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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Consolidated Statements of Financial Condition Related to Fair Value of Derivative Financial Instruments
Amounts included in the consolidated statements of financial condition related to the fair value of Valley’s derivative financial instruments were as follows: 
 June 30, 2023December 31, 2022
 Fair ValueFair Value
Other AssetsOther LiabilitiesNotional AmountOther AssetsOther LiabilitiesNotional Amount
 (in thousands)
Derivatives designated as hedging instruments:
Cash flow hedge interest rate swaps
$— $— $— $3,971 $4 $600,000 
Fair value hedge interest rate swaps — 28,992 300,000 — 29,794 300,000 
Total derivatives designated as hedging instruments$— $28,992 $300,000 $3,971 $29,798 $900,000 
Derivatives not designated as hedging instruments:
Interest rate swaps and other contracts*
$548,592 $548,217 $15,837,195 $449,280 $564,678 $14,753,330 
Foreign currency derivatives22,635 21,710 1,331,575 13,709 12,604 1,273,735 
Mortgage banking derivatives393 307 105,948 167 157 31,299 
Total derivatives not designated as hedging instruments
$571,620 $570,234 $17,274,718 $463,156 $577,439 $16,058,364 
* Other derivative contracts include risk participation agreements.
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows
Gains (losses) included in the consolidated statements of income and other comprehensive loss, on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: 
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
 (in thousands)
Amount of (loss) gain reclassified from accumulated other comprehensive loss to interest income and expense$(725)$116 $(1,256)$(426)
Amount of (loss) gain recognized in other comprehensive loss(4,991)121 (1,093)441 
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Fair Value
(Losses) gains included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows: 
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
 (in thousands)
Derivative - interest rate swap:
Interest expense$(3,790)$76 $902 $606 
Hedged item - subordinated debt
Interest expense$3,952 $(147)$(820)$(477)
Interest Rate Derivatives Designated as Hedges The following table presents the hedged item related to interest rate derivatives designated as fair value hedges and the cumulative basis fair value adjustment included in the net carrying amount of the hedged item at June 30, 2023 and December 31, 2022, respectively.
Line Item in the Statement of Financial Position in Which the Hedged Item is IncludedNet Carrying Amount of the Hedged Liability *Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability
(in thousands)
June 30, 2023
Long-term borrowings$268,300 $(29,312)
December 31, 2022
Long-term borrowings$267,076 $(30,132)

*    Net carrying amount includes unamortized debt issuance costs of $2.4 million and $2.8 million at June 30, 2023 and December 31, 2022, respectively.
Net (Gains) Losses Related to Derivative Instruments Not Designated as Hedging Instruments
The net (gains) losses included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: 
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
 (in thousands)
Non-designated hedge interest rate swaps and credit derivatives
Other non-interest expense$(368)$1,143 $(160)$(1,654)