Valley National Bancorp (VLY) 10-K26 Feb 212020 FY Annual reportFinancial data

Company Profile

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2020	Feb. 25, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-11277
Entity Registrant Name	VALLEY NATIONAL BANCORP
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-2477875
Entity Address, Address Line One	One Penn Plaza
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10119
City Area Code	973
Local Phone Number	305-8800
Entity Well-known Season Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 3.1
Entity Common Stock, Shares Outstanding		405,611,861
Documents Incorporated by Reference	Certain portions of the registrant’s Definitive Proxy Statement (the “2021 Proxy Statement”) for the 2021 Annual Meeting of Shareholders to be held April 19, 2021 will be incorporated by reference in Part III. The 2021 Proxy Statement will be filed within 120 days of December 31, 2020.
ICFR Auditor Attestation Flag	true
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0000714310
Common Class A
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	VLY
Security Exchange Name	NASDAQ
Non-Cumulative Perpetual Preferred Stock, Series A
Entity Information [Line Items]
Title of 12(b) Security	Non-Cumulative Perpetual Preferred Stock, Series A, no par value
Trading Symbol	VLYPP
Security Exchange Name	NASDAQ
Non-Cumulative Perpetual Preferred Stock, Series B
Entity Information [Line Items]
Title of 12(b) Security	Non-Cumulative Perpetual Preferred Stock, Series B, no par value
Trading Symbol	VLYPO
Security Exchange Name	NASDAQ

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and due from banks	$ 257,845	$ 256,264
Interest bearing deposits with banks	1,071,360	178,423
Investment securities:
Equity securities	29,378	41,410
Available for sale debt securities	1,339,473	1,566,801
Held to maturity debt securities (net of allowance for credit losses of $1,428 at December 31, 2020)	2,171,583	2,336,095
Total investment securities	3,540,434	3,944,306
Loans held for sale, at fair value	301,427	76,113
Loans	32,217,112	29,699,208
Less: Allowance for loan losses	(340,243)	(161,759)
Net loans	31,876,869	29,537,449
Premises and equipment, net	319,797	334,533
Lease right of use assets	252,053	285,129
Bank owned life insurance	535,209	540,169
Accrued interest receivable	106,230	105,637
Goodwill	1,382,442	1,373,625
Other intangible assets, net	70,449	86,772
Other assets	971,961	717,600
Total Assets	40,686,076	37,436,020
Deposits:
Non-interest bearing	9,205,266	6,710,408
Interest bearing:
Savings, NOW and money market	16,015,658	12,757,484
Time	6,714,678	9,717,945
Total deposits	31,935,602	29,185,837
Short-term borrowings	1,147,958	1,093,280
Long-term borrowings	2,295,665	2,122,426
Junior subordinated debentures issued to capital trusts	56,065	55,718
Lease liabilities	276,675	309,849
Accrued expenses and other liabilities	381,991	284,722
Total Liabilities	36,093,956	33,051,832
Common stock (no par value, authorized 650,000,000 shares; issued 403,881,488 shares at December 31, 2020 and 403,322,773 shares at December 31, 2019)	141,746	141,423
Surplus	3,637,468	3,622,208
Retained earnings	611,158	443,559
Accumulated other comprehensive loss	(7,718)	(32,214)
Treasury stock, at cost (22,490 common shares at December 31, 2020 and 44,383 common shares at December 31, 2019)	(225)	(479)
Total Shareholders’ Equity	4,592,120	4,384,188
Total Liabilities and Shareholders’ Equity	40,686,076	37,436,020
Series A Preferred Stock
Preferred stock, no par value; authorized 50,000,000 shares:	111,590	111,590
Series B Preferred Stock
Preferred stock, no par value; authorized 50,000,000 shares:	$ 98,101	$ 98,101

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Held-to-maturity, allowance for credit loss	$ 1,428
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	650,000,000	650,000,000
Common stock, shares issued (in shares)	403,881,488	403,322,773
Treasury stock, shares (in shares)	22,490	44,383
Series A Preferred Stock
Preferred stock, shares issued (in shares)	4,600,000	4,600,000
Series B Preferred Stock
Preferred stock, shares issued (in shares)	4,000,000	4,000,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest Income
Interest and fees on loans	$ 1,284,707	$ 1,198,908	$ 1,033,993
Interest and dividends on investment securities:
Taxable	70,249	86,926	87,306
Tax-exempt	14,563	17,420	21,504
Dividends	11,644	12,023	13,209
Interest on federal funds sold and other short-term investments	2,556	5,723	3,236
Total interest income	1,383,719	1,321,000	1,159,248
Interest on deposits:
Savings, NOW and money market	76,169	145,177	108,394
Time	106,067	166,693	81,959
Interest on short-term borrowings	11,372	47,862	45,930
Interest on long-term borrowings and junior subordinated debentures	71,207	63,220	65,762
Total interest expense	264,815	422,952	302,045
Net Interest Income	1,118,904	898,048	857,203
Provision for credit losses for held to maturity securities	635	0	0
Provision for credit losses for loans	125,087	24,218	32,501
Net Interest Income After Provision for Credit Losses	993,182	873,830	824,702
Non-Interest Income
Insurance commissions	7,398	10,409	15,213
Gains (losses) on securities transactions, net	524	(150)	(2,342)
Other-than-temporary impairment losses on securities	0	(2,928)	0
Fees from loan servicing	10,352	9,794	9,319
Gains on sales of loans, net	42,251	18,914	20,515
(Losses) gains on sales of assets, net	(1,891)	78,333	(2,401)
Bank owned life insurance	10,083	8,232	8,691
Other	83,643	55,634	45,607
Non-interest income	183,032	214,520	134,052
Non-Interest Expense
Salary and employee benefits expense	333,221	327,431	333,816
Net occupancy and equipment expense	129,002	118,191	108,763
FDIC insurance assessment	18,949	21,710	28,266
Amortization of other intangible assets	24,645	18,080	18,416
Professional and legal fees	32,348	20,810	34,141
Loss on extinguishment of debt	12,036	31,995	0
Amortization of tax credit investments	13,335	20,392	24,200
Telecommunication expenses	10,737	9,883	12,102
Other	71,875	63,063	69,357
Total non-interest expense	646,148	631,555	629,061
Income Before Income Taxes	530,066	456,795	329,693
Income tax expense	139,460	147,002	68,265
Net Income	390,606	309,793	261,428
Dividends on preferred stock	12,688	12,688	12,688
Net Income Available to Common Shareholders	$ 377,918	$ 297,105	$ 248,740
Earnings Per Common Share:
Basic (in USD per share)	$ 0.94	$ 0.88	$ 0.75
Diluted (in USD per share)	0.93	0.87	0.75
Cash dividends declared per common share (in USD per share)	$ 0.44	$ 0.44	$ 0.44
Weighted Average Number of Common Shares Outstanding:
Basic (in shares)	403,754,356	337,792,270	331,258,964
Diluted (in shares)	405,046,207	340,117,808	332,693,718
Trust and Investment Services
Non-Interest Income
Services	$ 12,415	$ 12,646	$ 12,633
Deposit Account
Non-Interest Income
Services	$ 18,257	$ 23,636	$ 26,817

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 390,606	$ 309,793	$ 261,428
Unrealized gains and losses on debt securities available for sale
Net gains (losses) arising during the period	27,845	39,262	(22,932)
Less reclassification adjustment for net (gains) losses included in net income	(377)	119	2,237
Total	27,468	39,381	(20,695)
Unrealized gains and losses on derivatives (cash flow hedges)
Net (losses) gains on derivatives arising during the period	(2,251)	(989)	1,874
Less reclassification adjustment for net losses included in net income	2,074	1,291	2,494
Total	(177)	302	4,368
Defined benefit pension plan
Net losses arising during the period	(3,418)	(2,561)	(7,151)
Amortization of prior service (credit) cost	(98)	(93)	146
Amortization of actuarial net loss	721	188	447
Total	(2,795)	(2,466)	(6,558)
Other comprehensive income (loss), net	24,496	37,217	(22,885)
Total comprehensive income	$ 415,102	$ 347,010	$ 238,543

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Series A Preferred Stock	Series B Preferred Stock	Preferred Stock	Preferred StockCumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common StockCumulative Effect, Period of Adoption, Adjusted Balance	Common StockCommon Stock	Surplus	SurplusCumulative Effect, Period of Adoption, Adjusted Balance	SurplusCommon Stock	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance	Retained EarningsCommon Stock	Retained EarningsSeries A Preferred Stock	Retained EarningsSeries B Preferred Stock	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjusted Balance	Treasury Stock	Treasury StockCumulative Effect, Period of Adoption, Adjusted Balance	Treasury StockCommon Stock
Beginning balance at Dec. 31, 2017	$ 2,533,165		$ 2,515,554				$ 209,691	$ 209,691	$ 92,727	$ 92,727		$ 2,060,356	$ 2,060,356		$ 216,733		$ 199,663				$ (46,005)		$ (46,546)	$ (337)	$ (337)
Beginning balance (ASU 2016-01) at Dec. 31, 2017																$ 480						$ (480)
Beginning balance (ASU 2017-12) at Dec. 31, 2017																61						$ (61)
Beginning balance (ASU 2016-16) at Dec. 31, 2017		$ (17,611)														(17,611)
Beginning balance (in shares) at Dec. 31, 2017									264,469	264,469
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	261,428														261,428
Other comprehensive loss, net of tax	(22,885)																				(22,885)
Cash dividends declared on preferred stock					$ (7,188)	$ (5,500)													$ (7,188)	$ (5,500)
Cash dividends declared on common stock				$ (146,346)														$ (146,346)
Effect of stock incentive plan, net (in shares)									1,955
Effect of stock incentive plan, net	17,180								$ 771			21,022			(2,415)									(2,198)
Common stock issued (in shares)											65,007
Common stock issued				738,211							$ 22,742			$ 715,121												$ 348
Ending balance at Dec. 31, 2018	$ 3,350,454		3,353,422				209,691	209,691	$ 116,240	$ 116,240		2,796,499	2,796,499		299,642		302,610				(69,431)		(69,431)	(2,187)	(2,187)
Ending balance (ASU 2016-02) at Dec. 31, 2018		4,414														4,414
Ending balance (ASU 2017-08) at Dec. 31, 2018		(1,446)														(1,446)
Ending balance (in shares) at Dec. 31, 2018									331,431	331,431
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Net income	$ 309,793														309,793
Other comprehensive loss, net of tax	37,217																				37,217
Cash dividends declared on preferred stock					(7,188)	(5,500)													(7,188)	(5,500)
Cash dividends declared on common stock				(154,689)														(154,689)
Effect of stock incentive plan, net (in shares)									726
Effect of stock incentive plan, net	15,878								$ 291			15,346			(1,467)									1,708
Common stock issued (in shares)											71,121
Common stock issued				835,255							$ 24,892			$ 810,363
Ending balance at Dec. 31, 2019	4,384,188	$ (28,187)	$ 4,356,001				209,691	$ 209,691	$ 141,423	$ 141,423		3,622,208	$ 3,622,208		443,559	$ (28,187)	$ 415,372				(32,214)		$ (32,214)	(479)	$ (479)
Ending balance (in shares) at Dec. 31, 2019									403,278	403,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	390,606														390,606
Other comprehensive loss, net of tax	24,496																				24,496
Cash dividends declared on preferred stock					$ (7,188)	$ (5,500)													$ (7,188)	$ (5,500)
Cash dividends declared on common stock				$ (179,277)														$ (179,277)
Effect of stock incentive plan, net (in shares)									581
Effect of stock incentive plan, net	12,982								$ 323			15,260			(2,855)									254
Ending balance at Dec. 31, 2020	$ 4,592,120						$ 209,691		$ 141,746			$ 3,637,468			$ 611,158						$ (7,718)			$ (225)
Ending balance (in shares) at Dec. 31, 2020									403,859

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash dividends declared (in USD per share)	$ 0.44	$ 0.44	$ 0.44
Series A Preferred Stock
Cash dividends declared (in USD per share)	1.56	1.56	1.56
Series B Preferred Stock
Cash dividends declared (in USD per share)	1.38	1.38	1.38
Common Stock
Cash dividends declared (in USD per share)	$ 0.44	$ 0.44	$ 0.44

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 390,606	$ 309,793	$ 261,428
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	57,615	53,317	27,554
Stock-based compensation	16,154	14,726	19,472
Provision for credit losses	125,722	24,218	32,501
Net amortization of premiums and accretion of discounts on securities and borrowings	38,315	29,512	38,454
Amortization of other intangible assets	24,645	18,080	18,416
(Gains) losses on securities transactions, net	(524)	150	2,342
Proceeds from sales of loans held for sale	1,019,841	509,448	398,350
Gains on sales of loans, net	(42,251)	(18,914)	(20,515)
Net impairment losses on securities recognized in earnings	0	2,928	0
Originations of loans held for sale	(1,211,227)	(537,985)	(406,087)
Losses (gains) on sales of assets, net	1,891	(78,333)	2,401
Net deferred income tax (benefit) expense	(5,060)	15,228	(11,780)
Net change in:
Cash surrender value of bank owned life insurance	(10,083)	(8,232)	(8,691)
Accrued interest receivable	(593)	1,440	(9,183)
Other assets	(311,760)	(163,330)	(33,144)
Accrued expenses and other liabilities	58,234	57,882	(7,562)
Net cash provided by operating activities	151,525	229,928	303,956
Cash flows from investing activities:
Net loan originations and purchases	(2,490,937)	(2,538,909)	(3,257,939)
Equity securities:
Purchases	(8,337)	(14,776)	0
Sales	28,439	24,748	0
Held to maturity debt securities:
Purchases	(682,509)	(701,879)	(264,721)
Maturities, calls and principal repayments	824,477	424,475	241,077
Available for sale debt securities:
Purchases	(333,971)	(30,392)	(289,554)
Sales	30,020	271,901	44,377
Maturities, calls and principal repayments	555,589	316,024	255,031
Death benefit proceeds from bank owned life insurance	15,043	9,560	4,220
Proceeds from sales of real estate property and equipment	19,111	109,043	7,786
Proceeds from sales of loans held for investments	30,020	1,234,022	289,633
Purchases of real estate property and equipment	(24,607)	(23,375)	(26,440)
Cash and cash equivalents acquired in acquisitions	0	22,239	156,612
Net cash used in investing activities	(2,037,662)	(897,319)	(2,839,918)
Cash flows from financing activities:
Net change in deposits	2,749,765	1,808,148	2,734,669
Net change in short-term borrowings	54,678	(1,036,134)	720,307
Proceeds from issuance of long-term borrowings, net	838,388	950,000	0
Repayments of long-term borrowings	(667,739)	(890,000)	(750,682)
Cash dividends paid to preferred shareholders	(12,688)	(12,688)	(15,859)
Cash dividends paid to common shareholders	(177,965)	(146,537)	(138,857)
Purchase of common shares to treasury	(5,374)	(1,805)	(3,801)
Common stock issued, net	2,202	2,957	2,704
Other, net	(612)	(492)	0
Net cash provided by financing activities	2,780,655	673,449	2,548,481
Net change in cash and cash equivalents	894,518	6,058	12,519
Cash and cash equivalents at beginning of year	434,687	428,629	416,110
Cash and cash equivalents at end of year	1,329,205	434,687	428,629
Supplemental disclosures of cash flow information:
Interest on deposits and borrowings	279,042	415,649	290,444
Federal and state income taxes	148,383	106,336	53,587
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned	4,040	5,100	743
Loans transferred to loans held for sale	30,020	1,234,022	289,633
Lease right of use assets obtained in exchange for operating lease liabilities	16,062	312,143	0
Non-cash assets acquired:
Equity securities	0	51,382	0
Loans	0	3,378,358	3,736,984
Premises and equipment	0	23,585	62,066
Bank owned life insurance	0	101,896	49,052
Accrued interest receivable	0	11,781	12,123
Goodwill	0	297,777	394,028
Other intangible assets	0	20,690	45,906
Other assets	0	50,873	100,059
Total non-cash assets acquired	0	4,277,113	4,922,820
Liabilities assumed:
Deposits	0	2,924,716	3,564,843
Short-term borrowings	0	10,500	649,979
Long-term borrowings	0	430,130	87,283
Junior subordinated debentures issued to capital trusts	0	0	13,249
Accrued expenses and other liabilities	0	98,751	26,848
Total liabilities assumed	0	3,464,097	4,342,202
Net non-cash assets acquired	0	813,016	580,618
Net cash and cash equivalents acquired in acquisition	0	22,239	156,612
Common stock issued in acquisition	0	835,255	737,230
Available-for-sale securities
Non-cash assets acquired:
Investment securities	0	335,894	308,385
Held-to-maturity securities
Non-cash assets acquired:
Investment securities	$ 0	$ 4,877	$ 214,217

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Note 1) Business Valley National Bancorp, a New Jersey Corporation (Valley), is a bank holding company whose principal wholly-owned subsidiary is Valley National Bank (the “Bank”), a national banking association providing a full range of commercial, retail and trust and investment services largely through its offices and ATM network throughout northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn and Queens, Long Island, Florida and Alabama. The Bank is subject to intense competition from other financial service providers and is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by certain regulatory authorities. Valley National Bank’s subsidiaries are all included in the consolidated financial statements of Valley. These subsidiaries include, but are not limited to: • an insurance agency offering property and casualty, life and health insurance; • an asset management adviser that is a registered investment adviser with the Securities and Exchange Commission (SEC); • a title insurance agency in New York, which also provides services in New Jersey; • subsidiaries which hold, maintain and manage investment assets for the Bank; • a subsidiary which specializes in health care equipment lending and other commercial equipment leases; and • a subsidiary which owns and services New York commercial loans. The Bank’s subsidiaries also include real estate investment trust subsidiaries (the “REIT” subsidiaries) which own real estate related investments and a REIT subsidiary which owns some of the real estate utilized by the Bank and related real estate investments. Except for Valley’s REIT subsidiaries and its insurance agency (10% of which is owned by the insurance agency's co-CEOs), all subsidiaries mentioned above are directly or indirectly wholly-owned by the Bank. Because each REIT subsidiary must have 100 or more shareholders to qualify as a REIT, each REIT subsidiary has issued less than 20 percent of its outstanding non-voting preferred stock to individuals, most of whom are current and former Bank employees. The Bank owns the remaining preferred stock and all the common stock of the REITs. Basis of Presentation The consolidated financial statements of Valley include the accounts of its commercial bank subsidiary, Valley National Bank and all of Valley’s direct or indirect wholly-owned subsidiaries. All inter-company transactions and balances have been eliminated. The accounting and reporting policies of Valley conform to U.S. generally accepted accounting principles (U.S. 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. See Note 11 for more details. Certain prior period amounts have been reclassified to conform to the current presentation. Significant Estimates. In preparing the consolidated financial statements in conformity with U.S. 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. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest bearing deposits in other banks (including the Federal Reserve Bank of New York) and, from time to time, overnight federal funds sold. The Bank is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank based on a percentage of deposits. These reserve balances totaled $896.1 million and $114.4 million at December 31, 2020 and 2019, respectively. Investment Securities Debt securities are classified at the time of purchase based on management’s intention, as securities available-for-sale or securities held-to-maturity. Investment securities classified as held-to-maturity are those that management has the positive intent and ability to hold until maturity. Investment securities held-to-maturity are carried at amortized cost, adjusted for amortization of premiums and accretion of discounts using the level-yield method over the contractual term of the securities, adjusted for actual prepayments, or to call date if the security was purchased at premium. Investment securities classified as available-for-sale are carried at fair value with unrealized holding gains and losses reported as a component of other comprehensive income or loss, net of tax. Realized gains or losses on the available-for-sale securities are recognized by the specific identification method and are included in net gains and losses on securities transactions. Equity securities are stated at fair value with any unrealized and realized gains and losses reported in non-interest income. Investments in Federal Home Loan Bank and Federal Reserve Bank stock, which have limited marketability, are carried at cost in other assets. Security transactions are recorded on a trade-date basis. Interest income on investments includes amortization of purchase premiums and discounts. Valley discontinues the recognition of interest on debt securities if the securities meet both of the following criteria: (i) regularly scheduled interest payments have not been paid or have been deferred by the issuer, and (ii) full collection of all contractual principal and interest payments is not deemed to be the most likely outcome. Allowance for Credit Losses for Held to Maturity Debt Securities On January 1, 2020, Valley adopted Accounting Standards Update (ASU) No. 2016-13, which requires us to estimate and recognize an allowance for credit losses for held to maturity debt securities using the current expected credit loss methodology (CECL). Valley's CECL model includes a zero loss expectation for certain securities within the held to maturity portfolio, and therefore Valley is not required to estimate an allowance for credit losses related to these securities. After an evaluation of qualitative factors, Valley identified the following securities types which it believes qualify for this exclusion: U.S. Treasury securities, U.S. agency securities, residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, and collateralized municipal bonds commonly referred to as Tax Exempt Mortgage Securities (TEMS). To measure the expected credit losses on held to maturity debt securities that have loss expectations, Valley estimates the expected credit losses using a discounted cash flow model developed by a third-party. Assumptions used in the model for pools of securities with common risk characteristics include the historical lifetime probability of default and severity of loss in the event of default, with the model incorporating several economic cycles of loss history data to calculate expected credit losses given default at the individual security level. The model is adjusted for a probability weighted multi-scenario economic forecast to estimate future credit losses. Valley uses a two-year reasonable and supportable forecast period, followed by a one-year period over which estimated losses revert to historical loss experience for the remaining life of the investment security. The economic forecast methodology and governance for debt securities is aligned with Valley's economic forecast used for the loan portfolio. Accrued interest receivable is excluded from the estimate of credit losses. See the "New Authoritative Accounting Guidance" section below and Note 4 for more details regarding our adoption of ASU No. 2016-13 and the allowance for credit losses for held to maturity securities. Impairment of Available for Sale Debt Securities The impairment model for available for sale debt securities differs from the CECL methodology applied to held to maturity debt securities because the available for sale debt securities are measured at fair value rather than amortized cost. Available for sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. In performing an assessment of whether any decline in fair value is due to a credit loss, Valley considers the extent to which the fair value is less than the amortized cost, changes in credit ratings, any adverse economic conditions, as well as all relevant information at the individual security level, such as credit deterioration of the issuer or collateral underlying the security. In assessing the impairment, Valley compares the present value of cash flows expected to be collected with the amortized cost basis of the security. If it is determined that the decline in fair value was due to credit losses, an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. The non-credit related decrease in the fair value, such as a decline due to changes in market interest rates, is recorded in other comprehensive income, net of tax. Valley also assesses the intent to sell the securities (as well as the likelihood of a near-term recovery). If Valley intends to sell an available for sale debt security or it is more likely than not that Valley will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. See Note 4 for additional information. Prior to January 1, 2020, Valley evaluated its investment securities classified as held to maturity and available for sale for other-than temporary impairment. Valley's evaluation of other-than-temporary impairment considered factors that included, among others, the causes of the decline in fair value, such as credit problems, interest rate fluctuations, or market volatility; and the severity and duration of the decline. Valley also assessed the intent and ability to hold the securities (as well as the likelihood of a near-term recovery), and the intent to sell the securities and whether it is more likely than not that Valley was required to sell the securities before the recovery of their amortized cost basis. Once a debt security was deemed to be other-than-temporarily impaired, it was written down to fair value with the estimated credit related component was recognized as an other-than-temporary impairment charge in non-interest income. The non-credit related component was recorded as an adjustment to accumulated other comprehensive income (loss), net of tax. Loans Held for Sale Loans held for sale generally consist of residential mortgage loans originated and intended for sale in the secondary market and are carried at their estimated fair value on an instrument-by-instrument basis as permitted by the fair value option election under U.S. GAAP. Changes in fair value are recognized in non-interest income in the accompanying consolidated statements of income as a component of net gains on sales of loans. Origination fees and costs related to loans originated for sale (and carried at fair value) are recognized as earned and as incurred. Loans held for sale are generally sold with loan servicing rights retained by Valley. Gains recognized on loan sales include the value assigned to the rights to service the loan. See the “Loan Servicing Rights” section below. Loans and Loan Fees Loans are reported at their outstanding principal balance net of any unearned income, charge-offs, unamortized deferred fees and costs on originated loans and premium or discounts on purchased loans, except for purchased credit deteriorated (PCD) loans recorded at the purchase price, including non-credit discounts, plus the allowance for credit losses expected at the time of acquisition. Loan origination and commitment fees, net of related costs are deferred and amortized as an adjustment of loan yield over the estimated life of the loans approximating the effective interest method. Loans are deemed to be past due when the contractually required principal and interest payments have not been received as they become due. Loans are placed on non-accrual status generally, when they become 90 days past due and the full and timely collection of principal and interest becomes uncertain. When a loan is placed on non-accrual status, interest accruals cease and uncollected accrued interest is reversed and charged against current income. Cash collections from non-accrual loans are generally credited to the loan balance, and no interest income is recognized on these loans until the principal balance has been determined to be fully collectible. A loan in which the borrowers’ obligation has not been released in bankruptcy courts may be restored to an accruing basis when it becomes well secured and is in the process of collection, or all past due amounts become current under the loan agreement and collectability is no longer doubtful. Allowance for Credit Losses for Loans As noted previously, Valley adopted ASU No. 2016-13 on January 1, 2020, and thus 2020 follows the current expected credit losses methodology. Prior periods have been reported in accordance with previously applicable GAAP, which followed the incurred credit losses methodology. The following policies noted are under the current expected credit losses methodology. A summary of Valley’s previous policies under the incurred credit losses methodology follows at the end of this section. The allowance for credit losses (ACL) is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Provisions for credit losses for loans and recoveries on loan previously charged-off by Valley are added back to the allowance. Under CECL, Valley's methodology to establish the allowance for credit losses for loans has two basic components: (1) a collective reserve component for estimated lifetime expected credit losses for pools of loans that share common risk characteristics and (2) an individual reserve component for loans that do not share common risk characteristics. Previously, an allowance for loan losses was recognized based on probable incurred losses. Reserves for loans that share common risk characteristics. Valley estimated the collective ACL using a current expected credit losses methodology which is based on relevant information about historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the loan balances. In estimating the component of the allowance on a collective basis, Valley uses a transition matrix model which calculates an expected life of loan loss percentage for each loan pool by generating probability of default and loss given default metrics. The metrics are based on the migration of loans from performing to loss by credit quality rating or delinquency categories using historical life-of-loan analysis periods for each loan portfolio pool, and the severity of loss, based on the aggregate net lifetime losses. The model's expected losses based on loss history are adjusted for qualitative factors. Among other things, these adjustments include and account for differences in: (i) the impact of the reasonable and supportable economic forecast, probability weightings and reversion period, (ii) other asset specific risks to the extent they do not exist in the historical loss information, and (iii) net expected recoveries of charged off loan balances. These adjustments are based on qualitative factors not reflected in the quantitative model but are likely to impact the measurement of estimated credit losses. The expected lifetime loss rate is the life of loan loss percentage from the transition matrix model plus the impact of the adjustments for qualitative factors. The expected credit losses are the product of multiplying the model’s expected lifetime loss rate by the exposure at default at period end on an undiscounted basis. Valley utilizes a two-year reasonable and supportable forecast period followed by a one-year period over which estimated losses revert to historical loss experience for the remaining life of the loan on a straight-line basis. The forecasts consist of a multi-scenario economic forecast model to estimate future credit losses that is governed by a cross-functional committee. The committee meets each quarter to determine which economic scenarios developed by Moody's will be incorporated into the model, as well as the relative probability weightings of the selected scenarios, based upon all readily available information. The model projects economic variables under each scenario based on detailed statistical analyses. Valley has identified and selected key variables that most closely correlated to its historical credit performance, which include: GDP, unemployment and the Case-Shiller Home Price Index. The loan credit quality data utilized in the transition matrix model is based on an internal credit risk rating system for the commercial and industrial loan and commercial real estate loan portfolio segments and delinquency aging status for the residential and consumer loan portfolio segments. Loans are risk-rated based on an internal credit risk grading process that evaluates, among other things: (i) the obligor’s ability to repay; (ii) the underlying collateral, if any; and (iii) the economic environment and industry in which the borrower operates. This analysis is performed at the relationship manager level for all commercial and industrial loans and commercial real estate loans, and evaluated by the Loan Review Department on a test basis. Loans with a grade that is below “Pass” grade are adversely classified. Once a loan is adversely classified, the assigned relationship manager and/or a special assets officer in conjunction with the Credit Risk Management Department analyzes the loan to determine whether the loan is a collateral dependent asset (i.e., repayment is expected to be provided substantially through the sale or operation of the collateral) and the need to specifically assign a specific valuation allowance for loan losses to the loan, as discussed further below. Reserves for loans that that do not share common risk characteristics. Valley measures specific reserves for individual loans that do not share common risk characteristics with other loans, consisting of collateral dependent, troubled debt restructured ( TDR) loans, and expected TDR loans, based on the amount of lifetime expected credit losses calculated on those loans and charge-offs of those amounts determined to be uncollectible. Factors considered by Valley in measuring the extent of expected credit loss include payment status, collateral value, borrower financial condition, guarantor support and the probability of collecting scheduled principal and interest payments when due. Collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) of each loan’s underlying collateral 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. If repayment is based upon future expected cash flows, the present value of the expected future cash flows discounted at the loan’s original effective interest rate is compared to the carrying value of the loan, and any shortfall is recorded as the allowance for credit losses. The effective interest rate used to discount expected cash flows is adjusted to incorporate expected prepayments, if applicable. Valley elected to exclude accrued interest on loans from the amortized cost of loans held for investment. The accrued interest is presented separately in the consolidated statements of financial condition. Loans charge-offs. Loans rated as "loss" within Valley's internal rating system are charged-off. Commercial loans are generally assessed for full or partial charge-off to the net realizable value for collateral dependent loans when a loan is between 90 or 120 days past due or sooner if it is probable that a loan may not be fully collectable. Residential loans and home equity loans are generally charged-off to net realizable value when the loan is 120 days past due (or sooner when the borrowers’ obligation has been released in bankruptcy). Automobile loans are fully charged-off when the loan is 120 days past due or partially charged-off to the net realizable value of collateral, if the collateral is recovered prior to such time. Unsecured consumer loans are generally fully charged-off when the loan is 150 days past due. Under the incurred credit losses methodology utilized in the prior periods, the allowance for credit losses was maintained at a level estimated to absorb probable credit losses inherent in the loan portfolio, as well as other credit risk related charge-offs. The allowance is based on ongoing evaluations of the probable estimated losses inherent in the non-purchase credit impaired (PCI) loan portfolio and off-balance sheet unfunded letters of credit, as well as reserves for impairment of PCI loans subsequent to their acquisition date. Valley had no allowance reserves related to PCI loans at December 31, 2019. The Bank’s methodology for evaluating the appropriateness of the allowance included grouping the loan portfolio into loan segments based on common risk characteristics, tracking the historical levels of classified loans and delinquencies, estimating the appropriate loss look-back and loss emergence periods related to historical losses for each loan segment, providing specific reserves on impaired loans, and assigning incremental reserves where necessary based upon qualitative and economic outlook factors including numerous variables, such as the nature and trends of recent loan charge-offs. Additionally, the volume of non-performing loans, concentration risks by size, type, and geography, new markets, collateral adequacy, credit policies and procedures, staffing, underwriting consistency, loan review and economic conditions are taken into consideration. The allowance for loan losses consists of four elements: (i) specific reserves for individually impaired credits, (ii) reserves for adversely classified, or higher risk rated, loans that are not impaired, (iii) reserves for other loans based on historical loss factors (using the appropriate loss look-back and loss emergence periods) adjusted for both internal and external qualitative risk factors to Valley, including the aforementioned factors, as well as changes in both organic and purchased loan portfolio volumes, the composition and concentrations of credit, new market initiatives, and the impact of competition on loan structuring and pricing, and (iv) an allowance for PCI loan pools impaired subsequent to the acquisition date, if applicable. The allowances established for probable losses on specific loans are based on a regular analysis and evaluation of the loans. Loans are evaluated based on an internal credit risk rating system for the commercial and industrial loan and commercial real estate loan portfolio segments and non-performing loan status for the residential and consumer loan portfolio segments. Loans are risk-rated based on an internal credit risk grading process that evaluates, among other things: (i) the obligor’s ability to repay; (ii) the underlying collateral, if any; and (iii) the economic environment and industry in which the borrower operates. The allowance allocations for other loans (i.e., risk rated loans that are not adversely classified and loans that are not risk rated) are calculated by applying historical loss factors for each loan portfolio segment to the applicable outstanding loan portfolio balances. Loss factors are calculated using statistical analysis supplemented by management judgment. The statistical analysis considers historical default rates, historical loss severity in the event of default, and the average loss emergence period for each loan portfolio segment. The management analysis includes an evaluation of loan portfolio volumes, the composition and concentrations of credit, credit quality and current delinquency trends. Allowance for Unfunded Credit Commitments The allowance for unfunded credit commitments consists of undisbursed non-cancellable lines of credit, new loan commitments and commercial letters of credit valued using a similar CECL methodology as used for loans. Management's estimate of expected losses inherent in these off-balance sheet credit exposures also incorporates estimated utilization rate over the commitment's contractual period or an expected pull-through rate for new loan commitments. The allowance for unfunded credit commitments is included in accrued expenses and other liabilities on the consolidated statements of financial condition. See Note 5 for a discussion of Valley’s loan credit quality and additional allowance for credit losses. Leases Lessor Arrangements. Valley's lessor arrangements primarily consist of direct financing and sales-type leases for equipment included in the commercial and industrial loan portfolio. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. Lessee Arrangements. Valley's lessee arrangements predominantly consist of operating and finance leases for premises and equipment. The majority of the operating leases include one or more options to renew that can significantly extend the lease terms. Valley’s leases have a wide range of lease expirations through the year 2062. Operating and finance leases are recognized as right of use (ROU) assets and lease liabilities in the consolidated statements of financial position. The ROU assets represent the right to use underlying assets for the lease terms and lease liabilities represent Valley’s obligations to make lease payments arising from the lease. The ROU assets include any prepaid lease payments and initial direct costs, less any lease incentives. At the commencement dates of leases, ROU assets and lease liabilities are initially recognized based on their net present values with the lease terms including options to extend or terminate the lease when Valley is reasonably certain that the options will be exercised to extend. ROU assets are amortized into net occupancy and equipment expense over the expected lives of the leases. Lease liabilities are discounted to their net present values on the balance sheet based on incremental borrowing rates as determined at the lease commencement dates using quoted interest rates for readily available borrowings, such as fixed rate FHLB borrowings, with similar terms as the lease obligations. Lease liabilities are reduced by actual lease payments. See Note 6 for additional information on Valley's lease related assets and obligations. Premises and Equipment, Net Premises and equipment are stated at cost less accumulated depreciation computed using the straight-line method over the estimated useful lives of the related assets. Estimated useful lives range from 3 years for capitalized software to up to 40 years for buildings. Leasehold improvements are amortized over the term of the lease or estimated useful life of the asset, whichever is shorter. Major improvements are capitalized, while repairs and maintenance costs are charged to operations as incurred. Upon retirement or disposition, any gain or loss is credited or charged to operations. See Note 7 for further details. Bank Owned Life Insurance Valley owns bank owned life insurance (BOLI) to help offset the cost of employee benefits. BOLI is recorded at its cash surrender value. Valley’s BOLI is invested primarily in U.S. Treasury securities and residential mortgage-backed securities issued by government sponsored enterprises and Ginnie Mae. The majority of the underlying investment portfolio is managed by one independent investment firm. The change in the cash surrender value is included as a component of non-interest income and is exempt from federal and state income taxes as long as the policies are held until the death of the insured individuals. Other Real Estate Owned Valley acquires other real estate owned (OREO) through foreclosure on loans secured by real estate. OREO is reported at the lower of cost or fair value, as established by a current appraisal (less estimated costs to sell) and it is included in other assets. Any write-downs at the date of foreclosure are charged to the allowance for loan losses. Expenses incurred to maintain these properties, unrealized losses resulting from valuation write-downs after the date of foreclosure, and realized gains and losses upon sale of the properties are included in other non-interest expense. OREO totaled $5.1 million and $9.4 million at December 31, 2020 and 2019, respectively. OREO included foreclosed residential real estate properties totaling $1.0 million and $2.1 million at December 31, 2020 and 2019, respectively. Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $1.9 million and $2.8 million at December 31, 2020 and 2019, respectively. Goodwill Intangible assets resulting from acquisitions under the acquisition method of accounting consist of goodwill and other intangible assets (see “Other Intangible Assets” below). Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired and is not amortized. The initial recording of goodwill and other intangible assets requires subjective judgments concerning estimates of the fair value of the acquired assets and assumed liabilities. Goodwill is subject to annual tests for impairment or more often, if events or circumstances indicate it may be impaired. Prior to January 1, 2020, goodwill impairment was determined using a two-step quantitative test. On January 1, 2020, Valley adopted ASU No. 2017-04, which simplified the impairment test by eliminating the step two requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, an impairment loss is recognized if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the unit (formerly step one of the two-step test). Goodwill is allocated to Valley's reporting unit, which is a business segment or one level below, at the date goodwill is recorded. Under current accounting guidance, Valley may choose to perform an optional qualitative assessment to determine whether it is necessary to perform the single-step quantitative goodwill impairment test for one or more reporting units each annual period. Valley reviews goodwill for impairment annually during the second quarter using a quantitative test, or more frequently if a triggering event indicates impairment may have occurred. Our determination of whether or not goodwill is impaired requires us to make judgments, and use significant estimates and assumptions regarding estimated future cash flows. If we change our strategy or if market conditions shift, our judgments may change, which may result in adjustments to the recorded goodwill balance. Other Intangible Assets Other intangible assets primarily consist of loan servicing rights (largely generated from loan servicing retained by the Bank on residenti

Business Combinations

Business Combinations	12 Months Ended
Business Combinations	Dec. 31, 2020
Business Combinations [Abstract]
Business Combinations	BUSINESS COMBINATIONS (Note 2) Oritani Financial Corp. On December 1, 2019, Valley completed its acquisition of Oritani Financial Corp. ("Oritani") and its wholly-owned subsidiary, Oritani Bank. Oritani had approximately $4.3 billion in assets, $3.4 billion in net loans and $2.9 billion in deposits, after purchase accounting adjustments, and a branch network of 26 locations. The acquisition represented a significant addition to Valley's New Jersey franchise, and meaningfully enhanced its presence in the Bergen County market. The common shareholders of Oritani received 1.60 shares of Valley common stock for each Oritani share that they owned prior to the merger. The total consideration for the acquisition was approximately $835.3 million, consisting of 71.1 million shares of Valley common stock and the outstanding Oritani stock-based awards. Merger expenses totaled $1.9 million and $16.6 million for the years ended December 31, 2020 and 2019, respectively, which primarily related to salary and employee benefits, as well as professional and legal, net occupancy and equipment, and other expenses. These expenses are included in non-interest expense on the consolidated statements of income. During 2020, Valley revised the estimated fair values of the acquired assets as of the Oritani acquisition date due to additional information obtained that existed as of December 1, 2019. The adjustments mostly related to the fair value of certain loans, current taxes payable and the valuation of deferred tax assets as of the acquisition date. These adjustments resulted in an $8.8 million increase in goodwill (see Note 8 for amount of goodwill as allocated to Valley's business segments). Had the acquisition of Oritani taken place on the beginning of the following annual periods presented, Valley’s revenues (defined as the sum of net interest income and non-interest income), net income, basic earnings per share, and diluted earnings per share would have equaled the amounts indicated in the following table for the years ended December 31, 2019 and 2018: 2019 2018 (in thousands, except per share data) Unaudited Revenues $ 1,219,887 $ 1,106,012 Net income 361,079 313,977 Basic earnings per share 0.86 0.75 Diluted earnings per share 0.85 0.75 USAmeriBancorp, Inc. On January 1, 2018, Valley completed its acquisition of USAmeriBancorp, Inc. (USAB) headquartered in Clearwater, Florida. USAB, largely through its wholly-owned subsidiary, USAmeriBank, had approximately $5.1 billion in assets, $3.7 billion in net loans and $3.6 billion in deposits, after purchase accounting adjustments, and maintained a branch network of 29 offices. The acquisition represented a significant addition to Valley’s Florida presence, primarily in the Tampa Bay market. The acquisition also brought Valley to the Birmingham, Montgomery, and Tallapoosa areas in Alabama, where USAB maintained 15 of its branches. The common shareholders of USAB received 6.1 shares of Valley common stock for each USAB share they owned prior to the merger. The total consideration for the acquisition was approximately $737 million, consisting of 64.9 million shares of Valley common stock and the outstanding USAB stock-based awards. Merger expenses totaled $17.4 million for the year ended December 31, 2018, which primarily related to salary and employee benefits and other expenses are included in non-interest expense on the consolidated statements of income.

Fair Value Measurement of Asset

Fair Value Measurement of Assets and Liabilities	12 Months Ended
Fair Value Measurement of Assets and Liabilities	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurement of Assets and Liabilities	FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Note 3) Accounting Standards Codification (ASC) Topic 820, “Fair Value Measurements” 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 Basis 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 December 31, 2020 and 2019. The assets presented under “non-recurring fair value measurements” in the table 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). Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices Significant Other Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 26,379 $ 18,600 $ — $ — Available for sale debt securities: U.S. Treasury securities 51,393 51,393 — — U.S. government agency securities 26,157 — 26,157 — Obligations of states and political subdivisions 79,950 — 79,135 815 Residential mortgage-backed securities 1,090,022 — 1,090,022 — Corporate and other debt securities 91,951 — 91,951 — Total available for sale debt securities 1,339,473 51,393 1,287,265 815 Loans held for sale (2) 301,427 — 301,427 — Other assets (3) 387,452 — 387,452 — Total assets $ 2,054,731 $ 69,993 $ 1,976,144 $ 815 Liabilities Other liabilities (3) $ 156,281 $ — $ 156,281 $ — Total liabilities $ 156,281 $ — $ 156,281 $ — Non-recurring fair value measurements: Collateral dependent loans $ 35,228 $ — $ — $ 35,228 Loan servicing rights 15,603 — — 15,603 Foreclosed assets 7,387 — — 7,387 Total $ 58,218 $ — $ — $ 58,218 Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices Significant Other Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities at fair value $ 41,410 $ 41,410 $ — $ — Available for sale debt securities: U.S. Treasury securities 50,943 50,943 — — U.S. government agency securities 29,243 — 29,243 — Obligations of states and political subdivisions 170,051 — 169,371 680 Residential mortgage-backed securities 1,254,786 — 1,254,786 — Corporate and other debt securities 61,778 — 61,778 — Total available for sale debt securities 1,566,801 50,943 1,515,178 680 Loans held for sale (2) 76,113 — 76,113 — Other assets (3) 158,532 — 158,532 — Total assets $ 1,842,856 $ 92,353 $ 1,749,823 $ 680 Liabilities Other liabilities (3) $ 43,926 $ — $ 43,926 $ — Total liabilities $ 43,926 $ — $ 43,926 $ — Non-recurring fair value measurements: Collateral dependent impaired loans $ 39,075 $ — $ — $ 39,075 Loan servicing rights 1,591 — — 1,591 Foreclosed assets 10,807 — — 10,807 Total $ 51,473 $ — $ — $ 51,473 (1) Includes equity securities measured as net asset value (NAV) per share (or its equivalent) as a practical expedient totaling $7.8 million at December 31, 2020. These securities have not been classified in the fair value hierarchy. (2) Represents residential mortgage loans held for sale that are carried at fair value and had contractual unpaid principal balances totaling approximately $286.4 million and $74.5 million at December 31, 2020 and 2019, respectively. (3) Derivative financial instruments are included in this category. 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 of 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 fair value of equity securities largely consists of a publicly traded mutual fund, a Community Reinvestment Act (CRA) investment fund that is carried at quoted prices in active markets and privately held CRA funds measured at NAV. Available for sale debt securities. All 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 available for sale securities and attempts to identify transactions which may not be orderly or reflective of a significant level of activity and volume. In calculating the fair value of one impaired special revenue bond (within obligations of states and political subdivisions in the table above) under Level 3, Valley prepared its best estimate of the present value of the cash flows to determine an internal price estimate. In determining the internal price, Valley utilized recent financial information and developments provided by the issuer, as well as other unobservable inputs which reflect Valley’s own assumptions about the inputs that market participants would use in pricing of the defaulted security. A quoted price received from an independent pricing service was weighted with the internal price estimate to determine the fair value of the instrument at December 31, 2020 and 2019. See Note 4 for additional information regarding this impaired security. 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 December 31, 2020 and 2019 based on the short duration these assets were held and the credit quality of these loans. 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 LIBOR, Overnight Index Swap and Secured Overnight Financing Rate (SOFR) curves f or all cleared derivatives. 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 December 31, 2020 and 2019), is determined based on the current market prices for similar instruments. The fair values 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 December 31, 2020 and 2019. 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, loan servicing rights and foreclosed assets, which are reported at fair value upon initial recognition or subsequent impairment as described below. 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 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 December 31, 2020, 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. The collateral dependent loan direct charge-offs to the allowance for loan losses totaled $4.5 million and $2.1 million for the years ended December 31, 2020 and 2019, respectively. At December 31, 2020, collateral dependent loans, primarily consisting of taxi medallion loans, with a total amortized cost of $104.4 million and $74.6 million at December 31, 2020 and 2019, respectively, were reduced by specific allowance for loan losses allocations totaling $69.1 million and $35.5 million to a reported total net carrying amount of $35.2 million and $39.1 million at December 31, 2020 and 2019, respectively. Loan servicing rights. Fair values for each risk-stratified group of loan servicing rights are calculated using a fair value model from a third party vendor that requires inputs that are both significant to the fair value measurement and unobservable (Level 3). The fair value model is based on various assumptions, including but not limited to, prepayment speeds, internal rate of return (discount rate), servicing cost, ancillary income, float rate, tax rate, and inflation. The prepayment speed and the discount rate are considered two of the most significant inputs in the model. At December 31, 2020, the fair value model used a blended prepayment speed (stated as constant prepayment rates) of 19.8 percent and a discount rate of 9.6 percent for the valuation of the loan servicing rights. A significant degree of judgment is involved in valuing the loan servicing rights using Level 3 inputs. The use of different assumptions could have a significant positive or negative effect on the fair value estimate. Impairment charges are recognized on loan servicing rights when the amortized cost of a risk-stratified group of loan servicing rights exceeds the estimated fair value. Certain loan servicing rights were re-measured at fair value totaling $15.6 million and $1.6 million at December 31, 2020 and 2019, respectively. See Note 8 for additional information. 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 the asset occur, an asset is re-measured and reported at fair value through a write-down recorded in non-interest expense. The adjustments to the appraisals of foreclosed assets ranged from 1.5 percent to 22 percent at December 31, 2020 and were not material at December 31, 2019. 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 operation, 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 December 31, 2020 and 2019 were as follows: 2020 2019 Fair Value Carrying Fair Value Carrying Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 257,845 $ 257,845 $ 256,264 $ 256,264 Interest bearing deposits with banks Level 1 1,071,360 1,071,360 178,423 178,423 Equity securities (1) Level 3 2,999 2,999 — — Held to maturity debt securities: U.S. Treasury securities Level 1 68,126 75,484 138,352 144,113 U.S. government agency securities Level 2 6,222 6,513 7,345 7,362 Obligations of states and political subdivisions Level 2 470,259 484,506 500,705 513,607 Residential mortgage-backed securities Level 2 1,550,306 1,589,655 1,620,119 1,629,572 Trust preferred securities Level 2 37,348 30,033 37,324 31,382 Corporate and other debt securities Level 2 40,750 41,421 32,250 32,684 Total held to maturity debt securities (2) 2,173,011 2,227,612 2,336,095 2,358,720 Net loans Level 3 31,876,869 31,635,060 29,537,449 28,964,396 Accrued interest receivable Level 1 106,230 106,230 105,637 105,637 Federal Reserve Bank and Federal Home Loan Bank stock (3) Level 2 250,116 250,116 214,421 214,421 Financial liabilities Deposits without stated maturities Level 1 25,220,924 25,220,924 19,467,892 19,467,892 Deposits with stated maturities Level 2 6,714,678 6,639,022 9,717,945 9,747,867 Short-term borrowings Level 1 1,147,958 1,151,478 1,093,280 1,081,879 Long-term borrowings Level 2 2,295,665 2,405,345 2,122,426 2,181,401 Junior subordinated debentures issued to capital trusts Level 2 56,065 57,779 55,718 53,889 Accrued interest payable (4) Level 1 18,839 18,839 33,066 33,066 (1) Represents equity securities without a readily determinable fair value measured at costs less impairment, if any. (2) The carrying amount is presented gross without the allowance for credit losses. (3) Included in other assets. (4) Included in accrued expenses and other liabilities.

