Business Segments (Tables)

3 Months Ended

Mar. 31, 2022

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 three months ended March 31, 2022 and 2021:

	Three Months Ended March 31, 2022
	Consumer Lending			Commercial Lending			Investment Management			Corporate and Other Adjustments		Total
	($ in thousands)
Average interest earning assets	$	7,638,942		$	26,984,460		$	5,659,646		$	—	$	40,283,048
Interest income	$	59,459		$	257,906		$	23,787		$	(694)	$	340,458
Interest expense	3,207			11,327			2,376			5,879		22,789
Net interest income (loss)	56,252			246,579			21,411			(6,573)		317,669
Provision for credit losses	1,873			1,627			57			—		3,557
Net interest income (loss) after provision for credit losses	54,379			244,952			21,354			(6,573)		314,112
Non-interest income	13,817			16,880			2,073			6,500		39,270
Non-interest expense	16,568			25,085			836			154,851		197,340
Internal transfer expense (income)	28,647			99,916			17,061			(145,624)		—
Income (loss) before income taxes	$	22,981		$	136,831		$	5,530		$	(9,300)	$	156,042
Return on average interest earning assets (pre-tax)	1.20		%	2.03		%	0.39		%	N/A		1.55		%

	Three Months Ended March 31, 2021
	Consumer Lending			Commercial Lending			Investment Management			Corporate and Other Adjustments		Total
	($ in thousands)
Average interest earning assets	$	7,049,252		$	25,533,227		$	4,803,740		$	—	$	37,386,219
Interest income	$	60,845		$	252,336		$	19,509		$	(892)	$	331,798
Interest expense	6,415			23,235			4,371			5,110		39,131
Net interest income (loss)	54,430			229,101			15,138			(6,002)		292,667
(Credit) provision for credit losses	(2,635)			11,676			(385)			—		8,656
Net interest income (loss) after provision for credit losses	57,065			217,425			15,523			(6,002)		284,011
Non-interest income	13,685			7,713			2,331			7,504		31,233
Non-interest expense	19,849			25,531			1,777			113,056		160,213
Internal transfer expense (income)	19,502			70,555			13,277			(103,334)		—
Income (loss) before income taxes	$	31,399		$	129,052		$	2,800		$	(8,220)	$	155,031
Return on average interest earning assets (pre-tax)	1.78		%	2.02		%	0.23		%	N/A		1.66		%