Valley National Bancorp (VLY) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 07, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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 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 Common Stock, Shares Outstanding		405,884,672
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Period Period Focus	Q1
Entity Central Index Key	0000714310
Current Fiscal Year End Date	--12-31
Common Stock
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	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 280,915	$ 257,845
Interest bearing deposits with banks	1,352,918	1,071,360
Investment securities:
Equity securities	32,973	29,378
Available for sale debt securities	1,116,221	1,339,473
Held to maturity debt securities (net of allowance for credit losses of $1,070 at March 31, 2021 and $1,428 at December 31, 2020)	2,389,956	2,171,583
Total investment securities	3,539,150	3,540,434
Loans held for sale, at fair value	232,068	301,427
Loans	32,686,416	32,217,112
Less: Allowance for loan losses	(342,880)	(340,243)
Net loans	32,343,536	31,876,869
Premises and equipment, net	323,841	319,797
Lease right of use assets	242,190	252,053
Bank owned life insurance	535,620	535,209
Accrued interest receivable	107,790	106,230
Goodwill	1,382,442	1,382,442
Other intangible assets, net	67,972	70,449
Other assets	769,569	971,961
Total Assets	41,178,011	40,686,076
Deposits:
Non-interest bearing	10,053,026	9,205,266
Interest bearing:
Savings, NOW and money market	17,081,105	16,015,658
Time	5,451,078	6,714,678
Total deposits	32,585,209	31,935,602
Short-term borrowings	1,084,666	1,147,958
Long-term borrowings	2,242,931	2,295,665
Junior subordinated debentures issued to capital trusts	56,152	56,065
Lease liabilities	266,407	276,675
Accrued expenses and other liabilities	282,976	381,991
Total Liabilities	36,518,341	36,093,956
Shareholders’ Equity
Common stock (no par value, authorized 650,000,000 shares; issued 405,801,304 shares at March 31, 2021 and 403,881,488 shares at December 31, 2020)	142,435	141,746
Surplus	3,651,948	3,637,468
Retained earnings	672,651	611,158
Accumulated other comprehensive loss	(17,005)	(7,718)
Treasury stock, at cost (3,766 common shares at March 31, 2021 and 22,490 common shares at December 31, 2020)	(50)	(225)
Total Shareholders’ Equity	4,659,670	4,592,120
Total Liabilities and Shareholders’ Equity	41,178,011	40,686,076
Series A
Shareholders’ Equity
Preferred stock, no par value; authorized 50,000,000 shares	111,590	111,590
Series B
Shareholders’ Equity
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	Mar. 31, 2021	Dec. 31, 2020
Allowance for credit losses	$ 1,070	$ 1,428
Preferred stock, par value (usd per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (usd per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	650,000,000	650,000,000
Common stock, shares issued (in shares)	405,801,304	403,881,488
Treasury stock, shares (in shares)	3,766	22,490
Series A
Preferred stock, shares issued (in shares)	4,600,000	4,600,000
Series B
Preferred stock, shares issued (in shares)	4,000,000	4,000,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest Income
Interest and fees on loans	$ 313,181	$ 333,068
Interest and dividends on investment securities:
Taxable	13,166	21,933
Tax-exempt	3,356	3,926
Dividends	1,871	3,401
Interest on federal funds sold and other short-term investments	224	1,465
Total interest income	331,798	363,793
Interest on deposits:
Savings, NOW and money market	11,125	34,513
Time	11,093	42,814
Interest on short-term borrowings	1,758	4,707
Interest on long-term borrowings and junior subordinated debentures	15,155	16,420
Total interest expense	39,131	98,454
Net Interest Income	292,667	265,339
(Credit) provision for credit losses for held to maturity securities	(358)	759
Provision for credit losses for loans	9,014	33,924
Net Interest Income After Provision for Credit Losses	284,011	230,656
Non-Interest Income
Insurance commissions	1,558	1,951
Losses on securities transactions, net	(118)	(40)
Fees from loan servicing	2,899	2,748
Gains on sales of loans, net	3,513	4,550
(Losses) gains on sales of assets, net	(196)	121
Bank owned life insurance	2,331	3,142
Other	12,814	19,832
Total non-interest income	31,233	41,397
Non-Interest Expense
Salary and employee benefits expense	88,103	85,728
Net occupancy and equipment expense	32,259	32,441
FDIC insurance assessment	3,276	3,876
Amortization of other intangible assets	6,006	5,470
Professional and legal fees	6,272	6,087
Amortization of tax credit investments	2,744	3,228
Telecommunication expense	3,160	2,287
Other	18,393	16,539
Total non-interest expense	160,213	155,656
Income Before Income Taxes	155,031	116,397
Income tax expense	39,321	29,129
Net Income	115,710	87,268
Dividends on preferred stock	3,172	3,172
Net Income Available to Common Shareholders	$ 112,538	$ 84,096
Earnings Per Common Share:
Basic (usd per share)	$ 0.28	$ 0.21
Diluted (usd per share)	0.28	0.21
Cash Dividends Declared per Common Share (usd per share)	$ 0.11	$ 0.11
Weighted Average Number of Common Shares Outstanding:
Basic (in shares)	405,152,605	403,519,088
Diluted (in shares)	407,636,765	405,424,123
Trust and investment services
Non-Interest Income
Revenue from contracts with customer	$ 3,329	$ 3,413
Service charges on deposit accounts
Non-Interest Income
Revenue from contracts with customer	$ 5,103	$ 5,680

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 115,710	$ 87,268
Unrealized gains and losses on available for sale securities
Net (losses) gains arising during the period	(10,436)	26,068
Less reclassification adjustment for net losses included in net income	44	27
Total	(10,392)	26,095
Unrealized gains and losses on derivatives (cash flow hedges)
Net gains (losses) on derivatives arising during the period	174	(1,057)
Less reclassification adjustment for net losses included in net income	651	438
Total	825	(619)
Defined benefit pension plan
Amortization of actuarial net loss	280	172
Total other comprehensive (loss) income	(9,287)	25,648
Total comprehensive income	$ 106,423	$ 112,916

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Series A	Preferred Series B	Common Stock	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Preferred Stock	Preferred StockCumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common StockCumulative Effect, Period of Adoption, Adjusted Balance	Surplus	SurplusCumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings	Retained EarningsPreferred Series A	Retained EarningsPreferred Series B	Retained EarningsCommon Stock	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjusted Balance	Treasury Stock	Treasury StockCumulative Effect, Period of Adoption, Adjusted Balance
Beginning 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)
Beginning balance (in shares) at Dec. 31, 2019									403,278	403,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	87,268												87,268
Other comprehensive loss, net of tax	25,648																		25,648
Cash dividends declared:
Cash dividends declared on preferred stock		$ (1,797)	$ (1,375)											$ (1,797)	$ (1,375)
Cash dividends declared on common stock				$ (44,979)												$ (44,979)
Effect of stock incentive plan, net (in shares)									466
Effect of stock incentive plan, net	232								$ 190		1,828		(2,065)								279
Ending balance at Mar. 31, 2020	4,420,998						209,691		$ 141,613		3,624,036		452,424						(6,566)		(200)
Ending balance (in shares) at Mar. 31, 2020									403,744
Beginning balance at Dec. 31, 2020	4,592,120						209,691		$ 141,746		3,637,468		611,158						(7,718)		(225)
Beginning balance (in shares) at Dec. 31, 2020									403,859
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	115,710												115,710
Other comprehensive loss, net of tax	(9,287)																		(9,287)
Cash dividends declared:
Cash dividends declared on preferred stock		$ (1,797)	$ (1,375)											$ (1,797)	$ (1,375)
Cash dividends declared on common stock				$ (45,281)												$ (45,281)
Effect of stock incentive plan, net (in shares)									1,939
Effect of stock incentive plan, net	9,580								$ 689		14,480		(5,764)								175
Ending balance at Mar. 31, 2021	$ 4,659,670						$ 209,691		$ 142,435		$ 3,651,948		$ 672,651						$ (17,005)		$ (50)
Ending balance (in shares) at Mar. 31, 2021									405,798

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Common stock, cash dividends declared (usd per share)	$ 0.11	$ 0.11
Preferred Series A
Preferred stock, cash dividends declared (usd per share)	0.39	0.39
Preferred Series B
Preferred stock, cash dividends declared (usd per share)	0.34	0.34
Common Stock
Common stock, cash dividends declared (usd per share)	$ 0.11	$ 0.11

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 115,710	$ 87,268
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	13,848	14,734
Stock-based compensation	5,465	3,684
Provision for credit losses	8,656	34,683
Net amortization of premiums and accretion of discounts on securities and borrowings	8,293	6,685
Amortization of other intangible assets	6,006	5,470
Losses on securities transactions, net	118	40
Proceeds from sales of loans held for sale	357,108	168,392
Gains on sales of loans, net	(3,513)	(4,550)
Originations of loans held for sale	(287,765)	(147,981)
Losses (gains) on sales of assets, net	196	(121)
Net change in:
Cash surrender value of bank owned life insurance	(2,331)	(3,142)
Accrued interest receivable	(1,560)	(1,716)
Other assets	204,729	(401,849)
Accrued expenses and other liabilities	(111,562)	122,426
Net cash provided by (used in) operating activities	313,398	(115,977)
Cash flows from investing activities:
Net loan originations and purchases	(475,142)	(667,555)
Equity securities:
Purchases	(1,878)	(5,214)
Sales	319	0
Held to maturity debt securities:
Purchases	(407,793)	(103,192)
Maturities, calls and principal repayments	184,163	118,541
Available for sale debt securities:
Purchases	0	(238,488)
Sales	41,134	0
Maturities, calls and principal repayments	164,235	88,688
Death benefit proceeds from bank owned life insurance	1,628	1,184
Proceeds from sales of real estate property and equipment	1,742	6,352
Proceeds from sales of loans held for investment	0	30,020
Purchases of real estate property and equipment	(8,042)	(9,235)
Net cash used in investing activities	(499,634)	(778,899)
Cash flows from financing activities:
Net change in deposits	649,607	(200,035)
Net change in short-term borrowings	(63,292)	1,002,375
Proceeds from issuance of long-term borrowings, net	0	725,242
Repayments of long-term borrowings	(51,769)	(42,128)
Cash dividends paid to preferred shareholders	(3,172)	(3,172)
Cash dividends paid to common shareholders	(45,526)	(44,682)
Purchase of common shares to treasury	(542)	(2,094)
Common stock issued, net	5,723	(1,358)
Other, net	(165)	(130)
Net cash provided by financing activities	490,864	1,434,018
Net change in cash and cash equivalents	304,628	539,142
Cash and cash equivalents at beginning of year	1,329,205	434,687
Cash and cash equivalents at end of period	1,633,833	973,829
Supplemental disclosures of cash flow information:
Interest on deposits and borrowings	37,997	104,797
Federal and state income taxes	5,855	4,215
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned	141	2,750
Transfer of loans to loans held for sale	0	30,020
Lease right of use assets obtained in exchange for operating lease liabilities	$ 21	$ 3,121

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements of Valley National Bancorp, a New Jersey corporation (Valley), include the accounts of its commercial bank subsidiary, Valley National Bank (the 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. Certain prior period amounts have been reclassified to conform to the current presentation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly Valley’s financial position, results of operations, changes in shareholders' equity and cash flows at March 31, 2021 and for all periods presented have been made. The results of operations for the three months ended on March 31, 2021 are not necessarily indicative of the results to be expected for the entire fiscal year or any subsequent interim period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP and industry practice have been condensed or omitted pursuant to rules and regulations of the SEC. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in Valley’s Annual Report on Form 10-K for the year ended December 31, 2020. Correction of an Immaterial Error. Valley's previously reported consolidated statement of cash flows for the three months ended March 31, 2020 was revised to reflect an adjustment for an intercompany account that was not properly eliminated in consolidation. The adjustment resulted in a decrease in the “Net change in deposits” line item from a decrease of $168.8 million, to a decrease of $200.0 million and a corresponding decrease in the “Net change in cash and cash equivalents” line item, from an increase of $570.3 million to an increase of $539.1 million. The effect of these revisions was immaterial to the interim period. Significant Estimates. In preparing the unaudited 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.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share The following table shows the calculation of both basic and diluted earnings per common share for the three months ended March 31, 2021 and 2020: Three Months Ended 2021 2020 (in thousands, except for share data) Net income available to common shareholders $ 112,538 $ 84,096 Basic weighted average number of common shares outstanding 405,152,605 403,519,088 Plus: Common stock equivalents 2,484,160 1,905,035 Diluted weighted average number of common shares outstanding 407,636,765 405,424,123 Earnings per common share: Basic $ 0.28 $ 0.21 Diluted 0.28 0.21 Common stock equivalents represent the dilutive effect of additional common shares issuable upon the assumed vesting or exercise, if applicable, of restricted stock units and common stock options to purchase Valley’s common shares. Common stock options with exercise prices that exceed the average market price per share of Valley’s common stock during the periods presented may have an anti-dilutive effect on the diluted earnings per common share calculation and therefore are excluded from the diluted earnings per share calculation along with restricted stock units. Potential anti-dilutive weighted common shares were immaterial for the three months ended March 31, 2021 as compared to 1.9 million shares for the three months ended March 31, 2020.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive Loss	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 three months ended March 31, 2021: Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined (in thousands) Balance at December 31, 2020 $ 33,290 $ (3,906) $ (37,102) $ (7,718) Other comprehensive (loss) income before reclassification (10,436) 174 — (10,262) Amounts reclassified from other comprehensive income 44 651 280 975 Other comprehensive (loss) income, net (10,392) 825 280 (9,287) Balance at March 31, 2021 $ 22,898 $ (3,081) $ (36,822) $ (17,005) The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three months ended March 31, 2021 and 2020: Amounts Reclassified from Three Months Ended Components of Accumulated Other Comprehensive Loss 2021 2020 Income Statement Line Item (in thousands) Unrealized losses on AFS securities before tax $ (59) $ (40) Losses on securities transactions, net Tax effect 15 13 Total net of tax (44) (27) Unrealized losses on derivatives (cash flow hedges) before tax (915) (615) Interest expense Tax effect 264 177 Total net of tax (651) (438) Defined benefit pension plan: Amortization of actuarial net loss (388) (236) * Tax effect 108 64 Total net of tax (280) (172) Total reclassifications, net of tax $ (975) $ (637) * Amortization of actuarial net loss is included in the computation of net periodic pension cost recognized within other non-interest expense.

New Authoritative Accounting Gu

New Authoritative Accounting Guidance	3 Months Ended
	Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]
New Authoritative Accounting Guidance	New Authoritative Accounting Guidance New Accounting Guidance Adopted in 2021 Accounting Standards Update (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 and the new guidance did not have a significant impact on Valley’s consolidated financial statements. New Accounting Guidance issued in 2021

