Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) | ||||||||||||||||
(Address of principal executive office) | (Zip code) |
Title of each class | Trading Symbols | Name of exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | Smaller reporting company | ||||||||||||||
Non-accelerated filer | ☐ | Emerging growth company |
Page Number | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Consolidated Statements of Financial Condition as of March 31, 2024 and December 31, 2023 | ||||||||
Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 | ||||||||
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 | ||||||||
Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023 | ||||||||
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Term | Definition | |||||||
ACL | Allowance for credit losses | |||||||
AFS | Available for sale | |||||||
ASC | Accounting Standards Codification | |||||||
ASU | Accounting Standards Update | |||||||
Bank | Valley National Bank (Valley’s principal subsidiary) | |||||||
Basel III | Capital rules under a global regulatory framework developed by the Basel Committee on Banking Supervision | |||||||
Board | Board of Directors of Valley National Bancorp | |||||||
CD | Certificate of deposit | |||||||
CDI | Core deposit intangible | |||||||
CECL | Current expected credit loss model | |||||||
CFPB | Consumer Financial Protection Bureau | |||||||
CPI | Consumer Price Index | |||||||
CRA | Community Reinvestment Act | |||||||
Exchange Act | Securities Exchange Act of 1934, as amended | |||||||
Fannie Mae | Federal National Mortgage Association | |||||||
FASB | Financial Accounting Standards Board | |||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
Federal Reserve | Board of Governors of the Federal Reserve System | |||||||
FRB | Federal Reserve Bank | |||||||
FHLB | Federal Home Loan Bank | |||||||
Freddie Mac | Federal Home Loan Mortgage Corporation | |||||||
GAAP | U. S. Generally Accepted Accounting Principles | |||||||
GDP | Gross domestic product | |||||||
Ginnie Mae | Government National Mortgage Association | |||||||
HTM | Held to Maturity | |||||||
Moody’s | Moody’s Investor Services | |||||||
NAV | Net asset value | |||||||
OCC | Office of the Comptroller of the Currency | |||||||
OREO | Other real estate owned | |||||||
OTC | Over-the-counter | |||||||
PCAOB | Public Company Accounting Oversight Board | |||||||
ROATE | Return on average tangible shareholders’ equity | |||||||
RSU | Restricted stock unit | |||||||
S&P | Standard & Poor's | |||||||
SEC | U.S. Securities and Exchange Commission | |||||||
SOFR | Secured Overnight Financing Rate | |||||||
U.S. Treasury | United States Department of the Treasury | |||||||
Valley | May refer to Valley National Bancorp individually, Valley National Bancorp and its consolidated subsidiaries, or certain of Valley National Bancorp’s subsidiaries, as the context requires (interchangeable with the “Company,” “we,” “our” and “us”). | |||||||
Valley's Annual Report | Valley's Annual Report on Form 10-K for the year ended December 31, 2023 |
March 31, 2024 | December 31, 2023 | ||||||||||
Assets | (Unaudited) | ||||||||||
Cash and due from banks | $ | $ | |||||||||
Interest bearing deposits with banks | |||||||||||
Investment securities: | |||||||||||
Equity securities | |||||||||||
Trading debt securities | |||||||||||
Available for sale debt securities | |||||||||||
Held to maturity debt securities (net of allowance for credit losses of $ | |||||||||||
Total investment securities | |||||||||||
Loans held for sale (includes fair value of $ | |||||||||||
Loans | |||||||||||
Less: Allowance for loan losses | ( | ( | |||||||||
Net loans | |||||||||||
Premises and equipment, net | |||||||||||
Lease right of use assets | |||||||||||
Bank owned life insurance | |||||||||||
Accrued interest receivable | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Other assets | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Non-interest bearing | $ | $ | |||||||||
Interest bearing: | |||||||||||
Savings, NOW and money market | |||||||||||
Time | |||||||||||
Total deposits | |||||||||||
Short-term borrowings | |||||||||||
Long-term borrowings | |||||||||||
Junior subordinated debentures issued to capital trusts | |||||||||||
Lease liabilities | |||||||||||
Accrued expenses and other liabilities | |||||||||||
Total Liabilities | |||||||||||
Shareholders’ Equity | |||||||||||
Preferred stock, | |||||||||||
Series A ( | |||||||||||
Series B ( | |||||||||||
Common stock ( | |||||||||||
Surplus | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock, at cost ( | ( | ||||||||||
Total Shareholders’ Equity | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Interest Income | |||||||||||
Interest and fees on loans | $ | $ | |||||||||
Interest and dividends on investment securities: | |||||||||||
Taxable | |||||||||||
Tax-exempt | |||||||||||
Dividends | |||||||||||
Interest on federal funds sold and other short-term investments | |||||||||||
Total interest income | |||||||||||
Interest Expense | |||||||||||
Interest on deposits: | |||||||||||
Savings, NOW and money market | |||||||||||
Time | |||||||||||
Interest on short-term borrowings | |||||||||||
Interest on long-term borrowings and junior subordinated debentures | |||||||||||
Total interest expense | |||||||||||
Net Interest Income | |||||||||||
(Credit) provision for credit losses for available for sale and held to maturity securities | ( | ||||||||||
Provision for credit losses for loans | |||||||||||
Net Interest Income After Provision for Credit Losses | |||||||||||
Non-Interest Income | |||||||||||
Wealth management and trust fees | |||||||||||
Insurance commissions | |||||||||||
Capital markets | |||||||||||
Service charges on deposit accounts | |||||||||||
Gains on securities transactions, net | |||||||||||
Fees from loan servicing | |||||||||||
Gains on sales of loans, net | |||||||||||
Gains on sales of assets, net | |||||||||||
Bank owned life insurance | |||||||||||
Other | |||||||||||
Total non-interest income | |||||||||||
Non-Interest Expense | |||||||||||
Salary and employee benefits expense | |||||||||||
Net occupancy expense | |||||||||||
Technology, furniture and equipment expense | |||||||||||
FDIC insurance assessment | |||||||||||
Amortization of other intangible assets | |||||||||||
Professional and legal fees | |||||||||||
Amortization of tax credit investments | |||||||||||
Other | |||||||||||
Total non-interest expense | |||||||||||
Income Before Income Taxes | |||||||||||
Income tax expense | |||||||||||
Net Income | |||||||||||
Dividends on preferred stock | |||||||||||
Net Income Available to Common Shareholders | $ | $ | |||||||||
Earnings Per Common Share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net income | $ | $ | |||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Unrealized losses and gains on available for sale securities | |||||||||||
Net (losses) gains arising during the period | ( | ||||||||||
Total | ( | ||||||||||
Unrealized gains and losses on derivatives (cash flow hedges) | |||||||||||
Net gains on derivatives arising during the period | |||||||||||
Less reclassification adjustment for net (gains) losses included in net income | ( | ||||||||||
Total | ( | ||||||||||
Defined benefit pension and postretirement benefit plans | |||||||||||
Amortization of actuarial net loss | |||||||||||
Total other comprehensive (loss) income | ( | ||||||||||
Total comprehensive income | $ | $ |
Common Stock | Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Shares | Amount | Surplus | Retained Earnings | Other Comprehensive Loss | Treasury Stock | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance - December 31, 2023 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, Series A, $ | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Preferred stock, Series B, $ | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Common stock, $ | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Effect of stock incentive plan, net | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance - March 31, 2024 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||
Common Stock | Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Shares | Amount | Surplus | Retained Earnings | Other Comprehensive Loss | Treasury Stock | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance - December 31, 2022 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance - January 1, 2023 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, Series A, $ | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Preferred stock, Series B, $ | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Common stock, $ | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Effect of stock incentive plan, net | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Common stock issued | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||
Balance - March 31, 2023 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Stock-based compensation | |||||||||||
Provision for credit losses | |||||||||||
Net accretion of discounts and amortization of premium on securities and borrowings | ( | ( | |||||||||
Amortization of other intangible assets | |||||||||||
Losses on available for sale and held to maturity debt securities, net | |||||||||||
Proceeds from sales of loans held for sale at fair value | |||||||||||
Gains on sales of loans, net | ( | ( | |||||||||
Originations of loans held for sale | ( | ( | |||||||||
Gains on sales of assets, net | ( | ( | |||||||||
Net change in: | |||||||||||
Fair value of financial instruments hedged by derivative transactions | |||||||||||
Trading debt securities | ( | ||||||||||
Lease right of use assets | |||||||||||
Cash surrender value of bank owned life insurance | ( | ( | |||||||||
Accrued interest receivable | ( | ( | |||||||||
Other assets | ( | ( | |||||||||
Accrued expenses and other liabilities | ( | ||||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
Cash flows from investing activities: | |||||||||||
Net loan originations and purchases | ( | ( | |||||||||
Equity securities: | |||||||||||
Purchases | ( | ( | |||||||||
Sales | |||||||||||
Held to maturity debt securities: | |||||||||||
Purchases | ( | ( | |||||||||
Maturities, calls and principal repayments | |||||||||||
Available for sale debt securities: | |||||||||||
Purchases | ( | ||||||||||
Maturities, calls and principal repayments | |||||||||||
Death benefit proceeds from bank owned life insurance | |||||||||||
Proceeds from sales of real estate property and equipment | |||||||||||
Proceeds from sales of loans not originated for sale | |||||||||||
Proceeds from sale of commercial premium finance lending division | |||||||||||
Purchases of real estate property and equipment | ( | ( | |||||||||
Cash distribution from tax credit investments | |||||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
VALLEY NATIONAL BANCORP CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (continued) (in thousands) | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from financing activities: | |||||||||||
Net change in deposits | $ | ( | $ | ( | |||||||
Net change in short-term borrowings | ( | ||||||||||
Proceeds from issuance of long-term borrowings, net | |||||||||||
Repayments of long-term borrowings | ( | ( | |||||||||
Cash dividends paid to preferred shareholders | ( | ( | |||||||||
Cash dividends paid to common shareholders | ( | ( | |||||||||
Purchase of common shares to treasury | ( | ( | |||||||||
Common stock issued, net | |||||||||||
Other, net | ( | ( | |||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Net change in cash and cash equivalents | |||||||||||
Cash and cash equivalents at beginning of year | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash payments for: | |||||||||||
Interest on deposits and borrowings | $ | $ | |||||||||
Federal and state income taxes | |||||||||||
Supplemental schedule of non-cash investing activities: | |||||||||||
Transfer of loans to other real estate owned | $ | $ | |||||||||
Transfer of loans to loans held for sale | |||||||||||
Lease right of use assets obtained in exchange for operating lease liabilities | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands, except for share and per share data) | |||||||||||
Net income available to common shareholders | $ | $ | |||||||||
Basic weighted average number of common shares outstanding | |||||||||||
Plus: Common stock equivalents | |||||||||||
Diluted weighted average number of common shares outstanding | |||||||||||
Earnings per common share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted |
Components of Accumulated Other Comprehensive Loss | Total Accumulated Other Comprehensive Loss | ||||||||||||||||||||||
Unrealized Gains and Losses on Available for Sale (AFS) Securities | Unrealized Gains and Losses on Derivatives | Defined Benefit Pension and Postretirement Benefit Plans | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
December 31, 2022 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Other comprehensive loss before reclassification | |||||||||||||||||||||||
Amounts reclassified from other comprehensive income | |||||||||||||||||||||||
Other comprehensive income, net | |||||||||||||||||||||||
March 31, 2023 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
December 31, 2023 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Other comprehensive loss before reclassification | ( | ( | |||||||||||||||||||||
Amounts reclassified from other comprehensive (loss) income | ( | ( | |||||||||||||||||||||
Other comprehensive (loss) income, net | ( | ( | ( | ||||||||||||||||||||
March 31, 2024 | $ | ( | $ | $ | ( | $ | ( |
Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
Components of Accumulated Other Comprehensive Loss | 2024 | 2023 | Income Statement Line Item | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Unrealized gains (losses) on derivatives (cash flow hedges) before tax | $ | $ | ( | Interest income | ||||||||||||||||
Tax effect | ( | |||||||||||||||||||
Total net of tax | ( | |||||||||||||||||||
Defined benefit pension and postretirement benefit plans: | ||||||||||||||||||||
Amortization of actuarial net loss | ( | ( | * | |||||||||||||||||
Tax effect | ||||||||||||||||||||
Total net of tax | ( | ( | ||||||||||||||||||
Total reclassifications, net of tax | $ | $ | ( |
* | Amortization of actuarial net loss is included in the computation of net periodic pension cost recognized within other non-interest expense. |
March 31, 2024 | Fair Value Measurements at Reporting Date Using: | ||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Recurring fair value measurements: | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Equity securities | $ | $ | $ | $ | |||||||||||||||||||
Equity securities at net asset value (NAV) | — | — | — | ||||||||||||||||||||
Trading debt securities | |||||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||||
U.S. Treasury securities | |||||||||||||||||||||||
U.S. government agency securities | |||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||
Corporate and other debt securities | |||||||||||||||||||||||
Total available for sale debt securities | |||||||||||||||||||||||
Loans held for sale (1) | |||||||||||||||||||||||
Other assets (2) | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Other liabilities (2) | $ | $ | $ | $ | |||||||||||||||||||
Total liabilities | $ | $ | $ | $ | |||||||||||||||||||
Non-recurring fair value measurements: | |||||||||||||||||||||||
Non-performing loan held for sale (3) | $ | $ | $ | $ | |||||||||||||||||||
Collateral dependent loans | |||||||||||||||||||||||
Foreclosed assets | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||||||||
December 31, 2023 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Recurring fair value measurements: | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Equity securities | $ | $ | $ | $ | |||||||||||||||||||
Equity securities at net asset value (NAV) | — | — | — | ||||||||||||||||||||
Trading debt securities | |||||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||||
U.S. Treasury securities | |||||||||||||||||||||||
U.S. government agency securities | |||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||
Corporate and other debt securities | |||||||||||||||||||||||
Total available for sale debt securities | |||||||||||||||||||||||
Loans held for sale (1) | |||||||||||||||||||||||
Other assets (2) | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Other liabilities (2) | $ | $ | $ | $ | |||||||||||||||||||
Total liabilities | $ | $ | $ | $ | |||||||||||||||||||
Non-recurring fair value measurements: | |||||||||||||||||||||||
Non-performing loan held for sale (3) | $ | $ | $ | $ | |||||||||||||||||||
Collateral dependent loans | |||||||||||||||||||||||
Foreclosed assets | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Fair Value Hierarchy | March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Cash and due from banks | Level 1 | $ | $ | $ | $ | ||||||||||||||||||||||||
Interest bearing deposits with banks | Level 1 | ||||||||||||||||||||||||||||
Equity securities (1) | Level 3 | ||||||||||||||||||||||||||||
Held to maturity debt securities: | |||||||||||||||||||||||||||||
U.S. Treasury securities | Level 1 | ||||||||||||||||||||||||||||
U.S. government agency securities | Level 2 | ||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Level 2 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | Level 2 | ||||||||||||||||||||||||||||
Trust preferred securities | Level 2 | ||||||||||||||||||||||||||||
Corporate and other debt securities | Level 2 | ||||||||||||||||||||||||||||