Investment Securities

Investment Securities	12 Months Ended
Investment Securities	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investment Securities	INVESTMENT SECURITIES (Note 4) Equity Securities Equity securities carried at fair value totaled $29.4 million and $41.4 million at December 31, 2020 and 2019, respectively. At December 31, 2020, Valley's equity securities consisted of one publicly traded money market mutual fund, CRA investments both public traded and privately held and, to a lesser extent, equity securities without readily determinable fair values. Available for Sale Debt Securities The amortized cost, gross unrealized gains and losses and fair value of investment securities available for sale at December 31, 2020 and 2019 were as follows: Amortized Gross Gross Fair (in thousands) December 31, 2020 U.S. Treasury securities $ 50,031 $ 1,362 $ — $ 51,393 U.S. government agency securities 25,067 1,103 (13) 26,157 Obligations of states and political subdivisions: Obligations of states and state agencies 40,861 970 (32) 41,799 Municipal bonds 37,489 731 (69) 38,151 Total obligations of states and political subdivisions 78,350 1,701 (101) 79,950 Residential mortgage-backed securities 1,050,369 40,426 (773) 1,090,022 Corporate and other debt securities 89,689 2,294 (32) 91,951 Total investment securities available for sale $ 1,293,506 $ 46,886 $ (919) $ 1,339,473 December 31, 2019 U.S. Treasury securities $ 50,952 $ 12 $ (21) $ 50,943 U.S. government agency securities 28,982 280 (19) 29,243 Obligations of states and political subdivisions: Obligations of states and state agencies 78,116 540 (83) 78,573 Municipal bonds 90,662 902 (86) 91,478 Total obligations of states and political subdivisions 168,778 1,442 (169) 170,051 Residential mortgage-backed securities 1,248,814 11,234 (5,262) 1,254,786 Corporate and other debt securities 61,261 628 (111) 61,778 Total investment securities available for sale $ 1,558,787 $ 13,596 $ (5,582) $ 1,566,801 The age of unrealized losses and fair value of related securities available for sale at December 31, 2020 and 2019 were as follows: Less than More than Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) December 31, 2020 U.S. government agency securities $ — $ — $ 1,479 $ (13) $ 1,479 $ (13) Obligations of states and political subdivisions: Obligations of states and state agencies — — 1,010 (32) 1,010 (32) Municipal bonds 6,777 (69) — — 6,777 (69) Total obligations of states and political subdivisions 6,777 (69) 1,010 (32) 7,787 (101) Residential mortgage-backed securities 41,418 (500) 27,911 (273) 69,329 (773) Corporate and other debt securities 12,517 (32) — — 12,517 (32) Total $ 60,712 $ (601) $ 30,400 $ (318) $ 91,112 $ (919) December 31, 2019 U.S. Treasury securities $ 25,019 $ (21) $ — $ — $ 25,019 $ (21) U.S. government agency securities — — 1,783 (19) 1,783 (19) Obligations of states and political subdivisions: Obligations of states and state agencies 18,540 (21) 8,755 (62) 27,295 (83) Municipal bonds — — 13,177 (86) 13,177 (86) Total obligations of states and political subdivisions 18,540 (21) 21,932 (148) 40,472 (169) Residential mortgage-backed securities 240,412 (1,194) 282,798 (4,068) 523,210 (5,262) Corporate and other debt securities 5,139 (111) — — 5,139 (111) Total $ 289,110 $ (1,347) $ 306,513 $ (4,235) $ 595,623 $ (5,582) Within the available for sale debt securities portfolio, the total number of security positions in an unrealized loss position at December 31, 2020 was 58 as compared to 182 at December 31, 2019. As of December 31, 2020, the fair value of securities available for sale that were pledged to secure public deposits, repurchase agreements, lines of credit, and for other purposes required by law, was $789.0 million. The contractual maturities of available for sale debt securities at December 31, 2020 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. December 31, 2020 Amortized Cost Fair Value (in thousands) Due in one year $ 14,553 $ 14,555 Due after one year through five years 82,656 85,179 Due after five years through ten years 92,674 94,629 Due after ten years 53,254 55,088 Residential mortgage-backed securities 1,050,369 1,090,022 Total investment securities available for sale $ 1,293,506 $ 1,339,473 Actual maturities of available for sale 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 available for sale was 3.4 years at December 31, 2020. Impairment Analysis of Available for Sale Debt Securities Valley's available for sale 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, including due to the economic effects of COVID-19 pandemic. Available for sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. See Note 1 for further information regarding Valley's accounting policy. Valley has evaluated available for sale debt securities that are in an unrealized loss position as of December 31, 2020 included in the table above and has determined that the declines in fair value are mainly attributable to market volatility, not credit quality or other factors. Based on a comparison of the present value of expected cash flows to the amortized cost, management recognized no impairment during the year ended December 31, 2020 and, as a result, there was no allowance for credit losses for available for sale debt securities at December 31, 2020. During 2019, Valley recognized a $2.9 million impairment charge on one special revenue bond classified as available for sale (within the obligations of states and state agencies in the tables above). The impairment was due to severe credit deterioration disclosed by the issuer in the second quarter 2019, as well as the issuer's default on its contractual payment. At December 31, 2020, the non-accruing impaired security had an adjusted amortized cost and fair value of $680 thousand and $815 thousand, respectively. At December 31, 2020, the revenue bonds, included in the obligations of states and political subdivisions, are a mix of municipal bonds with investment grade ratings or non-rated revenue bonds mostly secured by Ginnie Mae securities that are commonly referred to as Tax Exempt Mortgage Securities (TEMS) and paying in accordance with their contractual terms. Held to Maturity Debt Securities The amortized cost, gross unrealized gains and losses and fair value of investment debt securities held to maturity at December 31, 2020 and 2019 were as follows: Amortized Gross Gross Fair Value (in thousands) December 31, 2020 U.S. Treasury securities $ 68,126 $ 7,358 $ — $ 75,484 U.S. government agency securities 6,222 291 — 6,513 Obligations of states and political subdivisions: Obligations of states and state agencies 262,762 8,060 (105) 270,717 Municipal bonds 207,497 6,292 — 213,789 Total obligations of states and political subdivisions 470,259 14,352 (105) 484,506 Residential mortgage-backed securities 1,550,306 39,603 (254) 1,589,655 Trust preferred securities 37,348 50 (7,365) 30,033 Corporate and other debt securities 40,750 672 (1) 41,421 Total investment securities held to maturity $ 2,173,011 $ 62,326 $ (7,725) $ 2,227,612 December 31, 2019 U.S. Treasury securities $ 138,352 $ 5,761 $ — $ 144,113 U.S. government agency securities 7,345 58 (41) 7,362 Obligations of states and political subdivisions: Obligations of states and state agencies 297,454 7,745 (529) 304,670 Municipal bonds 203,251 5,696 (10) 208,937 Total obligations of states and political subdivisions 500,705 13,441 (539) 513,607 Residential mortgage-backed securities 1,620,119 14,803 (5,350) 1,629,572 Trust preferred securities 37,324 39 (5,981) 31,382 Corporate and other debt securities 32,250 454 (20) 32,684 Total investment securities held to maturity $ 2,336,095 $ 34,556 $ (11,931) $ 2,358,720 The age of unrealized losses and fair value of related securities held to maturity at December 31, 2020 and 2019 were as follows: Less than More than Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) December 31, 2020 Obligations of states and political subdivisions $ 5,546 $ (105) $ — $ — $ 5,546 $ (105) Residential mortgage-backed securities 21,599 (245) 2,470 (9) 24,069 (254) Trust preferred securities — — 28,630 (7,365) 28,630 (7,365) Corporate and other debt securities 10,749 (1) — — 10,749 (1) Total $ 37,894 $ (351) $ 31,100 $ (7,374) $ 68,994 $ (7,725) December 31, 2019 U.S. government agency securities $ 5,183 $ (41) $ — $ — $ 5,183 $ (41) Obligations of states and political subdivisions: Obligations of states and state agencies 11,178 (55) 32,397 (474) 43,575 (529) Municipal bonds — — 798 (10) 798 (10) Total obligations of states and political subdivisions 11,178 (55) 33,195 (484) 44,373 (539) Residential mortgage-backed securities 307,885 (1,387) 254,915 (3,963) 562,800 (5,350) Trust preferred securities — — 29,990 (5,981) 29,990 (5,981) Corporate and other debt securities — — 4,980 (20) 4,980 (20) Total $ 324,246 $ (1,483) $ 323,080 $ (10,448) $ 647,326 $ (11,931) Within the securities held to maturity portfolio, the total number of security positions in an unrealized loss position at December 31, 2020 was 13 as compared to 82 at December 31, 2019. As of December 31, 2020, the fair value of debt securities held to maturity that were pledged to secure public deposits, repurchase agreements, lines of credit, and for other purposes required by law was $1.4 billion. The contractual maturities of investments in debt securities held to maturity at December 31, 2020 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. December 31, 2020 Amortized Cost Fair Value (in thousands) Due in one year $ 28,174 $ 28,290 Due after one year through five years 234,392 246,981 Due after five years through ten years 150,859 154,904 Due after ten years 209,280 207,782 Residential mortgage-backed securities 1,550,306 1,589,655 Total investment securities held to maturity $ 2,173,011 $ 2,227,612 Actual maturities of held to maturity 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 held to maturity was 4.2 years at December 31, 2020. Credit Quality Indicators Valley monitors the credit quality of the held to maturity 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 December 31, 2020 and 2019. AAA/AA/A Rated BBB rated Non-investment grade rated Non-rated Total (in thousands) December 31, 2020 U.S. Treasury securities $ 68,126 $ — $ — $ — $ 68,126 U.S. government agency securities 6,222 — — — 6,222 Obligations of states and political subdivisions: Obligations of states and state agencies 228,286 — 5,650 28,826 262,762 Municipal bonds 166,408 — — 41,089 207,497 Total obligations of states and political subdivisions 394,694 — 5,650 69,915 470,259 Residential mortgage-backed securities 1,550,306 — — — 1,550,306 Trust preferred securities — — — 37,348 37,348 Corporate and other debt securities — 5,000 — 35,750 40,750 Total investment securities held to maturity $ 2,019,348 $ 5,000 $ 5,650 $ 143,013 $ 2,173,011 December 31, 2019 U.S. Treasury securities $ 138,352 $ — $ — $ — $ 138,352 U.S. government agency securities 7,345 — — — 7,345 Obligations of states and political subdivisions: Obligations of states and state agencies 248,533 5,722 — 43,199 297,454 Municipal bonds 202,642 — — 609 203,251 Total obligations of states and political subdivisions 451,175 5,722 — 43,808 500,705 Residential mortgage-backed securities 1,620,119 — — — 1,620,119 Trust preferred securities — — — 37,324 37,324 Corporate and other debt securities — 5,000 — 27,250 32,250 Total investment securities held to maturity $ 2,216,991 $ 10,722 $ — $ 108,382 $ 2,336,095 Obligations of states and political subdivisions include municipal bonds and revenue bonds issued by various municipal corporations. At December 31, 2020, most of the obligations of states and political subdivisions were rated investment grade and a large portion of the "non-rated" category included TEMS securities 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 held to maturity 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 securities types which it believes qualify for this exclusion: U.S. Treasury securities, U.S. agency securities, residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, and collateralized municipal bonds called TEMS. To measure the expected credit losses on held to maturity debt securities that have loss expectations, Valley estimates the expected credit losses using a discounted cash flow model developed by a third-party. See Note 1 for further details. At December 31, 2020, held to maturity debt securities were carried net of allowance for credit losses totaling $1.4 million. Valley recorded a provision for credit losses of $635 thousand during the year December 31, 2020. There were no net charge-offs of debt securities in the respective periods. Realized Gains and Losses Gross gains and losses realized on sales, maturities and other securities transactions included in earnings for the years ended December 31, 2020, 2019 and 2018 were as follows: 2020 2019 2018 (in thousands) Sales transactions: Gross gains $ 665 $ — $ 1,769 Gross losses (9) — (3,881) $ 656 $ — $ (2,112) Maturities and other securities transactions: Gross gains $ 34 $ 67 $ 42 Gross losses (166) (217) (272) $ (132) $ (150) $ (230) Net gains (losses) on securities transactions $ 524 $ (150) $ (2,342) Net gains on sales transactions for the year ended December 31, 2020 (as presented in the table above) primarily related to the sales of $30 million of certain available for sale municipal securities. Net losses on sales transactions in 2018 primarily related to the sales of equity securities previously classified as available for sale, certain municipal securities acquired from USAB and all of Valley's private label mortgage-backed securities classified as available for sale, including securities that were previously impaired.

Loans and Allowance for Credit

Loans and Allowance for Credit Losses for Loans	12 Months Ended
Loans and Allowance for Credit Losses for Loans	Dec. 31, 2020
Receivables [Abstract]
Loans and Allowance for Credit Losses for Loans	LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS (Note 5) The detail of the loan portfolio as of December 31, 2020 and 2019 was as follows: 2020 2019 (in thousands) Loans: Commercial and industrial * $ 6,861,708 $ 4,825,997 Commercial real estate: Commercial real estate 16,724,998 15,996,741 Construction 1,745,825 1,647,018 Total commercial real estate loans 18,470,823 17,643,759 Residential mortgage 4,183,743 4,377,111 Consumer: Home equity 431,553 487,272 Automobile 1,355,955 1,451,623 Other consumer 913,330 913,446 Total consumer loans 2,700,838 2,852,341 Total loans $ 32,217,112 $ 29,699,208 * Includes $2.2 billion of loans originated under the SBA Paycheck Protection Program (PPP), net of unearned fees totaling $43.2 million at December 31, 2020. Total loans include net unearned discounts and deferred loan fees of $95.8 million at December 31, 2020 and net unearned premiums and deferred loan costs totaling and $12.6 million at December 31, 2019. Net unearned discounts and deferred loan fees at December 31, 2020 include the non-credit discount on PCD loans and net unearned fees related to PPP loans. Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $90.2 million and $86.3 million at December 31, 2020 and December 31, 2019, respectively, and is presented separately in the consolidated statements of financial condition. Valley transferred and sold $30.0 million and $436.5 million of residential mortgage loans from the loan portfolio to loans held for sale in 2020 and 2019, respectively. Valley transferred and sold $798 million of commercial real estate loans from the loan portfolio to loans held for sale in 2019. Excluding the loan transfers, there were no other sales of loans from the held for investment portfolio during the years December 31, 2020 and 2019. Related Party Loans In the ordinary course of business, Valley has granted loans to certain directors, executive officers and their affiliates (collectively referred to as “related parties”). These loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other unaffiliated persons and do not involve more than normal risk of collectability. All loans to related parties are performing as of December 31, 2020. The following table summarizes the changes in the total amounts of loans and advances to the related parties during the year ended December 31, 2020: 2020 (in thousands) Outstanding at beginning of year $ 193,281 New loans and advances 71,356 Repayments (25,012) Outstanding at end of year $ 239,625 Loan Portfolio Risk Elements and Credit Risk Management Credit risk management. For all loan types discussed below, 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 of Directors 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. Commercial and industrial loans. A significant portion of Valley’s commercial and industrial loan portfolio is granted to long standing customers of proven ability, strong repayment performance, and high character. Underwriting standards are designed to assess the borrower’s ability to generate recurring cash flow sufficient to meet the debt service requirements of loans granted. While such recurring cash flow serves as the primary source of repayment, a significant number of the loans are collateralized by borrower assets intended to serve as a secondary source of repayment should the need arise. Anticipated cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value, or in the case of loans secured by accounts receivable, the ability of the borrower to collect all amounts due from its customers. Short-term loans may be made on an unsecured basis based on a borrower’s financial strength and past performance. Whenever possible, Valley will obtain the personal guarantee of the borrower’s principals to mitigate the risk. Unsecured loans, when m ade, are generally granted to the Bank’s most credit worthy borrowers. Unsecured commercial and industrial loans totaled $2.7 billion (including $2.2 billion of SBA guaranteed PPP loans) and $606.1 million at December 31, 2020 and 2019, respectively. The commercial portfolio also includes taxi medallion loans totaling approximately $97.5 million with related reserves of $66.4 million at December 31, 2020. All of these loans are on non-accrual status due to ongoing weakness exhibited in the taxi industry caused by strong competition from alternative ride-sharing services and the economic stress caused by COVID-19 pandemic. Commercial real estate loans . Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans but generally they involve larger principal balances and longer repayment periods as compared to commercial and industrial loans. Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real property. Repayment of most loans is dependent upon the cash flow generated from the property securing the loan or the business that occupies the property. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy and accordingly, conservative loan to value ratios are required at origination, as well as stress tested to evaluate the impact of market changes relating to key underwriting elements. The properties securing the commercial real estate portfolio represent diverse types, with most properties located within Valley’s primary markets. Construction loans . With respect to loans to developers and builders, Valley originates and manages construction loans structured on either a revolving or non-revolving basis, depending on the nature of the underlying development project. These loans are generally secured by the real estate to be developed and may also be secured by additional real estate to mitigate the risk. Non-revolving construction loans often involve the disbursement of substantially all committed funds with repayment substantially dependent on the successful completion and sale, or lease, of the project. Sources of repayment for these types of loans may be from pre-committed permanent loans from other lenders, sales of developed property, or an interim loan commitment from Valley until permanent financing is obtained elsewhere. Revolving construction loans (generally relating to single-family residential construction) are controlled with loan advances dependent upon the presale of housing units financed. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions and the availability of long-term financing. Residential mortgages. Valley originates residential, first mortgage loans based on underwriting standards that generally comply with Fannie Mae and/or Freddie Mac requirements. Appraisals and valuations of real estate collateral are contracted directly with independent appraisers or from valuation services and not through appraisal management companies. The Bank’s appraisal management policy and procedure is in accordance with regulatory requirements and guidance issued by the Bank’s primary regulator. Credit scoring, using FICO ® and other proprietary credit scoring models are employed in the ultimate, judgmental credit decision by Valley’s underwriting staff. Valley does not use third party contract underwriting services. Residential mortgage loans include fixed and variable interest rate loans secured by one to four family homes mostly located in northern and central New Jersey, the New York City metropolitan area, and Florida. Valley’s ability to be repaid on such loans is closely linked to the economic and real estate market conditions in these regions. In deciding whether to originate each residential mortgage, Valley considers the qualifications of the borrower as well as the value of the underlying property. Home equity loans. Home equity lending consists of both fixed and variable interest rate products. Valley mainly provides home equity loans to its residential mortgage customers within the footprint of its primary lending territory. Valley generally will not exceed a combined (i.e., first and second mortgage) loan-to-value ratio of 80 percent when originating a home equity loan. Automobile loans. Valley uses both judgmental and scoring systems in the credit decision process for automobile loans. Automobile originations (including light truck and sport utility vehicles) are largely produced via indirect channels, originated through approved automobile dealers. Automotive collateral is generally a depreciating asset and there are times in the life of an automobile loan where the amount owed on a vehicle may exceed its collateral value. Additionally, automobile charge-offs will vary based on the strength or weakness of the used vehicle market, original advance rate, when in the life cycle of a loan a default occurs and the condition of the collateral being liquidated. Where permitted by law, and subject to the limitations of the bankruptcy code, deficiency judgments are sought and acted upon to ultimately collect all money owed, even when a default resulted in a loss at collateral liquidation. Valley uses a third party to actively track collision and comprehensive risk insurance required of the borrower on the automobile and this third party provides coverage to Valley in the event of an uninsured collateral loss. Other consumer loans. Valley’s other consumer loan portfolio includes direct consumer term loans, both secured and unsecured. The other consumer loan portfolio includes exposures in personal lines of credit (mainly those secured by cash surrender value of life insurance), credit card loans and personal loans. Unsecured consumer loans totaled approximately $49.4 million and $53.9 million, including $8.8 million and $8.2 million of credit card loans, at December 31, 2020 and 2019, respectively. Management believes the aggregate risk exposure to unsecured loans and lines of credit was not significant at December 31, 2020. Credit Quality The following table presents past due, current and non-accrual loans without an allowance for credit losses by loan portfolio class (including PCD loans) at December 31, 2020: Past Due and Non-Accrual Loans 30-59 Days 60-89 Days 90 Days or More Non-Accrual Total Current Total Non-Accrual Loans Without Allowance for Credit Losses (in thousands) December 31, 2020 Commercial and industrial $ 6,393 $ 2,252 $ 9,107 $ 106,693 $ 124,445 $ 6,737,263 $ 6,861,708 $ 4,075 Commercial real estate: Commercial real estate 35,030 1,326 993 46,879 84,228 16,640,770 16,724,998 32,416 Construction 315 — — 84 399 1,745,426 1,745,825 — Total commercial real estate loans 35,345 1,326 993 46,963 84,627 18,386,196 18,470,823 32,416 Residential mortgage 17,717 10,351 3,170 25,817 57,055 4,126,688 4,183,743 11,610 Consumer loans: Home equity 953 492 — 4,936 6,381 425,172 431,553 50 Automobile 8,056 1,107 245 338 9,746 1,346,209 1,355,955 — Other consumer 1,248 224 26 535 2,033 911,297 913,330 — Total consumer loans 10,257 1,823 271 5,809 18,160 2,682,678 2,700,838 50 Total $ 69,712 $ 15,752 $ 13,541 $ 185,282 $ 284,287 $ 31,932,825 $ 32,217,112 $ 48,151 The following table presents past due, non-accrual and current loans by loan portfolio class at December 31, 2019. At December 31, 2019, purchased credit-impaired (PCI) loans were excluded from past due and non-accrual loans reported because they continued to earn interest income from the accretable yield at the pool level. The PCI loan pools are accounted for as PCD loans (on a loan level basis with a related allowance for credit losses) under the CECL standard adopted at January 1, 2020 and reported in the past due loans and non-accrual loans in the table above at December 31, 2020. Past Due and Non-Accrual Loans 30-59 Days 60-89 Days 90 Days Or More Non-Accrual Total Current PCI (in thousands) December 31, 2019 Commercial and industrial $ 11,700 $ 2,227 $ 3,986 $ 68,636 $ 86,549 $ 4,057,434 $ 682,014 Commercial real estate: Commercial real estate 2,560 4,026 579 9,004 16,169 10,886,724 5,093,848 Construction 1,486 1,343 — 356 3,185 1,492,532 151,301 Total commercial real estate loans 4,046 5,369 579 9,360 19,354 12,379,256 5,245,149 Residential mortgage 17,143 4,192 2,042 12,858 36,235 3,760,707 580,169 Consumer loans: Home equity 1,051 80 — 1,646 2,777 373,243 111,252 Automobile 11,482 1,581 681 334 14,078 1,437,274 271 Other consumer 1,171 866 30 224 2,291 900,411 10,744 Total consumer loans 13,704 2,527 711 2,204 19,146 2,710,928 122,267 Total $ 46,593 $ 14,315 $ 7,318 $ 93,058 $ 161,284 $ 22,908,325 $ 6,629,599 If interest on non-accrual loans had been accrued in accordance with the original contractual terms, such interest income would have amounted to approximately $6.2 million , $2.5 million, and $3.6 million for the years ended December 31, 2020, 2019 and 2018, respectively; none of these amounts were included in interest income during these periods. 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. Loans rated as Pass 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 (including PCD loans) based on the most recent analysis performed at December 31, 2020: Term Loans Amortized Cost Basis by Origination Year December 31, 2020 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Commercial and industrial Risk Rating: Pass $ 3,058,596 $ 605,112 $ 556,284 $ 212,215 $ 162,483 $ 337,484 $ 1,677,559 $ 350 $ 6,610,083 Special Mention 819 10,236 2,135 9,502 10,228 14,165 49,883 51 97,019 Substandard 5,215 3,876 12,481 1,798 4,215 12,965 18,913 462 59,925 Doubtful — 5,203 1 17,010 2,596 69,871 — — 94,681 Total commercial and industrial $ 3,064,630 $ 624,427 $ 570,901 $ 240,525 $ 179,522 $ 434,485 $ 1,746,355 $ 863 $ 6,861,708 Commercial real estate Risk Rating: Pass $ 3,096,549 $ 3,052,076 $ 2,230,047 $ 1,767,528 $ 1,798,137 $ 3,916,990 $ 199,145 $ 15,532 $ 16,076,004 Special Mention 50,193 68,203 44,336 48,813 66,845 109,295 1,705 — 389,390 Substandard 18,936 17,049 30,997 59,618 11,541 118,725 2,531 — 259,397 Doubtful — — — — — 207 — — 207 Total commercial real estate $ 3,165,678 $ 3,137,328 $ 2,305,380 $ 1,875,959 $ 1,876,523 $ 4,145,217 $ 203,381 $ 15,532 $ 16,724,998 Construction Risk Rating: Pass $ 145,246 $ 120,800 $ 111,174 $ 15,497 $ 47,971 $ 20,029 $ 1,199,034 $ — $ 1,659,751 Special Mention — 1,043 — — 9,996 17,414 47,311 — 75,764 Substandard — 26 246 2,628 17 380 7,013 — 10,310 Total construction $ 145,246 $ 121,869 $ 111,420 $ 18,125 $ 57,984 $ 37,823 $ 1,253,358 $ — $ 1,745,825 For residential mortgages, automobile, home equity and other consumer loan portfolio classes, Valley also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the amortized cost in those loan classes (including PCD loans) based on payment activity by origination year as of December 31, 2020: Term Loans Amortized Cost Basis by Origination Year December 31, 2020 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Residential mortgage Performing $ 730,764 $ 778,161 $ 684,761 $ 582,650 $ 380,723 $ 943,616 $ 64,798 $ — $ 4,165,473 90 days or more past due — 3,085 4,212 3,464 4,144 3,365 — — 18,270 Total residential mortgage $ 730,764 $ 781,246 $ 688,973 $ 586,114 $ 384,867 $ 946,981 $ 64,798 $ — $ 4,183,743 Consumer loans Home equity Performing $ 8,580 $ 10,634 $ 11,756 $ 8,886 $ 5,340 $ 15,393 $ 318,869 $ 50,879 $ 430,337 90 days or more past due — — — — 25 83 378 730 1,216 Total home equity 8,580 10,634 11,756 8,886 5,365 15,476 319,247 51,609 431,553 Automobile Performing 426,121 438,181 272,075 151,523 50,853 16,550 — — 1,355,303 90 days or more past due 19 108 173 223 35 94 — — 652 Total automobile 426,140 438,289 272,248 151,746 50,888 16,644 — — 1,355,955 Other Consumer Performing 12,271 5,558 6,815 1,112 1,077 5,314 880,748 — 912,895 90 days or more past due — — — — — 22 5 408 435 Total other consumer 12,271 5,558 6,815 1,112 1,077 5,336 880,753 408 913,330 Total Consumer $ 446,991 $ 454,481 $ 290,819 $ 161,744 $ 57,330 $ 37,456 $ 1,200,000 $ 52,017 $ 2,700,838 The following table presents the credit exposure by internally assigned risk rating by class of loans (excluding PCI loans) based on the most recent analysis performed at December 31, 2019: Credit exposure— Special Total Non-PCI Pass Mention Substandard Doubtful Loans (in thousands) December 31, 2019 Commercial and industrial $ 3,982,453 $ 33,718 $ 66,511 $ 61,301 $ 4,143,983 Commercial real estate 10,781,587 77,884 42,560 862 10,902,893 Construction 1,487,877 7,486 354 — 1,495,717 Total $ 16,251,917 $ 119,088 $ 109,425 $ 62,163 $ 16,542,593 For residential mortgages, automobile, home equity and other consumer loan portfolio classes (excluding PCI loans), Valley also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in those loan classes based on payment activity as of December 31, 2019: Credit exposure— Performing Non-Performing Total Non-PCI (in thousands) December 31, 2019 Residential mortgage $ 3,784,084 $ 12,858 $ 3,796,942 Home equity 374,374 1,646 376,020 Automobile 1,451,018 334 1,451,352 Other consumer 902,478 224 902,702 Total $ 6,511,954 $ 15,062 $ 6,527,016 The following table presents the recorded investment in PCI loans by class based on individual loan payment activity as of December 31, 2019: Credit exposure— Performing Non-Performing Total by payment activity Loans Loans PCI Loans (in thousands) December 31, 2019 Commercial and industrial $ 653,997 $ 28,017 $ 682,014 Commercial real estate 5,065,388 28,460 5,093,848 Construction 148,692 2,609 151,301 Residential mortgage 571,006 9,163 580,169 Consumer 120,356 1,911 122,267 Total $ 6,559,439 $ 70,160 $ 6,629,599 Troubled debt restructured loans . 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. If the borrower is experiencing financial difficulties and a concession has been made at the time of such modification, the loan is classified as a troubled debt restructured loan (TDR). At the adoption of ASU 2016-13, Valley was not required to reassess whether modifications to individual PCI loans prior to January 1, 2020 met the TDR loan criteria. Generally the concessions made for TDRs involve lowering the monthly payments on loans through either a reduction in interest rate below a market rate, an extension of the term of the loan without a corresponding adjustment to the risk premium reflected in the interest rate, or a combination of these two methods. The concessions may also involve payment deferrals but rarely result in the forgiveness of principal or accrued interest. In addition, Valley frequently obtains additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms of the loan and Valley’s underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six Performing TDRs (not reported as non-accrual loans) totaled $57.4 million and $73.0 million as of December 31, 2020 and 2019, respectively. Non-performing TDRs totaled $92.8 million and $65.1 million as of December 31, 2020 and 2019, respectively. The following table presents pre- and post-modification amortized cost of loans by loan class modified as TDRs (excluding PCI loans prior to the adoption of ASU 2016-13) during the years ended December 31, 2020 and 2019. The pre-modification and post-modification outstanding recorded investments disclosed in the table below represent the loan carrying amounts immediately prior to the modification and the carrying amounts at December 31, 2020 and 2019, respectively. Troubled Debt Number of Pre-Modification Post-Modification ($ in thousands) December 31, 2020 Commercial and industrial 42 $ 46,090 $ 42,679 Commercial real estate 6 24,683 21,654 Residential mortgage 12 2,377 2,323 Consumer 1 72 70 Total 61 $ 73,222 $ 66,726 December 31, 2019 Commercial and industrial 111 $ 77,781 $ 73,503 Commercial real estate 2 3,143 3,098 Residential mortgage 2 376 374 Consumer 2 215 207 Total 117 $ 81,515 $ 77,182 The total TDRs presented in the table above had allocated a specific allowance for loan losses that totaled $21.1 million and $36.0 million at December 31, 2020 and 2019, respectively. There were $7.7 million and $4.9 million in loan charge-offs related to loans modified as TDRs for the years ended December 31, 2020 and 2019, respectively . At December 31, 2020, the commercial and industrial loan category in the above table mostly consisted of non-accrual TDR taxi medallion loans classified as substandard and doubtful. Valley did not extend any commitments to lend additional funds to borrowers whose loans have been modified as TDRs during the year ended December 31, 2020. Loans modified as TDRs (excluding PCI loan modifications prior to the adoption of ASU 2016-13) in the years ended December 31, 2020 and 2019, and for which there was a payment default (90 or more days past due) were as follows: Years Ended December 31, 2020 2019 Troubled Debt Restructurings Subsequently Defaulted Number of Recorded Number of Recorded ($ in thousands) Commercial and industrial 27 $ 23,247 43 $ 31,782 Residential mortgage 1 247 1 154 Total 28 $ 23,494 44 $ 31,936 Coronavirus Aid, Relief, and Economic Security (CARES) Act loan modifications . In response to the COVID-19 pandemic and its economic impact to certain customers, Valley implemented short-term loan modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that were insignificant, when requested by customers. These modifications complied with the CARES Act to provide temporary payment relief to those borrowers directly impacted by COVID-19 who were not more than 30 days past due as of December 31, 2019. Generally, the modification terms allow for a deferral of payments for up to 90 days, which Valley may extend for an additional 90 days. Any extensions beyond this period were made in accordance with applicable regulatory guidance. As of December 31, 2020, Valley had approximately $361 million of outstanding loans remaining in their payment deferral period under short-term modifications. Under the applicable guidance, none of these loans were considered TDRs as of December 31, 2020. 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 December 31, 2020: 2020 (in thousands) Commercial and industrial $ 106,239 Commercial real estate 41,562 Residential mortgage 28,176 Home equity 50 Total $ 176,027 Commercial and industrial loans reported in the table above are primarily collateralized by taxi medallions. Commercial real estate loans are collateralized by real estate and construction loans. Residential and home equity loans are collateralized by residential real estate. Purchased Credit-Impaired Loans The table below includes disclosure requirements prior to the adoption of ASU No. 2016-13 on January 1, 2020, and presents changes in the accretable yield for PCI loans for the year ended December 31, 2019: 2019 (in thousands) Balance, beginning of period $ 875,958 Acquisition 600,178 Accretion (214,415) Net decrease in expected cash flows (10,995) Balance, end of period $ 1,250,726 The net decrease in expected cash flows for certain pools of loans (included in the table above) is recognized prospectively as an adjustment to the yield over the estimated remaining life of the individual pools. The net decrease in the expected cash flows totaling approximately $11.0 million for the year ended December 31, 2019 was largely due to the high volume of contractual principal prepayments caused by the low level of market interest rates. Allowance for Credit Losses for Loans The allowance for credit losses for loans under the new CECL standard adopted on January 1, 2020, consisted of the allowance for loan losses and the allowance for unfunded credit commitments. Prior periods reflect the allowance for credit losses for loans under the incurred loss model under the previously applicable U.S. GAAP. The following table summarizes the allowance for credit losses for loans at December 31, 2020 and 2019: 2020 2019 (in thousands) Components of allowance for credit losses for loans: Allowance for loan losses $ 340,243 $ 161,759 Allowance for unfunded credit commitments 11,111 2,845 Total allowance for credit losses for loans $ 351,354 $ 164,604 The following table summarizes the provision for credit losses for loans for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 (in thousands) Components of provision for credit losses for loans: Provision for loan losses $ 123,922 $ 25,809 $ 31,661 Provision for unfunded credit commitments 1,165 (1,591) 840 Total provision for credit losses for loans $ 125,087 $ 24,218 $ 32,501 The following table details the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2020 and 2019: Commercial Commercial Residential Consumer Total (in thousands) December 31, 2020 Allowance for loan losses: Beginning balance $ 104,059 $ 45,673 $ 5,060 $ 6,967 $ 161,759 Impact of ASU 2016-13 adoption* 15,169 49,797 20,575 6,990 92,531 Beginning balance, adjusted 119,228 95,470 25,635 13,957 254,290 Loans charged-off (34,630) (767) (598) (9,294) (45,289) Charged-off loans recovered 1,956 1,506 670 3,188 7,320 Net (charge-offs) recoveries (32,674) 739 72 (6,106) (37,969) Provision for loan losses 44,516 67,904 3,166 8,336 123,922 Ending balance $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 December 31, 2019 Allowance for loan losses: Beginning balance $ 90,956 $ 49,650 $ 5,041 $ 6,212 $ 151,859 Loans charged-off (13,260) (158) (126) (8,671) (22,215) Charged-off loans recovered 2,397 1,237 66 2,606 6,306 Net (charge-offs) recoveries (10,863) 1,079 (60) (6,065) (15,909) Provision for loan losses 23,966 (5,056) 79 6,820 25,809 Ending balance $ 104,059 $ 45,673 $ 5,060 $ 6,967 $ 161,759 * Includes a $61.6 million increase representing the estimated expected credit losses for PCD loans as a result of the adoption of CECL on January 1, 2020. Valley incorporated a multi-scenario economic forecast for estimating lifetime expected credit losses at December 31, 2020. As a result of the deterioration in economic conditions caused by the COVID-19 pandemic during 2020 and the related increase in economic uncertainty, Valley increased its probability weighting for the most severe economic scenario as compared to those at January 1, 2020. The increase in the allowance for credit losses for loans from January 1, 2020 reflected the impact of the adverse economic forecast within Valley's lifetime expected credit loss estimate, as well as other qualitative factors. 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 for the years ended December 31, 2020 and 2019. Commercial Commercial Residential Consumer Total (in thousands) December 31, 2020 Allowance for loan losses: Individually evaluated for credit losses $ 73,063 $ 1,338 $ 1,206 $ 264 $ 75,871 Collectively evaluated for credit losses 58,007 162,775 27,667 15,923 264,372 Total $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 Loans: Individually evaluated for credit losses $ 131,057 $ 61,754 $ 35,151 $ 1,631 $ 229,593 Collectively evaluated for credit losses 6,730,651 18,409,069 4,148,592 2,699,207 31,987,519 Total $ 6,861,708 $ 18,470,823 $ 4,183,743 $ 2,700,838 $ 32,217,112 December 31, 2019 Allowance for loan losses: Individually evaluated for credit losses $ 36,662 $ 1,338 $ 518 $ 58 $ 38,576 Collectively evaluated for credit losses 67,397 44,335 4,542 6,909 123,183 Total $ 104,059 $ 45,673 $ 5,060 $ 6,967 $ 161,759 Loans: Individually evaluated for credit losses $ 100,860 $ 51,242 $ 10,689 $ 853 $ 163,644 Collectively evaluated for credit losses 4,043,123 12,347,368 3,786,253 2,729,221 22,905,965 Loans acquired with discounts related to credit quality 682,014 5,245,149 580,169 122,267 6,629,599 Total $ 4,825,997 $ 17,643,759 $ 4,377,111 $ 2,852,341 $ 29,699,208 Impaired loans . Impaired loans disclosures presented below as of December 31, 2019 represent requirements prior to the adoption of ASU No. 2016-13 on January 1, 2020. Impaired loans, consisting of non-accrual commercial and industrial loans and commercial real estate loans over $250 thousand and all loans which were modified in troubled debt restructurings, are individually evaluated for impairment. PCI loans were not classified as impaired loans because they are accounted for on a pool basis and were paying as expected. The following table presents information about impaired loans by loan portfolio class at December 31, 2019: Recorded Recorded Total Unpaid Related (in thousands) December 31, 2019 Commercial and industrial $ 14,617 $ 86,243 $ 100,860 $ 114,875 $ 36,662 Commercial real estate: Commercial real estate 26

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2020
Leases [Abstract]
Leases	LEASES (Note 6) The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2020 and 2019. December 31, 2020 2019 (in thousands) ROU assets: Operating leases $ 251,293 $ 284,255 Finance leases 760 874 Total $ 252,053 $ 285,129 Lease liabilities: Operating leases $ 275,248 $ 308,060 Finance leases 1,427 1,789 Total $ 276,675 $ 309,849 Net occupancy and equipment expense included lease cost of $29.0 million, net of sublease income of $3.5 million, for the year ended December 31, 2018. In 2019, Valley closed a sale-leaseback transaction for 26 properties, consisting of 25 branches and 1 corporate office, for an aggregate sales price of $100.5 million. As a result, Valley recorded a pre-tax net gain totaling $78.5 million in 2019. Additionally, Valley recorded ROU assets and lease obligations totaling $78.4 million, respectively, for the lease of the 26 properties with an expected term of 12.0 years and operating lease costs of $7.9 million within occupancy and equipment expense on a straight-line basis annually over the term of the lease. The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2020 and 2019: 2020 2019 (in thousands) Finance lease cost: Amortization of ROU assets $ 363 $ 291 Interest on lease liabilities 146 191 Operating lease cost 36,094 34,175 Short-term lease cost 783 410 Variable lease cost 4,296 3,573 Sublease income (2,520) (3,422) Total lease cost (included in net occupancy and equipment expense) $ 39,162 $ 35,218 The following table presents supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019: 2020 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,943 $ 34,380 Operating cash flows from finance leases 146 192 Financing cash flows from finance leases 612 492 The following table presents supplemental information related to leases at December 31, 2020 and 2019: December 31, 2020 2019 Weighted-average remaining lease term Operating leases 12.3 years 12.8 years Finance leases 2.0 years 3.0 years Weighted-average discount rate Operating leases 3.56 % 3.68 % Finance leases 7.45 % 8.25 % The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2020: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2021 $ 188,580 $ 35,175 $ 769 2022 166,076 32,788 769 2023 139,589 29,288 11 2024 103,498 28,036 — 2025 59,049 26,991 — Thereafter 40,126 194,732 — Total lease payments 696,918 347,010 1,549 Less: present value discount (53,369) (71,762) (122) Total $ 643,549 $ 275,248 $ 1,427 The total net investment in direct financing and sales-type leases was $643.5 million and $478.8 million at December 31, 2020 and 2019, respectively, comprised of $641.3 million and $477.1 million in lease receivables and $2.2 million and $1.7 million in unguaranteed residuals, respectively. Total lease income was $25.2 million, $19.4 million and $14.7 million for the years ended December 31, 2020, 2019, and 2018, respectively.
Leases	LEASES (Note 6) The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2020 and 2019. December 31, 2020 2019 (in thousands) ROU assets: Operating leases $ 251,293 $ 284,255 Finance leases 760 874 Total $ 252,053 $ 285,129 Lease liabilities: Operating leases $ 275,248 $ 308,060 Finance leases 1,427 1,789 Total $ 276,675 $ 309,849 Net occupancy and equipment expense included lease cost of $29.0 million, net of sublease income of $3.5 million, for the year ended December 31, 2018. In 2019, Valley closed a sale-leaseback transaction for 26 properties, consisting of 25 branches and 1 corporate office, for an aggregate sales price of $100.5 million. As a result, Valley recorded a pre-tax net gain totaling $78.5 million in 2019. Additionally, Valley recorded ROU assets and lease obligations totaling $78.4 million, respectively, for the lease of the 26 properties with an expected term of 12.0 years and operating lease costs of $7.9 million within occupancy and equipment expense on a straight-line basis annually over the term of the lease. The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2020 and 2019: 2020 2019 (in thousands) Finance lease cost: Amortization of ROU assets $ 363 $ 291 Interest on lease liabilities 146 191 Operating lease cost 36,094 34,175 Short-term lease cost 783 410 Variable lease cost 4,296 3,573 Sublease income (2,520) (3,422) Total lease cost (included in net occupancy and equipment expense) $ 39,162 $ 35,218 The following table presents supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019: 2020 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,943 $ 34,380 Operating cash flows from finance leases 146 192 Financing cash flows from finance leases 612 492 The following table presents supplemental information related to leases at December 31, 2020 and 2019: December 31, 2020 2019 Weighted-average remaining lease term Operating leases 12.3 years 12.8 years Finance leases 2.0 years 3.0 years Weighted-average discount rate Operating leases 3.56 % 3.68 % Finance leases 7.45 % 8.25 % The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2020: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2021 $ 188,580 $ 35,175 $ 769 2022 166,076 32,788 769 2023 139,589 29,288 11 2024 103,498 28,036 — 2025 59,049 26,991 — Thereafter 40,126 194,732 — Total lease payments 696,918 347,010 1,549 Less: present value discount (53,369) (71,762) (122) Total $ 643,549 $ 275,248 $ 1,427 The total net investment in direct financing and sales-type leases was $643.5 million and $478.8 million at December 31, 2020 and 2019, respectively, comprised of $641.3 million and $477.1 million in lease receivables and $2.2 million and $1.7 million in unguaranteed residuals, respectively. Total lease income was $25.2 million, $19.4 million and $14.7 million for the years ended December 31, 2020, 2019, and 2018, respectively.
Leases	LEASES (Note 6) The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2020 and 2019. December 31, 2020 2019 (in thousands) ROU assets: Operating leases $ 251,293 $ 284,255 Finance leases 760 874 Total $ 252,053 $ 285,129 Lease liabilities: Operating leases $ 275,248 $ 308,060 Finance leases 1,427 1,789 Total $ 276,675 $ 309,849 Net occupancy and equipment expense included lease cost of $29.0 million, net of sublease income of $3.5 million, for the year ended December 31, 2018. In 2019, Valley closed a sale-leaseback transaction for 26 properties, consisting of 25 branches and 1 corporate office, for an aggregate sales price of $100.5 million. As a result, Valley recorded a pre-tax net gain totaling $78.5 million in 2019. Additionally, Valley recorded ROU assets and lease obligations totaling $78.4 million, respectively, for the lease of the 26 properties with an expected term of 12.0 years and operating lease costs of $7.9 million within occupancy and equipment expense on a straight-line basis annually over the term of the lease. The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2020 and 2019: 2020 2019 (in thousands) Finance lease cost: Amortization of ROU assets $ 363 $ 291 Interest on lease liabilities 146 191 Operating lease cost 36,094 34,175 Short-term lease cost 783 410 Variable lease cost 4,296 3,573 Sublease income (2,520) (3,422) Total lease cost (included in net occupancy and equipment expense) $ 39,162 $ 35,218 The following table presents supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019: 2020 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,943 $ 34,380 Operating cash flows from finance leases 146 192 Financing cash flows from finance leases 612 492 The following table presents supplemental information related to leases at December 31, 2020 and 2019: December 31, 2020 2019 Weighted-average remaining lease term Operating leases 12.3 years 12.8 years Finance leases 2.0 years 3.0 years Weighted-average discount rate Operating leases 3.56 % 3.68 % Finance leases 7.45 % 8.25 % The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2020: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2021 $ 188,580 $ 35,175 $ 769 2022 166,076 32,788 769 2023 139,589 29,288 11 2024 103,498 28,036 — 2025 59,049 26,991 — Thereafter 40,126 194,732 — Total lease payments 696,918 347,010 1,549 Less: present value discount (53,369) (71,762) (122) Total $ 643,549 $ 275,248 $ 1,427 The total net investment in direct financing and sales-type leases was $643.5 million and $478.8 million at December 31, 2020 and 2019, respectively, comprised of $641.3 million and $477.1 million in lease receivables and $2.2 million and $1.7 million in unguaranteed residuals, respectively. Total lease income was $25.2 million, $19.4 million and $14.7 million for the years ended December 31, 2020, 2019, and 2018, respectively.
Leases	LEASES (Note 6) The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2020 and 2019. December 31, 2020 2019 (in thousands) ROU assets: Operating leases $ 251,293 $ 284,255 Finance leases 760 874 Total $ 252,053 $ 285,129 Lease liabilities: Operating leases $ 275,248 $ 308,060 Finance leases 1,427 1,789 Total $ 276,675 $ 309,849 Net occupancy and equipment expense included lease cost of $29.0 million, net of sublease income of $3.5 million, for the year ended December 31, 2018. In 2019, Valley closed a sale-leaseback transaction for 26 properties, consisting of 25 branches and 1 corporate office, for an aggregate sales price of $100.5 million. As a result, Valley recorded a pre-tax net gain totaling $78.5 million in 2019. Additionally, Valley recorded ROU assets and lease obligations totaling $78.4 million, respectively, for the lease of the 26 properties with an expected term of 12.0 years and operating lease costs of $7.9 million within occupancy and equipment expense on a straight-line basis annually over the term of the lease. The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2020 and 2019: 2020 2019 (in thousands) Finance lease cost: Amortization of ROU assets $ 363 $ 291 Interest on lease liabilities 146 191 Operating lease cost 36,094 34,175 Short-term lease cost 783 410 Variable lease cost 4,296 3,573 Sublease income (2,520) (3,422) Total lease cost (included in net occupancy and equipment expense) $ 39,162 $ 35,218 The following table presents supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019: 2020 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,943 $ 34,380 Operating cash flows from finance leases 146 192 Financing cash flows from finance leases 612 492 The following table presents supplemental information related to leases at December 31, 2020 and 2019: December 31, 2020 2019 Weighted-average remaining lease term Operating leases 12.3 years 12.8 years Finance leases 2.0 years 3.0 years Weighted-average discount rate Operating leases 3.56 % 3.68 % Finance leases 7.45 % 8.25 % The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2020: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2021 $ 188,580 $ 35,175 $ 769 2022 166,076 32,788 769 2023 139,589 29,288 11 2024 103,498 28,036 — 2025 59,049 26,991 — Thereafter 40,126 194,732 — Total lease payments 696,918 347,010 1,549 Less: present value discount (53,369) (71,762) (122) Total $ 643,549 $ 275,248 $ 1,427 The total net investment in direct financing and sales-type leases was $643.5 million and $478.8 million at December 31, 2020 and 2019, respectively, comprised of $641.3 million and $477.1 million in lease receivables and $2.2 million and $1.7 million in unguaranteed residuals, respectively. Total lease income was $25.2 million, $19.4 million and $14.7 million for the years ended December 31, 2020, 2019, and 2018, respectively.
Leases	LEASES (Note 6) The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2020 and 2019. December 31, 2020 2019 (in thousands) ROU assets: Operating leases $ 251,293 $ 284,255 Finance leases 760 874 Total $ 252,053 $ 285,129 Lease liabilities: Operating leases $ 275,248 $ 308,060 Finance leases 1,427 1,789 Total $ 276,675 $ 309,849 Net occupancy and equipment expense included lease cost of $29.0 million, net of sublease income of $3.5 million, for the year ended December 31, 2018. In 2019, Valley closed a sale-leaseback transaction for 26 properties, consisting of 25 branches and 1 corporate office, for an aggregate sales price of $100.5 million. As a result, Valley recorded a pre-tax net gain totaling $78.5 million in 2019. Additionally, Valley recorded ROU assets and lease obligations totaling $78.4 million, respectively, for the lease of the 26 properties with an expected term of 12.0 years and operating lease costs of $7.9 million within occupancy and equipment expense on a straight-line basis annually over the term of the lease. The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2020 and 2019: 2020 2019 (in thousands) Finance lease cost: Amortization of ROU assets $ 363 $ 291 Interest on lease liabilities 146 191 Operating lease cost 36,094 34,175 Short-term lease cost 783 410 Variable lease cost 4,296 3,573 Sublease income (2,520) (3,422) Total lease cost (included in net occupancy and equipment expense) $ 39,162 $ 35,218 The following table presents supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019: 2020 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,943 $ 34,380 Operating cash flows from finance leases 146 192 Financing cash flows from finance leases 612 492 The following table presents supplemental information related to leases at December 31, 2020 and 2019: December 31, 2020 2019 Weighted-average remaining lease term Operating leases 12.3 years 12.8 years Finance leases 2.0 years 3.0 years Weighted-average discount rate Operating leases 3.56 % 3.68 % Finance leases 7.45 % 8.25 % The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2020: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2021 $ 188,580 $ 35,175 $ 769 2022 166,076 32,788 769 2023 139,589 29,288 11 2024 103,498 28,036 — 2025 59,049 26,991 — Thereafter 40,126 194,732 — Total lease payments 696,918 347,010 1,549 Less: present value discount (53,369) (71,762) (122) Total $ 643,549 $ 275,248 $ 1,427 The total net investment in direct financing and sales-type leases was $643.5 million and $478.8 million at December 31, 2020 and 2019, respectively, comprised of $641.3 million and $477.1 million in lease receivables and $2.2 million and $1.7 million in unguaranteed residuals, respectively. Total lease income was $25.2 million, $19.4 million and $14.7 million for the years ended December 31, 2020, 2019, and 2018, respectively.