Fair Value Measurement of Asset

Fair Value Measurement of Assets and Liabilities	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement of Assets and Liabilities	Fair Value Measurement of Assets and Liabilities 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 and Non-Recurring Basis The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at March 31, 2021 and December 31, 2020. The assets presented under “non-recurring fair value measurements” in the tables below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized). March 31, Fair Value Measurements at Reporting Date Using: Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 29,724 $ 19,742 $ — $ — Available for sale: U.S. Treasury securities 51,199 51,199 — — U.S. government agency securities 24,010 — 24,010 — Obligations of states and political subdivisions 72,722 — 72,593 129 Residential mortgage-backed securities 878,336 — 878,336 — Corporate and other debt securities 89,954 — 89,954 — Total available for sale debt securities 1,116,221 51,199 1,064,893 129 Loans held for sale (2) 232,068 — 232,068 — Other assets (3) 155,633 — 155,633 — Total assets $ 1,533,646 $ 70,941 $ 1,452,594 $ 129 Liabilities Other liabilities (3) $ 22,503 $ — $ 22,503 $ — Total liabilities $ 22,503 $ — $ 22,503 $ — Non-recurring fair value measurements: Collateral dependent loans $ 38,883 $ — $ — $ 38,883 Loan servicing rights 682 — — 682 Foreclosed assets 1,683 — — 1,683 Total $ 41,248 $ — $ — $ 41,248 Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 26,379 $ 18,600 $ — $ — Available for sale: 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 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 impaired loans $ 35,228 $ — $ — $ 35,228 Loan servicing rights 15,603 — — 15,603 Foreclosed assets 7,387 — — 7,387 Total $ 58,218 $ — $ — $ 58,218 (1) Includes equity securities measured at net asset value (NAV) per share (or its equivalent) as a practical expedient totaling $10.0 million and $7.8 million at March 31, 2021 and December 31, 2020, respectively. 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 $226.6 million and $286.4 million at March 31, 2021 and December 31, 2020, respectively. (3) Derivative financial instruments are included in this categor y. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following valuation techniques were used for financial instruments measured at fair value on a recurring basis. All the valuation techniques described below apply to the unpaid principal balance, excluding any accrued interest or dividends at the measurement date. Interest income and expense are recorded within the consolidated statements of income depending on the nature of the instrument using the effective interest method based on acquired discount or premium. Equity securities. The 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. 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 March 31, 2021 and December 31, 2020. Loans held for sale. Residential mortgage loans originated for sale are reported at fair value using Level 2 inputs. The fair values were calculated utilizing quoted prices for similar assets in active markets. The market prices represent a delivery price, which reflects the underlying price each institution would pay Valley for an immediate sale of an aggregate pool of mortgages. Non-performance risk did not materially impact the fair value of mortgage loans held for sale at March 31, 2021 and December 31, 2020 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 for 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 March 31, 2021 and December 31, 2020), 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 March 31, 2021 and December 31, 2020. 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 when foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and substantially all of the repayment is expected from the collateral. Collateral dependent loans are reported at the fair value of the underlying collateral. Collateral values are estimated using Level 3 inputs, consisting of individual third-party appraisals that may be adjusted based on certain discounting criteria. Certain real estate appraisals may be discounted based on specific market data by location and property type. At March 31, 2021, collateral dependent loans were individually re-measured and reported at fair value through direct loan charge-offs to the allowance for loan losses based on the fair value of the underlying collateral. At March 31, 2021, collateral dependent loans, primarily consisting of taxi medallion loans, with a total amortized cost of $111.5 million were reduced by specific allowance for loan losses allocations totaling $72.6 million to a reported total net carrying amount of $38.9 million. 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 March 31, 2021, the fair value model used a blended prepayment speed (stated as constant prepayment rates) of 16.9 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. At March 31, 2021, certain loan servicing rights were re-measured at fair value totaling $682 thousand. 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 2.9 percent to 18 percent at March 31, 2021. 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 March 31, 2021 and December 31, 2020 were as follows: Fair Value March 31, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 280,915 $ 280,915 $ 257,845 $ 257,845 Interest bearing deposits with banks Level 1 1,352,918 1,352,918 1,071,360 1,071,360 Equity securities (1) Level 3 3,249 3,249 2,999 2,999 Held to maturity debt securities: U.S. Treasury securities Level 1 68,031 74,179 68,126 75,484 U.S. government agency securities Level 2 5,659 5,795 6,222 6,513 Obligations of states and political subdivisions Level 2 454,021 465,674 470,259 484,506 Residential mortgage-backed securities Level 2 1,787,211 1,797,741 1,550,306 1,589,655 Trust preferred securities Level 2 37,354 30,728 37,348 30,033 Corporate and other debt securities Level 2 38,750 39,244 40,750 41,421 Total held to maturity debt securities (2) 2,391,026 2,413,361 2,173,011 2,227,612 Net loans Level 3 32,343,536 32,113,414 31,876,869 31,635,060 Accrued interest receivable Level 1 107,790 107,790 106,230 106,230 Federal Reserve Bank and Federal Home Loan Bank stock (3) Level 2 247,158 247,158 250,116 250,116 Financial liabilities Deposits without stated maturities Level 1 27,134,131 27,134,131 25,220,924 25,220,924 Deposits with stated maturities Level 2 5,451,078 5,448,891 6,714,678 6,639,022 Short-term borrowings Level 1 1,084,666 1,060,430 1,147,958 1,151,478 Long-term borrowings Level 2 2,242,931 2,242,747 2,295,665 2,405,345 Junior subordinated debentures issued to capital trusts Level 2 56,152 45,863 56,065 57,779 Accrued interest payable (4) Level 1 19,972 19,972 18,839 18,839 (1) Represents equity securities without a readily determinable fair value measured at cost less impairment, if any. (2) The carrying amount is presented gross without the allowance for credit losses. (3) Included in other assets. (4) Included in accrued expenses and other liabilities.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities Equity Securities Equity securities carried at fair value totaled $33.0 million and $29.4 million at March 31, 2021 and December 31, 2020, respectively. At March 31, 2021, Valley's equity securities consisted of one publicly traded money market mutual fund, CRA investments both publicly 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 available for sale debt securities at March 31, 2021 and December 31, 2020 were as follows: Amortized Gross Gross Fair Value (in thousands) March 31, 2021 U.S. Treasury securities $ 50,027 $ 1,172 $ — $ 51,199 U.S. government agency securities 22,899 1,123 (12) 24,010 Obligations of states and political subdivisions: Obligations of states and state agencies 36,075 793 — 36,868 Municipal bonds 35,223 637 (6) 35,854 Total obligations of states and political subdivisions 71,298 1,430 (6) 72,722 Residential mortgage-backed securities 852,398 27,254 (1,316) 878,336 Corporate and other debt securities 87,960 2,076 (82) 89,954 Total $ 1,084,582 $ 33,055 $ (1,416) $ 1,116,221 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 $ 1,293,506 $ 46,886 $ (919) $ 1,339,473 The age of unrealized losses and fair value of the related available for sale debt securities at March 31, 2021 and December 31, 2020 were as follows: Less than More than Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) March 31, 2021 U.S. government agency securities $ — $ — $ 1,430 $ (12) $ 1,430 $ (12) Municipal bonds 6,847 (6) — — 6,847 (6) Residential mortgage-backed securities 67,489 (984) 23,251 (332) 90,740 (1,316) Corporate and other debt securities 22,120 (82) — — 22,120 (82) Total $ 96,456 $ (1,072) $ 24,681 $ (344) $ 121,137 $ (1,416) 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) Within the available for sale debt securities portfolio, the total number of security positions in an unrealized loss position was 61 and 58 at March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, the fair value of available for sale debt securities that were pledged to secure public deposits, repurchase agreements, lines of credit, and for other purposes required by law, was $691.4 million. The contractual maturities of available for sale debt securities at March 31, 2021 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. March 31, 2021 Amortized Fair (in thousands) Due in one year $ 13,361 $ 13,421 Due after one year through five years 77,866 79,806 Due after five years through ten years 92,143 94,029 Due after ten years 48,814 50,629 Residential mortgage-backed securities 852,398 878,336 Total $ 1,084,582 $ 1,116,221 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 March 31, 2021. 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 the COVID-19 pandemic. Available for sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. Val ley has evaluated available for sale debt securities that are in an unrealized loss position as of March 31, 2021 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 three months ended March 31, 2021 and, as a result, there was no allowance for credit losses for available for sale debt securities at March 31, 2021. Held to Maturity Debt Securities The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at March 31, 2021 and December 31, 2020 were as follows: Amortized Gross Gross Fair Value (in thousands) March 31, 2021 U.S. Treasury securities $ 68,031 $ 6,148 $ — $ 74,179 U.S. government agency securities 5,659 136 — 5,795 Obligations of states and political subdivisions: Obligations of states and state agencies 254,991 6,390 (141) 261,240 Municipal bonds 199,030 5,406 (2) 204,434 Total obligations of states and political subdivisions 454,021 11,796 (143) 465,674 Residential mortgage-backed securities 1,787,211 29,249 (18,719) 1,797,741 Trust preferred securities 37,354 52 (6,678) 30,728 Corporate and other debt securities 38,750 566 (72) 39,244 Total $ 2,391,026 $ 47,947 $ (25,612) $ 2,413,361 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 $ 2,173,011 $ 62,326 $ (7,725) $ 2,227,612 The age of unrealized losses and fair value of related debt securities held to maturity at March 31, 2021 and December 31, 2020 were as follows: Less than More than Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) March 31, 2021 Obligations of states and political subdivisions: Obligations of states and state agencies $ 809 $ (30) $ 5,521 $ (111) $ 6,330 $ (141) Municipal bonds 1,328 (2) — — 1,328 (2) Total obligations of states and political subdivisions 2,137 (32) 5,521 (111) 7,658 (143) Residential mortgage-backed securities 903,746 (18,713) 1,838 (6) 905,584 (18,719) Trust preferred securities — — 29,322 (6,678) 29,322 (6,678) Corporate and other debt securities 2,928 (72) — — 2,928 (72) Total $ 908,811 $ (18,817) $ 36,681 $ (6,795) $ 945,492 $ (25,612) December 31, 2020 Obligations of states and state agencies $ 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) Within the held to maturity portfolio, the total number of security positions in an unrealized loss position was 39 and 13 at March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, 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 $1.5 billion. The contractual maturities of investments in debt securities held to maturity at March 31, 2021 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. March 31, 2021 Amortized Fair (in thousands) Due in one year $ 26,173 $ 26,306 Due after one year through five years 228,929 239,320 Due after five years through ten years 149,406 152,366 Due after ten years 199,307 197,628 Residential mortgage-backed securities 1,787,211 1,797,741 Total $ 2,391,026 $ 2,413,361 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 5.8 years at March 31, 2021. Credit Quality Indicators Valley monitors the credit quality of the held to maturity debt securities through the use of the most current credit ratings from external rating agencies. The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at March 31, 2021 and December 31, 2020. AAA/AA/A Rated BBB rated Non-investment grade rated Non-rated Total (in thousands) March 31, 2021 U.S. Treasury securities $ 68,031 $ — $ — $ — $ 68,031 U.S. government agency securities 5,659 — — — 5,659 Obligations of states and political subdivisions: Obligations of states and state agencies 222,683 — 5,632 26,676 254,991 Municipal bonds 157,212 — — 41,818 199,030 Total obligations of states and political subdivisions 379,895 — 5,632 68,494 454,021 Residential mortgage-backed securities 1,787,211 — — — 1,787,211 Trust preferred securities — — — 37,354 37,354 Corporate and other debt securities — 8,000 — 30,750 38,750 Total $ 2,240,796 $ 8,000 $ 5,632 $ 136,598 $ 2,391,026 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 Obligations of states and political subdivisions include municipal bonds and revenue bonds issued by various municipal corporations. At March 31, 2021, 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. government agency securities, residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, and collateralized municipal bonds called TEMS. At March 31, 2021, held to maturity debt securities were carried net of allowance for credit losses totaling $1.1 million and $1.4 million at March 31, 2021 and December 31, 2020, respectively. Valley recorded a credit (negative) provision for credit losses of $358 thousand for the three months ended March 31, 2021 and a provision for credit losses of $759 thousand for the three months ended March 31, 2020. There wer e no n et charge-offs of debt securities in the respective periods.

Loans and Allowance for Credit

Loans and Allowance for Credit Losses for Loans	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Loans and Allowance for Credit Losses for Loans	Loans and Allowance for Credit Losses for Loans The detail of the loan portfolio as of March 31, 2021 and December 31, 2020 was as follows: March 31, 2021 December 31, 2020 (in thousands) Loans: Commercial and industrial: Commercial and industrial $ 4,784,017 $ 4,709,569 Commercial and industrial PPP loans * 2,364,627 2,152,139 Total commercial and industrial loans 7,148,644 6,861,708 Commercial real estate: Commercial real estate 16,923,627 16,724,998 Construction 1,786,331 1,745,825 Total commercial real estate loans 18,709,958 18,470,823 Residential mortgage 4,060,492 4,183,743 Consumer: Home equity 409,576 431,553 Automobile 1,444,883 1,355,955 Other consumer 912,863 913,330 Total consumer loans 2,767,322 2,700,838 Total loans $ 32,686,416 $ 32,217,112 * Represents SBA Paycheck Protection Program (PPP) loans, net of unearned fees totaling $57.2 million and $43.2 million at March 31, 2021 and December 31, 2020, respectively. Total loans includes net unearned discounts and deferred loan fees of $108.6 million and $95.8 million at March 31, 2021 and December 31, 2020, respectively. Net unearned discounts and deferred loan fees include the non-credit discount on purchased credit deterioration (PCD) loans and net unearned fees related to PPP loans at March 31, 2021 and December 31, 2020. Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $92.4 million and $90.2 million at March 31, 2021 and December 31, 2020, respectively, and is presented separately in the consolidated statements of financial condition . Valley transferred and sold approximately $30.0 million of residential mortgage loans from the loan portfolio to loans held for sale during the three months ended March 31, 2020. Excluding the loan transfers, there were no other sales of loans from the held for investment portfolio during the three months ended March 31, 2021 and 2020. Credit Risk Management For all of its loan types, Valley adheres to a credit policy designed to minimize credit risk while generating the maximum income given the level of risk appetite. Management reviews and approves these policies and procedures on a regular basis with subsequent approval by the Board 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. See Valley’s Annual Report on Form 10-K for the year ended December 31, 2020 for further details. Credit Quality The following table presents past due, current and non-accrual loans without an allowance for credit losses by loan portfolio class at March 31, 2021 and December 31, 2020: Past Due and Non-Accrual Loans 30-59 Days 60-89 Days 90 Days or More Non-Accrual Loans Total Past Due Loans Current Loans Total Loans Non-Accrual Loans Without Allowance for Credit Losses (in thousands) March 31, 2021 Commercial and industrial $ 3,763 $ 1,768 $ 2,515 $ 108,988 $ 117,034 $ 7,031,610 $ 7,148,644 $ 10,618 Commercial real estate: Commercial real estate 11,655 5,455 — 54,004 71,114 16,852,513 16,923,627 41,706 Construction — — — 71 71 1,786,260 1,786,331 — Total commercial real estate loans 11,655 5,455 — 54,075 71,185 18,638,773 18,709,958 41,706 Residential mortgage 16,004 2,233 2,472 33,655 54,364 4,006,128 4,060,492 17,218 Consumer loans: Home equity 737 147 — 6,411 7,295 402,281 409,576 48 Automobile 4,421 770 390 368 5,949 1,438,934 1,444,883 — Other consumer 322 104 27 513 966 911,897 912,863 — Total consumer loans 5,480 1,021 417 7,292 14,210 2,753,112 2,767,322 48 Total $ 36,902 $ 10,477 $ 5,404 $ 204,010 $ 256,793 $ 32,429,623 $ 32,686,416 $ 69,590 Past Due and Non-Accrual Loans 30-59 60-89 90 Days or More Non-Accrual Loans Total Past Due Loans Current Loans Total Loans 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 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 based on the most recent analysis performed at March 31, 2021 and December 31, 2020: Term Loans Amortized Cost Basis by Origination Year March 31, 2021 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Commercial and industrial Risk Rating: Pass $ 1,091,421 $ 2,438,605 $ 560,364 $ 515,645 $ 191,930 $ 454,483 $ 1,637,014 $ 296 $ 6,889,758 Special Mention 1,027 1,599 8,714 6,874 3,365 17,601 66,443 37 105,660 Substandard 975 15,664 4,870 9,704 1,226 4,217 25,264 361 62,281 Doubtful — — 2,742 — 16,844 71,359 — — 90,945 Total commercial and industrial $ 1,093,423 $ 2,455,868 $ 576,690 $ 532,223 $ 213,365 $ 547,660 $ 1,728,721 $ 694 $ 7,148,644 Commercial real estate Risk Rating: Pass $ 703,940 $ 3,102,368 $ 3,001,631 $ 2,148,025 $ 1,691,885 $ 5,314,508 $ 195,069 $ 14,597 $ 16,172,023 Special Mention — 55,142 74,513 44,406 45,899 193,439 1,235 — 414,634 Substandard 576 22,623 17,031 38,564 74,244 181,107 2,531 92 336,768 Doubtful — — — — — 202 — — 202 Total commercial real estate $ 704,516 $ 3,180,133 $ 3,093,175 $ 2,230,995 $ 1,812,028 $ 5,689,256 $ 198,835 $ 14,689 $ 16,923,627 Construction Risk Rating: Pass $ 55,347 $ 154,819 $ 99,815 $ 106,566 $ 15,422 $ 42,957 $ 1,229,949 $ — $ 1,704,875 Special Mention — — 1,035 — — 6,265 48,111 — 55,411 Substandard — 32 21 246 — 17,842 7,904 — 26,045 Total construction $ 55,347 $ 154,851 $ 100,871 $ 106,812 $ 15,422 $ 67,064 $ 1,285,964 $ — $ 1,786,331 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 based on payment activity by origination year as of March 31, 2021 and December 31, 2020. Term Loans Amortized Cost Basis by Origination Year March 31, 2021 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Residential mortgage Performing $ 219,558 $ 732,027 $ 725,885 $ 594,844 $ 508,177 $ 1,212,780 $ 44,041 $ — $ 4,037,312 90 days or more past due — 2,478 2,814 2,489 3,645 11,754 — — 23,180 Total residential mortgage $ 219,558 $ 734,505 $ 728,699 $ 597,333 $ 511,822 $ 1,224,534 $ 44,041 $ — $ 4,060,492 Consumer loans Home equity Performing $ 1,890 $ 8,179 $ 9,917 $ 10,612 $ 7,550 $ 17,181 $ 304,404 $ 48,364 $ 408,097 90 days or more past due — — — — — 96 573 810 1,479 Total home equity 1,890 8,179 9,917 10,612 7,550 17,277 304,977 49,174 409,576 Automobile Performing 214,566 411,821 397,409 240,852 128,960 50,506 — — 1,444,114 90 days or more past due — 42 141 247 208 131 — — 769 Total automobile 214,566 411,863 397,550 241,099 129,168 50,637 — — 1,444,883 Other Consumer Performing 7,230 7,056 5,375 6,552 1,076 5,613 879,552 — 912,454 90 days or more past due — — — — — — 1 408 409 Total other consumer 7,230 7,056 5,375 6,552 1,076 5,613 879,553 408 912,863 Total Consumer $ 223,686 $ 427,098 $ 412,842 $ 258,263 $ 137,794 $ 73,527 $ 1,184,530 $ 49,582 $ 2,767,322 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 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). 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 $67.1 million and $57.4 million as of March 31, 2021 and December 31, 2020, respectively. Non-performing TDRs totaled $91.5 million and $92.8 million as of March 31, 2021 and December 31, 2020, respectively. The following table presents the pre- and post-modification amortized cost of loans by loan class modified as TDRs during the three months ended March 31, 2021 and 2020. Post-modification amounts are presented as of March 31, 2021 and 2020. Three Months Ended March 31, 2021 2020 Troubled Debt Restructurings Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification ($ in thousands) Commercial and industrial 5 $ 13,744 $ 13,307 16 $ 13,144 $ 12,630 Commercial real estate 2 4,197 4,185 1 3,863 3,855 Residential mortgage 6 1,528 1,518 — — — Consumer 1 170 168 — — — Total 14 $ 19,639 $ 19,178 17 $ 17,007 $ 16,485 The total TDRs presented in the above table had allocated allowance for loan losses of $3.4 million and $7.9 million at March 31, 2021 and 2020, respectively. There were $5.1 million and $791 thousand of charge-offs mainly related to TDRs for the three months ended March 31, 2021 and 2020, respectively. Valley did not extend any commitments to lend additional funds to borrowers whose loans have been modified as TDRs during the three months ended March 31, 2021 and 2020. Loans modified as TDRs within the previous 12 months and for which there was a payment default (90 or more days past due) for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 Troubled Debt Restructurings Subsequently Defaulted Number of Amortized Cost Number of Recorded ($ in thousands) Commercial and industrial 16 $ 12,384 — $ — Residential mortgage 3 655 1 154 Total 19 $ 13,039 1 $ 154 Forbearance. 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 are insignificant, when requested by customers. 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 done in accordance with applicable regulatory guidance. As of March 31, 2021, Valley had approximately $284 million of outstanding loans remaining in their payment deferral period under short-term modifications as compared to $361 million of loans in deferral at December 31, 2020. Under the applicable guidance, none of these loans were classified as TDRs at March 31, 2021 and December 31, 2020. Loans in Process of Foreclosure. Other real estate owned (OREO) totaled $4.5 million and $5.1 million at March 31, 2021 and December 31, 2020, respectively. OREO included foreclosed residential real estate properties totaling $413 thousand and $1.0 million at March 31, 2021 and December 31, 2020, respectively. Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $1.8 million and $1.9 million at March 31, 2021 and December 31, 2020, respectively. Collateral dependent loans. Loans are collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. When Valley determines that foreclosure is probable, the collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) resulting in an immediate charge-off to the allowance, excluding any consideration for personal guarantees that may be pursued in the Bank’s collection process. The following table presents collateral dependent loans by class as of March 31, 2021 and December 31, 2020: March 31, December 31, (in thousands) Commercial and industrial $ 110,169 $ 106,239 Commercial real estate 60,647 41,562 Residential mortgage 32,144 28,176 Home equity 49 50 Total $ 203,009 $ 176,027 Commercial and industrial loans are primarily collateralized by taxi medallions in the table above. Allowance for Credit Losses for Loans The following table summarizes the allowance for credit losses for loans at March 31, 2021 and December 31, 2020: March 31, December 31, (in thousands) Components of allowance for credit losses for loans: Allowance for loan losses $ 342,880 $ 340,243 Allowance for unfunded credit commitments 11,433 11,111 Total allowance for credit losses for loans $ 354,313 $ 351,354 The following table summarizes the provision for credit losses for loans for the periods indicated: Three Months Ended 2021 2020 (in thousands) Components of provision for credit losses for loans: Provision for loan losses $ 8,692 $ 33,851 Provision for unfunded credit commitments 322 73 Total provision for credit losses for loans $ 9,014 $ 33,924 The following table details the activity in the allowance for loan losses by loan portfolio segment for the three months ended March 31, 2021 and 2020: Commercial Commercial Residential Consumer Total (in thousands) Three Months Ended Allowance for loan losses: Beginning balance $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 Loans charged-off (7,142) (382) (138) (1,138) (8,800) Charged-off loans recovered 1,589 69 157 930 2,745 Net (charge-offs) recoveries (5,553) (313) 19 (208) (6,055) Provision for loan losses 891 10,436 (1,720) (915) 8,692 Ending balance $ 126,408 $ 174,236 $ 27,172 $ 15,064 $ 342,880 Three Months Ended Allowance for 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 (3,360) (44) (336) (2,565) (6,305) Charged-off loans recovered 569 93 50 794 1,506 Net (charge-offs) recoveries (2,791) 49 (286) (1,771) (4,799) Provision for loan losses 11,000 16,066 4,107 2,678 33,851 Ending balance $ 127,437 $ 111,585 $ 29,456 $ 14,864 $ 283,342 * Includes a $61.6 million increase representing the estimated expected credit losses for PCD loans as a result of the ASU 2016-13 adoption on January 1, 2020. The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology at March 31, 2021 and December 31, 2020. Commercial Commercial Residential Consumer Total (in thousands) March 31, 2021 Allowance for loan losses: Individually evaluated for credit losses $ 73,574 $ 4,663 $ 773 $ 516 $ 79,526 Collectively evaluated for credit losses 52,834 169,573 26,399 14,548 263,354 Total $ 126,408 $ 174,236 $ 27,172 $ 15,064 $ 342,880 Loans: Individually evaluated for credit losses $ 144,101 $ 80,234 $ 39,488 $ 2,936 $ 266,759 Collectively evaluated for credit losses 7,004,543 18,629,724 4,021,004 2,764,386 32,419,657 Total $ 7,148,644 $ 18,709,958 $ 4,060,492 $ 2,767,322 $ 32,686,416 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