Total held to maturity debt securities (2) | |||||||||||||||||||||||||||||
Net loans (3) | Level 3 | ||||||||||||||||||||||||||||
Accrued interest receivable | Level 1 | ||||||||||||||||||||||||||||
FRB and FHLB stock (4) | Level 2 | ||||||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Deposits without stated maturities | Level 1 | ||||||||||||||||||||||||||||
Deposits with stated maturities | Level 2 | ||||||||||||||||||||||||||||
Short-term borrowings | Level 2 | ||||||||||||||||||||||||||||
Long-term borrowings | Level 2 | ||||||||||||||||||||||||||||
Junior subordinated debentures issued to capital trusts | Level 2 | ||||||||||||||||||||||||||||
Accrued interest payable (5) | Level 1 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | ( | $ | ||||||||||||||||||
U.S. government agency securities | ( | ||||||||||||||||||||||
Obligations of states and political subdivisions: | |||||||||||||||||||||||
Obligations of states and state agencies | ( | ||||||||||||||||||||||
Municipal bonds | ( | ||||||||||||||||||||||
Total obligations of states and political subdivisions | ( | ||||||||||||||||||||||
Residential mortgage-backed securities | ( | ||||||||||||||||||||||
Corporate and other debt securities | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | ( | $ | ||||||||||||||||||
U.S. government agency securities | ( | ||||||||||||||||||||||
Obligations of states and political subdivisions: | |||||||||||||||||||||||
Obligations of states and state agencies | ( | ||||||||||||||||||||||
Municipal bonds | ( | ||||||||||||||||||||||
Total obligations of states and political subdivisions | ( | ||||||||||||||||||||||
Residential mortgage-backed securities | ( | ||||||||||||||||||||||
Corporate and other debt securities | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
U.S. government agency securities | ( | ( | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions: | |||||||||||||||||||||||||||||||||||
Obligations of states and state agencies | ( | ( | |||||||||||||||||||||||||||||||||
Municipal bonds | ( | ( | |||||||||||||||||||||||||||||||||
Total obligations of states and political subdivisions | ( | ( | |||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Corporate and other debt securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
U.S. government agency securities | ( | ( | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions: | |||||||||||||||||||||||||||||||||||
Obligations of states and state agencies | ( | ( | |||||||||||||||||||||||||||||||||
Municipal bonds | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total obligations of states and political subdivisions | ( | ( | ( | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Corporate and other debt securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
March 31, 2024 | |||||||||||
Amortized Cost | Fair Value | ||||||||||
(in thousands) | |||||||||||
Due in one year | $ | $ | |||||||||
Due after one year through five years | |||||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
Residential mortgage-backed securities | |||||||||||
Total | $ | $ |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Allowance for Credit Losses | Net Carrying Value | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||
U.S. government agency securities | ( | ||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions: | |||||||||||||||||||||||||||||||||||
Obligations of states and state agencies | ( | ||||||||||||||||||||||||||||||||||
Municipal bonds | ( | ||||||||||||||||||||||||||||||||||
Total obligations of states and political subdivisions | ( | ||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ||||||||||||||||||||||||||||||||||
Trust preferred securities | ( | ||||||||||||||||||||||||||||||||||
Corporate and other debt securities | ( | ||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||
U.S. government agency securities | ( | ||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions: | |||||||||||||||||||||||||||||||||||
Obligations of states and state agencies | ( | ||||||||||||||||||||||||||||||||||
Municipal bonds | ( | ||||||||||||||||||||||||||||||||||
Total obligations of states and political subdivisions | ( | ||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ||||||||||||||||||||||||||||||||||
Trust preferred securities | ( | ||||||||||||||||||||||||||||||||||
Corporate and other debt securities | ( | ||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | $ |
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
U.S. government agency securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions: | |||||||||||||||||||||||||||||||||||
Obligations of states and state agencies | ( | ( | ( | ||||||||||||||||||||||||||||||||
Municipal bonds | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total obligations of states and political subdivisions | ( | ( | ( | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Trust preferred securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Corporate and other debt securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
U.S. government agency securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions: | |||||||||||||||||||||||||||||||||||
Obligations of states and state agencies | ( | ( | ( | ||||||||||||||||||||||||||||||||
Municipal bonds | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total obligations of states and political subdivisions | ( | ( | ( | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Trust preferred securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Corporate and other debt securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
March 31, 2024 | |||||||||||
Amortized Cost | Fair Value | ||||||||||
(in thousands) | |||||||||||
Due in one year | $ | $ | |||||||||
Due after one year through five years | |||||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
Residential mortgage-backed securities | |||||||||||
Total | $ | $ |
AAA/AA/A Rated | BBB rated | Non-investment grade rated | Non-rated | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
U.S. government agency securities | |||||||||||||||||||||||||||||
Obligations of states and political subdivisions: | |||||||||||||||||||||||||||||
Obligations of states and state agencies | |||||||||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||||||||
Total obligations of states and political subdivisions | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||
Trust preferred securities | |||||||||||||||||||||||||||||
Corporate and other debt securities | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
U.S. government agency securities | |||||||||||||||||||||||||||||
Obligations of states and political subdivisions: | |||||||||||||||||||||||||||||
Obligations of states and state agencies | |||||||||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||||||||
Total obligations of states and political subdivisions | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||
Trust preferred securities | |||||||||||||||||||||||||||||
Corporate and other debt securities | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Three months ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Beginning balance | $ | $ | |||||||||
Credit for credit losses | ( | ( | |||||||||
Ending balance | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in thousands) | |||||||||||
Loans: | |||||||||||
Commercial and industrial | $ | $ | |||||||||
Commercial real estate: | |||||||||||
Commercial real estate | |||||||||||
Construction | |||||||||||
Total commercial real estate loans | |||||||||||
Residential mortgage | |||||||||||
Consumer: | |||||||||||
Home equity | |||||||||||
Automobile | |||||||||||
Other consumer | |||||||||||
Total consumer loans | |||||||||||
Total loans | $ | $ | |||||||||
Past Due and Non-Accrual Loans | |||||||||||||||||||||||||||||||||||||||||||||||
30-59 Days Past Due Loans | 60-89 Days Past Due Loans | 90 Days or More Past Due Loans | Non-Accrual Loans | Total Past Due Loans | Current Loans | Total Loans | Non-Accrual Loans Without Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||||||||||||||
Automobile | |||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Past Due and Non-Accrual Loans | |||||||||||||||||||||||||||||||||||||||||||||||
30-59 Days Past Due Loans | 60-89 Days Past Due Loans | 90 Days or More Past Due Loans | Non-Accrual Loans | Total Past Due Loans | Current Loans | Total Loans | Non-Accrual Loans Without Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate loans | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||||||||||||||
Automobile | |||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | Prior to 2020 | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total construction | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Gross loan charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior to 2019 | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total construction | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Gross loan charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | Prior to 2020 | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
90 days or more past due | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
90 days or more past due | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
90 days or more past due | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
90 days or more past due | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Gross loan charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior to 2019 | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
90 days or more past due | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
90 days or more past due | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
90 days or more past due | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
90 days or more past due | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Gross loan charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Term extension | Term extension and interest rate reduction | Total | % of Total Loan Class | |||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | % | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||
Total | $ | $ | $ | % | ||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | % | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||
Total | $ | $ | $ | % | ||||||||||||||||||||||
Types of Modifications | ||||||||
Three Months Ended March 31, 2024 | ||||||||
Commercial and industrial | ||||||||
Commercial real estate | ||||||||
Home equity | ||||||||
Three Months Ended March 31, 2023 | ||||||||
Commercial and industrial | ||||||||
Commercial real estate | ||||||||
Residential mortgage | ||||||||
Consumer |
At March 31, 2024 | ||||||||||||||||||||||||||
Current | 30-89 Days Past Due | 90 Days Or More Past Due * | Total | |||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in thousands) | |||||||||||
Collateral dependent loans: | |||||||||||
Commercial and industrial * | $ | $ | |||||||||
Commercial real estate | |||||||||||
Construction | |||||||||||
Total commercial real estate loans | |||||||||||
Residential mortgage | |||||||||||
Home equity | |||||||||||
Consumer | |||||||||||
Total | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in thousands) | |||||||||||
Components of allowance for credit losses for loans: | |||||||||||
Allowance for loan losses | $ | $ | |||||||||
Allowance for unfunded credit commitments | |||||||||||
Total allowance for credit losses for loans | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Components of provision for credit losses for loans: | |||||||||||
Provision for loan losses | $ | $ | |||||||||
Credit for unfunded credit commitments | ( | ( | |||||||||
Total provision for credit losses for loans | $ | $ |
Commercial and Industrial | Commercial Real Estate | Residential Mortgage | Consumer | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Loans charged-off | ( | ( | ( | ( | |||||||||||||||||||||||||
Charged-off loans recovered | |||||||||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ( | ( | ( | |||||||||||||||||||||||||
Provision for loan losses | |||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Impact of the adoption of ASU No. 2022-02 | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Beginning balance, adjusted | |||||||||||||||||||||||||||||
Loans charged-off | ( | ( | ( | ( | |||||||||||||||||||||||||
Charged-off loans recovered | |||||||||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ( | ( | ( | |||||||||||||||||||||||||
Provision (credit) for loan losses | ( | ||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ |
Commercial and Industrial | Commercial Real Estate | Residential Mortgage | Consumer | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Individually evaluated for credit losses | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Collectively evaluated for credit losses | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Individually evaluated for credit losses | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Collectively evaluated for credit losses | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Individually evaluated for credit losses | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Collectively evaluated for credit losses | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Individually evaluated for credit losses | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Collectively evaluated for credit losses | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Reporting Unit * | ||||||||||||||||||||
Wealth Management | Consumer Banking | Commercial Banking | Total | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
$ | $ | $ | $ |
Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | |||||||||||||||
(in thousands) | |||||||||||||||||
March 31, 2024 | |||||||||||||||||
Loan servicing rights | $ | $ | ( | $ | |||||||||||||
Core deposits | ( | ||||||||||||||||
Other | ( | ||||||||||||||||
Total other intangible assets | $ | $ | ( | $ | |||||||||||||
December 31, 2023 | |||||||||||||||||
Loan servicing rights | $ | $ | ( | $ | |||||||||||||
Core deposits | ( | ||||||||||||||||
Other | ( | ||||||||||||||||
Total other intangible assets | $ | $ | ( | $ |
Year | Loan Servicing Rights | Core Deposits | Other | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
2024 | $ | $ | $ | |||||||||||||||||
2025 | ||||||||||||||||||||
2026 | ||||||||||||||||||||
2027 | ||||||||||||||||||||
2028 |
Year | Amount | |||||||
(in thousands) | ||||||||
2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
Thereafter | ||||||||
Total time deposits | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in thousands) | |||||||||||
FHLB advances | $ | $ | |||||||||
Securities sold under agreements to repurchase | |||||||||||
Total short-term borrowings | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in thousands) | |||||||||||
FHLB advances, net (1) | $ | $ | |||||||||
Subordinated debt, net (2) | |||||||||||
Total long-term borrowings | $ | $ |
(1) | FHLB advances are presented net of unamortized premiums totaling $ | ||||
(2) | Subordinated debt is presented net of unamortized debt issuance costs totaling $ |
Year | Amount | |||||||
(in thousands) | ||||||||
2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
Thereafter | ||||||||
Total long-term FHLB advances | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands, except per share data) | |||||||||||
Award shares granted: | |||||||||||
Performance-based RSUs | |||||||||||
Time-based RSUs | |||||||||||
Average grant date fair value per share: | |||||||||||
Performance-based RSUs | $ | $ | |||||||||
Time-based RSUs | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||
Other Assets | Other Liabilities | Notional Amount | Other Assets | Other Liabilities | Notional Amount | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Fair value hedge interest rate swaps | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate swaps and other contracts* | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Foreign currency derivatives | |||||||||||||||||||||||||||||||||||
Mortgage banking derivatives | |||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest income | $ | $ | ( | ||||||||
Amount of gain recognized in other comprehensive income |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Derivative - interest rate swap: | |||||||||||
Interest income | $ | $ | |||||||||
Interest expense | ( | ||||||||||
Hedged item - loans and subordinated debt: | |||||||||||
Interest income | $ | ( | $ | ||||||||
Interest expense | ( |
Line Item in the Statement of Financial Condition in Which the Hedged Item is Included | Net Carrying Amount of the Hedged Asset/ Liability | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/Liability | |||||||||
(in thousands) | |||||||||||
March 31, 2024 | |||||||||||
Loans | $ | $ | ( | ||||||||
Long-term borrowings * | ( | ||||||||||
December 31, 2023 | |||||||||||
Loans | $ | $ | |||||||||
Long-term borrowings * | ( |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Non-designated hedge interest rate swaps and credit derivatives | |||||||||||
Other non-interest expense | $ | ( | $ |
Gross Amounts Not Offset | |||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset | Net Amounts Presented | Financial Instruments | Cash Collateral * | Net Amount | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest rate swaps and other contracts | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Interest rate swaps and other contracts | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest rate swaps and other contracts | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Interest rate swaps and other contracts | $ | $ | $ | $ | ( | $ | — | $ | |||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
