Valley National Bancorp (VLY) 10-K 28 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 25, 2022	Jun. 30, 2021
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-11277
Entity Registrant Name	VALLEY NATIONAL BANCORP
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-2477875
Entity Address, Address Line One	One Penn Plaza
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10119
City Area Code	973
Local Phone Number	305-8800
Entity Well-known Season Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 5.4
Entity Common Stock, Shares Outstanding		421,388,158
Documents Incorporated by Reference	Certain portions of the registrant’s Definitive Proxy Statement (the “2022 Proxy Statement”) for the 2022 Annual Meeting of Shareholders to be held May 17, 2022 will be incorporated by reference in Part III. The 2022 Proxy Statement will be filed within 120 days of December 31, 2021.
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0000714310
Common Class A
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	VLY
Security Exchange Name	NASDAQ
Non-Cumulative Perpetual Preferred Stock, Series A
Entity Information [Line Items]
Title of 12(b) Security	Non-Cumulative Perpetual Preferred Stock, Series A, no par value
Trading Symbol	VLYPP
Security Exchange Name	NASDAQ
Non-Cumulative Perpetual Preferred Stock, Series B
Entity Information [Line Items]
Title of 12(b) Security	Non-Cumulative Perpetual Preferred Stock, Series B, no par value
Trading Symbol	VLYPO
Security Exchange Name	NASDAQ

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Short Hills, NJ
Auditor Firm ID	185

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 205,156,000	$ 257,845,000
Interest bearing deposits with banks	1,844,764,000	1,071,360,000
Investment securities:
Equity securities	36,473,000	29,378,000
Trading debt securities	38,130,000	0
Available for sale debt securities	1,128,809,000	1,339,473,000
Held to maturity debt securities (net of allowance for credit losses of $1,165 at December 31, 2021 and $1,428 at December 31, 2020)	2,667,532,000	2,171,583,000
Total investment securities	3,870,944,000	3,540,434,000
Loans held for sale, at fair value	139,516,000	301,427,000
Loans	34,153,657,000	32,217,112,000
Less: Allowance for loan losses	(359,202,000)	(340,243,000)
Net loans	33,794,455,000	31,876,869,000
Premises and equipment, net	326,306,000	319,797,000
Lease right of use assets	259,117,000	252,053,000
Bank owned life insurance	566,770,000	535,209,000
Accrued interest receivable	96,882,000	106,230,000
Goodwill	1,459,008,000	1,382,442,000
Other intangible assets, net	70,386,000	70,449,000
Other assets	813,139,000	971,961,000
Total Assets	43,446,443,000	40,686,076,000
Deposits:
Non-interest bearing	11,675,748,000	9,205,266,000
Interest bearing:
Savings, NOW and money market	20,269,620,000	16,015,658,000
Time	3,687,044,000	6,714,678,000
Total deposits	35,632,412,000	31,935,602,000
Short-term borrowings	655,726,000	1,147,958,000
Long-term borrowings	1,423,676,000	2,295,665,000
Junior subordinated debentures issued to capital trusts	56,413,000	56,065,000
Lease liabilities	283,106,000	276,675,000
Accrued expenses and other liabilities	311,044,000	381,991,000
Total Liabilities	38,362,377,000	36,093,956,000
Common stock (no par value, authorized 650,000,000 shares; issued 423,034,027 shares at December 31, 2021 and 403,881,488 shares at December 31, 2020)	148,482,000	141,746,000
Surplus	3,883,035,000	3,637,468,000
Retained earnings	883,645,000	611,158,000
Accumulated other comprehensive loss	(17,932,000)	(7,718,000)
Treasury stock, at cost (1,596,959 common shares at December 31, 2021 and 22,490 common shares at December 31, 2020)	(22,855,000)	(225,000)
Total Shareholders’ Equity	5,084,066,000	4,592,120,000
Total Liabilities and Shareholders’ Equity	43,446,443,000	40,686,076,000
Series A Preferred Stock
Preferred stock, no par value; authorized 50,000,000 shares:	111,590,000	111,590,000
Series B Preferred Stock
Preferred stock, no par value; authorized 50,000,000 shares:	$ 98,101,000	$ 98,101,000

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Held-to-maturity, allowance for credit loss	$ 1,165	$ 1,428
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	650,000,000	650,000,000
Common stock, shares issued (in shares)	423,034,027	403,881,488
Treasury stock, shares (in shares)	1,596,959	22,490
Series A Preferred Stock
Preferred stock, shares issued (in shares)	4,600,000	4,600,000
Series B Preferred Stock
Preferred stock, shares issued (in shares)	4,000,000	4,000,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest Income
Interest and fees on loans	$ 1,257,389	$ 1,284,707	$ 1,198,908
Interest and dividends on investment securities:
Taxable	56,026	70,249	86,926
Tax-exempt	11,716	14,563	17,420
Dividends	7,357	11,644	12,023
Interest on federal funds sold and other short-term investments	1,738	2,556	5,723
Total interest income	1,334,226	1,383,719	1,321,000
Interest on deposits:
Savings, NOW and money market	42,879	76,169	145,177
Time	25,094	106,067	166,693
Interest on short-term borrowings	5,374	11,372	47,862
Interest on long-term borrowings and junior subordinated debentures	50,978	71,207	63,220
Total interest expense	124,325	264,815	422,952
Net Interest Income	1,209,901	1,118,904	898,048
(Credit) provision for credit losses for held to maturity securities	(263)	635	0
Provision for credit losses for loans	32,896	125,087	24,218
Net Interest Income After Provision for Credit Losses	1,177,268	993,182	873,830
Non-Interest Income
Insurance commissions	7,810	7,398	10,409
Gains (losses) on securities transactions, net	1,758	524	(150)
Other-than-temporary impairment losses on securities	0	0	(2,928)
Fees from loan servicing	11,651	10,352	9,794
Gains on sales of loans, net	26,669	42,251	18,914
Gains (losses) on sales of assets, net	901	(1,891)	78,333
Bank owned life insurance	8,817	10,083	8,232
Other	61,073	83,643	55,634
Non-interest income	155,013	183,032	214,520
Non-Interest Expense
Salary and employee benefits expense	375,865	333,221	327,431
Net occupancy and equipment expense	132,098	129,002	118,191
FDIC insurance assessment	14,183	18,949	21,710
Amortization of other intangible assets	21,827	24,645	18,080
Professional and legal fees	38,432	32,348	20,810
Loss on extinguishment of debt	8,406	12,036	31,995
Amortization of tax credit investments	10,910	13,335	20,392
Telecommunication expenses	11,409	10,737	9,883
Other	78,412	71,875	63,063
Total non-interest expense	691,542	646,148	631,555
Income Before Income Taxes	640,739	530,066	456,795
Income tax expense	166,899	139,460	147,002
Net Income	473,840	390,606	309,793
Dividends on preferred stock	12,688	12,688	12,688
Net Income Available to Common Shareholders	$ 461,152	$ 377,918	$ 297,105
Earnings Per Common Share:
Basic (in USD per share)	$ 1.13	$ 0.94	$ 0.88
Diluted (in USD per share)	1.12	0.93	0.87
Cash dividends declared per common share (in USD per share)	$ 0.44	$ 0.44	$ 0.44
Weighted Average Number of Common Shares Outstanding:
Basic (in shares)	407,445,379	403,754,356	337,792,270
Diluted (in shares)	410,018,328	405,046,207	340,117,808
Trust and Investment Services
Non-Interest Income
Services	$ 14,910	$ 12,415	$ 12,646
Deposit Account
Non-Interest Income
Services	$ 21,424	$ 18,257	$ 23,636

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 473,840	$ 390,606	$ 309,793
Unrealized gains and losses on debt securities available for sale
Net (losses) gains arising during the period	(23,613)	27,845	39,262
Less reclassification adjustment for net (gains) losses included in net income	(491)	(377)	119
Total	(24,104)	27,468	39,381
Unrealized gains and losses on derivatives (cash flow hedges)
Net gains (losses) on derivatives arising during the period	127	(2,251)	(989)
Less reclassification adjustment for net losses included in net income	2,447	2,074	1,291
Total	2,574	(177)	302
Defined benefit pension plan
Net gains (losses) arising during the period	10,306	(3,418)	(2,561)
Amortization of prior service credit	(96)	(98)	(93)
Amortization of actuarial net loss	1,106	721	188
Total	11,316	(2,795)	(2,466)
Other comprehensive (loss) income, net	(10,214)	24,496	37,217
Total comprehensive income	$ 463,626	$ 415,102	$ 347,010

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Series A Preferred Stock	Series B Preferred Stock	Common Stock	Preferred Stock	Preferred StockCumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common StockCumulative Effect, Period of Adoption, Adjusted Balance	Common StockCommon Stock	Surplus	SurplusCumulative Effect, Period of Adoption, Adjusted Balance	SurplusCommon Stock	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance	Retained EarningsSeries A Preferred Stock	Retained EarningsSeries B Preferred Stock	Retained EarningsCommon Stock	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, 2018	$ 3,350,454		$ 3,353,422				$ 209,691	$ 209,691	$ 116,240	$ 116,240		$ 2,796,499	$ 2,796,499		$ 299,642		$ 302,610				$ (69,431)	$ (69,431)	$ (2,187)	$ (2,187)
Beginning balance (ASU 2016-02) at Dec. 31, 2018		$ 4,414														$ 4,414
Beginning balance (ASU 2017-08) at Dec. 31, 2018		(1,446)														(1,446)
Beginning balance (in shares) at Dec. 31, 2018									331,431	331,431
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Net income	$ 309,793														309,793
Other comprehensive income (loss), net of tax	37,217																				37,217
Cash dividends declared on preferred stock				$ (7,188)	$ (5,500)													$ (7,188)	$ (5,500)
Cash dividends declared on common stock						$ (154,689)														$ (154,689)
Effect of stock incentive plan, net (in shares)									726
Effect of stock incentive plan, net	15,878								$ 291			15,346			(1,467)								1,708
Common stock issued (in shares)											71,121
Common stock issued						835,255					$ 24,892			$ 810,363
Ending balance at Dec. 31, 2019	4,384,188	$ (28,187)	$ 4,356,001				209,691	$ 209,691	$ 141,423	$ 141,423		3,622,208	$ 3,622,208		443,559	$ (28,187)	$ 415,372				(32,214)	$ (32,214)	(479)	$ (479)
