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Borrowed Funds
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Borrowed Funds Borrowed Funds
Short-Term Borrowings
Short-term borrowings at June 30, 2025 and December 31, 2024 consisted of the following:
June 30, 2025December 31, 2024
 (in thousands)
FHLB advances$100,000 $— 
Securities sold under agreements to repurchase62,244 72,718 
Total short-term borrowings$162,244 $72,718 
Long-Term Borrowings
Long-term borrowings at June 30, 2025 and December 31, 2024 consisted of the following:    
June 30, 2025December 31, 2024
 (in thousands)
FHLB advances, net$2,463,604 $2,526,608 
Subordinated debt, net *
439,487 647,547 
Total long-term borrowings$2,903,091 $3,174,155 
*
Subordinated debt is reported net of debt issuance costs that were immaterial at both June 30, 2025 and December 31, 2024.
FHLB advances. Long-term FHLB advances had a weighted average interest rate of 4.42 percent and 4.20 percent at June 30, 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 June 30, 2025 are scheduled for contractual balance repayments as follows:
YearAmount
 (in thousands)
2026$601,804 
20271,066,800 
2028545,000 
2029250,000 
Total long-term FHLB advances$2,463,604 
The FHLB advances reported in the table above are not callable for early redemption.
Subordinated debt. On June 15, 2025, Valley redeemed in full $115 million of 5.25 percent fixed-to-floating rate subordinated notes issued in June 2020 and due in June 2030. The transaction was accounted for as an early debt extinguishment and resulted in a $922 thousand pre-tax loss reported within non-interest expense for the second quarter 2025. Valley also repaid $100 million of 4.55 percent fix rate subordinated notes that matured on June 30, 2025.
There were no new issuances or other maturities, calls or principal repayments of subordinated debt during the six months ended June 30, 2025. See Note 10 in Valley’s Annual Report for additional information on the outstanding subordinated debt at June 30, 2025.