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill totaled $1.4 billion at both March 31, 2021 and December 31, 2020. There were no changes to the carrying amounts of goodwill allocated to Valley’s business segments, or reporting units thereof, for goodwill impairment analysis (as reported in Valley’s Annual Report on Form 10-K for the year ended December 31, 2020). During the three months ended March 31, 2021, there were no triggering events that would more likely than not reduce the fair value of any reporting unit below its carrying amount. There was no i mpairment of goodwill recognized during the three months ended March 31, 2021 and 2020. The following table summarizes other intangible assets as of March 31, 2021 and December 31, 2020: Gross Accumulated Valuation Net (in thousands) March 31, 2021 Loan servicing rights $ 106,679 $ (84,163) $ (74) $ 22,442 Core deposits 101,160 (56,669) — 44,491 Other 3,945 (2,906) — 1,039 Total other intangible assets $ 211,784 $ (143,738) $ (74) $ 67,972 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 Loan servicing rights are accounted for using the amortization method. Under this method, Valley amortizes the loan servicing assets over the period of the economic life of the assets arising from estimated net servicing revenues. On a quarterly basis, Valley stratifies its loan servicing assets into groupings based on risk characteristics and assesses each group for impairment based on fair value. Impairment charges on loan servicing rights are recognized in earnings when the book value of a stratified group of loan servicing rights exceeds its estimated fair value. Valley recorded net recoveries of impairment charges on its loan servicing rights totaling $791 thousand and net impairment charges totaling $109 thousand for the three months ended March 31, 2021 and 2020, respectively. See the “Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis” section of Note 5 for additional information regarding the fair valuation. 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 and covenants not to compete, which are amortized over their expected lives generally using a straight-line method and have a weighted average amortization period of approximately 7.6 years. Valley evaluates core deposits and other intangibles for impairment when an indication of impairment exists. No impairment was recognized during the three months ended March 31, 2021 and 2020. The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2021 through 2025: Loan Servicing Core Other (in thousands) 2021 $ 3,675 $ 8,685 $ 154 2022 4,097 9,876 191 2023 3,187 8,146 131 2024 2,495 6,537 117 2025 1,975 4,929 103 Valley recognized amortization expense on other intangible assets, including net (recoveries of) impairment charges on loan servicing rights, totaling approximately $6.0 million and $5.5 million for the three months ended March 31, 2021 and 2020, respectively.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock–Based CompensationOn April 19, 2021, Valley's shareholders approved the Valley National Bancorp 2021 Incentive Compensation Plan (the 2021 Plan) administered by the Compensation and Human Resources Committee (the Committee) as appointed by Valley's Board of Directors. The purposes of the 2021 Plan are to provide additional incentives 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 officers, other employees and non-employee directors whose efforts will result in the continued and long-term growth of Valley's business. Upon shareholder approval of the 2021 Plan, Valley ceased granting new awards under the Valley National Bancorp 2016 Long-Term Stock Incentive Plan (the 2016 Plan). Under the 2021 Plan, Valley may issue awards to its officers, employees and non-employee directors in amounts up to 9 million shares of common stock (less one share for every share granted after December 31, 2020 under the 2016 Plan) in the form of stock appreciation rights, both incentive and non-qualified stock options, restricted stock and restricted stock units (RSUs). If after December 31, 2020 any award granted under the 2016 Plan is forfeited, expires, settled for cash, withheld for tax obligations, or otherwise does not result in the issuance of all or a portion of the shares subject to such award, the shares will be added to the 2021 Plan's share reserve. 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. Valley granted 1.1 million and 1.0 million of time-based RSUs during the three months ended March 31, 2021 and 2020, respectively. Generally, time-based RSUs vest ratably over a three-year period. The average grant date fair value of the RSUs granted during the three months ended March 31, 2021 and 2020 was $11.75 per share and $10.79 per share, respectively. Valley granted 604 thousand and 589 thousand of performance-based RSUs to certain executive officers for the three months ended March 31, 2021 and 2020, respectively. The performance-based RSU awards include RSUs with vesting conditions based upon certain levels of growth in Valley's tangible book value per share plus dividends and RSUs with vesting conditions based upon Valley's total shareholder return as compared to its peer group. The RSUs “cliff” vest after three years based on the cumulative performance of Valley during that time period. The RSUs earn dividend equivalents (equal to cash dividends paid on Valley's common stock) over the applicable performance period. Dividend equivalents are accumulated and paid to the grantee at the vesting date or forfeited if the performance conditions are not met. The grant date fair value of the RSUs granted during the three months ended March 31, 2021 and 2020 was $11.75 per share and $10.82 per share, respectively. Valley recorded total stock-based compensation expense of $5.5 million and $4.0 million for the three months ended March 31, 2021 and

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Valley enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Cash Flow Hedges of Interest Rate Risk . Valley’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, Valley uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the payment of either fixed or variable-rate amounts in exchange for the receipt of variable or fixed-rate amounts from a counterparty, respectively. 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 March 31, 2021, Valley h ad 25 cred it swaps with an aggregate notional amount of $215.5 million related to risk participation agreements. At March 31, 2021, Valley had two “steepener” swaps, each with a current notional amount of $10.4 million where the receive rate on the swap mirrors the pay rate on the brokered deposits and the rates paid on these types of hybrid instruments are based on a formula derived from the spread between the long and short ends of the constant maturity swap (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 the 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 rate 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: March 31, 2021 December 31, 2020 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 rate swaps $ — $ 88 $ 1,100,000 $ — $ 179 $ 1,100,000 Total derivatives designated as hedging instruments $ — $ 88 $ 1,100,000 $ — $ 179 $ 1,100,000 Derivatives not designated as hedging instruments: Interest rate swaps and other derivatives * $ 153,859 $ 17,956 $ 9,375,183 $ 387,008 $ 154,025 $ 8,889,557 Mortgage banking derivatives 1,774 4,459 446,943 444 2,077 321,486 Total derivatives not designated as hedging instruments $ 155,633 $ 22,415 $ 9,822,126 $ 387,452 $ 156,102 $ 9,211,043 * Other derivatives 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 applicable derivative assets and liabilities are reported net of variation margin at March 31, 2021 and December 31, 2020 in the table above . Gains (losses) included in the consolidated statements of income and other comprehensive income (loss), on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: Three Months Ended 2021 2020 (in thousands) Amount of loss reclassified from accumulated other comprehensive loss to interest expense $ (915) $ (615) Amount of gain (loss) recognized in other comprehensive income 177 (1,480) The accumulated net after-tax losses related to effective cash flow hedges included in accumulated other comprehensive loss were $3.1 million and $4.0 million at March 31, 2021 and December 31, 2020, 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 $2.7 million will be reclassified as an increase to interest expense over the next 12 months. The net (gains) losses included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: Three Months Ended 2021 2020 (in thousands) Non-designated hedge interest rate swaps and credit derivatives Other non-interest expense $ (1,785) $ 89 Other non-interest income included fee income related to non-designated hedge derivative interest rate swaps (not designated as hedging instruments) executed with commercial loan customers totaling $6.2 million and $14.2 million for the three months ended March 31, 2021 and 2020, respectively. Credit Risk Related Contingent Features. By using derivatives, Valley is exposed to credit risk if counterparties to the derivative contracts do not perform as expected. Management attempts to minimize counterparty credit risk through credit approvals, limits, monitoring procedures and obtaining collateral where appropriate. Credit risk exposure associated with derivative contracts is managed at Valley in conjunction with Valley’s consolidated counterparty risk management process. Valley’s counterparties and the risk limits monitored by management are periodically reviewed and approved by the Board 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 March 31, 2021, Valley was in compliance with all of the provisions of its derivative counterparty agreements. As of March 31, 2021, 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, w as $11.6 million. Valley has derivative counterparty agreements that require minimum collateral posting thresholds for

Balance Sheet Offsetting

Balance Sheet Offsetting	3 Months Ended
	Mar. 31, 2021
Offsetting [Abstract]
Balance Sheet Offsetting	Balance Sheet Offsetting Certain financial instruments, including certain OTC derivatives (mostly interest rate swaps) and repurchase agreements (accounted for as secured long-term borrowings), may be eligible for offset in the consolidated statements of financial condition and/or subject to master netting arrangements or similar agreements. OTC derivatives include interest rate swaps executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house (presented in the table below). The credit risk associated with bilateral OTC derivatives is managed through obtaining collateral and enforceable master netting agreements. Valley is party to master netting arrangements with its financial institution counterparties; however, Valley does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral, usually in the form of cash or marketable investment securities, is posted by 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. The total amount of collateral held or pledged cannot exceed the net derivative fair values with the counterparty. The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of March 31, 2021 and December 31, 2020. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Collateral (1) Net (in thousands) March 31, 2021 Assets: Interest rate swaps $ 151,185 $ — $ 151,185 $ — $ — $ 151,185 Liabilities: Interest rate swaps $ 17,956 $ — $ 17,956 $ — $ (11,602) $ 6,354 Repurchase agreements 300,000 — 300,000 (300,000) (2) — — Total $ 317,956 $ — $ 317,956 $ (300,000) $ (11,602) $ 6,354 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 $ 450,487 $ — $ 450,487 $ (300,000) $ (150,487) $ — (1) Cash collateral pledged to our counterparties in relation to market value exposures of OTC derivative contacts in a liability position. (2) Represents the fair value of non-cash pledged investment securities.

Tax Credit Investments

Tax Credit Investments	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Tax Credit Investments	Tax Credit InvestmentsValley’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 (CRA). Valley’s investments in these entities generate a return primarily through the realization of federal income tax credits, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These tax credits and deductions are recognized as a reduction of income tax expense. Valley’s tax credit investments are carried in other assets on the consolidated statements of financial condition. Valley’s unfunded capital and other commitments related to the tax credit investments are carried in accrued expenses and other liabilities on the consolidated statements of financial condition. Valley recognizes amortization of tax credit investments, including impairment losses, within non-interest expense in the consolidated statements of income using the equity method of accounting. After initial measurement, the carrying amounts of tax credit investments with non-readily determinable fair values are increased to reflect Valley's share of income of the investee and are reduced to reflect its share of losses of the investee, dividends received and impairments, if applicable. The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at March 31, 2021 and December 31, 2020: March 31, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 19,190 $ 20,074 Other tax credit investments, net 45,275 47,301 Total tax credit investments, net $ 64,465 $ 67,375 Other Liabilities: Unfunded affordable housing tax credit commitments $ 1,379 $ 1,379 Unfunded other tax credit commitments — — Total unfunded tax credit commitments $ 1,379 $ 1,379 The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three months ended March 31, 2021 and 2020: Three Months Ended 2021 2020 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 897 $ 1,234 Other tax credit investment credits and tax benefits 2,685 1,300 Total reduction in income tax expense $ 3,582 $ 2,534 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 543 $ 554 Affordable housing tax credit investment impairment losses 341 418 Other tax credit investment losses 173 544 Other tax credit investment impairment losses 1,687 1,712 Total amortization of tax credit investments recorded in non-interest expense $ 2,744 $ 3,228

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Business Segments	Business SegmentsValley 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 following tables represent the financial data for Valley’s four business segments for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,049,252 $ 25,533,227 $ 4,803,740 $ — $ 37,386,219 Interest income $ 60,845 $ 252,336 $ 19,509 $ (892) $ 331,798 Interest expense 6,415 23,235 4,371 5,110 39,131 Net interest income (loss) 54,430 229,101 15,138 (6,002) 292,667 (Credit) provision for credit losses (2,635) 11,676 (385) — 8,656 Net interest income (loss) after provision for credit losses 57,065 217,425 15,523 (6,002) 284,011 Non-interest income 13,685 7,713 2,331 7,504 31,233 Non-interest expense 19,849 25,531 1,777 113,056 160,213 Internal transfer expense (income) 19,502 70,555 13,277 (103,334) — Income (loss) before income taxes $ 31,399 $ 129,052 $ 2,800 $ (8,220) $ 155,031 Return on average interest earning assets (pre-tax) 1.78 % 2.02 % 0.23 % N/A 1.66 % Three Months Ended March 31, 2020 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,217,144 $ 22,782,284 $ 4,674,647 $ — $ 34,674,075 Interest income $ 68,255 $ 264,875 $ 31,769 $ (1,106) $ 363,793 Interest expense 19,700 62,186 12,760 3,808 98,454 Net interest income (loss) 48,555 202,689 19,009 (4,914) 265,339 Provision for credit losses 6,785 27,139 759 — 34,683 Net interest income (loss) after provision for credit losses 41,770 175,550 18,250 (4,914) 230,656 Non-interest income 14,677 15,599 3,142 7,979 41,397 Non-interest expense 19,871 24,158 387 111,240 155,656 Internal transfer expense (income) 20,335 64,196 13,175 (97,706) — Income (loss) before income taxes $ 16,241 $ 102,795 $ 7,830 $ (10,469) $ 116,397 Return on average interest earning assets (pre-tax) 0.90 % 1.80 % 0.67 % N/A 1.34 %

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements of Valley National Bancorp, a New Jersey corporation (Valley), include the accounts of its commercial bank subsidiary, Valley National Bank (the 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. Certain prior period amounts have been reclassified to conform to the current presentation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly Valley’s financial position, results of operations, changes in shareholders' equity and cash flows at March 31, 2021 and for all periods presented have been made. The results of operations for the three months ended on March 31, 2021 are not necessarily indicative of the results to be expected for the entire fiscal year or any subsequent interim period.
Significant Estimates	Significant Estimates. In preparing the unaudited 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.
Allowance for Credit Losses for Held to Maturity Debt Securities	Allowance for Credit Losses for Held to Maturity Debt SecuritiesValley 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. government agency securities, residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, and collateralized municipal bonds called TEMS.

