Operating Segments (Tables)

3 Months Ended

Mar. 31, 2025

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 three months ended March 31, 2025 and 2024:

	Three Months Ended March 31, 2025
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	10,210,226		$	38,444,695		$	8,236,770		$	56,891,691
Interest income	$	122,463		$	579,896		$	82,393		$	784,752
Interest expense	65,442			246,411			52,794			364,647
Net interest income	57,021			333,485			29,599			420,105
Provision (credit) for credit losses	(8,733)			71,408			(14)			62,661
Net interest income after provision for credit losses	65,754			262,077			29,613			357,444
Non-interest income	34,354			19,002			4,938			58,294
Non-interest expense
Salary and employee benefits expense	31,974			102,990			7,654			142,618
Net occupancy expense	4,705			17,457			3,726			25,888
Technology, furniture, and equipment expense	6,237			19,853			3,806			29,896
FDIC insurance assessment	2,700			10,167			—			12,867
Professional and legal fees	2,899			10,943			1,828			15,670
Other segment items *	14,286			15,443			19,950			49,679
Total non-interest expense	$	62,801		$	176,853		$	36,964		$	276,618
Income (loss) before income taxes	$	37,307		$	104,226		$	(2,413)		$	139,120
Return on average interest earning assets (pre-tax)	1.46		%	1.08		%	(0.12)		%	0.98		%
Net interest margin	2.24		%	3.47		%	1.44		%	2.95		%

	Three Months Ended March 31, 2024
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	9,796,681		$	40,449,910		$	6,372,206		$	56,618,797
Interest income	$	113,762		$	657,791		$	57,103		$	828,656
Interest expense	75,286			310,852			48,970			435,108
Net interest income	38,476			346,939			8,133			393,548
Provision (credit) for credit losses	3,072			42,202			(74)			45,200
Net interest income after provision for credit losses	35,404			304,737			8,207			348,348
Non-interest income	33,165			23,130			5,120			61,415
Non-interest expense
Salary and employee benefits expense	28,658			101,858			11,315			141,831
Net occupancy expense	4,268			17,363			2,692			24,323
Technology, furniture, and equipment expense	6,537			25,264			3,661			35,462
FDIC insurance assessment	2,114			8,728			7,394			18,236
Professional and legal fees	2,827			12,082			1,556			16,465
Other segment items *	12,591			13,203			18,199			43,993
Total non-interest expense	$	56,995		$	178,498		$	44,817		$	280,310
Income (loss) before income taxes	$	11,574		$	149,369		$	(31,490)		$	129,453
Return on average interest earning assets (pre-tax)	0.47		%	1.48		%	(1.98)		%	0.91		%
Net interest margin	1.57		%	3.43		%	0.51		%	2.78		%

* Other segment items include amortization of intangible assets, amortization of tax credit investments and other general operating expenses.