Operating Segments (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Financial Data for Business Segments

The following tables represent the financial data for Valley’s operating segments for the three and nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30, 2022
	Consumer Lending			Commercial Lending			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	8,307,993		$	36,033,901		$	6,189,348		$	50,531,242
Interest income	$	70,590		$	425,930		$	40,208		$	536,728
Interest expense	12,288			53,294			17,154			82,736
Net interest income	58,302			372,636			23,054			453,992
Provision (credit) for credit losses	7,182			(5,347)			188			2,023
Net interest income after provision for credit losses	51,120			377,983			22,866			451,969
Non-interest income	19,637			23,510			13,047			56,194
Non-interest expense	24,352			31,759			205,528			261,639
Internal transfer expense (income)	26,268			113,932			(140,200)			—
Income before income taxes	$	20,137		$	255,802		$	(29,415)		$	246,524
Return on average interest earning assets (pre-tax)	0.97		%	2.84		%	(1.90)		%	1.95		%

	Three Months Ended September 30, 2021
	Consumer Lending			Commercial Lending			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	7,373,897		$	25,324,485		$	5,634,492		$	38,332,874
Interest income	$	58,887		$	250,866		$	19,048		$	328,801
Interest expense	4,032			13,795			9,948			27,775
Net interest income	54,855			237,071			9,100			301,026
(Credit) provision for credit losses	(4,614)			8,110			35			3,531
Net interest income after provision for credit losses	59,469			228,961			9,065			297,495
Non-interest income	11,845			11,611			18,975			42,431
Non-interest expense	13,520			27,504			133,898			174,922
Internal transfer expense (income)	20,662			71,141			(91,803)			—
Income (loss) before income taxes	$	37,132		$	141,927		$	(14,055)		$	165,004
Return on average interest earning assets (pre-tax)	2.01		%	2.24		%	(1.00)		%	1.72		%

	Nine Months Ended September 30, 2022
	Consumer Lending			Commercial Lending			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	7,978,732		$	32,551,062		$	6,075,623		$	46,605,417
Interest income	$	193,186		$	1,036,276		$	100,671		$	1,330,133
Interest expense	20,218			84,356			35,738			140,312
Net interest income	172,968			951,920			64,933			1,189,821
Provision for credit losses	14,457			34,590			531			49,578
Net interest income after provision for credit losses	158,511			917,330			64,402			1,140,243
Non-interest income	50,540			54,815			48,642			153,997
Non-interest expense	59,711			81,292			617,706			758,709
Internal transfer expense (income)	92,544			371,213			(463,757)			—
Income before income taxes	$	56,796		$	519,640		$	(40,905)		$	535,531
Return on average interest earning assets (pre-tax)	0.95		%	2.13		%	(0.90)		%	1.53		%

	Nine Months Ended September 30, 2021
	Consumer Lending			Commercial Lending			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	7,176,086		$	25,465,276		$	5,261,185		$	37,902,547
Interest income	$	179,151		$	759,097		$	55,999		$	994,247
Interest expense	15,639			55,497			28,511			99,647
Net interest income	163,512			703,600			27,488			894,600
(Credit) provision for credit losses	(6,538)			27,825			(353)			20,934
Net interest income after provision for credit losses	170,050			675,775			27,841			873,666
Non-interest income	47,445			29,144			40,201			116,790
Non-interest expense	53,161			80,276			373,591			507,028
Internal transfer expense (income)	60,026			212,931			(272,957)			—
Income (loss) before income taxes	$	104,308		$	411,712		$	(32,592)		$	483,428
Return on average interest earning assets (pre-tax)	1.94		%	2.16		%	(0.83)		%	1.70		%