— $21,460 $800,000 
Total derivatives designated as hedging instruments$2,419 $13,993 $780,322 $— $21,460 $800,000 
Derivatives not designated as hedging instruments:
Interest rate swaps and other contracts *
$423,683 $423,492 $16,209,499 $458,129 $457,885 $16,282,279 
Foreign currency derivatives18,011 16,488 1,688,338 8,024 8,286 1,557,167 
Mortgage banking derivatives150 192 45,752 74 472 38,797 
Credit default swap— 35 1,142,026 — — — 
Total derivatives not designated as hedging instruments$441,844 $440,207 $19,085,615 $466,227 $466,643 $17,878,243 
Total derivative financial instruments$444,263 $454,200 $19,865,937 $466,227 $488,103 $18,678,243 
*    Other derivative contracts include risk participation agreements.
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows
Gains (losses) included in the consolidated statements of income and in other comprehensive income (loss), on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows for the years ended December 31, 2024, 2023, and 2022 were as follows: 
202420232022
 (in thousands)
Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest expense$1,204 $(891)$(274)
Amount of (loss) gain recognized in other comprehensive income (loss)— (1,093)4,683 
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Fair Value
Gains (losses) included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value for the years ended December 31, 2024, 2023, and 2022 were as follows:
202420232022
 (in thousands)
Derivative—interest rate swaps:
Interest income$3,170 $(3,877)$— 
Interest expense9,765 8,473 (466)
Hedged items - loans, time deposits and subordinated debt:
Interest income$(3,396)$3,877 $— 
Interest expense(10,005)(8,687)741 
Interest Rate Derivatives Designated as Hedges The following table presents the hedged items related to interest rate derivatives designated as fair value hedges and the cumulative basis fair value adjustment included in the net carrying amount of the hedged items at December 31, 2024 and 2023:
Line Item in the Statement of Financial Condition in Which the Hedged Item is IncludedNet Carrying Amount of the Hedged Asset/LiabilityCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/Liability
20242024
(in thousands)
December 31, 2024
Time deposits$482,723 $2,419 
Long-term borrowings *284,966 (13,859)
December 31, 2023
Loans$503,877 $3,877 
Long-term borrowings *276,572 (21,445)
*    Net carrying amount includes unamortized debt issuance costs of $1.2 million and $2.0 million at December 31, 2024 and 2023, respectively.
Net (Gains) Losses Related to Derivative Instruments Not Designated as Hedging Instruments
The net (losses) gains included in the consolidated statements of income related to derivative instruments not designated as hedging instruments for the years ended December 31, 2024, 2023, and 2022 were as follows:
202420232022
 (in thousands)
Non-designated hedge interest rate and credit derivatives
Other non-interest expense$(4,796)$(1,590)$1,392