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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
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: 
 March 31, 2024December 31, 2023
 Fair ValueFair Value
Other AssetsOther LiabilitiesNotional AmountOther AssetsOther LiabilitiesNotional Amount
 (in thousands)
Derivatives designated as hedging instruments:
Fair value hedge interest rate swaps $1,304 $26,127 $800,000 $— $21,460 $800,000 
Total derivatives designated as hedging instruments$1,304 $26,127 $800,000 $— $21,460 $800,000 
Derivatives not designated as hedging instruments:
Interest rate swaps and other contracts*
$510,689 $510,423 $16,200,678 $458,129 $457,885 $16,282,279 
Foreign currency derivatives10,227 9,721 1,432,388 8,024 8,286 1,557,167 
Mortgage banking derivatives55 145 51,213 74 472 38,797 
Total derivatives not designated as hedging instruments
$520,971 $520,289 $17,684,279 $466,227 $466,643 $17,878,243 
* Other derivative contracts include risk participation agreements.
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows
Gains (losses) included in the consolidated statements of income and other comprehensive loss, on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: 
 Three Months Ended
March 31,
 20242023
 (in thousands)
Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest income $298 $(531)
Amount of gain recognized in other comprehensive income— 3,898 
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: 
Three Months Ended
March 31,
20242023
 (in thousands)
Derivative - interest rate swap:
Interest income$4,879 $— 
Interest expense(1,291)4,692 
Hedged item - loans and subordinated debt:
Interest income$(4,924)$— 
Interest expense1,383 (4,772)
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.
Line Item in the Statement of Financial Condition in Which the Hedged Item is IncludedNet Carrying Amount of the Hedged Asset/ LiabilityCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/Liability
(in thousands)
March 31, 2024
Loans$498,953 $(1,047)
Long-term borrowings *275,390 (22,828)
December 31, 2023
Loans$503,877 $3,877 
Long-term borrowings *276,572 (21,445)

*    Net carrying amount includes unamortized debt issuance costs of $1.8 million and $2.0 million at March 31, 2024 and December 31, 2023, respectively.
Net (Gains) Losses Related to Derivative Instruments Not Designated as Hedging Instruments
The net (gains) losses included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: 
 Three Months Ended
March 31,
 20242023
 (in thousands)
Non-designated hedge interest rate swaps and credit derivatives
Other non-interest expense$(1,055)$208