(in thousands) | |||||||||||
Other Assets: | |||||||||||
Affordable housing tax credit investments, net | $ | $ | |||||||||
Other tax credit investments, net | |||||||||||
Total tax credit investments, net | $ | $ | |||||||||
Other Liabilities: | |||||||||||
Unfunded affordable housing tax credit commitments | $ | $ | |||||||||
Total unfunded tax credit commitments | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Components of Income Tax Expense: | |||||||||||
Affordable housing tax credits and other tax benefits | $ | $ | |||||||||
Other tax credit investment credits and tax benefits | |||||||||||
Total reduction in income tax expense | $ | $ | |||||||||
Amortization of Tax Credit Investments: | |||||||||||
Affordable housing tax credit investment losses | $ | $ | |||||||||
Affordable housing tax credit investment impairment losses | |||||||||||
Other tax credit investment losses | |||||||||||
Other tax credit investment impairment losses | |||||||||||
Total amortization of tax credit investments recorded in non-interest expense | $ | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||
Consumer Banking | Commercial Banking | Treasury and Corporate Other | Total | ||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Average interest earning assets | $ | $ | $ | $ | |||||||||||||||||||
Interest income | $ | $ | $ | $ | |||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Net interest income | ( | ||||||||||||||||||||||
Provision (credit) for credit losses | ( | ||||||||||||||||||||||
Net interest income after provision for credit losses | ( | ||||||||||||||||||||||
Non-interest income | |||||||||||||||||||||||
Non-interest expense | |||||||||||||||||||||||
Internal transfer expense (income) | ( | ||||||||||||||||||||||
Income (loss) before income taxes | $ | $ | $ | ( | $ | ||||||||||||||||||
Return on average interest earning assets (pre-tax) | % | % | ( | % | % |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
Consumer Banking | Commercial Banking | Treasury and Corporate Other | Total | ||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Average interest earning assets | $ | $ | $ | $ | |||||||||||||||||||
Interest income | $ | $ | $ | $ | |||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||
Net interest income after provision for credit losses | |||||||||||||||||||||||
Non-interest income | |||||||||||||||||||||||
Non-interest expense | |||||||||||||||||||||||
Internal transfer expense (income) | ( | ||||||||||||||||||||||
Income (loss) before income taxes | $ | $ | $ | ( | $ | ||||||||||||||||||
Return on average interest earning assets (pre-tax) | % | % | ( | % | % |
March 31, 2024 | ||||||||
(in thousands) | ||||||||
Less than three months | $ | 699,105 | ||||||
Three to six months | 535,918 | |||||||
Six to twelve months | 685,637 | |||||||
More than twelve months | 154,027 | |||||||
Total | $ | 2,074,687 |
Three Months Ended | |||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||
(in thousands) | |||||||||||||||||
Average short-term borrowings: | |||||||||||||||||
FHLB advances | $ | 1,470,879 | $ | 372,011 | $ | 2,513,983 | |||||||||||
Securities sold under repurchase agreements | 67,000 | 76,733 | 99,546 | ||||||||||||||
Federal funds purchased | — | 1,087 | 190,214 | ||||||||||||||
Total | $ | 1,537,879 | $ | 449,831 | $ | 2,803,743 | |||||||||||
Average long-term borrowings: | |||||||||||||||||
FHLB advances | $ | 1,930,702 | $ | 1,688,725 | $ | 875,053 | |||||||||||
Subordinated debt | 638,008 | 631,915 | 754,972 | ||||||||||||||
Junior subordinated debentures issued to capital trusts | 57,152 | 57,066 | 56,805 | ||||||||||||||
Total | $ | 2,625,862 | $ | 2,377,706 | $ | 1,686,830 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Selected Performance Indicators | ($ in thousands) | ||||||||||
GAAP measures: | |||||||||||
Net income, as reported | $ | 96,280 | $ | 146,551 | |||||||
Return on average assets | 0.63 | % | 0.98 | % | |||||||
Return on average shareholders’ equity | 5.73 | 9.10 | |||||||||
Non-GAAP measures: | |||||||||||
Net income, as adjusted | $ | 99,448 | $ | 154,530 | |||||||
Return on average assets, as adjusted | 0.65 | % | 1.03 | % | |||||||
Return on average shareholders' equity, as adjusted | 5.91 | 9.60 | |||||||||
Return on average tangible shareholders' equity (ROATE) | 8.19 | 13.39 | |||||||||
ROATE, as adjusted | 8.46 | 14.12 | |||||||||
Efficiency ratio | 59.10 | 53.79 |
March 31, 2024 | December 31, 2023 | ||||||||||
Common Equity Per Share Data: | |||||||||||
Book value per common share (GAAP) | $ | 12.81 | $ | 12.79 | |||||||
Tangible book value per common share (non-GAAP) | 8.84 | 8.79 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Net income, as reported (GAAP) | $ | 96,280 | $ | 146,551 | |||||||
Non-GAAP adjustments: | |||||||||||
Add: FDIC special assessment (1) | 7,394 | — | |||||||||
Add: Losses on available for sale and held to maturity debt securities, net (2) | 7 | 24 | |||||||||
Add: Restructuring charge (3) | 620 | — | |||||||||
Add: Provision for credit losses for available for sale securities (4) | — | 5,000 | |||||||||
Add: Merger related expenses (5) | — | 4,133 | |||||||||
Less: Gain on sale of commercial premium finance lending division (6) | (3,629) | — | |||||||||
Total non-GAAP adjustments to net income | $ | 4,392 | $ | 9,157 | |||||||
Income tax adjustments related to non-GAAP adjustments (7) | (1,224) | (1,178) | |||||||||
Net income, as adjusted (non-GAAP) | $ | 99,448 | $ | 154,530 |
(1) | Included in the FDIC insurance expense. | |||||||||||||||||||||||||||||||
(2) | Included in gains on securities transactions, net. | |||||||||||||||||||||||||||||||
(3) | Represents severance expense related to workforce reductions within salary and employee benefits expense. | |||||||||||||||||||||||||||||||
(4) | Included in provision for credit losses for available for sale and held to maturity securities (tax disallowed). | |||||||||||||||||||||||||||||||
(5) | Included primarily within salary and employee benefits expense. | |||||||||||||||||||||||||||||||
(6) | Included in net gains on sale of assets. | |||||||||||||||||||||||||||||||
(7) | Calculated using the appropriate blended statutory tax rate for the applicable period. | |||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
($ in thousands) | |||||||||||
Net income, as adjusted (non-GAAP) | $ | 99,448 | $ | 154,530 | |||||||
Average assets | $ | 61,256,868 | $ | 59,867,002 | |||||||
Annualized return on average assets, as adjusted (non-GAAP) | 0.65 | % | 1.03 | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
($ in thousands) | |||||||||||
Net income, as adjusted (non-GAAP) | $ | 99,448 | $ | 154,530 | |||||||
Average shareholders' equity | $ | 6,725,695 | $ | 6,440,215 | |||||||
Annualized return on average shareholders' equity, as adjusted (non-GAAP) | 5.91 | % | 9.60 | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
($ in thousands) | |||||||||||
Net income, as reported (GAAP) | $ | 96,280 | $ | 146,551 | |||||||
Net income, as adjusted (non-GAAP) | 99,448 | 154,530 | |||||||||
Average shareholders’ equity (GAAP) | $ | 6,725,695 | $ | 6,440,215 | |||||||
Less: Average goodwill and other intangible assets | 2,024,999 | 2,061,361 | |||||||||
Average tangible shareholders’ equity (non-GAAP) | $ | 4,700,696 | $ | 4,378,854 | |||||||
Annualized ROATE (non-GAAP) | 8.19 | % | 13.39 | % | |||||||
Annualized ROATE, as adjusted (non-GAAP) | 8.46 | % | 14.12 | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
($ in thousands) | |||||||||||
Total non-interest expense, as reported (GAAP) | $ | 280,310 | $ | 272,166 | |||||||
Less: FDIC Special assessment (1) | 7,394 | — | |||||||||
Less: Restructuring charge (2) | 620 | — | |||||||||
Less: Amortization of tax credit investments | 5,562 | 4,253 | |||||||||
Less: Merger related expenses (3) | — | 4,133 | |||||||||
Total non-interest expense, as adjusted (non-GAAP) | $ | 266,734 | $ | 263,780 | |||||||
Net interest income, as reported (GAAP) | 393,548 | 436,020 | |||||||||
Total non-interest income, as reported (GAAP) | 61,415 | 54,299 | |||||||||
Add: Losses on available for sale and held to maturity debt securities, net (4) | 7 | 24 | |||||||||
Less: Gain on sale of commercial premium finance lending division (5) | (3,629) | — | |||||||||
Gross operating income, as adjusted (non-GAAP) | $ | 451,341 | $ | 490,343 | |||||||
Efficiency ratio (non-GAAP) | 59.10 | % | 53.79 | % |
(1) | Included in the FDIC insurance expense. | |||||||||||||||||||||||||||||||
(2) | Represents severance expense related to workforce reductions within salary and employee benefits expense. | |||||||||||||||||||||||||||||||
(3) | Included primarily within salary and employee benefits expense. | |||||||||||||||||||||||||||||||
(4) | Included in gains on securities transactions, net. | |||||||||||||||||||||||||||||||
(5) | Included in gains on sales of assets, net. | |||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
($ in thousands, except for share data) | |||||||||||
Common shares outstanding | 508,893,059 | 507,709,927 | |||||||||
Shareholders’ equity (GAAP) | $ | 6,727,139 | $ | 6,701,391 | |||||||
Less: Preferred stock | 209,691 | 209,691 | |||||||||
Less: Goodwill and other intangible assets | 2,020,405 | 2,029,267 | |||||||||
Tangible common shareholders’ equity (non-GAAP) | $ | 4,497,043 | $ | 4,462,433 | |||||||
Book value per common share (GAAP) | $ | 12.81 | $ | 12.79 | |||||||
Tangible book value per common share (non-GAAP) | $ | 8.84 | $ | 8.79 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (1)(2) | $ | 50,246,591 | $ | 771,577 | 6.14 | % | $ | 50,039,429 | $ | 762,918 | 6.10 | % | $ | 47,859,371 | $ | 655,250 | 5.48 | % | |||||||||||||||||||||||||||||||||||
Taxable investments (3) | 5,094,978 | 42,625 | 3.35 | 4,950,773 | 40,255 | 3.25 | 5,033,134 | 37,474 | 2.98 | ||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt investments (1)(3) | 579,842 | 6,071 | 4.19 | 593,577 | 6,101 | 4.11 | 623,145 | 6,739 | 4.33 | ||||||||||||||||||||||||||||||||||||||||||||
Interest bearing deposits with banks | 697,386 | 9,682 | 5.55 | 885,689 | 10,215 | 4.61 | 1,847,140 | 22,205 | 4.81 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 56,618,797 | 829,955 | 5.86 | 56,469,468 | 819,489 | 5.80 | 55,362,790 | 721,668 | 5.21 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | (450,331) | (451,110) | (466,837) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 439,176 | 314,060 | 445,005 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 4,805,001 | 5,008,764 | 4,702,376 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains on securities available for sale, net | (155,775) | (227,629) | (176,332) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 61,256,868 | $ | 61,113,553 | $ | 59,867,002 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings, NOW and money market deposits | $ | 24,793,452 | $ | 232,506 | 3.75 | % | $ | 23,991,093 | $ | 221,500 | 3.69 | % | $ | 23,389,569 | $ | 150,766 | 2.58 | % | |||||||||||||||||||||||||||||||||||
Time deposits | 12,599,395 | 151,065 | 4.80 | 13,934,683 | 165,351 | 4.75 | 9,738,608 | 80,298 | 3.30 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | 37,392,847 | 383,571 | 4.10 | 37,925,776 | 386,851 | 4.08 | 33,128,177 | 231,064 | 2.79 | ||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 1,537,879 | 20,612 | 5.36 | 449,831 | 5,524 | 4.91 | 2,803,743 | 33,948 | 4.84 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings (4) | 2,625,862 | 30,925 | 4.71 | 2,377,706 | 28,533 | 4.80 | 1,686,830 | 19,198 | 4.55 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 41,556,588 | 435,108 | 4.19 | 40,753,313 | 420,908 | 4.13 | 37,618,750 | 284,210 | 3.02 | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | 11,183,127 | 11,534,795 | 14,024,742 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 1,791,458 | 2,185,539 | 1,783,295 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 6,725,695 | 6,639,906 | 6,440,215 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 61,256,868 | $ | 61,113,553 | $ | 59,867,002 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/interest rate spread (5) | $ | 394,847 | 1.67 | % | $ | 398,581 | 1.67 | % | $ | 437,458 | 2.19 | % | |||||||||||||||||||||||||||||||||||||||||
Tax equivalent adjustment | (1,299) | (1,306) | (1,438) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, as reported | $ | 393,548 | $ | 397,275 | $ | 436,020 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (6) | 2.78 | % | 2.81 | % | 3.15 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Tax equivalent effect | 0.01 | 0.01 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin on a fully tax equivalent basis (6) | 2.79 | % | 2.82 | % | 3.16 | % |
Three Months Ended March 31, 2024 Compared to March 31, 2023 | |||||||||||||||||
Change Due to Volume | Change Due to Rate | Total Change | |||||||||||||||
(in thousands) | |||||||||||||||||
Interest Income: | |||||||||||||||||
Loans* | $ | 33,840 | $ | 82,487 | $ | 116,327 | |||||||||||
Taxable investments | 466 | 4,685 | 5,151 | ||||||||||||||
Tax-exempt investments* | (458) | (210) | (668) | ||||||||||||||
Interest bearing deposits with banks | (15,536) | 3,013 | (12,523) | ||||||||||||||
Total increase in interest income | 18,312 | 89,975 | 108,287 | ||||||||||||||
Interest Expense: | |||||||||||||||||
Savings, NOW and money market deposits | 9,529 | 72,211 | 81,740 | ||||||||||||||
Time deposits | 27,796 | 42,971 | 70,767 | ||||||||||||||
Short-term borrowings | (16,652) | 3,316 | (13,336) | ||||||||||||||
Long-term borrowings and junior subordinated debentures | 11,037 | 690 | 11,727 | ||||||||||||||
Total increase in interest expense | 31,710 | 119,188 | 150,898 | ||||||||||||||
Total decrease in net interest income | $ | (13,398) | $ | (29,213) | $ | (42,611) |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Wealth management and trust fees | $ | 17,930 | $ | 9,587 | |||||||
Insurance commissions | 2,251 | 2,420 | |||||||||
Capital markets | 5,670 | 10,892 | |||||||||
Service charges on deposit accounts | 11,249 | 10,476 | |||||||||
Gains on securities transactions, net | 49 | 378 | |||||||||
Fees from loan servicing | 3,188 | 2,671 | |||||||||
Gains on sales of loans, net | 1,618 | 489 | |||||||||
Gains on sales of assets, net | 3,694 | 124 | |||||||||
Bank owned life insurance | 3,235 | 2,584 | |||||||||
Other | 12,531 | 14,678 | |||||||||
Total non-interest income | $ | 61,415 | $ | 54,299 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Salary and employee benefits expense | $ | 141,831 | $ | 144,986 | |||||||
Net occupancy expense | 24,323 | 23,256 | |||||||||
Technology, furniture and equipment expense | 35,462 | 36,508 | |||||||||
FDIC insurance assessment | 18,236 | 9,155 | |||||||||
Amortization of other intangible assets | 9,412 | 10,519 | |||||||||
Professional and legal fees | 16,465 | 16,814 | |||||||||
Amortization of tax credit investments | 5,562 | 4,253 | |||||||||
Other | 29,019 | 26,675 | |||||||||
Total non-interest expense | $ | 280,310 | $ | 272,166 |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||
Consumer Banking | Commercial Banking | Treasury and Corporate Other | Total | ||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Average interest earning assets | $ | 9,795,462 | $ | 40,451,129 | $ | 6,372,206 | $ | 56,618,797 | |||||||||||||||
Income (loss) before income taxes | 12,170 | 158,621 | (41,338) | 129,453 | |||||||||||||||||||
Return on average interest earning assets (before tax) | 0.50 | % | 1.57 | % | (2.59) | % | 0.91 | % |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
Consumer Banking | Commercial Banking | Treasury and Corporate Other | Total | ||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Average interest earning assets | $ | 9,476,112 | $ | 38,383,259 | $ | 7,503,419 | $ | 55,362,790 | |||||||||||||||
Income (loss) before income taxes | 12,324 | 230,567 | (39,175) | 203,716 | |||||||||||||||||||
Return on average interest earning assets (before tax) | 0.52 | % | 2.40 | % | (2.09) | % | 1.47 | % |
Estimated Change in Future Net Interest Income | |||||||||||
Changes in Interest Rates | Dollar Change | Percentage Change | |||||||||
(in basis points) | ($ in thousands) | ||||||||||
+300 | $ | 134,722 | 7.98 | % | |||||||
+200 | 90,019 | 5.33 | |||||||||
+100 | 45,450 | 2.69 | |||||||||
–100 | (45,794) | (2.71) | |||||||||
–200 | (93,473) | (5.54) | |||||||||
–300 | (139,054) | (8.24) |
March 31, 2024 | December 31, 2023 | |||||||||||||
Loans to deposits | 101.7 | % | 102.0 | % | ||||||||||
Wholesale funding to total funding | 19.8 | 19.5 |
March 31, 2024 | December 31, 2023 | |||||||||||||
(in thousands) | ||||||||||||||
Cash and due from banks | $ | 398,827 | $ | 284,090 | ||||||||||
Interest bearing deposits with banks | 542,006 | 607,135 | ||||||||||||
Trading debt securities | 3,989 | 3,973 | ||||||||||||
Held to maturity debt securities (1) | 197,136 | 194,094 | ||||||||||||
Available for sale debt securities (2) | 1,449,334 | 1,296,576 | ||||||||||||
Loans held for sale | 61,782 | 30,640 | ||||||||||||
Total liquid assets | $ | 2,653,074 | $ | 2,416,508 | ||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
(in thousands) | |||||||||||
FHLB advances | $ | — | $ | 850,000 | |||||||
Securities sold under agreements to repurchase | 75,224 | 67,834 | |||||||||
Total short-term borrowings | $ | 75,224 | $ | 917,834 |
March 31, 2024 | December 31, 2023 | ||||||||||
(in thousands) | |||||||||||
