Operating Segments (Tables)

6 Months Ended

Jun. 30, 2023

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 six months ended June 30, 2023 and 2022:

	Three Months Ended June 30, 2023
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	8,904,483		$	40,553,454		$	7,893,871		$	57,351,808
Interest income	$	90,602		$	624,569		$	72,288		$	787,459
Interest expense	55,198			250,871			61,625			367,694
Net interest income	35,404			373,698			10,663			419,765
Provision (credit) for credit losses	3,492			2,840			(282)			6,050
Net interest income after provision for credit losses	31,912			370,858			10,945			413,715
Non-interest income	25,529			14,361			20,185			60,075
Non-interest expense	23,223			35,365			224,383			282,971
Internal transfer expense (income)	22,018			102,395			(124,413)			—
Income (loss) before income taxes	$	12,200		$	247,459		$	(68,840)		$	190,819
Return on average interest earning assets (pre-tax)	0.55		%	2.44		%	(3.49)		%	1.33		%

	Three Months Ended June 30, 2022
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	7,967,305		$	34,549,982		$	6,373,943		$	48,891,230
Interest income	$	63,137		$	352,440		$	37,370		$	452,947
Interest expense	4,723			19,735			10,329			34,787
Net interest income	58,414			332,705			27,041			418,160
Provision for credit losses	5,402			38,310			286			43,998
Net interest income after provision for credit losses	53,012			294,395			26,755			374,162
Non-interest income	17,086			14,425			27,022			58,533
Non-interest expense	18,791			24,448			256,491			299,730
Internal transfer expense (income)	37,629			157,365			(194,994)			—
Income (loss) before income taxes	$	13,678		$	127,007		$	(7,720)		$	132,965
Return on average interest earning assets (pre-tax)	0.69		%	1.47		%	(0.48)		%	1.09		%

	Six Months Ended June 30, 2023
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	8,836,859		$	39,826,630		$	7,699,305		$	56,362,794
Interest income	$	175,918		$	1,194,479		$	137,292		$	1,507,689
Interest expense	98,204			442,594			111,106			651,904
Net interest income	77,714			751,885			26,186			855,785
Provision for credit losses	9,936			5,846			4,705			20,487
Net interest income after provision for credit losses	67,778			746,039			21,481			835,298
Non-interest income	39,819			30,108			44,447			114,374
Non-interest expense	41,472			71,088			442,577			555,137
Internal transfer expense (income)	52,901			233,990			(286,891)			—
Income (loss) before income taxes	$	13,224		$	471,069		$	(89,758)		$	394,535
Return on average interest earning assets (pre-tax)	0.30		%	2.37		%	(2.33)		%	1.40		%

	Six Months Ended June 30, 2022
	Consumer Banking			Commercial Banking			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	7,848,764		$	30,743,387		$	6,017,817		$	44,609,968
Interest income	$	122,596		$	610,346		$	60,463		$	793,405
Interest expense	7,930			31,062			18,584			57,576
Net interest income	114,666			579,284			41,879			735,829
Provision for credit losses	7,275			39,937			343			47,555
Net interest income after provision for credit losses	107,391			539,347			41,536			688,274
Non-interest income	30,903			31,305			35,595			97,803
Non-interest expense	35,359			49,533			412,178			497,070
Internal transfer expense (income)	66,276			257,281			(323,557)			—
Income (loss) before income taxes	$	36,659		$	263,838		$	(11,490)		$	289,007
Return on average interest earning assets (pre-tax)	0.93		%	1.72		%	(0.38)		%	1.30		%