Premises and Equipment, Net

Premises and Equipment, Net	12 Months Ended
Premises and Equipment, Net	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Premises and Equipment, Net	PRE MISES AND EQUIPMENT, N ET (Note 7) At December 31, 2020 and 2019, premises and equipment, net consisted of: 2020 2019 (in thousands) Land $ 90,379 $ 93,594 Buildings 214,476 220,140 Leasehold improvements 88,898 85,042 Furniture and equipment 282,701 274,715 Total premises and equipment 676,454 673,491 Accumulated depreciation and amortization (356,657) (338,958) Total premises and equipment, net $ 319,797 $ 334,533 Depreciation and amortization of premises and equipment included in non-interest expense for the years ended December 31, 2020, 2019 and 2018 was approximately $30.6 million, $29.4 million, and $27.6 million, respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
Goodwill and Other Intangible Assets	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS (Note 8) The changes in the carrying amount of goodwill as allocated to our business segments, or reporting units thereof, for goodwill impairment analysis were: Business Segment / Reporting Unit* Wealth Consumer Commercial Investment Total (in thousands) Balance at December 31, 2018 $ 21,218 $ 287,025 $ 557,850 $ 218,572 $ 1,084,665 Goodwill from business combinations — 19,547 267,917 1,496 288,960 Balance at December 31, 2019 $ 21,218 $ 306,572 $ 825,767 $ 220,068 $ 1,373,625 Goodwill from business combinations — 597 8,175 45 8,817 Balance at December 31, 2020 $ 21,218 $ 307,169 $ 833,942 $ 220,113 $ 1,382,442 * Valley’s Wealth Management Division is comprised of trust, asset management and insurance services. This reporting unit is included in the Consumer Lending segment for financial reporting purposes. Certain estimates for acquired assets and assumed liabilities are subject to change for up to one year after the acquisition date. During 2020, goodwill from business combinations reflects the effect of the combined adjustments to the estimated fair values of certain loans, current taxes payable and deferred tax assets as of the acquisition date. See Note 2 for further details. There was no imp airment of goodwill during the years ended December 31, 2020, 2019 and 2018. The following tables summarize other intangible assets as of December 31, 2020 and 2019: Gross Accumulated Valuation Net (in thousands) December 31, 2020 Loan servicing rights $ 103,150 $ (80,340) $ (865) $ 21,945 Core deposits 101,160 (53,747) — 47,413 Other 3,945 (2,854) — 1,091 Total other intangible assets $ 208,255 $ (136,941) $ (865) $ 70,449 December 31, 2019 Loan servicing rights $ 94,827 $ (70,095) $ (47) $ 24,685 Core deposits 101,160 (40,384) — 60,776 Other 3,945 (2,634) — 1,311 Total other intangible assets $ 199,932 $ (113,113) $ (47) $ 86,772 Core deposits are amortized using an accelerated method and have a weighted average amortization period of 8.9 years. The line item labeled “Other” included in the table above primarily consists of customer lists which are amortized over their expected lives generally using a straight-line method and have a weighted average amortization period of 7.6 years. Valley recorded $20.7 million of core deposit intangibles resulting from the Oritani acquisition. Valley evaluates core deposits and other intangibles for impairment when an indication of impairment exists. No impairment was recognized during the years ended December 31, 2020, 2019 and 2018. The following table summarizes the change in loan servicing rights during the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 (in thousands) Loan servicing rights: Balance at beginning of year $ 24,732 $ 24,193 $ 22,084 Origination of loan servicing rights 8,322 7,473 8,216 Amortization expense (10,244) (6,934) (6,107) Balance at end of year $ 22,810 $ 24,732 $ 24,193 Valuation allowance: Balance at beginning of year $ (47) $ (83) $ (471) Impairment adjustment (818) 36 388 Balance at end of year $ (865) $ (47) $ (83) Balance at end of year, net of valuation allowance $ 21,945 $ 24,685 $ 24,110 Loan servicing rights are accounted for using the amortization method. As shown in the above table, Valley recorded net impairment charges on its loan servicing rights totaling $818 thousand for the year ended December 31, 2020 and net recoveries impairment charges totaling $36 thousand and $388 thousand for the years ended December 31, 2019 and 2018, respectively. The Bank is a servicer of residential mortgage loan portfolios, and it is compensated for loan administrative services performed for mortgage servicing rights of loans originated and sold by the Bank, and to a lesser extent, purchased mortgage servicing rights. The aggregate principal balances of residential mortgage loans serviced by the Bank for others approximated $3.5 billion, $3.4 billion and $3.2 billion at December 31, 2020, 2019 and 2018, respectively. The outstanding balance of loans serviced for others is not included in the consolidated statements of financial condition. Valley recognized amortization expense on other intangible assets, including net recoveries of impairment charges on loan servicing rights (reflected in the table above), of $24.6 million, $18.1 million and $18.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. The following table presents the estimated amortization expense of other intangible assets over the next five-year period: Year Loan Servicing Core Other (in thousands) 2021 $ 5,391 $ 11,607 $ 206 2022 3,969 9,876 191 2023 2,933 8,146 131 2024 2,210 6,537 117 2025 1,688 4,929 103

Deposits

Deposits	12 Months Ended
Deposits	Dec. 31, 2020
Financial Services, Banking and Thrift [Abstract]
Deposits	DEPOSITS (Note 9) Included in time deposits are certificates of deposit over $250 thousand totaling $1.4 billion and $1.7 billion at December 31, 2020 and 2019, respectively. Interest expense on time deposits of $250 thousand or more totaled approximately $4.5 million, $5.8 million and $6.6 million in 2020, 2019 and 2018, respectively. The scheduled maturities of time deposits as of December 31, 2020 were as follows: Year Amount (in thousands) 2021 $ 5,877,581 2022 502,743 2023 167,077 2024 59,719 2025 38,229 Thereafter 69,329 Total time deposits $ 6,714,678 Deposits from certain directors, executive officers and their affiliates totaled $97.3 million and $67.1 million at December 31, 2020 and 2019, respectively.

Borrowed Funds

Borrowed Funds	12 Months Ended
Borrowed Funds	Dec. 31, 2020
Debt Disclosure [Abstract]
Borrowed Funds	BORROWED FUNDS (Note 10) Short-Term Borrowings Short-term borrowings at December 31, 2020 and 2019 consisted of the following: 2020 2019 (in thousands) FHLB advances $ 1,000,000 $ 940,000 Securities sold under agreements to repurchase 147,958 153,280 Total short-term borrowings $ 1,147,958 $ 1,093,280 The weighted average interest rate for short-term borrowings was 0.38 percent and 1.68 percent at December 31, 2020 and 2019, respectively. Short-term FHLB advances totaling $200 million were hedged with cash flow interest rate swaps at December 31, 2020. See Note 15 for additional details. Long-Term Borrowings Long-term borrowings at December 31, 2020 and 2019 consisted of the following: 2020 2019 (in thousands) FHLB advances, net (1) $ 1,592,252 $ 1,480,012 Subordinated debt, net (2) 403,413 292,414 Securities sold under agreements to repurchase 300,000 350,000 Total long-term borrowings $ 2,295,665 $ 2,122,426 (1) FHLB advances are presented net of unamortized prepayment penalties and other purchase accounting adjustments totaling $2.6 million and $2.8 million at December 31, 2020 and 2019, respectively. (2) Subordinated debt is presented net of unamortized debt issuance costs totaling $2.7 million and $1.2 million at December 31, 2020 and 2019, respectively. FHLB Advances. Long-term FHLB advances had a weighted average interest rate of 2.02 percent and 2.23 percent at December 31, 2020 and 2019, 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. Long-term FHLB advances totaling $900 million were hedged with cash flow interest rate swaps at December 31, 2020. See Note 15 for additional details. Long-Term Borrowings The long-term FHLB advances at December 31, 2020 are scheduled for contractual balance repayments as follows: Year Amount (in thousands) 2021 $ 552,519 2022 29,377 2023 428,163 2024 300,000 2025 279,635 Total long-term FHLB advances $ 1,589,694 There are no FHLB advances with scheduled repayments in years 2021 and thereafter, reported in the table above, which are callable for early redemption by the FHLB during 2021. In December 2020, Valley prepaid $534.3 million of long-term FHLB advances scheduled to mature in 2021 and 2022 with a weighted average effective interest rate of 2.48 percent. The transaction was funded with excess cash liquidity and accounted for as an early debt extinguishment resulting in a loss of $9.7 million reported within non-interest expense for the year ended December 31, 2020. In December 2019, Valley prepaid $635.0 million of long-term FHLB advances. These prepaid borrowings had contractual maturity dates in 2021 and 2022 and a weighted average interest rate of 3.93 percent. The debt prepayment was funded by cash proceeds from the sale of commercial real estate loans and overnight borrowings. The transaction was also accounted for as an early debt extinguishment and resulted in a loss of $32.0 million for the year ended December 31, 2019. Subordinated Debt. On June 5, 2020, Valley issued $115 million of 5.25 percent Fixed-to-Floating Rate subordinated notes issued in due June 15, 2030 and callable in whole or in part on or after June 15, 2025 or upon the occurrence of certain events. Interest on the subordinated notes during the initial five-year term through June 15, 2025 is payable semi-annually on June 15 and December 15. Thereafter, interest is expected to be set based on Three-Month Term SOFR plus 514 basis points and paid quarterly through maturity of the notes. The subordinated notes had a net carrying value of $113.3 million at December 31, 2020. At December 31, 2020, Valley also had the following subordinated debt outstanding: • $100 million of 4.55 percent subordinated debentures (notes) issued in June 2015 and due June 30, 2025 with no call dates or prepayments allowed unless certain conditions exist. Interest on the subordinated notes is payable semi-annually in arrears on June 30 and December 30 of each year. The subordinated notes had a net carrying value of $99.5 million and $99.4 million at December 31, 2020 and 2019, respectively. • $125 million of 5.125 percent subordinated notes issued in September 2013 and due September 27, 2023 with no call dates or prepayments allowed, unless certain conditions exist. Interest on the subordinated debentures is payable semi-annually in arrears on March 27 and September 27 of each year. In conjunction with the issuance, Valley entered into an interest rate swap transaction used to hedge the change in the fair value of the subordinated notes. In August 2016, the fair value interest rate swap with a notional amount of $125 million was terminated resulting in an adjusted fixed annual interest rate of 3.32 percent on the subordinated notes, after amortization of the derivative valuation adjustment recorded at the termination date. The subordinated notes had a net carrying value of $130.5 million and $132.4 million at December 31, 2020 and 2019, respectively. • $60 million of 6.25 percent subordinated notes, assumed on January 1, 2018 in connection with the acquisition of USAB. The notes are due April 1, 2026 callable beginning April 1, 2021. Interest on the subordinated debentures is payable semi-annually in arrears on April 1 and October 1 of each year. After purchase accounting adjustments, the subordinated notes had a net carrying value of $60.1 million and $60.6 million at December 31, 2020 and 2019, respectively. Long-term securities sold under agreements to repurchase (repos). The long-term repos had a weighted average interest rate of 3.37 percent and 1.94 percent at December 31, 2020 and 2019, respectively. Long-term repos outstanding as of December 31, 2020 all have maturities in 2021. In September 2020, Valley prepaid $50 million of long-term institutional repo borrowings with an interest rate of 3.70 percent and an original contractual maturity date in January 2022. The debt prepayment was funded by excess cash liquidity. The transaction was accounted for as an early debt extinguishment resulting in a loss of $2.4 million for the year ended December 31, 2020. Pledged Securities. The fair value of securities pledged to secure public deposits, repurchase agreements, lines of credit, FHLB advances and for other purposes required by law approximated $2.1 billion and $2.3 billion for December 31, 2020 and 2019, respectively.

Junior Subordinated Debentures

Junior Subordinated Debentures Issued to Capital Trusts	12 Months Ended
Junior Subordinated Debentures Issued to Capital Trusts	Dec. 31, 2020
Debt Disclosure [Abstract]
Junior Subordinated Debentures Issued to Capital Trusts	JUNIOR SUBORDINATED DEBENTURES ISSUED TO CAPITAL TRUSTS (Note 11) All of the statutory trusts presented in the table below were acquired in past bank acquisitions. These trusts were established for the sole purpose of issuing trust preferred securities and related trust common securities. The proceeds from such issuances were used by the trust to purchase an equivalent amount of junior subordinated debentures issued by the acquired bank, and now assumed by Valley. The junior subordinated debentures, the sole assets of the trusts, are unsecured obligations of Valley, and are subordinate and junior in right of payment to all present and future senior and subordinated indebtedness and certain other financial obligations of Valley. Valley does not consolidate its capital trusts based on U.S. GAAP but wholly owns all of the common securities of each trust. The table below summarizes the outstanding junior subordinated debentures and the related trust preferred securities issued by each trust as of December 31, 2020 and 2019: GCB State Bancorp State Bancorp Aliant Statutory Trust II ($ in thousands) Junior Subordinated Debentures: December 31, 2020 Carrying value (1) $ 24,743 $ 9,125 $ 8,599 $ 13,598 Contractual principal balance 24,743 10,310 10,310 15,464 December 31, 2019 Carrying value (1) $ 24,743 $ 9,025 $ 8,468 $ 13,482 Contractual principal balance 24,743 10,310 10,310 15,464 Annual interest rate 3-mo. LIBOR+1.4% 3-mo. LIBOR+3.45% 3-mo. LIBOR+2.85% 3-mo. LIBOR+1.8% Stated maturity date July 30, 2037 November 7, 2032 January 23, 2034 December 15, 2036 Initial call date July 30, 2017 November 7, 2007 January 23, 2009 December 15, 2011 Trust Preferred Securities: December 31, 2020 and 2019 Face value $ 24,000 $ 10,000 $ 10,000 $ 15,000 Annual distribution rate 3-mo. LIBOR+1.4% 3-mo. LIBOR+3.45% 3-mo. LIBOR+2.85% 3-mo. LIBOR+1.8% Issuance date July 2, 2007 October 29, 2002 December 19, 2003 December 14, 2006 Distribution dates (2) Quarterly Quarterly Quarterly Quarterly (1) The carrying values include unamortized purchase accounting adjustments at December 31, 2020 and 2019. (2) All cash distributions are cumulative. The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated debentures at the stated maturity date or upon early redemption. The trusts’ ability to pay amounts due on the trust preferred securities is solely dependent upon Valley making payments on the related junior subordinated debentures. Valley’s obligation under the junior subordinated debentures and other relevant trust agreements, in aggregate, constitutes a full and unconditional guarantee by Valley of the trusts’ obligations under the trust preferred securities issued. Under the junior subordinated debenture agreements, Valley has the right to defer payment of interest on the debentures and, therefore, distributions on the trust preferred securities, for up to five years, but not beyond the stated maturity dates in the table above. Currently, Valley has no intention to exercise its right to defer interest payments on the debentures. The trust preferred securities are included in Valley’s total risk-based capital (as Tier 2 capital) for regulatory purposes at December 31, 2020 and 2019.

Benefit Plans

Benefit Plans	12 Months Ended
Benefit Plans	Dec. 31, 2020
Retirement Benefits [Abstract]
Benefit Plans	BENEFIT PLANS (Note 12) Pension Plan The Bank has a non-contributory defined benefit plan (qualified plan) covering most of its employees. The qualified plan benefits are based upon years of credited service and the employee’s highest average compensation as defined. Additionally, the Bank has a supplemental non-qualified, non-funded retirement plan, which is designed to supplement the pension plan for key officers, and Valley has a non-qualified, non-funded directors’ retirement plan (both of these plans are referred to as the “non-qualified plans” below). Effective December 31, 2013, the benefits earned under the qualified and non-qualified plans were frozen. As a result, Valley re-measured the projected benefit obligation of the affected plans and the funded status of each plan at June 30, 2013. Consequently, participants in each plan will not accrue further benefits and their pension benefits will be determined based on their compensation and service as of December 31, 2013. Plan benefits will not increase for any compensation or service earned after such date. All participants were immediately vested in their frozen accrued benefits if they were employed by the Bank as of December 31, 2013. The following table sets forth the change in the projected benefit obligation, the change in fair value of plan assets and the funded status and amounts recognized in Valley’s consolidated financial statements for the qualified and non-qualified plans at December 31, 2020 and 2019: 2020 2019 (in thousands) Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 175,405 $ 157,364 Interest cost 4,941 6,113 Actuarial loss 18,813 20,001 Benefits paid (8,310) (8,073) Projected benefit obligation at end of year $ 190,849 $ 175,405 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 236,621 $ 210,508 Actual return on plan assets 30,987 32,835 Employer contributions 1,353 1,351 Benefits paid (8,310) (8,073) Fair value of plan assets at end of year* $ 260,651 $ 236,621 Funded status of the plan Asset recognized $ 69,802 $ 61,216 Accumulated benefit obligation 190,849 175,405 * Includes accrued interest receivable of $623 thousand and $641 thousand as of December 31, 2020 and 2019, respectively. Amounts recognized as a component of accumulated other comprehensive loss as of year-end that have not been recognized as a component of the net periodic pension expense for Valley’s qualified and non-qualified plans are presented in the following table. Valley expects to recognize approximately $1.5 million of the net actuarial loss reported in the following table as of December 31, 2020 as a component of net periodic pension expense during 2021. 2020 2019 (in thousands) Net actuarial loss $ 50,272 $ 46,248 Prior service cost 321 357 Deferred tax benefit (14,132) (13,168) Total $ 36,461 $ 33,437 The non-qualified plans had a projected benefit obligation, accumulated benefit obligation, and fair value of plan assets as follows: 2020 2019 (in thousands) Projected benefit obligation $ 20,513 $ 20,081 Accumulated benefit obligation 20,513 20,081 Fair value of plan assets — — In determining discount rate assumptions, management looks to current rates on fixed-income corporate debt securities that receive a rating of AA or higher from either Moody’s or S&P with durations equal to the expected benefit payments streams required of each plan. The weighted average discount rate used in determining the actuarial present value of benefit obligations for the qualified and non-qualified plans was 2.52 percent a nd 3.32 percent as of December 31, 2020 and 2019, respectively. The net periodic pension income for the qualified and non-qualified plans reported within other non-interest expense included the following components for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 (in thousands) Interest cost $ 4,941 $ 6,113 $ 5,542 Expected return on plan assets (17,200) (16,453) (15,912) Amortization of net loss 1,003 264 625 Total net periodic pension income $ (11,256) $ (10,076) $ (9,745) Valley estimated the interest cost component of net periodic pension income (as shown in the table above) using a spot rate approach for the plans by applying the specific spot rates along the yield curve to the relevant projected cash flows. Valley believes this provides a better estimate of interest costs than a single weighted average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the applicable period. Other changes in the qualified and non-qualified plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2020 and 2019 were as follows: 2020 2019 (in thousands) Net loss $ 5,026 $ 3,619 Amortization of prior service cost (136) (35) Amortization of actuarial loss (1,003) (264) Total recognized in other comprehensive income $ 3,887 $ 3,320 Total recognized in net periodic pension income and other comprehensive income (before tax) $ (7,233) $ (6,721) The benefit payments, which reflect expected future service, as appropriate, expected to be paid in future years are presented in the following table: Year Amount (in thousands) 2021 $ 8,889 2022 9,123 2023 9,389 2024 9,579 2025 9,726 Thereafter 49,314 The weighted average discount rate, expected long-term rate of return on assets and rate of compensation increase used in determining Valley’s pension expense for the years ended December 31, 2020, 2019 and 2018 were as follows: 2020 2019 2018 Discount rate - projected benefit obligation 3.29 % 4.30 % 3.69 % Discount rate - interest cost 2.62 % 3.99 % 3.31 % Expected long-term return on plan assets 7.50 % 7.50 % 7.50 % Rate of compensation increase N/A N/A N/A The expected rate of return on plan assets assumption is based on the concept that it is a long-term assumption independent of the current economic environment and changes would be made in the expected return only when long-term inflation expectations change, asset allocations change materially or when asset class returns are expected to change for the long-term. In accordance with Section 402 (c) of ERISA, the qualified plan’s investment managers are granted full discretion to buy, sell, invest and reinvest the portions of the portfolio assigned to them consistent with the Bank’s Pension Committee’s policy and guidelines. The target asset allocation set for the qualified plan is an approximate equal weighting of 50 percent fixed income securities and 50 percent equity securities. Although much depends upon market conditions, the absolute investment objective for the equity portion is to earn at least a mid-to-high single digit return, after adjustment by the Consumer Price Index (CPI), over rolling five-year periods. Relative performance should be above the median of a suitable grouping of other equity portfolios and a suitable index over rolling three-year periods. For the fixed income portion, the absolute objective is to earn a positive annual real return, after adjustment by the CPI, over rolling five-year periods. Relative performance should be better than the median performance of bonds when judged against a suitable index of other fixed income portfolios and above the Merrill Lynch Intermediate Government/Corporate Index over rolling three-year periods. Cash equivalents will be invested in money market funds or in other high quality instruments approved by the Trustees of the qualified plan. The exposure of the plan assets of the qualified plan to risk is limited by the Bank’s Pension Committee’s diversification of the investments into various investment options with multiple asset managers. The Pension Committee engages an investment management advisory firm that regularly monitors the performance of the asset managers and ensures they are within compliance of the policies adopted by the Trustees. If the risk profile and overall return of assets managed are not in line with the risk objectives or expected return benchmarks for the qualified plan, the advisory firm may recommend the termination of an asset manager to the Pension Committee. In general, the plan assets of the qualified plan are investment securities that are well-diversified in terms of industry, capitalization and asset class. The following table presents the qualified plan weighted-average asset allocations by asset category that are measured at fair value on a recurring basis by level within the fair value hierarchy under ASC Topic 820. Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. See Note 3 for further details regarding the fair value hierarchy. Fair Value Measurements at Reporting Date Using: % of Total December 31, 2020 Quoted Prices Significant Significant ($ in thousands) Assets: Investments: Equity securities 37 % $ 94,434 $ 94,434 $ — $ — U.S. Treasury securities 20 52,549 52,549 — — Corporate bonds 20 51,410 — 51,410 — Mutual funds 18 48,041 48,041 — — U.S. government agency securities 3 8,174 — 8,174 — Cash and money market funds 2 5,420 5,420 — — Total investments 100 % $ 260,028 $ 200,444 $ 59,584 $ — Fair Value Measurements at Reporting Date Using: % of Total December 31, 2019 Quoted Prices Significant Significant ($ in thousands) Assets: Investments: Equity securities 32 % $ 75,633 $ 75,633 $ — $ — U.S. Treasury securities 22 51,732 51,732 — — Corporate bonds 21 51,221 — 51,221 — Mutual funds 18 42,119 42,119 — — U.S. government agency securities 3 6,263 — 6,263 — Cash and money market funds 4 9,013 9,013 — — Total investments 100 % $ 235,981 $ 178,497 $ 57,484 $ — The following is a description of the valuation methodologies used for assets measured at fair value: Equity securities, U.S. Treasury securities and cash and money market funds are valued at fair value in the table above utilizing exchange quoted prices in active markets for identical instruments (Level 1 inputs). Mutual funds are measured at their respective net asset values, which represents fair values of the securities held in the funds based on exchange quoted prices available in active markets (Level 1 inputs). Corporate bonds and U.S. government agency securities are reported at fair value utilizing Level 2 inputs. The prices for these investments are derived from market quotations and matrix pricing obtained through an independent pricing service. Such 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. Based upon actuarial estimates, Valley does not expect to make any contributions to the qualified plan. Funding requirements for subsequent years are uncertain and will significantly depend on whether the plan’s actuary changes any assumptions used to calculate plan funding levels, the actual return on plan assets, changes in the employee groups covered by the plan, and any legislative or regulatory changes affecting plan funding requirements. For tax planning, financial planning, cash flow management or cost reduction purposes, Valley may increase, accelerate, decrease or delay contributions to the plan to the extent permitted by law. Other Qualified Plan On December 1, 2019, Valley assumed obligations under Oritani’s Pentegra Defined Benefit Plan for Financial Institutions (“Pentegra DB Plan”). The Pentegra DB Plan's Employer Identification Number is 13-5645888 and the Plan Number is 333. The Pentegra DB Plan is a tax-qualified defined-benefit multiple-employer plan. Under the Pentegra DB Plan, contributions made by a participating employer may be used to provide benefits to participants of other participating employers. The Pentegra DB Plan was frozen as of December 31, 2008. During 2020, Valley withdrew from the Pentegra DB Plan and distributed annuities to participants based on the actuarial computation of their pension benefit. Valley recognized approximately $1.1 million of expense included in other non-interest expense related to the final contribution to the Pentegra DB Plan and distribution of the annuities for the year ended December 31, 2020. Other Non-Qualified Plans Valley maintains separate non-qualified plans for former directors and senior management of Merchants Bank of New York acquired in January of 2001. At December 31, 2020 and 2019, the remaining obligations under these plans were $1.4 million and $1.6 million, respectively, of which $399 thousand and $451 thousand, respectively, were funded by Valley. As of December 31, 2020 and 2019, all of the obligations were included in other liabilities and $731 thousand (net of a $286 thousand tax benefit) and $803 thousand (net of a $314 thousand tax benefit), respectively, were recorded in accumulated other comprehensive loss. The $1.0 million in accumulated other comprehensive loss will be reclassified to expense on a straight-line basis over the remaining benefit periods of these non-qualified plans. Valley assumed, in the Oritani acquisition on December 1, 2019, certain obligations under non-qualified retirement plans described below: • Non-qualified benefit equalization plans (BEP) that provided supplemental benefits to certain eligible executives and officers. The BEP plans were terminated on November 30, 2019 and the funded obligation under the BEP plans totaled $26.8 million on December 31, 2019. The accrued benefits were fully distributed to the participants on July 1, 2020. • Non-qualified benefit equalization pension plan that provided benefits to certain officers who were disallowed certain benefits under former Oritani’s qualified pension plan. This plan was terminated on November 30, 2019 and the accrued benefits are payable to plan participants in five equal installments beginning annually on December 1, 2020 through December 1, 2024. The funded obligation under this plan totaled $1.3 million and $1.6 million at December 31, 2020 and 2019, respectively. • Supplemental Executive Retirement Income Agreement (the SERP) for the former CEO of Oritani. The SERP is a retirement benefit with a minimum payment period of 20 years upon death, disability, normal retirement, early retirement or separation from service after a change in control. Distributions from the plan began on July 1, 2020. The funded obligation under the SERP totaled $13.6 million and $13.0 million at December 31, 2020 and 2019, respectively. Valley recorded $1.5 million of expenses related to the SERP for the year ended December 31, 2020. The above Oritani non-qualified plans are secured by investments in money market mutual funds which are held in a trust and classified as equity securities on the consolidated statements of financial condition at both December 31, 2020 and 2019. Valley also assumed an Executive Group Life Insurance Replacement (“Split-Dollar”) Plan from Oritani. The Split-Dollar plan provides life insurance benefits to certain eligible employees upon death while employed or following termination of employment due to disability, retirement or change in control. Participants in the Split-Dollar plan are entitled to up to two times their base annual salary, as defined by the plan. The accrued liability for the Split-Dollar plan totaled $1.8 million and $961 thousand at December 31, 2020 and 2019, respectively. Valley recorded $812 thousand of expenses related to the Split-Dollar plan f or the year ended December 31, 2020. Bonus Plan Valley National Bank and its subsidiaries may award cash incentive and merit bonuses to its officers and employees based upon a percentage of the covered employees’ compensation as determined by the achievement of certain performance objectives. Amounts charged to salary expense were $25.1 million, $19.1 million and $18.8 million during 2020, 2019 and 2018, respectively. Savings and Investment Plan Valley National Bank maintains a 401(k) plan that covers eligible employees of the Bank and its subsidiaries and allows employees to contribute a percentage of their salary, with the Bank matching a certain percentage of the employee contribution in cash invested in accordance with each participant’s investment elections. The Bank recorded $10.1 million, $8.6 million and $8.5 million in expense for contributions to the plan for the years ended December 31, 2020, 2019 and 2018, respectively. Deferred Compensation Plan Valley has a non-qualified, unfunded deferred compensation plan maintained for the purpose of providing deferred compensation for selected employees participating in the 401(k) plan whose contributions are limited as a result of the limitations under section 401(a)(17) of the IRS Code. Each participant in the plan is permitted to defer per calendar year, up to five percent of the portion of the participant’s salary and cash bonus above the limit in effect under the Company's 401(k) plan and receive employer matching contributions that become fully vested after two years of participation in the plan. Plan participants also receive an annual interest crediting on their balances held as of December 31 each year. Benefits are generally paid to a participant in a single lump sum following the participant’s separation from service with Valley. Valley recorded plan expenses of $372 thousand, $273 thousand and $262 thousand for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020 and 2019, Valley had an unsecured general liability of $1.7 million and $1.0 million, respectively, included in accrued expenses and other liabilities in connection with this plan. Stock Based Compensation Valley currently has one active employee stock plan, the 2016 Long-Term Stock Incentive Plan (the 2016 Plan), adopted by Valley’s Board of Directors on January 29, 2016 and approved by its shareholders on April 28, 2016. The 2016 Plan is administered by the Compensation and Human Resources Committee (the Committee) appointed by Valley’s Board of Directors. The Committee can grant awards to officers and key employees of Valley. The primary purposes of the 2016 Plan are to provide additional incentive to officers and key employees of Valley and its subsidiaries, whose substantial contributions are essential to the continued growth and success of Valley, and to attract and retain competent and dedicated officers and other key employees whose efforts will result in the continued and long-term growth of Valley’s business. Under the 2016 Plan, Valley may award shares of common stock in the form of stock appreciation rights, both incentive and non-qualified stock options, restricted stock and restricted stock units (RSUs) to its employees and non-employee directors (for acting in their roles as board members). As of December 31, 2020 , 3.0 million sh ares of common stock were available for issuance under the 2016 Plan. The essential features of each award are described in the award agreement relating to that award. The grant, exercise, vesting, settlement or payment of an award may be based upon the fair value of Valley’s common stock on the last sale price reported for Valley’s common stock on such date or the last sale price reported preceding such date, except for performance-based awards with a market condition. The grant date fair values of performance-based awards that vest based on a market condition are determined by a third party specialist using a Monte Carlo valuation model. On January 26, 2021, the Board of Directors approved the Valley National Bancorp 2021 Incentive Compensation Plan (the 2021 Plan). The 2021 Plan is subject to approval by Valley shareholders at the Annual Meeting of Shareholders on April 19, 2021. The 2021 Plan would authorize the Committee to issue up to 9 million shares to Valley's employees and directors. Awards under the 2021 Plan will be granted in substantially the same manner as the 2016 Plan. The 2021 Plan is described in more detail in Valley's 2021 definitive proxy statement. Valley recorded total stock-based compensation expense of $16.5 million, $15.0 million and $19.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. The stock-based compensation expense for 2020, 2019 and 2018 included $1.5 million, $2.1 million and $4.3 million, respectively, related to stock awards granted to retirement eligible employees. In 2020 and 2019, compensation expense for these awards was amortized monthly over a one year period after the grant date. Prior to 2019, award grantees who were eligible for retirement did not have a service period requirement and the expense was immediately recognized. The fair values of all other stock awards are expensed over the shorter of the vesting or required service period. As of December 31, 2020, the unrecognized amortization expense for all stock-based compensation totaled approximately $17.8 million and will be recognized over an average remaining vesting period of approximately 1.76 years . Restricted Stock Units (RSUs) . Restricted stock units are awarded as (1) performance-based RSUs and (2) time-based RSUs. Performance based RSUs vest based on (i) growth in tangible book value per share plus dividends and (ii) total shareholder return as compared to our peer group. The performance based RSUs "cliff" vest after three years based on the cumulative performance of Valley during that time period. Generally, time-based RSUs vest ratably one-third each year over a three-year vesting period. The RSUs earn dividend equivalents (equal to cash dividends paid on Valley's common share) over the applicable performance or service period. Dividend equivalents, per the terms of the agreements, are accumulated and paid to the grantee at the vesting date, or forfeited if the applicable performance or service conditions are not met. The grant date fair value of the performance-based RSUs was $10.82, $10.43 and $12.36 per share for the years ended December 31, 2020, 2019, and 2018, respectively. The grant date fair value of time-based RSUs was $10.29 and $10.32 for the years ended December 31, 2020 and 2019, respectively. Valley did not award time-based restricted stock units during 2018. The following table sets forth the changes in RSUs outstanding for the years ended December 31, 2020, 2019 and 2018: Restricted Stock Units Outstanding 2020 2019 2018 Outstanding at beginning of year 2,158,255 1,378,886 1,114,962 Acquired in business combinations — — 336,379 Granted 2,030,026 1,412,941 509,725 Vested (879,085) (500,204) (503,879) Forfeited (80,537) (133,368) (78,301) Outstanding at end of year 3,228,659 2,158,255 1,378,886 Restricted Stock. Restricted stock is awarded to key employees providing for the immediate award of our common stock subject to certain vesting and restrictions under the 2016 Plan. Compensation expense is measured based on the grant-date fair value of the shares. The following table sets forth the changes in restricted stock awards (RSAs) outstanding for the years ended December 31, 2020, 2019 and 2018: Restricted Stock Awards Outstanding 2020 2019 2018 Outstanding at beginning of year 1,058,681 1,720,968 1,771,702 Granted — — 1,263,144 Vested (610,607) (547,653) (1,128,521) Forfeited (34,373) (114,634) (185,357) Outstanding at end of year 413,701 1,058,681 1,720,968 Valley did not award any shares of restricted stock dur ing 2020 and 20 19. Included in the RSAs granted (in the table above) during 2018 are 60 thousand shares issued to Valley directors, which are fully vested. Stock Options . The fair value of each option granted on the date of grant is estimated using a binomial option pricing model. The fair values are estimated using assumptions for dividend yield based on the annual dividend rate; the stock volatility, based on Valley’s historical and implied stock price volatility; the risk-free interest rates, based on the U.S. Treasury constant maturity bonds, in effect on the actual grant dates, with a remaining term approximating the expected term of the options; and expected exercise term calculated based on Valley’s historical exercise experience. The following table summarizes stock options activity as of December 31, 2020, 2019 and 2018 and changes during the years ended on those dates: 2020 2019 2018 Weighted Weighted Weighted Stock Options Shares Price Shares Price Shares Price Outstanding at beginning of year 3,453,516 $ 8 1,051,787 $ 7 446,980 $ 13 Acquired in business combinations — — 3,130,171 8 1,803,165 5 Exercised (249,308) 8 (716,920) 7 (975,325) 5 Forfeited or expired (217,861) 11 (11,522) 8 (223,033) 14 Outstanding at end of year 2,986,347 7 3,453,516 8 1,051,787 7 Exercisable at year-end 2,986,347 7 3,339,517 8 604,003 7 The following table summarizes information about stock options outstanding and exercisable at December 31, 2020: Options Outstanding and Exercisable Range of Exercise Prices Number of Options Weighted Average Weighted Average $2-$4 91,500 1.6 $ 3 4-6 149,248 4.3 5 6-8 2,687,999 0.9 7 8-10 32,000 7.3 10 10-12 25,600 7.7 10 2,986,347 1.3 7

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES (Note 13) Income tax expense for the years ended December 31, 2020, 2019 and 2018 consisted of the following: 2020 2019 2018 (in thousands) Current expense: Federal $ 96,057 $ 95,317 $ 51,147 State 48,463 36,457 28,898 144,520 131,774 80,045 Deferred (benefit) expense: Federal (3,109) 10,444 (17,463) State (1,951) 4,784 5,683 (5,060) 15,228 (11,780) Total income tax expense $ 139,460 $ 147,002 $ 68,265 The tax effects of temporary differences that gave rise to the significant portions of the deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows: 2020 2019 (in thousands) Deferred tax assets: Allowance for credit losses $ 96,508 $ 44,486 Employee benefits 20,888 28,263 Net operating loss carryforwards 17,814 19,768 Purchase accounting 10,354 41,857 Other 24,677 19,904 Total deferred tax assets 170,241 154,278 Deferred tax liabilities: Pension plans 22,705 19,686 Depreciation 3,829 4,527 Investment securities 12,690 2,319 Other investments 9,584 7,731 Core deposit intangibles 12,960 16,620 Other 12,226 13,665 Total deferred tax liabilities 73,994 64,548 Valuation Allowance 916 916 Net deferred tax asset (included in other assets) $ 95,331 $ 88,814 Valley's federal net operating loss carryforwards totaled approximately $64.1 million at December 31, 2020 and expire during the period from 2029 through 2034. Valley's capital loss carryforwards totaled $3.1 million at December 31, 2020 and expire at December 31, 2023. State net operating loss carryforwards totaled approximately $92.2 million at December 31, 2020 and expire during the period from 2029 through 2038. Based upon taxes paid and projections of future taxable income over the periods in which the net deferred tax assets are deductible, management believes that it is more likely than not that Valley will realize the benefits, net of an immaterial valuation allowance, of these deductible differences and loss carryforwards. Reconciliation between the reported income tax expense and the amount computed by multiplying consolidated income before taxes by the statutory federal income tax rate of 21 percent for the years ended December 31, 2020, 2019, and 2018 were as follows: 2020 2019 2018 (in thousands) Federal income tax at expected statutory rate $ 111,314 $ 95,927 $ 69,235 Increase (decrease) due to: State income tax expense, net of federal tax effect 36,744 32,581 23,851 Tax-exempt interest, net of interest incurred to carry tax-exempt securities (2,786) (3,118) (3,974) Bank owned life insurance (2,026) (1,637) (1,734) Tax credits from securities and other investments (10,071) (11,636) (20,798) FDIC insurance premium 3,283 2,507 3,318 Impact of the Tax Cuts and Jobs Act of 2017 — — (2,274) Addition to reserve for uncertainties — 31,123 — Other, net 3,002 1,255 641 Income tax expense $ 139,460 $ 147,002 $ 68,265 We invest in certain tax-advantaged investments that support qualified affordable housing projects, community development and, prior to 2019, renewable energy resources. Our investments in these projects are designed to generate a return primarily through the realization of federal and state income tax credits, and other tax benefits, over specified time periods. Third parties perform diligence on these investments for us on which we rely both at inception and on an on-going basis. We are subject to the risk that previously recorded tax credits, which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level, may fail to meet certain government compliance requirements and may not be able to be realized. We previously invested in mobile solar generators sold and leased back by DC Solar and its affiliates (DC Solar). DC Solar had its assets frozen in December 2018 by the U.S. Department of Justice. DC Solar and related entities are in Chapter 7 bankruptcy. A group of investors who purchased mobile solar gener ators from, and leased them back to, DC Solar, including us received tax credits for making these renewable resource investments. During the fourth quarter 2019, several of the co- conspirators pleaded guilty to fraud in the on-going federal investigation. Based upon this information, Valley deemed that its tax positions related to the DC Solar funds did not meet the more likely than not recognition threshold in Valley's tax reserve assessment at December 31, 2019. The principals pled guilty to fraud in early 2020. As of December 31, 2020 and 2019, Valley believes that it was fully reserved for the renewable energy tax credits and other tax benefits previously recognized from the investments in the DC Solar funds plus interest. Valley will continue to evaluate all its existing tax positions, however, cannot provide assurance that it will not recognize additional tax provisions related to this uncertain tax liability in the future. A reconciliation of Valley’s gross unrecognized tax benefits for 2020, 2019 and 2018 is presented in the table below: 2020 2019 2018 (in thousands) Beginning balance $ 31,918 $ — $ 4,238 Additions based on tax positions related to prior years — 31,918 — Settlements with taxing authorities — — — Reductions due to expiration of statute of limitations — — (4,238) Ending balance $ 31,918 $ 31,918 $ — The entire balance of unrecognized tax benefits, if recognized, would favorably affect Valley's effective income tax rate. It is reasonably possible that the liability for unrecognized tax benefits could increase or decrease in the next twelve months due to completion of tax authorities’ exams or the expiration of statutes of limitations. Management estimates that the liability for unrecognized tax benefits could decrease by $3.5 million within the next twelve months. Valley’s policy is to report interest and penalties, if any, related to unrecognized tax benefits in income tax expense. Valley accrued approximately $7.6 million and $6.1 million of interest expense associated with Valley’s uncertain tax positions at December 31, 2020 and 2019, respectively. There was no interest expense accrued for uncertain tax positions during the year ended December 31, 2018. Valley monitors its tax positions for the underlying facts, circumstances, and information available including the federal investigation of DC Solar and changes in tax laws, case law and regulations that may necessitate subsequent de-recognition of previous tax benefits. Valley files income tax returns in the U.S. federal and various state jurisdictions. With few exceptions, Valley is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2017. Valley is under examination by the IRS and also under routine examination by various state jurisdictions, and we expect the examinations to be completed within the next 12 months. Valley has considered, for all open audits, any potential adjustments in establishing our reserve for unrecognized tax benefits as of December 31, 2020. TAX CREDIT INVESTMENTS (Note 14) 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 Community Reinvestment Act. 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 other-than-temporary impairments, if applicable. See the "Impairment Analysis" section below. The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at December 31, 2020 and 2019: December 31, 2020 2019 (in thousands) Other Assets: Affordable housing tax credit investments, net $ 20,074 $ 25,049 Other tax credit investments, net 47,301 59,081 Total tax credit investments, net $ 67,375 $ 84,130 Other Liabilities: Unfunded affordable housing tax credit commitments $ 1,379 $ 1,539 Unfunded other tax credit commitments — 1,139 Total unfunded tax credit commitments $ 1,379 $ 2,678 The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 5,414 $ 6,757 $ 6,713 Other tax credit investment credits and tax benefits 8,065 10,205 21,351 Total reduction in income tax expense $ 13,479 $ 16,962 $ 28,064 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 2,714 $ 2,184 $ 1,880 Affordable housing tax credit investment impairment losses 2,209 3,295 2,544 Other tax credit investment losses 2,234 5,668 1,970 Other tax credit investment impairment losses 6,178 9,245 17,806 Total amortization of tax credit investments recorded in non-interest expense $ 13,335 $ 20,392 $ 24,200 Impairment A nalysis An impairment loss is recognized when the fair value of the tax credit investment is less than its carrying value. The determination of whether a decline in value of a tax credit investment is other-than-temporary requires significant judgment and is performed separately for each investment. The tax credit investments are reviewed for impairment quarterly, or whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. These circumstances can include, but are not limited to, the following factors: • Evidence that Valley does not have the ability to recover the carrying amount of the investment; • The inability of the investee to sustain earnings; • A current fair value of the investment based upon cash flow projections that is less than the carrying amount; and • Change in the economic or technological environment that could adversely affect the investee’s operations On a quarterly basis, Valley obtains financial reporting on its underlying tax credit investment assets for each fund from the fund manager who is independent of Valley and the Fund Sponsor. The financial reporting is reviewed for deterioration in the financial condition of the fund, the level of cash flows and any significant losses or impairment charges. Valley also regularly reviews the condition and continuing prospects of the underlying operations of the investment with the fund manager, including any observations from site visits and communications with the Fund Sponsor, if available. Annually, Valley obtains the audited financial statements prepared by an independent accounting firm for each investment, as well as the annual tax returns. Generally, none of the aforementioned review factors are individually conclusive and the relative importance of each factor will vary based on facts and circumstances. However, the longer the expected period of recovery, the stronger and more objective the positive evidence needs to be in order to overcome the presumption that the impairment is other than temporary. If management determines that a decline in value is other than temporary per its quarterly and annual reviews, including current probable cash flow projections, the applicable tax credit investment is written down to its estimated fair value through an impairment charge to earnings, which establishes the new cost basis of the investment. During the first quarter 2019, Valley determined that future cash flows related to the remaining investments in three federal renewable energy tax credit funds sponsored by DC Solar (previously reported in other tax credit investments, net) were not probable based upon new information available, including the sponsor’s bankruptcy proceedings which were reclassified to Chapter 7 from Chapter 11 in late March 2019. As a result, Valley recognized impairment charge for the entire aggregate unamortized investment of $2.4 million for the first quarter 2019, which is included within amortization of tax credit investments for the year ended December 31, 2019.