FHLB borrowing capacity* | $ | 12,741,356 | $ | 13,604,000 | |||||||
Unused FRB discount window* | 8,788,000 | 8,530,000 | |||||||||
Unused federal funds lines available from commercial banks | 2,140,000 | 2,140,000 | |||||||||
Unencumbered investment securities | 812,825 | 1,129,000 | |||||||||
Total | $ | 24,482,181 | $ | 25,403,000 |
March 31, 2024 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Available for sale investment grades: | |||||||||||||||||||||||
AAA/AA/A Rated | $ | 1,413,316 | $ | 607 | $ | (154,132) | $ | 1,259,791 | |||||||||||||||
BBB Rated | 96,483 | — | (5,234) | 91,249 | |||||||||||||||||||
Not rated | 111,889 | — | (13,595) | 98,294 | |||||||||||||||||||
Total | $ | 1,621,688 | $ | 607 | $ | (172,961) | $ | 1,449,334 | |||||||||||||||
Held to maturity investment grades: | |||||||||||||||||||||||
AAA/AA/A Rated | $ | 3,532,999 | $ | 3,439 | $ | (483,696) | $ | 3,052,742 | |||||||||||||||
BBB Rated | 6,000 | — | (468) | 5,532 | |||||||||||||||||||
Non-investment grade | 5,269 | — | (691) | 4,578 | |||||||||||||||||||
Not rated | 167,550 | — | (13,000) | 154,550 | |||||||||||||||||||
Total | $ | 3,711,818 | $ | 3,439 | $ | (497,855) | $ | 3,217,402 | |||||||||||||||
Allowance for credit losses | 1,131 | — | — | 1,131 | |||||||||||||||||||
Total, net of allowance for credit losses | $ | 3,710,687 | $ | 3,439 | $ | (497,855) | $ | 3,216,271 |
March 31, 2024 | December 31, 2023 | ||||||||||
($ in thousands) | |||||||||||
Loans | |||||||||||
Commercial and industrial | $ | 9,104,193 | $ | 9,230,543 | |||||||
Commercial real estate: | |||||||||||
Non-owner occupied | 14,962,851 | 15,078,464 | |||||||||
Multifamily (1) | 8,818,263 | 8,860,219 | |||||||||
Owner occupied | 4,367,839 | 4,304,556 | |||||||||
Total | 28,148,953 | 28,243,239 | |||||||||
Construction | 3,556,511 | 3,726,808 | |||||||||
Total commercial real estate | 31,705,464 | 31,970,047 | |||||||||
Residential mortgage | 5,618,355 | 5,569,010 | |||||||||
Consumer: | |||||||||||
Home equity | 564,083 | 559,152 | |||||||||
Automobile | 1,700,508 | 1,620,389 | |||||||||
Other consumer | 1,229,439 | 1,261,154 | |||||||||
Total consumer loans | 3,494,030 | 3,440,695 | |||||||||
Total loans (2) | $ | 49,922,042 | $ | 50,210,295 | |||||||
As a percent of total loans: | |||||||||||
Commercial and industrial | 18.2 | % | 18.4 | % | |||||||
Non-owner occupied | 30.0 | 30.0 | |||||||||
Multifamily | 17.7 | 17.7 | |||||||||
Owner occupied | 8.7 | 8.6 | |||||||||
Construction | 7.1 | 7.4 | |||||||||
Total Commercial real estate | 63.5 | 63.7 | |||||||||
Residential mortgage | 11.3 | 11.1 | |||||||||
Consumer loans | 7.0 | 6.8 | |||||||||
Total | 100.0 | % | 100.0 | % |
(1) | Includes loans collateralized by properties that are greater than 50 percent rent regulated totaling approximately $531 million and $545 million at March 31, 2024 and December 31, 2023, respectively. | |||||||||||||||||||||||||||||||
(2) | Includes net unearned discount and deferred loan fees of $71.8 million and $85.4 million at March 31, 2024 and December 31, 2023, respectively. | |||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
($ in thousands) | |||||||||||
Accruing past due loans: | |||||||||||
30 to 59 days past due: | |||||||||||
Commercial and industrial | $ | 6,202 | $ | 9,307 | |||||||
Commercial real estate | 5,791 | 3,008 | |||||||||
Residential mortgage | 20,819 | 26,345 | |||||||||
Total consumer | 14,032 | 20,554 | |||||||||
Total 30 to 59 days past due | 46,844 | 59,214 | |||||||||
60 to 89 days past due: | |||||||||||
Commercial and industrial | 2,665 | 5,095 | |||||||||
Commercial real estate | 3,720 | 1,257 | |||||||||
Residential mortgage | 5,970 | 8,200 | |||||||||
Total consumer | 1,834 | 4,715 | |||||||||
Total 60 to 89 days past due | 14,189 | 19,267 | |||||||||
90 or more days past due: | |||||||||||
Commercial and industrial | 5,750 | 5,579 | |||||||||
Construction | 3,990 | 3,990 | |||||||||
Residential mortgage | 2,884 | 2,488 | |||||||||
Total consumer | 731 | 1,088 | |||||||||
Total 90 or more days past due | 13,355 | 13,145 | |||||||||
Total accruing past due loans | $ | 74,388 | $ | 91,626 | |||||||
Non-accrual loans: | |||||||||||
Commercial and industrial | $ | 102,399 | $ | 99,912 | |||||||
Commercial real estate | 100,052 | 99,739 | |||||||||
Construction | 51,842 | 60,851 | |||||||||
Residential mortgage | 28,561 | 26,986 | |||||||||
Total consumer | 4,438 | 4,383 | |||||||||
Total non-accrual loans | 287,292 | 291,871 | |||||||||
Other real estate owned (OREO) | 88 | 71 | |||||||||
Other repossessed assets | 1,393 | 1,444 | |||||||||
Total non-performing assets (NPAs) | $ | 288,773 | $ | 293,386 | |||||||
Total non-accrual loans as a % of loans | 0.58 | % | 0.58 | % | |||||||
Total NPAs as a % of loans and NPAs | 0.58 | 0.58 | |||||||||
Total accruing past due and non-accrual loans as a % of loans | 0.72 | 0.76 | |||||||||
Allowance for loan losses as a % of non-accrual loans | 163.33 | 152.83 |
Three Months Ended | |||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||
($ in thousands) | |||||||||||||||||
Allowance for credit losses for loans | |||||||||||||||||
Beginning balance | $ | 465,550 | $ | 462,345 | $ | 483,255 | |||||||||||
Impact of the adoption of ASU No. 2022-02 (1) | — | — | (1,368) | ||||||||||||||
Beginning balance, adjusted | 465,550 | 462,345 | 481,887 | ||||||||||||||
Loans charged-off: | |||||||||||||||||
Commercial and industrial | (14,293) | (10,616) | (26,047) | ||||||||||||||
Commercial real estate | (1,204) | (8,814) | — | ||||||||||||||
Construction | (7,594) | (1,906) | (5,698) | ||||||||||||||
Residential mortgage | — | (25) | — | ||||||||||||||
Total consumer | (1,809) | (1,274) | (828) | ||||||||||||||
Total loans charged-off | (24,900) | (22,635) | (32,573) | ||||||||||||||
Charged-off loans recovered: | |||||||||||||||||
Commercial and industrial | 682 | 4,655 | 1,399 | ||||||||||||||
Commercial real estate | 241 | 1 | 24 | ||||||||||||||
Residential mortgage | 25 | 15 | 21 | ||||||||||||||
Total consumer | 397 | 473 | 761 | ||||||||||||||
Total loans recovered | 1,345 | 5,144 | 2,205 | ||||||||||||||
Total net loan charge-offs | (23,555) | (17,491) | (30,368) | ||||||||||||||
Provision charged for credit losses | 45,274 | 20,696 | 9,450 | ||||||||||||||
Ending balance | $ | 487,269 | $ | 465,550 | $ | 460,969 | |||||||||||
Components of allowance for credit losses for loans: | |||||||||||||||||
Allowance for loan losses | $ | 469,248 | $ | 446,080 | $ | 436,898 | |||||||||||
Allowance for unfunded credit commitments | 18,021 | 19,470 | 24,071 | ||||||||||||||
Allowance for credit losses for loans | $ | 487,269 | $ | 465,550 | $ | 460,969 | |||||||||||
Components of provision for credit losses for loans: | |||||||||||||||||
Provision for credit losses for loans | $ | 46,723 | $ | 21,396 | $ | 9,979 | |||||||||||
Credit for unfunded credit commitments | (1,449) | (700) | (529) | ||||||||||||||
Total provision for credit losses for loans | $ | 45,274 | $ | 20,696 | $ | 9,450 | |||||||||||
Allowance for credit losses for loans as a % of total loans | 0.98 | % | 0.93 | % | 0.95 | % |
(1) Represents the opening adjustment for the adoption of ASU No. 2022-02 effective January 1, 2023. | ||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||
($ in thousands) | |||||||||||||||||
Net loan (charge-offs) recoveries | |||||||||||||||||
Commercial and industrial | $ | (13,611) | $ | (5,961) | $ | (24,648) | |||||||||||
Commercial real estate | (963) | (8,813) | 24 | ||||||||||||||
Construction | (7,594) | (1,906) | (5,698) | ||||||||||||||
Residential mortgage | 25 | (10) | 21 | ||||||||||||||
Total consumer | (1,412) | (801) | (67) | ||||||||||||||
Total | $ | (23,555) | $ | (17,491) | $ | (30,368) | |||||||||||
Average loans outstanding | |||||||||||||||||
Commercial and industrial | $ | 9,235,707 | $ | 9,028,082 | $ | 8,754,853 | |||||||||||
Commercial real estate | 28,259,701 | 28,182,607 | 26,555,421 | ||||||||||||||
Construction | 3,693,343 | 3,878,601 | 3,780,615 | ||||||||||||||
Residential mortgage | 5,600,135 | 5,585,976 | 5,363,421 | ||||||||||||||
Total consumer | 3,457,705 | 3,364,163 | 3,405,061 | ||||||||||||||
Total | $ | 50,246,591 | $ | 50,039,429 | $ | 47,859,371 | |||||||||||
Annualized net loan charge-offs to average loans outstanding | |||||||||||||||||
Commercial and industrial | 0.59% | 0.26% | 1.13% | ||||||||||||||
Commercial real estate | 0.01 | 0.13 | 0.00 | ||||||||||||||
Construction | 0.82 | 0.20 | 0.60 | ||||||||||||||
Residential mortgage | 0.00 | 0.00 | 0.00 | ||||||||||||||
Total consumer | 0.16 | 0.10 | 0.01 | ||||||||||||||
Total annualized net loan charge-offs to total average loans outstanding | 0.19 | 0.14 | 0.25 |
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||
Allowance Allocation | Allocation as a % of Loan Category | Allowance Allocation | Allocation as a % of Loan Category | Allowance Allocation | Allocation as a % of Loan Category | ||||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||
Loan Category: | |||||||||||||||||||||||||||||||||||
Commercial and industrial loans | $ | 138,593 | 1.52 | % | $ | 133,359 | 1.44 | % | $ | 127,992 | 1.42 | % | |||||||||||||||||||||||
Commercial real estate loans: | |||||||||||||||||||||||||||||||||||
Commercial real estate | 209,355 | 0.74 | 194,820 | 0.69 | 190,420 | 0.70 | |||||||||||||||||||||||||||||
Construction | 56,492 | 1.59 | 54,778 | 1.47 | 52,912 | 1.42 | |||||||||||||||||||||||||||||
Total commercial real estate loans | 265,847 | 0.84 | 249,598 | 0.78 | 243,332 | 0.79 | |||||||||||||||||||||||||||||
Residential mortgage loans | 44,377 | 0.79 | 42,957 | 0.77 | 41,708 | 0.76 | |||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||
Home equity | 2,809 | 0.50 | 3,429 | 0.61 | 4,417 | 0.86 | |||||||||||||||||||||||||||||
Auto and other consumer | 17,622 | 0.60 | 16,737 | 0.58 | 19,449 | 0.69 | |||||||||||||||||||||||||||||
Total consumer loans | 20,431 | 0.58 | 20,166 | 0.59 | 23,866 | 0.71 | |||||||||||||||||||||||||||||
Allowance for loan losses | 469,248 | 0.94 | 446,080 | 0.89 | 436,898 | 0.90 | |||||||||||||||||||||||||||||
Allowance for unfunded credit commitments | 18,021 | 19,470 | 24,071 | ||||||||||||||||||||||||||||||||
Total allowance for credit losses for loans | $ | 487,269 | $ | 465,550 | $ | 460,969 | |||||||||||||||||||||||||||||
Allowance for credit losses for loans as a % total loans | 0.98 | % | 0.93 | % | 0.95 | % |
Actual | Minimum Capital Requirements | To Be Well Capitalized Under Prompt Corrective Action Provision | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||
As of March 31, 2024 | |||||||||||||||||||||||||||||||||||
Total Risk-based Capital | |||||||||||||||||||||||||||||||||||
Valley | $ | 5,913,519 | 11.88 | % | $ | 5,228,135 | 10.50 | % | N/A | N/A | |||||||||||||||||||||||||
Valley National Bank | 5,844,047 | 11.74 | 5,226,143 | 10.50 | $ | 4,977,279 | 10.00 | % | |||||||||||||||||||||||||||
Common Equity Tier 1 Capital | |||||||||||||||||||||||||||||||||||
Valley | 4,652,816 | 9.34 | 3,485,424 | 7.00 | N/A | N/A | |||||||||||||||||||||||||||||
Valley National Bank | 5,442,185 | 10.93 | 3,484,095 | 7.00 | 3,235,231 | 6.50 | |||||||||||||||||||||||||||||
Tier 1 Risk-based Capital | |||||||||||||||||||||||||||||||||||
Valley | 4,867,657 | 9.78 | 4,232,300 | 8.50 | N/A | N/A | |||||||||||||||||||||||||||||
Valley National Bank | 5,442,185 | 10.93 | 4,230,687 | 8.50 | 3,981,823 | 8.00 | |||||||||||||||||||||||||||||
Tier 1 Leverage Capital | |||||||||||||||||||||||||||||||||||
Valley | 4,867,657 | 8.20 | 2,375,838 | 4.00 | N/A | N/A | |||||||||||||||||||||||||||||
Valley National Bank | 5,442,185 | 9.16 | 2,376,208 | 4.00 | 2,970,261 | 5.00 | |||||||||||||||||||||||||||||
As of December 31, 2023 | |||||||||||||||||||||||||||||||||||
Total Risk-based Capital | |||||||||||||||||||||||||||||||||||
Valley | $ | 5,855,633 | 11.76 | % | $ | 5,228,447 | 10.50 | % | N/A | N/A | |||||||||||||||||||||||||
Valley National Bank | 5,794,213 | 11.64 | 5,228,403 | 10.50 | $ | 4,979,431 | 10.00 | % | |||||||||||||||||||||||||||
Common Equity Tier 1 Capital | |||||||||||||||||||||||||||||||||||
Valley | 4,623,473 | 9.29 | 3,485,631 | 7.00 | N/A | N/A | |||||||||||||||||||||||||||||
Valley National Bank | 5,420,894 | 10.89 | 3,485,602 | 7.00 | 3,236,630 | 6.50 | |||||||||||||||||||||||||||||
Tier 1 Risk-based Capital | |||||||||||||||||||||||||||||||||||
Valley | 4,838,314 | 9.72 | 4,232,552 | 8.50 | N/A | N/A | |||||||||||||||||||||||||||||
Valley National Bank | 5,420,894 | 10.89 | 4,232,517 | 8.50 | 3,983,545 | 8.00 | |||||||||||||||||||||||||||||
Tier 1 Leverage Capital | |||||||||||||||||||||||||||||||||||
Valley | 4,838,314 | 8.16 | 2,372,129 | 4.00 | N/A | N/A | |||||||||||||||||||||||||||||
Valley National Bank | 5,420,894 | 9.14 | 2,372,322 | 4.00 | 2,965,403 | 5.00 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans | Maximum Number of Shares that May Yet Be Purchased Under the Plans (2) | ||||||||||||||||||||||
January 1, 2024 to January 31, 2024 | 5,162 | $ | 10.96 | — | 24,700,000 | |||||||||||||||||||||
February 1, 2024 to February 28, 2024 | 809,361 | 9.01 | — | 24,700,000 | ||||||||||||||||||||||
March 1, 2024 to March 31, 2024 | 3,724 | 8.05 | — | 24,700,000 | ||||||||||||||||||||||
Total | 818,247 | $ | 9.02 | — |
Item 5. | Other Information |
Item 6. | Exhibits |
(3) | Articles of Incorporation and By-laws: | ||||||||||
(3.1) | |||||||||||
(3.2) | |||||||||||
(10) | Material Contracts: | ||||||||||
(10.1) | |||||||||||
(31.1) | |||||||||||
(31.2) | |||||||||||
(32) | |||||||||||
(101) | Interactive Data File (XBRL Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) ** | ||||||||||
(104) | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | Filed herewith. | ||||
** | Furnished herewith. | ||||
+ | Management contract and compensatory plan or arrangement. |
VALLEY NATIONAL BANCORP | |||||||||||||||||
(Registrant) | |||||||||||||||||
Date: | /s/ Ira Robbins | ||||||||||||||||
May 8, 2024 | Ira Robbins | ||||||||||||||||
Chairman of the Board and | |||||||||||||||||
Chief Executive Officer | |||||||||||||||||
(Principal Executive Officer) | |||||||||||||||||
Date: | /s/ Michael D. Hagedorn | ||||||||||||||||
May 8, 2024 | Michael D. Hagedorn | ||||||||||||||||
Senior Executive Vice President and | |||||||||||||||||
Chief Financial Officer | |||||||||||||||||
(Principal Financial Officer) |
By: /s/ Avner Mendelson | ||
Avner Mendelson, Member | ||
By: /s/ Ira Robbins | ||
Ira Robbins, CEO | ||
/s/ Ira Robbins | ||
Ira Robbins | ||
Chairman of the Board and Chief Executive Officer |
/s/ Michael D. Hagedorn | ||
Michael D. Hagedorn | ||
Senior Executive Vice President and Chief Financial Officer |
/s/ Ira Robbins | ||
Ira Robbins | ||
Chairman of the Board and Chief Executive Officer | ||
May 8, 2024 | ||
/s/ Michael D. Hagedorn | ||
Michael D. Hagedorn | ||
Senior Executive Vice President and Chief Financial Officer | ||
May 8, 2024 |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Allowance for Credit Losses | $ 1,131 | $ 1,205 |
Loans held for sale | $ 17,639 | $ 20,640 |
Preferred stock, par value (usd per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, par value (usd per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 650,000,000 | 650,000,000 |
Common stock, shares issued (in shares) | 508,893,059 | 507,896,910 |
Treasury stock, shares (in shares) | 186,983 | |
Series A | ||
Preferred stock, shares issued (in shares) | 4,600,000 | 4,600,000 |
Series B | ||
Preferred stock, shares issued (in shares) | 4,000,000 | 4,000,000 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 96,280 | $ 146,551 |
Unrealized losses and gains on available for sale securities | ||
Net (losses) gains arising during the period | (10,205) | 17,170 |
Total | (10,205) | 17,170 |
Unrealized gains and losses on derivatives (cash flow hedges) | ||
Net gains on derivatives arising during the period | 0 | 2,798 |
Less reclassification adjustment for net (gains) losses included in net income | (222) | 379 |
Total | (222) | 3,177 |
Defined benefit pension and postretirement benefit plans | ||
Amortization of actuarial net loss | 35 | 8 |
Other comprehensive (loss) income, net | (10,392) | 20,355 |
Total comprehensive income | $ 85,888 | $ 166,906 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Total |
Cumulative Effect, Period of Adoption, Adjustment |
Cumulative Effect, Period of Adoption, Adjusted Balance |
Preferred Series A |
Preferred Series B |
Common Stock |
Preferred Stock |
Preferred Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Common Stock |
Common Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Common Stock
Common Stock
|
Surplus |
Surplus
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Retained Earnings |
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
|
Retained Earnings
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Retained Earnings
Preferred Series A
|
Retained Earnings
Preferred Series B
|
Retained Earnings
Common Stock
|
Accumulated Other Comprehensive Loss |
Accumulated Other Comprehensive Loss
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Treasury Stock |
Treasury Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2022 | $ 6,400,802 | $ 990 | $ 6,401,792 | $ 209,691 | $ 209,691 | $ 178,185 | $ 178,185 | $ 4,980,231 | $ 4,980,231 | $ 1,218,445 | $ 990 | $ 1,219,435 | $ (164,002) | $ (164,002) | $ (21,748) | $ (21,748) | |||||||
Beginning balance (in shares) at Dec. 31, 2022 | 506,374 | 506,374 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income | 146,551 | 146,551 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | 20,355 | 20,355 | |||||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||||