Ending balance (in shares) at Dec. 31, 2019									403,278	403,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	390,606														390,606
Other comprehensive income (loss), net of tax	24,496																				24,496
Cash dividends declared on preferred stock				(7,188)	(5,500)													(7,188)	(5,500)
Cash dividends declared on common stock						(179,277)														(179,277)
Effect of stock incentive plan, net (in shares)									581
Effect of stock incentive plan, net	12,982								$ 323			15,260			(2,855)								254
Ending balance at Dec. 31, 2020	4,592,120						209,691		$ 141,746			3,637,468			611,158						(7,718)		(225)
Ending balance (in shares) at Dec. 31, 2020									403,859
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	473,840														473,840
Other comprehensive income (loss), net of tax	(10,214)																				(10,214)
Cash dividends declared on preferred stock				$ (7,188)	$ (5,500)													$ (7,188)	$ (5,500)
Cash dividends declared on common stock						(182,370)														$ (182,370)
Effect of stock incentive plan, net (in shares)									3,484
Effect of stock incentive plan, net	35,358								$ 1,238			39,931			(6,295)								484
Common stock issued (in shares)											15,709
Common stock issued						$ 211,134					$ 5,498			$ 205,636
Purchase of treasury stock (in shares)									(1,615)
Purchase of treasury stock	(23,114)																						(23,114)
Ending balance at Dec. 31, 2021	$ 5,084,066						$ 209,691		$ 148,482			$ 3,883,035			$ 883,645						$ (17,932)		$ (22,855)
Ending balance (in shares) at Dec. 31, 2021									421,437

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Common stock, cash dividends declared (in USD per share)	$ 0.44	$ 0.44	$ 0.44
Series A Preferred Stock
Preferred stock, cash dividends declared (in USD per share)	1.56	1.56	1.56
Series B Preferred Stock
Preferred stock, cash dividends declared (in USD per share)	1.38	1.38	1.38
Common Stock
Common stock, cash dividends declared (in USD per share)	$ 0.44	$ 0.44	$ 0.44

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 473,840	$ 390,606	$ 309,793
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	54,934	57,615	53,317
Stock-based compensation	20,887	16,154	14,726
Provision for credit losses	32,633	125,722	24,218
Net amortization of premiums and accretion of discounts on securities and borrowings	30,251	38,315	29,512
Amortization of other intangible assets	21,827	24,645	18,080
(Gains) losses on securities transactions, net	(1,758)	(524)	150
Proceeds from sales of loans held for sale	1,180,912	1,019,841	509,448
Gains on sales of loans, net	(26,669)	(42,251)	(18,914)
Net impairment losses on securities recognized in earnings	0	0	2,928
Originations of loans held for sale	(1,003,818)	(1,211,227)	(537,985)
(Gains) losses on sales of assets, net	(901)	1,891	(78,333)
Loss on extinguishment of debt	8,406	12,036	31,995
Net deferred income tax expense (benefit)	26,827	(5,060)	15,228
Net change in:
Fair value of borrowings hedged by derivative transactions	(3,397)	0	0
Trading debt securities	(38,130)	0	0
Cash surrender value of bank owned life insurance	(8,817)	(10,083)	(8,232)
Accrued interest receivable	11,527	(593)	1,440
Other assets	122,241	(311,760)	(163,330)
Accrued expenses and other liabilities	(63,653)	58,234	57,882
Net cash provided by operating activities	837,142	163,561	261,923
Cash flows from investing activities:
Net loan originations and purchases	(1,036,949)	(2,490,937)	(2,538,909)
Equity securities:
Purchases	(4,051)	(8,337)	(14,776)
Sales	2,233	28,439	24,748
Held to maturity debt securities:
Purchases	(1,311,973)	(682,509)	(701,879)
Maturities, calls and principal repayments	802,167	824,477	424,475
Available for sale debt securities:
Purchases	(387,210)	(333,971)	(30,392)
Sales	91,978	30,020	271,901
Maturities, calls and principal repayments	462,273	555,589	316,024
Death benefit proceeds from bank owned life insurance	5,128	15,043	9,560
Proceeds from sales of real estate property and equipment	8,935	19,111	109,043
Proceeds from sales of loans held for investments	4,498	30,020	1,234,022
Purchases of real estate property and equipment	(39,428)	(24,607)	(23,375)
Cash and cash equivalents acquired in acquisitions, net	321,618	0	22,239
Net cash used in investing activities	(1,080,781)	(2,037,662)	(897,319)
Cash flows from financing activities:
Net change in deposits	2,534,826	2,749,765	1,808,148
Net change in short-term borrowings	(492,232)	54,678	(1,036,134)
Proceeds from issuance of long-term borrowings, net	295,922	838,388	950,000
Repayments of long-term borrowings	(1,168,465)	(679,775)	(921,995)
Cash dividends paid to preferred shareholders	(12,688)	(12,688)	(12,688)
Cash dividends paid to common shareholders	(179,667)	(177,965)	(146,537)
Purchase of common shares to treasury	(23,907)	(5,374)	(1,805)
Common stock issued, net	11,245	2,202	2,957
Other, net	(680)	(612)	(492)
Net cash provided by financing activities	964,354	2,768,619	641,454
Net change in cash and cash equivalents	720,715	894,518	6,058
Cash and cash equivalents at beginning of year	1,329,205	434,687	428,629
Cash and cash equivalents at end of year	2,049,920	1,329,205	434,687
Supplemental disclosures of cash flow information:
Interest on deposits and borrowings	138,364	279,042	415,649
Federal and state income taxes	163,370	148,383	106,336
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned	141	4,040	5,100
Loans transferred to loans held for sale	0	30,020	1,234,022
Lease right of use assets obtained in exchange for operating lease liabilities	48,453	16,062	312,143
Non-cash assets acquired:
Equity securities	0	0	51,382
Loans, net	908,023	0	3,378,358
Premises and equipment	1,356	0	23,585
Lease right of use assets	6,745	0	0
Bank owned life insurance	28,756	0	101,896
Accrued interest receivable	2,179	0	11,781
Goodwill	76,566	0	297,777
Other intangible assets	10,277	0	20,690
Other assets	23,093	0	50,873
Total non-cash assets acquired	1,066,192	0	4,277,113
Liabilities assumed:
Deposits	1,161,984	0	2,924,716
Short-term borrowings	0	0	10,500
Long-term borrowings	0	0	430,130
Accrued expenses and other liabilities	14,692	0	98,751
Total liabilities assumed	1,176,676	0	3,464,097
Net (liabilities assumed) non-cash assets acquired	(110,484)	0	813,016
Cash and cash equivalents acquired in acquisitions, net	321,618	0	22,239
Common stock issued in acquisition	211,134	0	835,255
Available-for-sale securities
Non-cash assets acquired:
Investment securities	0	0	335,894
Held-to-maturity securities
Non-cash assets acquired:
Investment securities	$ 9,197	$ 0	$ 4,877

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Note 1) Business Valley National Bancorp, a New Jersey Corporation (Valley), is a financial holding company whose princ ipal wholly-owned subsidiary is Valley National Bank (the “Bank”), a national banking association providing a full range of commercial, retail and trust and investment services largely through its offices and ATM network throughout northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn and Queens, Long Island, Westchester County, New York, Florida and Alabama. The Bank is subject to intense competition from other financial service providers and is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by certain regulatory authorities. Valley National Bank’s subsidiaries are all included in the consolidated financial statements of Valley. These subsidiaries include, but are not limited to: • an insurance agency offering property and casualty, life and health insurance; • an asset management adviser that is a registered investment adviser with the Securities and Exchange Commission (SEC); • a title insurance agency in New York, which also provides services in New Jersey; • an advisory firm specializing in the investment and management of tax credits; • subsidiaries which hold, maintain and manage investment assets for the Bank; • a subsidiary which specializes in health care equipment lending and other commercial equipment leases; and • a subsidiary which owns and services New York commercial loans. The Bank’s subsidiaries also include real estate investment trust subsidiaries (the “REIT” subsidiaries) which own real estate related investments and a REIT subsidiary which owns some of the real estate utilized by the Bank and related real estate investments. Except for Valley’s REIT subsidiaries and its insurance agency (10% of which is owned by the insurance agency's co-CEOs), all subsidiaries mentioned above are directly or indirectly wholly-owned by the Bank. Because each REIT subsidiary must have 100 or more shareholders to qualify as a REIT, each REIT subsidiary has issued less than 20 percent of its outstanding non-voting preferred stock to individuals, most of whom are current and former Bank employees. The Bank owns the remaining preferred stock and all the common stock of the REITs. Basis of Presentation The consolidated financial statements of Valley include the Bank and all of Valley’s direct or indirect wholly-owned subsidiaries. All inter-company transactions and balances have been eliminated. The accounting and reporting policies of Valley conform to U.S. generally accepted accounting principles (U.S. GAAP) and general practices within the financial services industry. In accordance with applicable accounting standards, Valley does not consolidate statutory trusts established for the sole purpose of issuing trust preferred securities and related trust common securities. See Note 11 for more details. Certain prior period amounts have been reclassified to conform to the current presentation. Valley's previously reported consolidated statements of cash flows for the years ended December 31, 2020 and 2019 were revised to reflect a change in the presentation for loss on extinguishment of debt. The revisions resulted in increases of $12.0 million and $32.0 million in “Loss on extinguishment of debt” and corresponding decreases in “Repayments of the long-term borrowings” for the years ended December 31, 2020 and 2019, respectively. Management determined that the effect of the changes in presentation was immaterial to these periods. Significant Estimates. In preparing the consolidated financial statements in conformity with U.S. GAAP, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and results of operations for the periods indicated. Material estimates that require application of management’s most difficult, subjective or complex judgment and are particularly susceptible to change include: the allowance for credit losses, the evaluation of goodwill and other intangible assets for impairment, and income taxes. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual amounts or results could differ significantly from those estimates. The current economic environment has increased the degree of uncertainty inherent in these material estimates. Actual results may differ from those estimates. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest bearing deposits in other banks (including the Federal Reserve Bank of New York) and, from time to time, overnight federal funds sold. Effective March 26, 2020, the Federal Reserve Board reduced reserve requirement ratios to zero, effectively eliminating the requirements, due to a change in its approach to monetary policy. The Federal Reserve Board indicated that it has no plans to re-impose reserve requirements but could in the future if conditions warrant. Prior to March 2020, the Bank was required by the Federal Reserve System to maintain cash reserves equal to a percentage of certain deposits. Investment Securities Debt securities are classified at the time of purchase based on management’s intention, as securities held-to-maturity, securities available-for-sale or trading securities. Investment securities classified as held-to-maturity are those that management has the positive intent and ability to hold until maturity. Investment securities held-to-maturity are carried at amortized cost, adjusted for amortization of premiums and accretion of discounts using the level-yield method over the contractual term of the securities, adjusted for actual prepayments, or to call date if the security was purchased at premium. Investment securities classified as available-for-sale are carried at fair value with unrealized holding gains and losses reported as a component of other comprehensive income or loss, net of tax. Realized gains or losses on the available-for-sale securities are recognized by the specific identification method and are included in net gains and losses on securities transactions within non-interest income. Trading debt securities wholly consisting of municipal bonds are reported at fair value with the unrealized gains or losses due to changes in fair value reported within non-interest income. Net trading gains and losses are included in net gains and losses on securities transactions within non-interest income. Equity securities are presented on the statements of financial condition at fair value with any unrealized and realized gains and losses reported in non-interest income. Investments in Federal Home Loan Bank and Federal Reserve Bank stock, which have limited marketability, are carried at cost in other assets. Security transactions are recorded on a trade-date basis. Interest income on investments includes amortization of purchase premiums and discounts. Valley discontinues the recognition of interest on debt securities if the securities meet both of the following criteria: (i) regularly scheduled interest payments have not been paid or have been deferred by the issuer, and (ii) full collection of all contractual principal and interest payments is not deemed to be the most likely outcome. Allowance for Credit Losses for Held to Maturity Debt Securities On January 1, 2020, Valley adopted Accounting Standards Update (ASU) No. 2016-13 "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which requires us to estimate and recognize an allowance for credit losses for held to maturity debt securities using the current expected credit loss methodology (CECL). Valley's CECL model includes a zero loss expectation for certain securities within the held to maturity portfolio, and therefore Valley is not required to estimate an allowance for credit losses related to these securities. After an evaluation of qualitative factors, Valley identified the following securities types which it believes qualify for this exclusion: U.S. Treasury securities, U.S. agency securities, residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, and collateralized municipal bonds commonly referred to as Tax Exempt Mortgage Securities (TEMS). To measure the expected credit losses on held to maturity debt securities that have loss expectations, Valley estimates the expected credit losses using a discounted cash flow model developed by a third-party. Assumptions used in the model for pools of securities with common risk characteristics include the historical lifetime probability of default and severity of loss in the event of default, with the model incorporating several economic cycles of loss history data to calculate expected credit losses given default at the individual security level. The model is adjusted for a probability weighted multi-scenario economic forecast to estimate future credit losses. Valley uses a two-year reasonable and supportable forecast period, followed by a one-year period over which estimated losses revert to historical loss experience for the remaining life of the investment security. The economic forecast methodology and governance for debt securities is aligned with Valley's economic forecast used for the loan portfolio. Accrued interest receivable is excluded from the estimate of credit losses. See Note 4 for more details regarding the allowance for credit losses for held to maturity securities. Impairment of Available for Sale Debt Securities The impairment model for available for sale debt securities differs from the CECL methodology applied to held to maturity debt securities because the available for sale debt securities are measured at fair value rather than amortized cost. Available for sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. In performing an assessment of whether any decline in fair value is due to a credit loss, Valley considers the extent to which the fair value is less than the amortized cost, changes in credit ratings, any adverse economic conditions, as well as all relevant information at the individual security level, such as credit deterioration of the issuer or collateral underlying the security. In assessing the impairment, Valley compares the present value of cash flows expected to be collected with the amortized cost basis of the security. If it is determined that the decline in fair value was due to credit losses, an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. The non-credit related decrease in the fair value, such as a decline due to changes in market interest rates, is recorded in other comprehensive income, net of tax. Valley also assesses the intent to sell the securities (as well as the likelihood of a near-term recovery). If Valley intends to sell an available for sale debt security or it is more likely than not that Valley will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. See Note 4 for additional information. Loans Held for Sale Loans held for sale generally consist of residential mortgage loans originated and intended for sale in the secondary market and are carried at their estimated fair value on an instrument-by-instrument basis as permitted by the fair value option election under U.S. GAAP. Changes in fair value are recognized in non-interest income in the accompanying consolidated statements of income as a component of net gains on sales of loans. Origination fees and costs related to loans originated for sale (and carried at fair value) are recognized as earned and as incurred. Loans held for sale are generally sold with loan servicing rights retained by Valley. Gains recognized on loan sales include the value assigned to the rights to service the loan. See the “Loan Servicing Rights” section below. Loans and Loan Fees Loans are reported at their outstanding principal balance net of any unearned income, charge-offs, unamortized deferred fees and costs on originated loans and premium or discounts on purchased loans, except for purchased credit deteriorated (PCD) loans recorded at the purchase price, including non-credit discounts, plus the allowance for credit losses expected at the time of acquisition. Loan origination and commitment fees, net of related costs are deferred and amortized as an adjustment of loan yield over the estimated life of the loans approximating the effective interest method. Loans are deemed to be past due when the contractually required principal and interest payments have not been received as they become due. Loans are placed on non-accrual status generally, when they become 90 days past due and the full and timely collection of principal and interest becomes uncertain. When a loan is placed on non-accrual status, interest accruals cease and uncollected accrued interest is reversed and charged against current income. Cash collections from non-accrual loans are generally credited to the loan balance, and no interest income is recognized on these loans until the principal balance has been determined to be fully collectible. A loan in which the borrowers’ obligation has not been released in bankruptcy courts may be restored to an accruing basis when it becomes well secured and is in the process of collection, or all past due amounts become current under the