Tax Credit Investments

Tax Credit Investments	12 Months Ended
Tax Credit Investments	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Tax Credit Investments	INCOME TAXES (Note 13) Income tax expense for the years ended December 31, 2020, 2019 and 2018 consisted of the following: 2020 2019 2018 (in thousands) Current expense: Federal $ 96,057 $ 95,317 $ 51,147 State 48,463 36,457 28,898 144,520 131,774 80,045 Deferred (benefit) expense: Federal (3,109) 10,444 (17,463) State (1,951) 4,784 5,683 (5,060) 15,228 (11,780) Total income tax expense $ 139,460 $ 147,002 $ 68,265 The tax effects of temporary differences that gave rise to the significant portions of the deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows: 2020 2019 (in thousands) Deferred tax assets: Allowance for credit losses $ 96,508 $ 44,486 Employee benefits 20,888 28,263 Net operating loss carryforwards 17,814 19,768 Purchase accounting 10,354 41,857 Other 24,677 19,904 Total deferred tax assets 170,241 154,278 Deferred tax liabilities: Pension plans 22,705 19,686 Depreciation 3,829 4,527 Investment securities 12,690 2,319 Other investments 9,584 7,731 Core deposit intangibles 12,960 16,620 Other 12,226 13,665 Total deferred tax liabilities 73,994 64,548 Valuation Allowance 916 916 Net deferred tax asset (included in other assets) $ 95,331 $ 88,814 Valley's federal net operating loss carryforwards totaled approximately $64.1 million at December 31, 2020 and expire during the period from 2029 through 2034. Valley's capital loss carryforwards totaled $3.1 million at December 31, 2020 and expire at December 31, 2023. State net operating loss carryforwards totaled approximately $92.2 million at December 31, 2020 and expire during the period from 2029 through 2038. Based upon taxes paid and projections of future taxable income over the periods in which the net deferred tax assets are deductible, management believes that it is more likely than not that Valley will realize the benefits, net of an immaterial valuation allowance, of these deductible differences and loss carryforwards. Reconciliation between the reported income tax expense and the amount computed by multiplying consolidated income before taxes by the statutory federal income tax rate of 21 percent for the years ended December 31, 2020, 2019, and 2018 were as follows: 2020 2019 2018 (in thousands) Federal income tax at expected statutory rate $ 111,314 $ 95,927 $ 69,235 Increase (decrease) due to: State income tax expense, net of federal tax effect 36,744 32,581 23,851 Tax-exempt interest, net of interest incurred to carry tax-exempt securities (2,786) (3,118) (3,974) Bank owned life insurance (2,026) (1,637) (1,734) Tax credits from securities and other investments (10,071) (11,636) (20,798) FDIC insurance premium 3,283 2,507 3,318 Impact of the Tax Cuts and Jobs Act of 2017 — — (2,274) Addition to reserve for uncertainties — 31,123 — Other, net 3,002 1,255 641 Income tax expense $ 139,460 $ 147,002 $ 68,265 We invest in certain tax-advantaged investments that support qualified affordable housing projects, community development and, prior to 2019, renewable energy resources. Our investments in these projects are designed to generate a return primarily through the realization of federal and state income tax credits, and other tax benefits, over specified time periods. Third parties perform diligence on these investments for us on which we rely both at inception and on an on-going basis. We are subject to the risk that previously recorded tax credits, which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level, may fail to meet certain government compliance requirements and may not be able to be realized. We previously invested in mobile solar generators sold and leased back by DC Solar and its affiliates (DC Solar). DC Solar had its assets frozen in December 2018 by the U.S. Department of Justice. DC Solar and related entities are in Chapter 7 bankruptcy. A group of investors who purchased mobile solar gener ators from, and leased them back to, DC Solar, including us received tax credits for making these renewable resource investments. During the fourth quarter 2019, several of the co- conspirators pleaded guilty to fraud in the on-going federal investigation. Based upon this information, Valley deemed that its tax positions related to the DC Solar funds did not meet the more likely than not recognition threshold in Valley's tax reserve assessment at December 31, 2019. The principals pled guilty to fraud in early 2020. As of December 31, 2020 and 2019, Valley believes that it was fully reserved for the renewable energy tax credits and other tax benefits previously recognized from the investments in the DC Solar funds plus interest. Valley will continue to evaluate all its existing tax positions, however, cannot provide assurance that it will not recognize additional tax provisions related to this uncertain tax liability in the future. A reconciliation of Valley’s gross unrecognized tax benefits for 2020, 2019 and 2018 is presented in the table below: 2020 2019 2018 (in thousands) Beginning balance $ 31,918 $ — $ 4,238 Additions based on tax positions related to prior years — 31,918 — Settlements with taxing authorities — — — Reductions due to expiration of statute of limitations — — (4,238) Ending balance $ 31,918 $ 31,918 $ — The entire balance of unrecognized tax benefits, if recognized, would favorably affect Valley's effective income tax rate. It is reasonably possible that the liability for unrecognized tax benefits could increase or decrease in the next twelve months due to completion of tax authorities’ exams or the expiration of statutes of limitations. Management estimates that the liability for unrecognized tax benefits could decrease by $3.5 million within the next twelve months. Valley’s policy is to report interest and penalties, if any, related to unrecognized tax benefits in income tax expense. Valley accrued approximately $7.6 million and $6.1 million of interest expense associated with Valley’s uncertain tax positions at December 31, 2020 and 2019, respectively. There was no interest expense accrued for uncertain tax positions during the year ended December 31, 2018. Valley monitors its tax positions for the underlying facts, circumstances, and information available including the federal investigation of DC Solar and changes in tax laws, case law and regulations that may necessitate subsequent de-recognition of previous tax benefits. Valley files income tax returns in the U.S. federal and various state jurisdictions. With few exceptions, Valley is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2017. Valley is under examination by the IRS and also under routine examination by various state jurisdictions, and we expect the examinations to be completed within the next 12 months. Valley has considered, for all open audits, any potential adjustments in establishing our reserve for unrecognized tax benefits as of December 31, 2020. TAX CREDIT INVESTMENTS (Note 14) 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 Community Reinvestment Act. 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 other-than-temporary impairments, if applicable. See the "Impairment Analysis" section below. The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at December 31, 2020 and 2019: December 31, 2020 2019 (in thousands) Other Assets: Affordable housing tax credit investments, net $ 20,074 $ 25,049 Other tax credit investments, net 47,301 59,081 Total tax credit investments, net $ 67,375 $ 84,130 Other Liabilities: Unfunded affordable housing tax credit commitments $ 1,379 $ 1,539 Unfunded other tax credit commitments — 1,139 Total unfunded tax credit commitments $ 1,379 $ 2,678 The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 5,414 $ 6,757 $ 6,713 Other tax credit investment credits and tax benefits 8,065 10,205 21,351 Total reduction in income tax expense $ 13,479 $ 16,962 $ 28,064 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 2,714 $ 2,184 $ 1,880 Affordable housing tax credit investment impairment losses 2,209 3,295 2,544 Other tax credit investment losses 2,234 5,668 1,970 Other tax credit investment impairment losses 6,178 9,245 17,806 Total amortization of tax credit investments recorded in non-interest expense $ 13,335 $ 20,392 $ 24,200 Impairment A nalysis An impairment loss is recognized when the fair value of the tax credit investment is less than its carrying value. The determination of whether a decline in value of a tax credit investment is other-than-temporary requires significant judgment and is performed separately for each investment. The tax credit investments are reviewed for impairment quarterly, or whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. These circumstances can include, but are not limited to, the following factors: • Evidence that Valley does not have the ability to recover the carrying amount of the investment; • The inability of the investee to sustain earnings; • A current fair value of the investment based upon cash flow projections that is less than the carrying amount; and • Change in the economic or technological environment that could adversely affect the investee’s operations On a quarterly basis, Valley obtains financial reporting on its underlying tax credit investment assets for each fund from the fund manager who is independent of Valley and the Fund Sponsor. The financial reporting is reviewed for deterioration in the financial condition of the fund, the level of cash flows and any significant losses or impairment charges. Valley also regularly reviews the condition and continuing prospects of the underlying operations of the investment with the fund manager, including any observations from site visits and communications with the Fund Sponsor, if available. Annually, Valley obtains the audited financial statements prepared by an independent accounting firm for each investment, as well as the annual tax returns. Generally, none of the aforementioned review factors are individually conclusive and the relative importance of each factor will vary based on facts and circumstances. However, the longer the expected period of recovery, the stronger and more objective the positive evidence needs to be in order to overcome the presumption that the impairment is other than temporary. If management determines that a decline in value is other than temporary per its quarterly and annual reviews, including current probable cash flow projections, the applicable tax credit investment is written down to its estimated fair value through an impairment charge to earnings, which establishes the new cost basis of the investment. During the first quarter 2019, Valley determined that future cash flows related to the remaining investments in three federal renewable energy tax credit funds sponsored by DC Solar (previously reported in other tax credit investments, net) were not probable based upon new information available, including the sponsor’s bankruptcy proceedings which were reclassified to Chapter 7 from Chapter 11 in late March 2019. As a result, Valley recognized impairment charge for the entire aggregate unamortized investment of $2.4 million for the first quarter 2019, which is included within amortization of tax credit investments for the year ended December 31, 2019.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES (Note 15) Financial Instruments with Off-balance Sheet Risk In the ordinary course of business in meeting the financial needs of its customers, Valley, through its subsidiary Valley National Bank, is a party to various financial instruments, which are not reflected in the consolidated financial statements. These financial instruments include standby and commercial letters of credit, unused portions of lines of credit and commitments to extend various types of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amounts recognized in the consolidated financial statements. The commitment or contract amount of these instruments is an indicator of the Bank’s level of involvement in each type of instrument as well as the exposure to credit loss in the event of non-performance by the other party to the financial instrument. The Bank seeks to limit any exposure of credit loss by applying the same credit policies in making commitments, as it does for on-balance sheet lending facilities. The following table provides a summary of financial instruments with off-balance sheet risk at December 31, 2020 and 2019: 2020 2019 (in thousands) Commitments under commercial loans and lines of credit $ 5,595,561 $ 5,550,967 Home equity and other revolving lines of credit 1,485,911 1,379,581 Standby letters of credit 293,900 296,036 Outstanding residential mortgage loan commitments 244,286 233,291 Commitments to sell loans 155,627 68,492 Commitments under unused lines of credit—credit card 68,735 44,527 Commercial letters of credit 1,663 2,887 Total $ 7,845,683 $ 7,575,781 Obligations to advance funds under commitments to extend credit, including commitments under unused lines of credit, are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have specified expiration dates, which may be extended upon request, or other termination clauses and generally require payment of a fee. These commitments do not necessarily represent future cash requirements as it is anticipated that many of these commitments will expire without being fully drawn upon. The Bank’s lending activity for outstanding loan commitments is primarily to customers within the states of New Jersey, New York, and Florida. Standby letters of credit represent the guarantee by the Bank of the obligations or performance of the bank customer in the event of the default of payment or nonperformance to a third party beneficiary. Loan sale commitments represent contracts for the sale of residential mortgage loans to third parties in the ordinary course of the Bank’s business. These commitments require the Bank to deliver loans within a specific period to the third party. The risk to the Bank is its non-delivery of loans required by the commitment, which could lead to financial penalties. The Bank has not defaulted on its loan sale commitments. Derivative Instruments and Hedging Activities Valley is exposed to certain risks arising from both its business operations and economic conditions. Valley principally manages its exposure to a wide variety of business and operational risks through management of its core business activities. Valley manages economic risks, including interest rate and liquidity risks, primarily by managing the amount, sources, and duration of its assets and liabilities and, from time to time, the use of derivative financial instruments. Specifically, 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 rates. Valley’s derivative financial instruments are used to manage differences in the amount, timing, and duration of Valley’s known or expected cash receipts and its known or expected cash payments related to assets and liabilities as outlined below. 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. At December 31, 2020, Valley had 10 interest rate swap agreements, with a total notional amount of $1.1 billion, to hedge the changes in cash flows associated with certain short-term FHLB advances and brokered deposits. Valley is required to pay fixed-rates of interest ranging from 0.05 percent to 0.67 percent and receives variable rates of interest that reset quarterly based on three-month LIBOR. Expiration dates for the swaps range from April 2021 to August 2022. Fair Value Hedges of Fixed Rate Assets and Liabilities. Valley is exposed to changes in the fair value of certain of its fixed rate assets or liabilities due to changes in benchmark interest rates based on one-month LIBOR. From time to time, Valley uses interest rate swaps to manage its exposure to changes in fair value. Interest rate swaps designated as fair value hedges involve the receipt of variable rate payments from a counterparty in exchange for Valley making fixed rate payments over the life of the agreements without the exchange of the underlying notional amount. 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. Valley includes the gain or loss on the hedged items in the same income statement line item as the loss or gain on the related derivatives. Valley's one interest rate swap used to hedge the change in the fair value of a commercial loan matured in November 2020. Valley did not have any fair value hedges at December 31, 2020. Non-designated Hedges. Derivatives not designated as hedges may be used to manage Valley’s exposure to interest rate movements or to provide service to customers but do not meet the requirements for hedge accounting under U.S. 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 December 31, 2020, Valley had 26 credit swaps with an aggregate notional amount of $221.1 million related to risk participation agreements. At December 31, 2020, Valley h ad two "steepener" swaps with a total current notional amount of $10.4 million where the receive rate on the swap mirrors the pay rate on the brokered deposits. 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 (CMS) 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 three-month LIBOR 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. Amounts included in the consolidated statements of financial condition related to the fair value of Valley’s derivative financial instruments were as follows: December 31, 2020 December 31, 2019 Fair Value Fair Value Other Assets Other Liabilities Notional Amount Other Assets Other Liabilities Notional Amount (in thousands) Derivatives designated as hedging instruments: Cash flow hedge interest swaps $ — $ 179 $ 1,100,000 $ — $ 1,484 $ 180,000 Fair value hedge interest rate swaps — — — — 229 7,281 Total derivatives designated as hedging instruments $ — $ 179 $ 1,100,000 $ — $ 1,713 $ 187,281 Derivatives not designated as hedging instruments: Interest rate swaps and other contracts (1) $ 387,008 $ 154,025 $ 8,889,557 $ 158,382 $ 42,020 $ 4,113,106 Mortgage banking derivatives 444 2,077 321,486 150 193 142,760 Total derivatives not designated as hedging instruments $ 387,452 $ 156,102 $ 9,211,043 $ 158,532 $ 42,213 $ 4,255,866 (1) Other contracts include risk participation agreements. The Chicago Mercantile Exchange and London Clearing House variation margins are classified as a single-unit of account with the cash flow hedges and over-the-counter (OTC) non-designated derivative instruments. As a result, the fair value of the designated cash flow interest rate swaps assets and designated and non-designated interest rate swaps liabilities were reduced by variation margin treated as settlement of the related derivatives fair values for legal and accounting purposes as required by central clearing houses and reported in the table above on a net basis at December 31, 2020 and 2019. Gains (losses) included in the consolidated statements of income and in other comprehensive income (loss), on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: 2020 2019 2018 (in thousands) Amount of loss reclassified from accumulated other comprehensive loss to interest expense $ (2,912) $ (1,808) $ (3,493) Amount of (loss) gain recognized in other comprehensive income (3,169) (1,380) 2,651 The net gains or losses related to cash flow hedge ineffectiveness were immaterial during the years ended December 31, 2020, 2019 and 2018. The accumulated net after-tax losses related to effective cash flow hedges included in accumulated other comprehensive loss were $4.0 million and $3.7 million at December 31, 2020 and 2019, respectively. Amounts reported in accumulated other comprehensive loss related to cash flow interest rate derivatives are reclassified to interest expense as interest payments are made on the hedged variable interest rate liabilities. Valley estimates that $3.4 million will be reclassified as an increase to interest expense in 2021. Gains (losses) included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows: 2020 2019 2018 (in thousands) Derivative—interest rate swaps: Interest income $ 229 $ 133 $ 290 Hedged item—loans, deposits and long-term borrowings: Interest income $ (229) $ (133) $ (290) The following table presents the hedged items related to interest rate derivatives designated as hedges of fair value and the cumulative basis fair value adjustment included in the net carrying amount of the hedged items at December 31, 2020 and 2019: Line Item in the Statement of Financial Position in Which the Hedged Item is Included Carrying Amount of the Hedged Asset Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset 2020 2019 2020 2019 (in thousands) Loans $ — $ 7,510 $ — $ 229 Net losses included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: 2020 2019 2018 (in thousands) Non-designated hedge interest rate and credit derivatives Other non-interest expense $ 1,067 $ 898 $ 792 Fee income related to derivative interest rate swaps executed with commercial loan customers totaled $59.0 million , $33.4 million and $16.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. Collateral Requirements and Credit Risk Related Contingency 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 of Directors. 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 counterparty could terminate the derivative positions and Valley would be required to settle its obligations under the agreements. As of December 31, 2020, Valley was in compliance with all of the provisions of its derivative counterparty agreements. As of December 31, 2020, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $152.8 million

Balance Sheet Offsetting

Balance Sheet Offsetting	12 Months Ended
Balance Sheet Offsetting	Dec. 31, 2020
Offsetting [Abstract]
Balance Sheet Offsetting	BALANCE SHEET OFFSETTING (Note 16) 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 the counterparty with net liability positions 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 repurchase agreement should Valley be in default. Total amount of collateral held or pledged can not exceed the net derivative fair values with the counterparty. The table below presents information about Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of December 31, 2020 and 2019. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Collateral (1) Net (in thousands) December 31, 2020 Assets: Interest rate swaps $ 150,487 $ — $ 150,487 $ — $ — $ 150,487 Liabilities: Interest rate swaps $ 150,487 $ — $ 150,487 $ — $ (150,487) $ — Repurchase agreements 300,000 — 300,000 (300,000) (2) — — Total liabilities $ 450,487 $ — $ 450,487 $ (300,000) $ (150,487) $ — December 31, 2019 Assets: Interest rate swaps $ 17,218 $ — $ 17,218 $ — $ — $ 17,218 Interest rate swaps $ 17,218 $ — $ 17,218 $ — $ (16,881) $ 337 Repurchase agreements 350,000 — 350,000 (350,000) (2) — — Total liabilities $ 367,218 $ — $ 367,218 $ (350,000) $ (16,881) $ 337 (1) Cash collateral pledged to our counterparties in relation to market value exposures of OTC derivative contracts in a liability position. (2) Represents the fair value of non-cash pledged investment securities.

Regulatory and Capital Requirem

Regulatory and Capital Requirements	12 Months Ended
Regulatory and Capital Requirements	Dec. 31, 2020
Financial Services, Banking and Thrift [Abstract]
Regulatory and Capital Requirements	REGULATORY AND CAPITAL REQUIREMENTS (Note 17) Valley’s primary source of cash is dividends from the Bank. Valley National Bank, a national banking association, is subject to certain restrictions on the amount of dividends that it may declare without prior regulatory approval. In addition, the dividends declared cannot be in excess of the amount which would cause the subsidiary bank to fall below the minimum required for capital adequacy purposes. Valley and Valley National Bank are subject to the regulatory capital requirements administered by the Federal Reserve Bank and the OCC. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct significant impact on Valley’s consolidated financial statements. Under capital adequacy guidelines Valley and Valley National Bank must meet specific capital guidelines that involve quantitative measures of Valley’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require Valley and Valley National Bank to maintain minimum amounts and ratios of common equity Tier 1 capital, total and Tier 1 capital to risk-weighted assets, and Tier 1 capital to average assets, as defined in the regulations. Valley is required to maintain a common equity Tier 1 capital to risk-weighted assets ratio of 4.5 percent, Tier 1 capital to risk-weighted assets of 6.0 percent, ratio of total capital to risk-weighted assets of 8.0 percent, and minimum leverage ratio of 4.0 percent, plus a 2.5 percent capital conservation buffer added to the minimum requirements for capital adequacy purposes. As of December 31, 2020 and 2019, Valley and Valley National Bank exceeded all capital adequacy requirements (see table below). For regulatory capital purposes, in connection with the Federal Reserve Board’s final interim rule as of April 3, 2020, 100 percent of the CECL Day 1 impact to shareholders' equity equaling $28.2 million after-tax will be deferred for a two-year period ending January 1, 2022, at which time it will be phased in on a pro-rata basis over a three-year period ending January 1, 2025. Additionally, 25 percent of the reserve build (i.e., provision for credit losses less net charge-offs) for the year ended December 31, 2020 will be phased in over the same time frame. The following table presents Valley’s and Valley National Bank’s actual capital positions and ratios under the Basel III risk-based capital guidelines at December 31, 2020 and 2019: Actual Minimum Capital To Be Well Amount Ratio Amount Ratio Amount Ratio ($ in thousands) As of December 31, 2020 Total Risk-based Capital Valley $ 3,802,223 12.64 % $ 3,159,019 10.50 % N/A N/A Valley National Bank 3,839,922 12.76 3,158,842 10.50 $ 3,008,421 10.00 % Common Equity Tier 1 Capital Valley 2,991,085 9.94 2,106,013 7.00 N/A N/A Valley National Bank 3,607,625 11.99 2,105,894 7.00 1,955,473 6.50 Tier 1 Risk-based Capital Valley 3,205,926 10.66 2,557,301 8.50 N/A N/A Valley National Bank 3,607,625 11.99 2,557,158 8.50 2,406,736 8.00 Tier 1 Leverage Capital Valley 3,205,926 8.06 1,591,852 4.00 N/A N/A Valley National Bank 3,607,625 9.07 1,591,457 4.00 1,989,321 5.00 As of December 31, 2019 Total Risk-based Capital Valley $ 3,427,134 11.72 % $ 3,070,687 10.50 % N/A N/A Valley National Bank 3,416,674 11.69 3,069,894 10.50 $ 2,923,709 10.00 % Common Equity Tier 1 Capital Valley 2,754,524 9.42 2,047,125 7.00 N/A N/A Valley National Bank 3,152,070 10.78 2,046,596 7.00 1,900,411 6.50 Tier 1 Risk-based Capital Valley 2,968,530 10.15 2,485,795 8.50 N/A N/A Valley National Bank 3,152,070 10.78 2,485,153 8.50 2,338,967 8.00 Tier 1 Leverage Capital Valley 2,968,530 8.76 1,355,378 4.00 N/A N/A Valley National Bank 3,152,070 9.31 1,354,693 4.00 1,693,366 5.00

Common and Preferred Stock

Common and Preferred Stock	12 Months Ended
Common and Preferred Stock	Dec. 31, 2020
Equity [Abstract]
Common and Preferred Stock	COMMON AND PREFERRED STOCK (Note 18) Dividend Reinvestment Plan. Valley's transfer agent maintains its dividend reinvestment plan (DRIP) with shares purchased in the open market. The ability to issue authorized and previously unissued common stock or reissue treasury stock as part of Valley's DRIP was terminated effective February 12, 2018. During 2018, 87 thousand common shares were reissued from treasury stock or issued from authorized common shares under the DRIP for net proceeds totaling $1.0 million. Repurchase Plan. In 2007, Valley’s Board of Directors approved the repurchase of up to 4.7 million of common shares. Purchases of Valley’s common shares may be made from time to time in the open market or in privately negotiated transactions generally not exceeding prevailing market prices. Repurchased shares are held in treasury and are expected to be used for general corporate purposes. Under the repurchase plan, Valley made no purchases of its outstanding shares during the years ended December 31, 2020, 2019 and 2018 in the open market. Other Stock Repurchases. Valley purchases shares directly from its employees in connection with employee elections to withhold taxes related to the vesting of stock awards. During the years ended December 31, 2020, 2019 and 2018, Valley purchased approximately 510 thousand, 175 thousand and 441 thousand shares, respectively, of its outstanding common stock at an average price of $10.61, $10.45 and $11.83, respectively, for such purpose. Preferred Stock Series A Issuance. On June 19, 2015, Valley issued 4.6 million shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, no par value per share, with a liquidation preference of $25 per share. Dividends on the preferred stock accrue and are payable quarterly in arrears, at a fixed rate per annum equal to 6.25 percent from the original issue date to, but excluding, June 30, 2025, and thereafter at a floating rate per annum equal to three-month LIBOR plus a spread of 3.85 percent. The net proceeds from the preferred stock offering totaled $111.6 million. Commencing June 30, 2025, Valley may redeem the preferred shares at the liquidation preference plus accrued and unpaid dividends, subject to certain conditions. Series B Issuance. On August 3, 2017, Valley issued 4.0 million shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B, no par value per share, with a liquidation preference of $25 per share. Dividends on the preferred stock will accrue and be payable quarterly in arrears, at a fixed rate per annum equal to 5.50 percent from the original issuance date to, but excluding, September 30, 2022, and thereafter at a floating rate per annum equal to three-month LIBOR plus a spread of 3.578 percent. The net proceeds from the preferred stock offering totaled $98.1 million. Commencing September 30, 2022, Valley may redeem the preferred shares at the liquidation preference plus accrued and unpaid dividends, subject to certain conditions. Preferred stock is included in Valley's (additional) Tier 1 capital and total risk-based capital at December 31, 2020 and 2019.

Other Comprehensive Income

Other Comprehensive Income	12 Months Ended
Other Comprehensive Income	Dec. 31, 2020
Equity [Abstract]
Other Comprehensive Income	OTHER COMPREHENSIVE INCOME (Note 19) The following table presents the tax effects allocated to each component of other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018. Components of other comprehensive income (loss) include changes in net unrealized gains and losses on debt securities available for sale; unrealized gains and losses on derivatives used in cash flow hedging relationships; and the pension benefit adjustment for the unfunded portion of various employee, officer and director pension plans. 2020 2019 2018 Before Tax After Before Tax After Before Tax After (in thousands) Unrealized gains and losses on available for sale (AFS) debt securities Net gains (losses) arising during the period $ 38,477 $ (10,632) $ 27,845 $ 54,723 $ (15,461) $ 39,262 $ (32,123) $ 9,191 $ (22,932) Less reclassification adjustment for net (gains) losses included in net income (1) (524) 147 (377) 150 (31) 119 2,873 (636) 2,237 Net change 37,953 (10,485) 27,468 54,873 (15,492) 39,381 (29,250) 8,555 (20,695) Unrealized gains and losses on derivatives (cash flow hedges) Net (losses) gains arising during the period (3,169) 918 (2,251) (1,380) 391 (989) 2,651 (777) 1,874 Less reclassification adjustment for net losses (gains) included in net income (2) 2,912 (838) 2,074 1,808 (517) 1,291 3,493 (999) 2,494 Net change (257) 80 (177) 428 (126) 302 6,144 (1,776) 4,368 Defined benefit pension plan Net (losses) gains arising during the period (5,719) 2,301 (3,418) (2,385) (176) (2,561) (9,916) 2,765 (7,151) Amortization of prior service (cost) credit (3) (136) 38 (98) (135) 42 (93) 212 (66) 146 Amortization of net loss (3) 1,003 (282) 721 264 (76) 188 625 (178) 447 Net change (4,852) 2,057 (2,795) (2,256) (210) (2,466) (9,079) 2,521 (6,558) Total other comprehensive income (loss) $ 32,844 $ (8,348) $ 24,496 $ 53,045 $ (15,828) $ 37,217 $ (32,185) $ 9,300 $ (22,885) (1) Included in gains (losses) on securities transactions, net. (2) Included in interest expense. (3) Included in the computation of net periodic pension cost. See Note 12 for details. The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the years ended December 31, 2020, 2019 and 2018: Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined (in thousands) Balance-December 31, 2017 $ (12,384) $ (8,338) $ (25,283) $ (46,005) Reclassification due to the adoption of ASU No. 2016-01 (480) — — (480) Reclassification due to the adoption of ASU No. 2017-12 — (61) — (61) Balance-January 1, 2018 (12,864) (8,399) (25,283) (46,546) Other comprehensive (loss) income before reclassifications (22,932) 1,874 (7,151) (28,209) Amounts reclassified from other comprehensive income (loss) 2,237 2,494 593 5,324 Other comprehensive income (loss), net (20,695) 4,368 (6,558) (22,885) Balance-December 31, 2018 (33,559) (4,031) (31,841) (69,431) Other comprehensive income (loss) before reclassifications 39,262 (989) (2,561) 35,712 Amounts reclassified from other comprehensive income (loss) 119 1,291 95 1,505 Other comprehensive income (loss), net 39,381 302 (2,466) 37,217 Balance-December 31, 2019 5,822 (3,729) (34,307) (32,214) Other comprehensive income (loss) before reclassifications 27,845 (2,251) (3,418) 22,176 Amounts reclassified from other comprehensive income (loss) (377) 2,074 623 2,320 Other comprehensive income (loss), net 27,468 (177) (2,795) 24,496 Balance-December 31, 2020 $ 33,290 $ (3,906) $ (37,102) $ (7,718)

Parent Company Information

Parent Company Information	12 Months Ended
Parent Company Information	Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Parent Company Information	PARENT COMPANY INFORMATION (Note 20) Condensed Statements of Financial Condition December 31, 2020 2019 (in thousands) Assets Cash $ 130,163 $ 119,213 Equity securities 2,999 — Investments in and receivables due from subsidiaries 4,998,795 4,671,578 Other assets 11,133 12,953 Total Assets $ 5,143,090 $ 4,803,744 Liabilities and Shareholders’ Equity Dividends payable to shareholders $ 46,591 $ 45,796 Long-term borrowings 403,413 292,414 Junior subordinated debentures issued to capital trusts 56,065 55,718 Accrued expenses and other liabilities 44,901 25,628 Shareholders’ equity 4,592,120 4,384,188 Total Liabilities and Shareholders’ Equity $ 5,143,090 $ 4,803,744 Condensed Statements of Income Years Ended December 31, 2020 2019 2018 (in thousands) Income Dividends from subsidiary $ 186,000 $ 160,000 $ 155,000 Income from subsidiary 4,436 4,550 4,550 Gains on securities transactions, net — — 3 Losses on sales of assets, net — — (147) Other interest and income 21 51 39 Total Income 190,457 164,601 159,445 Total Expenses 23,484 27,998 32,269 Income before income tax and equity in undistributed earnings of subsidiary 166,973 136,603 127,176 Income tax (benefit) expense (3,946) 24,524 (20,547) Income before equity in undistributed earnings of subsidiary 170,919 112,079 147,723 Equity in undistributed earnings of subsidiary 219,687 197,714 113,705 Net Income 390,606 309,793 261,428 Dividends on preferred stock 12,688 12,688 12,688 Net Income Available to Common Shareholders $ 377,918 $ 297,105 $ 248,740 Condensed Statements of Cash Flows Years Ended December 31, 2020 2019 2018 (in thousands) Cash flows from operating activities: Net Income $ 390,606 $ 309,793 $ 261,428 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (219,687) (197,714) (113,705) Stock-based compensation 16,154 14,726 19,472 Net amortization of premiums and accretion of discounts on borrowings 230 124 63 Gains on securities transactions, net — — (3) Losses on sales of assets, net — — 147 Net change in: Other assets 121 19,768 9,928 Accrued expenses and other liabilities 17,905 8,803 (10,657) Net cash provided by operating activities 205,329 155,500 166,673 Cash flows from investing activities: Purchases of equity securities (2,500) — — Sales of investment securities available for sale — — 257 Cash and cash equivalents acquired in acquisitions — 11,947 7,915 Repayment of subordinated debt by subsidiary 100,000 — — Capital contributions to subsidiary (210,000) — — Other, net (1,200) — — Net cash (used in) provided by investing activities (113,700) 11,947 8,172 Cash flows from financing activities: Proceeds from issuance of long-term borrowings, net 113,146 — — Dividends paid to preferred shareholders (12,688) (12,688) (15,859) Dividends paid to common shareholders (177,965) (146,537) (138,857) Purchase of common shares to treasury (5,374) (1,805) (3,801) Common stock issued, net 2,202 2,957 2,704 Net cash used in financing activities (80,679) (158,073) (155,813) Net change in cash and cash equivalents 10,950 9,374 19,032 Cash and cash equivalents at beginning of year 119,213 109,839 90,807 Cash and cash equivalents at end of year $ 130,163 $ 119,213 $ 109,839

Business Segments

Business Segments	12 Months Ended
Business Segments	Dec. 31, 2020
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS (Note 21) Valley has four business segments that it monitors and reports on to manage Valley’s business operations. These segments are consumer lending, commercial lending, investment management, and corporate and other adjustments. Valley’s reportable segments have been determined based upon its internal structure of operations and lines of business. Each business 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). Expenses related to the branch network, all other components of retail banking, along with the back office departments of the Bank are allocated from the corporate and other adjustments segment to each of the other three business segments. Interest expense and internal transfer expense (for general corporate expenses) are allocated to each business segment utilizing a transfer pricing methodology, which involves the allocation of operating and funding costs based on each segment's respective mix of average earning assets and/or liabilities outstanding for the period. 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. The accounting for each segment 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 U.S. GAAP. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data. The consumer lending 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. The consumer lending segment also includes the Wealth Management and Insurance Services Division, comprised of trust, asset management, and insurance services. The commercial lending segment is mainly 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 lending is Valley’s business segment that is most sensitive to movements in market interest rates. The investment management segment generates a large portion of Valley’s income through investments in various types of securities and interest-bearing deposits with other banks. These investments are mainly comprised of fixed rate securities and depending on Valley's liquid cash position, federal funds sold and interest-bearing deposits with banks (primarily the Federal Reserve Bank of New York), as part of its asset/liability management strategies. The fixed rate investments are among Valley’s assets that are least sensitive to changes in market interest rates. However, a portion of the investment portfolio is invested in shorter-duration securities to maintain the overall asset sensitivity of Valley’s balance sheet. The amounts disclosed as “corporate and other adjustments” represent income and expense items not directly attributable to a specific segment, including net securities gains and losses not reported in the investment management segment above, interest expense related to subordinated notes, amortization and impairment of tax credit investments, as well as non-core items, including the loss on extinguishment of debt and merger expenses. The following tables represent the financial data for Valley’s four business segments for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets (unaudited) $ 7,160,793 $ 24,625,066 $ 5,225,074 $ — $ 37,010,933 Interest income $ 257,196 $ 1,027,796 $ 102,883 $ (4,156) $ 1,383,719 Interest expense 47,712 164,075 34,814 18,214 264,815 Net interest income (loss) 209,484 863,721 68,069 (22,370) 1,118,904 Provision for credit losses 11,502 113,585 635 — 125,722 Net interest income (loss) after provision for credit losses 197,982 750,136 67,434 (22,370) 993,182 Non-interest income 81,499 64,783 10,083 26,667 183,032 Non-interest expense 77,582 98,710 1,136 468,720 646,148 Internal transfer expense (income) 77,835 267,588 56,788 (402,211) — Income (loss) before income taxes $ 124,064 $ 448,621 $ 19,593 $ (62,212) $ 530,066 Return on average interest earning assets (pre-tax) (unaudited) 1.73 % 1.82 % 0.37 % N/A 1.43 % Year Ended December 31, 2019 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets (unaudited) $ 6,891,462 $ 19,343,791 $ 4,340,277 $ — $ 30,575,530 Interest income $ 272,773 $ 926,328 $ 126,723 $ (4,824) $ 1,321,000 Interest expense 91,798 257,670 57,815 15,669 422,952 Net interest income (loss) 180,975 668,658 68,908 (20,493) 898,048 Provision for credit losses 6,688 17,530 — — 24,218 Net interest income (loss) after provision for credit losses 174,287 651,128 68,908 (20,493) 873,830 Non-interest income 57,981 41,157 8,818 106,564 214,520 Non-interest expense 76,046 101,924 1,034 452,551 631,555 Internal transfer expense (income) 78,743 221,113 49,670 (349,526) — Income (loss) before income taxes $ 77,479 $ 369,248 $ 27,022 $ (16,954) $ 456,795 Return on average interest earning assets (pre-tax) (unaudited) 1.12 % 1.91 % 0.62 % N/A 1.49 % Year Ended December 31, 2018 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets (unaudited) $ 6,197,161 $ 17,143,169 $ 4,362,581 $ — $ 27,702,911 Interest income $ 235,264 $ 798,974 $ 130,971 $ (5,961) $ 1,159,248 Interest expense 64,083 177,273 45,112 15,577 302,045 Net interest income (loss) 171,181 621,701 85,859 (21,538) 857,203 Provision for credit losses 5,550 26,951 — — 32,501 Net interest income (loss) after provision for credit losses 165,631 594,750 85,859 (21,538) 824,702 Non-interest income 61,280 22,275 8,691 41,806 134,052 Non-interest expense 92,462 95,171 1,251 440,177 629,061 Internal transfer expense (income) 77,164 213,399 54,353 (344,916) — Income (loss) before income taxes $ 57,285 $ 308,455 $ 38,946 $ (74,993) $ 329,693 Return on average interest earning assets (pre-tax) (unaudited) 0.92 % 1.80 % 0.89 % N/A 1.19 %

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements of Valley include the accounts of its commercial bank subsidiary, Valley National Bank and all of Valley’s direct or indirect wholly-owned subsidiaries. All inter-company transactions and balances have been eliminated. The accounting and reporting policies of Valley conform to U.S. generally accepted accounting principles (U.S. 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. See Note 11 for more details. Certain prior period amounts have been reclassified to conform to the current presentation. Significant Estimates. In preparing the consolidated financial statements in conformity with U.S. 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.
Cash and Cash Equivalents	Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest bearing deposits in other banks (including the Federal Reserve Bank of New York) and, from time to time, overnight federal funds sold. The Bank is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank based on a
Investment Securities	Investment Securities Debt securities are classified at the time of purchase based on management’s intention, as securities available-for-sale or securities held-to-maturity. Investment securities classified as held-to-maturity are those that management has the positive intent and ability to hold until maturity. Investment securities held-to-maturity are carried at amortized cost, adjusted for amortization of premiums and accretion of discounts using the level-yield method over the contractual term of the securities, adjusted for actual prepayments, or to call date if the security was purchased at premium. Investment securities classified as available-for-sale are carried at fair value with unrealized holding gains and losses reported as a component of other comprehensive income or loss, net of tax. Realized gains or losses on the available-for-sale securities are recognized by the specific identification method and are included in net gains and losses on securities transactions. Equity securities are stated at fair value with any unrealized and realized gains and losses reported in non-interest income. Investments in Federal Home Loan Bank and Federal Reserve Bank stock, which have limited marketability, are carried at cost in other assets. Security transactions are recorded on a trade-date basis. Interest income on investments includes amortization of purchase premiums and discounts. Valley discontinues the recognition of interest on debt securities if the securities meet both of the following criteria: (i) regularly scheduled interest payments have not been paid or have been deferred by the issuer, and (ii) full collection of all contractual principal and interest payments is not deemed to be the most likely outcome. Allowance for Credit Losses for Held to Maturity Debt Securities On January 1, 2020, Valley adopted Accounting Standards Update (ASU) No. 2016-13, which requires us to estimate and recognize an allowance for credit losses for held to maturity debt securities using the current expected credit loss methodology (CECL). Valley's CECL model includes a zero loss expectation for certain securities within the held to maturity portfolio, and therefore Valley is not required to estimate an allowance for credit losses related to these securities. After an evaluation of qualitative factors, Valley identified the following securities types which it believes qualify for this exclusion: U.S. Treasury securities, U.S. agency securities, residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, and collateralized municipal bonds commonly referred to as Tax Exempt Mortgage Securities (TEMS). To measure the expected credit losses on held to maturity debt securities that have loss expectations, Valley estimates the expected credit losses using a discounted cash flow model developed by a third-party. Assumptions used in the model for pools of securities with common risk characteristics include the historical lifetime probability of default and severity of loss in the event of default, with the model incorporating several economic cycles of loss history data to calculate expected credit losses given default at the individual security level. The model is adjusted for a probability weighted multi-scenario economic forecast to estimate future credit losses. Valley uses a two-year reasonable and supportable forecast period, followed by a one-year period over which estimated losses revert to historical loss experience for the remaining life of the investment security. The economic forecast methodology and governance for debt securities is aligned with Valley's economic forecast used for the loan portfolio. Accrued interest receivable is excluded from the estimate of credit losses. See the "New Authoritative Accounting Guidance" section below and Note 4 for more details regarding our adoption of ASU No. 2016-13 and the allowance for credit losses for held to maturity securities. Impairment of Available for Sale Debt Securities The impairment model for available for sale debt securities differs from the CECL methodology applied to held to maturity debt securities because the available for sale debt securities are measured at fair value rather than amortized cost. Available for sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. In performing an assessment of whether any decline in fair value is due to a credit loss, Valley considers the extent to which the fair value is less than the amortized cost, changes in credit ratings, any adverse economic conditions, as well as all relevant information at the individual security level, such as credit deterioration of the issuer or collateral underlying the security. In assessing the impairment, Valley compares the present value of cash flows expected to be collected with the amortized cost basis of the security. If it is determined that the decline in fair value was due to credit losses, an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. The non-credit related decrease in the fair value, such as a decline due to changes in market interest rates, is recorded in other comprehensive income, net of tax. Valley also assesses the intent to sell the securities (as well as the likelihood of a near-term recovery). If Valley intends to sell an available for sale debt security or it is more likely than not that Valley will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. See Note 4 for additional information. Prior to January 1, 2020, Valley evaluated its investment securities classified as held to maturity and available for sale for other-than temporary impairment. Valley's evaluation of other-than-temporary impairment considered factors that included, among others, the causes of the decline in fair value, such as credit problems, interest rate fluctuations, or market volatility; and the severity and duration of the decline. Valley also assessed the intent and ability to hold the securities (as well as the likelihood of a near-term recovery), and the intent to sell the securities and whether it is more likely than not that Valley was required to sell the securities before the recovery of their amortized cost basis. Once a debt security was deemed to be other-than-temporarily impaired, it was written down to fair value with the estimated credit related component was recognized as an other-than-temporary impairment charge in non-interest income. The non-credit related component was recorded as an adjustment to accumulated other comprehensive income (loss), net of tax.
Loans Held for Sale	Loans Held for SaleLoans held for sale generally consist of residential mortgage loans originated and intended for sale in the secondary market and are carried at their estimated fair value on an instrument-by-instrument basis as permitted by the fair value option election under U.S. GAAP. Changes in fair value are recognized in non-interest income in the accompanying consolidated statements of income as a component of net gains on sales of loans. Origination fees and costs related to loans originated for sale (and carried at fair value) are recognized as earned and as incurred. Loans held for sale are generally sold with loan servicing rights retained by Valley. Gains recognized on loan sales include the value assigned to the rights to service the loan. See the “Loan Servicing Rights” section below.
Loans and Loan Fees	Loans and Loan Fees Loans are reported at their outstanding principal balance net of any unearned income, charge-offs, unamortized deferred fees and costs on originated loans and premium or discounts on purchased loans, except for purchased credit deteriorated (PCD) loans recorded at the purchase price, including non-credit discounts, plus the allowance for credit losses expected at the time of acquisition. Loan origination and commitment fees, net of related costs are deferred and amortized as an adjustment of loan yield over the estimated life of the loans approximating the effective interest method. Loans are deemed to be past due when the contractually required principal and interest payments have not been received as they become due. Loans are placed on non-accrual status generally, when they become 90 days past due and the full and timely collection of principal and interest becomes uncertain. When a loan is placed on non-accrual status, interest accruals cease and uncollected accrued interest is reversed and charged against current income. Cash collections from non-accrual loans are generally credited to the loan balance, and no interest income is recognized on these loans until the principal balance has been determined to be fully collectible. A loan in which the borrowers’ obligation has not been released in bankruptcy courts may be restored to an accruing basis when it becomes well secured and is in the process of collection, or all past due amounts become current under the loan agreement and collectability is no longer doubtful.
Allowance for Credit Losses for Loans	Allowance for Credit Losses for Loans As noted previously, Valley adopted ASU No. 2016-13 on January 1, 2020, and thus 2020 follows the current expected credit losses methodology. Prior periods have been reported in accordance with previously applicable GAAP, which followed the incurred credit losses methodology. The following policies noted are under the current expected credit losses methodology. A summary of Valley’s previous policies under the incurred credit losses methodology follows at the end of this section. The allowance for credit losses (ACL) is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Provisions for credit losses for loans and recoveries on loan previously charged-off by Valley are added back to the allowance. Under CECL, Valley's methodology to establish the allowance for credit losses for loans has two basic components: (1) a collective reserve component for estimated lifetime expected credit losses for pools of loans that share common risk characteristics and (2) an individual reserve component for loans that do not share common risk characteristics. Previously, an allowance for loan losses was recognized based on probable incurred losses. Reserves for loans that share common risk characteristics. Valley estimated the collective ACL using a current expected credit losses methodology which is based on relevant information about historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the loan balances. In estimating the component of the allowance on a collective basis, Valley uses a transition matrix model which calculates an expected life of loan loss percentage for each loan pool by generating probability of default and loss given default metrics. The metrics are based on the migration of loans from performing to loss by credit quality rating or delinquency categories using historical life-of-loan analysis periods for each loan portfolio pool, and the severity of loss, based on the aggregate net lifetime losses. The model's expected losses based on loss history are adjusted for qualitative factors. Among other things, these adjustments include and account for differences in: (i) the impact of the reasonable and supportable economic forecast, probability weightings and reversion period, (ii) other asset specific risks to the extent they do not exist in the historical loss information, and (iii) net expected recoveries of charged off loan balances. These adjustments are based on qualitative factors not reflected in the quantitative model but are likely to impact the measurement of estimated credit losses. The expected lifetime loss rate is the life of loan loss percentage from the transition matrix model plus the impact of the adjustments for qualitative factors. The expected credit losses are the product of multiplying the model’s expected lifetime loss rate by the exposure at default at period end on an undiscounted basis. Valley utilizes a two-year reasonable and supportable forecast period followed by a one-year period over which estimated losses revert to historical loss experience for the remaining life of the loan on a straight-line basis. The forecasts consist of a multi-scenario economic forecast model to estimate future credit losses that is governed by a cross-functional committee. The committee meets each quarter to determine which economic scenarios developed by Moody's will be incorporated into the model, as well as the relative probability weightings of the selected scenarios, based upon all readily available information. The model projects economic variables under each scenario based on detailed statistical analyses. Valley has identified and selected key variables that most closely correlated to its historical credit performance, which include: GDP, unemployment and the Case-Shiller Home Price Index. The loan credit quality data utilized in the transition matrix model is based on an internal credit risk rating system for the commercial and industrial loan and commercial real estate loan portfolio segments and delinquency aging status for the residential and consumer loan portfolio segments. Loans are risk-rated based on an internal credit risk grading process that evaluates, among other things: (i) the obligor’s ability to repay; (ii) the underlying collateral, if any; and (iii) the economic environment and industry in which the borrower operates. This analysis is performed at the relationship manager level for all commercial and industrial loans and commercial real estate loans, and evaluated by the Loan Review Department on a test basis. Loans with a grade that is below “Pass” grade are adversely classified. Once a loan is adversely classified, the assigned relationship manager and/or a special assets officer in conjunction with the Credit Risk Management Department analyzes the loan to determine whether the loan is a collateral dependent asset (i.e., repayment is expected to be provided substantially through the sale or operation of the collateral) and the need to specifically assign a specific valuation allowance for loan losses to the loan, as discussed further below. Reserves for loans that that do not share common risk characteristics. Valley measures specific reserves for individual loans that do not share common risk characteristics with other loans, consisting of collateral dependent, troubled debt restructured ( TDR) loans, and expected TDR loans, based on the amount of lifetime expected credit losses calculated on those loans and charge-offs of those amounts determined to be uncollectible. Factors considered by Valley in measuring the extent of expected credit loss include payment status, collateral value, borrower financial condition, guarantor support and the probability of collecting scheduled principal and interest payments when due. Collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) of each loan’s underlying collateral 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. If repayment is based upon future expected cash flows, the present value of the expected future cash flows discounted at the loan’s original effective interest rate is compared to the carrying value of the loan, and any shortfall is recorded as the allowance for credit losses. The effective interest rate used to discount expected cash flows is adjusted to incorporate expected prepayments, if applicable. Valley elected to exclude accrued interest on loans from the amortized cost of loans held for investment. The accrued interest is presented separately in the consolidated statements of financial condition. Loans charge-offs. Loans rated as "loss" within Valley's internal rating system are charged-off. Commercial loans are generally assessed for full or partial charge-off to the net realizable value for collateral dependent loans when a loan is between 90 or 120 days past due or sooner if it is probable that a loan may not be fully collectable. Residential loans and home equity loans are generally charged-off to net realizable value when the loan is 120 days past due (or sooner when the borrowers’ obligation has been released in bankruptcy). Automobile loans are fully charged-off when the loan is 120 days past due or partially charged-off to the net realizable value of collateral, if the collateral is recovered prior to such time. Unsecured consumer loans are generally fully charged-off when the loan is 150 days past due. Under the incurred credit losses methodology utilized in the prior periods, the allowance for credit losses was maintained at a level estimated to absorb probable credit losses inherent in the loan portfolio, as well as other credit risk related charge-offs. The allowance is based on ongoing evaluations of the probable estimated losses inherent in the non-purchase credit impaired (PCI) loan portfolio and off-balance sheet unfunded letters of credit, as well as reserves for impairment of PCI loans subsequent to their acquisition date. Valley had no allowance reserves related to PCI loans at December 31, 2019. The Bank’s methodology for evaluating the appropriateness of the allowance included grouping the loan portfolio into loan segments based on common risk characteristics, tracking the historical levels of classified loans and delinquencies, estimating the appropriate loss look-back and loss emergence periods related to historical losses for each loan segment, providing specific reserves on impaired loans, and assigning incremental reserves where necessary based upon qualitative and economic outlook factors including numerous variables, such as the nature and trends of recent loan charge-offs. Additionally, the volume of non-performing loans, concentration risks by size, type, and geography, new markets, collateral adequacy, credit policies and procedures, staffing, underwriting consistency, loan review and economic conditions are taken into consideration. The allowance for loan losses consists of four elements: (i) specific reserves for individually impaired credits, (ii) reserves for adversely classified, or higher risk rated, loans that are not impaired, (iii) reserves for other loans based on historical loss factors (using the appropriate loss look-back and loss emergence periods) adjusted for both internal and external qualitative risk factors to Valley, including the aforementioned factors, as well as changes in both organic and purchased loan portfolio volumes, the composition and concentrations of credit, new market initiatives, and the impact of competition on loan structuring and pricing, and (iv) an allowance for PCI loan pools impaired subsequent to the acquisition date, if applicable. The allowances established for probable losses on specific loans are based on a regular analysis and evaluation of the loans. Loans are evaluated based on an internal credit risk rating system for the commercial and industrial loan and commercial real estate loan portfolio segments and non-performing loan status for the residential and consumer loan portfolio segments. Loans are risk-rated based on an internal credit risk grading process that evaluates, among other things: (i) the obligor’s ability to repay; (ii) the underlying collateral, if any; and (iii) the economic environment and industry in which the borrower operates. The allowance allocations for other loans (i.e., risk rated loans that are not adversely classified and loans that are not risk rated) are calculated by applying historical loss factors for each loan portfolio segment to the applicable outstanding loan portfolio balances. Loss factors are calculated using statistical analysis supplemented by management judgment. The statistical analysis considers historical default rates, historical loss severity in the event of default, and the average loss emergence period for each loan portfolio segment. The management analysis includes an evaluation of loan portfolio volumes, the composition and concentrations of credit, credit quality and current delinquency trends.
Allowance for Unfunded Credit Commitments	Allowance for Unfunded Credit Commitments The
Lessor Arrangements	Lessor Arrangements. Valley's lessor arrangements primarily consist of direct financing and sales-type leases for equipment included in the commercial and industrial loan portfolio. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term.
Lessee Arrangements	Lessee Arrangements. Valley's lessee arrangements predominantly consist of operating and finance leases for premises and equipment. The majority of the operating leases include one or more options to renew that can significantly extend the lease terms. Valley’s leases have a wide range of lease expirations through the year 2062. Operating and finance leases are recognized as right of use (ROU) assets and lease liabilities in the consolidated statements of financial position. The ROU assets represent the right to use underlying assets for the lease terms and lease liabilities represent Valley’s obligations to make lease payments arising from the lease. The ROU assets include any prepaid lease payments and initial direct costs, less any lease incentives. At the commencement dates of leases, ROU assets and lease liabilities are initially recognized based on their net present values with the lease terms including options to extend or terminate the lease when Valley is reasonably certain that the options will be exercised to extend. ROU assets are amortized into net occupancy and equipment expense over the expected lives of the leases.
Premises and Equipment, Net	Premises and Equipment, NetPremises and equipment are stated at cost less accumulated depreciation computed using the straight-line method over the estimated useful lives of the related assets. Estimated useful lives range from 3 years for capitalized software to up to 40 years for buildings. Leasehold improvements are amortized over the term of the lease or estimated useful life of the asset, whichever is shorter. Major improvements are capitalized, while repairs and maintenance costs are charged to operations as incurred. Upon retirement or disposition, any gain or loss is credited or charged to operations.
Bank Owned Life Insurance	Bank Owned Life Insurance Valley owns bank owned life insurance (BOLI) to help offset the cost of employee benefits. BOLI is recorded at its cash surrender value. Valley’s BOLI is invested primarily in U.S. Treasury securities and residential mortgage-backed securities issued by government sponsored enterprises and Ginnie Mae. The majority of the underlying investment portfolio is managed by one independent investment firm. The change in the cash surrender value is included as a component of non-interest income and is exempt from federal and state income taxes as long as the policies are held until the death of the insured individuals.
Other Real Estate Owned	Other Real Estate OwnedValley acquires other real estate owned (OREO) through foreclosure on loans secured by real estate. OREO is reported at the lower of cost or fair value, as established by a current appraisal (less estimated costs to sell) and it is included in other assets. Any write-downs at the date of foreclosure are charged to the allowance for loan losses. Expenses incurred to maintain these properties, unrealized losses resulting from valuation write-downs after the date of foreclosure, and realized gains and losses upon sale of the properties are included in other non-interest expense.
Goodwill	Goodwill Intangible assets resulting from acquisitions under the acquisition method of accounting consist of goodwill and other intangible assets (see “Other Intangible Assets” below). Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired and is not amortized. The initial recording of goodwill and other intangible assets requires subjective judgments concerning estimates of the fair value of the acquired assets and assumed liabilities. Goodwill is subject to annual tests for impairment or more often, if events or circumstances indicate it may be impaired. Prior to January 1, 2020, goodwill impairment was determined using a two-step quantitative test. On January 1, 2020, Valley adopted ASU No. 2017-04, which simplified the impairment test by eliminating the step two requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, an impairment loss is recognized if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the unit (formerly step one of the two-step test). Goodwill is allocated to Valley's reporting unit, which is a business segment or one level below, at the date goodwill is recorded. Under current accounting guidance, Valley may choose to perform an optional qualitative assessment to determine whether it is necessary to perform the single-step quantitative goodwill impairment test for one or more reporting units each annual period. Valley reviews goodwill for impairment annually during the second quarter using a quantitative test, or more frequently if a triggering event indicates impairment may have occurred. Our determination of whether or not goodwill is impaired requires us to make judgments, and use significant estimates and assumptions regarding estimated future cash flows. If we change our strategy or if market conditions shift, our judgments may change, which may result in adjustments to the recorded goodwill balance.
Other Intangible Assets	Other Intangible Assets Other intangible assets primarily consist of loan servicing rights (largely generated from loan servicing retained by the Bank on residential mortgage loan originations sold in the secondary market to government sponsored enterprises), core
Loan Servicing Rights	Loan Servicing Rights Loan servicing rights are recorded when originated mortgage loans are sold with servicing rights retained, or when servicing rights are purchased. Valley initially records the loan servicing rights at fair value. Subsequently, the loan servicing rights are carried at the lower of unamortized cost or market (i.e., fair value). The fair values of the loan servicing rights for each risk-stratified group of loan servicing rights are calculated using a fair value model from a third party vendor that uses various inputs and assumptions, including but not limited to, prepayment speeds, internal rate of return (“discount rate”), servicing cost, ancillary income, float rate, tax rate, and inflation. The prepayment speed and the discount rate are considered two of the most significant inputs in the model. Unamortized costs associated with acquiring loan servicing rights, net of any valuation allowances, are included in other intangible assets in the consolidated statements of financial condition and are accounted for using the amortization method. Valley amortizes the loan servicing assets in proportion to and over the period of 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. A valuation allowance is established through an impairment charge to earnings to the extent the unamortized cost of a stratified group of loan servicing rights exceeds its estimated fair value. Increases in the fair value of impaired loan servicing rights are recognized as a reduction of the valuation allowance, but not in excess of such allowance. The amortization of loan servicing rights is recorded in non-interest income.
Stock-Based Compensation	Stock-Based CompensationCompensation expense for restricted stock units, restricted stock and stock option awards (i.e., non-vested stock awards) is based on the fair value of the award on the date of the grant and is recognized ratably over the service period of the award. Beginning in 2019, Valley's long-term incentive compensation plan was amended to include a service period requirement for award grantees who are eligible for retirement pursuant to which an award will vest at one-twelfth per month after the grant date, which requires the grantees to continue service with Valley for one year in order for the award to fully vest. Compensation expense for these awards is amortized monthly over a one year period after the grant date. Prior to 2019, award grantees who were eligible for retirement did not have a service period requirement. Compensation expense for these awards is recognized immediately in earnings. The service period for non-retirement eligible employees is the shorter of the stated vesting period of the award or the period until the employee’s retirement eligibility date. The fair value of each option granted is estimated using a binomial option pricing model. The fair value of restricted stock units and awards is based upon the last sale price reported for Valley’s common stock on the date of grant or the last sale price reported preceding such date, except for performance-based stock awards with a market condition. The grant date fair value of a performance-based stock award that vests based on a market condition is determined by a third party specialist using a Monte Carlo valuation model.
Fair Value Measurements	Fair Value MeasurementsIn general, fair values of financial instruments are based upon quoted market prices, where available. When observable market prices and parameters are not fully available, management uses valuation techniques based upon internal and third party models requiring more management judgment to estimate the appropriate fair value measurements. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value, including adjustments based on internal cash flow model projections that utilize assumptions similar to those incorporated by market participants. Other adjustments may include amounts to reflect counterparty credit quality and Valley’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time.
Revenue Recognition	Revenue Recognition Valley's revenue contracts generally have a single performance obligation, as the promise to transfer the individual goods or services is not separately identifiable, or distinct from other obligations within the contracts. Valley does not have a material amount of long-term customer agreements that include multiple performance obligations requiring price allocation and differences in the timing of revenue recognition. Valley has no customer contracts with variable fee agreements based upon performance. Valley's revenue within the scope of ASC Topic 606 includes: (i) trust and investment services income from investment management, investment advisory, trust, custody and other products; (ii) service charges on deposit accounts from
Income Taxes	Income Taxes Valley uses the asset and liability method to provide income taxes on all transactions recorded in the consolidated financial statements. This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on the enacted tax rates that will be in effect when the underlying items of income and expense are expected to be realized. Valley’s expense for income taxes includes the current and deferred portions of that expense. Deferred tax assets are recognized if, in management's judgment, their realizability is determined to be more likely than not. A valuation allowance is established to reduce deferred tax assets to the amount we expect to realize. Deferred income tax expense or benefit results from differences between assets and liabilities measured for financial reporting versus income-tax return purposes. The effect on deferred taxes of a change in tax rates is recognized in income tax expense in the period that includes the enactment date.
Comprehensive Income	Comprehensive IncomeComprehensive income or loss is defined as the change in equity of a business entity during a period due to transactions and other events and circumstances, excluding those resulting from investments by and distributions to shareholders. Comprehensive income consists of net income and other comprehensive income or loss. Valley’s components of other comprehensive income or loss, net of deferred tax, include: (i) unrealized gains and losses on securities available for sale; (ii) unrealized gains and losses on derivatives used in cash flow hedging relationships; and (iii) the pension benefit adjustment for the unfunded portion of its various employee, officer, and director pension plans. Income tax effects are released from accumulated other comprehensive income on an individual unit of account basis. Valley presents comprehensive income and its components in the consolidated statements of comprehensive income for all periods presented.
Earnings Per Common Share	Earnings Per Common Share In Valley's computation of the earnings per common share, the numerator of both the basic and diluted earnings per common share is net income available to common shareholders (which is equal to net income less dividends on preferred stock). The weighted average number of common shares outstanding used in the denominator for basic earnings per common share is increased to determine the denominator used for diluted earnings per common share by the effect of potentially dilutive common stock equivalents utilizing the treasury stock method.
Preferred and Common Stock Dividends	Preferred and Common Stock Dividends Valley issued 4.6 million and 4.0 million shares of non-cumulative perpetual preferred stock in June 2015 and August 2017, respectively, which were initially recorded at fair value. See Note 18 for additional details on the preferred stock issuances. The preferred shares are senior to Valley common stock, whereas the current year dividends must be paid before Valley can pay dividends to its common shareholders. Preferred dividends declared are deducted from net income for computing income available to common shareholders and earnings per common share computations. Cash dividends to both preferred and common shareholders are payable and accrued when declared by Valley's Board of Directors.
Treasury Stock	Treasury Stock Treasury stock is recorded using the cost method and accordingly is presented as a reduction of shareholders’ equity.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities As part of its asset/liability management strategies and to accommodate commercial borrowers, Valley has used interest rate swaps to hedge variability in cash flows or fair values caused by changes in interest rates. Valley also uses derivatives not designated as hedges for non-speculative purposes to (1) manage its exposure to interest rate movements related to a service for commercial lending customers, (2) share the risk of default on the interest rate swaps related to certain purchased or sold loan participations through the use of risk participation agreements and (3) manage the interest rate risk of mortgage banking activities with customer interest rate lock commitments and forward contracts to sell residential mortgage loans. Valley also has hybrid instruments, consisting of market linked certificates of deposit with an embedded swap contract. Valley records all derivatives including embedded derivatives as assets or liabilities at fair value on the consolidated statements of financial condition. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income or loss and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. On a quarterly basis, Valley assesses the effectiveness of each hedging relationship by comparing the changes in cash flows or fair value of the derivative hedging instrument with the changes in cash flows or fair value of the designated hedged item or transaction. If a hedging relationship is terminated due to ineffectiveness, and the derivative instrument is not re-designated to a new hedging relationship, the subsequent change in fair value of such instrument is charged directly to earnings. Derivatives not designated as hedges do not meet the hedge accounting requirements under U.S. GAAP. Changes in fair value of derivatives not designated in hedging relationships are recorded directly in earnings. Valley calculates the credit valuation adjustments to the fair value of derivatives designated as fair value hedges on a net basis by counterparty portfolio, as an accounting policy election.
New Authoritative Accounting Guidance	New Authoritative Accounting Guidance New Accounting Guidance Adopted in 2020. ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" amends the accounting guidance on the impairment of financial instruments. The FASB issued an amendment to replace the incurred loss impairment methodology under prior accounting guidance with a new CECL model. Valley adopted ASU No. 2016-13 on January 1, 2020 using the modified retrospective approach for all financial assets measured at amortized cost (except for PCD loans) and off-balance sheet credit exposures. At adoption, Valley recorded a $100.4 million increase to its allowance for credit losses, including reserves of $92.5 million, $7.1 million and $793 thousand related to loans, unfunded credit commitments and held to maturity debt securities, respectively. Of the $92.5 million in loan reserves, $61.6 million represents PCD loan related reserves which were recognized through a gross-up that increased the amortized cost basis of loans with a corresponding increase to the allowance for credit losses, and therefore resulted in no impact to shareholders' equity. The remaining non-credit discount of $97.7 million related to PCD loans is accreted into interest income over the life of the loans at the effective interest rate effective January 1, 2020. Valley elected the prospective transition approach for PCD loans that were previously classified as purchased-credit impaired (PCI) loans. Under this guidance, Valley was not required to reassess whether PCI loans met the PCD loans criteria as of the date of the date of adoption. The non-PCD loan related increase to the allowance for credit losses of $38.8 million, including the reserves for unfunded loan commitments and held to maturity debt securities, was offset in shareholders' equity and deferred tax assets. See Notes 4 and 5 for allowance for credit losses required disclosures. Reporting periods prior to the adoption date are presented in accordance with previously applicable GAAP. ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" eliminates the requirement to calculate the implied fair value of goodwill (i.e., Step 2 of the current goodwill impairment test guidance) to measure a goodwill impairment charge. Instead, an entity will be required to record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (i.e., measure the charge based on Step 1 of the current guidance). In addition, ASU No. 2017-04 eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. However, an entity will be required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU No. 2017-04 was effective for Valley on January 1, 2020 and Valley applied this new guidance in its annual goodwill impairment test performed during the second quarter 2020. New Accounting Guidance Issued in 2020. ASU No. 2020-04, "Reference Rate Reform (Topic 848)" provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued, subject to meeting certain criteria. Under the new guidance, an entity can elect by accounting topic or industry subtopic to account for the modification of a contract affected by reference rate reform as a continuation of the existing contract, if certain conditions are met. In addition, the new guidance allows an entity to elect on a hedge-by-hedge basis to continue to apply hedge accounting for hedging relationships in which the critical terms change due to reference rate reform, if certain conditions are met. A one-time election to sell and/or transfer held to maturity debt securities that reference a rate affected by reference rate reform is also allowed. ASU No. 2020-04 became effective for all entities as of March 12, 2020 and can apply to all LIBOR reference rate modifications any time through December 31, 2022. Management is currently evaluating the impact of the ASU on Valley’s consolidated financial statements. Valley has established a working group to identify and prepare fall back language and replacement provisions. In addition, the working group is evaluating substitute indices for LIBOR and testing Valley's models and systems that currently use LIBOR to ensure reference rates change readiness. New Accounting Guidance Adopted in the First Quarter 2021. ASU No. 2020-08, "Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs" provides clarification and affects the guidance previously issued by ASU No. 2017-08 “Receivables -Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU No. 2020-08 clarifies that an entity should reevaluate whether a debt security with multiple call dates is within the scope of paragraph 310-20-35-33. For each reporting period, to the extent that the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the next call date, the premium should be amortized to the next call date, unless the guidance to consider estimated prepayments is applied. Valley adopted ASU No. 2020-08 on January 1, 2021. This new guidance is not expected to have a significant impact on Valley’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2020
Accounting Policies [Abstract]
Calculation of Basic and Diluted Earnings Per Common Share	The following table shows the calculation of both basic and diluted earnings per common share for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 (in thousands, except for share data) Net income available to common shareholders $ 377,918 $ 297,105 $ 248,740 Basic weighted-average number of common shares outstanding 403,754,356 337,792,270 331,258,964 Plus: Common stock equivalents 1,291,851 2,325,538 1,434,754 Diluted weighted-average number of common shares outstanding 405,046,207 340,117,808 332,693,718 Earnings per common share: Basic $ 0.94 $ 0.88 $ 0.75 Diluted 0.93 0.87 0.75