Cash dividends declared on preferred stock | $ (1,797) | $ (2,077) | $ (1,797) | $ (2,077) | |||||||||||||||||||
Cash dividends declared on common stock | $ (56,488) | $ (56,488) | |||||||||||||||||||||
Effect of stock incentive plan, net (in shares) | 1,061 | ||||||||||||||||||||||
Effect of stock incentive plan, net | (505) | $ 1 | (12,569) | (3,994) | 16,057 | ||||||||||||||||||
Common stock issued (in shares) | 327 | ||||||||||||||||||||||
Common stock issued | 3,750 | (650) | 4,400 | ||||||||||||||||||||
Ending balance at Mar. 31, 2023 | 6,511,581 | 209,691 | $ 178,186 | 4,967,662 | 1,300,980 | (143,647) | (1,291) | ||||||||||||||||
Ending balance (in shares) at Mar. 31, 2023 | 507,762 | ||||||||||||||||||||||
Beginning balance at Dec. 31, 2023 | 6,701,391 | 209,691 | $ 178,187 | 4,989,989 | 1,471,371 | (146,456) | (1,391) | ||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2023 | 507,710 | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income | 96,280 | 96,280 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | (10,392) | (10,392) | |||||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||||
Cash dividends declared on preferred stock | $ (1,797) | $ (2,322) | $ (1,797) | $ (2,322) | |||||||||||||||||||
Cash dividends declared on common stock | $ (56,794) | $ (56,794) | |||||||||||||||||||||
Effect of stock incentive plan, net (in shares) | 1,183 | ||||||||||||||||||||||
Effect of stock incentive plan, net | 773 | $ 348 | (966) | 1,391 | |||||||||||||||||||
Ending balance at Mar. 31, 2024 | $ 6,727,139 | $ 209,691 | $ 178,535 | $ 4,989,023 | $ 1,506,738 | $ (156,848) | $ 0 | ||||||||||||||||
Ending balance (in shares) at Mar. 31, 2024 | 508,893 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Preferred Series A | ||
Preferred stock, cash dividends declared (usd per share) | $ 0.39 | $ 0.39 |
Preferred Series B | ||
Preferred stock, cash dividends declared (usd per share) | 0.58 | 0.52 |
Common Stock | ||
Common stock, cash dividends declared (usd per share) | $ 0.11 | $ 0.11 |
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited consolidated financial statements of Valley include the accounts of the Bank and all other entities in which Valley has a controlling financial interest. All inter-company transactions and balances have been eliminated. The accounting and reporting policies of Valley conform to GAAP and general practices within the financial services industry. In accordance with applicable accounting standards, Valley does not consolidate statutory trusts established for the sole purpose of issuing trust preferred securities and related trust common securities. Certain prior period amounts have been reclassified to conform to the current presentation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly Valley’s financial position, results of operations, changes in shareholders' equity and cash flows at March 31, 2024 and for all periods presented have been made. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the entire fiscal year or any subsequent interim period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP and industry practice have been condensed or omitted pursuant to rules and regulations of the SEC. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in Valley’s Annual Report. Significant Estimates. In preparing the unaudited consolidated financial statements in conformity with GAAP, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and results of operations for the periods indicated. Material estimates that require application of management’s most difficult, subjective or complex judgment and are particularly susceptible to change include: the allowance for credit losses, the evaluation of goodwill and other intangible assets for impairment, and income taxes. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual amounts or results could differ significantly from those estimates. The current economic environment has increased the degree of uncertainty inherent in these material estimates. Actual results may differ from those estimates. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date.
|
Earnings Per Common Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share | Earnings Per Common Share The following table shows the calculation of both basic and diluted earnings per common share for the three months ended March 31, 2024 and 2023:
Common stock equivalents represent the dilutive effect of additional common shares issuable upon the assumed vesting or exercise, if applicable, of RSUs and common stock options to purchase Valley’s common shares. Common stock options with exercise prices that exceed the average market price of Valley’s common stock during the periods presented may have an anti-dilutive effect on the diluted earnings per common share calculation and therefore are excluded from the diluted earnings per share calculation along with RSUs. Potential anti-dilutive weighted common shares totaled approximately 1.3 million and 1.6 million for the three months ended March 31, 2024 and 2023, respectively.
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Accumulated Other Comprehensive Loss |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following tables present the after-tax changes in the balances of each component of accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023:
The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three months ended March 31, 2024 and 2023:
|
New Authoritative Accounting Guidance |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
New Authoritative Accounting Guidance | New Authoritative Accounting Guidance New Accounting Guidance Adopted in the First Quarter 2024 ASU No. 2023-02, “Investments –Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method,” is intended to improve the accounting and disclosures for investments in certain tax credit structures. ASU No. 2023-02 allows the option to apply the proportional amortization method to account for investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met. ASU No. 2023-02 became effective on January 1, 2024 and did not have a significant impact on Valley's consolidated financial statements. Under the new guidance, Valley did not elect to apply the proportional amortization method as an accounting policy for its eligible tax credit investments and, as a result, there were no adjustments from adoption recognized in earnings on the date of adoption. See additional disclosures regarding Valley's tax credit investments at Note 14. ASU No. 2022-03, “Fair Value Measurement of Equity Securities subject to Contractual Sale Restrictions,” updates guidance in ASC Topic 820, Fair Value Measurement and clarifies that a contractual sale restriction should not be considered in measuring fair value. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities including (i) the nature and remaining duration of the restriction; (ii) the circumstances that could cause a lapse in restrictions; and (iii) the fair value of the securities with contractual sale restrictions. ASU No. 2022-03 became effective on January 1, 2024 and Valley's adoption did not have a significant impact on its consolidated financial statements. New Accounting Guidance Effective at December 31, 2024 ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” requires public entities to disclose detailed information about a reportable segment’s expenses on both an annual and interim basis. The ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in ASU No. 2023-07 should be applied retrospectively to all periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The adoption of ASU No. 2023-07 is not expected to have a significant impact on Valley's consolidated financial statements,
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Fair Value Measurement of Assets and Liabilities |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement of Assets and Liabilities | Fair Value Measurement of Assets and Liabilities ASC Topic 820, “Fair Value Measurement,” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: •Level 1 - Unadjusted exchange quoted prices in active markets for identical assets or liabilities, or identical liabilities traded as assets that the reporting entity has the ability to access at the measurement date. •Level 2 - Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly (i.e., quoted prices on similar assets) for substantially the full term of the asset or liability. •Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Assets and Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at March 31, 2024 and December 31, 2023. The assets presented under “non-recurring fair value measurements” in the tables below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized).
(1)Represents residential mortgage loans held for sale that are carried at fair value and had contractual unpaid principal balances totaling $17.5 million and $20.1 million at March 31, 2024 and December 31, 2023, respectively. (2)Derivative financial instruments are included in this category. (3)Reported at lower of cost or market value. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following valuation techniques were used for financial instruments measured at fair value on a recurring basis. All the valuation techniques described below apply to the unpaid principal balance, excluding any accrued interest or dividends at the measurement date. Interest income and expense are recorded within the consolidated statements of income depending on the nature of the instrument using the effective interest method based on acquired discount or premium. Equity securities. The equity securities consisted of two publicly traded mutual funds, CRA investments and several other equity investments we have made in companies that develop new financial technologies and in partnerships that invest in such companies. These investments are reported at fair value utilizing Level 1 inputs. Equity securities at NAV. Valley also has privately held CRA funds at fair value measured at NAV using the most recently available financial information from the investee. Certain equity investments without readily determinable fair values are measured at NAV per share (or its equivalent) as a practical expedient, which are excluded from fair value hierarchy levels in the tables above. Trading debt securities. The fair value of trading debt securities, consisting of U.S. Treasury securities, are reported at fair value utilizing Level 1 inputs at March 31, 2024 and December 31, 2023. Management reviews the data and assumptions used in pricing the securities by its third-party provider to ensure the highest level of significant inputs are derived from market observable data. Available for sale debt securities. U.S. Treasury securities are reported at fair value utilizing Level 1 inputs. The majority of other investment securities are reported at fair value utilizing Level 2 inputs. The prices for these instruments are obtained through an independent pricing service or dealer market participants with whom Valley has historically transacted both purchases and sales of investment securities. Prices obtained from these sources include prices derived from market quotations and matrix pricing. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Management reviews the data and assumptions used in pricing the securities by its third-party provider to ensure the highest level of significant inputs are derived from market observable data. In addition, Valley reviews the volume and level of activity for all AFS debt securities and attempts to identify transactions which may not be orderly or reflective of a significant level of activity and volume. Loans held for sale. Residential mortgage loans originated for sale are reported at fair value using Level 2 inputs. The fair values were calculated utilizing quoted prices for similar assets in active markets. The market prices represent a delivery price, which reflects the underlying price each institution would pay Valley for an immediate sale of an aggregate pool of mortgages. Non-performance risk did not materially impact the fair value of mortgage loans held for sale at March 31, 2024 and December 31, 2023 based on the short duration these assets were held and their credit quality. Derivatives. Derivatives are reported at fair value utilizing Level 2 inputs. The fair values of Valley’s derivatives are determined using third-party prices that are based on discounted cash flow analysis using observed market inputs, such as the SOFR curve at March 31, 2024. The fair value of mortgage banking derivatives, consisting of interest rate lock commitments to fund residential mortgage loans and forward commitments for the future delivery of such loans (including certain loans held for sale at March 31, 2024 and December 31, 2023), is determined based on the current market prices for similar instruments. The fair value of most of the derivatives incorporate credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, to account for potential nonperformance risk of Valley and its counterparties. The credit valuation adjustments were not significant to the overall valuation of Valley’s derivatives at March 31, 2024 and December 31, 2023. Assets and Liabilities Measured at Fair Value on a Non-recurring Basis The following valuation techniques were used for certain non-financial assets measured at fair value on a non-recurring basis, including collateral dependent loans reported at the fair value of the underlying collateral and foreclosed assets, which are reported at fair value upon initial recognition or subsequent impairment as described below. Non-performing loan held for sale. During the year ended December 31, 2023, Valley transferred a non-performing construction loan totaling $10.0 million, net of charge-offs, to loans held for sale. The transfer at the loan's fair value resulted in a $4.2 million charge-off to the allowance of loan losses. The fair value of the loan was determined using Level 2 inputs, including bids from a third party broker engaged to solicit interest from potential purchasers. The broker coordinated loan level due diligence with interested parties and established a formal bidding process in which each participant was required to provide an indicative non-binding bid. Fair value was determined based on a non-binding sale agreement selected by Valley during the bidding process. At March 31, 2024, the loan was reported at the lower of cost or market value in loans held for sale. Collateral dependent loans. Collateral dependent loans are loans where foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and substantially all of the repayment is expected from the collateral. Collateral dependent loans are reported at the fair value of the underlying collateral. Collateral values are estimated using Level 3 inputs, consisting of individual third-party appraisals that may be adjusted based on certain discounting criteria. Certain real estate appraisals may be discounted based on specific market data by location and property type. At March 31, 2024, collateral dependent loans were individually re-measured and reported at fair value through direct loan charge-offs to the allowance for loan losses based on the fair value of the underlying collateral. At March 31, 2024, collateral dependent loans with a total amortized cost of $144.3 million, including our taxi medallion loan portfolio, were reduced by specific allowance for loan losses allocations totaling $66.6 million to a reported total net carrying amount of $77.7 million. Foreclosed assets. Certain foreclosed assets (consisting of other real estate owned and other repossessed assets included in other assets), upon initial recognition and transfer from loans, are re-measured and reported at fair value using Level 3 inputs, consisting of a third-party appraisal less estimated cost to sell. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for loan losses. If further declines in the estimated fair value of an asset occur, the asset is re-measured and reported at fair value through a write-down recorded in non-interest expense. There were no adjustments to the appraisals of foreclosed assets at March 31, 2024 and December 31, 2023. Other Fair Value Disclosures ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The fair value estimates presented in the following table were based on pertinent market data and relevant information on the financial instruments available as of the valuation date. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire portfolio of financial instruments. Because no market exists for a portion of the financial instruments, fair value estimates may be based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For instance, Valley has certain fee-generating business lines (e.g., its mortgage servicing operations, trust and investment management departments) that were not considered in these estimates since these activities are not financial instruments. In addition, the tax implications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at March 31, 2024 and December 31, 2023 were as follows:
(1)Represents equity securities without a readily determinable fair value measured at cost less impairment, if any. (2)The carrying amount is presented gross without the allowance for credit losses. (3)Includes the carrying amount of $34.1 million of construction loans transferred at cost to loans held for sale at March 31, 2024. (4)Included in other assets. (5)Included in accrued expenses and other liabilities.