New Authoritative Accounting _2

New Authoritative Accounting Guidance (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]
New Accounting Guidance Adopted and Not Yet Adopted	New Accounting Guidance Adopted in 2021 Accounting Standards Update (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 and the new guidance did not have a significant impact on Valley’s consolidated financial statements. New Accounting Guidance issued in 2021

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table shows the calculation of both basic and diluted earnings per common share for the three months ended March 31, 2021 and 2020: Three Months Ended 2021 2020 (in thousands, except for share data) Net income available to common shareholders $ 112,538 $ 84,096 Basic weighted average number of common shares outstanding 405,152,605 403,519,088 Plus: Common stock equivalents 2,484,160 1,905,035 Diluted weighted average number of common shares outstanding 407,636,765 405,424,123 Earnings per common share: Basic $ 0.28 $ 0.21 Diluted 0.28 0.21

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Components 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 three months ended March 31, 2021: Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined (in thousands) Balance at December 31, 2020 $ 33,290 $ (3,906) $ (37,102) $ (7,718) Other comprehensive (loss) income before reclassification (10,436) 174 — (10,262) Amounts reclassified from other comprehensive income 44 651 280 975 Other comprehensive (loss) income, net (10,392) 825 280 (9,287) Balance at March 31, 2021 $ 22,898 $ (3,081) $ (36,822) $ (17,005)
Reclassification from Each Component of Accumulated Other Comprehensive Loss	The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three months ended March 31, 2021 and 2020: Amounts Reclassified from Three Months Ended Components of Accumulated Other Comprehensive Loss 2021 2020 Income Statement Line Item (in thousands) Unrealized losses on AFS securities before tax $ (59) $ (40) Losses on securities transactions, net Tax effect 15 13 Total net of tax (44) (27) Unrealized losses on derivatives (cash flow hedges) before tax (915) (615) Interest expense Tax effect 264 177 Total net of tax (651) (438) Defined benefit pension plan: Amortization of actuarial net loss (388) (236) * Tax effect 108 64 Total net of tax (280) (172) Total reclassifications, net of tax $ (975) $ (637) * Amortization of actuarial net loss is included in the computation of net periodic pension cost recognized within other non-interest expense.

Fair Value Measurement of Ass_2

Fair Value Measurement of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis	The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at March 31, 2021 and December 31, 2020. The assets presented under “non-recurring fair value measurements” in the tables below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized). March 31, Fair Value Measurements at Reporting Date Using: Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 29,724 $ 19,742 $ — $ — Available for sale: U.S. Treasury securities 51,199 51,199 — — U.S. government agency securities 24,010 — 24,010 — Obligations of states and political subdivisions 72,722 — 72,593 129 Residential mortgage-backed securities 878,336 — 878,336 — Corporate and other debt securities 89,954 — 89,954 — Total available for sale debt securities 1,116,221 51,199 1,064,893 129 Loans held for sale (2) 232,068 — 232,068 — Other assets (3) 155,633 — 155,633 — Total assets $ 1,533,646 $ 70,941 $ 1,452,594 $ 129 Liabilities Other liabilities (3) $ 22,503 $ — $ 22,503 $ — Total liabilities $ 22,503 $ — $ 22,503 $ — Non-recurring fair value measurements: Collateral dependent loans $ 38,883 $ — $ — $ 38,883 Loan servicing rights 682 — — 682 Foreclosed assets 1,683 — — 1,683 Total $ 41,248 $ — $ — $ 41,248 Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 26,379 $ 18,600 $ — $ — Available for sale: 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 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 impaired loans $ 35,228 $ — $ — $ 35,228 Loan servicing rights 15,603 — — 15,603 Foreclosed assets 7,387 — — 7,387 Total $ 58,218 $ — $ — $ 58,218 (1) Includes equity securities measured at net asset value (NAV) per share (or its equivalent) as a practical expedient totaling $10.0 million and $7.8 million at March 31, 2021 and December 31, 2020, respectively. 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 $226.6 million and $286.4 million at March 31, 2021 and December 31, 2020, respectively. (3) Derivative financial instruments are included in this categor y.
Carrying Amounts and Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at March 31, 2021 and December 31, 2020 were as follows: Fair Value March 31, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 280,915 $ 280,915 $ 257,845 $ 257,845 Interest bearing deposits with banks Level 1 1,352,918 1,352,918 1,071,360 1,071,360 Equity securities (1) Level 3 3,249 3,249 2,999 2,999 Held to maturity debt securities: U.S. Treasury securities Level 1 68,031 74,179 68,126 75,484 U.S. government agency securities Level 2 5,659 5,795 6,222 6,513 Obligations of states and political subdivisions Level 2 454,021 465,674 470,259 484,506 Residential mortgage-backed securities Level 2 1,787,211 1,797,741 1,550,306 1,589,655 Trust preferred securities Level 2 37,354 30,728 37,348 30,033 Corporate and other debt securities Level 2 38,750 39,244 40,750 41,421 Total held to maturity debt securities (2) 2,391,026 2,413,361 2,173,011 2,227,612 Net loans Level 3 32,343,536 32,113,414 31,876,869 31,635,060 Accrued interest receivable Level 1 107,790 107,790 106,230 106,230 Federal Reserve Bank and Federal Home Loan Bank stock (3) Level 2 247,158 247,158 250,116 250,116 Financial liabilities Deposits without stated maturities Level 1 27,134,131 27,134,131 25,220,924 25,220,924 Deposits with stated maturities Level 2 5,451,078 5,448,891 6,714,678 6,639,022 Short-term borrowings Level 1 1,084,666 1,060,430 1,147,958 1,151,478 Long-term borrowings Level 2 2,242,931 2,242,747 2,295,665 2,405,345 Junior subordinated debentures issued to capital trusts Level 2 56,152 45,863 56,065 57,779 Accrued interest payable (4) Level 1 19,972 19,972 18,839 18,839 (1) Represents equity securities without a readily determinable fair value measured at cost less impairment, if any. (2) The carrying amount is presented gross without the allowance for credit losses. (3) Included in other assets. (4) Included in accrued expenses and other liabilities.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Available for Sale	The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at March 31, 2021 and December 31, 2020 were as follows: Amortized Gross Gross Fair Value (in thousands) March 31, 2021 U.S. Treasury securities $ 50,027 $ 1,172 $ — $ 51,199 U.S. government agency securities 22,899 1,123 (12) 24,010 Obligations of states and political subdivisions: Obligations of states and state agencies 36,075 793 — 36,868 Municipal bonds 35,223 637 (6) 35,854 Total obligations of states and political subdivisions 71,298 1,430 (6) 72,722 Residential mortgage-backed securities 852,398 27,254 (1,316) 878,336 Corporate and other debt securities 87,960 2,076 (82) 89,954 Total $ 1,084,582 $ 33,055 $ (1,416) $ 1,116,221 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 $ 1,293,506 $ 46,886 $ (919) $ 1,339,473
Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities	The age of unrealized losses and fair value of the related available for sale debt securities at March 31, 2021 and December 31, 2020 were as follows: Less than More than Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) March 31, 2021 U.S. government agency securities $ — $ — $ 1,430 $ (12) $ 1,430 $ (12) Municipal bonds 6,847 (6) — — 6,847 (6) Residential mortgage-backed securities 67,489 (984) 23,251 (332) 90,740 (1,316) Corporate and other debt securities 22,120 (82) — — 22,120 (82) Total $ 96,456 $ (1,072) $ 24,681 $ (344) $ 121,137 $ (1,416) 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)
Contractual Maturities of Debt Securities Available for Sale	The contractual maturities of available for sale debt securities at March 31, 2021 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. March 31, 2021 Amortized Fair (in thousands) Due in one year $ 13,361 $ 13,421 Due after one year through five years 77,866 79,806 Due after five years through ten years 92,143 94,029 Due after ten years 48,814 50,629 Residential mortgage-backed securities 852,398 878,336 Total $ 1,084,582 $ 1,116,221
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Held to Maturity	The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at March 31, 2021 and December 31, 2020 were as follows: Amortized Gross Gross Fair Value (in thousands) March 31, 2021 U.S. Treasury securities $ 68,031 $ 6,148 $ — $ 74,179 U.S. government agency securities 5,659 136 — 5,795 Obligations of states and political subdivisions: Obligations of states and state agencies 254,991 6,390 (141) 261,240 Municipal bonds 199,030 5,406 (2) 204,434 Total obligations of states and political subdivisions 454,021 11,796 (143) 465,674 Residential mortgage-backed securities 1,787,211 29,249 (18,719) 1,797,741 Trust preferred securities 37,354 52 (6,678) 30,728 Corporate and other debt securities 38,750 566 (72) 39,244 Total $ 2,391,026 $ 47,947 $ (25,612) $ 2,413,361 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 $ 2,173,011 $ 62,326 $ (7,725) $ 2,227,612
Age of Unrealized Losses and Fair Value of Related Debt Securities Held to Maturity	The age of unrealized losses and fair value of related debt securities held to maturity at March 31, 2021 and December 31, 2020 were as follows: Less than More than Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) March 31, 2021 Obligations of states and political subdivisions: Obligations of states and state agencies $ 809 $ (30) $ 5,521 $ (111) $ 6,330 $ (141) Municipal bonds 1,328 (2) — — 1,328 (2) Total obligations of states and political subdivisions 2,137 (32) 5,521 (111) 7,658 (143) Residential mortgage-backed securities 903,746 (18,713) 1,838 (6) 905,584 (18,719) Trust preferred securities — — 29,322 (6,678) 29,322 (6,678) Corporate and other debt securities 2,928 (72) — — 2,928 (72) Total $ 908,811 $ (18,817) $ 36,681 $ (6,795) $ 945,492 $ (25,612) December 31, 2020 Obligations of states and state agencies $ 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)
Contractual Maturities of Debt Securities Held to Maturity	The contractual maturities of investments in debt securities held to maturity at March 31, 2021 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. March 31, 2021 Amortized Fair (in thousands) Due in one year $ 26,173 $ 26,306 Due after one year through five years 228,929 239,320 Due after five years through ten years 149,406 152,366 Due after ten years 199,307 197,628 Residential mortgage-backed securities 1,787,211 1,797,741 Total $ 2,391,026 $ 2,413,361
Amortized Cost of Debt Securities Held to Maturity by External Credit Rating	The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at March 31, 2021 and December 31, 2020. AAA/AA/A Rated BBB rated Non-investment grade rated Non-rated Total (in thousands) March 31, 2021 U.S. Treasury securities $ 68,031 $ — $ — $ — $ 68,031 U.S. government agency securities 5,659 — — — 5,659 Obligations of states and political subdivisions: Obligations of states and state agencies 222,683 — 5,632 26,676 254,991 Municipal bonds 157,212 — — 41,818 199,030 Total obligations of states and political subdivisions 379,895 — 5,632 68,494 454,021 Residential mortgage-backed securities 1,787,211 — — — 1,787,211 Trust preferred securities — — — 37,354 37,354 Corporate and other debt securities — 8,000 — 30,750 38,750 Total $ 2,240,796 $ 8,000 $ 5,632 $ 136,598 $ 2,391,026 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

Loans and Allowance for Credi_2

Loans and Allowance for Credit Losses for Loans (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of Loan Portfolio	The detail of the loan portfolio as of March 31, 2021 and December 31, 2020 was as follows: March 31, 2021 December 31, 2020 (in thousands) Loans: Commercial and industrial: Commercial and industrial $ 4,784,017 $ 4,709,569 Commercial and industrial PPP loans * 2,364,627 2,152,139 Total commercial and industrial loans 7,148,644 6,861,708 Commercial real estate: Commercial real estate 16,923,627 16,724,998 Construction 1,786,331 1,745,825 Total commercial real estate loans 18,709,958 18,470,823 Residential mortgage 4,060,492 4,183,743 Consumer: Home equity 409,576 431,553 Automobile 1,444,883 1,355,955 Other consumer 912,863 913,330 Total consumer loans 2,767,322 2,700,838 Total loans $ 32,686,416 $ 32,217,112 * Represents SBA Paycheck Protection Program (PPP) loans, net of unearned fees totaling $57.2 million and $43.2 million at March 31, 2021 and December 31, 2020, respectively.
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 at March 31, 2021 and December 31, 2020: Past Due and Non-Accrual Loans 30-59 Days 60-89 Days 90 Days or More Non-Accrual Loans Total Past Due Loans Current Loans Total Loans Non-Accrual Loans Without Allowance for Credit Losses (in thousands) March 31, 2021 Commercial and industrial $ 3,763 $ 1,768 $ 2,515 $ 108,988 $ 117,034 $ 7,031,610 $ 7,148,644 $ 10,618 Commercial real estate: Commercial real estate 11,655 5,455 — 54,004 71,114 16,852,513 16,923,627 41,706 Construction — — — 71 71 1,786,260 1,786,331 — Total commercial real estate loans 11,655 5,455 — 54,075 71,185 18,638,773 18,709,958 41,706 Residential mortgage 16,004 2,233 2,472 33,655 54,364 4,006,128 4,060,492 17,218 Consumer loans: Home equity 737 147 — 6,411 7,295 402,281 409,576 48 Automobile 4,421 770 390 368 5,949 1,438,934 1,444,883 — Other consumer 322 104 27 513 966 911,897 912,863 — Total consumer loans 5,480 1,021 417 7,292 14,210 2,753,112 2,767,322 48 Total $ 36,902 $ 10,477 $ 5,404 $ 204,010 $ 256,793 $ 32,429,623 $ 32,686,416 $ 69,590 Past Due and Non-Accrual Loans 30-59 60-89 90 Days or More Non-Accrual Loans Total Past Due Loans Current Loans Total Loans 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
Risk Category of Loans	The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at March 31, 2021 and December 31, 2020: Term Loans Amortized Cost Basis by Origination Year March 31, 2021 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Commercial and industrial Risk Rating: Pass $ 1,091,421 $ 2,438,605 $ 560,364 $ 515,645 $ 191,930 $ 454,483 $ 1,637,014 $ 296 $ 6,889,758 Special Mention 1,027 1,599 8,714 6,874 3,365 17,601 66,443 37 105,660 Substandard 975 15,664 4,870 9,704 1,226 4,217 25,264 361 62,281 Doubtful — — 2,742 — 16,844 71,359 — — 90,945 Total commercial and industrial $ 1,093,423 $ 2,455,868 $ 576,690 $ 532,223 $ 213,365 $ 547,660 $ 1,728,721 $ 694 $ 7,148,644 Commercial real estate Risk Rating: Pass $ 703,940 $ 3,102,368 $ 3,001,631 $ 2,148,025 $ 1,691,885 $ 5,314,508 $ 195,069 $ 14,597 $ 16,172,023 Special Mention — 55,142 74,513 44,406 45,899 193,439 1,235 — 414,634 Substandard 576 22,623 17,031 38,564 74,244 181,107 2,531 92 336,768 Doubtful — — — — — 202 — — 202 Total commercial real estate $ 704,516 $ 3,180,133 $ 3,093,175 $ 2,230,995 $ 1,812,028 $ 5,689,256 $ 198,835 $ 14,689 $ 16,923,627 Construction Risk Rating: Pass $ 55,347 $ 154,819 $ 99,815 $ 106,566 $ 15,422 $ 42,957 $ 1,229,949 $ — $ 1,704,875 Special Mention — — 1,035 — — 6,265 48,111 — 55,411 Substandard — 32 21 246 — 17,842 7,904 — 26,045 Total construction $ 55,347 $ 154,851 $ 100,871 $ 106,812 $ 15,422 $ 67,064 $ 1,285,964 $ — $ 1,786,331 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 March 31, 2021 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Residential mortgage Performing $ 219,558 $ 732,027 $ 725,885 $ 594,844 $ 508,177 $ 1,212,780 $ 44,041 $ — $ 4,037,312 90 days or more past due — 2,478 2,814 2,489 3,645 11,754 — — 23,180 Total residential mortgage $ 219,558 $ 734,505 $ 728,699 $ 597,333 $ 511,822 $ 1,224,534 $ 44,041 $ — $ 4,060,492 Consumer loans Home equity Performing $ 1,890 $ 8,179 $ 9,917 $ 10,612 $ 7,550 $ 17,181 $ 304,404 $ 48,364 $ 408,097 90 days or more past due — — — — — 96 573 810 1,479 Total home equity 1,890 8,179 9,917 10,612 7,550 17,277 304,977 49,174 409,576 Automobile Performing 214,566 411,821 397,409 240,852 128,960 50,506 — — 1,444,114 90 days or more past due — 42 141 247 208 131 — — 769 Total automobile 214,566 411,863 397,550 241,099 129,168 50,637 — — 1,444,883 Other Consumer Performing 7,230 7,056 5,375 6,552 1,076 5,613 879,552 — 912,454 90 days or more past due — — — — — — 1 408 409 Total other consumer 7,230 7,056 5,375 6,552 1,076 5,613 879,553 408 912,863 Total Consumer $ 223,686 $ 427,098 $ 412,842 $ 258,263 $ 137,794 $ 73,527 $ 1,184,530 $ 49,582 $ 2,767,322 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
Pre-Modification and Post-Modification Outstanding Recorded Investments and Non-PCI Loans that Subsequently Defaulted	The following table presents the pre- and post-modification amortized cost of loans by loan class modified as TDRs during the three months ended March 31, 2021 and 2020. Post-modification amounts are presented as of March 31, 2021 and 2020. Three Months Ended March 31, 2021 2020 Troubled Debt Restructurings Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification ($ in thousands) Commercial and industrial 5 $ 13,744 $ 13,307 16 $ 13,144 $ 12,630 Commercial real estate 2 4,197 4,185 1 3,863 3,855 Residential mortgage 6 1,528 1,518 — — — Consumer 1 170 168 — — — Total 14 $ 19,639 $ 19,178 17 $ 17,007 $ 16,485 Loans modified as TDRs within the previous 12 months and for which there was a payment default (90 or more days past due) for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 Troubled Debt Restructurings Subsequently Defaulted Number of Amortized Cost Number of Recorded ($ in thousands) Commercial and industrial 16 $ 12,384 — $ — Residential mortgage 3 655 1 154 Total 19 $ 13,039 1 $ 154
Summary of Collateral Dependent Loans	The following table presents collateral dependent loans by class as of March 31, 2021 and December 31, 2020: March 31, December 31, (in thousands) Commercial and industrial $ 110,169 $ 106,239 Commercial real estate 60,647 41,562 Residential mortgage 32,144 28,176 Home equity 49 50 Total $ 203,009 $ 176,027
Summary of Allowance for Credit Losses	The following table summarizes the allowance for credit losses for loans at March 31, 2021 and December 31, 2020: March 31, December 31, (in thousands) Components of allowance for credit losses for loans: Allowance for loan losses $ 342,880 $ 340,243 Allowance for unfunded credit commitments 11,433 11,111 Total allowance for credit losses for loans $ 354,313 $ 351,354
Summary of Provision for Credit Losses	The following table summarizes the provision for credit losses for loans for the periods indicated: Three Months Ended 2021 2020 (in thousands) Components of provision for credit losses for loans: Provision for loan losses $ 8,692 $ 33,851 Provision for unfunded credit commitments 322 73 Total provision for credit losses for loans $ 9,014 $ 33,924
Summary of Activity in Allowance for Loan Losses	The following table details the activity in the allowance for loan losses by loan portfolio segment for the three months ended March 31, 2021 and 2020: Commercial Commercial Residential Consumer Total (in thousands) Three Months Ended Allowance for loan losses: Beginning balance $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 Loans charged-off (7,142) (382) (138) (1,138) (8,800) Charged-off loans recovered 1,589 69 157 930 2,745 Net (charge-offs) recoveries (5,553) (313) 19 (208) (6,055) Provision for loan losses 891 10,436 (1,720) (915) 8,692 Ending balance $ 126,408 $ 174,236 $ 27,172 $ 15,064 $ 342,880 Three Months Ended Allowance for 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 (3,360) (44) (336) (2,565) (6,305) Charged-off loans recovered 569 93 50 794 1,506 Net (charge-offs) recoveries (2,791) 49 (286) (1,771) (4,799) Provision for loan losses 11,000 16,066 4,107 2,678 33,851 Ending balance $ 127,437 $ 111,585 $ 29,456 $ 14,864 $ 283,342 * Includes a $61.6 million increase representing the estimated expected credit losses for PCD loans as a result of the ASU 2016-13 adoption 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 at March 31, 2021 and December 31, 2020. Commercial Commercial Residential Consumer Total (in thousands) March 31, 2021 Allowance for loan losses: Individually evaluated for credit losses $ 73,574 $ 4,663 $ 773 $ 516 $ 79,526 Collectively evaluated for credit losses 52,834 169,573 26,399 14,548 263,354 Total $ 126,408 $ 174,236 $ 27,172 $ 15,064 $ 342,880 Loans: Individually evaluated for credit losses $ 144,101 $ 80,234 $ 39,488 $ 2,936 $ 266,759 Collectively evaluated for credit losses 7,004,543 18,629,724 4,021,004 2,764,386 32,419,657 Total $ 7,148,644 $ 18,709,958 $ 4,060,492 $ 2,767,322 $ 32,686,416 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

