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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Consolidated Statements of Financial Condition 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: 
 March 31, 2025December 31, 2024
 Fair ValueFair Value
Other AssetsOther LiabilitiesNotional AmountOther AssetsOther LiabilitiesNotional Amount
 (in thousands)
Derivatives designated as hedging instruments:
Fair value hedge interest rate swaps $7,078 $13,641 $780,322 $2,419 $13,993 $780,322 
Total derivatives designated as hedging instruments$7,078 $13,641 $780,322 $2,419 $13,993 $780,322 
Derivatives not designated as hedging instruments:
Interest rate swaps and other contracts*
$304,321 $304,084 $16,545,194 $423,683 $423,492 $16,209,499 
Foreign currency derivatives15,295 14,968 1,532,812 18,011 16,488 1,688,338 
Mortgage banking derivatives28 151 32,605 150 192 45,752 
Credit default swap— 44 1,001,143 — 35 1,142,026 
Total derivatives not designated as hedging instruments$319,644 $319,247 $19,111,754 $441,844 $440,207 $19,085,615 
Total derivative financial instruments$326,722 $332,888 $19,892,076 $444,263 $454,200 $19,865,937 
* Other derivative contracts include risk participation agreements.
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows
Gains included in the consolidated statements of income and other comprehensive loss, on a pre-tax basis, related to previously terminated interest rate derivatives designated as hedges of cash flows were as follows: 
 Three Months Ended
March 31,
 20252024
 (in thousands)
Amount of gain reclassified from accumulated other comprehensive loss to interest income$301 $298 
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Fair Value
Gains (losses) included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows: 
Three Months Ended
March 31,
20252024
 (in thousands)
Derivative - interest rate swap:
Interest income$— $4,879 
Interest expense4,569 (1,291)
Hedged items - loans, time deposits and subordinated debt:
Interest income$(161)$(4,924)
Interest expense(4,532)1,383 
Interest Rate Derivatives Designated as Hedges The following table presents the hedged item 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 item at March 31, 2025 and December 31, 2024, respectively.
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
(in thousands)
March 31, 2025
Time deposits$484,240 $3,936 
Long-term borrowings *288,183 (10,843)
December 31, 2024
Time deposits$482,723 $2,419 
Long-term borrowings *284,966 (13,859)
*    Net carrying amount includes unamortized debt issuance costs of $1.0 million and $1.2 million at March 31, 2025 and December 31, 2024, respectively.
Net (Gains) Losses Related to Derivative Instruments Not Designated as Hedging Instruments
The net losses included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: 
 Three Months Ended
March 31,
 20252024
 (in thousands)
Non-designated hedge interest rate swaps and credit derivatives
Other non-interest expense$(3,059)$(1,055)