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
Business Combinations (Tables)	Dec. 31, 2020
Business Combinations [Abstract]
Business Acquisition, Pro Forma Information	Had the acquisition of Oritani taken place on the beginning of the following annual periods presented, Valley’s revenues (defined as the sum of net interest income and non-interest income), net income, basic earnings per share, and diluted earnings per share would have equaled the amounts indicated in the following table for the years ended December 31, 2019 and 2018: 2019 2018 (in thousands, except per share data) Unaudited Revenues $ 1,219,887 $ 1,106,012 Net income 361,079 313,977 Basic earnings per share 0.86 0.75 Diluted earnings per share 0.85 0.75

Fair Value Measurement of Ass_2

Fair Value Measurement of Assets and Liabilities (Tables)	12 Months Ended
Fair Value Measurement of Assets and Liabilities (Tables)	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on 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 December 31, 2020 and 2019. The assets presented under “non-recurring fair value measurements” in the table 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). Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices Significant Other Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 26,379 $ 18,600 $ — $ — Available for sale debt securities: U.S. Treasury securities 51,393 51,393 — — U.S. government agency securities 26,157 — 26,157 — Obligations of states and political subdivisions 79,950 — 79,135 815 Residential mortgage-backed securities 1,090,022 — 1,090,022 — Corporate and other debt securities 91,951 — 91,951 — Total available for sale debt securities 1,339,473 51,393 1,287,265 815 Loans held for sale (2) 301,427 — 301,427 — Other assets (3) 387,452 — 387,452 — Total assets $ 2,054,731 $ 69,993 $ 1,976,144 $ 815 Liabilities Other liabilities (3) $ 156,281 $ — $ 156,281 $ — Total liabilities $ 156,281 $ — $ 156,281 $ — Non-recurring fair value measurements: Collateral dependent loans $ 35,228 $ — $ — $ 35,228 Loan servicing rights 15,603 — — 15,603 Foreclosed assets 7,387 — — 7,387 Total $ 58,218 $ — $ — $ 58,218 Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices Significant Other Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities at fair value $ 41,410 $ 41,410 $ — $ — Available for sale debt securities: U.S. Treasury securities 50,943 50,943 — — U.S. government agency securities 29,243 — 29,243 — Obligations of states and political subdivisions 170,051 — 169,371 680 Residential mortgage-backed securities 1,254,786 — 1,254,786 — Corporate and other debt securities 61,778 — 61,778 — Total available for sale debt securities 1,566,801 50,943 1,515,178 680 Loans held for sale (2) 76,113 — 76,113 — Other assets (3) 158,532 — 158,532 — Total assets $ 1,842,856 $ 92,353 $ 1,749,823 $ 680 Liabilities Other liabilities (3) $ 43,926 $ — $ 43,926 $ — Total liabilities $ 43,926 $ — $ 43,926 $ — Non-recurring fair value measurements: Collateral dependent impaired loans $ 39,075 $ — $ — $ 39,075 Loan servicing rights 1,591 — — 1,591 Foreclosed assets 10,807 — — 10,807 Total $ 51,473 $ — $ — $ 51,473 (1) Includes equity securities measured as net asset value (NAV) per share (or its equivalent) as a practical expedient totaling $7.8 million at December 31, 2020. These securities have not been classified in the fair value hierarchy. (2) Represents residential mortgage loans held for sale that are carried at fair value and had contractual unpaid principal balances totaling approximately $286.4 million and $74.5 million at December 31, 2020 and 2019, respectively. (3) Derivative financial instruments are included in this category.
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 December 31, 2020 and 2019 were as follows: 2020 2019 Fair Value Carrying Fair Value Carrying Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 257,845 $ 257,845 $ 256,264 $ 256,264 Interest bearing deposits with banks Level 1 1,071,360 1,071,360 178,423 178,423 Equity securities (1) Level 3 2,999 2,999 — — Held to maturity debt securities: U.S. Treasury securities Level 1 68,126 75,484 138,352 144,113 U.S. government agency securities Level 2 6,222 6,513 7,345 7,362 Obligations of states and political subdivisions Level 2 470,259 484,506 500,705 513,607 Residential mortgage-backed securities Level 2 1,550,306 1,589,655 1,620,119 1,629,572 Trust preferred securities Level 2 37,348 30,033 37,324 31,382 Corporate and other debt securities Level 2 40,750 41,421 32,250 32,684 Total held to maturity debt securities (2) 2,173,011 2,227,612 2,336,095 2,358,720 Net loans Level 3 31,876,869 31,635,060 29,537,449 28,964,396 Accrued interest receivable Level 1 106,230 106,230 105,637 105,637 Federal Reserve Bank and Federal Home Loan Bank stock (3) Level 2 250,116 250,116 214,421 214,421 Financial liabilities Deposits without stated maturities Level 1 25,220,924 25,220,924 19,467,892 19,467,892 Deposits with stated maturities Level 2 6,714,678 6,639,022 9,717,945 9,747,867 Short-term borrowings Level 1 1,147,958 1,151,478 1,093,280 1,081,879 Long-term borrowings Level 2 2,295,665 2,405,345 2,122,426 2,181,401 Junior subordinated debentures issued to capital trusts Level 2 56,065 57,779 55,718 53,889 Accrued interest payable (4) Level 1 18,839 18,839 33,066 33,066 (1) Represents equity securities without a readily determinable fair value measured at costs less impairment, if any. (2) The carrying amount is presented gross without the allowance for credit losses. (3) Included in other assets. (4) Included in accrued expenses and other liabilities.

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
Investment Securities (Tables)	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Investment Securities Available for Sale	The amortized cost, gross unrealized gains and losses and fair value of investment securities available for sale at December 31, 2020 and 2019 were as follows: Amortized Gross Gross Fair (in thousands) December 31, 2020 U.S. Treasury securities $ 50,031 $ 1,362 $ — $ 51,393 U.S. government agency securities 25,067 1,103 (13) 26,157 Obligations of states and political subdivisions: Obligations of states and state agencies 40,861 970 (32) 41,799 Municipal bonds 37,489 731 (69) 38,151 Total obligations of states and political subdivisions 78,350 1,701 (101) 79,950 Residential mortgage-backed securities 1,050,369 40,426 (773) 1,090,022 Corporate and other debt securities 89,689 2,294 (32) 91,951 Total investment securities available for sale $ 1,293,506 $ 46,886 $ (919) $ 1,339,473 December 31, 2019 U.S. Treasury securities $ 50,952 $ 12 $ (21) $ 50,943 U.S. government agency securities 28,982 280 (19) 29,243 Obligations of states and political subdivisions: Obligations of states and state agencies 78,116 540 (83) 78,573 Municipal bonds 90,662 902 (86) 91,478 Total obligations of states and political subdivisions 168,778 1,442 (169) 170,051 Residential mortgage-backed securities 1,248,814 11,234 (5,262) 1,254,786 Corporate and other debt securities 61,261 628 (111) 61,778 Total investment securities available for sale $ 1,558,787 $ 13,596 $ (5,582) $ 1,566,801
Age of Unrealized Losses and Fair Value of Related Securities	The age of unrealized losses and fair value of related securities available for sale at December 31, 2020 and 2019 were as follows: Less than More than Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) December 31, 2020 U.S. government agency securities $ — $ — $ 1,479 $ (13) $ 1,479 $ (13) Obligations of states and political subdivisions: Obligations of states and state agencies — — 1,010 (32) 1,010 (32) Municipal bonds 6,777 (69) — — 6,777 (69) Total obligations of states and political subdivisions 6,777 (69) 1,010 (32) 7,787 (101) Residential mortgage-backed securities 41,418 (500) 27,911 (273) 69,329 (773) Corporate and other debt securities 12,517 (32) — — 12,517 (32) Total $ 60,712 $ (601) $ 30,400 $ (318) $ 91,112 $ (919) December 31, 2019 U.S. Treasury securities $ 25,019 $ (21) $ — $ — $ 25,019 $ (21) U.S. government agency securities — — 1,783 (19) 1,783 (19) Obligations of states and political subdivisions: Obligations of states and state agencies 18,540 (21) 8,755 (62) 27,295 (83) Municipal bonds — — 13,177 (86) 13,177 (86) Total obligations of states and political subdivisions 18,540 (21) 21,932 (148) 40,472 (169) Residential mortgage-backed securities 240,412 (1,194) 282,798 (4,068) 523,210 (5,262) Corporate and other debt securities 5,139 (111) — — 5,139 (111) Total $ 289,110 $ (1,347) $ 306,513 $ (4,235) $ 595,623 $ (5,582)
Contractual Maturities of Investments Securities Available for Sale	The contractual maturities of available for sale debt securities at December 31, 2020 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. December 31, 2020 Amortized Cost Fair Value (in thousands) Due in one year $ 14,553 $ 14,555 Due after one year through five years 82,656 85,179 Due after five years through ten years 92,674 94,629 Due after ten years 53,254 55,088 Residential mortgage-backed securities 1,050,369 1,090,022 Total investment securities available for sale $ 1,293,506 $ 1,339,473
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Investment Securities Held to Maturity	The amortized cost, gross unrealized gains and losses and fair value of investment debt securities held to maturity at December 31, 2020 and 2019 were as follows: Amortized Gross Gross Fair Value (in thousands) December 31, 2020 U.S. Treasury securities $ 68,126 $ 7,358 $ — $ 75,484 U.S. government agency securities 6,222 291 — 6,513 Obligations of states and political subdivisions: Obligations of states and state agencies 262,762 8,060 (105) 270,717 Municipal bonds 207,497 6,292 — 213,789 Total obligations of states and political subdivisions 470,259 14,352 (105) 484,506 Residential mortgage-backed securities 1,550,306 39,603 (254) 1,589,655 Trust preferred securities 37,348 50 (7,365) 30,033 Corporate and other debt securities 40,750 672 (1) 41,421 Total investment securities held to maturity $ 2,173,011 $ 62,326 $ (7,725) $ 2,227,612 December 31, 2019 U.S. Treasury securities $ 138,352 $ 5,761 $ — $ 144,113 U.S. government agency securities 7,345 58 (41) 7,362 Obligations of states and political subdivisions: Obligations of states and state agencies 297,454 7,745 (529) 304,670 Municipal bonds 203,251 5,696 (10) 208,937 Total obligations of states and political subdivisions 500,705 13,441 (539) 513,607 Residential mortgage-backed securities 1,620,119 14,803 (5,350) 1,629,572 Trust preferred securities 37,324 39 (5,981) 31,382 Corporate and other debt securities 32,250 454 (20) 32,684 Total investment securities held to maturity $ 2,336,095 $ 34,556 $ (11,931) $ 2,358,720
Age of Unrealized Losses and Fair Value of Related Securities Held to Maturity	The age of unrealized losses and fair value of related securities held to maturity at December 31, 2020 and 2019 were as follows: Less than More than Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) December 31, 2020 Obligations of states and political subdivisions $ 5,546 $ (105) $ — $ — $ 5,546 $ (105) Residential mortgage-backed securities 21,599 (245) 2,470 (9) 24,069 (254) Trust preferred securities — — 28,630 (7,365) 28,630 (7,365) Corporate and other debt securities 10,749 (1) — — 10,749 (1) Total $ 37,894 $ (351) $ 31,100 $ (7,374) $ 68,994 $ (7,725) December 31, 2019 U.S. government agency securities $ 5,183 $ (41) $ — $ — $ 5,183 $ (41) Obligations of states and political subdivisions: Obligations of states and state agencies 11,178 (55) 32,397 (474) 43,575 (529) Municipal bonds — — 798 (10) 798 (10) Total obligations of states and political subdivisions 11,178 (55) 33,195 (484) 44,373 (539) Residential mortgage-backed securities 307,885 (1,387) 254,915 (3,963) 562,800 (5,350) Trust preferred securities — — 29,990 (5,981) 29,990 (5,981) Corporate and other debt securities — — 4,980 (20) 4,980 (20) Total $ 324,246 $ (1,483) $ 323,080 $ (10,448) $ 647,326 $ (11,931)
Contractual Maturities of Debt Securities Held to Maturity	The contractual maturities of investments in debt securities held to maturity at December 31, 2020 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. December 31, 2020 Amortized Cost Fair Value (in thousands) Due in one year $ 28,174 $ 28,290 Due after one year through five years 234,392 246,981 Due after five years through ten years 150,859 154,904 Due after ten years 209,280 207,782 Residential mortgage-backed securities 1,550,306 1,589,655 Total investment securities held to maturity $ 2,173,011 $ 2,227,612
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 December 31, 2020 and 2019. AAA/AA/A Rated BBB rated Non-investment grade rated Non-rated Total (in thousands) December 31, 2020 U.S. Treasury securities $ 68,126 $ — $ — $ — $ 68,126 U.S. government agency securities 6,222 — — — 6,222 Obligations of states and political subdivisions: Obligations of states and state agencies 228,286 — 5,650 28,826 262,762 Municipal bonds 166,408 — — 41,089 207,497 Total obligations of states and political subdivisions 394,694 — 5,650 69,915 470,259 Residential mortgage-backed securities 1,550,306 — — — 1,550,306 Trust preferred securities — — — 37,348 37,348 Corporate and other debt securities — 5,000 — 35,750 40,750 Total investment securities held to maturity $ 2,019,348 $ 5,000 $ 5,650 $ 143,013 $ 2,173,011 December 31, 2019 U.S. Treasury securities $ 138,352 $ — $ — $ — $ 138,352 U.S. government agency securities 7,345 — — — 7,345 Obligations of states and political subdivisions: Obligations of states and state agencies 248,533 5,722 — 43,199 297,454 Municipal bonds 202,642 — — 609 203,251 Total obligations of states and political subdivisions 451,175 5,722 — 43,808 500,705 Residential mortgage-backed securities 1,620,119 — — — 1,620,119 Trust preferred securities — — — 37,324 37,324 Corporate and other debt securities — 5,000 — 27,250 32,250 Total investment securities held to maturity $ 2,216,991 $ 10,722 $ — $ 108,382 $ 2,336,095
Realized Gains and Losses	Gross gains and losses realized on sales, maturities and other securities transactions included in earnings for the years ended December 31, 2020, 2019 and 2018 were as follows: 2020 2019 2018 (in thousands) Sales transactions: Gross gains $ 665 $ — $ 1,769 Gross losses (9) — (3,881) $ 656 $ — $ (2,112) Maturities and other securities transactions: Gross gains $ 34 $ 67 $ 42 Gross losses (166) (217) (272) $ (132) $ (150) $ (230) Net gains (losses) on securities transactions $ 524 $ (150) $ (2,342)

Loans and Allowance for Credi_2

Loans and Allowance for Credit Losses for Loans (Tables)	12 Months Ended
Loans and Allowance for Credit Losses for Loans (Tables)	Dec. 31, 2020
Receivables [Abstract]
Schedule of Loan Portfolio	The detail of the loan portfolio as of December 31, 2020 and 2019 was as follows: 2020 2019 (in thousands) Loans: Commercial and industrial * $ 6,861,708 $ 4,825,997 Commercial real estate: Commercial real estate 16,724,998 15,996,741 Construction 1,745,825 1,647,018 Total commercial real estate loans 18,470,823 17,643,759 Residential mortgage 4,183,743 4,377,111 Consumer: Home equity 431,553 487,272 Automobile 1,355,955 1,451,623 Other consumer 913,330 913,446 Total consumer loans 2,700,838 2,852,341 Total loans $ 32,217,112 $ 29,699,208 * Includes $2.2 billion of loans originated under the SBA Paycheck Protection Program (PPP), net of unearned fees totaling $43.2 million at December 31, 2020.
Changes in Amounts of Loans and Advances to the Related Parties	The following table summarizes the changes in the total amounts of loans and advances to the related parties during the year ended December 31, 2020: 2020 (in thousands) Outstanding at beginning of year $ 193,281 New loans and advances 71,356 Repayments (25,012) Outstanding at end of year $ 239,625
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 credit losses by loan portfolio class (including PCD loans) at December 31, 2020: Past Due and Non-Accrual Loans 30-59 Days 60-89 Days 90 Days or More Non-Accrual Total Current Total Non-Accrual Loans Without Allowance for Credit Losses (in thousands) December 31, 2020 Commercial and industrial $ 6,393 $ 2,252 $ 9,107 $ 106,693 $ 124,445 $ 6,737,263 $ 6,861,708 $ 4,075 Commercial real estate: Commercial real estate 35,030 1,326 993 46,879 84,228 16,640,770 16,724,998 32,416 Construction 315 — — 84 399 1,745,426 1,745,825 — Total commercial real estate loans 35,345 1,326 993 46,963 84,627 18,386,196 18,470,823 32,416 Residential mortgage 17,717 10,351 3,170 25,817 57,055 4,126,688 4,183,743 11,610 Consumer loans: Home equity 953 492 — 4,936 6,381 425,172 431,553 50 Automobile 8,056 1,107 245 338 9,746 1,346,209 1,355,955 — Other consumer 1,248 224 26 535 2,033 911,297 913,330 — Total consumer loans 10,257 1,823 271 5,809 18,160 2,682,678 2,700,838 50 Total $ 69,712 $ 15,752 $ 13,541 $ 185,282 $ 284,287 $ 31,932,825 $ 32,217,112 $ 48,151 The following table presents past due, non-accrual and current loans by loan portfolio class at December 31, 2019. At December 31, 2019, purchased credit-impaired (PCI) loans were excluded from past due and non-accrual loans reported because they continued to earn interest income from the accretable yield at the pool level. The PCI loan pools are accounted for as PCD loans (on a loan level basis with a related allowance for credit losses) under the CECL standard adopted at January 1, 2020 and reported in the past due loans and non-accrual loans in the table above at December 31, 2020. Past Due and Non-Accrual Loans 30-59 Days 60-89 Days 90 Days Or More Non-Accrual Total Current PCI (in thousands) December 31, 2019 Commercial and industrial $ 11,700 $ 2,227 $ 3,986 $ 68,636 $ 86,549 $ 4,057,434 $ 682,014 Commercial real estate: Commercial real estate 2,560 4,026 579 9,004 16,169 10,886,724 5,093,848 Construction 1,486 1,343 — 356 3,185 1,492,532 151,301 Total commercial real estate loans 4,046 5,369 579 9,360 19,354 12,379,256 5,245,149 Residential mortgage 17,143 4,192 2,042 12,858 36,235 3,760,707 580,169 Consumer loans: Home equity 1,051 80 — 1,646 2,777 373,243 111,252 Automobile 11,482 1,581 681 334 14,078 1,437,274 271 Other consumer 1,171 866 30 224 2,291 900,411 10,744 Total consumer loans 13,704 2,527 711 2,204 19,146 2,710,928 122,267 Total $ 46,593 $ 14,315 $ 7,318 $ 93,058 $ 161,284 $ 22,908,325 $ 6,629,599
Risk Category of Loans	The following table presents the internal loan classification risk by loan portfolio class by origination year (including PCD loans) based on the most recent analysis performed at December 31, 2020: Term Loans Amortized Cost Basis by Origination Year December 31, 2020 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Commercial and industrial Risk Rating: Pass $ 3,058,596 $ 605,112 $ 556,284 $ 212,215 $ 162,483 $ 337,484 $ 1,677,559 $ 350 $ 6,610,083 Special Mention 819 10,236 2,135 9,502 10,228 14,165 49,883 51 97,019 Substandard 5,215 3,876 12,481 1,798 4,215 12,965 18,913 462 59,925 Doubtful — 5,203 1 17,010 2,596 69,871 — — 94,681 Total commercial and industrial $ 3,064,630 $ 624,427 $ 570,901 $ 240,525 $ 179,522 $ 434,485 $ 1,746,355 $ 863 $ 6,861,708 Commercial real estate Risk Rating: Pass $ 3,096,549 $ 3,052,076 $ 2,230,047 $ 1,767,528 $ 1,798,137 $ 3,916,990 $ 199,145 $ 15,532 $ 16,076,004 Special Mention 50,193 68,203 44,336 48,813 66,845 109,295 1,705 — 389,390 Substandard 18,936 17,049 30,997 59,618 11,541 118,725 2,531 — 259,397 Doubtful — — — — — 207 — — 207 Total commercial real estate $ 3,165,678 $ 3,137,328 $ 2,305,380 $ 1,875,959 $ 1,876,523 $ 4,145,217 $ 203,381 $ 15,532 $ 16,724,998 Construction Risk Rating: Pass $ 145,246 $ 120,800 $ 111,174 $ 15,497 $ 47,971 $ 20,029 $ 1,199,034 $ — $ 1,659,751 Special Mention — 1,043 — — 9,996 17,414 47,311 — 75,764 Substandard — 26 246 2,628 17 380 7,013 — 10,310 Total construction $ 145,246 $ 121,869 $ 111,420 $ 18,125 $ 57,984 $ 37,823 $ 1,253,358 $ — $ 1,745,825 Term Loans Amortized Cost Basis by Origination Year December 31, 2020 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Residential mortgage Performing $ 730,764 $ 778,161 $ 684,761 $ 582,650 $ 380,723 $ 943,616 $ 64,798 $ — $ 4,165,473 90 days or more past due — 3,085 4,212 3,464 4,144 3,365 — — 18,270 Total residential mortgage $ 730,764 $ 781,246 $ 688,973 $ 586,114 $ 384,867 $ 946,981 $ 64,798 $ — $ 4,183,743 Consumer loans Home equity Performing $ 8,580 $ 10,634 $ 11,756 $ 8,886 $ 5,340 $ 15,393 $ 318,869 $ 50,879 $ 430,337 90 days or more past due — — — — 25 83 378 730 1,216 Total home equity 8,580 10,634 11,756 8,886 5,365 15,476 319,247 51,609 431,553 Automobile Performing 426,121 438,181 272,075 151,523 50,853 16,550 — — 1,355,303 90 days or more past due 19 108 173 223 35 94 — — 652 Total automobile 426,140 438,289 272,248 151,746 50,888 16,644 — — 1,355,955 Other Consumer Performing 12,271 5,558 6,815 1,112 1,077 5,314 880,748 — 912,895 90 days or more past due — — — — — 22 5 408 435 Total other consumer 12,271 5,558 6,815 1,112 1,077 5,336 880,753 408 913,330 Total Consumer $ 446,991 $ 454,481 $ 290,819 $ 161,744 $ 57,330 $ 37,456 $ 1,200,000 $ 52,017 $ 2,700,838 The following table presents the credit exposure by internally assigned risk rating by class of loans (excluding PCI loans) based on the most recent analysis performed at December 31, 2019: Credit exposure— Special Total Non-PCI Pass Mention Substandard Doubtful Loans (in thousands) December 31, 2019 Commercial and industrial $ 3,982,453 $ 33,718 $ 66,511 $ 61,301 $ 4,143,983 Commercial real estate 10,781,587 77,884 42,560 862 10,902,893 Construction 1,487,877 7,486 354 — 1,495,717 Total $ 16,251,917 $ 119,088 $ 109,425 $ 62,163 $ 16,542,593
Recorded Investment in Loan Classes Based on Payment Activity	The following table presents the recorded investment in those loan classes based on payment activity as of December 31, 2019: Credit exposure— Performing Non-Performing Total Non-PCI (in thousands) December 31, 2019 Residential mortgage $ 3,784,084 $ 12,858 $ 3,796,942 Home equity 374,374 1,646 376,020 Automobile 1,451,018 334 1,451,352 Other consumer 902,478 224 902,702 Total $ 6,511,954 $ 15,062 $ 6,527,016 The following table presents the recorded investment in PCI loans by class based on individual loan payment activity as of December 31, 2019: Credit exposure— Performing Non-Performing Total by payment activity Loans Loans PCI Loans (in thousands) December 31, 2019 Commercial and industrial $ 653,997 $ 28,017 $ 682,014 Commercial real estate 5,065,388 28,460 5,093,848 Construction 148,692 2,609 151,301 Residential mortgage 571,006 9,163 580,169 Consumer 120,356 1,911 122,267 Total $ 6,559,439 $ 70,160 $ 6,629,599
Pre-Modification and Post-Modification Outstanding Recorded Investments and Non-PCI Loans that Subsequently Defaulted	The following table presents pre- and post-modification amortized cost of loans by loan class modified as TDRs (excluding PCI loans prior to the adoption of ASU 2016-13) during the years ended December 31, 2020 and 2019. The pre-modification and post-modification outstanding recorded investments disclosed in the table below represent the loan carrying amounts immediately prior to the modification and the carrying amounts at December 31, 2020 and 2019, respectively. Troubled Debt Number of Pre-Modification Post-Modification ($ in thousands) December 31, 2020 Commercial and industrial 42 $ 46,090 $ 42,679 Commercial real estate 6 24,683 21,654 Residential mortgage 12 2,377 2,323 Consumer 1 72 70 Total 61 $ 73,222 $ 66,726 December 31, 2019 Commercial and industrial 111 $ 77,781 $ 73,503 Commercial real estate 2 3,143 3,098 Residential mortgage 2 376 374 Consumer 2 215 207 Total 117 $ 81,515 $ 77,182 Loans modified as TDRs (excluding PCI loan modifications prior to the adoption of ASU 2016-13) in the years ended December 31, 2020 and 2019, and for which there was a payment default (90 or more days past due) were as follows: Years Ended December 31, 2020 2019 Troubled Debt Restructurings Subsequently Defaulted Number of Recorded Number of Recorded ($ in thousands) Commercial and industrial 27 $ 23,247 43 $ 31,782 Residential mortgage 1 247 1 154 Total 28 $ 23,494 44 $ 31,936
Summary of Collateral Dependent Loans	The following table presents collateral dependent loans by class as of December 31, 2020: 2020 (in thousands) Commercial and industrial $ 106,239 Commercial real estate 41,562 Residential mortgage 28,176 Home equity 50 Total $ 176,027
Schedule of Accretable Yield for PCI Loans	The table below includes disclosure requirements prior to the adoption of ASU No. 2016-13 on January 1, 2020, and presents changes in the accretable yield for PCI loans for the year ended December 31, 2019: 2019 (in thousands) Balance, beginning of period $ 875,958 Acquisition 600,178 Accretion (214,415) Net decrease in expected cash flows (10,995) Balance, end of period $ 1,250,726
Summary of Allowance for Credit Losses	The following table summarizes the allowance for credit losses for loans at December 31, 2020 and 2019: 2020 2019 (in thousands) Components of allowance for credit losses for loans: Allowance for loan losses $ 340,243 $ 161,759 Allowance for unfunded credit commitments 11,111 2,845 Total allowance for credit losses for loans $ 351,354 $ 164,604
Summary of Provision for Credit Losses	The following table summarizes the provision for credit losses for loans for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 (in thousands) Components of provision for credit losses for loans: Provision for loan losses $ 123,922 $ 25,809 $ 31,661 Provision for unfunded credit commitments 1,165 (1,591) 840 Total provision for credit losses for loans $ 125,087 $ 24,218 $ 32,501
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 years ended December 31, 2020 and 2019: Commercial Commercial Residential Consumer Total (in thousands) December 31, 2020 Allowance for loan losses: Beginning balance $ 104,059 $ 45,673 $ 5,060 $ 6,967 $ 161,759 Impact of ASU 2016-13 adoption* 15,169 49,797 20,575 6,990 92,531 Beginning balance, adjusted 119,228 95,470 25,635 13,957 254,290 Loans charged-off (34,630) (767) (598) (9,294) (45,289) Charged-off loans recovered 1,956 1,506 670 3,188 7,320 Net (charge-offs) recoveries (32,674) 739 72 (6,106) (37,969) Provision for loan losses 44,516 67,904 3,166 8,336 123,922 Ending balance $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 December 31, 2019 Allowance for loan losses: Beginning balance $ 90,956 $ 49,650 $ 5,041 $ 6,212 $ 151,859 Loans charged-off (13,260) (158) (126) (8,671) (22,215) Charged-off loans recovered 2,397 1,237 66 2,606 6,306 Net (charge-offs) recoveries (10,863) 1,079 (60) (6,065) (15,909) Provision for loan losses 23,966 (5,056) 79 6,820 25,809 Ending balance $ 104,059 $ 45,673 $ 5,060 $ 6,967 $ 161,759 * Includes a $61.6 million increase representing the estimated expected credit losses for PCD loans as a result of the adoption of CECL on January 1, 2020.
Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Allowance Measurement 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 for the years ended December 31, 2020 and 2019. Commercial Commercial Residential Consumer Total (in thousands) December 31, 2020 Allowance for loan losses: Individually evaluated for credit losses $ 73,063 $ 1,338 $ 1,206 $ 264 $ 75,871 Collectively evaluated for credit losses 58,007 162,775 27,667 15,923 264,372 Total $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 Loans: Individually evaluated for credit losses $ 131,057 $ 61,754 $ 35,151 $ 1,631 $ 229,593 Collectively evaluated for credit losses 6,730,651 18,409,069 4,148,592 2,699,207 31,987,519 Total $ 6,861,708 $ 18,470,823 $ 4,183,743 $ 2,700,838 $ 32,217,112 December 31, 2019 Allowance for loan losses: Individually evaluated for credit losses $ 36,662 $ 1,338 $ 518 $ 58 $ 38,576 Collectively evaluated for credit losses 67,397 44,335 4,542 6,909 123,183 Total $ 104,059 $ 45,673 $ 5,060 $ 6,967 $ 161,759 Loans: Individually evaluated for credit losses $ 100,860 $ 51,242 $ 10,689 $ 853 $ 163,644 Collectively evaluated for credit losses 4,043,123 12,347,368 3,786,253 2,729,221 22,905,965 Loans acquired with discounts related to credit quality 682,014 5,245,149 580,169 122,267 6,629,599 Total $ 4,825,997 $ 17,643,759 $ 4,377,111 $ 2,852,341 $ 29,699,208
Impaired Loans by Loan Portfolio Class	The following table presents information about impaired loans by loan portfolio class at December 31, 2019: Recorded Recorded Total Unpaid Related (in thousands) December 31, 2019 Commercial and industrial $ 14,617 $ 86,243 $ 100,860 $ 114,875 $ 36,662 Commercial real estate: Commercial real estate 26,046 24,842 50,888 51,258 1,338 Construction 354 — 354 354 — Total commercial real estate loans 26,400 24,842 51,242 51,612 1,338 Residential mortgage 5,836 4,853 10,689 11,800 518 Consumer loans: Home equity 366 487 853 956 58 Total consumer loans 366 487 853 956 58 Total $ 47,219 $ 116,425 $ 163,644 $ 179,243 $ 38,576

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2020
Leases [Abstract]
Components of ROU Assets and Lease Liabilities	The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2020 and 2019. December 31, 2020 2019 (in thousands) ROU assets: Operating leases $ 251,293 $ 284,255 Finance leases 760 874 Total $ 252,053 $ 285,129 Lease liabilities: Operating leases $ 275,248 $ 308,060 Finance leases 1,427 1,789 Total $ 276,675 $ 309,849
Components of Total Lease Cost, Supplemental Cash Flow, and Supplemental Information	The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2020 and 2019: 2020 2019 (in thousands) Finance lease cost: Amortization of ROU assets $ 363 $ 291 Interest on lease liabilities 146 191 Operating lease cost 36,094 34,175 Short-term lease cost 783 410 Variable lease cost 4,296 3,573 Sublease income (2,520) (3,422) Total lease cost (included in net occupancy and equipment expense) $ 39,162 $ 35,218 The following table presents supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019: 2020 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,943 $ 34,380 Operating cash flows from finance leases 146 192 Financing cash flows from finance leases 612 492 The following table presents supplemental information related to leases at December 31, 2020 and 2019: December 31, 2020 2019 Weighted-average remaining lease term Operating leases 12.3 years 12.8 years Finance leases 2.0 years 3.0 years Weighted-average discount rate Operating leases 3.56 % 3.68 % Finance leases 7.45 % 8.25 %
Sales-type Leases	The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2020: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2021 $ 188,580 $ 35,175 $ 769 2022 166,076 32,788 769 2023 139,589 29,288 11 2024 103,498 28,036 — 2025 59,049 26,991 — Thereafter 40,126 194,732 — Total lease payments 696,918 347,010 1,549 Less: present value discount (53,369) (71,762) (122) Total $ 643,549 $ 275,248 $ 1,427
Direct Financing Leases	The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2020: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2021 $ 188,580 $ 35,175 $ 769 2022 166,076 32,788 769 2023 139,589 29,288 11 2024 103,498 28,036 — 2025 59,049 26,991 — Thereafter 40,126 194,732 — Total lease payments 696,918 347,010 1,549 Less: present value discount (53,369) (71,762) (122) Total $ 643,549 $ 275,248 $ 1,427
Finance Leases Maturity	The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2020: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2021 $ 188,580 $ 35,175 $ 769 2022 166,076 32,788 769 2023 139,589 29,288 11 2024 103,498 28,036 — 2025 59,049 26,991 — Thereafter 40,126 194,732 — Total lease payments 696,918 347,010 1,549 Less: present value discount (53,369) (71,762) (122) Total $ 643,549 $ 275,248 $ 1,427
Operating Lease Maturity	The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2020: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2021 $ 188,580 $ 35,175 $ 769 2022 166,076 32,788 769 2023 139,589 29,288 11 2024 103,498 28,036 — 2025 59,049 26,991 — Thereafter 40,126 194,732 — Total lease payments 696,918 347,010 1,549 Less: present value discount (53,369) (71,762) (122) Total $ 643,549 $ 275,248 $ 1,427

Premises and Equipment, Net (Ta

Premises and Equipment, Net (Tables)	12 Months Ended
Premises and Equipment, Net (Tables)	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Components of Premises and Equipment, Net	At December 31, 2020 and 2019, premises and equipment, net consisted of: 2020 2019 (in thousands) Land $ 90,379 $ 93,594 Buildings 214,476 220,140 Leasehold improvements 88,898 85,042 Furniture and equipment 282,701 274,715 Total premises and equipment 676,454 673,491 Accumulated depreciation and amortization (356,657) (338,958) Total premises and equipment, net $ 319,797 $ 334,533

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
Goodwill and Other Intangible Assets (Tables)	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying Amount of Goodwill	The changes in the carrying amount of goodwill as allocated to our business segments, or reporting units thereof, for goodwill impairment analysis were: Business Segment / Reporting Unit* Wealth Consumer Commercial Investment Total (in thousands) Balance at December 31, 2018 $ 21,218 $ 287,025 $ 557,850 $ 218,572 $ 1,084,665 Goodwill from business combinations — 19,547 267,917 1,496 288,960 Balance at December 31, 2019 $ 21,218 $ 306,572 $ 825,767 $ 220,068 $ 1,373,625 Goodwill from business combinations — 597 8,175 45 8,817 Balance at December 31, 2020 $ 21,218 $ 307,169 $ 833,942 $ 220,113 $ 1,382,442 * Valley’s Wealth Management Division is comprised of trust, asset management and insurance services. This reporting unit is included in the Consumer Lending segment for financial reporting purposes.
Other Intangible Assets	The following tables summarize other intangible assets as of December 31, 2020 and 2019: Gross Accumulated Valuation Net (in thousands) December 31, 2020 Loan servicing rights $ 103,150 $ (80,340) $ (865) $ 21,945 Core deposits 101,160 (53,747) — 47,413 Other 3,945 (2,854) — 1,091 Total other intangible assets $ 208,255 $ (136,941) $ (865) $ 70,449 December 31, 2019 Loan servicing rights $ 94,827 $ (70,095) $ (47) $ 24,685 Core deposits 101,160 (40,384) — 60,776 Other 3,945 (2,634) — 1,311 Total other intangible assets $ 199,932 $ (113,113) $ (47) $ 86,772
Schedule of Change in Loan Servicing Rights	The following table summarizes the change in loan servicing rights during the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 (in thousands) Loan servicing rights: Balance at beginning of year $ 24,732 $ 24,193 $ 22,084 Origination of loan servicing rights 8,322 7,473 8,216 Amortization expense (10,244) (6,934) (6,107) Balance at end of year $ 22,810 $ 24,732 $ 24,193 Valuation allowance: Balance at beginning of year $ (47) $ (83) $ (471) Impairment adjustment (818) 36 388 Balance at end of year $ (865) $ (47) $ (83) Balance at end of year, net of valuation allowance $ 21,945 $ 24,685 $ 24,110
Estimated Future Amortization Expense	The following table presents the estimated amortization expense of other intangible assets over the next five-year period: Year Loan Servicing Core Other (in thousands) 2021 $ 5,391 $ 11,607 $ 206 2022 3,969 9,876 191 2023 2,933 8,146 131 2024 2,210 6,537 117 2025 1,688 4,929 103

Deposits (Tables)

Deposits (Tables)	12 Months Ended
Deposits (Tables)	Dec. 31, 2020
Financial Services, Banking and Thrift [Abstract]
Time Deposit Maturities	The scheduled maturities of time deposits as of December 31, 2020 were as follows: Year Amount (in thousands) 2021 $ 5,877,581 2022 502,743 2023 167,077 2024 59,719 2025 38,229 Thereafter 69,329 Total time deposits $ 6,714,678

Borrowed Funds (Tables)

Borrowed Funds (Tables)	12 Months Ended
Borrowed Funds (Tables)	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Short-Term Borrowings	Short-term borrowings at December 31, 2020 and 2019 consisted of the following: 2020 2019 (in thousands) FHLB advances $ 1,000,000 $ 940,000 Securities sold under agreements to repurchase 147,958 153,280 Total short-term borrowings $ 1,147,958 $ 1,093,280
Schedule of Long-Term Borrowings	Long-term borrowings at December 31, 2020 and 2019 consisted of the following: 2020 2019 (in thousands) FHLB advances, net (1) $ 1,592,252 $ 1,480,012 Subordinated debt, net (2) 403,413 292,414 Securities sold under agreements to repurchase 300,000 350,000 Total long-term borrowings $ 2,295,665 $ 2,122,426 (1) FHLB advances are presented net of unamortized prepayment penalties and other purchase accounting adjustments totaling $2.6 million and $2.8 million at December 31, 2020 and 2019, respectively. (2) Subordinated debt is presented net of unamortized debt issuance costs totaling $2.7 million and $1.2 million at December 31, 2020 and 2019, respectively.
Schedule of FHLB Repayment	The long-term FHLB advances at December 31, 2020 are scheduled for contractual balance repayments as follows: Year Amount (in thousands) 2021 $ 552,519 2022 29,377 2023 428,163 2024 300,000 2025 279,635 Total long-term FHLB advances $ 1,589,694

Junior Subordinated Debenture_2

Junior Subordinated Debentures Issued to Capital Trusts (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Outstanding Junior Subordinated Debentures and Related Trust Preferred Securities Issued by Each Trust	The table below summarizes the outstanding junior subordinated debentures and the related trust preferred securities issued by each trust as of December 31, 2020 and 2019: GCB State Bancorp State Bancorp Aliant Statutory Trust II ($ in thousands) Junior Subordinated Debentures: December 31, 2020 Carrying value (1) $ 24,743 $ 9,125 $ 8,599 $ 13,598 Contractual principal balance 24,743 10,310 10,310 15,464 December 31, 2019 Carrying value (1) $ 24,743 $ 9,025 $ 8,468 $ 13,482 Contractual principal balance 24,743 10,310 10,310 15,464 Annual interest rate 3-mo. LIBOR+1.4% 3-mo. LIBOR+3.45% 3-mo. LIBOR+2.85% 3-mo. LIBOR+1.8% Stated maturity date July 30, 2037 November 7, 2032 January 23, 2034 December 15, 2036 Initial call date July 30, 2017 November 7, 2007 January 23, 2009 December 15, 2011 Trust Preferred Securities: December 31, 2020 and 2019 Face value $ 24,000 $ 10,000 $ 10,000 $ 15,000 Annual distribution rate 3-mo. LIBOR+1.4% 3-mo. LIBOR+3.45% 3-mo. LIBOR+2.85% 3-mo. LIBOR+1.8% Issuance date July 2, 2007 October 29, 2002 December 19, 2003 December 14, 2006 Distribution dates (2) Quarterly Quarterly Quarterly Quarterly (1) The carrying values include unamortized purchase accounting adjustments at December 31, 2020 and 2019. (2) All cash distributions are cumulative.