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Other Intangible Assets	The following table summarizes other intangible assets as of March 31, 2021 and December 31, 2020: Gross Accumulated Valuation Net (in thousands) March 31, 2021 Loan servicing rights $ 106,679 $ (84,163) $ (74) $ 22,442 Core deposits 101,160 (56,669) — 44,491 Other 3,945 (2,906) — 1,039 Total other intangible assets $ 211,784 $ (143,738) $ (74) $ 67,972 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
Estimated Future Amortization Expense	The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2021 through 2025: Loan Servicing Core Other (in thousands) 2021 $ 3,675 $ 8,685 $ 154 2022 4,097 9,876 191 2023 3,187 8,146 131 2024 2,495 6,537 117 2025 1,975 4,929 103

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Consolidated Statements of Financial Condition Related to Fair Value of Derivative Financial Instruments	Amounts included in the consolidated statements of financial condition related to the fair value of Valley’s derivative financial instruments were as follows: March 31, 2021 December 31, 2020 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 rate swaps $ — $ 88 $ 1,100,000 $ — $ 179 $ 1,100,000 Total derivatives designated as hedging instruments $ — $ 88 $ 1,100,000 $ — $ 179 $ 1,100,000 Derivatives not designated as hedging instruments: Interest rate swaps and other derivatives * $ 153,859 $ 17,956 $ 9,375,183 $ 387,008 $ 154,025 $ 8,889,557 Mortgage banking derivatives 1,774 4,459 446,943 444 2,077 321,486 Total derivatives not designated as hedging instruments $ 155,633 $ 22,415 $ 9,822,126 $ 387,452 $ 156,102 $ 9,211,043 * Other derivatives include risk participation agreements.
(Losses) Gains Related to Interest Rate Derivatives Designated as Hedges of Cash Flows	Gains (losses) included in the consolidated statements of income and other comprehensive income (loss), on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: Three Months Ended 2021 2020 (in thousands) Amount of loss reclassified from accumulated other comprehensive loss to interest expense $ (915) $ (615) Amount of gain (loss) recognized in other comprehensive income 177 (1,480)
Net Losses Related to Derivative Instruments Not Designated as Hedging Instruments	The net (gains) losses included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: Three Months Ended 2021 2020 (in thousands) Non-designated hedge interest rate swaps and credit derivatives Other non-interest expense $ (1,785) $ 89

Balance Sheet Offsetting (Table

Balance Sheet Offsetting (Tables)	3 Months Ended
	Mar. 31, 2021
Offsetting [Abstract]
Offsetting Assets	The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of March 31, 2021 and December 31, 2020. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Collateral (1) Net (in thousands) March 31, 2021 Assets: Interest rate swaps $ 151,185 $ — $ 151,185 $ — $ — $ 151,185 Liabilities: Interest rate swaps $ 17,956 $ — $ 17,956 $ — $ (11,602) $ 6,354 Repurchase agreements 300,000 — 300,000 (300,000) (2) — — Total $ 317,956 $ — $ 317,956 $ (300,000) $ (11,602) $ 6,354 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 $ 450,487 $ — $ 450,487 $ (300,000) $ (150,487) $ — (1) Cash collateral pledged to our counterparties in relation to market value exposures of OTC derivative contacts in a liability position. (2) Represents the fair value of non-cash pledged investment securities.
Offsetting Liabilities	The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of March 31, 2021 and December 31, 2020. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Collateral (1) Net (in thousands) March 31, 2021 Assets: Interest rate swaps $ 151,185 $ — $ 151,185 $ — $ — $ 151,185 Liabilities: Interest rate swaps $ 17,956 $ — $ 17,956 $ — $ (11,602) $ 6,354 Repurchase agreements 300,000 — 300,000 (300,000) (2) — — Total $ 317,956 $ — $ 317,956 $ (300,000) $ (11,602) $ 6,354 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 $ 450,487 $ — $ 450,487 $ (300,000) $ (150,487) $ — (1) Cash collateral pledged to our counterparties in relation to market value exposures of OTC derivative contacts in a liability position. (2) Represents the fair value of non-cash pledged investment securities.

Tax Credit Investments (Tables)

Tax Credit Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Affordable Housing Tax Credit Investments, Other Tax Credit Investments, and Related Unfunded Commitments	The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at March 31, 2021 and December 31, 2020: March 31, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 19,190 $ 20,074 Other tax credit investments, net 45,275 47,301 Total tax credit investments, net $ 64,465 $ 67,375 Other Liabilities: Unfunded affordable housing tax credit commitments $ 1,379 $ 1,379 Unfunded other tax credit commitments — — Total unfunded tax credit commitments $ 1,379 $ 1,379
Affordable Housing Tax Credit Investments and Other Tax Credit Investments	The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three months ended March 31, 2021 and 2020: Three Months Ended 2021 2020 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 897 $ 1,234 Other tax credit investment credits and tax benefits 2,685 1,300 Total reduction in income tax expense $ 3,582 $ 2,534 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 543 $ 554 Affordable housing tax credit investment impairment losses 341 418 Other tax credit investment losses 173 544 Other tax credit investment impairment losses 1,687 1,712 Total amortization of tax credit investments recorded in non-interest expense $ 2,744 $ 3,228

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2021
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 three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,049,252 $ 25,533,227 $ 4,803,740 $ — $ 37,386,219 Interest income $ 60,845 $ 252,336 $ 19,509 $ (892) $ 331,798 Interest expense 6,415 23,235 4,371 5,110 39,131 Net interest income (loss) 54,430 229,101 15,138 (6,002) 292,667 (Credit) provision for credit losses (2,635) 11,676 (385) — 8,656 Net interest income (loss) after provision for credit losses 57,065 217,425 15,523 (6,002) 284,011 Non-interest income 13,685 7,713 2,331 7,504 31,233 Non-interest expense 19,849 25,531 1,777 113,056 160,213 Internal transfer expense (income) 19,502 70,555 13,277 (103,334) — Income (loss) before income taxes $ 31,399 $ 129,052 $ 2,800 $ (8,220) $ 155,031 Return on average interest earning assets (pre-tax) 1.78 % 2.02 % 0.23 % N/A 1.66 % Three Months Ended March 31, 2020 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,217,144 $ 22,782,284 $ 4,674,647 $ — $ 34,674,075 Interest income $ 68,255 $ 264,875 $ 31,769 $ (1,106) $ 363,793 Interest expense 19,700 62,186 12,760 3,808 98,454 Net interest income (loss) 48,555 202,689 19,009 (4,914) 265,339 Provision for credit losses 6,785 27,139 759 — 34,683 Net interest income (loss) after provision for credit losses 41,770 175,550 18,250 (4,914) 230,656 Non-interest income 14,677 15,599 3,142 7,979 41,397 Non-interest expense 19,871 24,158 387 111,240 155,656 Internal transfer expense (income) 20,335 64,196 13,175 (97,706) — Income (loss) before income taxes $ 16,241 $ 102,795 $ 7,830 $ (10,469) $ 116,397 Return on average interest earning assets (pre-tax) 0.90 % 1.80 % 0.67 % N/A 1.34 %

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification [Line Items]
Net change in deposits	$ (649,607)	$ 200,035
Net change in cash and cash equivalents	$ 304,628	539,142
Previously Reported
Reclassification [Line Items]
Net change in deposits		168,800
Net change in cash and cash equivalents		$ 570,300

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share Reconciliation
Net income available to common shareholders	$ 112,538	$ 84,096
Basic weighted average number of common shares outstanding (in shares)	405,152,605	403,519,088
Plus: Common stock equivalents (in shares)	2,484,160	1,905,035
Diluted weighted average number of common shares outstanding (in shares)	407,636,765	405,424,123
Earnings per common share:
Basic (usd per share)	$ 0.28	$ 0.21
Diluted (usd per share)	$ 0.28	$ 0.21
Anti-dilutive common stock options and warrants (in shares)	0	1,900,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ 4,592,120	$ 4,384,188
Other comprehensive (loss) income before reclassification	(10,262)
Amounts reclassified from other comprehensive income	975
Total other comprehensive (loss) income	(9,287)	25,648
Ending balance	4,659,670	4,420,998
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(7,718)	(32,214)
Ending balance	(17,005)	$ (6,566)
Unrealized Gains and Losses on Available for Sale (AFS) Securities
Accumulated Other Comprehensive Income (Loss)
Beginning balance	33,290
Other comprehensive (loss) income before reclassification	(10,436)
Amounts reclassified from other comprehensive income	44
Total other comprehensive (loss) income	(10,392)
Ending balance	22,898
Unrealized Gains and Losses on Derivatives
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(3,906)
Other comprehensive (loss) income before reclassification	174
Amounts reclassified from other comprehensive income	651
Total other comprehensive (loss) income	825
Ending balance	(3,081)
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(37,102)
Other comprehensive (loss) income before reclassification	0
Amounts reclassified from other comprehensive income	280
Total other comprehensive (loss) income	280
Ending balance	$ (36,822)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassification from Each Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification Out Of Accumulated Other Comprehensive Loss
Unrealized losses on AFS securities before tax	$ (118)	$ (40)
Tax effect	(39,321)	(29,129)
Net income	115,710	87,268
Interest expense	(39,131)	(98,454)
Amortization of actuarial net loss	18,393	16,539
Amounts Reclassified from Accumulated Other Comprehensive Loss
Reclassification Out Of Accumulated Other Comprehensive Loss
Net income	(975)	(637)
Interest expense	(915)	(615)
Amounts Reclassified from Accumulated Other Comprehensive Loss | Unrealized losses on AFS securities before tax
Reclassification Out Of Accumulated Other Comprehensive Loss
Unrealized losses on AFS securities before tax	(59)	(40)
Tax effect	15	13
Net income	(44)	(27)
Amounts Reclassified from Accumulated Other Comprehensive Loss | Unrealized losses on derivatives (cash flow hedges) before tax
Reclassification Out Of Accumulated Other Comprehensive Loss
Tax effect	264	177
Net income	(651)	(438)
Interest expense	(915)	(615)
Amounts Reclassified from Accumulated Other Comprehensive Loss | Defined benefit pension plan
Reclassification Out Of Accumulated Other Comprehensive Loss
Tax effect	108	64
Net income	(280)	(172)
Amortization of actuarial net loss	$ (388)	$ (236)

Fair Value Measurement of Ass_3

Fair Value Measurement of Assets and Liabilities - Recurring and Non-Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investment securities:
Equity securities	$ 32,973	$ 29,378
Available for sale:
Available for sale debt securities	1,116,221	1,339,473
Non-recurring fair value measurements:
Unpaid principal balances of loans held for sale	226,600	286,400
U.S. Treasury securities
Available for sale:
Available for sale debt securities	51,199	51,393
U.S. government agency securities
Available for sale:
Available for sale debt securities	24,010	26,157
Obligations of states and political subdivisions
Available for sale:
Available for sale debt securities	72,722	79,950
Residential mortgage-backed securities
Available for sale:
Available for sale debt securities	878,336	1,090,022
Corporate and other debt securities
Available for sale:
Available for sale debt securities	89,954	91,951
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements
Investment securities:
Equity securities	19,742	18,600
Available for sale:
Available for sale debt securities	51,199	51,393
Loans held for sale	0	0
Other assets	0	0
Total assets	70,941	69,993
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
Available for sale:
Available for sale debt securities	51,199	51,393
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | U.S. government agency securities
Available for sale:
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
Available for sale:
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
Available for sale:
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
Available for sale:
Available for sale debt securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-recurring fair value measurements
Non-recurring fair value measurements:
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
Investment securities:
Equity securities	0	0
Available for sale:
Available for sale debt securities	1,064,893	1,287,265
Loans held for sale	232,068	301,427
Other assets	155,633	387,452
Total assets	1,452,594	1,976,144
Liabilities
Other liabilities	22,503	156,281
Total liabilities	22,503	156,281
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | U.S. Treasury securities
Available for sale:
Available for sale debt securities	0	0
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | U.S. government agency securities
Available for sale:
Available for sale debt securities	24,010	26,157
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Obligations of states and political subdivisions
Available for sale:
Available for sale debt securities	72,593	79,135
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Residential mortgage-backed securities
Available for sale:
Available for sale debt securities	878,336	1,090,022
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Corporate and other debt securities
Available for sale:
Available for sale debt securities	89,954	91,951
Significant Other Observable Inputs (Level 2) | Non-recurring fair value measurements
Non-recurring fair value measurements:
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
Investment securities:
Equity securities	0	0
Available for sale:
Available for sale debt securities	129	815
Loans held for sale	0	0
Other assets	0	0
Total assets	129	815
Liabilities
Other liabilities	0	0
Total liabilities	0	0
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | U.S. Treasury securities
Available for sale:
Available for sale debt securities	0	0
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | U.S. government agency securities
Available for sale:
Available for sale debt securities	0	0
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Obligations of states and political subdivisions
Available for sale:
Available for sale debt securities	129	815
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Residential mortgage-backed securities
Available for sale:
Available for sale debt securities	0	0
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Corporate and other debt securities
Available for sale:
Available for sale debt securities	0	0
Significant Unobservable Inputs (Level 3) | Non-recurring fair value measurements
Non-recurring fair value measurements:
Collateral dependent loans	38,883	35,228
Loan servicing rights	682	15,603
Foreclosed assets	1,683	7,387
Total	41,248	58,218
NAV
Investment securities:
Equity securities	10,000	7,800
Fair Value | Recurring fair value measurements
Investment securities:
Equity securities	29,724	26,379
Available for sale:
Available for sale debt securities	1,116,221	1,339,473
Loans held for sale	232,068	301,427
Other assets	155,633	387,452
Total assets	1,533,646	2,054,731
Liabilities
Other liabilities	22,503	156,281
Total liabilities	22,503	156,281
Fair Value | Recurring fair value measurements | U.S. Treasury securities
Available for sale:
Available for sale debt securities	51,199	51,393
Fair Value | Recurring fair value measurements | U.S. government agency securities
Available for sale:
Available for sale debt securities	24,010	26,157
Fair Value | Recurring fair value measurements | Obligations of states and political subdivisions
Available for sale:
Available for sale debt securities	72,722	79,950
Fair Value | Recurring fair value measurements | Residential mortgage-backed securities
Available for sale:
Available for sale debt securities	878,336	1,090,022
Fair Value | Recurring fair value measurements | Corporate and other debt securities
Available for sale:
Available for sale debt securities	89,954	91,951
Fair Value | Non-recurring fair value measurements
Non-recurring fair value measurements:
Collateral dependent loans	38,883	35,228
Loan servicing rights	682	15,603
Foreclosed assets	1,683	7,387
Total	41,248	58,218
Fair Value | Significant Unobservable Inputs (Level 3)
Investment securities:
Equity securities	$ 3,249	$ 2,999

