Operating Segments (Tables)

12 Months Ended

Dec. 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 years ended December 31, 2024, 2023 and 2022:

	2024
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets (unaudited)	$	9,914,917		$	40,115,669		$	7,287,340		$	57,317,926
Interest income	$	478,680		$	2,596,066		$	282,751		$	3,357,497
Interest expense	299,048			1,209,945			219,796			1,728,789
Net interest income	179,632			1,386,121			62,955			1,628,708
Provision for credit losses	24,561			284,827			(558)			308,830
Net interest income after provision for credit losses	155,071			1,101,294			63,513			1,319,878
Non-interest income	135,331			77,690			11,480			224,501
Non-interest expense
Salary and employee benefits expense	118,953			389,622			50,020			558,595
Net occupancy expense	18,003			71,360			12,761			102,124
Technology, furniture, and equipment expense	25,681			93,811			15,617			135,109
FDIC insurance assessment	10,448			42,271			8,757			61,476
Professional and legal fees	11,254			52,666			6,395			70,315
Other segment items *	58,282			54,007			65,952			178,241
Total non-interest expense	$	242,621		$	703,737		$	159,502		$	1,105,860
Income (loss) before income taxes	$	47,781		$	475,247		$	(84,509)		$	438,519
Return on average interest earning assets (pre-tax) (unaudited)	0.48		%	1.18		%	(1.16)		%	0.77		%
Net interest margin	1.81		%	3.45		%	0.86		%	2.84		%

	2023
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets (unaudited)	$	9,620,508		$	39,731,353		$	7,148,667		$	56,500,528
Interest income	$	415,585		$	2,471,345		$	251,961		$	3,138,891
Interest expense	250,882			1,036,109			186,422			1,473,413
Net interest income	164,703			1,435,236			65,539			1,665,478
Provision for credit losses	6,162			39,463			4,559			50,184
Net interest income after provision for credit losses	158,541			1,395,773			60,980			1,615,294
Non-interest income	105,282			93,618			26,829			225,729
Non-interest expense
Salary and employee benefits expense	111,748			389,666			62,177			563,591
Net occupancy expense	19,313			69,780			12,377			101,470
Technology, furniture, and equipment expense	25,661			98,716			26,331			150,708
FDIC insurance assessment	7,380			30,477			50,297			88,154
Professional and legal fees	13,016			56,755			10,796			80,567
Other segment items *	48,650			56,188			73,363			178,201
Total non-interest expense	$	225,768		$	701,582		$	235,341		$	1,162,691
Income (loss) before income taxes	$	38,055		$	787,809		$	(147,532)		$	678,332
Return on average interest earning assets (pre-tax) (unaudited)	0.40		%	1.98		%	(2.06)		%	1.20		%
Net interest margin	1.71		%	3.61		%	0.91		%	2.95		%

	2022
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets (unaudited)	$	8,615,542		$	33,314,811		$	6,137,028		$	48,067,381
Interest income	$	290,289		$	1,533,458		$	152,936		$	1,976,683
Interest expense	57,543			222,511			40,989			321,043
Net interest income	232,746			1,310,947			111,947			1,655,640
Provision for credit losses	20,880			35,456			481			56,817
Net interest income after provision for credit losses	211,866			1,275,491			111,466			1,598,823
Non-interest income	98,678			102,530			5,585			206,793
Non-interest expense
Salary and employee benefits expense	104,405			344,689			77,643			526,737
Net occupancy expense	18,948			62,829			12,575			94,352
Technology, furniture, and equipment expense	26,796			94,671			40,285			161,752
FDIC insurance assessment	4,692			18,144			—			22,836
Professional and legal fees	12,441			50,314			19,863			82,618
Other segment items *	47,919			43,534			45,201			136,654
Total non-interest expense	$	215,201		$	614,181		$	195,567		$	1,024,949
Income (loss) before income taxes	$	95,343		$	763,840		$	(78,516)		$	780,667
Return on average interest earning assets (pre-tax) (unaudited)	1.11		%	2.29		%	(1.28)		%	1.62		%
Net interest margin	2.70		%	3.93		%	1.82		%	3.44		%