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Operating Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Operating Segments Operating Segments
Valley manages its business operations under operating segments consisting of Consumer Banking and Commercial Banking. Activities not assigned to the operating segments are included in Treasury and Corporate Other.
The CEO of Valley is the CODM who assesses performance of each operating segment to better understand their cost, opportunity value and impact to Valley's consolidated earnings. Each operating segment is reviewed routinely for its asset growth, contribution to our income before income taxes, return on average interest earning assets and impairment (if events or circumstances indicate a possible inability to realize the carrying amount). Valley regularly assesses its strategic plans, operations, and reporting structures to identify its reportable segments. No changes to the operating segments were determined necessary during the nine months ended September 30, 2025.
The Consumer Banking segment is mainly comprised of residential mortgages and automobile loans, and to a lesser extent, secured personal lines of credit, home equity loans and other consumer loans. The duration of the residential mortgage loan portfolio is subject to movements in the market level of interest rates and forecasted prepayment speeds. The average weighted life of the automobile loans within the portfolio is relatively unaffected by movements in the market level of interest rates. However, the average life may be impacted by new loans as a result of the availability of credit within the automobile marketplace and consumer demand for purchasing new or used automobiles. Consumer Banking also includes the Wealth Management and Insurance Services Division, comprised of asset management advisory, brokerage, trust, personal and title insurance, tax credit advisory services, and international and domestic private banking businesses.
The Commercial Banking segment is comprised of floating rate and adjustable rate commercial and industrial loans and construction loans, as well as adjustable and fixed rate owner occupied and commercial real estate loans. Due to the portfolio’s interest rate characteristics, Commercial Banking is Valley’s operating segment that is most sensitive to movements in market interest rates.
Treasury and Corporate Other largely consists of the Treasury managed HTM debt securities and AFS debt securities portfolios mainly utilized in the liquidity management needs of our lending segments and income and expense items resulting from support functions not directly attributable to a specific segment. Interest income is generated through investments in various types of securities (mainly comprised of fixed rate securities) and interest-bearing deposits with other banks (primarily the Federal Reserve Bank of New York). Expenses related to the branch network, all other components of retail banking, along with the back office departments of the Bank are allocated from Treasury and Corporate Other to operating segments. Other non-interest income items and general expenses are allocated from Treasury and Corporate Other to each operating segment utilizing a methodology that involves an allocation of operating and funding costs based on each segment's respective mix of average interest earning assets outstanding for the period, number of deposits, or direct allocation to the segments based on the nature of income and expense. Unallocated items included in Treasury and Corporate Other consist of net gains and losses on AFS and HTM securities transactions, amortization of tax credit investments, as well as other non-core items, including loss on extinguishment of debt, corporate restructuring charges, and the FDIC special assessment.
The accounting for each operating segment and Treasury and Corporate Other includes internal accounting policies designed to measure consistent and reasonable financial reporting and may result in income and expense measurements that differ from amounts under GAAP. The financial reporting for each segment contains allocations and reporting in line with Valley’s operations, which may not necessarily be comparable to any other financial institution. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data. Certain prior period amounts have been reclassified to conform to the current presentation for each operating segment and Treasury and Corporate Other.