Fair Value Measurement of Ass_4

Fair Value Measurement of Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateral dependent loans amortized cost	$ 111,500
Specific valuation allowance allocations	$ 72,600
Valuation of loan servicing rights, prepayment rate	16.90%
Valuation of loan servicing rights, discount rate	9.60%
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount adjustment of the appraisals of foreclosed assets	2.90%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount adjustment of the appraisals of foreclosed assets	18.00%
Fair Value | Non-recurring fair value measurements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Reported net carrying amount of collateral dependent loans	$ 38,900
Loan servicing rights	$ 682	$ 15,603

Fair Value Measurement of Ass_5

Fair Value Measurement of Assets and Liabilities - Carrying Amounts and Estimated Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest bearing deposits with banks	$ 1,352,918	$ 1,071,360
Equity securities	32,973	29,378
Total held to maturity debt securities	2,413,361	2,227,612
Accrued interest receivable	107,790	106,230
Deposits with stated maturities	5,451,078	6,714,678
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	74,179	75,484
U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	5,795	6,513
Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	465,674	484,506
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	1,797,741	1,589,655
Trust preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	30,728	30,033
Corporate and other debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	39,244	41,421
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	2,391,026	2,173,011
Carrying Amount | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and due from banks	280,915	257,845
Interest bearing deposits with banks	1,352,918	1,071,360
Accrued interest receivable	107,790	106,230
Deposits without stated maturities	27,134,131	25,220,924
Short-term borrowings	1,084,666	1,147,958
Accrued interest payable	19,972	18,839
Carrying Amount | Level 1 | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	68,031	68,126
Carrying Amount | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Federal Reserve Bank and Federal Home Loan Bank stock	247,158	250,116
Deposits with stated maturities	5,451,078	6,714,678
Long-term borrowings	2,242,931	2,295,665
Junior subordinated debentures issued to capital trusts	56,152	56,065
Carrying Amount | Level 2 | U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	5,659	6,222
Carrying Amount | Level 2 | Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	454,021	470,259
Carrying Amount | Level 2 | Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	1,787,211	1,550,306
Carrying Amount | Level 2 | Trust preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	37,354	37,348
Carrying Amount | Level 2 | Corporate and other debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	38,750	40,750
Carrying Amount | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	3,249	2,999
Net loans	32,343,536	31,876,869
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	2,413,361	2,227,612
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and due from banks	280,915	257,845
Interest bearing deposits with banks	1,352,918	1,071,360
Accrued interest receivable	107,790	106,230
Deposits without stated maturities	27,134,131	25,220,924
Short-term borrowings	1,060,430	1,151,478
Accrued interest payable	19,972	18,839
Fair Value | Level 1 | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	74,179	75,484
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Federal Reserve Bank and Federal Home Loan Bank stock	247,158	250,116
Deposits with stated maturities	5,448,891	6,639,022
Long-term borrowings	2,242,747	2,405,345
Junior subordinated debentures issued to capital trusts	45,863	57,779
Fair Value | Level 2 | U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	5,795	6,513
Fair Value | Level 2 | Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	465,674	484,506
Fair Value | Level 2 | Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	1,797,741	1,589,655
Fair Value | Level 2 | Trust preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	30,728	30,033
Fair Value | Level 2 | Corporate and other debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	39,244	41,421
Fair Value | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	3,249	2,999
Net loans	$ 32,113,414	$ 31,635,060

Investment Securities - Additio

Investment Securities - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021USD ($)position	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)position
Investments, Debt and Equity Securities [Abstract]
Equity securities	$ 32,973,000		$ 29,378,000
Number of security positions in the debt securities available for sale portfolio in an unrealized loss position | position	61		58
Fair value of debt securities available for sale pledged as collateral	$ 691,400,000
Weighted-average remaining expected life of residential mortgage-backed securities available for sale, years	3 years 4 months 24 days
Number of security positions in the securities held to maturity portfolio in an unrealized loss position | position	39		13
Fair value of investments held to maturity pledged as collateral	$ 1,500,000,000
Weighted-average remaining expected life of residential mortgage-backed securities held to maturity, years	5 years 9 months 18 days
Held to maturity debt securities, allowance for credit losses	$ 1,070,000		$ 1,428,000
Held to maturity debt securities, (credit) provision for credit losses	(358,000)	$ 759,000
Charge-offs of debt securities	$ 0	$ 0

Investment Securities - Amortiz

Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Available for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,084,582	$ 1,293,506
Gross Unrealized Gains	33,055	46,886
Gross Unrealized Losses	(1,416)	(919)
Fair Value	1,116,221	1,339,473
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	50,027	50,031
Gross Unrealized Gains	1,172	1,362
Gross Unrealized Losses	0	0
Fair Value	51,199	51,393
U.S. government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	22,899	25,067
Gross Unrealized Gains	1,123	1,103
Gross Unrealized Losses	(12)	(13)
Fair Value	24,010	26,157
Obligations of states and state agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	36,075	40,861
Gross Unrealized Gains	793	970
Gross Unrealized Losses	0	(32)
Fair Value	36,868	41,799
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	35,223	37,489
Gross Unrealized Gains	637	731
Gross Unrealized Losses	(6)	(69)
Fair Value	35,854	38,151
Obligations of states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	71,298	78,350
Gross Unrealized Gains	1,430	1,701
Gross Unrealized Losses	(6)	(101)
Fair Value	72,722	79,950
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	852,398	1,050,369
Gross Unrealized Gains	27,254	40,426
Gross Unrealized Losses	(1,316)	(773)
Fair Value	878,336	1,090,022
Corporate and other debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	87,960	89,689
Gross Unrealized Gains	2,076	2,294
Gross Unrealized Losses	(82)	(32)
Fair Value	$ 89,954	$ 91,951

Investment Securities - Age of

Investment Securities - Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value
Less than Twelve Months	$ 96,456	$ 60,712
More than Twelve Months	24,681	30,400
Total	121,137	91,112
Unrealized Losses
Less than Twelve Months	(1,072)	(601)
More than Twelve Months	(344)	(318)
Total	(1,416)	(919)
U.S. government agency securities
Fair Value
Less than Twelve Months	0	0
More than Twelve Months	1,430	1,479
Total	1,430	1,479
Unrealized Losses
Less than Twelve Months	0	0
More than Twelve Months	(12)	(13)
Total	(12)	(13)
Obligations of states and state agencies
Fair Value
Less than Twelve Months		0
More than Twelve Months		1,010
Total		1,010
Unrealized Losses
Less than Twelve Months		0
More than Twelve Months		(32)
Total		(32)
Municipal bonds
Fair Value
Less than Twelve Months	6,847	6,777
More than Twelve Months	0	0
Total	6,847	6,777
Unrealized Losses
Less than Twelve Months	(6)	(69)
More than Twelve Months	0	0
Total	(6)	(69)
Obligations of states and political subdivisions
Fair Value
Less than Twelve Months		6,777
More than Twelve Months		1,010
Total		7,787
Unrealized Losses
Less than Twelve Months		(69)
More than Twelve Months		(32)
Total		(101)
Residential mortgage-backed securities
Fair Value
Less than Twelve Months	67,489	41,418
More than Twelve Months	23,251	27,911
Total	90,740	69,329
Unrealized Losses
Less than Twelve Months	(984)	(500)
More than Twelve Months	(332)	(273)
Total	(1,316)	(773)
Corporate and other debt securities
Fair Value
Less than Twelve Months	22,120	12,517
More than Twelve Months	0	0
Total	22,120	12,517
Unrealized Losses
Less than Twelve Months	(82)	(32)
More than Twelve Months	0	0
Total	$ (82)	$ (32)

Investment Securities - Contrac

Investment Securities - Contractual Maturities of Debt Securities Available for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost
Due in one year	$ 13,361
Due after one year through five years	77,866
Due after five years through ten years	92,143
Due after ten years	48,814
Residential mortgage-backed securities	852,398
Amortized Cost	1,084,582	$ 1,293,506
Fair Value
Due in one year	13,421
Due after one year through five years	79,806
Due after five years through ten years	94,029
Due after ten years	50,629
Residential mortgage-backed securities	878,336
Total	$ 1,116,221	$ 1,339,473

Investment Securities - Amort_2

Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 2,391,026	$ 2,173,011
Gross Unrealized Gains	47,947	62,326
Gross Unrealized Losses	(25,612)	(7,725)
Fair Value	2,413,361	2,227,612
U.S. Treasury securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	68,031	68,126
Gross Unrealized Gains	6,148	7,358
Gross Unrealized Losses	0	0
Fair Value	74,179	75,484
U.S. government agency securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	5,659	6,222
Gross Unrealized Gains	136	291
Gross Unrealized Losses	0	0
Fair Value	5,795	6,513
Obligations of states and state agencies
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	254,991	262,762
Gross Unrealized Gains	6,390	8,060
Gross Unrealized Losses	(141)	(105)
Fair Value	261,240	270,717
Municipal bonds
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	199,030	207,497
Gross Unrealized Gains	5,406	6,292
Gross Unrealized Losses	(2)	0
Fair Value	204,434	213,789
Obligations of states and political subdivisions
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	454,021	470,259
Gross Unrealized Gains	11,796	14,352
Gross Unrealized Losses	(143)	(105)
Fair Value	465,674	484,506
Residential mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	1,787,211	1,550,306
Gross Unrealized Gains	29,249	39,603
Gross Unrealized Losses	(18,719)	(254)
Fair Value	1,797,741	1,589,655
Trust preferred securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	37,354	37,348
Gross Unrealized Gains	52	50
Gross Unrealized Losses	(6,678)	(7,365)
Fair Value	30,728	30,033
Corporate and other debt securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	38,750	40,750
Gross Unrealized Gains	566	672
Gross Unrealized Losses	(72)	(1)
Fair Value	$ 39,244	$ 41,421

Investment Securities - Unreali

Investment Securities - Unrealized Losses and Fair Value of Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value
Less than Twelve Months	$ 908,811	$ 37,894
More than Twelve Months	36,681	31,100
Total	945,492	68,994
Unrealized Losses
Less than Twelve Months	(18,817)	(351)
More than Twelve Months	(6,795)	(7,374)
Total	(25,612)	(7,725)
Obligations of states and state agencies
Fair Value
Less than Twelve Months	809	5,546
More than Twelve Months	5,521	0
Total	6,330	5,546
Unrealized Losses
Less than Twelve Months	(30)	(105)
More than Twelve Months	(111)	0
Total	(141)	(105)
Municipal bonds
Fair Value
Less than Twelve Months	1,328
More than Twelve Months	0
Total	1,328
Unrealized Losses
Less than Twelve Months	(2)
More than Twelve Months	0
Total	(2)	0
Obligations of states and political subdivisions
Fair Value
Less than Twelve Months	2,137
More than Twelve Months	5,521
Total	7,658
Unrealized Losses
Less than Twelve Months	(32)
More than Twelve Months	(111)
Total	(143)	(105)
Residential mortgage-backed securities
Fair Value
Less than Twelve Months	903,746	21,599
More than Twelve Months	1,838	2,470
Total	905,584	24,069
Unrealized Losses
Less than Twelve Months	(18,713)	(245)
More than Twelve Months	(6)	(9)
Total	(18,719)	(254)
Trust preferred securities
Fair Value
Less than Twelve Months	0	0
More than Twelve Months	29,322	28,630
Total	29,322	28,630
Unrealized Losses
Less than Twelve Months	0	0
More than Twelve Months	(6,678)	(7,365)
Total	(6,678)	(7,365)
Corporate and other debt securities
Fair Value
Less than Twelve Months	2,928	10,749
More than Twelve Months	0	0
Total	2,928	10,749
Unrealized Losses
Less than Twelve Months	(72)	(1)
More than Twelve Months	0	0
Total	$ (72)	$ (1)

Investment Securities - Contr_2

Investment Securities - Contractual Maturities of Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost
Due in one year	$ 26,173
Due after one year through five years	228,929
Due after five years through ten years	149,406
Due after ten years	199,307
Residential mortgage-backed securities	1,787,211
Amortized Cost	2,391,026	$ 2,173,011
Fair Value
Due in one year	26,306
Due after one year through five years	239,320
Due after five years through ten years	152,366
Due after ten years	197,628
Residential mortgage-backed securities	1,797,741
Total	$ 2,413,361	$ 2,227,612

Investment Securities - Amort_3

Investment Securities - Amortized Cost of Debt Securities Held to Maturity by External Credit Rating (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	$ 2,391,026	$ 2,173,011
U.S. Treasury securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	68,031	68,126
U.S. government agency securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	5,659	6,222
Obligations of states and state agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	254,991	262,762
Municipal bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	199,030	207,497
Obligations of states and political subdivisions
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	454,021	470,259
Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	1,787,211	1,550,306
Trust preferred securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	37,354	37,348
Corporate and other debt securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	38,750	40,750
AAA/AA/A Rated
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	2,240,796	2,019,348
AAA/AA/A Rated | U.S. Treasury securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	68,031	68,126
AAA/AA/A Rated | U.S. government agency securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	5,659	6,222
AAA/AA/A Rated | Obligations of states and state agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	222,683	228,286
AAA/AA/A Rated | Municipal bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	157,212	166,408
AAA/AA/A Rated | Obligations of states and political subdivisions
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	379,895	394,694
AAA/AA/A Rated | Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	1,787,211	1,550,306
AAA/AA/A Rated | Trust preferred securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
AAA/AA/A Rated | Corporate and other debt securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	8,000	5,000
BBB rated | U.S. Treasury securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | U.S. government agency securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Obligations of states and state agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Municipal bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Obligations of states and political subdivisions
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Trust preferred securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Corporate and other debt securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	8,000	5,000
Non-investment grade rated
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	5,632	5,650
Non-investment grade rated | U.S. Treasury securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | U.S. government agency securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | Obligations of states and state agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	5,632	5,650
Non-investment grade rated | Municipal bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | Obligations of states and political subdivisions
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	5,632	5,650
Non-investment grade rated | Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | Trust preferred securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | Corporate and other debt securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	136,598	143,013
Non-rated | U.S. Treasury securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated | U.S. government agency securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated | Obligations of states and state agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	26,676	28,826
Non-rated | Municipal bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	41,818	41,089
Non-rated | Obligations of states and political subdivisions
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	68,494	69,915
Non-rated | Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated | Trust preferred securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	37,354	37,348
Non-rated | Corporate and other debt securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	$ 30,750	$ 35,750

Loans and Allowance for Credi_3

Loans and Allowance for Credit Losses for Loans - Loan Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 32,686,416	$ 32,217,112
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	7,148,644	6,861,708
Loans, deferred income, PPP	57,200	43,200
Commercial and industrial | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	4,784,017	4,709,569
Commercial and industrial | Commercial and industrial PPP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,364,627	2,152,139
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	18,709,958	18,470,823
Commercial real estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	16,923,627	16,724,998
Commercial real estate | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,786,331	1,745,825
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	4,060,492	4,183,743
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,767,322	2,700,838
Consumer loans | Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	409,576	431,553
Consumer loans | Automobile
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,444,883	1,355,955
Consumer loans | Other consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 912,863	$ 913,330

Loans and Allowance for Credi_4

Loans and Allowance for Credit Losses for Loans - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non covered loans net of unearned discount and deferred loan fees	$ 108,600,000		$ 95,800,000
Accrued interest	92,400,000		90,200,000
Transfer of loans to loans held for sale	0	$ 30,020,000
Sales of loans	$ 0	$ 0
Days past due to place on non-accrual status	90 days	90 days
Number of consecutive months for performing restructured loans to be put on accrual status	6 months
TDRs not reported as non-accrual loans	$ 67,100,000		57,400,000
Non-performing TDRs	91,500,000		92,800,000
Specific reserves for loan losses	3,400,000	$ 7,900,000
Loan charge-offs related to loans modified as TDRs	$ 5,100,000	791,000
Loan term modification, deferral period	90 days
Loan term modification, deferral period extension	90 days
Amount from modified loans	$ 284,000,000		361,000,000
Other real estate owned	4,500,000		5,100,000
Residential real estate properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other real estate owned	413,000		1,000,000
In formal foreclosure proceedings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential mortgage and consumer loans secured by residential real estate properties	$ 1,800,000		$ 1,900,000
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Transfer of loans to loans held for sale		$ 30,000,000