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities Equity Securities Equity securities totaled $67.0 million and $64.5 million at March 31, 2024 and December 31, 2023, respectively. See Note 5 for further details on equity securities. Trading Debt Securities The fair value of trading debt securities totaled $4.0 million at both March 31, 2024 and December 31, 2023. Net trading gains and losses are included in net gains and losses on securities transactions within non-interest income. We recorded net trading gains of $56 thousand and $402 thousand for the three months ended March 31, 2024 and 2023, respectively. Available for Sale Debt Securities The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at March 31, 2024 and December 31, 2023 were as follows:
, which is excluded from the amortized cost of AFS debt securities, totaled $6.2 million and $5.9 million at March 31, 2024 and December 31, 2023, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition. The age of unrealized losses and fair value of the related available for sale debt securities at March 31, 2024 and December 31, 2023 were as follows:
Within the AFS debt securities portfolio, the total number of security positions in an unrealized loss position was 694 and 687 at March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, the fair value of AFS securities that were pledged to secure public deposits, repurchase agreements, lines of credit, and for other purposes required by law, was $1.1 billion. The contractual maturities of AFS debt securities at March 31, 2024 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.
Actual maturities of AFS debt securities may differ from those presented above since certain obligations provide the issuer the right to call or prepay the obligation prior to scheduled maturity without penalty. The weighted average remaining expected life for residential mortgage-backed securities AFS was 7.88 years at March 31, 2024. Impairment Analysis of Available For Sale Debt Securities Valley's AFS debt securities portfolio includes corporate bonds and revenue bonds, among other securities. These types of securities may pose a higher risk of future impairment charges by Valley as a result of the unpredictable nature of the U.S. economy and its potential negative effect on the future performance of the security issuers. AFS debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. Valley also evaluated AFS debt securities that were in an unrealized loss position as of March 31, 2024 included in the tables above and has determined that the declines in fair value are mainly attributable to interest rates, credit spreads, market volatility and liquidity conditions, not credit quality or other factors. Based on a comparison of the present value of expected cash flows to the amortized cost, there was no impairment recognized during the three months ended March 31, 2024. During the three months ended March 31, 2023, Valley recognized a credit related impairment of one corporate bond issued by Signature Bank resulting in both a provision for credit losses and full charge-off of the security totaling $5.0 million based on a comparison of the present value of expected cash flows to the amortized cost. The bond was subsequently sold and the sale resulted in a $869 thousand gain during the fourth quarter 2023. Valley does not intend to sell any of its AFS debt securities in an unrealized loss position prior to recovery of their amortized cost basis, and it is more likely than not that Valley will not be required to sell any of its securities prior to recovery of their amortized cost basis. None of the AFS debt securities were past due as of March 31, 2024. As a result, there was no allowance for credit losses for AFS debt securities at March 31, 2024, December 31, 2023 and March 31, 2023. Held to Maturity Debt Securities The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at March 31, 2024 and December 31, 2023 were as follows:
, which is excluded from the amortized cost of HTM debt securities, totaled $12.5 million and $13.9 million at March 31, 2024 and December 31, 2023, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition. HTM debt securities are carried net of an allowance for credit losses. The age of unrealized losses and fair value of related debt securities held to maturity at March 31, 2024 and December 31, 2023 were as follows:
Within the HTM securities portfolio, the total number of security positions in an unrealized loss position was 784 and 762 at March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, the fair value of debt securities HTM that were pledged to secure public deposits, repurchase agreements, lines of credit, and for other purposes required by law was $2.7 billion. The contractual maturities of investments in HTM debt securities at March 31, 2024 are set forth in the table below. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.
Actual maturities of HTM debt securities may differ from those presented above since certain obligations provide the issuer the right to call or prepay the obligation prior to scheduled maturity without penalty. The weighted-average remaining expected life for residential mortgage-backed securities HTM was 10.82 years at March 31, 2024. Credit Quality Indicators Valley monitors the credit quality of the HTM debt securities utilizing the most current credit ratings from external rating agencies. The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at March 31, 2024 and December 31, 2023.
Obligations of states and political subdivisions include municipal bonds and revenue bonds issued by various municipal corporations. At March 31, 2024, most of the obligations of states and political subdivisions were rated investment grade and a large portion of the “non-rated” category included municipal bonds secured by Ginnie Mae securities. Trust preferred securities consist of non-rated single-issuer securities issued by bank holding companies. Corporate bonds consist of debt primarily issued by banks. Allowance for Credit Losses for Held to Maturity Debt Securities Valley has a zero loss expectation for certain securities within the HTM portfolio, and therefore it is not required to estimate an allowance for credit losses related to these securities under the CECL standard. After an evaluation of qualitative factors, Valley identified the following security types which it believes qualify for this exclusion: U.S. Treasury securities, U.S. government agency securities, residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, and collateralized municipal bonds. To measure the expected credit losses on HTM debt securities that have loss expectations, Valley estimates the expected credit losses using a discounted cash flow model developed by a third-party. The following table details the activity in the allowance for credit losses for the three months ended March 31, 2024 and 2023:
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Loans and Allowance for Credit Losses for Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Credit Losses for Loans | Loans and Allowance for Credit Losses for Loans The detail of the loan portfolio as of March 31, 2024 and December 31, 2023 was as follows:
Total loans include net unearned discounts and deferred loan fees of $71.8 million and $85.4 million at March 31, 2024 and December 31, 2023, respectively. , which is excluded from the amortized cost of loans held for investment, totaled $227.9 million and $222.2 million at March 31, 2024 and December 31, 2023, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition. Loans Portfolio Sales and Transfers to Loans Held for Sale Valley sells residential mortgage loans originated for sale (at fair value) primarily to Fannie Mae and Freddie Mac in the normal course of business. Under certain circumstances, Valley may decide to sell loans that were not originated with the intent to sell. During the first quarter 2024, Valley sold $151.0 million and $45.6 million of commercial real estate and construction loans, respectively, at par value through loan participation agreements with a related party, Bank Leumi Le-Israel B.M. (BLITA). During the first quarter 2024, Valley also transferred $34.1 million of construction loans from loans held for investment to loans held for sale as of March 31, 2024. These loans were subsequently sold at par value through loan participation agreements with BLITA in April 2024. In February 2024, Valley completed the sale of its commercial premium finance lending business for $96.8 million. This asset sale included $95.5 million of assets, mainly consisting of $93.6 million of loans, and $2.8 million of related liabilities. The transaction generated a $3.6 million net gain for the first quarter 2024. Valley continues to hold certain commercial premium finance loans totaling $145.7 million at March 31, 2024 which are mostly expected to run-off at their scheduled maturity dates over the next 12 months. There were no other sales or transfers of loans from the held for investment portfolio during the three months ended March 31, 2024 and March 31, 2023. Credit Risk Management For all of its loan types, Valley adheres to a credit policy designed to minimize credit risk while generating the maximum income given the level of risk appetite. Management reviews and approves these policies and procedures on a regular basis with subsequent approval by the Board annually. Credit authority relating to a significant dollar percentage of the overall portfolio is centralized and controlled by the Credit Risk Management Division and by the Credit Committee. A reporting system supplements the management review process by providing management with frequent reports concerning loan production, loan quality, internal loan classification, concentrations of credit, loan delinquencies, non-performing, and potential problem loans. Loan portfolio diversification is an important factor utilized by Valley to manage its risk across business sectors and through cyclical economic circumstances. Additionally, Valley does not accept crypto assets as loan collateral for any of its loan portfolio classes. See Valley’s Annual Report for further details. Credit Quality The following table presents past due, current and non-accrual loans without an allowance for loan losses by loan portfolio class at March 31, 2024 and December 31, 2023:
Credit quality indicators. Valley utilizes an internal loan classification system as a means of reporting problem loans within commercial and industrial, commercial real estate, and construction loan portfolio classes. Under Valley’s internal risk rating system, loan relationships could be classified as “Pass,” “Special Mention,” “Substandard,” “Doubtful,” and “Loss.” Substandard loans include loans that exhibit well-defined weakness and are characterized by the distinct possibility that Valley will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. Loans classified as Loss are those considered uncollectible with insignificant value and are charged-off immediately to the allowance for loan losses and, therefore, not presented in the table below. Loans that do not currently pose a sufficient risk to warrant classification in one of the aforementioned categories but pose weaknesses that deserve management’s close attention are deemed Special Mention. Pass rated loans do not currently pose any identified risk and can range from the highest to average quality, depending on the degree of potential risk. Risk ratings are updated any time the situation warrants. The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at March 31, 2024 and December 31, 2023, as well as the gross loan charge-offs by year of origination for the three months ended March 31, 2024 and for the year ended December 31, 2023:
For residential mortgages, automobile, home equity and other consumer loan portfolio classes, Valley evaluates credit quality based on the aging status of the loan and by payment activity. The following table presents the amortized cost in those loan classes based on payment activity by origination year as of March 31, 2024 and December 31, 2023, as well as the gross loan charge-offs by year of origination for the three months ended March 31, 2024 and for the year ended December 31, 2023:
Loan modifications to borrowers experiencing financial difficulty. From time to time, Valley may extend, restructure, or otherwise modify the terms of existing loans, on a case-by-case basis, to remain competitive and retain certain customers, as well as assist other customers who may be experiencing financial difficulties. The following tables shows the amortized cost basis of loans to borrowers experiencing financial difficulty at March 31, 2024 that were modified during the three months ended March 31, 2024 and 2023, disaggregated by class of financing receivable and type of modification.
The following tables describes the types of modifications made to borrowers experiencing financial difficulty.
Valley closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the aging analysis of loans that have been modified within the previous 12 months.
* All loan balances in this delinquency category were non-accrual loans at March 31, 2024. Valley did not extend any commitments to lend additional funds to borrowers experiencing financial difficulty whose loans had been modified during the three months ended March 31, 2024 and 2023. Loans in process of foreclosure. Other real estate owned (OREO) was not material at March 31, 2024 and December 31, 2023. There were no foreclosed residential real estate properties included in OREO at March 31, 2024 and December 31, 2023. Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $2.3 million and $1.6 million at March 31, 2024 and December 31, 2023, respectively. Collateral dependent loans. Loans are collateral dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. When Valley determines that foreclosure is probable, the collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) resulting in an immediate charge-off to the allowance, excluding any consideration for personal guarantees that may be pursued in the Bank’s collection process. The following table presents collateral dependent loans by class as of March 31, 2024 and December 31, 2023:
* Includes non-accrual loans collateralized by taxi medallions totaling $53.0 million and $62.3 million at March 31, 2024 and December 31, 2023, respectively. Allowance for Credit Losses for Loans The allowance for credit losses for loans consists of the allowance for loan losses and the allowance for unfunded credit commitments. The following table summarizes the ACL for loans at March 31, 2024 and December 31, 2023:
The following table summarizes the provision for credit losses for loans for the periods indicated:
The following table details the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2024 and 2023:
The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology at March 31, 2024 and December 31, 2023.
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The carrying amounts of goodwill allocated to Valley's reporting units at both March 31, 2024 and December 31, 2023, were as follows:
* The Wealth Management and Consumer Banking reporting units are both components of the overall Consumer Banking operating segment, which is further described in Note 15. During the three months ended March 31, 2024, there were no triggering events that would more likely than not reduce the fair value of any reporting unit below its carrying amount. There was no impairment of goodwill recognized during the three months ended March 31, 2024 and 2023. The following table summarizes other intangible assets as of March 31, 2024 and December 31, 2023:
Loan servicing rights are accounted for using the amortization method. Under this method, Valley amortizes the loan servicing assets over the period of the economic life of the assets arising from estimated net servicing revenues. On a quarterly basis, Valley stratifies its loan servicing assets into groupings based on risk characteristics and assesses each group for impairment based on fair value. Impairment charges on loan servicing rights are recognized in earnings when the book value of a stratified group of loan servicing rights exceeds its estimated fair value. There was no impairment of loan servicing rights recognized during the three months ended March 31, 2024 and 2023. Core deposits are amortized using an accelerated method over a period of 10.0 years. The line item labeled “Other” included in the table above primarily consists of customer lists, certain financial asset servicing contracts and covenants not to compete, which are amortized over their expected lives generally using a straight-line method and have a weighted average amortization period of approximately 13.4 years. Valley evaluates core deposits and other intangibles for impairment when an indication of impairment exists. There was no impairment of core deposits and other intangibles was recognized during the three months ended March 31, 2024 and 2023. The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2024 through 2028:
Valley recognized amortization expense on other intangible assets totaling approximately $9.4 million and $10.5 million for the three months ended March 31, 2024 and 2023, respectively.
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Deposits |
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Financial Services, Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits Included in time deposits are certificates of deposit over $250 thousand totaling $2.1 billion and $2.6 billion at March 31, 2024 and December 31, 2023, respectively. Interest expense on time deposits of over $250 thousand totaled $29.7 million and $2.8 million for the three months ended March 31, 2024 and 2023, respectively. The scheduled maturities of time deposits as of March 31, 2024 were as follows:
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Borrowed Funds |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed Funds | Borrowed Funds Short-Term Borrowings Short-term borrowings at March 31, 2024 and December 31, 2023 consisted of the following:
The weighted average interest rate for short-term FHLB advances was 5.62 percent at December 31, 2023. Long-Term Borrowings Long-term borrowings at March 31, 2024 and December 31, 2023 consisted of the following:
FHLB advances. Long-term FHLB advances had a weighted average interest rate of 4.10 percent and 3.75 percent at March 31, 2024 and December 31, 2023, respectively. FHLB advances are secured by pledges of certain eligible collateral, including but not limited to, U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgage and commercial real estate loans. The long-term FHLB advances at March 31, 2024 are scheduled for contractual balance repayments as follows:
None of the FHLB advances reported in the table above are callable for early redemption by the FHLB during the next 12 months. Subordinated debt. There were no new issuances of the subordinated debt during the three months ended March 31, 2024. See Note 10 in Valley’s Annual Report for additional information on the outstanding subordinated debt at March 31, 2024.
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Stock-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock–Based Compensation Valley maintains an incentive compensation plan to provide additional long-term incentives to employees, directors and officers whose contributions are essential to the continued growth and success of Valley. Under the plan, Valley may issue awards to its officers, employees and non-employee directors in amounts up to 14.5 million, subject to certain adjustments. As of March 31, 2024, 9.1 million shares of common stock were available for issuance under the plan. RSUs are awarded as performance-based RSUs and time-based RSUs. The performance-based RSU awards are granted to certain officers and include RSUs subject to vesting conditions based upon certain levels of growth in Valley's tangible book value per share, plus dividends; and RSUs subject to vesting conditions based upon Valley's total shareholder return as compared to its peer group. The table below summarizes RSU awards granted and average grant date fair values for the three months ended March 31, 2024 and 2023:
Stock award fair values are expensed over the shorter of the vesting or required service period. Valley recorded total stock-based compensation expense of approximately $8.1 million for both the three months ended March 31, 2024 and 2023. As of March 31, 2024, the unrecognized amortization expense for all stock-based employee compensation totaled approximately $56.7 million. This expense will be recognized over an average remaining vesting period of approximately 2.2 years. See Note 12 in Valley’s Annual Report for additional information on the stock-based compensation awards.