Benefit Plans (Tables)

Benefit Plans (Tables)	12 Months Ended
Benefit Plans (Tables)	Dec. 31, 2020
Retirement Benefits [Abstract]
Change in Projected Benefit Obligation	The following table sets forth the change in the projected benefit obligation, the change in fair value of plan assets and the funded status and amounts recognized in Valley’s consolidated financial statements for the qualified and non-qualified plans at December 31, 2020 and 2019: 2020 2019 (in thousands) Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 175,405 $ 157,364 Interest cost 4,941 6,113 Actuarial loss 18,813 20,001 Benefits paid (8,310) (8,073) Projected benefit obligation at end of year $ 190,849 $ 175,405 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 236,621 $ 210,508 Actual return on plan assets 30,987 32,835 Employer contributions 1,353 1,351 Benefits paid (8,310) (8,073) Fair value of plan assets at end of year* $ 260,651 $ 236,621 Funded status of the plan Asset recognized $ 69,802 $ 61,216 Accumulated benefit obligation 190,849 175,405 * Includes accrued interest receivable of $623 thousand and $641 thousand as of December 31, 2020 and 2019, respectively.
Components of Net Periodic Pension Expense	Amounts recognized as a component of accumulated other comprehensive loss as of year-end that have not been recognized as a component of the net periodic pension expense for Valley’s qualified and non-qualified plans are presented in the following table. Valley expects to recognize approximately $1.5 million of the net actuarial loss reported in the following table as of December 31, 2020 as a component of net periodic pension expense during 2021. 2020 2019 (in thousands) Net actuarial loss $ 50,272 $ 46,248 Prior service cost 321 357 Deferred tax benefit (14,132) (13,168) Total $ 36,461 $ 33,437
Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets for Non-Qualified Plans	The non-qualified plans had a projected benefit obligation, accumulated benefit obligation, and fair value of plan assets as follows: 2020 2019 (in thousands) Projected benefit obligation $ 20,513 $ 20,081 Accumulated benefit obligation 20,513 20,081 Fair value of plan assets — —
Components of Net Periodic Pension Income for Qualified and Non-Qualified Plans	The net periodic pension income for the qualified and non-qualified plans reported within other non-interest expense included the following components for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 (in thousands) Interest cost $ 4,941 $ 6,113 $ 5,542 Expected return on plan assets (17,200) (16,453) (15,912) Amortization of net loss 1,003 264 625 Total net periodic pension income $ (11,256) $ (10,076) $ (9,745)
Qualified and Non-Qualified Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income or Loss	Other changes in the qualified and non-qualified plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2020 and 2019 were as follows: 2020 2019 (in thousands) Net loss $ 5,026 $ 3,619 Amortization of prior service cost (136) (35) Amortization of actuarial loss (1,003) (264) Total recognized in other comprehensive income $ 3,887 $ 3,320 Total recognized in net periodic pension income and other comprehensive income (before tax) $ (7,233) $ (6,721)
Schedule of Expected Future Benefit Payments	The benefit payments, which reflect expected future service, as appropriate, expected to be paid in future years are presented in the following table: Year Amount (in thousands) 2021 $ 8,889 2022 9,123 2023 9,389 2024 9,579 2025 9,726 Thereafter 49,314
Weighted Average Discount Rate	The weighted average discount rate, expected long-term rate of return on assets and rate of compensation increase used in determining Valley’s pension expense for the years ended December 31, 2020, 2019 and 2018 were as follows: 2020 2019 2018 Discount rate - projected benefit obligation 3.29 % 4.30 % 3.69 % Discount rate - interest cost 2.62 % 3.99 % 3.31 % Expected long-term return on plan assets 7.50 % 7.50 % 7.50 % Rate of compensation increase N/A N/A N/A
Fair Value Measurements	The following table presents the qualified plan weighted-average asset allocations by asset category that are measured at fair value on a recurring basis by level within the fair value hierarchy under ASC Topic 820. Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. See Note 3 for further details regarding the fair value hierarchy. Fair Value Measurements at Reporting Date Using: % of Total December 31, 2020 Quoted Prices Significant Significant ($ in thousands) Assets: Investments: Equity securities 37 % $ 94,434 $ 94,434 $ — $ — U.S. Treasury securities 20 52,549 52,549 — — Corporate bonds 20 51,410 — 51,410 — Mutual funds 18 48,041 48,041 — — U.S. government agency securities 3 8,174 — 8,174 — Cash and money market funds 2 5,420 5,420 — — Total investments 100 % $ 260,028 $ 200,444 $ 59,584 $ — Fair Value Measurements at Reporting Date Using: % of Total December 31, 2019 Quoted Prices Significant Significant ($ in thousands) Assets: Investments: Equity securities 32 % $ 75,633 $ 75,633 $ — $ — U.S. Treasury securities 22 51,732 51,732 — — Corporate bonds 21 51,221 — 51,221 — Mutual funds 18 42,119 42,119 — — U.S. government agency securities 3 6,263 — 6,263 — Cash and money market funds 4 9,013 9,013 — — Total investments 100 % $ 235,981 $ 178,497 $ 57,484 $ —
Changes in RSUs Outstanding	The following table sets forth the changes in RSUs outstanding for the years ended December 31, 2020, 2019 and 2018: Restricted Stock Units Outstanding 2020 2019 2018 Outstanding at beginning of year 2,158,255 1,378,886 1,114,962 Acquired in business combinations — — 336,379 Granted 2,030,026 1,412,941 509,725 Vested (879,085) (500,204) (503,879) Forfeited (80,537) (133,368) (78,301) Outstanding at end of year 3,228,659 2,158,255 1,378,886
Changes in Restricted Stock Awards Outstanding	The following table sets forth the changes in restricted stock awards (RSAs) outstanding for the years ended December 31, 2020, 2019 and 2018: Restricted Stock Awards Outstanding 2020 2019 2018 Outstanding at beginning of year 1,058,681 1,720,968 1,771,702 Granted — — 1,263,144 Vested (610,607) (547,653) (1,128,521) Forfeited (34,373) (114,634) (185,357) Outstanding at end of year 413,701 1,058,681 1,720,968
Stock Options Activity	The following table summarizes stock options activity as of December 31, 2020, 2019 and 2018 and changes during the years ended on those dates: 2020 2019 2018 Weighted Weighted Weighted Stock Options Shares Price Shares Price Shares Price Outstanding at beginning of year 3,453,516 $ 8 1,051,787 $ 7 446,980 $ 13 Acquired in business combinations — — 3,130,171 8 1,803,165 5 Exercised (249,308) 8 (716,920) 7 (975,325) 5 Forfeited or expired (217,861) 11 (11,522) 8 (223,033) 14 Outstanding at end of year 2,986,347 7 3,453,516 8 1,051,787 7 Exercisable at year-end 2,986,347 7 3,339,517 8 604,003 7
Stock Options Outstanding and Exercisable	The following table summarizes information about stock options outstanding and exercisable at December 31, 2020: Options Outstanding and Exercisable Range of Exercise Prices Number of Options Weighted Average Weighted Average $2-$4 91,500 1.6 $ 3 4-6 149,248 4.3 5 6-8 2,687,999 0.9 7 8-10 32,000 7.3 10 10-12 25,600 7.7 10 2,986,347 1.3 7

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense	Income tax expense for the years ended December 31, 2020, 2019 and 2018 consisted of the following: 2020 2019 2018 (in thousands) Current expense: Federal $ 96,057 $ 95,317 $ 51,147 State 48,463 36,457 28,898 144,520 131,774 80,045 Deferred (benefit) expense: Federal (3,109) 10,444 (17,463) State (1,951) 4,784 5,683 (5,060) 15,228 (11,780) Total income tax expense $ 139,460 $ 147,002 $ 68,265
Summary of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that gave rise to the significant portions of the deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows: 2020 2019 (in thousands) Deferred tax assets: Allowance for credit losses $ 96,508 $ 44,486 Employee benefits 20,888 28,263 Net operating loss carryforwards 17,814 19,768 Purchase accounting 10,354 41,857 Other 24,677 19,904 Total deferred tax assets 170,241 154,278 Deferred tax liabilities: Pension plans 22,705 19,686 Depreciation 3,829 4,527 Investment securities 12,690 2,319 Other investments 9,584 7,731 Core deposit intangibles 12,960 16,620 Other 12,226 13,665 Total deferred tax liabilities 73,994 64,548 Valuation Allowance 916 916 Net deferred tax asset (included in other assets) $ 95,331 $ 88,814
Summary of Income Tax Reconciliation	Reconciliation between the reported income tax expense and the amount computed by multiplying consolidated income before taxes by the statutory federal income tax rate of 21 percent for the years ended December 31, 2020, 2019, and 2018 were as follows: 2020 2019 2018 (in thousands) Federal income tax at expected statutory rate $ 111,314 $ 95,927 $ 69,235 Increase (decrease) due to: State income tax expense, net of federal tax effect 36,744 32,581 23,851 Tax-exempt interest, net of interest incurred to carry tax-exempt securities (2,786) (3,118) (3,974) Bank owned life insurance (2,026) (1,637) (1,734) Tax credits from securities and other investments (10,071) (11,636) (20,798) FDIC insurance premium 3,283 2,507 3,318 Impact of the Tax Cuts and Jobs Act of 2017 — — (2,274) Addition to reserve for uncertainties — 31,123 — Other, net 3,002 1,255 641 Income tax expense $ 139,460 $ 147,002 $ 68,265
Summary of Reconciliation of Gross Unrecognized Tax Benefits	A reconciliation of Valley’s gross unrecognized tax benefits for 2020, 2019 and 2018 is presented in the table below: 2020 2019 2018 (in thousands) Beginning balance $ 31,918 $ — $ 4,238 Additions based on tax positions related to prior years — 31,918 — Settlements with taxing authorities — — — Reductions due to expiration of statute of limitations — — (4,238) Ending balance $ 31,918 $ 31,918 $ —

Tax Credit Investments (Tables)

Tax Credit Investments (Tables)	12 Months Ended
Tax Credit Investments (Tables)	Dec. 31, 2020
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 December 31, 2020 and 2019: December 31, 2020 2019 (in thousands) Other Assets: Affordable housing tax credit investments, net $ 20,074 $ 25,049 Other tax credit investments, net 47,301 59,081 Total tax credit investments, net $ 67,375 $ 84,130 Other Liabilities: Unfunded affordable housing tax credit commitments $ 1,379 $ 1,539 Unfunded other tax credit commitments — 1,139 Total unfunded tax credit commitments $ 1,379 $ 2,678
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 years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 5,414 $ 6,757 $ 6,713 Other tax credit investment credits and tax benefits 8,065 10,205 21,351 Total reduction in income tax expense $ 13,479 $ 16,962 $ 28,064 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 2,714 $ 2,184 $ 1,880 Affordable housing tax credit investment impairment losses 2,209 3,295 2,544 Other tax credit investment losses 2,234 5,668 1,970 Other tax credit investment impairment losses 6,178 9,245 17,806 Total amortization of tax credit investments recorded in non-interest expense $ 13,335 $ 20,392 $ 24,200

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Summary of Financial Instruments with Off-Balance Sheet Risk	The following table provides a summary of financial instruments with off-balance sheet risk at December 31, 2020 and 2019: 2020 2019 (in thousands) Commitments under commercial loans and lines of credit $ 5,595,561 $ 5,550,967 Home equity and other revolving lines of credit 1,485,911 1,379,581 Standby letters of credit 293,900 296,036 Outstanding residential mortgage loan commitments 244,286 233,291 Commitments to sell loans 155,627 68,492 Commitments under unused lines of credit—credit card 68,735 44,527 Commercial letters of credit 1,663 2,887 Total $ 7,845,683 $ 7,575,781
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: December 31, 2020 December 31, 2019 Fair Value Fair Value Other Assets Other Liabilities Notional Amount Other Assets Other Liabilities Notional Amount (in thousands) Derivatives designated as hedging instruments: Cash flow hedge interest swaps $ — $ 179 $ 1,100,000 $ — $ 1,484 $ 180,000 Fair value hedge interest rate swaps — — — — 229 7,281 Total derivatives designated as hedging instruments $ — $ 179 $ 1,100,000 $ — $ 1,713 $ 187,281 Derivatives not designated as hedging instruments: Interest rate swaps and other contracts (1) $ 387,008 $ 154,025 $ 8,889,557 $ 158,382 $ 42,020 $ 4,113,106 Mortgage banking derivatives 444 2,077 321,486 150 193 142,760 Total derivatives not designated as hedging instruments $ 387,452 $ 156,102 $ 9,211,043 $ 158,532 $ 42,213 $ 4,255,866
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows	Gains (losses) included in the consolidated statements of income and in other comprehensive income (loss), on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: 2020 2019 2018 (in thousands) Amount of loss reclassified from accumulated other comprehensive loss to interest expense $ (2,912) $ (1,808) $ (3,493) Amount of (loss) gain recognized in other comprehensive income (3,169) (1,380) 2,651
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: 2020 2019 2018 (in thousands) Derivative—interest rate swaps: Interest income $ 229 $ 133 $ 290 Hedged item—loans, deposits and long-term borrowings: Interest income $ (229) $ (133) $ (290)
Interest Rate Derivatives Designated as Hedges	The following table presents the hedged items related to interest rate derivatives designated as hedges of fair value and the cumulative basis fair value adjustment included in the net carrying amount of the hedged items at December 31, 2020 and 2019: Line Item in the Statement of Financial Position in Which the Hedged Item is Included Carrying Amount of the Hedged Asset Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset 2020 2019 2020 2019 (in thousands) Loans $ — $ 7,510 $ — $ 229
Net (Losses) Gains Related to Derivative Instruments Not Designated as Hedging Instruments	Net losses included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: 2020 2019 2018 (in thousands) Non-designated hedge interest rate and credit derivatives Other non-interest expense $ 1,067 $ 898 $ 792

Balance Sheet Offsetting (Table

Balance Sheet Offsetting (Tables)	12 Months Ended
Balance Sheet Offsetting (Tables)	Dec. 31, 2020
Offsetting [Abstract]
Summary of Valley's Financial Instruments that are Eligible for Offset, Assets	The table below presents information about Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of December 31, 2020 and 2019. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Collateral (1) Net (in thousands) December 31, 2020 Assets: Interest rate swaps $ 150,487 $ — $ 150,487 $ — $ — $ 150,487 Liabilities: Interest rate swaps $ 150,487 $ — $ 150,487 $ — $ (150,487) $ — Repurchase agreements 300,000 — 300,000 (300,000) (2) — — Total liabilities $ 450,487 $ — $ 450,487 $ (300,000) $ (150,487) $ — December 31, 2019 Assets: Interest rate swaps $ 17,218 $ — $ 17,218 $ — $ — $ 17,218 Interest rate swaps $ 17,218 $ — $ 17,218 $ — $ (16,881) $ 337 Repurchase agreements 350,000 — 350,000 (350,000) (2) — — Total liabilities $ 367,218 $ — $ 367,218 $ (350,000) $ (16,881) $ 337 (1) Cash collateral pledged to our counterparties in relation to market value exposures of OTC derivative contracts in a liability position. (2) Represents the fair value of non-cash pledged investment securities.
Summary of Valley's Financial Instruments that are Eligible for Offset, Liabilities	The table below presents information about Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of December 31, 2020 and 2019. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Collateral (1) Net (in thousands) December 31, 2020 Assets: Interest rate swaps $ 150,487 $ — $ 150,487 $ — $ — $ 150,487 Liabilities: Interest rate swaps $ 150,487 $ — $ 150,487 $ — $ (150,487) $ — Repurchase agreements 300,000 — 300,000 (300,000) (2) — — Total liabilities $ 450,487 $ — $ 450,487 $ (300,000) $ (150,487) $ — December 31, 2019 Assets: Interest rate swaps $ 17,218 $ — $ 17,218 $ — $ — $ 17,218 Interest rate swaps $ 17,218 $ — $ 17,218 $ — $ (16,881) $ 337 Repurchase agreements 350,000 — 350,000 (350,000) (2) — — Total liabilities $ 367,218 $ — $ 367,218 $ (350,000) $ (16,881) $ 337 (1) Cash collateral pledged to our counterparties in relation to market value exposures of OTC derivative contracts in a liability position. (2) Represents the fair value of non-cash pledged investment securities.

Regulatory and Capital Requir_2

Regulatory and Capital Requirements (Tables)	12 Months Ended
Regulatory and Capital Requirements (Tables)	Dec. 31, 2020
Financial Services, Banking and Thrift [Abstract]
Schedule of Actual Capital Positions and Ratios under Banking Regulations	The following table presents Valley’s and Valley National Bank’s actual capital positions and ratios under the Basel III risk-based capital guidelines at December 31, 2020 and 2019: Actual Minimum Capital To Be Well Amount Ratio Amount Ratio Amount Ratio ($ in thousands) As of December 31, 2020 Total Risk-based Capital Valley $ 3,802,223 12.64 % $ 3,159,019 10.50 % N/A N/A Valley National Bank 3,839,922 12.76 3,158,842 10.50 $ 3,008,421 10.00 % Common Equity Tier 1 Capital Valley 2,991,085 9.94 2,106,013 7.00 N/A N/A Valley National Bank 3,607,625 11.99 2,105,894 7.00 1,955,473 6.50 Tier 1 Risk-based Capital Valley 3,205,926 10.66 2,557,301 8.50 N/A N/A Valley National Bank 3,607,625 11.99 2,557,158 8.50 2,406,736 8.00 Tier 1 Leverage Capital Valley 3,205,926 8.06 1,591,852 4.00 N/A N/A Valley National Bank 3,607,625 9.07 1,591,457 4.00 1,989,321 5.00 As of December 31, 2019 Total Risk-based Capital Valley $ 3,427,134 11.72 % $ 3,070,687 10.50 % N/A N/A Valley National Bank 3,416,674 11.69 3,069,894 10.50 $ 2,923,709 10.00 % Common Equity Tier 1 Capital Valley 2,754,524 9.42 2,047,125 7.00 N/A N/A Valley National Bank 3,152,070 10.78 2,046,596 7.00 1,900,411 6.50 Tier 1 Risk-based Capital Valley 2,968,530 10.15 2,485,795 8.50 N/A N/A Valley National Bank 3,152,070 10.78 2,485,153 8.50 2,338,967 8.00 Tier 1 Leverage Capital Valley 2,968,530 8.76 1,355,378 4.00 N/A N/A Valley National Bank 3,152,070 9.31 1,354,693 4.00 1,693,366 5.00

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	12 Months Ended
Other Comprehensive Income (Tables)	Dec. 31, 2020
Equity [Abstract]
Schedule of Comprehensive Income (Loss)	The following table presents the tax effects allocated to each component of other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018. Components of other comprehensive income (loss) include changes in net unrealized gains and losses on debt securities available for sale; unrealized gains and losses on derivatives used in cash flow hedging relationships; and the pension benefit adjustment for the unfunded portion of various employee, officer and director pension plans. 2020 2019 2018 Before Tax After Before Tax After Before Tax After (in thousands) Unrealized gains and losses on available for sale (AFS) debt securities Net gains (losses) arising during the period $ 38,477 $ (10,632) $ 27,845 $ 54,723 $ (15,461) $ 39,262 $ (32,123) $ 9,191 $ (22,932) Less reclassification adjustment for net (gains) losses included in net income (1) (524) 147 (377) 150 (31) 119 2,873 (636) 2,237 Net change 37,953 (10,485) 27,468 54,873 (15,492) 39,381 (29,250) 8,555 (20,695) Unrealized gains and losses on derivatives (cash flow hedges) Net (losses) gains arising during the period (3,169) 918 (2,251) (1,380) 391 (989) 2,651 (777) 1,874 Less reclassification adjustment for net losses (gains) included in net income (2) 2,912 (838) 2,074 1,808 (517) 1,291 3,493 (999) 2,494 Net change (257) 80 (177) 428 (126) 302 6,144 (1,776) 4,368 Defined benefit pension plan Net (losses) gains arising during the period (5,719) 2,301 (3,418) (2,385) (176) (2,561) (9,916) 2,765 (7,151) Amortization of prior service (cost) credit (3) (136) 38 (98) (135) 42 (93) 212 (66) 146 Amortization of net loss (3) 1,003 (282) 721 264 (76) 188 625 (178) 447 Net change (4,852) 2,057 (2,795) (2,256) (210) (2,466) (9,079) 2,521 (6,558) Total other comprehensive income (loss) $ 32,844 $ (8,348) $ 24,496 $ 53,045 $ (15,828) $ 37,217 $ (32,185) $ 9,300 $ (22,885) (1) Included in gains (losses) on securities transactions, net. (2) Included in interest expense.
Schedule of Accumulated Other Comprehensive Loss	The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the years ended December 31, 2020, 2019 and 2018: Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined (in thousands) Balance-December 31, 2017 $ (12,384) $ (8,338) $ (25,283) $ (46,005) Reclassification due to the adoption of ASU No. 2016-01 (480) — — (480) Reclassification due to the adoption of ASU No. 2017-12 — (61) — (61) Balance-January 1, 2018 (12,864) (8,399) (25,283) (46,546) Other comprehensive (loss) income before reclassifications (22,932) 1,874 (7,151) (28,209) Amounts reclassified from other comprehensive income (loss) 2,237 2,494 593 5,324 Other comprehensive income (loss), net (20,695) 4,368 (6,558) (22,885) Balance-December 31, 2018 (33,559) (4,031) (31,841) (69,431) Other comprehensive income (loss) before reclassifications 39,262 (989) (2,561) 35,712 Amounts reclassified from other comprehensive income (loss) 119 1,291 95 1,505 Other comprehensive income (loss), net 39,381 302 (2,466) 37,217 Balance-December 31, 2019 5,822 (3,729) (34,307) (32,214) Other comprehensive income (loss) before reclassifications 27,845 (2,251) (3,418) 22,176 Amounts reclassified from other comprehensive income (loss) (377) 2,074 623 2,320 Other comprehensive income (loss), net 27,468 (177) (2,795) 24,496 Balance-December 31, 2020 $ 33,290 $ (3,906) $ (37,102) $ (7,718)

Parent Company Information (Tab

Parent Company Information (Tables)	12 Months Ended
Parent Company Information (Tables)	Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Schedule of Condensed Statements of Financial Condition	Condensed Statements of Financial Condition December 31, 2020 2019 (in thousands) Assets Cash $ 130,163 $ 119,213 Equity securities 2,999 — Investments in and receivables due from subsidiaries 4,998,795 4,671,578 Other assets 11,133 12,953 Total Assets $ 5,143,090 $ 4,803,744 Liabilities and Shareholders’ Equity Dividends payable to shareholders $ 46,591 $ 45,796 Long-term borrowings 403,413 292,414 Junior subordinated debentures issued to capital trusts 56,065 55,718 Accrued expenses and other liabilities 44,901 25,628 Shareholders’ equity 4,592,120 4,384,188 Total Liabilities and Shareholders’ Equity $ 5,143,090 $ 4,803,744
Schedule of Condensed Statements of Income	Condensed Statements of Income Years Ended December 31, 2020 2019 2018 (in thousands) Income Dividends from subsidiary $ 186,000 $ 160,000 $ 155,000 Income from subsidiary 4,436 4,550 4,550 Gains on securities transactions, net — — 3 Losses on sales of assets, net — — (147) Other interest and income 21 51 39 Total Income 190,457 164,601 159,445 Total Expenses 23,484 27,998 32,269 Income before income tax and equity in undistributed earnings of subsidiary 166,973 136,603 127,176 Income tax (benefit) expense (3,946) 24,524 (20,547) Income before equity in undistributed earnings of subsidiary 170,919 112,079 147,723 Equity in undistributed earnings of subsidiary 219,687 197,714 113,705 Net Income 390,606 309,793 261,428 Dividends on preferred stock 12,688 12,688 12,688 Net Income Available to Common Shareholders $ 377,918 $ 297,105 $ 248,740
Schedule of Condensed Statements of Cash Flows	Condensed Statements of Cash Flows Years Ended December 31, 2020 2019 2018 (in thousands) Cash flows from operating activities: Net Income $ 390,606 $ 309,793 $ 261,428 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (219,687) (197,714) (113,705) Stock-based compensation 16,154 14,726 19,472 Net amortization of premiums and accretion of discounts on borrowings 230 124 63 Gains on securities transactions, net — — (3) Losses on sales of assets, net — — 147 Net change in: Other assets 121 19,768 9,928 Accrued expenses and other liabilities 17,905 8,803 (10,657) Net cash provided by operating activities 205,329 155,500 166,673 Cash flows from investing activities: Purchases of equity securities (2,500) — — Sales of investment securities available for sale — — 257 Cash and cash equivalents acquired in acquisitions — 11,947 7,915 Repayment of subordinated debt by subsidiary 100,000 — — Capital contributions to subsidiary (210,000) — — Other, net (1,200) — — Net cash (used in) provided by investing activities (113,700) 11,947 8,172 Cash flows from financing activities: Proceeds from issuance of long-term borrowings, net 113,146 — — Dividends paid to preferred shareholders (12,688) (12,688) (15,859) Dividends paid to common shareholders (177,965) (146,537) (138,857) Purchase of common shares to treasury (5,374) (1,805) (3,801) Common stock issued, net 2,202 2,957 2,704 Net cash used in financing activities (80,679) (158,073) (155,813) Net change in cash and cash equivalents 10,950 9,374 19,032 Cash and cash equivalents at beginning of year 119,213 109,839 90,807 Cash and cash equivalents at end of year $ 130,163 $ 119,213 $ 109,839

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
Business Segments (Tables)	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Financial Data for Business Segments	The following tables represent the financial data for Valley’s four business segments for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets (unaudited) $ 7,160,793 $ 24,625,066 $ 5,225,074 $ — $ 37,010,933 Interest income $ 257,196 $ 1,027,796 $ 102,883 $ (4,156) $ 1,383,719 Interest expense 47,712 164,075 34,814 18,214 264,815 Net interest income (loss) 209,484 863,721 68,069 (22,370) 1,118,904 Provision for credit losses 11,502 113,585 635 — 125,722 Net interest income (loss) after provision for credit losses 197,982 750,136 67,434 (22,370) 993,182 Non-interest income 81,499 64,783 10,083 26,667 183,032 Non-interest expense 77,582 98,710 1,136 468,720 646,148 Internal transfer expense (income) 77,835 267,588 56,788 (402,211) — Income (loss) before income taxes $ 124,064 $ 448,621 $ 19,593 $ (62,212) $ 530,066 Return on average interest earning assets (pre-tax) (unaudited) 1.73 % 1.82 % 0.37 % N/A 1.43 % Year Ended December 31, 2019 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets (unaudited) $ 6,891,462 $ 19,343,791 $ 4,340,277 $ — $ 30,575,530 Interest income $ 272,773 $ 926,328 $ 126,723 $ (4,824) $ 1,321,000 Interest expense 91,798 257,670 57,815 15,669 422,952 Net interest income (loss) 180,975 668,658 68,908 (20,493) 898,048 Provision for credit losses 6,688 17,530 — — 24,218 Net interest income (loss) after provision for credit losses 174,287 651,128 68,908 (20,493) 873,830 Non-interest income 57,981 41,157 8,818 106,564 214,520 Non-interest expense 76,046 101,924 1,034 452,551 631,555 Internal transfer expense (income) 78,743 221,113 49,670 (349,526) — Income (loss) before income taxes $ 77,479 $ 369,248 $ 27,022 $ (16,954) $ 456,795 Return on average interest earning assets (pre-tax) (unaudited) 1.12 % 1.91 % 0.62 % N/A 1.49 % Year Ended December 31, 2018 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets (unaudited) $ 6,197,161 $ 17,143,169 $ 4,362,581 $ — $ 27,702,911 Interest income $ 235,264 $ 798,974 $ 130,971 $ (5,961) $ 1,159,248 Interest expense 64,083 177,273 45,112 15,577 302,045 Net interest income (loss) 171,181 621,701 85,859 (21,538) 857,203 Provision for credit losses 5,550 26,951 — — 32,501 Net interest income (loss) after provision for credit losses 165,631 594,750 85,859 (21,538) 824,702 Non-interest income 61,280 22,275 8,691 41,806 134,052 Non-interest expense 92,462 95,171 1,251 440,177 629,061 Internal transfer expense (income) 77,164 213,399 54,353 (344,916) — Income (loss) before income taxes $ 57,285 $ 308,455 $ 38,946 $ (74,993) $ 329,693 Return on average interest earning assets (pre-tax) (unaudited) 0.92 % 1.80 % 0.89 % N/A 1.19 %

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) shares in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Aug. 31, 2017shares	Jun. 30, 2015shares	Dec. 31, 2020USD ($)shareholdershares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares
Summary Of Significant Accounting Policies [Line Items]
Reserve balance in cash or deposits			$ 896,100	$ 114,400
Forecast period			2 years
Historical loss experience period			1 year
OREO and other repossessed assets total			$ 5,100	9,400
Foreclosed residential real estate properties			1,000	2,100
Properties for which formal foreclosure proceedings are in process			$ 1,900	$ 2,800
Award vesting period			1 year
Vesting percentage			8.33%
Anti-dilutive common stock options and warrants (in shares) \| shares			1,700	288	2,100
Allowance for loan losses			$ 340,243	$ 161,759	$ 151,859
Allowance for unfunded credit commitments			11,111	2,845
Held-to-maturity, allowance for credit loss			$ 1,428
Cumulative Effect, Period of Adoption, Adjustment
Summary Of Significant Accounting Policies [Line Items]
Allowance for credit losses				100,400
Allowance for loan losses				92,531
Allowance for unfunded credit commitments				7,100
Held-to-maturity, allowance for credit loss				793
PCD loan related reserves				61,600
Non-credit discount				97,700
Cumulative Effect, Period of Adoption, Adjustment \| Non Purchased Credit Impaired Loans
Summary Of Significant Accounting Policies [Line Items]
Allowance for loan losses				$ 38,800
Noncumulative Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Common stock issued (in shares) \| shares	4,000	4,600
Residential mortgage and home equity
Summary Of Significant Accounting Policies [Line Items]
Number of days past due of loans to be full or partial charged-off			120 days
Automobile Loan
Summary Of Significant Accounting Policies [Line Items]
Number of days past due of loans to be fully charged-off			120 days
Unsecured loans at banks
Summary Of Significant Accounting Policies [Line Items]
Number of days past due of loans to be fully charged-off			150 days
Minimum
Summary Of Significant Accounting Policies [Line Items]
Number of shareholders needed to qualify as a REIT \| shareholder			100
Premises and equipment, useful life			3 years
Minimum \| Commitments under commercial loans and lines of credit
Summary Of Significant Accounting Policies [Line Items]
Number of days past due of loans to be full or partial charged-off			90 days
Maximum
Summary Of Significant Accounting Policies [Line Items]
Percentage of preferred stock issued by each REIT - less than			20.00%
Premises and equipment, useful life			40 years
Maximum \| Commitments under commercial loans and lines of credit
Summary Of Significant Accounting Policies [Line Items]
Number of days past due of loans to be full or partial charged-off			120 days

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Calculation of Both Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Common Share:
Net income available to common shareholders	$ 377,918	$ 297,105	$ 248,740
Basic weighted-average number of common shares outstanding (in shares)	403,754,356	337,792,270	331,258,964
Plus: Common stock equivalents (in shares)	1,291,851	2,325,538	1,434,754
Diluted weighted-average number of common shares outstanding (in shares)	405,046,207	340,117,808	332,693,718
Earnings per common share:
Basic (in USD per share)	$ 0.94	$ 0.88	$ 0.75
Diluted (in USD per share)	$ 0.93	$ 0.87	$ 0.75

Business Combinations (Details)

Business Combinations (Details) $ in Thousands, shares in Millions	Dec. 01, 2019USD ($)officeshares	Jan. 01, 2018USD ($)branchofficeshares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Business Acquisition [Line Items]
Net Loans			$ 31,876,869	$ 29,537,449
Conversion ratio for shares issued	1.60
Goodwill increase			8,800
Oritani Financial Corp.
Business Acquisition [Line Items]
Assets	$ 4,300,000
Net Loans	3,400,000
Deposits	$ 2,900,000
Number of branches acquired \| office	26
Consideration transferred	$ 835,300
Shares issued in connection with acquisition (in shares) \| shares	71.1
Merger expenses			$ 1,900	$ 16,600
USAmeriBancorp, Inc.
Business Acquisition [Line Items]
Assets		$ 5,100,000
Net Loans		3,700,000
Deposits		$ 3,600,000
Number of branches acquired \| office		29
Conversion ratio for shares issued		6.1
Consideration transferred		$ 737,000
Shares issued in connection with acquisition (in shares) \| shares		64.9
Merger expenses					$ 17,400
USAmeriBancorp, Inc. \| Alabama
Business Acquisition [Line Items]
Number of branches acquired \| branch		15

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - Oritani Financial Corp. - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Revenues	$ 1,219,887	$ 1,106,012
Net income	$ 361,079	$ 313,977
Basic earnings per share (in USD per share)	$ 0.86	$ 0.75
Diluted earnings per share (in USD per share)	$ 0.85	$ 0.75

Fair Value Measurement of Ass_3

Fair Value Measurement of Assets and Liabilities - Schedule of Assets and Liabilities Measured at Fair Value on Recurring and Non-Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Equity securities	$ 29,378	$ 41,410
Available for sale debt securities	1,339,473	1,566,801
Liabilities
Foreclosed assets	5,100	9,400
Loans held for sale (which consist of residential mortgages) carried at fair value	286,400	74,500
U.S. Treasury securities
Assets
Available for sale debt securities	51,393	50,943
U.S. government agency securities
Assets
Available for sale debt securities	26,157	29,243
Obligations of states and political subdivisions
Assets
Available for sale debt securities	79,950	170,051
Residential mortgage-backed securities
Assets
Available for sale debt securities	1,090,022	1,254,786
Corporate and other debt securities
Assets
Available for sale debt securities	91,951	61,778
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Recurring fair value measurements:
Assets
Equity securities	18,600	41,410
Available for sale debt securities	51,393	50,943
Loans held for sale	0	0
Other assets	0	0
Total assets	69,993	92,353
Liabilities
Other liabilities	0	0
Total liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Recurring fair value measurements: \| U.S. Treasury securities
Assets
Available for sale debt securities	51,393	50,943
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Recurring fair value measurements: \| U.S. government agency securities
Assets
Available for sale debt securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Recurring fair value measurements: \| Obligations of states and political subdivisions
Assets
Available for sale debt securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Recurring fair value measurements: \| Residential mortgage-backed securities
Assets
Available for sale debt securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Recurring fair value measurements: \| Corporate and other debt securities
Assets
Available for sale debt securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Non-recurring fair value measurements:
Liabilities
Collateral dependent loans	0	0
Loan servicing rights	0	0
Foreclosed assets	0	0
Total	0	0
Significant Other Observable Inputs (Level 2) \| Recurring fair value measurements:
Assets
Equity securities	0	0
Available for sale debt securities	1,287,265	1,515,178
Loans held for sale	301,427	76,113
Other assets	387,452	158,532
Total assets	1,976,144	1,749,823
Liabilities
Other liabilities	156,281	43,926
Total liabilities	156,281	43,926
Significant Other Observable Inputs (Level 2) \| Recurring fair value measurements: \| U.S. Treasury securities
Assets
Available for sale debt securities	0	0
Significant Other Observable Inputs (Level 2) \| Recurring fair value measurements: \| U.S. government agency securities
Assets
Available for sale debt securities	26,157	29,243
Significant Other Observable Inputs (Level 2) \| Recurring fair value measurements: \| Obligations of states and political subdivisions
Assets
Available for sale debt securities	79,135	169,371
Significant Other Observable Inputs (Level 2) \| Recurring fair value measurements: \| Residential mortgage-backed securities
Assets
Available for sale debt securities	1,090,022	1,254,786
Significant Other Observable Inputs (Level 2) \| Recurring fair value measurements: \| Corporate and other debt securities
Assets
Available for sale debt securities	91,951	61,778
Significant Other Observable Inputs (Level 2) \| Non-recurring fair value measurements:
Liabilities
Collateral dependent loans	0	0
Loan servicing rights	0	0
Foreclosed assets	0	0
Total	0	0
Significant Unobservable Inputs (Level 3) \| Recurring fair value measurements:
Assets
Equity securities	0	0
Available for sale debt securities	815	680
Loans held for sale	0	0
Other assets	0	0
Total assets	815	680
Liabilities
Other liabilities	0	0
Total liabilities	0	0
Significant Unobservable Inputs (Level 3) \| Recurring fair value measurements: \| U.S. Treasury securities
Assets
Available for sale debt securities	0	0
Significant Unobservable Inputs (Level 3) \| Recurring fair value measurements: \| U.S. government agency securities
Assets
Available for sale debt securities	0	0
Significant Unobservable Inputs (Level 3) \| Recurring fair value measurements: \| Obligations of states and political subdivisions
Assets
Available for sale debt securities	815	680
Significant Unobservable Inputs (Level 3) \| Recurring fair value measurements: \| Residential mortgage-backed securities
Assets
Available for sale debt securities	0	0
Significant Unobservable Inputs (Level 3) \| Recurring fair value measurements: \| Corporate and other debt securities
Assets
Available for sale debt securities	0	0
Significant Unobservable Inputs (Level 3) \| Non-recurring fair value measurements:
Liabilities
Collateral dependent loans	35,228	39,075
Loan servicing rights	15,603	1,591
Foreclosed assets	7,387	10,807
Total	58,218	51,473
Fair Value Measured at Net Asset Value Per Share
Assets
Equity securities	7,800
Fair Value \| Recurring fair value measurements:
Assets
Equity securities	26,379	41,410
Available for sale debt securities	1,339,473	1,566,801
Loans held for sale	301,427	76,113
Other assets	387,452	158,532
Total assets	2,054,731	1,842,856
Liabilities
Other liabilities	156,281	43,926
Total liabilities	156,281	43,926
Fair Value \| Recurring fair value measurements: \| U.S. Treasury securities
Assets
Available for sale debt securities	51,393	50,943
Fair Value \| Recurring fair value measurements: \| U.S. government agency securities
Assets
Available for sale debt securities	26,157	29,243
Fair Value \| Recurring fair value measurements: \| Obligations of states and political subdivisions
Assets
Available for sale debt securities	79,950	170,051
Fair Value \| Recurring fair value measurements: \| Residential mortgage-backed securities
Assets
Available for sale debt securities	1,090,022	1,254,786
Fair Value \| Recurring fair value measurements: \| Corporate and other debt securities
Assets
Available for sale debt securities	91,951	61,778
Fair Value \| Non-recurring fair value measurements:
Liabilities
Collateral dependent loans	35,228	39,075
Loan servicing rights	15,603	1,591
Foreclosed assets	7,387	10,807
Total	58,218	51,473
Fair Value \| Significant Unobservable Inputs (Level 3)
Assets
Equity securities	$ 2,999	$ 0

Fair Value Measurement of Ass_4

Fair Value Measurement of Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Collateral dependent loans charge offs	$ 4,500	$ 2,100
Collateral dependent impaired loans, recorded investment	104,400	74,600
Specific valuation allowance allocations	$ 69,100	$ 35,500
Valuation of loan servicing rights, discount rate	9.60%
Discount adjustment of the appraisals of foreclosed assets		0.00%
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation of loan servicing rights, prepayment rate	19.80%
Discount adjustment of the appraisals of foreclosed assets	1.50%
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount adjustment of the appraisals of foreclosed assets	22.00%
Non-recurring fair value measurements: \| Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Reported net carrying amount of impaired loans	$ 35,200	$ 39,100
Loan servicing rights	$ 15,603	$ 1,591

Fair Value Measurement of Ass_5

Fair Value Measurement of Assets and Liabilities - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Interest bearing deposits with banks	$ 1,071,360	$ 178,423
Equity securities	29,378	41,410
Investment securities held to maturity	2,227,612	2,358,720
Accrued interest receivable	106,230	105,637
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Deposits with stated maturities	6,714,678	9,717,945
Carrying Amount
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investment securities held to maturity	2,173,011	2,336,095
Carrying Amount \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and due from banks	257,845	256,264
Interest bearing deposits with banks	1,071,360	178,423
Accrued interest receivable	106,230	105,637
Federal Reserve Bank and Federal Home Loan Bank stock	250,116	214,421
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Deposits without stated maturities	25,220,924	19,467,892
Short-term borrowings	1,147,958	1,093,280
Accrued interest payable	18,839	33,066
Carrying Amount \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Treasury securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investment securities held to maturity	68,126	138,352
Carrying Amount \| Significant Other Observable Inputs (Level 2)
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Deposits with stated maturities	6,714,678	9,717,945
Long-term borrowings	2,295,665	2,122,426
Junior subordinated debentures issued to capital trusts	56,065	55,718
Carrying Amount \| Significant Other Observable Inputs (Level 2) \| U.S. government agency securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investment securities held to maturity	6,222	7,345
Carrying Amount \| Significant Other Observable Inputs (Level 2) \| Obligations of states and political subdivisions
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investment securities held to maturity	470,259	500,705
Carrying Amount \| Significant Other Observable Inputs (Level 2) \| Residential mortgage-backed securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investment securities held to maturity	1,550,306	1,620,119
Carrying Amount \| Significant Other Observable Inputs (Level 2) \| Trust preferred securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investment securities held to maturity	37,348	37,324
Carrying Amount \| Significant Other Observable Inputs (Level 2) \| Corporate and other debt securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investment securities held to maturity	40,750	32,250
Carrying Amount \| Significant Unobservable Inputs (Level 3)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Equity securities	2,999	0
Net loans	31,876,869	29,537,449
Fair Value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investment securities held to maturity	2,227,612	2,358,720
Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and due from banks	257,845	256,264
Interest bearing deposits with banks	1,071,360	178,423
Accrued interest receivable	106,230	105,637
Federal Reserve Bank and Federal Home Loan Bank stock	250,116	214,421
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Deposits without stated maturities	25,220,924	19,467,892
Short-term borrowings	1,151,478	1,081,879
Accrued interest payable	18,839	33,066
Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Treasury securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investment securities held to maturity	75,484	144,113
Fair Value \| Significant Other Observable Inputs (Level 2)
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Deposits with stated maturities	6,639,022	9,747,867
Long-term borrowings	2,405,345	2,181,401
Junior subordinated debentures issued to capital trusts	57,779	53,889
Fair Value \| Significant Other Observable Inputs (Level 2) \| U.S. government agency securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investment securities held to maturity	6,513	7,362
Fair Value \| Significant Other Observable Inputs (Level 2) \| Obligations of states and political subdivisions
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investment securities held to maturity	484,506	513,607
Fair Value \| Significant Other Observable Inputs (Level 2) \| Residential mortgage-backed securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investment securities held to maturity	1,589,655	1,629,572
Fair Value \| Significant Other Observable Inputs (Level 2) \| Trust preferred securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investment securities held to maturity	30,033	31,382
Fair Value \| Significant Other Observable Inputs (Level 2) \| Corporate and other debt securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Investment securities held to maturity	41,421	32,684
Fair Value \| Significant Unobservable Inputs (Level 3)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Equity securities	2,999	0
Net loans	$ 31,635,060	$ 28,964,396

Investment Securities - Additio

Investment Securities - Additional Information (Details)	12 Months Ended
Investment Securities - Additional Information (Details)	Dec. 31, 2020USD ($)securityposition	Dec. 31, 2019USD ($)securityposition	Dec. 31, 2018USD ($)
Investment Securities [Line Items]
Equity securities	$ 29,378,000	$ 41,410,000
Number of security positions in the securities available for sale portfolio in an unrealized loss position (in security) \| position	58	182
Fair value of securities available for sale pledged as collateral	$ 789,000,000
Weighted-average remaining expected life of residential mortgage-backed securities available for sale, years	3 years 4 months 24 days
Impairment loss	$ 0	$ 2,900,000
Allowance for credit losses	0
Amortized cost	1,293,506,000	1,558,787,000
Fair Value	$ 1,339,473,000	$ 1,566,801,000
Number of security positions in the securities held to maturity portfolio in an unrealized loss position (in security) \| security	13	82
Fair value of investments held to maturity pledged as collateral	$ 1,400,000,000
Weighted-average remaining expected life of residential mortgage-backed securities held to maturity, years	4 years 2 months 12 days
Held-to-maturity, allowance for credit loss	$ 1,428,000
Provision for credit losses for held to maturity securities	635,000	$ 0	$ 0
Held-to-maturity, charge-offs	0
US states and political subdivisions debt securities, special revenue bonds, impaired securities
Investment Securities [Line Items]
Amortized cost	680,000
Fair Value	$ 815,000