Loans and Allowance for Credi_5

Loans and Allowance for Credit Losses for Loans - Past Due, Non-Accrual and Current Loans by Loan Portfolio Class (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	$ 204,010	$ 185,282
Total Past Due Loans	256,793	284,287
Current Loans	32,429,623	31,932,825
Total	32,686,416	32,217,112
Non-Accrual Loans Without Allowance for Credit Losses	69,590	48,151
30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	36,902	69,712
60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	10,477	15,752
90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	5,404	13,541
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	108,988	106,693
Total Past Due Loans	117,034	124,445
Current Loans	7,031,610	6,737,263
Total	7,148,644	6,861,708
Non-Accrual Loans Without Allowance for Credit Losses	10,618	4,075
Commercial and industrial | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	3,763	6,393
Commercial and industrial | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	1,768	2,252
Commercial and industrial | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	2,515	9,107
Commercial real estate
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	54,075	46,963
Total Past Due Loans	71,185	84,627
Current Loans	18,638,773	18,386,196
Total	18,709,958	18,470,823
Non-Accrual Loans Without Allowance for Credit Losses	41,706	32,416
Commercial real estate | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	11,655	35,345
Commercial real estate | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	5,455	1,326
Commercial real estate | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	0	993
Commercial real estate | Commercial real estate
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	54,004	46,879
Total Past Due Loans	71,114	84,228
Current Loans	16,852,513	16,640,770
Total	16,923,627	16,724,998
Non-Accrual Loans Without Allowance for Credit Losses	41,706	32,416
Commercial real estate | Commercial real estate | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	11,655	35,030
Commercial real estate | Commercial real estate | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	5,455	1,326
Commercial real estate | Commercial real estate | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	0	993
Commercial real estate | Construction
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	71	84
Total Past Due Loans	71	399
Current Loans	1,786,260	1,745,426
Total	1,786,331	1,745,825
Non-Accrual Loans Without Allowance for Credit Losses	0	0
Commercial real estate | Construction | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	0	315
Commercial real estate | Construction | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	0	0
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	33,655	25,817
Total Past Due Loans	54,364	57,055
Current Loans	4,006,128	4,126,688
Total	4,060,492	4,183,743
Non-Accrual Loans Without Allowance for Credit Losses	17,218	11,610
Residential mortgage | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	16,004	17,717
Residential mortgage | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	2,233	10,351
Residential mortgage | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	2,472	3,170
Total	23,180	18,270
Consumer loans
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	7,292	5,809
Total Past Due Loans	14,210	18,160
Current Loans	2,753,112	2,682,678
Total	2,767,322	2,700,838
Non-Accrual Loans Without Allowance for Credit Losses	48	50
Consumer loans | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	5,480	10,257
Consumer loans | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	1,021	1,823
Consumer loans | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	417	271
Consumer loans | Home equity
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	6,411	4,936
Total Past Due Loans	7,295	6,381
Current Loans	402,281	425,172
Total	409,576	431,553
Non-Accrual Loans Without Allowance for Credit Losses	48	50
Consumer loans | Home equity | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	737	953
Consumer loans | Home equity | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	147	492
Consumer loans | Home equity | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	0	0
Total	1,479	1,216
Consumer loans | Automobile
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	368	338
Total Past Due Loans	5,949	9,746
Current Loans	1,438,934	1,346,209
Total	1,444,883	1,355,955
Non-Accrual Loans Without Allowance for Credit Losses	0	0
Consumer loans | Automobile | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	4,421	8,056
Consumer loans | Automobile | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	770	1,107
Consumer loans | Automobile | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	390	245
Total	769	652
Consumer loans | Other consumer
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	513	535
Total Past Due Loans	966	2,033
Current Loans	911,897	911,297
Total	912,863	913,330
Non-Accrual Loans Without Allowance for Credit Losses	0	0
Consumer loans | Other consumer | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	322	1,248
Consumer loans | Other consumer | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	104	224
Consumer loans | Other consumer | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	27	26
Total	$ 409	$ 435

Loans and Allowance for Credi_6

Loans and Allowance for Credit Losses for Loans - Internal Loan Classification Risk by Loan Portfolio Class by Origination Year (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 32,686,416	$ 32,217,112
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	1,093,423	3,064,630
Year two, fiscal year before current fiscal year	2,455,868	624,427
Year three, two years before current fiscal year	576,690	570,901
Year four, three years before current fiscal year	532,223	240,525
Year five, four years before current fiscal year	213,365	179,522
More than five years before current fiscal year	547,660	434,485
Revolving Loans Amortized Cost Basis	1,728,721	1,746,355
Revolving Loans Converted to Term Loans	694	863
Total	7,148,644	6,861,708
Commercial and industrial | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	1,091,421	3,058,596
Year two, fiscal year before current fiscal year	2,438,605	605,112
Year three, two years before current fiscal year	560,364	556,284
Year four, three years before current fiscal year	515,645	212,215
Year five, four years before current fiscal year	191,930	162,483
More than five years before current fiscal year	454,483	337,484
Revolving Loans Amortized Cost Basis	1,637,014	1,677,559
Revolving Loans Converted to Term Loans	296	350
Total	6,889,758	6,610,083
Commercial and industrial | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	1,027	819
Year two, fiscal year before current fiscal year	1,599	10,236
Year three, two years before current fiscal year	8,714	2,135
Year four, three years before current fiscal year	6,874	9,502
Year five, four years before current fiscal year	3,365	10,228
More than five years before current fiscal year	17,601	14,165
Revolving Loans Amortized Cost Basis	66,443	49,883
Revolving Loans Converted to Term Loans	37	51
Total	105,660	97,019
Commercial and industrial | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	975	5,215
Year two, fiscal year before current fiscal year	15,664	3,876
Year three, two years before current fiscal year	4,870	12,481
Year four, three years before current fiscal year	9,704	1,798
Year five, four years before current fiscal year	1,226	4,215
More than five years before current fiscal year	4,217	12,965
Revolving Loans Amortized Cost Basis	25,264	18,913
Revolving Loans Converted to Term Loans	361	462
Total	62,281	59,925
Commercial and industrial | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	0	0
Year two, fiscal year before current fiscal year	0	5,203
Year three, two years before current fiscal year	2,742	1
Year four, three years before current fiscal year	0	17,010
Year five, four years before current fiscal year	16,844	2,596
More than five years before current fiscal year	71,359	69,871
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	90,945	94,681
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total	18,709,958	18,470,823
Commercial real estate | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	704,516	3,165,678
Year two, fiscal year before current fiscal year	3,180,133	3,137,328
Year three, two years before current fiscal year	3,093,175	2,305,380
Year four, three years before current fiscal year	2,230,995	1,875,959
Year five, four years before current fiscal year	1,812,028	1,876,523
More than five years before current fiscal year	5,689,256	4,145,217
Revolving Loans Amortized Cost Basis	198,835	203,381
Revolving Loans Converted to Term Loans	14,689	15,532
Total	16,923,627	16,724,998
Commercial real estate | Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	703,940	3,096,549
Year two, fiscal year before current fiscal year	3,102,368	3,052,076
Year three, two years before current fiscal year	3,001,631	2,230,047
Year four, three years before current fiscal year	2,148,025	1,767,528
Year five, four years before current fiscal year	1,691,885	1,798,137
More than five years before current fiscal year	5,314,508	3,916,990
Revolving Loans Amortized Cost Basis	195,069	199,145
Revolving Loans Converted to Term Loans	14,597	15,532
Total	16,172,023	16,076,004
Commercial real estate | Commercial real estate | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	0	50,193
Year two, fiscal year before current fiscal year	55,142	68,203
Year three, two years before current fiscal year	74,513	44,336
Year four, three years before current fiscal year	44,406	48,813
Year five, four years before current fiscal year	45,899	66,845
More than five years before current fiscal year	193,439	109,295
Revolving Loans Amortized Cost Basis	1,235	1,705
Revolving Loans Converted to Term Loans	0	0
Total	414,634	389,390
Commercial real estate | Commercial real estate | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	576	18,936
Year two, fiscal year before current fiscal year	22,623	17,049
Year three, two years before current fiscal year	17,031	30,997
Year four, three years before current fiscal year	38,564	59,618
Year five, four years before current fiscal year	74,244	11,541
More than five years before current fiscal year	181,107	118,725
Revolving Loans Amortized Cost Basis	2,531	2,531
Revolving Loans Converted to Term Loans	92	0
Total	336,768	259,397
Commercial real estate | Commercial real estate | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	0	0
Year two, fiscal year before current fiscal year	0	0
Year three, two years before current fiscal year	0	0
Year four, three years before current fiscal year	0	0
Year five, four years before current fiscal year	0	0
More than five years before current fiscal year	202	207
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	202	207
Commercial real estate | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	55,347	145,246
Year two, fiscal year before current fiscal year	154,851	121,869
Year three, two years before current fiscal year	100,871	111,420
Year four, three years before current fiscal year	106,812	18,125
Year five, four years before current fiscal year	15,422	57,984
More than five years before current fiscal year	67,064	37,823
Revolving Loans Amortized Cost Basis	1,285,964	1,253,358
Revolving Loans Converted to Term Loans	0	0
Total	1,786,331	1,745,825
Commercial real estate | Construction | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	55,347	145,246
Year two, fiscal year before current fiscal year	154,819	120,800
Year three, two years before current fiscal year	99,815	111,174
Year four, three years before current fiscal year	106,566	15,497
Year five, four years before current fiscal year	15,422	47,971
More than five years before current fiscal year	42,957	20,029
Revolving Loans Amortized Cost Basis	1,229,949	1,199,034
Revolving Loans Converted to Term Loans	0	0
Total	1,704,875	1,659,751
Commercial real estate | Construction | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	0	0
Year two, fiscal year before current fiscal year	0	1,043
Year three, two years before current fiscal year	1,035	0
Year four, three years before current fiscal year	0	0
Year five, four years before current fiscal year	0	9,996
More than five years before current fiscal year	6,265	17,414
Revolving Loans Amortized Cost Basis	48,111	47,311
Revolving Loans Converted to Term Loans	0	0
Total	55,411	75,764
Commercial real estate | Construction | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	0	0
Year two, fiscal year before current fiscal year	32	26
Year three, two years before current fiscal year	21	246
Year four, three years before current fiscal year	246	2,628
Year five, four years before current fiscal year	0	17
More than five years before current fiscal year	17,842	380
Revolving Loans Amortized Cost Basis	7,904	7,013
Revolving Loans Converted to Term Loans	0	0
Total	$ 26,045	$ 10,310

Loans and Allowance for Credi_7

Loans and Allowance for Credit Losses for Loans - Amortized Cost In Those Loan Classes Based on Payment Activity by Origination Year (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 32,686,416	$ 32,217,112
Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	219,558	730,764
Year two, fiscal year before current fiscal year	734,505	781,246
Year three, two years before current fiscal year	728,699	688,973
Year four, three years before current fiscal year	597,333	586,114
Year five, four years before current fiscal year	511,822	384,867
More than five years before current fiscal year	1,224,534	946,981
Revolving Loans Amortized Cost Basis	44,041	64,798
Revolving Loans Converted to Term Loans	0	0
Total	4,060,492	4,183,743
Residential mortgage | 90 Days or More Past Due Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	0	0
Year two, fiscal year before current fiscal year	2,478	3,085
Year three, two years before current fiscal year	2,814	4,212
Year four, three years before current fiscal year	2,489	3,464
Year five, four years before current fiscal year	3,645	4,144
More than five years before current fiscal year	11,754	3,365
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	23,180	18,270
Residential mortgage | Performing Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	219,558	730,764
Year two, fiscal year before current fiscal year	732,027	778,161
Year three, two years before current fiscal year	725,885	684,761
Year four, three years before current fiscal year	594,844	582,650
Year five, four years before current fiscal year	508,177	380,723
More than five years before current fiscal year	1,212,780	943,616
Revolving Loans Amortized Cost Basis	44,041	64,798
Revolving Loans Converted to Term Loans	0	0
Total	4,037,312	4,165,473
Consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	223,686	446,991
Year two, fiscal year before current fiscal year	427,098	454,481
Year three, two years before current fiscal year	412,842	290,819
Year four, three years before current fiscal year	258,263	161,744
Year five, four years before current fiscal year	137,794	57,330
More than five years before current fiscal year	73,527	37,456
Revolving Loans Amortized Cost Basis	1,184,530	1,200,000
Revolving Loans Converted to Term Loans	49,582	52,017
Total	2,767,322	2,700,838
Consumer loans | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	1,890	8,580
Year two, fiscal year before current fiscal year	8,179	10,634
Year three, two years before current fiscal year	9,917	11,756
Year four, three years before current fiscal year	10,612	8,886
Year five, four years before current fiscal year	7,550	5,365
More than five years before current fiscal year	17,277	15,476
Revolving Loans Amortized Cost Basis	304,977	319,247
Revolving Loans Converted to Term Loans	49,174	51,609
Total	409,576	431,553
Consumer loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	214,566	426,140
Year two, fiscal year before current fiscal year	411,863	438,289
Year three, two years before current fiscal year	397,550	272,248
Year four, three years before current fiscal year	241,099	151,746
Year five, four years before current fiscal year	129,168	50,888
More than five years before current fiscal year	50,637	16,644
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	1,444,883	1,355,955
Consumer loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	7,230	12,271
Year two, fiscal year before current fiscal year	7,056	5,558
Year three, two years before current fiscal year	5,375	6,815
Year four, three years before current fiscal year	6,552	1,112
Year five, four years before current fiscal year	1,076	1,077
More than five years before current fiscal year	5,613	5,336
Revolving Loans Amortized Cost Basis	879,553	880,753
Revolving Loans Converted to Term Loans	408	408
Total	912,863	913,330
Consumer loans | 90 Days or More Past Due Loans | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	0	0
Year two, fiscal year before current fiscal year	0	0
Year three, two years before current fiscal year	0	0
Year four, three years before current fiscal year	0	0
Year five, four years before current fiscal year	0	25
More than five years before current fiscal year	96	83
Revolving Loans Amortized Cost Basis	573	378
Revolving Loans Converted to Term Loans	810	730
Total	1,479	1,216
Consumer loans | 90 Days or More Past Due Loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	0	19
Year two, fiscal year before current fiscal year	42	108
Year three, two years before current fiscal year	141	173
Year four, three years before current fiscal year	247	223
Year five, four years before current fiscal year	208	35
More than five years before current fiscal year	131	94
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	769	652
Consumer loans | 90 Days or More Past Due Loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	0	0
Year two, fiscal year before current fiscal year	0	0
Year three, two years before current fiscal year	0	0
Year four, three years before current fiscal year	0	0
Year five, four years before current fiscal year	0	0
More than five years before current fiscal year	0	22
Revolving Loans Amortized Cost Basis	1	5
Revolving Loans Converted to Term Loans	408	408
Total	409	435
Consumer loans | Performing Loans | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	1,890	8,580
Year two, fiscal year before current fiscal year	8,179	10,634
Year three, two years before current fiscal year	9,917	11,756
Year four, three years before current fiscal year	10,612	8,886
Year five, four years before current fiscal year	7,550	5,340
More than five years before current fiscal year	17,181	15,393
Revolving Loans Amortized Cost Basis	304,404	318,869
Revolving Loans Converted to Term Loans	48,364	50,879
Total	408,097	430,337
Consumer loans | Performing Loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	214,566	426,121
Year two, fiscal year before current fiscal year	411,821	438,181
Year three, two years before current fiscal year	397,409	272,075
Year four, three years before current fiscal year	240,852	151,523
Year five, four years before current fiscal year	128,960	50,853
More than five years before current fiscal year	50,506	16,550
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	1,444,114	1,355,303
Consumer loans | Performing Loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	7,230	12,271
Year two, fiscal year before current fiscal year	7,056	5,558
Year three, two years before current fiscal year	5,375	6,815
Year four, three years before current fiscal year	6,552	1,112
Year five, four years before current fiscal year	1,076	1,077
More than five years before current fiscal year	5,613	5,314
Revolving Loans Amortized Cost Basis	879,552	880,748
Revolving Loans Converted to Term Loans	0	0
Total	$ 912,454	$ 912,895