loan agreement and collectability is no longer doubtful. Allowance for Credit Losses for Loans As previously noted, Valley adopted ASU No. 2016-13 on January 1, 2020, and, as a result, the 2021 and 2020 periods presented in the consolidated financial statements follow the current expected credit losses methodology. The 2019 period has been reported in accordance with previously applicable GAAP, which followed the incurred credit losses methodology. The following policies noted are under the current expected credit losses methodology. The allowance for credit losses (ACL) is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Provisions for credit losses for loans and recoveries on loan previously charged-off by Valley are added back to the allowance. Under CECL, Valley's methodology to establish the allowance for credit losses for loans has two basic components: (1) a collective reserve component for estimated lifetime expected credit losses for pools of loans that share common risk characteristics and (2) an individual reserve component for loans that do not share common risk characteristics. Previously, an allowance for loan losses was recognized based on probable incurred losses. Reserves for loans that share common risk characteristics. Valley estimated the collective ACL using a current expected credit losses methodology which is based on relevant information about historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the loan balances. In estimating the component of the allowance on a collective basis, Valley uses a transition matrix model which calculates an expected life of loan loss percentage for each loan pool by generating probability of default and loss given default metrics. The metrics are based on the migration of loans from performing to loss by credit quality rating or delinquency categories using historical life-of-loan analysis periods for each loan portfolio pool, and the severity of loss, based on the aggregate net lifetime losses. The model's expected losses based on loss history are adjusted for qualitative factors. Among other things, these adjustments include and account for differences in: (i) the impact of the reasonable and supportable economic forecast, probability weightings and reversion period, (ii) other asset specific risks to the extent they do not exist in the historical loss information, and (iii) net expected recoveries of charged off loan balances. These adjustments are based on qualitative factors not reflected in the quantitative model but are likely to impact the measurement of estimated credit losses. The expected lifetime loss rate is the life of loan loss percentage from the transition matrix model plus the impact of the adjustments for qualitative factors. The expected credit losses are the product of multiplying the model’s expected lifetime loss rate by the exposure at default at period end on an undiscounted basis. Valley utilizes a two-year reasonable and supportable forecast period followed by a one-year period over which estimated losses revert to historical loss experience for the remaining life of the loan on a straight-line basis. The forecasts consist of a multi-scenario economic forecast model to estimate future credit losses that is governed by a cross-functional committee. The committee meets each quarter to determine which economic scenarios developed by Moody's will be incorporated into the model, as well as the relative probability weightings of the selected scenarios, based upon all readily available information. The model projects economic variables under each scenario based on detailed statistical analyses. Valley has identified and selected key variables that most closely correlated to its historical credit performance, which include: GDP, unemployment and the Case-Shiller Home Price Index. The loan credit quality data utilized in the transition matrix model is based on an internal credit risk rating system for the commercial and industrial loan and commercial real estate loan portfolio segments and delinquency aging status for the residential and consumer loan portfolio segments. Loans are risk-rated based on an internal credit risk grading process that evaluates, among other things: (i) the obligor’s ability to repay; (ii) the underlying collateral, if any; and (iii) the economic environment and industry in which the borrower operates. This analysis is performed at the relationship manager level for all commercial and industrial loans and commercial real estate loans, and evaluated by the Loan Review Department on a test basis. Loans with a grade that are below a “Pass” grade are adversely classified. Once a loan becomes adversely classified, it automatically transitions from the "Pass" segment of the model to the corresponding adversely rated pool segment. Within the transition matrix model, each adverse classification or segment (Special Mention, Substandard, Doubtful, and Loss) has its own lifetime expected credit loss rate derived from loan-level historical transitions between the different loan risk ratings categories. Reserves for loans that that do not share common risk characteristics. Valley measures specific reserves for individual loans that do not share common risk characteristics with other loans, consisting of collateral dependent, troubled debt restructured ( TDR) loans, and expected TDR loans, based on the amount of lifetime expected credit losses calculated on those loans and charge-offs of those amounts determined to be uncollectible. Factors considered by Valley in measuring the extent of expected credit loss include payment status, collateral value, borrower financial condition, guarantor support and the probability of collecting scheduled principal and interest payments when due. Collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) of each loan’s underlying collateral resulting in an immediate charge-off to the allowance, excluding any consideration for personal guarantees that may be pursued in the Bank’s collection process. If repayment is based upon future expected cash flows, the present value of the expected future cash flows discounted at the loan’s original effective interest rate is compared to the carrying value of the loan, and any shortfall is recorded as the allowance for credit losses. The effective interest rate used to discount expected cash flows is adjusted to incorporate expected prepayments, if applicable. Valley elected to exclude accrued interest on loans from the amortized cost of loans held for investment. The accrued interest is presented separately in the consolidated statements of financial condition. Loans charge-offs. Loans rated as "loss" within Valley's internal rating system are charged-off. Commercial loans are generally assessed for full or partial charge-off to the net realizable value for collateral dependent loans when a loan is between 90 or 120 days past due or sooner if it is probable that a loan may not be fully collectable. Residential loans and home equity loans are generally charged-off to net realizable value when the loan is 120 days past due (or sooner when the borrowers’ obligation has been released in bankruptcy). Automobile loans are fully charged-off when the loan is 120 days past due or partially charged-off to the net realizable value of collateral, if the collateral is recovered prior to such time. Unsecured consumer loans are generally fully charged-off when the loan is 150 days past due. Allowance for Unfunded Credit Commitments The allowance for unfunded credit commitments consists of undisbursed non-cancellable lines of credit, new loan commitments and commercial letters of credit valued using a similar CECL methodology as used for loans. Management's estimate of expected losses inherent in these off-balance sheet credit exposures also incorporates estimated utilization rate over the commitment's contractual period or an expected pull-through rate for new loan commitments. The allowance for unfunded credit commitments is included in accrued expenses and other liabilities on the consolidated statements of financial condition. See Note 5 for a discussion of Valley’s loan credit quality and additional allowance for credit losses. Leases Lessor Arrangements. Valley's lessor arrangements primarily consist of direct financing and sales-type leases for equipment included in the commercial and industrial loan portfolio. Direct financing and sales-type leases are carried at the aggregate of lease payments receivable plus estimated residual value of the leased assets, net of unearned income, charge-offs and unamortized deferred costs of origination. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. Lessee Arrangements. Valley's lessee arrangements predominantly consist of operating and finance leases for premises and equipment. The majority of the operating leases include one or more options to renew that can significantly extend the lease terms. Valley’s leases have a wide range of lease expirations through the year 2062. Operating and finance leases are recognized as right of use (ROU) assets and lease liabilities in the consolidated statements of financial position. The ROU assets represent the right to use underlying assets for the lease terms and lease liabilities represent Valley’s obligations to make lease payments arising from the lease. The ROU assets include any prepaid lease payments and initial direct costs, less any lease incentives. At the commencement dates of leases, ROU assets and lease liabilities are initially recognized based on their net present values with the lease terms including options to extend or terminate the lease when Valley is reasonably certain that the options will be exercised to extend. ROU assets are amortized into net occupancy and equipment expense over the expected lives of the leases. Lease liabilities are discounted to their net present values on the balance sheet based on incremental borrowing rates as determined at the lease commencement dates using quoted interest rates for readily available borrowings, such as fixed rate FHLB borrowings, with similar terms as the lease obligations. Lease liabilities are reduced by actual lease payments. See Note 6 for additional information on Valley's lease related assets and obligations. Premises and Equipment, Net Premises and equipment are stated at cost less accumulated depreciation computed using the straight-line method over the estimated useful lives of the related assets. Estimated useful lives range from 3 years for capitalized software to up to 40 years for buildings. Leasehold improvements are amortized over the term of the lease or estimated useful life of the asset, whichever is shorter. Major improvements are capitalized, while repairs and maintenance costs are charged to operations as incurred. Upon retirement or disposition, any gain or loss is credited or charged to operations. See Note 7 for further details. Bank Owned Life Insurance Valley owns bank owned life insurance (BOLI) to help offset the cost of employee benefits. BOLI is recorded at its cash surrender value. Valley’s BOLI is invested primarily in U.S. Treasury securities and residential mortgage-backed securities issued by government sponsored enterprises and Ginnie Mae. The majority of the underlying investment portfolio is managed by one independent investment firm. The change in the cash surrender value is included as a component of non-interest income and is exempt from federal and state income taxes as long as the policies are held until the death of the insured individuals. Other Real Estate Owned Valley acquires other real estate owned (OREO) through foreclosure on loans secured by real estate. OREO is reported at the lower of cost or fair value, as established by a current appraisal (less estimated costs to sell) and it is included in other assets. Any write-downs at the date of foreclosure are charged to the allowance for loan losses. Expenses incurred to maintain these properties, unrealized losses resulting from valuation write-downs after the date of foreclosure, and realized gains and losses upon sale of the properties are included in other non-interest expense. OREO totaled $2.3 million and $5.1 million at December 31, 2021 and 2020, respectively. OREO included foreclosed residential real estate properties totaling $1.0 million at December 31, 2020. There were no forec losed residential real estate properties included in OREO at December 31, 2021. Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process t otaled $2.5 million and $1.9 million at December 31, 2021 and 2020, respectively. Goodwill Intangible assets resulting from acquisitions under the acquisition method of accounting consist of goodwill and other intangible assets (see “Other Intangible Assets” below). Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired and is not amortized. The initial recording of goodwill and other intangible assets requires subjective judgments concerning estimates of the fair value of the acquired assets and assumed liabilities. Goodwill is subject to annual tests for impairment or more often, if events or circumstances indicate it may be impaired. On January 1, 2020, Valley adopted ASU No. 2017-04 "Intangibles—Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment," which simplified the impairment test by eliminating the step two requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, an impairment loss is recognized if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the unit (formerly step one of the two-step test). Goodwill is allocated to Valley's reporting unit, which is a business segment or one level below, at the date goodwill is recorded. Under current accounting guidance, Valley may choose to perform an optional qualitative assessment to determine whether it is necessary to perform the single-step quantitative goodwill impairment test for one or more reporting units each annual period. Valley reviews goodwill for impairment annually during the second quarter using a quantitative test, or more frequently if a triggering event indicates impairment may have occurred. Our determination of whether or not goodwill is impaired requires us to make judgments, and use significant estimates and assumptions regarding estimated future cash flows. If we change our strategy or if market conditions shift, our judgments may change, which may result in adjustments to the recorded goodwill balance. Other Intangible Assets Other intangible assets primarily consist of loan servicing rights (largely generated from loan servicing retained by the Bank on residential mortgage loan originations sold in the secondary market to government sponsored enterprises), core deposits (the portion of an acquisition purchase price which represents value assigned to the existing deposit base) and, to a much lesser extent, various other types of intangibles obtained through acquisitions. Other intangible assets are amortized using various methods over their estimated lives and are periodically evaluated for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. If impairment is deemed to exist, an adjustment is recorded to earnings in the current period for the difference between the fair value of the asset and its carrying amount. See further details regarding loan servicing rights below. Loan Servicing Rights Loan servicing rights are recorded when originated mortgage loans are sold with servicing rights retained, or when servicing rights are purchased. Valley initially records the loan servicing rights at fair value. Subsequently, the loan servicing rights are carried at the lower of unamortized cost or market (i.e., fair value). The fair values of the loan servicing rights for each risk-stratified group of loan servicing rights are calculated using a fair value model from a third party vendor that uses various inputs and assumptions, including but not limited to, prepayment speeds, internal rate of return (“discount rate”), servicing cost, ancillary income, float rate, tax rate, and inflation. The prepayment speed and the discount rate are considered two of the most significant inputs in the model. Unamortized costs associated with acquiring loan servicing rights, net of any valuation allowances, are included in other intangible assets in the consolidated statements of financial condition and are accounted for using the amortization method. Valley amortizes the loan servicing assets in proportion to and over the period of estimated net servicing revenues. On a quarterly basis, Valley stratifies its loan servicing assets into groupings based on risk characteristics and assesses each group for impairment based on fair value. A valuation allowance is established through an impairment charge to earnings to the extent the unamortized cost of a stratified group of loan servicing rights exceeds its estimated fair value. Increases in the fair value of impaired loan servicing rights are recognized as a reduction of the valuation allowance, but not in excess of such allowance. The amortization of loan servicing rights is recorded in non-interest income. Stock-Based Compensation Compensation expense for restricted stock units, restricted stock and stock option awards (i.e., non-vested stock awards) is based on the fair value of the award on the date of the grant and is recognized ratably over the service period of the award. Valley's long-term incentive compensation plan includes a service period requirement for award grantees who are eligible for retirement pursuant to which an award will vest at one-twelfth per month after the grant date and requires the grantees to continue service with Valley for one year in order for the award to fully ves

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Business Combinations	BUSINESS COMBINATIONS (Note 2) Acquisitions The Westchester Bank Holding Corporation On December 1, 2021, Valley completed its acquisition of The Westchester Bank Holding Corporation (Westchester) and its principal subsidiary, The Westchester Bank which was headquartered in White Plains, New York. As of December 1, 2021, Westchester had approximately $1.4 billion in assets, $915.0 million in loans, and $1.2 billion in deposits, after purchase accounting adjustments, and a branch network of seven locations in Westchester County, New York. The common shareholders of Westchester received 229.645 shares of Valley common stock for each Westchester share they owned prior to the merger. The total consideration for the merger was $211.1 million, consisting of approximately 15.7 million shares of Valley common stock. The transaction was accounted for under the acquisition method of accounting and accordingly t he results of Westchester's operations have been included in Valley's consolidated financial statements for the year ended December 31, 2021 from the date of acquisition. The following table sets forth assets acquired, and liabilities assumed in the Westchester acquisition, at their estimated fair values as of the closing date of the transaction: December 1, 2021 ($ in thousands) Assets acquired: Cash and cash equivalents $ 332,221 Held to maturity debt securities 9,197 Loans, net 908,023 Premises and equipment 1,356 Right of use asset 5,873 Bank owned life insurance 28,756 Accrued interest receivable 2,179 Goodwill 63,469 Other intangible assets 8,130 Other assets 22,861 Total assets acquired $ 1,382,065 Liabilities assumed: Deposits: Non-interest bearing $ 434,780 Savings, NOW and money market 636,569 Time deposits 90,635 Total deposits 1,161,984 Lease liabilities 5,873 Accrued expense and other liabilities 3,074 Total liabilities assumed $ 1,170,931 Common stock issued in acquisition $ 211,134 The determination of the fair