Investment Securities - Amortiz

Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,293,506	$ 1,558,787
Gross Unrealized Gains	46,886	13,596
Gross Unrealized Losses	(919)	(5,582)
Fair Value	1,339,473	1,566,801
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	50,031	50,952
Gross Unrealized Gains	1,362	12
Gross Unrealized Losses	0	(21)
Fair Value	51,393	50,943
U.S. government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	25,067	28,982
Gross Unrealized Gains	1,103	280
Gross Unrealized Losses	(13)	(19)
Fair Value	26,157	29,243
Obligations of states and state agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	40,861	78,116
Gross Unrealized Gains	970	540
Gross Unrealized Losses	(32)	(83)
Fair Value	41,799	78,573
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	37,489	90,662
Gross Unrealized Gains	731	902
Gross Unrealized Losses	(69)	(86)
Fair Value	38,151	91,478
Obligations of states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	78,350	168,778
Gross Unrealized Gains	1,701	1,442
Gross Unrealized Losses	(101)	(169)
Fair Value	79,950	170,051
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,050,369	1,248,814
Gross Unrealized Gains	40,426	11,234
Gross Unrealized Losses	(773)	(5,262)
Fair Value	1,090,022	1,254,786
Corporate and other debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	89,689	61,261
Gross Unrealized Gains	2,294	628
Gross Unrealized Losses	(32)	(111)
Fair Value	$ 91,951	$ 61,778

Investment Securities - Age of

Investment Securities - Age of Unrealized Losses and Fair Value of Related Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value
Less than Twelve Months	$ 60,712	$ 289,110
More than Twelve Months	30,400	306,513
Total	91,112	595,623
Unrealized Losses
Less than Twelve Months	(601)	(1,347)
More than Twelve Months	(318)	(4,235)
Total	(919)	(5,582)
U.S. Treasury securities
Fair Value
Less than Twelve Months		25,019
More than Twelve Months		0
Total		25,019
Unrealized Losses
Less than Twelve Months		(21)
More than Twelve Months		0
Total		(21)
U.S. government agency securities
Fair Value
Less than Twelve Months	0	0
More than Twelve Months	1,479	1,783
Total	1,479	1,783
Unrealized Losses
Less than Twelve Months	0	0
More than Twelve Months	(13)	(19)
Total	(13)	(19)
Obligations of states and state agencies
Fair Value
Less than Twelve Months	0	18,540
More than Twelve Months	1,010	8,755
Total	1,010	27,295
Unrealized Losses
Less than Twelve Months	0	(21)
More than Twelve Months	(32)	(62)
Total	(32)	(83)
Municipal bonds
Fair Value
Less than Twelve Months	6,777	0
More than Twelve Months	0	13,177
Total	6,777	13,177
Unrealized Losses
Less than Twelve Months	(69)	0
More than Twelve Months	0	(86)
Total	(69)	(86)
Obligations of states and political subdivisions
Fair Value
Less than Twelve Months	6,777	18,540
More than Twelve Months	1,010	21,932
Total	7,787	40,472
Unrealized Losses
Less than Twelve Months	(69)	(21)
More than Twelve Months	(32)	(148)
Total	(101)	(169)
Residential mortgage-backed securities
Fair Value
Less than Twelve Months	41,418	240,412
More than Twelve Months	27,911	282,798
Total	69,329	523,210
Unrealized Losses
Less than Twelve Months	(500)	(1,194)
More than Twelve Months	(273)	(4,068)
Total	(773)	(5,262)
Corporate and other debt securities
Fair Value
Less than Twelve Months	12,517	5,139
More than Twelve Months	0	0
Total	12,517	5,139
Unrealized Losses
Less than Twelve Months	(32)	(111)
More than Twelve Months	0	0
Total	$ (32)	$ (111)

Investment Securities - Contrac

Investment Securities - Contractual Maturities of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Amortized Cost
Due in one year	$ 14,553
Due after one year through five years	82,656
Due after five years through ten years	92,674
Due after ten years	53,254
Residential mortgage-backed securities	1,050,369
Amortized Cost	1,293,506	$ 1,558,787
Fair Value
Due in one year	14,555
Due after one year through five years	85,179
Due after five years through ten years	94,629
Due after ten years	55,088
Residential mortgage-backed securities	1,090,022
Fair Value	$ 1,339,473	$ 1,566,801

Investment Securities - Amort_2

Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Investment Securities Held to Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	$ 2,173,011	$ 2,336,095
Gross Unrealized Gains	62,326	34,556
Gross Unrealized Losses	(7,725)	(11,931)
Fair Value	2,227,612	2,358,720
U.S. Treasury securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	68,126	138,352
Gross Unrealized Gains	7,358	5,761
Gross Unrealized Losses	0	0
Fair Value	75,484	144,113
U.S. government agency securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	6,222	7,345
Gross Unrealized Gains	291	58
Gross Unrealized Losses	0	(41)
Fair Value	6,513	7,362
Obligations of states and state agencies
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	262,762	297,454
Gross Unrealized Gains	8,060	7,745
Gross Unrealized Losses	(105)	(529)
Fair Value	270,717	304,670
Municipal bonds
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	207,497	203,251
Gross Unrealized Gains	6,292	5,696
Gross Unrealized Losses	0	(10)
Fair Value	213,789	208,937
Total obligations of states and political subdivisions
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	470,259	500,705
Gross Unrealized Gains	14,352	13,441
Gross Unrealized Losses	(105)	(539)
Fair Value	484,506	513,607
Residential mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	1,550,306	1,620,119
Gross Unrealized Gains	39,603	14,803
Gross Unrealized Losses	(254)	(5,350)
Fair Value	1,589,655	1,629,572
Trust preferred securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	37,348	37,324
Gross Unrealized Gains	50	39
Gross Unrealized Losses	(7,365)	(5,981)
Fair Value	30,033	31,382
Corporate and other debt securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	40,750	32,250
Gross Unrealized Gains	672	454
Gross Unrealized Losses	(1)	(20)
Fair Value	$ 41,421	$ 32,684

Investment Securities - Age o_2

Investment Securities - Age of Unrealized Losses and Fair Value of Related Securities Held to Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value
Less than Twelve Months	$ 37,894	$ 324,246
More than Twelve Months	31,100	323,080
Total	68,994	647,326
Unrealized Losses
Less than Twelve Months	(351)	(1,483)
More than Twelve Months	(7,374)	(10,448)
Total	(7,725)	(11,931)
U.S. government agency securities
Fair Value
Less than Twelve Months		5,183
More than Twelve Months		0
Total		5,183
Unrealized Losses
Less than Twelve Months		(41)
More than Twelve Months		0
Total		(41)
Obligations of states and state agencies
Fair Value
Less than Twelve Months	5,546	11,178
More than Twelve Months	0	32,397
Total	5,546	43,575
Unrealized Losses
Less than Twelve Months	(105)	(55)
More than Twelve Months	0	(474)
Total	(105)	(529)
Municipal bonds
Fair Value
Less than Twelve Months		0
More than Twelve Months		798
Total		798
Unrealized Losses
Less than Twelve Months		0
More than Twelve Months		(10)
Total		(10)
Total obligations of states and political subdivisions
Fair Value
Less than Twelve Months		11,178
More than Twelve Months		33,195
Total		44,373
Unrealized Losses
Less than Twelve Months		(55)
More than Twelve Months		(484)
Total		(539)
Residential mortgage-backed securities
Fair Value
Less than Twelve Months	21,599	307,885
More than Twelve Months	2,470	254,915
Total	24,069	562,800
Unrealized Losses
Less than Twelve Months	(245)	(1,387)
More than Twelve Months	(9)	(3,963)
Total	(254)	(5,350)
Trust preferred securities
Fair Value
Less than Twelve Months	0	0
More than Twelve Months	28,630	29,990
Total	28,630	29,990
Unrealized Losses
Less than Twelve Months	0	0
More than Twelve Months	(7,365)	(5,981)
Total	(7,365)	(5,981)
Corporate and other debt securities
Fair Value
Less than Twelve Months	10,749	0
More than Twelve Months	0	4,980
Total	10,749	4,980
Unrealized Losses
Less than Twelve Months	(1)	0
More than Twelve Months	0	(20)
Total	$ (1)	$ (20)

Investment Securities - Contr_2

Investment Securities - Contractual Maturities of Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Amortized Cost
Due in one year	$ 28,174
Due after one year through five years	234,392
Due after five years through ten years	150,859
Due after ten years	209,280
Residential mortgage-backed securities	1,550,306
Amortized Cost	2,173,011	$ 2,336,095
Fair Value
Due in one year	28,290
Due after one year through five years	246,981
Due after five years through ten years	154,904
Due after ten years	207,782
Residential mortgage-backed securities	1,589,655
Total investment securities held to maturity	$ 2,227,612	$ 2,358,720

Investment Securities - Amort_3

Investment Securities - Amortized Cost of Debt Securities Held to Maturity by External Credit Rating (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	$ 2,173,011	$ 2,336,095
U.S. Treasury securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	68,126	138,352
U.S. government agency securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	6,222	7,345
Obligations of states and state agencies
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	262,762	297,454
Municipal bonds
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	207,497	203,251
Obligations of states and political subdivisions
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	470,259	500,705
Residential mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	1,550,306	1,620,119
Trust preferred securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	37,348	37,324
Corporate and other debt securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	40,750	32,250
AAA/AA/A Rated
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	2,019,348	2,216,991
AAA/AA/A Rated \| U.S. Treasury securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	68,126	138,352
AAA/AA/A Rated \| U.S. government agency securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	6,222	7,345
AAA/AA/A Rated \| Obligations of states and state agencies
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	228,286	248,533
AAA/AA/A Rated \| Municipal bonds
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	166,408	202,642
AAA/AA/A Rated \| Obligations of states and political subdivisions
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	394,694	451,175
AAA/AA/A Rated \| Residential mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	1,550,306	1,620,119
AAA/AA/A Rated \| Trust preferred securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
AAA/AA/A Rated \| Corporate and other debt securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	5,000	10,722
BBB rated \| U.S. Treasury securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated \| U.S. government agency securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated \| Obligations of states and state agencies
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	5,722
BBB rated \| Municipal bonds
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated \| Obligations of states and political subdivisions
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	5,722
BBB rated \| Residential mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated \| Trust preferred securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated \| Corporate and other debt securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	5,000	5,000
Non-investment grade rated
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	5,650	0
Non-investment grade rated \| U.S. Treasury securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated \| U.S. government agency securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated \| Obligations of states and state agencies
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	5,650	0
Non-investment grade rated \| Municipal bonds
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated \| Obligations of states and political subdivisions
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	5,650	0
Non-investment grade rated \| Residential mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated \| Trust preferred securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated \| Corporate and other debt securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	143,013	108,382
Non-rated \| U.S. Treasury securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated \| U.S. government agency securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated \| Obligations of states and state agencies
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	28,826	43,199
Non-rated \| Municipal bonds
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	41,089	609
Non-rated \| Obligations of states and political subdivisions
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	69,915	43,808
Non-rated \| Residential mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated \| Trust preferred securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	37,348	37,324
Non-rated \| Corporate and other debt securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	$ 35,750	$ 27,250

Investment Securities - Realize

Investment Securities - Realized Gains and Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Sales transactions:
Gross gains	$ 665	$ 0	$ 1,769
Gross losses	(9)	0	(3,881)
Gains (losses) on sales transactions, net	656	0	(2,112)
Maturities and other securities transactions:
Gross gains	34	67	42
Gross losses	(166)	(217)	(272)
Gains (losses) on maturities and other securities transactions, net	(132)	(150)	(230)
Net gains (losses) on securities transactions	524	(150)	(2,342)
Sales of investment securities available for sale	$ 30,020	$ 271,901	$ 44,377

Loans and Allowance for Credi_3

Loans and Allowance for Credit Losses for Loans - Schedule of Loan Portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 32,217,112	$ 29,699,208
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	6,861,708	4,825,997
Loans, PPP	2,200,000
Loans, deferred income, PPP	43,200
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	18,470,823	17,643,759
Commercial real estate \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	16,724,998	15,996,741
Commercial real estate \| Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,745,825	1,647,018
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	4,183,743	4,377,111
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,700,838	2,852,341
Consumer \| Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	431,553	487,272
Consumer \| Automobile
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,355,955	1,451,623
Consumer \| Other consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 913,330	$ 913,446

Loans and Allowance for Credi_4

Loans and Allowance for Credit Losses for Loans - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-PCI loans net of premiums and deferred loan fees	$ 95,800,000	$ 12,600,000
Accrued interest	90,200,000	86,300,000
Loans transferred to loans held for sale	30,020,000	1,234,022,000	$ 289,633,000
Sales of loans	0	0
Net loans	31,876,869,000	29,537,449,000
Allowance for loan losses	$ 340,243,000	161,759,000	151,859,000
Combined loan-to-value ratio home equity loan	80.00%
Accrued interest on non-accrual loans	$ 6,200,000	2,500,000	3,600,000
Number of consecutive months for performing restructured loans to be put on accrual status	6 months
TDRs not reported as non-accrual loans	$ 57,400,000	73,000,000
Non-performing TDRs	92,800,000	65,100,000
Specific reserves for loan losses	21,100,000	36,000,000
Troubled debt restructuring, charge-offs	7,700,000	4,900,000
Amount from modified loans	361,000,000
Net decrease in expected cash flows	(10,995,000)	(11,000,000)
Commitments under unused lines of credit—credit card
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unsecured loans	8,800,000	8,200,000
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans transferred to loans held for sale	30,000,000	436,500,000
Allowance for loan losses	28,873,000	5,060,000	5,041,000
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans transferred to loans held for sale		798,000,000
Unsecured loans	2,700,000,000	606,100,000
Allowance for loan losses	131,070,000	104,059,000	90,956,000
Impaired loans		250,000
Commercial and industrial \| Tax Medallion
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net loans	97,500,000
Allowance for loan losses	66,400,000
Commercial and industrial \| SBA guaranteed PPP loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unsecured loans	2,200,000,000
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unsecured loans	49,400,000	53,900,000
Allowance for loan losses	$ 16,187,000	$ 6,967,000	$ 6,212,000

Loans and Allowance for Credi_5

Loans and Allowance for Credit Losses for Loans - Changes in Amounts of Loans and Advances to Related Parties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Loans and Leases Receivable, Related Parties [Roll Forward]
Outstanding at beginning of year	$ 193,281
New loans and advances	71,356
Repayments	(25,012)
Outstanding at end of year	$ 239,625

Loans and Allowance for Credi_6

Loans and Allowance for Credit Losses for Loans - Past Due, Non-Accrual and Current Loans by Loan Portfolio Class (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	$ 185,282	$ 93,058
Total Past Due Loans	284,287	161,284
Current Loans	31,932,825	22,908,325
Total Loans	32,217,112
Non-Accrual Loans Without Allowance for Credit Losses	48,151
PCI Loans		6,629,599
30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	69,712	46,593
60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	15,752	14,315
90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	13,541	7,318
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	106,693	68,636
Total Past Due Loans	124,445	86,549
Current Loans	6,737,263	4,057,434
Non-Accrual Loans Without Allowance for Credit Losses	4,075
PCI Loans		682,014
Commercial and industrial \| 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	6,393	11,700
Commercial and industrial \| 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	2,252	2,227
Commercial and industrial \| 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	9,107	3,986
Commercial real estate
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	46,963	9,360
Total Past Due Loans	84,627	19,354
Current Loans	18,386,196	12,379,256
Total Loans	18,470,823
Non-Accrual Loans Without Allowance for Credit Losses	32,416
PCI Loans		5,245,149
Commercial real estate \| 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	35,345	4,046
Commercial real estate \| 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	1,326	5,369
Commercial real estate \| 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	993	579
Commercial real estate \| Commercial real estate
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	46,879	9,004
Total Past Due Loans	84,228	16,169
Current Loans	16,640,770	10,886,724
Non-Accrual Loans Without Allowance for Credit Losses	32,416
PCI Loans		5,093,848
Commercial real estate \| Commercial real estate \| 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	35,030	2,560
Commercial real estate \| Commercial real estate \| 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	1,326	4,026
Commercial real estate \| Commercial real estate \| 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	993	579
Commercial real estate \| Construction
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	84	356
Total Past Due Loans	399	3,185
Current Loans	1,745,426	1,492,532
Non-Accrual Loans Without Allowance for Credit Losses	0
PCI Loans		151,301
Commercial real estate \| Construction \| 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	315	1,486
Commercial real estate \| Construction \| 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	0	1,343
Commercial real estate \| Construction \| 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	0	0
Residential mortgage
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	25,817	12,858
Total Past Due Loans	57,055	36,235
Current Loans	4,126,688	3,760,707
Non-Accrual Loans Without Allowance for Credit Losses	11,610
PCI Loans		580,169
Residential mortgage \| 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	17,717	17,143
Residential mortgage \| 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	10,351	4,192
Residential mortgage \| 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	3,170	2,042
Consumer loans:
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	5,809	2,204
Total Past Due Loans	18,160	19,146
Current Loans	2,682,678	2,710,928
Total Loans	2,700,838
Non-Accrual Loans Without Allowance for Credit Losses	50
PCI Loans		122,267
Consumer loans: \| 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	10,257	13,704
Consumer loans: \| 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	1,823	2,527
Consumer loans: \| 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	271	711
Consumer loans: \| Home equity
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	4,936	1,646
Total Past Due Loans	6,381	2,777
Current Loans	425,172	373,243
Non-Accrual Loans Without Allowance for Credit Losses	50
PCI Loans		111,252
Consumer loans: \| Home equity \| 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	953	1,051
Consumer loans: \| Home equity \| 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	492	80
Consumer loans: \| Home equity \| 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	0	0
Consumer loans: \| Automobile
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	338	334
Total Past Due Loans	9,746	14,078
Current Loans	1,346,209	1,437,274
Non-Accrual Loans Without Allowance for Credit Losses	0
PCI Loans		271
Consumer loans: \| Automobile \| 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	8,056	11,482
Consumer loans: \| Automobile \| 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	1,107	1,581
Consumer loans: \| Automobile \| 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	245	681
Consumer loans: \| Other consumer
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	535	224
Total Past Due Loans	2,033	2,291
Current Loans	911,297	900,411
Non-Accrual Loans Without Allowance for Credit Losses	0
PCI Loans		10,744
Consumer loans: \| Other consumer \| 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	1,248	1,171
Consumer loans: \| Other consumer \| 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	224	866
Consumer loans: \| Other consumer \| 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	$ 26	$ 30

Loans and Allowance for Credi_7

Loans and Allowance for Credit Losses for Loans - Risk Category of Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 32,217,112	$ 29,699,208
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	3,064,630
2019	624,427
2018	570,901
2017	240,525
2016	179,522
Prior to 2016	434,485
Revolving Loans Amortized Cost Basis	1,746,355
Revolving Loans Converted to Term Loans	863
Loans	6,861,708	4,825,997
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	18,470,823	17,643,759
Commercial real estate \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	3,165,678
2019	3,137,328
2018	2,305,380
2017	1,875,959
2016	1,876,523
Prior to 2016	4,145,217
Revolving Loans Amortized Cost Basis	203,381
Revolving Loans Converted to Term Loans	15,532
Loans	16,724,998	15,996,741
Commercial real estate \| Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	145,246
2019	121,869
2018	111,420
2017	18,125
2016	57,984
Prior to 2016	37,823
Revolving Loans Amortized Cost Basis	1,253,358
Revolving Loans Converted to Term Loans	0
Loans	1,745,825	1,647,018
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	730,764
2019	781,246
2018	688,973
2017	586,114
2016	384,867
Prior to 2016	946,981
Revolving Loans Amortized Cost Basis	64,798
Revolving Loans Converted to Term Loans	0
Loans	4,183,743	4,377,111
Residential mortgage \| 90 Days or More Past Due Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	3,085
2018	4,212
2017	3,464
2016	4,144
Prior to 2016	3,365
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans	0
Loans	18,270
Residential mortgage \| Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	730,764
2019	778,161
2018	684,761
2017	582,650
2016	380,723
Prior to 2016	943,616
Revolving Loans Amortized Cost Basis	64,798
Revolving Loans Converted to Term Loans	0
Loans	4,165,473
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	446,991
2019	454,481
2018	290,819
2017	161,744
2016	57,330
Prior to 2016	37,456
Revolving Loans Amortized Cost Basis	1,200,000
Revolving Loans Converted to Term Loans	52,017
Loans	2,700,838	2,852,341
Consumer \| Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	8,580
2019	10,634
2018	11,756
2017	8,886
2016	5,365
Prior to 2016	15,476
Revolving Loans Amortized Cost Basis	319,247
Revolving Loans Converted to Term Loans	51,609
Loans	431,553	487,272
Consumer \| Home equity \| 90 Days or More Past Due Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	25
Prior to 2016	83
Revolving Loans Amortized Cost Basis	378
Revolving Loans Converted to Term Loans	730
Loans	1,216
Consumer \| Home equity \| Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	8,580
2019	10,634
2018	11,756
2017	8,886
2016	5,340
Prior to 2016	15,393
Revolving Loans Amortized Cost Basis	318,869
Revolving Loans Converted to Term Loans	50,879
Loans	430,337
Consumer \| Automobile Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	426,140
2019	438,289
2018	272,248
2017	151,746
2016	50,888
Prior to 2016	16,644
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans	0
Loans	1,355,955	1,451,623
Consumer \| Automobile Loan \| 90 Days or More Past Due Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	19
2019	108
2018	173
2017	223
2016	35
Prior to 2016	94
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans	0
Loans	652
Consumer \| Automobile Loan \| Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	426,121
2019	438,181
2018	272,075
2017	151,523
2016	50,853
Prior to 2016	16,550
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans	0
Loans	1,355,303
Consumer \| Other consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	12,271
2019	5,558
2018	6,815
2017	1,112
2016	1,077
Prior to 2016	5,336
Revolving Loans Amortized Cost Basis	880,753
Revolving Loans Converted to Term Loans	408
Loans	913,330	$ 913,446
Consumer \| Other consumer \| 90 Days or More Past Due Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	22
Revolving Loans Amortized Cost Basis	5
Revolving Loans Converted to Term Loans	408
Loans	435
Consumer \| Other consumer \| Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	12,271
2019	5,558
2018	6,815
2017	1,112
2016	1,077
Prior to 2016	5,314
Revolving Loans Amortized Cost Basis	880,748
Revolving Loans Converted to Term Loans	0
Loans	912,895
Pass \| Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	3,058,596
2019	605,112
2018	556,284
2017	212,215
2016	162,483
Prior to 2016	337,484
Revolving Loans Amortized Cost Basis	1,677,559
Revolving Loans Converted to Term Loans	350
Loans	6,610,083
Pass \| Commercial real estate \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	3,096,549
2019	3,052,076
2018	2,230,047
2017	1,767,528
2016	1,798,137
Prior to 2016	3,916,990
Revolving Loans Amortized Cost Basis	199,145
Revolving Loans Converted to Term Loans	15,532
Loans	16,076,004
Pass \| Commercial real estate \| Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	145,246
2019	120,800
2018	111,174
2017	15,497
2016	47,971
Prior to 2016	20,029
Revolving Loans Amortized Cost Basis	1,199,034
Revolving Loans Converted to Term Loans	0
Loans	1,659,751
Special Mention \| Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	819
2019	10,236
2018	2,135
2017	9,502
2016	10,228
Prior to 2016	14,165
Revolving Loans Amortized Cost Basis	49,883
Revolving Loans Converted to Term Loans	51
Loans	97,019
Special Mention \| Commercial real estate \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	50,193
2019	68,203
2018	44,336
2017	48,813
2016	66,845
Prior to 2016	109,295
Revolving Loans Amortized Cost Basis	1,705
Revolving Loans Converted to Term Loans	0
Loans	389,390
Special Mention \| Commercial real estate \| Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	1,043
2018	0
2017	0
2016	9,996
Prior to 2016	17,414
Revolving Loans Amortized Cost Basis	47,311
Revolving Loans Converted to Term Loans	0
Loans	75,764
Substandard \| Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	5,215
2019	3,876
2018	12,481
2017	1,798
2016	4,215
Prior to 2016	12,965
Revolving Loans Amortized Cost Basis	18,913
Revolving Loans Converted to Term Loans	462
Loans	59,925
Substandard \| Commercial real estate \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	18,936
2019	17,049
2018	30,997
2017	59,618
2016	11,541
Prior to 2016	118,725
Revolving Loans Amortized Cost Basis	2,531
Revolving Loans Converted to Term Loans	0
Loans	259,397
Substandard \| Commercial real estate \| Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	26
2018	246
2017	2,628
2016	17
Prior to 2016	380
Revolving Loans Amortized Cost Basis	7,013
Revolving Loans Converted to Term Loans	0
Loans	10,310
Doubtful \| Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	5,203
2018	1
2017	17,010
2016	2,596
Prior to 2016	69,871
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans	0
Loans	94,681
Doubtful \| Commercial real estate \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	207
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans	0
Loans	$ 207

Loans and Allowance for Credi_8

Loans and Allowance for Credit Losses for Loans - Credit Exposure by Internally Assigned Risk Rating by Class of Loans (Excluding PCI Loans) (Details) $ in Thousands	Dec. 31, 2019USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	$ 16,542,593
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	16,251,917
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	119,088
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	109,425
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	62,163
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	4,143,983
Commercial and industrial \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	3,982,453
Commercial and industrial \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	33,718
Commercial and industrial \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	66,511
Commercial and industrial \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	61,301
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	10,902,893
Commercial real estate \| Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	1,495,717
Commercial real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	10,781,587
Commercial real estate \| Pass \| Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	1,487,877
Commercial real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	77,884
Commercial real estate \| Special Mention \| Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	7,486
Commercial real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	42,560
Commercial real estate \| Substandard \| Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	354
Commercial real estate \| Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	862
Commercial real estate \| Doubtful \| Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI Loans	$ 0

Loans and Allowance for Credi_9

Loans and Allowance for Credit Losses for Loans - Recorded Investment in Loan Classes Based on Payment Activity (Details) $ in Thousands	Dec. 31, 2019USD ($)
Non Purchased Credit Impaired Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	$ 6,527,016
PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	6,629,599
Performing Loans \| Non Purchased Credit Impaired Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	6,511,954
Performing Loans \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	6,559,439
Non-Performing Loans \| Non Purchased Credit Impaired Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	15,062
Non-Performing Loans \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	70,160
Residential mortgage \| Non Purchased Credit Impaired Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	3,796,942
Residential mortgage \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	580,169
Residential mortgage \| Performing Loans \| Non Purchased Credit Impaired Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	3,784,084
Residential mortgage \| Performing Loans \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	571,006
Residential mortgage \| Non-Performing Loans \| Non Purchased Credit Impaired Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	12,858
Residential mortgage \| Non-Performing Loans \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	9,163
Consumer \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	122,267
Consumer \| Performing Loans \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	120,356
Consumer \| Non-Performing Loans \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,911
Consumer \| Home equity \| Non Purchased Credit Impaired Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	376,020
Consumer \| Home equity \| Performing Loans \| Non Purchased Credit Impaired Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	374,374
Consumer \| Home equity \| Non-Performing Loans \| Non Purchased Credit Impaired Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,646
Consumer \| Automobile Loan \| Non Purchased Credit Impaired Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,451,352
Consumer \| Automobile Loan \| Performing Loans \| Non Purchased Credit Impaired Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,451,018
Consumer \| Automobile Loan \| Non-Performing Loans \| Non Purchased Credit Impaired Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	334
Consumer \| Other consumer \| Non Purchased Credit Impaired Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	902,702
Consumer \| Other consumer \| Performing Loans \| Non Purchased Credit Impaired Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	902,478
Consumer \| Other consumer \| Non-Performing Loans \| Non Purchased Credit Impaired Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	224
Commercial and industrial \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	682,014
Commercial and industrial \| Performing Loans \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	653,997
Commercial and industrial \| Non-Performing Loans \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	28,017
Commercial real estate \| Commercial real estate \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	5,093,848
Commercial real estate \| Commercial real estate \| Performing Loans \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	5,065,388
Commercial real estate \| Commercial real estate \| Non-Performing Loans \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	28,460
Commercial real estate \| Construction \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	151,301
Commercial real estate \| Construction \| Performing Loans \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	148,692
Commercial real estate \| Construction \| Non-Performing Loans \| PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	$ 2,609

Loans and Allowance for Cred_10

Loans and Allowance for Credit Losses for Loans - Pre-Modification and Post-Modification Outstanding Recorded Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)contract	Dec. 31, 2019USD ($)contract
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts, troubled debt restructurings (in contract) \| contract	61	117
Pre-Modification Outstanding Recorded Investment	$ 73,222	$ 81,515
Post-Modification Outstanding Recorded Investment	$ 66,726	$ 77,182
Number of days loans placed on non-accrual status	90 days	90 days
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) \| contract	28	44
Recorded investment, troubled debt restructurings subsequently defaulted	$ 23,494	$ 31,936
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts, troubled debt restructurings (in contract) \| contract	42	111
Pre-Modification Outstanding Recorded Investment	$ 46,090	$ 77,781
Post-Modification Outstanding Recorded Investment	$ 42,679	$ 73,503
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) \| contract	27	43
Recorded investment, troubled debt restructurings subsequently defaulted	$ 23,247	$ 31,782
Commercial real estate \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts, troubled debt restructurings (in contract) \| contract	6	2
Pre-Modification Outstanding Recorded Investment	$ 24,683	$ 3,143
Post-Modification Outstanding Recorded Investment	$ 21,654	$ 3,098
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts, troubled debt restructurings (in contract) \| contract	12	2
Pre-Modification Outstanding Recorded Investment	$ 2,377	$ 376
Post-Modification Outstanding Recorded Investment	$ 2,323	$ 374
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) \| contract	1	1
Recorded investment, troubled debt restructurings subsequently defaulted	$ 247	$ 154
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts, troubled debt restructurings (in contract) \| contract	1	2
Pre-Modification Outstanding Recorded Investment	$ 72	$ 215
Post-Modification Outstanding Recorded Investment	$ 70	$ 207

Loans and Allowance for Cred_11

Loans and Allowance for Credit Losses for Loans - Summary of Collateral Dependent Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 32,217,112	$ 29,699,208
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	6,861,708	4,825,997
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	18,470,823	17,643,759
Commercial real estate \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	16,724,998	15,996,741
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	4,183,743	4,377,111
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,700,838	2,852,341
Consumer \| Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	431,553	$ 487,272
Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	176,027
Collateral Pledged \| Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	106,239
Collateral Pledged \| Commercial real estate \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	41,562
Collateral Pledged \| Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	28,176
Collateral Pledged \| Consumer \| Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 50

Loans and Allowance for Cred_12

Loans and Allowance for Credit Losses for Loans - Changes in Accretable Yield for PCI Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance, beginning of period	$ 1,250,726	$ 875,958
Acquisition		600,178
Accretion		(214,415)
Net decrease in expected cash flows	$ (10,995)	(11,000)
Balance, end of period		$ 1,250,726

Loans and Allowance for Cred_13

Loans and Allowance for Credit Losses for Loans - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Allowance for loan losses	$ 340,243	$ 161,759	$ 151,859
Allowance for unfunded credit commitments	11,111	2,845
Total allowance for credit losses for loans	$ 351,354	$ 164,604

Loans and Allowance for Cred_14

Loans and Allowance for Credit Losses for Loans - Summary of Provision for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Provision for loan losses	$ 123,922	$ 25,809	$ 31,661
Provision for unfunded credit commitments	1,165	(1,591)	840
Total provision for credit losses for loans	$ 125,087	$ 24,218	$ 32,501

Loans and Allowance for Cred_15

Loans and Allowance for Credit Losses for Loans - Summary of Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 161,759	$ 151,859
Loans charged-off	(45,289)	(22,215)
Charged-off loans recovered	7,320	6,306
Net (charge-offs) recoveries	(37,969)	(15,909)
Provision for loan losses	123,922	25,809	$ 31,661
Ending balance	340,243	161,759	151,859
Allowance for PCD loans reclassification	61,600
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	92,531
Ending balance		92,531
Cumulative Effect, Period of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	254,290
Ending balance		254,290
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	104,059	90,956
Loans charged-off	(34,630)	(13,260)
Charged-off loans recovered	1,956	2,397
Net (charge-offs) recoveries	(32,674)	(10,863)
Provision for loan losses	44,516	23,966
Ending balance	131,070	104,059	90,956
Commercial and industrial \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	15,169
Ending balance		15,169
Commercial and industrial \| Cumulative Effect, Period of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	119,228
Ending balance		119,228
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	45,673	49,650
Loans charged-off	(767)	(158)
Charged-off loans recovered	1,506	1,237
Net (charge-offs) recoveries	739	1,079
Provision for loan losses	67,904	(5,056)
Ending balance	164,113	45,673	49,650
Commercial real estate \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	49,797
Ending balance		49,797
Commercial real estate \| Cumulative Effect, Period of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	95,470
Ending balance		95,470
Residential mortgage
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	5,060	5,041
Loans charged-off	(598)	(126)
Charged-off loans recovered	670	66
Net (charge-offs) recoveries	72	(60)
Provision for loan losses	3,166	79
Ending balance	28,873	5,060	5,041
Residential mortgage \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	20,575
Ending balance		20,575
Residential mortgage \| Cumulative Effect, Period of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	25,635
Ending balance		25,635
Consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	6,967	6,212
Loans charged-off	(9,294)	(8,671)
Charged-off loans recovered	3,188	2,606
Net (charge-offs) recoveries	(6,106)	(6,065)
Provision for loan losses	8,336	6,820
Ending balance	16,187	6,967	$ 6,212
Consumer \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	6,990
Ending balance		6,990
Consumer \| Cumulative Effect, Period of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 13,957
Ending balance		$ 13,957

Loans and Allowance for Cred_16

Loans and Allowance for Credit Losses for Loans - Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Impairment Methodology (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for credit losses	$ 75,871	$ 38,576
Collectively evaluated for credit losses	264,372	123,183
Allowance for loan losses	340,243	161,759	$ 151,859
Individually evaluated for credit losses	229,593	163,644
Collectively evaluated for credit losses	31,987,519	22,905,965
Loans	32,217,112	29,699,208
Loans acquired with discounts related to credit quality
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans		6,629,599
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for credit losses	73,063	36,662
Collectively evaluated for credit losses	58,007	67,397
Allowance for loan losses	131,070	104,059	90,956
Individually evaluated for credit losses	131,057	100,860
Collectively evaluated for credit losses	6,730,651	4,043,123
Loans	6,861,708	4,825,997
Commercial and industrial \| Loans acquired with discounts related to credit quality
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans		682,014
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for credit losses	1,338	1,338
Collectively evaluated for credit losses	162,775	44,335
Allowance for loan losses	164,113	45,673	49,650
Individually evaluated for credit losses	61,754	51,242
Collectively evaluated for credit losses	18,409,069	12,347,368
Loans	18,470,823	17,643,759
Commercial real estate \| Loans acquired with discounts related to credit quality
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans		5,245,149
Residential mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for credit losses	1,206	518
Collectively evaluated for credit losses	27,667	4,542
Allowance for loan losses	28,873	5,060	5,041
Individually evaluated for credit losses	35,151	10,689
Collectively evaluated for credit losses	4,148,592	3,786,253
Loans	4,183,743	4,377,111
Residential mortgage \| Loans acquired with discounts related to credit quality
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans		580,169
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for credit losses	264	58
Collectively evaluated for credit losses	15,923	6,909
Allowance for loan losses	16,187	6,967	$ 6,212
Individually evaluated for credit losses	1,631	853
Collectively evaluated for credit losses	2,699,207	2,729,221
Loans	$ 2,700,838	2,852,341
Consumer \| Loans acquired with discounts related to credit quality
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans		$ 122,267

Loans and Allowance for Cred_17

Loans and Allowance for Credit Losses for Loans - Impaired Loans (Details) $ in Thousands	Dec. 31, 2019USD ($)
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	$ 47,219
Recorded Investment With Related Allowance	116,425
Total Recorded Investment	163,644
Unpaid Contractual Principal Balance	179,243
Related Allowance	38,576
Commercial and industrial
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	14,617
Recorded Investment With Related Allowance	86,243
Total Recorded Investment	100,860
Unpaid Contractual Principal Balance	114,875
Related Allowance	36,662
Commercial real estate
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	26,400
Recorded Investment With Related Allowance	24,842
Total Recorded Investment	51,242
Unpaid Contractual Principal Balance	51,612
Related Allowance	1,338
Commercial real estate \| Commercial real estate
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	26,046
Recorded Investment With Related Allowance	24,842
Total Recorded Investment	50,888
Unpaid Contractual Principal Balance	51,258
Related Allowance	1,338
Commercial real estate \| Construction
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	354
Recorded Investment With Related Allowance	0
Total Recorded Investment	354
Unpaid Contractual Principal Balance	354
Related Allowance	0
Residential mortgage
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	5,836
Recorded Investment With Related Allowance	4,853
Total Recorded Investment	10,689
Unpaid Contractual Principal Balance	11,800
Related Allowance	518
Consumer
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	366
Recorded Investment With Related Allowance	487
Total Recorded Investment	853
Unpaid Contractual Principal Balance	956
Related Allowance	58
Consumer \| Home equity
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	366
Recorded Investment With Related Allowance	487
Total Recorded Investment	853
Unpaid Contractual Principal Balance	956
Related Allowance	$ 58

Leases - Components of ROU Asse

Leases - Components of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating leases, ROU assets	$ 251,293	$ 284,255
Finance leases, ROU assets	760	874
Total ROU assets	252,053	285,129
Operating leases, liabilities	275,248	308,060
Finance leases, liabilities	1,427	1,789
Lease liabilities	$ 276,675	$ 309,849
Operating leases, ROU assets, statement of financial position [Extensible List]	vly:OperatingAndFinanceLeaseRightofUseAsset	vly:OperatingAndFinanceLeaseRightofUseAsset
Finance leases, ROU Assets, statement of financial position [Extensible List]	vly:OperatingAndFinanceLeaseRightofUseAsset	vly:OperatingAndFinanceLeaseRightofUseAsset
Operating leases, liabilities, statement of financial position [Extensible List]	vly:OperatingAndFinanceLeaseRightofUseAsset	vly:OperatingAndFinanceLeaseRightofUseAsset
Finance leases, liabilities, statement of financial position [Extensible List]	vly:OperatingAndFinanceLeaseRightofUseAsset	vly:OperatingAndFinanceLeaseRightofUseAsset

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	12 Months Ended
Leases - Narrative (Details) $ in Thousands	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)propertycorporateOfficebranch	Dec. 31, 2018USD ($)
Sale Leaseback Transaction [Line Items]
Lease costs			$ 29,000
Sublease income			3,500
Operating leases, ROU assets	$ 251,293	$ 284,255
Operating leases, liabilities	275,248	308,060
Operating lease cost	36,094	34,175
Sales-type and direct financing leases, lease receivable	643,549	478,800
Sales-type and direct financing lease, unguaranteed residual asset	641,300	477,100
Sales-type and direct financing leases, lease receivables	2,200	1,700
Lease income	$ 25,200	$ 19,400	$ 14,700
Sale leaseback transaction, March 2019
Sale Leaseback Transaction [Line Items]
Sale leaseback transaction, number of properties \| property		26
Sale leaseback transaction, number of branches \| branch		25
Sale leaseback transaction, number of corporate offices \| corporateOffice		1
Sale-leaseback transaction sale price		$ 100,500
Pre-tax net gain sale-leaseback		78,500
Operating leases, ROU assets		$ 78,400
Operating lease, term of contract		12 years
Operating lease cost		$ 7,900

Leases - Components of Total Le

Leases - Components of Total Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Amortization of ROU assets	$ 363	$ 291
Interest on lease liabilities	146	191
Operating lease cost	36,094	34,175
Short-term lease cost	783	410
Variable lease cost	4,296	3,573
Sublease income	(2,520)	(3,422)
Total lease cost (included in net occupancy and equipment expense)	$ 39,162	$ 35,218

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 35,943	$ 34,380
Operating cash flows from finance leases	146	192
Financing cash flows from finance leases	$ 612	$ 492

Leases - Supplemental Lease Inf

Leases - Supplemental Lease Information (Details)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted-average remaining lease term, operating lease	12 years 3 months 18 days	12 years 9 months 18 days
Weighted-average remaining lease term, finance lease	2 years	3 years
Weighted-average discount rate, operating lease	3.56%	3.68%
Weighted-average discount rate, finance lease	7.45%	8.25%

Leases - Maturity Analysis of L

Leases - Maturity Analysis of Lessor and Lessee Arrangements (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Direct Financing and Sales-Type Leases
2021	$ 188,580
2022	166,076
2023	139,589
2024	103,498
2025	59,049
Thereafter	40,126
Total lease payments	696,918
Less: present value discount	(53,369)
Total	643,549	$ 478,800
Operating Leases
2021	35,175
2022	32,788
2023	29,288
2024	28,036
2025	26,991
Thereafter	194,732
Total lease payments	347,010
Less: present value discount	(71,762)
Total	275,248	308,060
Finance Leases
2021	769
2022	769
2023	11
2024	0
2025	0
Thereafter	0
Total lease payments	1,549
Less: present value discount	(122)
Total	$ 1,427	$ 1,789

Premises and Equipment, Net (De

Premises and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 676,454	$ 673,491
Accumulated depreciation and amortization	(356,657)	(338,958)
Total premises and equipment, net	319,797	334,533
Depreciation and amortization	30,600	29,400	$ 27,600
Land
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	90,379	93,594
Buildings
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	214,476	220,140
Leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	88,898	85,042
Furniture and equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 282,701	$ 274,715

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,373,625	$ 1,084,665
Goodwill from business combinations	8,817	288,960
Goodwill, ending balance	1,382,442	1,373,625
Consumer Lending
Goodwill [Roll Forward]
Goodwill, beginning balance	306,572	287,025
Goodwill from business combinations	597	19,547
Goodwill, ending balance	307,169	306,572
Commercial Lending
Goodwill [Roll Forward]
Goodwill, beginning balance	825,767	557,850
Goodwill from business combinations	8,175	267,917
Goodwill, ending balance	833,942	825,767
Investment Management
Goodwill [Roll Forward]
Goodwill, beginning balance	220,068	218,572
Goodwill from business combinations	45	1,496
Goodwill, ending balance	220,113	220,068
Wealth Management \| Consumer Lending
Goodwill [Roll Forward]
Goodwill, beginning balance	21,218	21,218
Goodwill from business combinations	0	0
Goodwill, ending balance	$ 21,218	$ 21,218

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 0	$ 0	$ 0
Impairment of core deposits and intangibles	0	0	0
Net impairment (recovery of impairment) on loan servicing rights	(818,000)	36,000	388,000
Amortization expense - other intangible assets	24,600,000	18,100,000	18,400,000
Residential mortgage
Finite-Lived Intangible Assets [Line Items]
Aggregate principal balances of mortgage loans serviced	$ 3,500,000,000	$ 3,400,000,000	$ 3,200,000,000
Core deposits
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, years	8 years 10 months 24 days
Other
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, years	7 years 7 months 6 days
Oritani Financial Corp.
Finite-Lived Intangible Assets [Line Items]
Core deposit intangible assets	$ 20,700,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	$ 208,255	$ 199,932
Accumulated Amortization	(136,941)	(113,113)
Valuation Allowance	(865)	(47)
Net Intangible Assets	70,449	86,772
Loan servicing rights
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	103,150	94,827
Accumulated Amortization	(80,340)	(70,095)
Valuation Allowance	(865)	(47)
Net Intangible Assets	21,945	24,685
Core deposits
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	101,160	101,160
Accumulated Amortization	(53,747)	(40,384)
Valuation Allowance	0	0
Net Intangible Assets	47,413	60,776
Other
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	3,945	3,945
Accumulated Amortization	(2,854)	(2,634)
Valuation Allowance	0	0
Net Intangible Assets	$ 1,091	$ 1,311

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Schedule of Change in Loan Servicing Rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loan servicing rights:
Balance at beginning of year	$ 24,732	$ 24,193	$ 22,084
Origination of loan servicing rights	8,322	7,473	8,216
Amortization expense	(10,244)	(6,934)	(6,107)
Balance at end of year	22,810	24,732	24,193
Valuation allowance:
Balance at beginning of year	(47)	(83)	(471)
Impairment adjustment	(818)	36	388
Balance at end of year	(865)	(47)	(83)
Balance at end of year, net of valuation allowance	$ 21,945	$ 24,685	$ 24,110

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2020USD ($)
Loan servicing rights
Finite-Lived Intangible Assets [Line Items]
2021	$ 5,391
2022	3,969
2023	2,933
2024	2,210
2025	1,688
Core deposits
Finite-Lived Intangible Assets [Line Items]
2021	11,607
2022	9,876
2023	8,146
2024	6,537
2025	4,929
Other
Finite-Lived Intangible Assets [Line Items]
2021	206
2022	191
2023	131
2024	117
2025	$ 103

Deposits - Additional Informati

Deposits - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial Services, Banking and Thrift [Abstract]
Time deposits, $250,000 or more	$ 1,400	$ 1,700
Interest expense on time deposits of $250 thousand or more	4.5	5.8	$ 6.6
Deposits from certain directors, executive officers and their affiliates	$ 97.3	$ 67.1

Deposits - Scheduled Maturities

Deposits - Scheduled Maturities of Time Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financial Services, Banking and Thrift [Abstract]
2021	$ 5,877,581
2022	502,743
2023	167,077
2024	59,719
2025	38,229
Thereafter	69,329
Total time deposits	$ 6,714,678	$ 9,717,945

Borrowed Funds - Schedule of Sh

Borrowed Funds - Schedule of Short-Term Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total short-term borrowings	$ 1,147,958	$ 1,093,280
Loss on extinguishment of debt	12,036	31,995	$ 0
Short-term borrowings
Debt Instrument [Line Items]
FHLB advances	1,000,000	940,000
Securities sold under agreements to repurchase	147,958	153,280
Total short-term borrowings	$ 1,147,958	$ 1,093,280

Borrowed Funds - Additional Inf

Borrowed Funds - Additional Information (Details) - USD ($)	Jun. 05, 2020	Jan. 01, 2018	Sep. 30, 2020	Aug. 31, 2016	Jun. 30, 2015	Sep. 30, 2013	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Weighted average interest rate for short-term borrowings							0.38%	1.68%
FHLB advances callable for early redemption							$ 0
Prepaid long-term FHLB advances							$ 534,300,000	$ 635,000,000
Callable FHLB advances interest rate							2.48%	3.93%
Loss on extinguishment of debt							$ 12,036,000	$ 31,995,000	$ 0
Subordinated notes, interest rate	5.25%
Net carrying value of subordinated debentures							113,300,000
Fair value of securities							2,100,000,000	$ 2,300,000,000
FHLB
Debt Instrument [Line Items]
Amount of hedged debt							$ 200,000,000
Interest rate swaps
Debt Instrument [Line Items]
Notional amount of terminated derivative				$ 125,000,000
Securities sold under agreements to repurchase
Debt Instrument [Line Items]
Weighted average interest rate for long-term borrowings							3.37%	1.94%
Subordinated Debt
Debt Instrument [Line Items]
Face value	$ 115,000,000
Subordinated debt initial term	5 years
Subordinated debt SOFR term	3 months
Subordinated Debt \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Subordinated debt basis points	5.14%
FHLB
Debt Instrument [Line Items]
Amount of hedged debt							$ 900,000,000
Loss on extinguishment of debt							$ 9,700,000
FHLB
Debt Instrument [Line Items]
Weighted average interest rate for long-term borrowings							2.02%	2.23%
Subordinated notes
Debt Instrument [Line Items]
Subordinated notes, interest rate					4.55%
Net carrying value of subordinated debentures							$ 99,500,000	$ 99,400,000
Subordinated notes					$ 100,000,000
Subordinated notes due September 2023
Debt Instrument [Line Items]
Subordinated notes, interest rate						5.125%
Net carrying value of subordinated debentures							130,500,000	132,400,000
Subordinated notes						$ 125,000,000
Effective interest rate				3.32%
Subordinated Notes Due January 2022
Debt Instrument [Line Items]
Loss on extinguishment of debt							2,400,000
Prepayment of long-term borrowings			$ 50,000,000
Long-term borrowing interest rate			3.70%
USAmeriBancorp, Inc.
Debt Instrument [Line Items]
Subordinated notes, interest rate		6.25%
Net carrying value of subordinated debentures							$ 60,100,000	$ 60,600,000
Subordinated notes		$ 60,000,000

Borrowed Funds - Schedule of Lo

Borrowed Funds - Schedule of Long-Term Borrowings (Details) - Long-term borrowings - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
FHLB advances, net	$ 1,592,252	$ 1,480,012
Subordinated debt, net	403,413	292,414
Securities sold under agreements to repurchase	300,000	350,000
Total long-term borrowings	2,295,665	2,122,426
Unamortized prepayment penalties and other purchase accounting adjustments	2,600	2,800
Deferred issuance costs	$ 2,700	$ 1,200

Borrowed Funds - Schedule of FH

Borrowed Funds - Schedule of FHLB Repayment (Details) - Long-term borrowings $ in Thousands	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
2021	$ 552,519
2022	29,377
2023	428,163
2024	300,000
2025	279,635
Total long-term FHLB advances	$ 1,589,694

Junior Subordinated Debenture_3

Junior Subordinated Debentures Issued to Capital Trusts - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Maximum allowable period of interest deferment	5 years