Loans and Allowance for Credi_8

Loans and Allowance for Credit Losses for Loans - Pre-Modification and Post-Modification (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)contract	Mar. 31, 2020USD ($)contract
Troubled Debt Restructurings
Number of contracts, troubled restructurings (in contract) | contract	14	17
Pre-Modification Amortized Carrying Amount	$ 19,639	$ 17,007
Post-Modification Amortized Carrying Amount	$ 19,178	$ 16,485
Days past due to place on non-accrual status	90 days	90 days
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract	19	1
Amortized Cost	$ 13,039	$ 154
Commercial and industrial
Troubled Debt Restructurings
Number of contracts, troubled restructurings (in contract) | contract	5	16
Pre-Modification Amortized Carrying Amount	$ 13,744	$ 13,144
Post-Modification Amortized Carrying Amount	$ 13,307	$ 12,630
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract	16	0
Amortized Cost	$ 12,384	$ 0
Commercial real estate | Commercial real estate
Troubled Debt Restructurings
Number of contracts, troubled restructurings (in contract) | contract	2	1
Pre-Modification Amortized Carrying Amount	$ 4,197	$ 3,863
Post-Modification Amortized Carrying Amount	$ 4,185	$ 3,855
Residential mortgage
Troubled Debt Restructurings
Number of contracts, troubled restructurings (in contract) | contract	6	0
Pre-Modification Amortized Carrying Amount	$ 1,528	$ 0
Post-Modification Amortized Carrying Amount	$ 1,518	$ 0
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract	3	1
Amortized Cost	$ 655	$ 154
Consumer
Troubled Debt Restructurings
Number of contracts, troubled restructurings (in contract) | contract	1	0
Pre-Modification Amortized Carrying Amount	$ 170	$ 0
Post-Modification Amortized Carrying Amount	$ 168	$ 0

Loans and Allowance for Credi_9

Loans and Allowance for Credit Losses for Loans - Summary of Collateral Dependent Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 32,686,416	$ 32,217,112
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	7,148,644	6,861,708
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	18,709,958	18,470,823
Commercial real estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	16,923,627	16,724,998
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	4,060,492	4,183,743
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,767,322	2,700,838
Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	409,576	431,553
Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	203,009	176,027
Collateral Pledged | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	110,169	106,239
Collateral Pledged | Commercial real estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	60,647	41,562
Collateral Pledged | Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	32,144	28,176
Collateral Pledged | Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 49	$ 50

Loans and Allowance for Cred_10

Loans and Allowance for Credit Losses for Loans - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Allowance for loan losses	$ 342,880	$ 340,243	$ 283,342	$ 161,759
Allowance for unfunded credit commitments	11,433	11,111
Total allowance for credit losses	$ 354,313	$ 351,354

Loans and Allowance for Cred_11

Loans and Allowance for Credit Losses for Loans - Summary of Provision for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Receivables [Abstract]
Provision for loan losses	$ 8,692	$ 33,851
Provision for unfunded credit commitments	322	73
Total provision for credit losses for loans	$ 9,014	$ 33,924

Loans and Allowance for Cred_12

Loans and Allowance for Credit Losses for Loans - Summary of Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Allowance for loan losses:
Beginning balance	$ 340,243	$ 161,759
Loans charged-off	(8,800)	(6,305)
Charged-off loans recovered	2,745	1,506
Net (charge-offs) recoveries	(6,055)	(4,799)
Provision for loan losses	8,692	33,851
Ending balance	342,880	283,342
Allowance for PCD loans reclassification		61,600
Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses:
Beginning balance		92,531
Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for loan losses:
Beginning balance		254,290
Commercial and industrial
Allowance for loan losses:
Beginning balance	131,070	104,059
Loans charged-off	(7,142)	(3,360)
Charged-off loans recovered	1,589	569
Net (charge-offs) recoveries	(5,553)	(2,791)
Provision for loan losses	891	11,000
Ending balance	126,408	127,437
Commercial and industrial | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses:
Beginning balance		15,169
Commercial and industrial | Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for loan losses:
Beginning balance		119,228
Commercial Real Estate
Allowance for loan losses:
Beginning balance	164,113	45,673
Loans charged-off	(382)	(44)
Charged-off loans recovered	69	93
Net (charge-offs) recoveries	(313)	49
Provision for loan losses	10,436	16,066
Ending balance	174,236	111,585
Commercial Real Estate | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses:
Beginning balance		49,797
Commercial Real Estate | Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for loan losses:
Beginning balance		95,470
Residential Mortgage
Allowance for loan losses:
Beginning balance	28,873	5,060
Loans charged-off	(138)	(336)
Charged-off loans recovered	157	50
Net (charge-offs) recoveries	19	(286)
Provision for loan losses	(1,720)	4,107
Ending balance	27,172	29,456
Residential Mortgage | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses:
Beginning balance		20,575
Residential Mortgage | Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for loan losses:
Beginning balance		25,635
Consumer
Allowance for loan losses:
Beginning balance	16,187	6,967
Loans charged-off	(1,138)	(2,565)
Charged-off loans recovered	930	794
Net (charge-offs) recoveries	(208)	(1,771)
Provision for loan losses	(915)	2,678
Ending balance	$ 15,064	14,864
Consumer | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses:
Beginning balance		6,990
Consumer | Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for loan losses:
Beginning balance		$ 13,957

Loans and Allowance for Cred_13

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 Allowance Measurement Methodology (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for credit losses	$ 79,526	$ 75,871
Collectively evaluated for credit losses	263,354	264,372
Total	342,880	340,243	$ 283,342	$ 161,759
Individually evaluated for credit losses	266,759	229,593
Collectively evaluated for credit losses	32,419,657	31,987,519
Total	32,686,416	32,217,112
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for credit losses	73,574	73,063
Collectively evaluated for credit losses	52,834	58,007
Total	126,408	131,070	127,437	104,059
Individually evaluated for credit losses	144,101	131,057
Collectively evaluated for credit losses	7,004,543	6,730,651
Total	7,148,644	6,861,708
Commercial Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for credit losses	4,663	1,338
Collectively evaluated for credit losses	169,573	162,775
Total	174,236	164,113	111,585	45,673
Individually evaluated for credit losses	80,234	61,754
Collectively evaluated for credit losses	18,629,724	18,409,069
Total	18,709,958	18,470,823
Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for credit losses	773	1,206
Collectively evaluated for credit losses	26,399	27,667
Total	27,172	28,873	29,456	5,060
Individually evaluated for credit losses	39,488	35,151
Collectively evaluated for credit losses	4,021,004	4,148,592
Total	4,060,492	4,183,743
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for credit losses	516	264
Collectively evaluated for credit losses	14,548	15,923
Total	15,064	16,187	$ 14,864	$ 6,967
Individually evaluated for credit losses	2,936	1,631
Collectively evaluated for credit losses	2,764,386	2,699,207
Total	$ 2,767,322	$ 2,700,838

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,382,442,000		$ 1,382,442,000
Goodwill impairment	0	$ 0
Net impairment (net recovery)	(791,000)	109,000
Amortization of other intangible assets	$ 6,006,000	5,470,000
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
Core Deposits and Other
Finite-Lived Intangible Assets [Line Items]
Impairment of core deposits and other intangibles	$ 0	$ 0

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	$ 211,784	$ 208,255
Accumulated Amortization	(143,738)	(136,941)
Valuation Allowance	(74)	(865)
Net Intangible Assets	67,972	70,449
Loan servicing rights
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	106,679	103,150
Accumulated Amortization	(84,163)	(80,340)
Valuation Allowance	(74)	(865)
Net Intangible Assets	22,442	21,945
Core deposits
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	101,160	101,160
Accumulated Amortization	(56,669)	(53,747)
Valuation Allowance	0	0
Net Intangible Assets	44,491	47,413
Other
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	3,945	3,945
Accumulated Amortization	(2,906)	(2,854)
Valuation Allowance	0	0
Net Intangible Assets	$ 1,039	$ 1,091

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2021USD ($)
Loan Servicing Rights
Finite-Lived Intangible Assets [Line Items]
2021	$ 3,675
2022	4,097
2023	3,187
2024	2,495
2025	1,975
Core Deposits
Finite-Lived Intangible Assets [Line Items]
2021	8,685
2022	9,876
2023	8,146
2024	6,537
2025	4,929
Other
Finite-Lived Intangible Assets [Line Items]
2021	154
2022	191
2023	131
2024	117
2025	$ 103

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (in USD)	$ 5.5	$ 4
Stock-based compensation amortization expense unrecognized (in USD)	$ 32.9
Average remaining vesting period (in years)	2 years 1 month 28 days
Time-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted during the period (in shares)	1,100,000	1,000,000
Award vesting period (in years)	3 years
Average grant date fair value (usd per share)	$ 11.75	$ 10.79
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted during the period (in shares)	604,000	589,000
Award vesting period (in years)	3 years
Average grant date fair value (usd per share)	$ 11.75	$ 10.82
2021 Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	9,000,000
2016 Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction of shares available to issue for shares granted after 2020 year end (in shares)	1

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)swap	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Derivative [Line Items]
Aggregate fair value of net liability position	$ 11,600
Interest rate swaps
Derivative [Line Items]
Accumulated net after-tax losses related to effective cash flow hedges	3,100		$ 4,000
Reclassified to interest expense	2,700
Fair value hedge | Interest rate swaps | Noninterest Income
Derivative [Line Items]
Fee income related to derivative interest rate swaps executed with commercial loan customers	6,200	$ 14,200
Derivatives designated as hedging instruments:
Derivative [Line Items]
Notional amount	1,100,000		1,100,000
Derivatives not designated as hedging instruments:
Derivative [Line Items]
Notional amount	$ 9,822,126		9,211,043
Derivatives not designated as hedging instruments: | Interest rate swaps
Derivative [Line Items]
Number of instruments held | swap	25
Notional amount	$ 9,375,183		$ 8,889,557
Derivatives not designated as hedging instruments: | Interest rate swaps | Risk Participation Agreement
Derivative [Line Items]
Notional amount	$ 215,500
Derivatives not designated as hedging instruments: | Fair value hedge | Interest rate swaps
Derivative [Line Items]
Number of instruments held | swap	2
Notional amount	$ 10,400

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Interest rate swaps
Derivative [Line Items]
Other Assets	$ 0	$ 0
Other Liabilities	17,956	150,487
Derivatives designated as hedging instruments:
Derivative [Line Items]
Notional Amount	1,100,000	1,100,000
Derivatives designated as hedging instruments: | Other Assets
Derivative [Line Items]
Other Assets	0	0
Derivatives designated as hedging instruments: | Other Liabilities
Derivative [Line Items]
Other Liabilities	88	179
Derivatives designated as hedging instruments: | Cash flow hedge interest rate swaps | Interest rate swaps
Derivative [Line Items]
Notional Amount	1,100,000	1,100,000
Derivatives designated as hedging instruments: | Cash flow hedge interest rate swaps | Interest rate swaps | Other Assets
Derivative [Line Items]
Other Assets	0	0
Derivatives designated as hedging instruments: | Cash flow hedge interest rate swaps | Interest rate swaps | Other Liabilities
Derivative [Line Items]
Other Liabilities	88	179
Derivatives not designated as hedging instruments:
Derivative [Line Items]
Notional Amount	9,822,126	9,211,043
Derivatives not designated as hedging instruments: | Other Assets
Derivative [Line Items]
Other Assets	155,633	387,452
Derivatives not designated as hedging instruments: | Other Liabilities
Derivative [Line Items]
Other Liabilities	22,415	156,102
Derivatives not designated as hedging instruments: | Interest rate swaps
Derivative [Line Items]
Notional Amount	9,375,183	8,889,557
Derivatives not designated as hedging instruments: | Interest rate swaps | Other Assets
Derivative [Line Items]
Other Assets	153,859	387,008
Derivatives not designated as hedging instruments: | Interest rate swaps | Other Liabilities
Derivative [Line Items]
Other Liabilities	17,956	154,025
Derivatives not designated as hedging instruments: | Mortgage banking derivatives
Derivative [Line Items]
Notional Amount	446,943	321,486
Derivatives not designated as hedging instruments: | Mortgage banking derivatives | Other Assets
Derivative [Line Items]
Other Assets	1,774	444
Derivatives not designated as hedging instruments: | Mortgage banking derivatives | Other Liabilities
Derivative [Line Items]
Other Liabilities	$ 4,459	$ 2,077

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Interest Rate Derivatives Designated as Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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	$ (39,131)	$ (98,454)
Amount of gain (loss) recognized in other comprehensive income	177	(1,480)
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	$ (915)	$ (615)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Net Losses Related to Derivatives Not Designated as Hedges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Non-designated hedge interest rate swaps and credit derivatives
Other non-interest expense	$ (1,785)	$ 89

Balance Sheet Offsetting (Detai

Balance Sheet Offsetting (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Offsetting Liabilities
Gross Amounts Recognized	$ 317,956	$ 450,487
Gross Amounts Offset	0	0
Net Amounts Presented	317,956	450,487
Gross Amounts Not Offset, Financial Instruments	(300,000)	(300,000)
Gross Amounts Not Offset, Cash Collateral	(11,602)	(150,487)
Net Amount	6,354	0
Repurchase agreements
Offsetting Repurchase Agreement Liabilities
Gross Amounts Recognized	300,000	300,000
Gross Amounts Offset	0	0
Net Amounts Presented	300,000	300,000
Gross Amounts Not Offset, Financial Instruments	(300,000)	(300,000)
Gross Amounts Not Offset, Cash Collateral	0	0
Net Amount	0	0
Interest rate swaps
Offsetting Assets
Gross Amounts Recognized	151,185	150,487
Gross Amounts Offset	0	0
Net Amounts Presented	151,185	150,487
Gross Amounts Not Offset, Financial Instruments	0
Gross Amounts Not Offset, Cash Collateral	0	0
Net Amount	151,185	150,487
Offsetting Liabilities
Gross Amounts Recognized	17,956	150,487
Gross Amounts Offset	0	0
Net Amounts Presented	17,956	150,487
Gross Amounts Not Offset, Financial Instruments	0
Gross Amounts Not Offset, Cash Collateral	(11,602)	(150,487)
Net Amount	$ 6,354	$ 0

Tax Credit Investments - Balanc

Tax Credit Investments - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Assets
Other Assets:
Affordable housing tax credit investments, net	$ 19,190	$ 20,074
Other tax credit investments, net	45,275	47,301
Total tax credit investments, net	64,465	67,375
Other Liabilities:
Other Liabilities:
Unfunded affordable housing tax credit commitments	1,379	1,379
Unfunded other tax credit commitments	0	0
Total unfunded tax credit commitments	$ 1,379	$ 1,379

Tax Credit Investments - Income

Tax Credit Investments - Income Statement Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$ 897	$ 1,234
Other tax credit investment credits and tax benefits	2,685	1,300
Total reduction in income tax expense	3,582	2,534
Non-Interest Expenses
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	543	554
Affordable housing tax credit investment impairment losses	341	418
Other tax credit investment losses	173	544
Other tax credit investment impairment losses	1,687	1,712
Total amortization of tax credit investments recorded in non-interest expense	$ 2,744	$ 3,228

Business Segments - Additional

Business Segments - Additional Information (Details) - segment	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting [Abstract]
Number of business segments	4	4

Business Segments - Schedule of

Business Segments - Schedule of Financial Data for Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Average interest earning assets	$ 37,386,219	$ 34,674,075
Interest income	331,798	363,793
Interest expense	39,131	98,454
Net interest income (loss)	292,667	265,339
(Credit) provision for credit losses	8,656	34,683
Net interest income (loss) after provision for credit losses	284,011	230,656
Non-interest income	31,233	41,397
Non-interest expense	160,213	155,656
Internal transfer expense (income)	0	0
Income Before Income Taxes	$ 155,031	$ 116,397
Return on average interest earning assets (pre-tax)	1.66%	1.34%
Consumer Lending | Operating Segments
Segment Reporting Information [Line Items]
Average interest earning assets	$ 7,049,252	$ 7,217,144
Interest income	60,845	68,255
Interest expense	6,415	19,700
Net interest income (loss)	54,430	48,555
(Credit) provision for credit losses	(2,635)	6,785
Net interest income (loss) after provision for credit losses	57,065	41,770
Non-interest income	13,685	14,677
Non-interest expense	19,849	19,871
Internal transfer expense (income)	19,502	20,335
Income Before Income Taxes	$ 31,399	$ 16,241
Return on average interest earning assets (pre-tax)	1.78%	0.90%
Commercial Lending | Operating Segments
Segment Reporting Information [Line Items]
Average interest earning assets	$ 25,533,227	$ 22,782,284
Interest income	252,336	264,875
Interest expense	23,235	62,186
Net interest income (loss)	229,101	202,689
(Credit) provision for credit losses	11,676	27,139
Net interest income (loss) after provision for credit losses	217,425	175,550
Non-interest income	7,713	15,599
Non-interest expense	25,531	24,158
Internal transfer expense (income)	70,555	64,196
Income Before Income Taxes	$ 129,052	$ 102,795
Return on average interest earning assets (pre-tax)	2.02%	1.80%
Investment Management | Operating Segments
Segment Reporting Information [Line Items]
Average interest earning assets	$ 4,803,740	$ 4,674,647
Interest income	19,509	31,769
Interest expense	4,371	12,760
Net interest income (loss)	15,138	19,009
(Credit) provision for credit losses	(385)	759
Net interest income (loss) after provision for credit losses	15,523	18,250
Non-interest income	2,331	3,142
Non-interest expense	1,777	387
Internal transfer expense (income)	13,277	13,175
Income Before Income Taxes	$ 2,800	$ 7,830
Return on average interest earning assets (pre-tax)	0.23%	0.67%
Corporate and Other Adjustments | Corporate and Other Adjustments
Segment Reporting Information [Line Items]
Average interest earning assets	$ 0	$ 0
Interest income	(892)	(1,106)
Interest expense	5,110	3,808
Net interest income (loss)	(6,002)	(4,914)
(Credit) provision for credit losses	0	0
Net interest income (loss) after provision for credit losses	(6,002)	(4,914)
Non-interest income	7,504	7,979
Non-interest expense	113,056	111,240
Internal transfer expense (income)	(103,334)	(97,706)
Income Before Income Taxes	$ (8,220)	$ (10,469)

Uncategorized Items - vly-20210

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201613Member