value of the assets acquired and liabilities assumed required management to make estimates about discount rates, future expected cash flows, market conditions, and other future events that are highly subjective in nature and subject to change. The fair value estimates are subject to change for up to one year after the closing date of the transaction if additional information (existing at the date of closing) relative to closing date fair values becomes available. Fair Value Measurement of Assets Acquired and Liabilities Assumed Described below are the methods used to determine the fair values of the significant assets acquired and liabilities assumed in Westchester acquisition. Cash and cash equivalents. The estimated fair values of cash and cash equivalents approximate their stated face amounts, as these financial instruments are either due on demand or have short-term maturities. Investment securities. The investment securities acquired from Westchester were classified as held to maturity debt securities based on Valley's intent at the acquisition date. The estimated fair values of the investment securities were calculated utilizing Level 2 inputs similar to the valuation techniques used for Valley's investment portfolios detailed in Note 3. Loans. The acquired loan portfolio was recorded at its estimated value based on a discounted cash flow methodology. The acquired loan portfolio was segregated into categories for valuation purposes primarily based on loan type (commercial and industrial, commercial real estate, multifamily, construction, home equity and other consumer) and credit risk rating. The estimated fair value incorporates adjustments related to market loss assumptions and prevailing market interest rates for comparable assets and other market factors such as liquidity from the perspective of a market participant. Management estimated the cash flows expected to be collected at the acquisition date by using valuation models that incorporated loan contractual characteristics (such as payment type, amortization type, and term to maturity) as well as estimates of key valuation assumptions (such as prepayment speeds, default rates, and loss severity rates). The expected cash flows from the acquired loan portfolios were discounted to present value based on estimated market rates. The market rates were estimated using a buildup approach based on the following components: funding cost, servicing cost, and consideration of liquidity premium. In addition, coupon rates for recently originated loans and available market data regarding origination rates were also considered in the analysis. The methods used to estimate the Level 3 fair values of loans are extremely sensitive to the assumptions and estimates used. While management attempted to use assumptions and estimates that best reflected the acquired loan portfolios and current market conditions, a greater degree of subjectivity is inherent in these values than in those determined in active markets. Also, acquired portfolio loans and leases were evaluated upon acquisition and classified as either PCD, which indicates that the loan has experienced a more-than-insignificant deterioration in credit quality since origination, or non-PCD. Valley considered a variety of factors in evaluating the acquired loans for a more-than-insignificant deterioration in credit quality, including but not limited to risk grades, delinquency, non-performing status, current or previous troubled debt restructurings, watch list credits and other qualitative factors that indicated a deterioration in credit quality since origination. For PCD loans, an initial allowance was determined based on Valley’s CECL methodology and was added to the acquisition date fair value of each PCD loan to establish its initial amortized cost basis. The difference between the unpaid principal balance of loans and the calculated amortized cost basis resulted in a net non-credit discount totaling $8.5 million. The net discount is expected be accreted into interest income on a level-yield method over an average contractual life of the loans totaling 8 years. The following table provides a reconciliation of the difference between the purchase price and the par value of the PCD loans acquired from Westchester: December 1, 2021 ($ in thousands) Purchase price of PCD loans $ 346,883 Allowance for credit losses at acquisition 6,542 Non-credit discount at acquisition 8,457 Par value of acquired PCD loans $ 361,882 Other intangible assets. Other intangible assets consisting of core deposit intangibles (CDI) are measures of the value of non-maturity checking, savings, NOW and money market customer deposits that are acquired in a business combination. The fair value for CDI was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, net maintenance cost of the deposit base, alternative costs of funds, and the interest costs associated with the customer deposits. The CDI is amortized over an estimated useful life of 10 years to approximate the existing deposit relationships acquired. Deposits. The fair values of deposit liabilities with no stated maturity (i.e., non-interest bearing accounts and savings, NOW and money market accounts) are equal to the carrying amounts payable on demand. The fair values of certificates of deposit represent contractual cash flows, discounted to present value using interest rates currently offered on deposits with similar characteristics and remaining maturities. Dudley Ventures On October 8, 2021, Valley acquired certain subsidiaries of Arizona-based Dudley Ventures (DV), an advisory firm specializing in the investment and management of tax credits. The transaction included the acquisition of DV Fund Advisors and DV Advisory Services which were both subsequently merged and renamed Dudley Ventures, as well as DV's community development entity, DV Community Investment. The transaction price included $11.3 million of cash at the closing date and fixed future stock consideration totaling $3.8 million. On November 16, 2021, Valley also acquired DV Financial Services, a registered broker-dealer regulated by FINRA, which is largely inactive. Goodwill and other intangible assets related to the acquired DV entities totaled $13.1 million and $2.1 million, respectively. See Note 8 for further details. Oritani Financial Corp. On December 1, 2019, Valley completed its acquisition of Oritani Financial Corp. (Oritani) and its wholly-owned subsidiary, Oritani Bank. Oritani had approximately $4.3 billion in assets, $3.4 billion in net loans and $2.9 billion in deposits, after purchase accounting adjustments, and a branch network of 26 locations. The common shareholders of Oritani received 1.60 shares of Valley common stock for each Oritani share that they owned prior to the merger. The total consideration for the acquisition was approximately $835.3 million, consisting of 71.1 million shares of Valley common stock and the outstanding Oritani stock-based awards. During 2020, Valley revised the estimated fair values of the acquired assets as of the Oritani acquisition date due to additional information obtained that existed as of December 1, 2019. The adjustments mostly related to the fair value of certain loans, current taxes payable and the valuation of deferred tax assets as of the acquisition date. These adjustments resulted in an $8.8 million increase in goodwill (see Note 8 for amount of goodwill as allocated to Valley's business segments). Had the acquisition of Oritani taken place in the beginning of 2019. Valley’s revenues (defined as the sum of net interest income and non-interest income), net income, basic earnings per share, and diluted earnings per share would have equaled the amounts indicated in the following table for the year ended December 31, 2019: 2019 (in thousands, except per share data) Unaudited Revenues $ 1,219,887 Net income 361,079 Basic earnings per share 0.86 Diluted earnings per share 0.85 Pending Acquisition (Unaudited) Bank Leumi Le-Israel Corporation On September 23, 2021, Valley announced that it will acquire Bank Leumi Le-Israel Corporation, the U.S. subsidiary of Bank Leumi Le-Israel B.M., and parent company of Bank Leumi USA, and collectively referred to as "Bank Leumi USA". Bank Leumi USA maintains its headquarters in New York City and also has commercial banking offices in Chicago, Los Angeles, Palo Alto, and Aventura, Florida. As of December 31, 2021, Bank Leumi USA had total asset s of $8.3 billion, total deposits of $7.1 billion, and gross loans of $5.7 billion. T he common stockholders of Bank Leumi USA will receive 3.8025 shares of Valley common stock and $5.08 in cash (subject to specified adjustments) for each Bank Leumi USA common share they own . Based on Valley’s closing stock price on December 31, 2021, the transaction is valued at an estimated $1.2 billion, inclusive of the value of options and upon completion of the acquisition, Bank Leumi Le-Israel B.M. will own approximately 14 percent of Valley's common stock. Valley has received regulatory approval from the Federal Reserve Bank of New York and the Office of the C omptroller of the Currency, as well as Valley shareholder approval of the issuance of Valley common stock in connection with the acquisition. The acquisition remains subject to regulatory approval by the New York State Department of Financial Services, as well as other customary closing conditions. The acquisition is anticipated to close in the second quarter 2022. Merger expenses for all Valley acquisition related activities totaled $8.9 million, $1.9 million and $16.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. The merger expenses mainly consisted of salary and employee benefits, as well as professional and legal, net occupancy and equipment, and other expenses included in non-interest expense on the consolidated statements of income.