The following tables represent the financial data for Valley’s operating segments and Treasury and Corporate Other for the three and nine months ended September 30, 2025 and 2024:
 Three Months Ended September 30, 2025
 Consumer
Banking		Commercial
Banking		Treasury and Corporate OtherTotal
 ($ in thousands)
Average interest earning assets
$10,828,927 $38,441,926 $9,352,300$58,623,153 
Interest income$134,090 $597,875 $94,958$826,923 
Interest expense70,362 249,577 60,760380,699 
Net interest income63,728 348,298 34,198446,224 
Provision for credit losses3,353 15,818 —19,171 
Net interest income after provision for credit losses60,375 332,480 34,198427,053 
Non-interest income37,878 22,665 4,34464,887 
Non-interest expense
Salary and employee benefits expense34,885 93,158 18,777146,820 
Net occupancy expense4,668 16,241 3,95624,865 
Technology, furniture, and equipment expense7,142 19,108 4,45830,708 
FDIC insurance assessment2,680 9,494 (3,817)8,357 
Professional and legal fees3,739 17,413 3,10924,261 
Other segment items *14,285 14,986 17,70346,974
Total non-interest expense$67,399 $170,400 $44,186 $281,985 
Income (loss) before income taxes$30,854 $184,745 $(5,644)$209,955 
Return on average interest earning assets (pre-tax)
1.14 %1.92 %(0.24)%1.43 %
Net interest margin2.35 %3.62 %1.46 %3.04 %
 Three Months Ended September 30, 2024
 Consumer
Banking		Commercial
Banking		Treasury and Corporate OtherTotal
 ($ in thousands)
Average interest earning assets
$9,918,669 $40,208,294 $7,524,687$57,651,650 
Interest income$123,252 $659,587 $77,710$860,549 
Interest expense77,409 313,945 58,697450,051 
Net interest income45,843 345,642 19,013410,498 
Provision (credit) for credit losses6,007 69,031 (14)75,024 
Net interest income after provision for credit losses39,836 276,611 19,027335,474 
Non-interest income35,940 17,198 7,53360,671 
Non-interest expense
Salary and employee benefits expense30,798 94,896 13,138138,832 
Net occupancy expense4,715 18,804 3,45426,973 
Technology, furniture, and equipment expense5,898 19,598 3,46628,962 
FDIC insurance assessment2,922 11,870 —14,792 
Professional and legal fees2,380 10,397 1,34114,118 
Other segment items *13,628 11,827 20,33945,794 
Total non-interest expense$60,341 $167,392 $41,738 $269,471 
Income (loss) before income taxes$15,435 $126,417 $(15,178)$126,674 
Return on average interest earning assets (pre-tax)
0.62 %1.26 %(0.81)%0.88 %
Net interest margin1.85 %3.44 %1.01 %2.85 %
 Nine Months Ended September 30, 2025
 Consumer
Banking		Commercial
Banking		Treasury and Corporate OtherTotal
 ($ in thousands)
Average interest earning assets
$10,565,249 $38,423,144 $8,707,438$57,695,831 
Interest income$387,169 $1,766,193 $263,325$2,416,687 
Interest expense204,719 744,511 168,7201,117,950 
Net interest income182,450 1,021,682 94,6051,298,737 
 (Credit) provision for credit losses(4,663)124,304 (10)119,631 
Net interest income after provision for credit losses187,113 897,378 94,6151,179,106 
Non-interest income104,424 66,666 14,695185,785 
Non-interest expense
Salary and employee benefits expense99,153 295,321 40,386434,860 
Net occupancy expense14,145 50,658 11,43376,236 
Technology, furniture, and equipment expense19,645 59,430 12,19691,271 
FDIC insurance assessment8,030 29,203 (3,817)33,416 
Professional and legal fees9,982 42,547 7,37259,901 
Loss on extinguishment of debt— — 922 922 
Other segment items *40,592 47,766 57,761146,119 
Total non-interest expense$191,547 $524,925 $126,253 $842,725 
Income (loss) before income taxes$99,990 $439,119 $(16,943)$522,166 
Return on average interest earning assets (pre-tax)
1.26 %1.52 %(0.26)%1.21 %
Net interest margin2.31 %3.55 %1.45 %3.00 %
 Nine Months Ended September 30, 2024
 Consumer
Banking		Commercial
Banking		Treasury and Corporate OtherTotal
 ($ in thousands)
Average interest earning assets
$9,848,502 $40,282,966 $6,885,322$57,016,790 
Interest income$355,551 $1,969,805 $197,315$2,522,671 
Interest expense227,475 930,432 159,0331,316,940 
Net interest income128,076 1,039,373 38,2821,205,731 
Provision (credit) for credit losses13,899 188,524 (129)202,294 
Net interest income after provision for credit losses114,177 850,849 38,4111,003,437 
Non-interest income100,673 56,822 15,804173,299 
Non-interest expense
Salary and employee benefits expense89,231 296,176 36,071421,478 
Net occupancy expense13,245 53,314 8,98975,548 
Technology, furniture, and equipment expense19,024 69,603 11,00099,627 
FDIC insurance assessment7,606 31,111 8,75747,474 
Professional and legal fees7,585 36,734 4,20248,521 
Other segment items *39,159 36,675 58,796134,630 
Total non-interest expense$175,850 $523,613 $127,815 $827,278 
Income (loss) before income taxes$39,000 $384,058 $(73,600)$349,458 
Return on average interest earning assets (pre-tax)
0.53 %1.27 %(1.43)%0.82 %
Net interest margin1.73 %3.44 %0.74 %2.82 %
*Other segment items include amortization of intangible assets, amortization of tax credit investments and other general operating expenses.