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Valley enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest and currency rates. Cash Flow Hedges of Interest Rate Risk. Valley’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, Valley uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the payment of either fixed or variable-rate amounts in exchange for the receipt of variable or fixed-rate amounts from a counterparty, respectively. Fair Value Hedges of Fixed Rate Assets and Liabilities. Valley is exposed to changes in the fair value of certain fixed-rate assets and liabilities due to changes in interest rates and interest rate swaps to manage its exposure to changes in fair value. For derivatives that are designated and qualify as fair value hedges, the gain or loss on the derivative as well as the loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. Non-designated Hedges. Derivatives not designated as hedges may be used to manage Valley’s exposure to interest rate movements or to provide a service to customers but do not meet the requirements for hedge accounting under GAAP. Derivatives not designated as hedges are not entered into for speculative purposes. Valley executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that Valley executes with a third party, such that Valley minimizes its net risk exposure resulting from such transactions. As these interest rate swaps do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. Valley sometimes enters into risk participation agreements with external lenders where the banks are sharing their risk of default on the interest rate swaps on participated loans. Valley either pays or receives a fee depending on the participation type. Risk participation agreements are credit derivatives not designated as hedges. Credit derivatives are not speculative and are not used to manage interest rate risk in assets or liabilities. Changes in the fair value in credit derivatives are recognized directly in earnings. At March 31, 2024, Valley had 44 credit swaps with an aggregate notional amount of $605.5 million related to risk participation agreements. At March 31, 2024, Valley had two “steepener” swaps, each with a current notional amount of $10.4 million where the receive rate on the swap mirrors the pay rate on the brokered deposits and the rates paid on these types of hybrid instruments are based on a formula derived from the spread between the long and short ends of the Constant Maturity Swap rate curve. Although these types of instruments do not meet the hedge accounting requirements, the change in fair value of both the bifurcated derivative and the stand alone swap tend to move in opposite directions with changes in the three-month Term SOFR rate and, therefore, provide an effective economic hedge. Valley regularly enters into mortgage banking derivatives which are non-designated hedges. These derivatives include interest rate lock commitments provided to customers to fund certain residential mortgage loans to be sold into the secondary market and forward commitments for the future delivery of such loans. Valley enters into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in order to economically hedge the effect of future changes in interest rates on Valley's commitments to fund the loans as well as on its portfolio of mortgage loans held for sale. Valley enters into foreign currency forward and option contracts, primarily to accommodate our customers, that are not designated as hedging instruments. Upon the origination of certain foreign currency denominated transactions (including foreign currency holdings and non-U.S. dollar denominated loans) with a client, we enter into a respective hedging contract with a third party financial institution to mitigate the economic impact of foreign currency exchange rate fluctuation. Amounts included in the consolidated statements of financial condition related to the fair value of Valley’s derivative financial instruments were as follows:
* Other derivative contracts include risk participation agreements. 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:
The accumulated after-tax gains related to effective cash flow hedges included in accumulated other comprehensive loss were $1.9 million and $2.1 million at March 31, 2024 and December 31, 2023, respectively. Amounts reported in accumulated other comprehensive loss related to cash flow interest rate derivatives are reclassified to interest income. The reclassification amount for the three months ended March 31, 2024 represents amortization of a gain recognized from the termination of six interest rate swaps during the second quarter 2023. Valley estimates that $1.2 million (before tax) will be reclassified as an increase to interest income over the next 12 months. Gains (losses) included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows:
The changes in the fair value of the hedged item designated as a qualifying hedge are captured as an adjustment to the carrying amount of the hedged item (basis adjustment). 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 March 31, 2024 and December 31, 2023, respectively.
* Net carrying amount includes unamortized debt issuance costs of $1.8 million and $2.0 million at March 31, 2024 and December 31, 2023, respectively. The net (gains) losses included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows:
Capital markets income reported in non-interest income included fee income related to non-designated hedge derivative interest rate swaps executed with commercial loan customers and foreign exchange contracts (not designated as hedging instruments) with a combined total of $4.5 million and $9.9 million for the three months ended March 31, 2024 and 2023, respectively. Collateral Requirements and Credit Risk Related Contingent Features. By using derivatives, Valley is exposed to credit risk if counterparties to the derivative contracts do not perform as expected. Management attempts to minimize counterparty credit risk through credit approvals, limits, monitoring procedures and obtaining collateral where appropriate. Credit risk exposure associated with derivative contracts is managed at Valley in conjunction with Valley’s consolidated counterparty risk management process. Valley’s counterparties and the risk limits monitored by management are periodically reviewed and approved by the Board. Valley has agreements with its derivative counterparties providing that if Valley defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Valley could also be declared in default on its derivative counterparty agreements. Additionally, Valley has an agreement with several of its derivative counterparties that contains provisions that require Valley’s debt to maintain an investment grade credit rating from each of the major credit rating agencies from which it receives a credit rating. If Valley’s credit rating is reduced below investment grade, or such rating is withdrawn or suspended, then the counterparties could terminate the derivative positions and Valley would be required to settle its obligations under the agreements. As of March 31, 2024, Valley was in compliance with all of the provisions of its derivative counterparty agreements. The aggregate fair value of all derivative financial instruments with credit risk-related contingent features was in a net asset position at March 31, 2024. Valley has derivative counterparty agreements that require minimum collateral posting thresholds for certain counterparties.
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Balance Sheet Offsetting |
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Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Offsetting | Balance Sheet Offsetting Certain financial instruments, including certain OTC derivatives (mostly interest rate swaps) and repurchase agreements (accounted for as secured long-term borrowings), may be eligible for offset in the consolidated statements of financial condition and/or subject to master netting arrangements or similar agreements. OTC derivatives include interest rate swaps executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house (presented in the table below). The credit risk associated with bilateral OTC derivatives is managed through obtaining collateral and enforceable master netting agreements. Valley is party to master netting arrangements with its financial institution counterparties; however, Valley does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral, usually in the form of cash or marketable investment securities, is posted by or received from the counterparty with net liability or asset positions, respectively, in accordance with contract thresholds. Master repurchase agreements which include “right of set-off” provisions generally have a legally enforceable right to offset recognized amounts. In such cases, the collateral would be used to settle the fair value of the swap or repurchase agreement should Valley be in default. Total amount of collateral held or pledged cannot exceed the net derivative fair values with the counterparty. The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of March 31, 2024 and December 31, 2023.
* Cash collateral received from or pledged to our counterparties in relation to market value exposures of OTC derivative contracts in an asset/liability position.
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Tax Credit Investments |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax Credit Investments | Tax Credit Investments Valley’s tax credit investments are primarily related to investments promoting qualified affordable housing projects, and other investments related to community development and renewable energy sources. Some of these tax-advantaged investments support Valley’s regulatory compliance with the CRA. Valley’s investments in these entities generate a return primarily through the realization of federal income tax credits and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These tax credits and deductions are recognized as a reduction of income tax expense. Valley’s tax credit investments are carried in other assets on the consolidated statements of financial condition. Valley’s unfunded capital and other commitments related to the tax credit investments are carried in accrued expenses and other liabilities on the consolidated statements of financial condition. Valley recognizes amortization of tax credit investments, including impairment losses, within non-interest expense in the consolidated statements of income using the equity method of accounting. After initial measurement, the carrying amounts of tax credit investments with non-readily determinable fair values are increased to reflect Valley's share of income of the investee and are reduced to reflect its share of losses of the investee, dividends received and impairments, if applicable. The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at March 31, 2024 and December 31, 2023:
The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three months ended March 31, 2024 and 2023:
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Operating Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segments | Operating Segments Valley manages its business operations under operating segments consisting of Consumer Banking and Commercial Banking. Activities not assigned to the operating segments are included in Treasury and Corporate Other. Each operating segment is reviewed routinely for its asset growth, contribution to income before income taxes and return on average interest earning assets and impairment (if events or circumstances indicate a possible inability to realize the carrying amount). Valley regularly assesses its strategic plans, operations and reporting structures to identify its operating segments and no changes to Valley's operating segments were determined necessary during the three months ended March 31, 2024. The Consumer Banking segment is mainly comprised of residential mortgages and automobile loans, and to a lesser extent, secured personal lines of credit, home equity loans and other consumer loans. The duration of the residential mortgage loan portfolio is subject to movements in the market level of interest rates and forecasted prepayment speeds. The average weighted life of the automobile loans within the portfolio is relatively unaffected by movements in the market level of interest rates. However, the average life may be impacted by new loans as a result of the availability of credit within the automobile marketplace and consumer demand for purchasing new or used automobiles. Consumer Banking also includes the Wealth Management and Insurance Services Division, comprised of trust, asset management, brokerage, insurance and tax credit advisory services. The Commercial Banking segment is comprised of floating rate and adjustable rate commercial and industrial loans and construction loans, as well as fixed rate owner occupied and commercial real estate loans. Due to the portfolio’s interest rate characteristics, Commercial Banking is Valley’s operating segment that is most sensitive to movements in market interest rates. Treasury and Corporate Other largely consists of the Treasury managed HTM debt securities and AFS debt securities portfolios mainly utilized in the liquidity management needs of our lending segments and income and expense items resulting from support functions not directly attributable to a specific segment. Interest income is generated through investments in various types of securities (mainly comprised of fixed rate securities) and interest-bearing deposits with other banks (primarily the FRB of New York). Expenses related to the branch network, all other components of retail banking, along with the back office departments of the Bank are allocated from Treasury and Corporate Other to the Consumer and Commercial Banking segments. Interest expense and internal transfer expense (for general corporate expenses) are allocated to each operating segment utilizing a transfer pricing methodology, which involves the allocation of operating and funding costs based on each segment's respective mix of average interest earning assets and or liabilities outstanding for the period. The accounting for each operating segment and Treasury and Corporate Other includes internal accounting policies designed to measure consistent and reasonable financial reporting and may result in income and expense measurements that differ from amounts under GAAP. The financial reporting for each segment contains allocations and reporting in line with Valley’s operations, which may not necessarily be comparable to any other financial institution. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data. The following tables represent the financial data for Valley’s operating segments and Treasury and Corporate Other for the three months ended March 31, 2024 and 2023:
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Basis of Presentation (Policies) |
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Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited consolidated financial statements of Valley include the accounts of the Bank and all other entities in which Valley has a controlling financial interest. All inter-company transactions and balances have been eliminated. The accounting and reporting policies of Valley conform to GAAP and general practices within the financial services industry. In accordance with applicable accounting standards, Valley does not consolidate statutory trusts established for the sole purpose of issuing trust preferred securities and related trust common securities. Certain prior period amounts have been reclassified to conform to the current presentation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly Valley’s financial position, results of operations, changes in shareholders' equity and cash flows at March 31, 2024 and for all periods presented have been made. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the entire fiscal year or any subsequent interim period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP and industry practice have been condensed or omitted pursuant to rules and regulations of the SEC. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in Valley’s Annual Report.
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Significant Estimates | Significant Estimates. In preparing the unaudited consolidated financial statements in conformity with GAAP, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and results of operations for the periods indicated. Material estimates that require application of management’s most difficult, subjective or complex judgment and are particularly susceptible to change include: the allowance for credit losses, the evaluation of goodwill and other intangible assets for impairment, and income taxes. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual amounts or results could differ significantly from those estimates. The current economic environment has increased the degree of uncertainty inherent in these material estimates. Actual results may differ from those estimates. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date |
New Accounting Guidance Adopted in First Quarter 2024 and New Accounting Guidance Effective at December 31, 2024 | New Accounting Guidance Adopted in the First Quarter 2024 ASU No. 2023-02, “Investments –Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method,” is intended to improve the accounting and disclosures for investments in certain tax credit structures. ASU No. 2023-02 allows the option to apply the proportional amortization method to account for investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met. ASU No. 2023-02 became effective on January 1, 2024 and did not have a significant impact on Valley's consolidated financial statements. Under the new guidance, Valley did not elect to apply the proportional amortization method as an accounting policy for its eligible tax credit investments and, as a result, there were no adjustments from adoption recognized in earnings on the date of adoption. See additional disclosures regarding Valley's tax credit investments at Note 14. ASU No. 2022-03, “Fair Value Measurement of Equity Securities subject to Contractual Sale Restrictions,” updates guidance in ASC Topic 820, Fair Value Measurement and clarifies that a contractual sale restriction should not be considered in measuring fair value. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities including (i) the nature and remaining duration of the restriction; (ii) the circumstances that could cause a lapse in restrictions; and (iii) the fair value of the securities with contractual sale restrictions. ASU No. 2022-03 became effective on January 1, 2024 and Valley's adoption did not have a significant impact on its consolidated financial statements. New Accounting Guidance Effective at December 31, 2024 ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” requires public entities to disclose detailed information about a reportable segment’s expenses on both an annual and interim basis. The ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in ASU No. 2023-07 should be applied retrospectively to all periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The adoption of ASU No. 2023-07 is not expected to have a significant impact on Valley's consolidated financial statements,
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Allowance for Credit Losses for Held to Maturity Debt Securities | Allowance for Credit Losses for Held to Maturity Debt Securities Valley has a zero loss expectation for certain securities within the HTM portfolio, and therefore it is not required to estimate an allowance for credit losses related to these securities under the CECL standard. After an evaluation of qualitative factors, Valley identified the following security types which it believes qualify for this exclusion: U.S. Treasury securities, U.S. government agency securities, residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, and collateralized municipal bonds. To measure the expected credit losses on HTM debt securities that have loss expectations, Valley estimates the expected credit losses using a discounted cash flow model developed by a third-party.
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Earnings Per Common Share (Tables) |
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Schedule of Earnings Per Share, Basic and Diluted | The following table shows the calculation of both basic and diluted earnings per common share for the three months ended March 31, 2024 and 2023:
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Accumulated Other Comprehensive Loss (Tables) |
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Components of Accumulated Other Comprehensive Loss | The following tables present the after-tax changes in the balances of each component of accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023:
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Reclassification from Each Component of Accumulated Other Comprehensive Loss | The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three months ended March 31, 2024 and 2023:
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Fair Value Measurement of Assets and Liabilities (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis | The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at March 31, 2024 and December 31, 2023. The assets presented under “non-recurring fair value measurements” in the tables below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized).
(1)Represents residential mortgage loans held for sale that are carried at fair value and had contractual unpaid principal balances totaling $17.5 million and $20.1 million at March 31, 2024 and December 31, 2023, respectively. (2)Derivative financial instruments are included in this category. (3)Reported at lower of cost or market value.
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Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at March 31, 2024 and December 31, 2023 were as follows:
(1)Represents equity securities without a readily determinable fair value measured at cost less impairment, if any. (2)The carrying amount is presented gross without the allowance for credit losses. (3)Includes the carrying amount of $34.1 million of construction loans transferred at cost to loans held for sale at March 31, 2024. (4)Included in other assets. (5)Included in accrued expenses and other liabilities.
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Investment Securities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Available for Sale | The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at March 31, 2024 and December 31, 2023 were as follows:
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Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities | The age of unrealized losses and fair value of the related available for sale debt securities at March 31, 2024 and December 31, 2023 were as follows:
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Contractual Maturities of Debt Securities Available for Sale | The contractual maturities of AFS debt securities at March 31, 2024 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.