Fair Value Measurement of Asset

Fair Value Measurement of Assets and Liabilities	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement of Assets and Liabilities	FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Note 3) Accounting Standards Codification (ASC) Topic 820, “Fair Value Measurement” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: • Level 1 - Unadjusted exchange quoted prices in active markets for identical assets or liabilities, or identical liabilities traded as assets that the reporting entity has the ability to access at the measurement date. • Level 2 - Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly (i.e., quoted prices on similar assets) for substantially the full term of the asset or liability. • Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Assets and Liabilities Measured at Fair Value on a Recurring Basis and Non-Recurring Basis The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at December 31, 2021 and 2020. The assets presented under “non-recurring fair value measurements” in the table below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized). Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices Significant Other Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 32,844 $ 21,284 $ — $ — Trading debt securities 38,130 — 38,130 — Available for sale debt securities: U.S. government agency securities 20,925 — 20,925 — Obligations of states and political subdivisions 79,890 — 79,890 — Residential mortgage-backed securities 904,502 — 904,502 — Corporate and other debt securities 123,492 — 123,492 — Total available for sale debt securities 1,128,809 — 1,128,809 — Loans held for sale (2) 139,516 — 139,516 — Other assets (3) 181,500 — 181,500 — Total assets $ 1,520,799 $ 21,284 $ 1,487,955 $ — Liabilities Other liabilities (3) $ 52,376 $ — $ 52,376 $ — Total liabilities $ 52,376 $ — $ 52,376 $ — Non-recurring fair value measurements: Collateral dependent loans $ 47,871 $ — $ — $ 47,871 Foreclosed assets 2,931 — — 2,931 Total $ 50,802 $ — $ — $ 50,802 Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices Significant Other Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 26,379 $ 18,600 $ — $ — Available for sale debt securities: U.S. Treasury securities 51,393 51,393 — — U.S. government agency securities 26,157 — 26,157 — Obligations of states and political subdivisions 79,950 — 79,135 815 Residential mortgage-backed securities 1,090,022 — 1,090,022 — Corporate and other debt securities 91,951 — 91,951 — Total available for sale debt securities 1,339,473 51,393 1,287,265 815 Loans held for sale (2) 301,427 — 301,427 — Other assets (3) 387,452 — 387,452 — Total assets $ 2,054,731 $ 69,993 $ 1,976,144 $ 815 Liabilities Other liabilities (3) $ 156,281 $ — $ 156,281 $ — Total liabilities $ 156,281 $ — $ 156,281 $ — Non-recurring fair value measurements: Collateral dependent 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 as net asset value (NAV) per share (or its equivalent) as a practical expedient totaling $11.6 million and $7.8 million at December 31, 2021 and 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 $136.3 million and $286.4 million at December 31, 2021 and 2020, respectively. (3) Derivative financial instruments are included in this category. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following valuation techniques were used for financial instruments measured at fair value on a recurring basis. All of the valuation techniques described below apply to the unpaid principal balance, excluding any accrued interest or dividends at the measurement date. Interest income and expense are recorded within the consolidated statements of income depending on the nature of the instrument using the effective interest method based on acquired discount or premium. Equity securities. The fair value of equity securities consists of a publicly traded mutual fund, Community Reinvestment Act (CRA) investment fund and an investment related to the development of new financial technologies that are carried at quoted prices in active markets. Valley also has privately held CRA funds measured at NAV, which are excluded from fair value hierarchy levels in the tables above. Trading debt securities. The fair value of trading debt securities, consisting of municipal bonds, is reported at fair value utilizing Level 2 inputs. The prices for these investments are derived from market quotations and matrix pricing obtained through an independent pricing service. Management reviews the data and assumptions used in pricing the securities by its third-party provider to ensure the highest level of significant inputs are derived from market observable data. Available for sale debt securities. U.S. Treasury securities are reported at fair value utilizing Level 1 inputs. The majority of other investment securities are reported at fair value utilizing Level 2 inputs. The prices for these instruments are obtained through an independent pricing service or dealer market participants with whom Valley has historically transacted both purchases and sales of investment securities. Prices obtained from these sources include prices derived from market quotations and matrix pricing. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Management reviews the data and assumptions used in pricing the securities by its third party provider to ensure the highest level of significant inputs are derived from market observable data. In addition, Valley reviews the volume and level of activity for all available for sale debt securities and attempts to identify transactions which may not be orderly or reflective of a significant level of activity and volume. Loans held for sale. Residential mortgage loans originated for sale are reported at fair value using Level 2 inputs. The fair values were calculated utilizing quoted prices for similar assets in active markets. The market prices represent a delivery price, which reflects the underlying price each institution would pay Valley for an immediate sale of an aggregate pool of mortgages. Non-performance risk did not materially impact the fair value of mortgage loans held for sale at December 31, 2021 and 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 f or all cleared derivatives. The fair value of mortgage banking derivatives, consisting of interest rate lock commitments to fund residential mortgage loans and forward commitments for the future delivery of such loans (including certain loans held for sale at December 31, 2021 and 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 December 31, 2021 and 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 where foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and substantially all of the repayment is expected from the collateral. Collateral values are estimated using Level 3 inputs, consisting of individual third-party appraisals that may be adjusted based on certain discounting criteria. Certain real estate appraisals may be discounted based on specific market data by location and property type. At December 31, 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. The collateral dependent loan direct charge-offs to the allowance for loan losses totaled $2.1 million and $4.5 million for the years ended December 31, 2021 and 2020, respectively. At December 31, 2021, collateral dependent loans with a total amortized cost of $114.8 million and $104.4 million at December 31, 2021 and 2020, respectively, including our taxi medallion loan portfolio, were reduced by specific allowance for loan losses allocations totaling $66.9 million and $69.1 million to a reported total net carrying amount of $47.9 million and $35.2 million at December 31, 2021 and 2020, respectively. Loan servicing rights. Fair values for each risk-stratified group of loan servicing rights are calculated using a fair value model from a third party vendor that requires inputs that are both significant to the fair value measurement and unobservable (Level 3). The fair value model is based on various assumptions, including but not limited to, prepayment speeds, internal rate of return (discount rate), servicing cost, ancillary income, float rate, tax rate, and inflation. The prepayment speed and the discount rate are considered two of the most significant inputs in the model. At December 31, 2021, the fair value model used a blended prepayment speed (stated as constant prepayment rates) of 12.9 percent and a discount rate of 9.0 percent for the valuation of the loan servicing rights. A significant degree of judgment is involved in valuing the loan servicing rights using Level 3 inputs. The use of different assumptions could have a significant positive or negative effect on the fair value estimate. Impairment charges are recognized on loan servicing rights when the amortized cost of a risk-stratified group of loan servicing rights exceeds the estimated fair value. Certain loan servicing rights were re-measured at fair value totaling $15.6 million at December 31, 2020. There were no loan servicing rights re-measured at fair value at December 31, 2021. 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. At December 31, 2021, the adjustments to appraisals of foreclosed assets were not material as compared to adjustments ranging from 1.5 percent to 22 percent at December 31, 2020. Other Fair Value Disclosures ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The fair value estimates presented in the following table were based on pertinent market data and relevant information on the financial instruments available as of the valuation date. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire portfolio of financial instruments. Because no market exists for a portion of the financial instruments, fair value estimates may be based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For instance, Valley has certain fee-generating business lines (e.g., its mortgage servicing operation, trust and investment management departments) that were not considered in these estimates since these activities are not financial instruments. In addition, the tax implications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at December 31, 2021 and 2020 were as follows: 2021 2020 Fair Value Carrying Fair Value Carrying Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 205,156 $ 205,156 $ 257,845 $ 257,845 Interest bearing deposits with banks Level 1 1,844,764 1,844,764 1,071,360 1,071,360 Equity securities (1) Level 3 3,629 3,629 2,999 2,999 Held to maturity debt securities: U.S. Treasury securities Level 1 67,558 71,661 68,126 75,484 U.S. government agency securities Level 2 6,265 6,378 6,222 6,513 Obligations of states and political subdivisions Level 2 337,962 344,164 470,259 484,506 Residential mortgage-backed securities Level 2 2,166,142 2,152,301 1,550,306 1,589,655 Trust preferred securities Level 2 37,020 31,916 37,348 30,033 Corporate and other debt securities Level 2 53,750 54,185 40,750 41,421 Total held to maturity debt securities (2) 2,668,697 2,660,605 2,173,011 2,227,612 Net loans Level 3 33,794,455 33,283,251 31,876,869 31,635,060 Accrued interest receivable Level 1 96,882 96,882 106,230 106,230 Federal Reserve Bank and Federal Home Loan Bank stock (3) Level 2 206,450 206,450 250,116 250,116 Financial liabilities Deposits without stated maturities Level 1 31,945,368 31,945,368 25,220,924 25,220,924 Deposits with stated maturities Level 2 3,687,044 3,670,113 6,714,678 6,639,022 Short-term borrowings Level 1 655,726 637,490 1,147,958 1,151,478 Long-term borrowings Level 2 1,423,676 1,404,184 2,295,665 2,405,345 Junior subordinated debentures issued to capital trusts Level 2 56,413 46,306 56,065 57,779 Accrued interest payable (4) Level 1 4,909 4,909 18,839 18,839 (1) Represents equity securities without a readily determinable fair value measured at costs less impairment, if any. (2) The carrying amount is presented gross without the allowance for credit losses. (3) Included in other assets. (4) Included in accrued expenses and other liabilities.

