Business Segments (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Financial Data for Business Segments

The following tables represent the financial data for Valley’s four business segments for the years ended December 31, 2020, 2019 and 2018:

	Year Ended December 31, 2020
	Consumer Lending			Commercial Lending			Investment Management			Corporate and Other Adjustments		Total
	($ in thousands)
Average interest earning assets (unaudited)	$	7,160,793		$	24,625,066		$	5,225,074		$	—	$	37,010,933
Interest income	$	257,196		$	1,027,796		$	102,883		$	(4,156)	$	1,383,719
Interest expense	47,712			164,075			34,814			18,214		264,815
Net interest income (loss)	209,484			863,721			68,069			(22,370)		1,118,904
Provision for credit losses	11,502			113,585			635			—		125,722
Net interest income (loss) after provision for credit losses	197,982			750,136			67,434			(22,370)		993,182
Non-interest income	81,499			64,783			10,083			26,667		183,032
Non-interest expense	77,582			98,710			1,136			468,720		646,148
Internal transfer expense (income)	77,835			267,588			56,788			(402,211)		—
Income (loss) before income taxes	$	124,064		$	448,621		$	19,593		$	(62,212)	$	530,066
Return on average interest earning assets (pre-tax) (unaudited)	1.73		%	1.82		%	0.37		%	N/A		1.43		%

	Year Ended December 31, 2019
	Consumer Lending			Commercial Lending			Investment Management			Corporate and Other Adjustments		Total
	($ in thousands)
Average interest earning assets (unaudited)	$	6,891,462		$	19,343,791		$	4,340,277		$	—	$	30,575,530
Interest income	$	272,773		$	926,328		$	126,723		$	(4,824)	$	1,321,000
Interest expense	91,798			257,670			57,815			15,669		422,952
Net interest income (loss)	180,975			668,658			68,908			(20,493)		898,048
Provision for credit losses	6,688			17,530			—			—		24,218
Net interest income (loss) after provision for credit losses	174,287			651,128			68,908			(20,493)		873,830
Non-interest income	57,981			41,157			8,818			106,564		214,520
Non-interest expense	76,046			101,924			1,034			452,551		631,555
Internal transfer expense (income)	78,743			221,113			49,670			(349,526)		—
Income (loss) before income taxes	$	77,479		$	369,248		$	27,022		$	(16,954)	$	456,795
Return on average interest earning assets (pre-tax) (unaudited)	1.12		%	1.91		%	0.62		%	N/A		1.49		%

	Year Ended December 31, 2018
	Consumer Lending			Commercial Lending			Investment Management			Corporate and Other Adjustments		Total
	($ in thousands)
Average interest earning assets (unaudited)	$	6,197,161		$	17,143,169		$	4,362,581		$	—	$	27,702,911
Interest income	$	235,264		$	798,974		$	130,971		$	(5,961)	$	1,159,248
Interest expense	64,083			177,273			45,112			15,577		302,045
Net interest income (loss)	171,181			621,701			85,859			(21,538)		857,203
Provision for credit losses	5,550			26,951			—			—		32,501
Net interest income (loss) after provision for credit losses	165,631			594,750			85,859			(21,538)		824,702
Non-interest income	61,280			22,275			8,691			41,806		134,052
Non-interest expense	92,462			95,171			1,251			440,177		629,061
Internal transfer expense (income)	77,164			213,399			54,353			(344,916)		—
Income (loss) before income taxes	$	57,285		$	308,455		$	38,946		$	(74,993)	$	329,693
Return on average interest earning assets (pre-tax) (unaudited)	0.92		%	1.80		%	0.89		%	N/A		1.19		%