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Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Held to Maturity | The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at March 31, 2024 and December 31, 2023 were as follows:
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Age of Unrealized Losses and Fair Value of Related Debt Securities Held to Maturity | The age of unrealized losses and fair value of related debt securities held to maturity at March 31, 2024 and December 31, 2023 were as follows:
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Contractual Maturities of Debt Securities Held to Maturity | The contractual maturities of investments in HTM debt securities at March 31, 2024 are set forth in the table below. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.
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Amortized Cost of Debt Securities Held to Maturity by External Credit Rating | The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at March 31, 2024 and December 31, 2023.
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Debt Securities, Held-to-Maturity, Allowance for Credit Loss | The following table details the activity in the allowance for credit losses for the three months ended March 31, 2024 and 2023:
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Loans and Allowance for Credit Losses for Loans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loan Portfolio | The detail of the loan portfolio as of March 31, 2024 and December 31, 2023 was as follows:
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Risk Category of Loans | The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at March 31, 2024 and December 31, 2023, as well as the gross loan charge-offs by year of origination for the three months ended March 31, 2024 and for the year ended December 31, 2023:
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Financing Receivable, Troubled Debt Restructuring | The following tables shows the amortized cost basis of loans to borrowers experiencing financial difficulty at March 31, 2024 that were modified during the three months ended March 31, 2024 and 2023, disaggregated by class of financing receivable and type of modification.
The following tables describes the types of modifications made to borrowers experiencing financial difficulty.
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Past Due, Non-Accrual and Current Loans by Loan Portfolio Class | The following table presents past due, current and non-accrual loans without an allowance for loan losses by loan portfolio class at March 31, 2024 and December 31, 2023:
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Summary of Collateral Dependent Loans | The following table presents collateral dependent loans by class as of March 31, 2024 and December 31, 2023:
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Summary of Allowance for Credit Losses | The following table summarizes the ACL for loans at March 31, 2024 and December 31, 2023:
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Summary of Provision for Credit Losses | The following table summarizes the provision for credit losses for loans for the periods indicated:
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Summary of Activity in Allowance for Loan Losses | The following table details the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2024 and 2023:
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Allocation Of Allowance For Loan Losses Disaggregated Based On Impairment Methodology | The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology at March 31, 2024 and December 31, 2023.
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Goodwill and Other Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The carrying amounts of goodwill allocated to Valley's reporting units at both March 31, 2024 and December 31, 2023, were as follows:
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Other Intangible Assets | The following table summarizes other intangible assets as of March 31, 2024 and December 31, 2023:
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Estimated Future Amortization Expense | The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2024 through 2028:
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Deposits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Services, Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scheduled Maturities of Time Deposits | The scheduled maturities of time deposits as of March 31, 2024 were as follows:
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Borrowed Funds (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-Term Borrowings | Short-term borrowings at March 31, 2024 and December 31, 2023 consisted of the following:
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Schedule of Long-Term Borrowings | Long-term borrowings at March 31, 2024 and December 31, 2023 consisted of the following:
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Schedule of FHLB Repayment | The long-term FHLB advances at March 31, 2024 are scheduled for contractual balance repayments as follows:
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Stock-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | The table below summarizes RSU awards granted and average grant date fair values for the three months ended March 31, 2024 and 2023:
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Derivative Instruments and Hedging Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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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:
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Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Fair Value | Gains (losses) included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows:
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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 March 31, 2024 and December 31, 2023, respectively.
* Net carrying amount includes unamortized debt issuance costs of $1.8 million and $2.0 million at March 31, 2024 and December 31, 2023, respectively.
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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:
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Balance Sheet Offsetting (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Assets | The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of March 31, 2024 and December 31, 2023.
* Cash collateral received from or pledged to our counterparties in relation to market value exposures of OTC derivative contracts in an asset/liability position.
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Offsetting Liabilities | The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of March 31, 2024 and December 31, 2023.
* Cash collateral received from or pledged to our counterparties in relation to market value exposures of OTC derivative contracts in an asset/liability position.
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Tax Credit Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Housing Tax Credit Investments, Other Tax Credit Investments, and Related Unfunded Commitments | The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at March 31, 2024 and December 31, 2023:
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Affordable Housing Tax Credit Investments and Other Tax Credit Investments | The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three months ended March 31, 2024 and 2023:
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Operating Segments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Data for Business Segments | The following tables represent the financial data for Valley’s operating segments and Treasury and Corporate Other for the three months ended March 31, 2024 and 2023:
|
Earnings Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Earnings Per Share Reconciliation | ||
Net income available to common shareholders | $ 92,161 | $ 142,677 |
Basic weighted average number of common shares outstanding (in shares) | 508,340,719 | 507,111,295 |
Plus: Common stock equivalents (in shares) | 2,293,226 | 2,545,135 |
Diluted weighted average number of common shares outstanding (in shares) | 510,633,945 | 509,656,430 |
Earnings Per Common Share: | ||
Basic (usd per share) | $ 0.18 | $ 0.28 |
Diluted (usd per share) | $ 0.18 | $ 0.28 |
Earnings Per Common Share - Additional Information (Details) - shares shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Earnings Per Share [Abstract] | ||
Anti-dilutive common stock options and warrants (in shares) | 1.3 | 1.6 |
Fair Value Measurement of Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Transfer of loans to loans held for sale | $ 34,143 | $ 0 | $ 10,000 |
Allowance for credit loss, write-off | $ 4,200 | ||
Collateral dependent loans amortized cost | 144,300 | ||
Specific valuation allowance allocations | $ 66,600 | ||
Discount adjustment of the appraisals of foreclosed assets | 0.00% | 0.00% | |
Fair Value | Non-recurring fair value measurements | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Reported net carrying amount of collateral dependent loans | $ 77,700 |
Investment Securities - Contractual Maturities of Debt Securities Available for Sale (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Amortized Cost | ||
Due in one year | $ 1,353 | |
Due after one year through five years | 290,800 | |
Due after five years through ten years | 172,949 | |
Due after ten years | 286,230 | |
Residential mortgage-backed securities | 870,356 | |
Amortized Cost | 1,621,688 | $ 1,454,439 |
Fair Value | ||
Due in one year | 1,346 | |
Due after one year through five years | 277,194 | |
Due after five years through ten years | 150,980 | |
Due after ten years | 236,671 | |
Residential mortgage-backed securities | 783,143 | |
Total | $ 1,449,334 | $ 1,296,576 |
Investment Securities - Contractual Maturities of Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Amortized Cost | ||
Due in one year | $ 21,808 | |
Due after one year through five years | 119,771 | |
Due after five years through ten years | 166,510 | |
Due after ten years | 547,407 | |
Residential mortgage-backed securities | 2,856,322 | |
Amortized Cost | 3,711,818 | $ 3,740,413 |
Fair Value | ||
Due in one year | 21,680 | |
Due after one year through five years | 117,124 | |
Due after five years through ten years | 156,912 | |
Due after ten years | 479,752 | |
Residential mortgage-backed securities | 2,441,934 | |
Total | $ 3,217,402 | $ 3,302,312 |
Investment Securities - Debt Securities, Held-to-Maturity, Allowance for Credit Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 1,205 | $ 1,646 |
Credit for credit losses | (74) | (13) |
Ending balance | $ 1,131 | $ 1,633 |
Loans and Allowance for Credit Losses for Loans - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Receivables [Abstract] | ||||
Allowance for loan losses | $ 469,248 | $ 446,080 | $ 436,898 | $ 458,655 |
Allowance for unfunded credit commitments | 18,021 | 19,470 | ||
Total allowance for credit losses for loans | $ 487,269 | $ 465,550 |
Loans and Allowance for Credit Losses for Loans - Summary of Provision for Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Receivables [Abstract] | ||
Provision for loan losses | $ 46,723 | $ 9,979 |
Credit for unfunded credit commitments | (1,449) | (529) |
Total provision for credit losses for loans | $ 45,274 | $ 9,450 |
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Goodwill [Line Items] | ||
Goodwill | $ 1,868,936 | $ 1,868,936 |
Consumer Banking | ||
Goodwill [Line Items] | ||
Goodwill | 349,646 | |
Commercial Banking | ||
Goodwill [Line Items] | ||
Goodwill | 1,441,148 | |
Wealth Management | Consumer Banking | ||
Goodwill [Line Items] | ||
Goodwill | $ 78,142 |
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill impairment | $ 0 | $ 0 |
Net impairment (net recovery) | 0 | 0 |
Amortization of other intangible assets | 9,412,000 | 10,519,000 |
Core Deposits and Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Impairment of core deposits and other intangibles | $ 0 | $ 0 |
Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period, years | 10 years | |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period, years | 13 years 4 months 24 days |
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 389,149 | $ 388,599 |
Accumulated Amortization | (237,680) | (228,268) |
Net Intangible Assets | 151,469 | 160,331 |
Loan servicing rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 123,136 | 122,586 |
Accumulated Amortization | (101,830) | (100,636) |
Net Intangible Assets | 21,306 | 21,950 |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 215,620 | 215,620 |
Accumulated Amortization | (119,832) | (113,183) |
Net Intangible Assets | 95,788 | 102,437 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 50,393 | 50,393 |
Accumulated Amortization | (16,018) | (14,449) |
Net Intangible Assets | $ 34,375 | $ 35,944 |
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Loan Servicing Rights | |
Finite-Lived Intangible Assets [Line Items] | |
2024 | $ 2,066 |
2025 | 2,504 |
2026 | 2,206 |
2027 | 1,928 |
2028 | 1,685 |
Core Deposits | |
Finite-Lived Intangible Assets [Line Items] | |
2024 | 18,248 |
2025 | 21,048 |
2026 | 17,223 |
2027 | 13,544 |
2028 | 10,117 |
Other | |
Finite-Lived Intangible Assets [Line Items] | |
2024 | 4,382 |
2025 | 5,380 |
2026 | 4,805 |
2027 | 4,205 |
2028 | $ 3,633 |
Deposits - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Financial Services, Banking and Thrift [Abstract] | |||
Time deposits, $250,000 or more | $ 2,100.0 | $ 2,600.0 | |
Interest expense on time deposits of $250 thousand or more | $ 29.7 | $ 2.8 |
Deposits - Scheduled Maturities of Time Deposits (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Financial Services, Banking and Thrift [Abstract] | ||
2024 | $ 9,989,588 | |
2025 | 2,034,132 | |
2026 | 238,754 | |
2027 | 430,363 | |
2028 | 21,039 | |
Thereafter | 29,858 | |
Total time deposits | $ 12,743,734 | $ 13,176,724 |
Borrowed Funds - Short-Term Borrowings (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Short-Term Debt [Line Items] | ||
Total short-term borrowings | $ 75,224 | $ 917,834 |
Short-term borrowings | ||
Short-Term Debt [Line Items] | ||
FHLB advances | 0 | 850,000 |
Securities sold under agreements to repurchase | 75,224 | 67,834 |
Total short-term borrowings | $ 75,224 | $ 917,834 |
Borrowed Funds - Additional Information (Details) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Instrument [Line Items] | ||
Weighted average interest rate for short-term borrowings | 5.62% | |
FHLB advances, callable for early redemption | $ 0 | |
Federal Home Loan Bank Advances | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate for long-term borrowings | 4.10% | 3.75% |
Borrowed Funds - Schedule of Long-Term Borrowings (Details) - Long-term borrowings - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Instrument [Line Items] | ||
FHLB advances, net | $ 2,624,962 | $ 1,690,013 |
Subordinated debt, net | 637,379 | 638,362 |
Total long-term borrowings | 3,262,341 | 2,328,375 |
Unamortized prepayment penalties and other purchase accounting adjustments | 158 | 209 |
Deferred issuance costs | $ 4,800 | $ 5,200 |
Borrowed Funds - Schedule of FHLB Repayment (Details) - Long-term borrowings $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
2024 | $ 100,000 |
2025 | 273,000 |
2026 | 601,804 |
2027 | 925,000 |
2028 | 475,000 |
Thereafter | 250,000 |
Total long-term FHLB advances | $ 2,624,804 |
Stock-Based Compensation - Additional Information (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Apr. 25, 2023 |
|
Share-Based Payment Arrangement [Abstract] | |||
Number of shares authorized (in shares) | 14.5 | ||
Number of shares available for grant (in shares) | 9.1 | ||
Stock-based compensation expense | $ 8.1 | $ 8.1 | |
Stock-based compensation amortization expense unrecognized | $ 56.7 | ||
Average remaining vesting period (in years) | 2 years 2 months 12 days |
Stock-Based Compensation - Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award (Details) - $ / shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Performance-Based Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Average grant date fair value (usd per share) | $ 7.88 | $ 12.80 |
Performance-Based Restricted Stock Units | Executive Officer | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares granted during the period (in shares) | 958 | 723 |
Time-Based Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares granted during the period (in shares) | 2,794 | 1,528 |
Average grant date fair value (usd per share) | $ 8.51 | $ 11.91 |
Derivative Instruments and Hedging Activities - Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Amounts Related To Interest Rate Derivatives Included In Income Designated As Hedges Of Cash Flows [Line Items] | ||
Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest income | $ (435,108) | $ (284,210) |
Amount of gain recognized in other comprehensive income | 0 | 3,898 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | ||
Amounts Related To Interest Rate Derivatives Included In Income Designated As Hedges Of Cash Flows [Line Items] | ||
Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest income | $ 298 | $ (531) |
Derivative Instruments and Hedging Activities - Interest Rate Derivatives Designated as Hedges (Details) - Derivative - interest rate swap: - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivative [Line Items] | ||
Deferred issuance costs | $ 1,800 | $ 2,000 |
Fair value hedge interest rate swaps | Derivatives designated as hedging instruments: | ||
Derivative [Line Items] | ||
Net Carrying Amount of the Hedge Asset | 498,953 | 503,877 |
Net Carrying Amount of the Hedge Liability | 275,390 | 276,572 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset Increase (Decrease) | (1,047) | 3,877 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability Increase (Decrease) | $ (22,828) | $ (21,445) |
Derivative Instruments and Hedging Activities - Net (Gains) Losses Related to Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Non-designated hedge interest rate swaps and credit derivatives | ||
Other non-interest expense | $ (1,055) | $ 208 |
Balance Sheet Offsetting (Details) - Interest rate swaps and other contracts - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Offsetting Assets | ||
Gross Amounts Recognized | $ 511,993 | $ 458,129 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 511,993 | 458,129 |
Financial Instruments | 13,043 | 53,780 |
Cash Collateral | (430,600) | (302,180) |
Net Amount | 94,436 | 209,729 |
Offsetting Liabilities | ||
Gross Amounts Recognized | 536,550 | 479,345 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 536,550 | 479,345 |
Financial Instruments | (13,043) | (53,780) |
Cash Collateral | 0 | |
Net Amount | $ 523,507 | $ 425,565 |
Tax Credit Investments - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Other Assets | ||
Other Assets: | ||
Affordable housing tax credit investments, net | $ 20,801 | $ 22,158 |
Other tax credit investments, net | 209,136 | 117,659 |
Total tax credit investments, net | 229,937 | 139,817 |
Other Liabilities: | ||
Other Liabilities: | ||
Unfunded affordable housing tax credit commitments | 871 | 1,305 |
Total unfunded tax credit commitments | $ 871 | $ 1,305 |
Tax Credit Investments - Income Statement Disclosures (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Components of Income Tax Expense: | ||
Affordable housing tax credits and other tax benefits | $ 1,396 | $ 1,459 |
Other tax credit investment credits and tax benefits | 6,345 | 3,221 |
Total reduction in income tax expense | 7,741 | 4,680 |
Non-Interest Expenses | ||
Amortization of Tax Credit Investments: | ||
Affordable housing tax credit investment losses | 875 | 937 |
Affordable housing tax credit investment impairment losses | 481 | 448 |
Other tax credit investment losses | 600 | 6 |
Other tax credit investment impairment losses | 3,606 | 2,862 |
Total amortization of tax credit investments recorded in non-interest expense | $ 5,562 | $ 4,253 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2022-02 [Member] |
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