Junior Subordinated Debenture_4

Junior Subordinated Debentures Issued to Capital Trusts - Schedule of Outstanding Junior Subordinated Debentures and Related Trust Preferred Securities Issued by Each Trust (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Carrying value	$ 56,065,000	$ 55,718,000
Junior Subordinated Debentures \| GCB Capital Trust III
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Carrying value	24,743,000	24,743,000
Contractual principal balance	24,743,000	$ 24,743,000
Junior Subordinated Debentures \| GCB Capital Trust III \| 3-month LIBOR
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Subordinated debt basis points		1.40%
Junior Subordinated Debentures \| State Bancorp Capital Trust I
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Carrying value	9,125,000	$ 9,025,000
Contractual principal balance	10,310,000	$ 10,310,000
Junior Subordinated Debentures \| State Bancorp Capital Trust I \| 3-month LIBOR
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Subordinated debt basis points		3.45%
Junior Subordinated Debentures \| State Bancorp Capital Trust II
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Carrying value	8,599,000	$ 8,468,000
Contractual principal balance	10,310,000	$ 10,310,000
Junior Subordinated Debentures \| State Bancorp Capital Trust II \| 3-month LIBOR
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Subordinated debt basis points		2.85%
Junior Subordinated Debentures \| Aliant Statutory Trust II
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Carrying value	13,598,000	$ 13,482,000
Contractual principal balance	15,464,000	$ 15,464,000
Junior Subordinated Debentures \| Aliant Statutory Trust II \| 3-month LIBOR
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Subordinated debt basis points		1.80%
Trust Preferred Securities \| GCB Capital Trust III
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Face value	$ 24,000,000	$ 24,000,000
Trust Preferred Securities \| GCB Capital Trust III \| 3-month LIBOR
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Annual distribution rate	1.40%	1.40%
Trust Preferred Securities \| State Bancorp Capital Trust I
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Face value	$ 10,000,000	$ 10,000,000
Trust Preferred Securities \| State Bancorp Capital Trust I \| 3-month LIBOR
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Annual distribution rate	3.45%	3.45%
Trust Preferred Securities \| State Bancorp Capital Trust II
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Face value	$ 10,000,000	$ 10,000,000
Trust Preferred Securities \| State Bancorp Capital Trust II \| 3-month LIBOR
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Annual distribution rate	2.85%	2.85%
Trust Preferred Securities \| Aliant Statutory Trust II
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Face value	$ 15,000,000	$ 15,000,000
Trust Preferred Securities \| Aliant Statutory Trust II \| 3-month LIBOR
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Annual distribution rate	1.80%	1.80%

Benefit Plans - Change in Proje

Benefit Plans - Change in Projected Benefit Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$ 175,405	$ 157,364
Interest cost	4,941	6,113	$ 5,542
Actuarial loss	18,813	20,001
Benefits paid	(8,310)	(8,073)
Projected benefit obligation at end of year	190,849	175,405	157,364
Change in fair value of plan assets:
Fair value of plan assets at beginning of year	236,621	210,508
Actual return on plan assets	30,987	32,835
Employer contributions	1,353	1,351
Benefits paid	(8,310)	(8,073)
Fair value of plan assets at end of year	260,651	236,621	$ 210,508
Funded status of the plan
Asset recognized	69,802	61,216
Accumulated benefit obligation	190,849	175,405
Accrued interest receivable	$ 623	$ 641

Benefit Plans - Component of Ne

Benefit Plans - Component of Net Periodic Pension Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Net actuarial loss expected to be recognized as a component of net periodic pension expense	$ 1,500
Net actuarial loss	50,272	$ 46,248
Prior service cost	321	357
Deferred tax benefit	(14,132)	(13,168)
Total	$ 36,461	$ 33,437

Benefit Plans - Projected Benef

Benefit Plans - Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets for Non-Qualified Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 190,849	$ 175,405	$ 157,364
Accumulated benefit obligation	190,849	175,405
Fair value of plan assets	260,651	236,621	$ 210,508
Nonqualified Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	20,513	20,081
Accumulated benefit obligation	20,513	20,081
Fair value of plan assets	$ 0	$ 0

Benefit Plans - Additional Info

Benefit Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 19, 2021
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Discount rate used to compute the obligation	2.52%	3.32%
Employer contributions	$ 1,353	$ 1,351
Projected benefit obligation	190,849	175,405
Obligation included in other comprehensive loss, net of tax	36,461	33,437
Benefit expense	(11,256)	(10,076)	$ (9,745)
Salary expense	25,100	19,100	18,800
Expense for contributions to savings and investment plan	$ 10,100	8,600	8,500
Maximum annual salary deferral, percent	5.00%
Vesting period of employer matching contributions	2 years
Unsecured general liability	$ 1,700	1,000
Shares of common stock available for issuance (in shares)	3,000,000
Stock-based compensation expense	$ 16,154	14,726	19,472
Unrecognized stock-based compensation	$ 17,800
Average remaining vesting, years	1 year 9 months 3 days
Award vesting period	1 year
Vesting percentage	8.33%
Stock Options and Restricted Stock
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Stock-based compensation expense	$ 16,500	15,000	19,500
Stock awards granted	$ 1,500	$ 2,100	$ 4,300
Share-based compensation, expiration period	1 year	1 year
RSUs
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Award vesting period	3 years
Vesting percentage	33.33%
Granted (in shares)	2,030,026	1,412,941	509,725
Performance Shares
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Award vesting period	3 years
Restricted Stock
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Granted (in shares)	0	0	1,263,144
Subsequent event \| Forecast
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Share-based compensation, shares authorized (in shares)				9,000,000
Employee Stock Incentive Plan \| Performance-Based RSU
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Weighted average grant date fair value (usd per share)	$ 10.82	$ 10.43	$ 12.36
Employee Stock Incentive Plan \| Time-Based RSU
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Weighted average grant date fair value (usd per share)	$ 10.29	$ 10.32
Non-Employee Directors \| Restricted Stock
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Granted (in shares)			60,000
Qualified Plan \| Other pension plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Employer contributions	$ 1,100
Nonqualified Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Projected benefit obligation	20,513	$ 20,081
Expense for contributions to savings and investment plan	372	273	$ 262
Nonqualified Plan \| Oritani Financial Corp.
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Split dollar life insurance liability	1,800	961
Nonqualified Plan \| Oritani Financial Corp. \| Split-Dollar Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Benefit expense	812
Nonqualified Plan \| Former Directors And Senior Management
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Projected benefit obligation	399	451
Obligation included in other comprehensive loss, net of tax	731	803
Obligation included in other comprehensive loss, tax	286	314
Obligation included in other comprehensive loss, net of tax, amount expected to be reclassified	1,000
Nonqualified Plan \| Other pension plan \| Oritani Financial Corp.
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Projected benefit obligation	1,300	1,600
Nonqualified Plan \| Other pension plan \| Non Qualified Plans For Former Directors
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Projected benefit obligation	1,400	1,600
Nonqualified Plan \| Benefit equalization plans \| Oritani Financial Corp.
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Projected benefit obligation		26,800
Nonqualified Plan \| Supplemental Executive Retirement Income Agreement \| Oritani Financial Corp.
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Projected benefit obligation	$ 13,600	$ 13,000
Benefits payment period	20 years
Benefit expense	$ 1,500
Fixed income securities \| Qualified Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Target asset allocation percentage	50.00%
Fixed income securities \| Qualified Plan \| Consumer Price Index
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Cumulative annual real return, period	5 years
Fixed income securities \| Qualified Plan \| Merrill Lynch Intermediate Government/Corporate Index
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Cumulative annual real return, period	3 years
Equity securities \| Qualified Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Target asset allocation percentage	50.00%
Equity securities \| Qualified Plan \| Consumer Price Index
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Cumulative annual real return, period	5 years
Equity securities \| Qualified Plan \| S&P 500 Index
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Cumulative annual real return, period	3 years

Benefit Plans - Components of N

Benefit Plans - Components of Net Periodic Pension Income for Qualified and Non-Qualified Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Interest cost	$ 4,941	$ 6,113	$ 5,542
Expected return on plan assets	(17,200)	(16,453)	(15,912)
Amortization of net loss	1,003	264	625
Total net periodic pension income	$ (11,256)	$ (10,076)	$ (9,745)

Benefit Plans - Qualified and N

Benefit Plans - Qualified and Non-Qualified Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income or Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Net loss	$ 5,026	$ 3,619
Amortization of prior service cost	(136)	(35)
Amortization of actuarial loss	(1,003)	(264)
Total recognized in other comprehensive income	3,887	3,320
Total recognized in net periodic pension income and other comprehensive income (before tax)	$ (7,233)	$ (6,721)

Benefit Plans - Schedule of Exp

Benefit Plans - Schedule of Expected Future Benefit Payments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Retirement Benefits [Abstract]
2021	$ 8,889
2022	9,123
2023	9,389
2024	9,579
2025	9,726
Thereafter	$ 49,314

Benefit Plans - Assumptions Use

Benefit Plans - Assumptions Used to Determine Pension Expense (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Discount rate - projected benefit obligation	3.29%	4.30%	3.69%
Discount rate - interest cost	2.62%	3.99%	3.31%
Expected long-term return on plan assets	7.50%	7.50%	7.50%

Benefit Plans - Fair Value Meas

Benefit Plans - Fair Value Measurement (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	$ 260,651	$ 236,621	$ 210,508
Qualified Plan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percent of total investments	100.00%	100.00%
Fair value of plan assets	$ 260,028	$ 235,981
Qualified Plan \| Equity securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percent of total investments	37.00%	32.00%
Fair value of plan assets	$ 94,434	$ 75,633
Qualified Plan \| U.S. Treasury securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percent of total investments	20.00%	22.00%
Fair value of plan assets	$ 52,549	$ 51,732
Qualified Plan \| Corporate bonds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percent of total investments	20.00%	21.00%
Fair value of plan assets	$ 51,410	$ 51,221
Qualified Plan \| Mutual funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percent of total investments	18.00%	18.00%
Fair value of plan assets	$ 48,041	$ 42,119
Qualified Plan \| U.S. government agency securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percent of total investments	3.00%	3.00%
Fair value of plan assets	$ 8,174	$ 6,263
Qualified Plan \| Cash and money market funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percent of total investments	2.00%	4.00%
Fair value of plan assets	$ 5,420	$ 9,013
Qualified Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	200,444	178,497
Qualified Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	94,434	75,633
Qualified Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Treasury securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	52,549	51,732
Qualified Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate bonds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mutual funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	48,041	42,119
Qualified Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. government agency securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Cash and money market funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	5,420	9,013
Qualified Plan \| Significant Other Observable Inputs (Level 2)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	59,584	57,484
Qualified Plan \| Significant Other Observable Inputs (Level 2) \| Equity securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan \| Significant Other Observable Inputs (Level 2) \| U.S. Treasury securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan \| Significant Other Observable Inputs (Level 2) \| Corporate bonds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	51,410	51,221
Qualified Plan \| Significant Other Observable Inputs (Level 2) \| Mutual funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan \| Significant Other Observable Inputs (Level 2) \| U.S. government agency securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	8,174	6,263
Qualified Plan \| Significant Other Observable Inputs (Level 2) \| Cash and money market funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan \| Significant Unobservable Inputs (Level 3)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan \| Significant Unobservable Inputs (Level 3) \| Equity securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan \| Significant Unobservable Inputs (Level 3) \| U.S. Treasury securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan \| Significant Unobservable Inputs (Level 3) \| Corporate bonds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan \| Significant Unobservable Inputs (Level 3) \| Mutual funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan \| Significant Unobservable Inputs (Level 3) \| U.S. government agency securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan \| Significant Unobservable Inputs (Level 3) \| Cash and money market funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	$ 0	$ 0

Benefit Plans - Changes in RSUs

Benefit Plans - Changes in RSUs Outstanding (Details) - RSUs - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year (in shares)	2,158,255	1,378,886	1,114,962
Acquired in business combination (in shares)	0	0	336,379
Granted (in shares)	2,030,026	1,412,941	509,725
Vested (in shares)	(879,085)	(500,204)	(503,879)
Forfeited (in shares)	(80,537)	(133,368)	(78,301)
Outstanding at end of year (in shares)	3,228,659	2,158,255	1,378,886

Benefit Plans - Changes in Rest

Benefit Plans - Changes in Restricted Stock Awards Outstanding (Details) - Restricted Stock - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of year (in shares)	1,058,681	1,720,968	1,771,702
Granted (in shares)	0	0	1,263,144
Vested (in shares)	(610,607)	(547,653)	(1,128,521)
Forfeited (in shares)	(34,373)	(114,634)	(185,357)
Outstanding at end of year (in shares)	413,701	1,058,681	1,720,968

Benefit Plans - Stock Options A

Benefit Plans - Stock Options Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shares
Outstanding at beginning of year (in shares)	3,453,516	1,051,787	446,980
Acquired in business combinations (in shares)	0	3,130,171	1,803,165
Exercised (in shares)	(249,308)	(716,920)	(975,325)
Forfeited or expired (in shares)	(217,861)	(11,522)	(223,033)
Outstanding at end of year (in shares)	2,986,347	3,453,516	1,051,787
Exercisable at year-end (in shares)	2,986,347	3,339,517	604,003
Weighted Average Exercise Price
Outstanding at beginning of year (in USD per share)	$ 8	$ 7	$ 13
Acquired in business combinations (in USD per share)	0	8	5
Exercised (in USD per share)	8	7	5
Forfeited or expired (in USD per share)	11	8	14
Outstanding at end of year (in USD per share)	7	8	7
Exercisable at year-end (in USD per share)	$ 7	$ 8	$ 7

Benefit Plans - Stock Options O

Benefit Plans - Stock Options Outstanding (Details)	12 Months Ended
Benefit Plans - Stock Options Outstanding (Details)	Dec. 31, 2020$ / sharesshares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of options outstanding (in shares) \| shares	2,986,347
Weighted Average Remaining Contractual Life in Years	1 year 3 months 18 days
Weighted average exercise price (in USD per share)	$ 7
$2-$4
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower range limit (in USD per share)	2
Range of exercise prices, upper range limit (in USD per share)	$ 4
Number of options outstanding (in shares) \| shares	91,500
Weighted Average Remaining Contractual Life in Years	1 year 7 months 6 days
Weighted average exercise price (in USD per share)	$ 3
4-6
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower range limit (in USD per share)	4
Range of exercise prices, upper range limit (in USD per share)	$ 6
Number of options outstanding (in shares) \| shares	149,248
Weighted Average Remaining Contractual Life in Years	4 years 3 months 18 days
Weighted average exercise price (in USD per share)	$ 5
6-8
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower range limit (in USD per share)	6
Range of exercise prices, upper range limit (in USD per share)	$ 8
Number of options outstanding (in shares) \| shares	2,687,999
Weighted Average Remaining Contractual Life in Years	10 months 24 days
Weighted average exercise price (in USD per share)	$ 7
8-10
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower range limit (in USD per share)	8
Range of exercise prices, upper range limit (in USD per share)	$ 10
Number of options outstanding (in shares) \| shares	32,000
Weighted Average Remaining Contractual Life in Years	7 years 3 months 18 days
Weighted average exercise price (in USD per share)	$ 10
10-12
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower range limit (in USD per share)	10
Range of exercise prices, upper range limit (in USD per share)	$ 12
Number of options outstanding (in shares) \| shares	25,600
Weighted Average Remaining Contractual Life in Years	7 years 8 months 12 days
Weighted average exercise price (in USD per share)	$ 10

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current expense:
Federal	$ 96,057	$ 95,317	$ 51,147
State	48,463	36,457	28,898
Total current expense	144,520	131,774	80,045
Deferred (benefit) expense:
Federal	(3,109)	10,444	(17,463)
State	(1,951)	4,784	5,683
Total deferred expense	(5,060)	15,228	(11,780)
Income tax expense	$ 139,460	$ 147,002	$ 68,265

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Allowance for credit losses	$ 96,508	$ 44,486
Employee benefits	20,888	28,263
Net operating loss carryforwards	17,814	19,768
Purchase accounting	10,354	41,857
Other	24,677	19,904
Total deferred tax assets	170,241	154,278
Deferred tax liabilities:
Pension plans	22,705	19,686
Depreciation	3,829	4,527
Investment securities	12,690	2,319
Other investments	9,584	7,731
Core deposit intangibles	12,960	16,620
Other	12,226	13,665
Total deferred tax liabilities	73,994	64,548
Valuation Allowance	916	916
Net deferred tax asset (included in other assets)	$ 95,331	$ 88,814

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
Income Taxes - Additional Information (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
Statutory federal income tax rate	21.00%	21.00%	21.00%
Possible decrease in unrecognized tax benefits	$ 3,500,000
Uncertain tax position, accrued interest	7,600,000	$ 6,100,000	$ 0
Federal
Income Taxes [Line Items]
Operating loss carryforwards	64,100,000
Obligations of states and state agencies
Income Taxes [Line Items]
Operating loss carryforwards	92,200,000
Capital loss carryforward
Income Taxes [Line Items]
Capital loss carryforwards	$ 3,100,000

Income Taxes - Summary of Inc_2

Income Taxes - Summary of Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal income tax at expected statutory rate	$ 111,314	$ 95,927	$ 69,235
State income tax expense, net of federal tax effect	36,744	32,581	23,851
Tax-exempt interest, net of interest incurred to carry tax-exempt securities	(2,786)	(3,118)	(3,974)
Bank owned life insurance	(2,026)	(1,637)	(1,734)
Tax credits from securities and other investments	(10,071)	(11,636)	(20,798)
FDIC insurance premium	3,283	2,507	3,318
Impact of the Tax Cuts and Jobs Act of 2017	0	0	(2,274)
Addition to reserve for uncertainties	0	31,123	0
Other, net	3,002	1,255	641
Income tax expense	$ 139,460	$ 147,002	$ 68,265

Income Taxes - Summary of Recon

Income Taxes - Summary of Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Gross Unrecognized Tax Benefits
Beginning balance	$ 31,918	$ 0	$ 4,238
Additions based on tax positions related to prior years	0	31,918	0
Settlements with taxing authorities	0	0	0
Reductions due to expiration of statute of limitations	0	0	(4,238)
Ending balance	$ 31,918	$ 31,918	$ 0

Tax Credit Investments - Afford

Tax Credit Investments - Affordable Housing Tax Credit Investments, Other Tax Credit Investments, and Related Unfunded Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Assets:
Other Assets:
Affordable housing tax credit investments, net	$ 20,074	$ 25,049
Other tax credit investments, net	47,301	59,081
Total tax credit investments, net	67,375	84,130
Other Liabilities:
Other Liabilities:
Unfunded affordable housing tax credit commitments	1,379	1,539
Unfunded other tax credit commitments	0	1,139
Total unfunded tax credit commitments	$ 1,379	$ 2,678

Tax Credit Investments - Affo_2

Tax Credit Investments - Affordable Housing Tax Credit Investments and Other Tax Credit Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$ 5,414	$ 6,757	$ 6,713
Other tax credit investment credits and tax benefits	8,065	10,205	21,351
Total reduction in income tax expense	13,479	16,962	28,064
Amortization Recorded in Non-Interest Expenses
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	2,714	2,184	1,880
Affordable housing tax credit investment impairment losses	2,209	3,295	2,544
Other tax credit investment losses	2,234	5,668	1,970
Other tax credit investment impairment losses	6,178	9,245	17,806
Total amortization of tax credit investments recorded in non-interest expense	$ 13,335	$ 20,392	$ 24,200

Tax Credit Investments - Narrat

Tax Credit Investments - Narrative (Details) $ in Millions	3 Months Ended
Tax Credit Investments - Narrative (Details) $ in Millions	Mar. 31, 2019USD ($)fund
Income Tax Disclosure [Abstract]
Number of federal renewable energy tax credit funds \| fund	3
Other than temporary impairment losses on other tax credits investments \| $	$ 2.4

Commitments and Contingencies -

Commitments and Contingencies - Summary of Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance sheet risk	$ 7,845,683	$ 7,575,781
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance sheet risk	293,900	296,036
Commitments to sell loans
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance sheet risk	155,627	68,492
Commercial letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Commercial letters of credit	1,663	2,887
Commitments under commercial loans and lines of credit \| Commitments under commercial loans and lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance sheet risk	5,595,561	5,550,967
Home equity and other revolving lines of credit \| Unused lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance sheet risk	1,485,911	1,379,581
Outstanding residential mortgage loan commitments \| Outstanding residential mortgage loan commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance sheet risk	244,286	233,291
Commitments under unused lines of credit—credit card \| Unused lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance sheet risk	$ 68,735	$ 44,527

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)contractswap	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Commitments And Contingencies [Line Items]
Aggregate fair value of net liability position	$ 152,800
Derivatives designated as hedging instruments
Commitments And Contingencies [Line Items]
Notional amount	1,100,000	$ 187,281
Derivatives not designated as hedging instruments:
Commitments And Contingencies [Line Items]
Notional amount	9,211,043	4,255,866
Interest rate swaps
Commitments And Contingencies [Line Items]
Accumulated net after-tax losses related to effective cash flow hedges	4,000	3,700
Reclassified to interest expense	$ 3,400
Interest rate swaps \| Derivatives not designated as hedging instruments:
Commitments And Contingencies [Line Items]
Number of derivative instruments \| swap	26
Notional amount	$ 8,889,557	4,113,106
Cash flow hedge \| Interest rate swaps \| Derivatives designated as hedging instruments
Commitments And Contingencies [Line Items]
Number of derivative instruments \| contract	10
Notional amount	$ 1,100,000
Cash flow hedge \| Interest rate swaps \| Derivatives designated as hedging instruments \| Minimum
Commitments And Contingencies [Line Items]
Fixed interest rate	0.05%
Cash flow hedge \| Interest rate swaps \| Derivatives designated as hedging instruments \| Maximum
Commitments And Contingencies [Line Items]
Fixed interest rate	0.67%
Fair value hedge \| Interest rate swaps \| Derivatives designated as hedging instruments
Commitments And Contingencies [Line Items]
Number of derivative instruments \| contract	1
Notional amount	$ 0	7,281
Fair value hedge \| Interest rate swaps \| Derivatives not designated as hedging instruments:
Commitments And Contingencies [Line Items]
Number of derivative instruments \| swap	2
Notional amount	$ 10,400
Risk Participation \| Interest rate swaps \| Derivatives not designated as hedging instruments:
Commitments And Contingencies [Line Items]
Notional amount	221,100
Non-interest income \| Fair value hedge \| Interest rate swaps
Commitments And Contingencies [Line Items]
Fee income	$ 59,000	$ 33,400	$ 16,400

Commitments and Contingencies_3

Commitments and Contingencies - Consolidated Statements of Financial Condition Related to Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Interest rate caps and swaps
Derivative [Line Items]
Other Assets	$ 0	$ 0
Other Liabilities	150,487	17,218
Derivatives designated as hedging instruments:
Derivative [Line Items]
Notional Amount	1,100,000	187,281
Derivatives not designated as hedging instruments:
Derivative [Line Items]
Notional Amount	9,211,043	4,255,866
Derivatives not designated as hedging instruments: \| Interest rate swaps
Derivative [Line Items]
Notional Amount	8,889,557	4,113,106
Derivatives not designated as hedging instruments: \| Mortgage banking derivatives
Derivative [Line Items]
Notional Amount	321,486	142,760
Other Assets \| Derivatives designated as hedging instruments:
Derivative [Line Items]
Other Assets	0	0
Other Assets \| Derivatives not designated as hedging instruments:
Derivative [Line Items]
Other Assets	387,452	158,532
Other Assets \| Derivatives not designated as hedging instruments: \| Interest rate swaps
Derivative [Line Items]
Other Assets	387,008	158,382
Other Assets \| Derivatives not designated as hedging instruments: \| Mortgage banking derivatives
Derivative [Line Items]
Other Assets	444	150
Other Liabilities \| Derivatives designated as hedging instruments:
Derivative [Line Items]
Other Liabilities	179	1,713
Other Liabilities \| Derivatives not designated as hedging instruments:
Derivative [Line Items]
Other Liabilities	156,102	42,213
Other Liabilities \| Derivatives not designated as hedging instruments: \| Interest rate swaps
Derivative [Line Items]
Other Liabilities	154,025	42,020
Other Liabilities \| Derivatives not designated as hedging instruments: \| Mortgage banking derivatives
Derivative [Line Items]
Other Liabilities	2,077	193
Cash flow hedge \| Derivatives designated as hedging instruments: \| Interest rate caps and swaps
Derivative [Line Items]
Notional Amount	1,100,000	180,000
Cash flow hedge \| Derivatives designated as hedging instruments: \| Interest rate swaps
Derivative [Line Items]
Notional Amount	1,100,000
Cash flow hedge \| Other Assets \| Derivatives designated as hedging instruments: \| Interest rate caps and swaps
Derivative [Line Items]
Other Assets	0	0
Cash flow hedge \| Other Liabilities \| Derivatives designated as hedging instruments: \| Interest rate caps and swaps
Derivative [Line Items]
Other Liabilities	179	1,484
Fair value hedge \| Derivatives designated as hedging instruments: \| Interest rate swaps
Derivative [Line Items]
Notional Amount	0	7,281
Fair value hedge \| Derivatives not designated as hedging instruments: \| Interest rate swaps
Derivative [Line Items]
Notional Amount	10,400
Fair value hedge \| Other Assets \| Derivatives designated as hedging instruments: \| Interest rate swaps
Derivative [Line Items]
Other Assets	0	0
Fair value hedge \| Other Liabilities \| Derivatives designated as hedging instruments: \| Interest rate swaps
Derivative [Line Items]
Other Liabilities	$ 0	$ 229

Commitments and Contingencies_4

Commitments and Contingencies - Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amounts Related To Interest Rate Derivatives Included In Income Designated As Hedges Of Cash Flows [Line Items]
Amount of loss reclassified from accumulated other comprehensive loss to interest expense	$ (264,815)	$ (422,952)	$ (302,045)
Amount of (loss) gain recognized in other comprehensive income	(3,169)	(1,380)	2,651
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 loss reclassified from accumulated other comprehensive loss to interest expense	$ (2,912)	$ (1,808)	$ (3,493)

Commitments and Contingencies_5

Commitments and Contingencies - Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gains (losses) included in the consolidated statements of income	$ 1,067	$ 898	$ 792
Fair value hedge \| Interest rate swaps \| Interest income
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gains (losses) included in the consolidated statements of income	229	133	290
Fair value hedge \| Interest rate caps and swaps \| Derivatives designated as hedging instruments \| Interest income
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gains (losses) included in the consolidated statements of income	$ (229)	$ (133)	$ (290)

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies - Hedged Assets Related to Interest Rate Derivatives (Details) - Derivatives designated as hedging instruments - Interest rate swaps - Fair value hedge - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Carrying Amount of the Hedged Asset	$ 0	$ 7,510
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset	$ 0	$ 229

Commitments and Contingencies_6

Commitments and Contingencies - Gains (Losses) Related to Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Non-designated hedge interest rate derivatives
Other non-interest expense	$ 1,067	$ 898	$ 792

Balance Sheet Offsetting - Summ

Balance Sheet Offsetting - Summary of Valley's Financial Instruments that are Eligible for Offset (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Offsetting Liabilities
Gross Amounts Recognized	$ 450,487	$ 367,218
Gross Amounts Offset	0	0
Net Amounts Presented	450,487	367,218
Gross Amounts Not Offset, Financial Instruments	(300,000)	(350,000)
Gross Amounts Not Offset, Cash Collateral	(150,487)	(16,881)
Net Amount	0	337
Repurchase agreements
Offsetting Liabilities
Gross Amounts Recognized	300,000	350,000
Gross Amounts Offset	0	0
Net Amounts Presented	300,000	350,000
Gross Amounts Not Offset, Financial Instruments	(300,000)	(350,000)
Gross Amounts Not Offset, Cash Collateral	0
Net Amount	0	0
Interest rate swaps
Offsetting Assets
Gross Amounts Recognized	150,487	17,218
Gross Amounts Offset	0	0
Net Amounts Presented	150,487	17,218
Gross Amounts Not Offset, Financial Instruments	0
Gross Amounts Not Offset, Cash Collateral	0	0
Net Amount	150,487	17,218
Offsetting Liabilities
Gross Amounts Recognized	150,487	17,218
Gross Amounts Offset	0	0
Net Amounts Presented	150,487	17,218
Gross Amounts Not Offset, Financial Instruments	0
Gross Amounts Not Offset, Cash Collateral	(150,487)	(16,881)
Net Amount	$ 0	$ 337

Regulatory and Capital Requir_3

Regulatory and Capital Requirements - Schedule of Actual Capital Positions and Ratios under Banking Regulations (Details) $ in Thousands	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Shareholders’ equity	$ 4,592,120	$ 4,384,188	$ 3,350,454	$ 2,533,165
Total Risk-based Capital
Risk-based capital actual, amount	$ 3,802,223	$ 3,427,134
Risk-based capital actual, ratio	0.1264	0.1172
Risk-based capital minimum capital requirements, amount	$ 3,159,019	$ 3,070,687
Risk-based capital minimum capital requirements, ratio	0.1050	0.1050
Common Equity Tier 1 Capital
Common equity tier 1 capital, amount	$ 2,991,085	$ 2,754,524
Common equity tier 1 capital, ratio	9.94%	9.42%
Common equity tier 1 capital minimum capital requirements, amount	$ 2,106,013	$ 2,047,125
Common equity tier 1 capital minimum capital requirements, ratio	7.00%	7.00%
Tier 1 Risk-based Capital
Tier 1 risk-based capital actual, amount	$ 3,205,926	$ 2,968,530
Tier 1 risk-based capital actual, ratio	0.1066	0.1015
Tier 1 risk-based capital minimum capital requirements, amount	$ 2,557,301	$ 2,485,795
Tier 1 risk-based capital minimum capital requirements, ratio	0.0850	0.0850
Tier 1 Leverage Capital
Tier 1 leverage capital actual, amount	$ 3,205,926	$ 2,968,530
Tier 1 leverage capital actual, ratio	0.0806	0.0876
Tier 1 leverage capital minimum capital requirements, amount	$ 1,591,852	$ 1,355,378
Tier 1 leverage capital minimum capital requirements, ratio	0.0400	0.0400
Retained Earnings
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Shareholders’ equity	$ 611,158	$ 443,559	$ 299,642	$ 216,733
Cumulative Effect, Period of Adoption, Adjustment
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Shareholders’ equity		(28,187)
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Shareholders’ equity		(28,187)
Valley National Bank
Total Risk-based Capital
Risk-based capital actual, amount	$ 3,839,922	$ 3,416,674
Risk-based capital actual, ratio	0.1276	0.1169
Risk-based capital minimum capital requirements, amount	$ 3,158,842	$ 3,069,894
Risk-based capital minimum capital requirements, ratio	0.1050	0.1050
Risk-based capital to be well capitalized under prompt corrective action provision, amount	$ 3,008,421	$ 2,923,709
Risk-based capital to be well capitalized under prompt corrective action provision, ratio	0.1000	0.1000
Common Equity Tier 1 Capital
Common equity tier 1 capital, amount	$ 3,607,625	$ 3,152,070
Common equity tier 1 capital, ratio	11.99%	10.78%
Common equity tier 1 capital minimum capital requirements, amount	$ 2,105,894	$ 2,046,596
Common equity tier 1 capital minimum capital requirements, ratio	7.00%	7.00%
Common equity tier 1 capital to be well capitalized under prompt corrective action provision, amount	$ 1,955,473	$ 1,900,411
Common equity tier 1 capital to be well capitalized under prompt corrective action provision, ratio	6.50%	6.50%
Tier 1 Risk-based Capital
Tier 1 risk-based capital actual, amount	$ 3,607,625	$ 3,152,070
Tier 1 risk-based capital actual, ratio	0.1199	0.1078
Tier 1 risk-based capital minimum capital requirements, amount	$ 2,557,158	$ 2,485,153
Tier 1 risk-based capital minimum capital requirements, ratio	0.0850	0.0850
Tier 1 risk-based capital to be well capitalized under prompt corrective action provision, amount	$ 2,406,736	$ 2,338,967
Tier 1 risk-based capital to be well capitalized under prompt corrective action provision, ratio	0.0800	0.0800
Tier 1 Leverage Capital
Tier 1 leverage capital actual, amount	$ 3,607,625	$ 3,152,070
Tier 1 leverage capital actual, ratio	0.0907	0.0931
Tier 1 leverage capital minimum capital requirements, amount	$ 1,591,457	$ 1,354,693
Tier 1 leverage capital minimum capital requirements, ratio	0.0400	0.0400
Tier 1 leverage capital to be well capitalized under prompt corrective action provision, amount	$ 1,989,321	$ 1,693,366
Tier 1 leverage capital to be well capitalized under prompt corrective action provision, ratio	0.0500	0.0500

Common and Preferred Stock (Det

Common and Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 03, 2017	Jun. 19, 2015	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2025	Sep. 30, 2022	Dec. 31, 2007
Common Stock [Line Items]
Preferred stock, par value (in dollars per share)			$ 0	$ 0
Series A Preferred Stock
Common Stock [Line Items]
Stock issued (in shares)		4,600,000
Preferred stock, par value (in dollars per share)		$ 0
Liquidation preference per share (in usd per share)		$ 25
Fixed dividend rate per annum		6.25%
Proceeds from issuance of preferred stock, net of issuance costs		$ 111.6
Series A Preferred Stock \| LIBOR \| Forecast
Common Stock [Line Items]
Spread on variable dividend rate per annum						3.85%
Series B Preferred Stock
Common Stock [Line Items]
Stock issued (in shares)	4,000,000
Preferred stock, par value (in dollars per share)	$ 0
Liquidation preference per share (in usd per share)	$ 25
Fixed dividend rate per annum	5.50%
Proceeds from issuance of preferred stock, net of issuance costs	$ 98.1
Series B Preferred Stock \| LIBOR \| Forecast
Common Stock [Line Items]
Spread on variable dividend rate per annum							3.578%
Repurchase Plan
Common Stock [Line Items]
Amount authorized under share repurchase program								$ 4.7
Number of shares repurchased (in shares)			0	0	0
Other Stock Repurchases
Common Stock [Line Items]
Number of shares repurchased (in shares)			510,000	175,000	441,000
Average price of shares purchased (in usd per share)			$ 10.61	$ 10.45	$ 11.83
Dividend Reinvestment Plan
Common Stock [Line Items]
Number of shares reissued from treasury stock (in shares)					87,000
Proceeds from treasury stock reissued					$ 1

Other Comprehensive Income - Sc

Other Comprehensive Income - Schedule of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassification, net of tax	$ 22,176	$ 35,712	$ (28,209)
Reclassification, net of tax	2,320	1,505	5,324
Net change before tax	32,844	53,045	(32,185)
Net change, tax	(8,348)	(15,828)	9,300
Other comprehensive income (loss), net	24,496	37,217	(22,885)
Unrealized Gains and Losses on AFS Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassification, before tax	38,477	54,723	(32,123)
Before reclassification, tax	(10,632)	(15,461)	9,191
Before reclassification, net of tax	27,845	39,262	(22,932)
Reclassification adjustment before tax	(524)	150	2,873
Reclassification, tax	147	(31)	(636)
Reclassification, net of tax	(377)	119	2,237
Net change before tax	37,953	54,873	(29,250)
Net change, tax	(10,485)	(15,492)	8,555
Other comprehensive income (loss), net	27,468	39,381	(20,695)
Unrealized Gains and Losses on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassification, before tax	(3,169)	(1,380)	2,651
Before reclassification, tax	918	391	(777)
Before reclassification, net of tax	(2,251)	(989)	1,874
Reclassification adjustment before tax	2,912	1,808	3,493
Reclassification, tax	(838)	(517)	(999)
Reclassification, net of tax	2,074	1,291	2,494
Net change before tax	(257)	428	6,144
Net change, tax	80	(126)	(1,776)
Other comprehensive income (loss), net	(177)	302	4,368
Net change
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassification, net of tax	(3,418)	(2,561)	(7,151)
Reclassification, net of tax	623	95	593
Net change before tax	(4,852)	(2,256)	(9,079)
Net change, tax	2,057	(210)	2,521
Other comprehensive income (loss), net	(2,795)	(2,466)	(6,558)
Net (losses) gains arising during the period
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassification, before tax	(5,719)	(2,385)	(9,916)
Before reclassification, tax	2,301	(176)	2,765
Before reclassification, net of tax	(3,418)	(2,561)	(7,151)
Amortization of prior service (cost) credit
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustment before tax	(136)	(135)	212
Reclassification, tax	38	42	(66)
Reclassification, net of tax	(98)	(93)	146
Amortization of net loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustment before tax	1,003	264	625
Reclassification, tax	(282)	(76)	(178)
Reclassification, net of tax	$ 721	$ 188	$ 447

Other Comprehensive Income - _2

Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Loss after Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 4,384,188	$ 3,350,454	$ 2,533,165
Other comprehensive income (loss) before reclassifications	22,176	35,712	(28,209)
Amounts reclassified from other comprehensive income (loss)	2,320	1,505	5,324
Other comprehensive income (loss), net	24,496	37,217	(22,885)
Ending balance	4,592,120	4,384,188	3,350,454
Cumulative Effect, Period of Adoption, Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(28,187)
Ending balance		(28,187)
Cumulative Effect, Period of Adoption, Adjusted Balance
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	4,356,001	3,353,422	2,515,554
Ending balance		4,356,001	3,353,422
Total Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(32,214)	(69,431)	(46,005)
Ending balance	(7,718)	(32,214)	(69,431)
Total Accumulated Other Comprehensive Loss \| Cumulative Effect, Period of Adoption, Adjusted Balance
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(32,214)	(69,431)	(46,546)
Ending balance		(32,214)	(69,431)
Unrealized Gains and Losses on AFS Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	5,822	(33,559)	(12,384)
Other comprehensive income (loss) before reclassifications	27,845	39,262	(22,932)
Amounts reclassified from other comprehensive income (loss)	(377)	119	2,237
Other comprehensive income (loss), net	27,468	39,381	(20,695)
Ending balance	33,290	5,822	(33,559)
Unrealized Gains and Losses on AFS Securities \| Cumulative Effect, Period of Adoption, Adjusted Balance
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(12,864)
Unrealized Gains and Losses on Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(3,729)	(4,031)	(8,338)
Other comprehensive income (loss) before reclassifications	(2,251)	(989)	1,874
Amounts reclassified from other comprehensive income (loss)	2,074	1,291	2,494
Other comprehensive income (loss), net	(177)	302	4,368
Ending balance	(3,906)	(3,729)	(4,031)
Unrealized Gains and Losses on Derivatives \| Cumulative Effect, Period of Adoption, Adjusted Balance
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(8,399)
Defined Benefit Pension Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(34,307)	(31,841)	(25,283)
Other comprehensive income (loss) before reclassifications	(3,418)	(2,561)	(7,151)
Amounts reclassified from other comprehensive income (loss)	623	95	593
Other comprehensive income (loss), net	(2,795)	(2,466)	(6,558)
Ending balance	$ (37,102)	$ (34,307)	(31,841)
Defined Benefit Pension Plan \| Cumulative Effect, Period of Adoption, Adjusted Balance
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(25,283)
ASU 2016-01 \| Total Accumulated Other Comprehensive Loss \| Cumulative Effect, Period of Adoption, Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(480)
ASU 2016-01 \| Unrealized Gains and Losses on AFS Securities \| Cumulative Effect, Period of Adoption, Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(480)
ASU 2016-01 \| Unrealized Gains and Losses on Derivatives \| Cumulative Effect, Period of Adoption, Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			0
ASU 2016-01 \| Defined Benefit Pension Plan \| Cumulative Effect, Period of Adoption, Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			0
ASU 2017-12 \| Total Accumulated Other Comprehensive Loss \| Cumulative Effect, Period of Adoption, Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(61)
ASU 2017-12 \| Unrealized Gains and Losses on AFS Securities \| Cumulative Effect, Period of Adoption, Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			0
ASU 2017-12 \| Unrealized Gains and Losses on Derivatives \| Cumulative Effect, Period of Adoption, Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(61)
ASU 2017-12 \| Defined Benefit Pension Plan \| Cumulative Effect, Period of Adoption, Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ 0

Parent Company Information - Sc

Parent Company Information - Schedule of Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Equity securities	$ 29,378	$ 41,410
Other assets	971,961	717,600
Total Assets	40,686,076	37,436,020
Liabilities and Shareholders’ Equity
Junior subordinated debentures issued to capital trusts	56,065	55,718
Shareholders’ equity	4,592,120	4,384,188	$ 3,350,454	$ 2,533,165
Total Liabilities and Shareholders’ Equity	40,686,076	37,436,020
Parent Company
Assets
Cash	130,163	119,213
Equity securities	2,999	0
Investments in and receivables due from subsidiaries	4,998,795	4,671,578
Other assets	11,133	12,953
Total Assets	5,143,090	4,803,744
Liabilities and Shareholders’ Equity
Dividends payable to shareholders	46,591	45,796
Long-term borrowings	403,413	292,414
Junior subordinated debentures issued to capital trusts	56,065	55,718
Accrued expenses and other liabilities	44,901	25,628
Shareholders’ equity	4,592,120	4,384,188
Total Liabilities and Shareholders’ Equity	$ 5,143,090	$ 4,803,744

Parent Company Information - _2

Parent Company Information - Schedule of Condensed Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income
Gains on securities transactions, net	$ 524	$ (150)	$ (2,342)
Income tax (benefit) expense	139,460	147,002	68,265
Net Income	390,606	309,793	261,428
Dividends on preferred stock	12,688	12,688	12,688
Net Income Available to Common Shareholders	377,918	297,105	248,740
Parent Company
Income
Dividends from subsidiary	186,000	160,000	155,000
Income from subsidiary	4,436	4,550	4,550
Gains on securities transactions, net	0	0	3
Losses on sales of assets, net	0	0	(147)
Other interest and income	21	51	39
Total Income	190,457	164,601	159,445
Total Expenses	23,484	27,998	32,269
Income before income tax and equity in undistributed earnings of subsidiary	166,973	136,603	127,176
Income tax (benefit) expense	(3,946)	24,524	(20,547)
Income before equity in undistributed earnings of subsidiary	170,919	112,079	147,723
Equity in undistributed earnings of subsidiary	219,687	197,714	113,705
Net Income	390,606	309,793	261,428
Dividends on preferred stock	12,688	12,688	12,688
Net Income Available to Common Shareholders	$ 377,918	$ 297,105	$ 248,740

Parent Company Information - _3

Parent Company Information - Schedule of Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net Income	$ 390,606	$ 309,793	$ 261,428
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	16,154	14,726	19,472
Net amortization of premiums and accretion of discounts on borrowings	38,315	29,512	38,454
(Gains) losses on securities transactions, net	(524)	150	2,342
Net change in:
Other assets	(311,760)	(163,330)	(33,144)
Net cash provided by operating activities	151,525	229,928	303,956
Cash flows from investing activities:
Purchases of equity securities	(8,337)	(14,776)	0
Sales of investment securities available for sale	30,020	271,901	44,377
Cash and cash equivalents acquired in acquisitions	0	22,239	156,612
Net cash used in investing activities	(2,037,662)	(897,319)	(2,839,918)
Cash flows from financing activities:
Proceeds from issuance of long-term borrowings, net	838,388	950,000	0
Dividends paid to preferred shareholders	(12,688)	(12,688)	(15,859)
Dividends paid to common shareholders	(177,965)	(146,537)	(138,857)
Purchase of common shares to treasury	(5,374)	(1,805)	(3,801)
Common stock issued, net	2,202	2,957	2,704
Net cash provided by financing activities	2,780,655	673,449	2,548,481
Net change in cash and cash equivalents	894,518	6,058	12,519
Cash and cash equivalents at beginning of year	434,687	428,629	416,110
Cash and cash equivalents at end of year	1,329,205	434,687	428,629
Parent Company
Cash flows from operating activities:
Net Income	390,606	309,793	261,428
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary	(219,687)	(197,714)	(113,705)
Stock-based compensation	16,154	14,726	19,472
Net amortization of premiums and accretion of discounts on borrowings	230	124	63
(Gains) losses on securities transactions, net	0	0	(3)
Losses on sales of assets, net	0	0	147
Net change in:
Other assets	121	19,768	9,928
Accrued expenses and other liabilities	17,905	8,803	(10,657)
Net cash provided by operating activities	205,329	155,500	166,673
Cash flows from investing activities:
Purchases of equity securities	(2,500)	0	0
Sales of investment securities available for sale	0	0	257
Cash and cash equivalents acquired in acquisitions	0	11,947	7,915
Repayment of subordinated debt by subsidiary	100,000	0	0
Capital contributions to subsidiary	(210,000)	0	0
Other, net	(1,200)	0	0
Net cash used in investing activities	(113,700)	11,947	8,172
Cash flows from financing activities:
Proceeds from issuance of long-term borrowings, net	113,146	0	0
Dividends paid to preferred shareholders	(12,688)	(12,688)	(15,859)
Dividends paid to common shareholders	(177,965)	(146,537)	(138,857)
Purchase of common shares to treasury	(5,374)	(1,805)	(3,801)
Common stock issued, net	2,202	2,957	2,704
Net cash provided by financing activities	(80,679)	(158,073)	(155,813)
Net change in cash and cash equivalents	10,950	9,374	19,032
Cash and cash equivalents at beginning of year	119,213	109,839	90,807
Cash and cash equivalents at end of year	$ 130,163	$ 119,213	$ 109,839

Business Segments - Additional

Business Segments - Additional Information (Details)	12 Months Ended
Business Segments - Additional Information (Details)	Dec. 31, 2020segment
Segment Reporting [Abstract]
Number of business segments	4

Business Segments - Schedule of

Business Segments - Schedule of Financial Data for Business Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Average interest earning assets (unaudited)	$ 37,010,933	$ 30,575,530	$ 27,702,911
Interest income	1,383,719	1,321,000	1,159,248
Interest expense	264,815	422,952	302,045
Net Interest Income	1,118,904	898,048	857,203
Provision for credit losses	125,722	24,218	32,501
Net Interest Income After Provision for Credit Losses	993,182	873,830	824,702
Non-interest income	183,032	214,520	134,052
Non-interest expense	646,148	631,555	629,061
Internal transfer expense (income)	0	0	0
Income Before Income Taxes	$ 530,066	$ 456,795	$ 329,693
Return on average interest earning assets (pre-tax) (unaudited)	1.43%	1.49%	1.19%
Corporate and Other Adjustments
Segment Reporting Information [Line Items]
Average interest earning assets (unaudited)	$ 0	$ 0	$ 0
Interest income	(4,156)	(4,824)	(5,961)
Interest expense	18,214	15,669	15,577
Net Interest Income	(22,370)	(20,493)	(21,538)
Provision for credit losses	0	0	0
Net Interest Income After Provision for Credit Losses	(22,370)	(20,493)	(21,538)
Non-interest income	26,667	106,564	41,806
Non-interest expense	468,720	452,551	440,177
Internal transfer expense (income)	(402,211)	(349,526)	(344,916)
Income Before Income Taxes	(62,212)	(16,954)	(74,993)
Consumer Lending \| Operating Segments
Segment Reporting Information [Line Items]
Average interest earning assets (unaudited)	7,160,793	6,891,462	6,197,161
Interest income	257,196	272,773	235,264
Interest expense	47,712	91,798	64,083
Net Interest Income	209,484	180,975	171,181
Provision for credit losses	11,502	6,688	5,550
Net Interest Income After Provision for Credit Losses	197,982	174,287	165,631
Non-interest income	81,499	57,981	61,280
Non-interest expense	77,582	76,046	92,462
Internal transfer expense (income)	77,835	78,743	77,164
Income Before Income Taxes	$ 124,064	$ 77,479	$ 57,285
Return on average interest earning assets (pre-tax) (unaudited)	1.73%	1.12%	0.92%
Commercial Lending \| Operating Segments
Segment Reporting Information [Line Items]
Average interest earning assets (unaudited)	$ 24,625,066	$ 19,343,791	$ 17,143,169
Interest income	1,027,796	926,328	798,974
Interest expense	164,075	257,670	177,273
Net Interest Income	863,721	668,658	621,701
Provision for credit losses	113,585	17,530	26,951
Net Interest Income After Provision for Credit Losses	750,136	651,128	594,750
Non-interest income	64,783	41,157	22,275
Non-interest expense	98,710	101,924	95,171
Internal transfer expense (income)	267,588	221,113	213,399
Income Before Income Taxes	$ 448,621	$ 369,248	$ 308,455
Return on average interest earning assets (pre-tax) (unaudited)	1.82%	1.91%	1.80%
Investment Management \| Operating Segments
Segment Reporting Information [Line Items]
Average interest earning assets (unaudited)	$ 5,225,074	$ 4,340,277	$ 4,362,581
Interest income	102,883	126,723	130,971
Interest expense	34,814	57,815	45,112
Net Interest Income	68,069	68,908	85,859
Provision for credit losses	635	0	0
Net Interest Income After Provision for Credit Losses	67,434	68,908	85,859
Non-interest income	10,083	8,818	8,691
Non-interest expense	1,136	1,034	1,251
Internal transfer expense (income)	56,788	49,670	54,353
Income Before Income Taxes	$ 19,593	$ 27,022	$ 38,946
Return on average interest earning assets (pre-tax) (unaudited)	0.37%	0.62%	0.89%