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Borrowed Funds
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Borrowed Funds Borrowed Funds
Short-Term Borrowings
Short-term borrowings at March 31, 2025 and December 31, 2024 consisted of the following:
March 31, 2025December 31, 2024
 (in thousands)
Securities sold under agreements to repurchase$59,026 $72,718 
Total short-term borrowings$59,026 $72,718 
Long-Term Borrowings
Long-term borrowings at March 31, 2025 and December 31, 2024 consisted of the following:    
March 31, 2025December 31, 2024
 (in thousands)
FHLB advances, net$2,253,604 $2,526,608 
Subordinated debt, net *
650,963 647,547 
Total long-term borrowings$2,904,567 $3,174,155 
*
Subordinated debt is reported net of debt issuance costs that were immaterial at both March 31, 2025 and December 31, 2024.
FHLB advances. Long-term FHLB advances had a weighted average interest rate of 4.47 percent and 4.20 percent at March 31, 2025 and December 31, 2024, respectively. FHLB advances are secured by pledges of certain eligible collateral, including but not limited to, U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgage and commercial real estate loans.
The long-term FHLB advances at March 31, 2025 are scheduled for contractual balance repayments as follows:
YearAmount
 (in thousands)
2025$— 
2026601,804 
2027926,800 
2028475,000 
2029250,000 
Total long-term FHLB advances$2,253,604 
The FHLB advances reported in the table above are not callable for early redemption.
Subordinated debt. There were no new issuances of subordinated debt during the three months ended March 31, 2025. See Note 10 in Valley’s Annual Report for additional information on the outstanding subordinated debt at March 31, 2025.