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investment Securities	INVESTMENT SECURITIES (Note 4) Equity Securities Equity securities carried at fair value totaled $36.5 million and $29.4 million at December 31, 2021 and 2020, respectively. At December 31, 2021, Valley's equity securities consisted of one publicly traded mutual fund, CRA investments and to a lesser extent, equity investments related to the development of new financial technologies. Valley's CRA and other equity investments are a mixture of both public traded entities and privately held entities without readily determinable fair market values. Trading Debt Securities The fair value of trading debt securities, wholly consisting of municipal bonds, totaled $38.1 million at December 31, 2021. We had no trading debt securities at December 31, 2020. Net trading gains were included in net gains and losses on securities transactions within non-interest income. See the "Realized Gains and Losses" section below. Available for Sale Debt Securities The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at December 31, 2021 and 2020 were as follows: Amortized Gross Gross Fair (in thousands) December 31, 2021 U.S. government agency securities $ 20,323 $ 608 $ (6) $ 20,925 Obligations of states and political subdivisions: Obligations of states and state agencies 26,088 132 (93) 26,127 Municipal bonds 53,530 349 (116) 53,763 Total obligations of states and political subdivisions 79,618 481 (209) 79,890 Residential mortgage-backed securities 895,279 14,986 (5,763) 904,502 Corporate and other debt securities 120,871 3,177 (556) 123,492 Total $ 1,116,091 $ 19,252 $ (6,534) $ 1,128,809 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 related available for sale debt securities at December 31, 2021 and 2020 were as follows: Less than More than Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) December 31, 2021 U.S. government agency securities $ — $ — $ 1,326 $ (6) $ 1,326 $ (6) Obligations of states and political subdivisions: Obligations of states and state agencies 10,549 (93) — — 10,549 (93) Municipal bonds 19,100 (116) — — 19,100 (116) Total obligations of states and political subdivisions 29,649 (209) — — 29,649 (209) Residential mortgage-backed securities 371,256 (4,770) 25,960 (993) 397,216 (5,763) Corporate and other debt securities 59,039 (556) — — 59,039 (556) Total $ 459,944 $ (5,535) $ 27,286 $ (999) $ 487,230 $ (6,534) 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 at December 31, 2021 was 139 as compared to 58 at December 31, 2020. As of December 31, 2021, the fair value of securities available for sale that were pledged to secure public deposits, repurchase agreements, lines of credit, and for other purposes required by law, was $568.7 million. The contractual maturities of available for sale debt securities at December 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. December 31, 2021 Amortized Cost Fair Value (in thousands) Due in one year $ 7,057 $ 7,121 Due after one year through five years 30,645 31,222 Due after five years through ten years 94,221 96,722 Due after ten years 88,889 89,242 Residential mortgage-backed securities 895,279 904,502 Total $ 1,116,091 $ 1,128,809 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 5.0 years at December 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. See Note 1 for further information regarding Valley's accounting policy. Valley has evaluated available for sale debt securities that are in an unrealized loss position as of December 31, 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 years ended December 31, 2021 and 2020, respectively, and, as a result, there was no allowance for credit losses for available for sale debt securities at December 31, 2021 and 2020. Held to Maturity Debt Securities The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at December 31, 2021 and 2020 were as follows: Amortized Gross Gross Fair Value (in thousands) December 31, 2021 U.S. Treasury securities $ 67,558 $ 4,103 $ — $ 71,661 U.S. government agency securities 6,265 113 — 6,378 Obligations of states and political subdivisions: Obligations of states and state agencies 141,015 3,065 (312) 143,768 Municipal bonds 196,947 3,536 (87) 200,396 Total obligations of states and political subdivisions 337,962 6,601 (399) 344,164 Residential mortgage-backed securities 2,166,142 14,599 (28,440) 2,152,301 Trust preferred securities 37,020 5 (5,109) 31,916 Corporate and other debt securities 53,750 559 (124) 54,185 Total $ 2,668,697 $ 25,980 $ (34,072) $ 2,660,605 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 December 31, 2021 and 2020 were as follows: Less than More than Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) December 31, 2021 Obligations of states and political subdivisions: Obligations of states and state agencies $ 17,000 $ (254) $ 5,517 $ (58) $ 22,517 $ (312) Municipal bonds 9,403 (87) — — 9,403 (87) Total obligations of states and political subdivisions 26,403 (341) 5,517 (58) 31,920 (399) Residential mortgage-backed securities 1,381,405 (22,365) 206,520 (6,075) 1,587,925 (28,440) Trust preferred securities — — 30,912 (5,109) 30,912 (5,109) Corporate and other debt securities 32,627 (124) — — 32,627 (124) Total $ 1,440,435 $ (22,830) $ 242,949 $ (11,242) $ 1,683,384 $ (34,072) 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 securities held to maturity portfolio, the total number of security positions in an unrealized loss position at December 31, 2021 was 108 as compared to 13 at December 31, 2020. As of December 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 $1.2 billion. The contractual maturities of investments in debt securities held to maturity at December 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. December 31, 2021 Amortized Cost Fair Value (in thousands) Due in one year $ 34,034 $ 34,197 Due after one year through five years 231,104 238,092 Due after five years through ten years 48,465 49,318 Due after ten years 188,952 186,697 Residential mortgage-backed securities 2,166,142 2,152,301 Total $ 2,668,697 $ 2,660,605 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 6.1 years at December 31, 2021. Credit Quality Indicators Valley monitors the credit quality of the held to maturity debt securities utilizing the most current credit ratings from external rating agencies. The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at December 31, 2021 and 2020. AAA/AA/A Rated BBB rated Non-investment grade rated Non-rated Total (in thousands) December 31, 2021 U.S. Treasury securities $ 67,558 $ — $ — $ — $ 67,558 U.S. government agency securities 6,265 — — — 6,265 Obligations of states and political subdivisions: Obligations of states and state agencies 118,368 — 5,576 17,071 141,015 Municipal bonds 148,854 — — 48,093 196,947 Total obligations of states and political subdivisions 267,222 — 5,576 65,164 337,962 Residential mortgage-backed securities 2,166,142 — — — 2,166,142 Trust preferred securities — — — 37,020 37,020 Corporate and other debt securities 2,000 6,000 — 45,750 53,750 Total $ 2,509,187 $ 6,000 $ 5,576 $ 147,934 $ 2,668,697 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 $ 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 December 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. To measure the expected credit losses on held to maturity debt securities that have loss expectations, Valley estimates the expected credit losses using a discounted cash flow model developed by a third-party. See Note 1 for further details. Held to maturity debt securities are carried net of an allowance for credit losses. The following table details the activity in the allowance for credit losses for the years ended December 31, 2021 and 2020: December 31, 2021 2020 (in thousands) Beginning balance $ 1,428 $ — Adoption of ASU No. 2016-13 on January 1, 2020 — 793 (Credit) provision for credit losses (263) 635 Ending balance $ 1,165 $ 1,428 There were no net charge-offs of held to maturity debt securities in the respective periods presented in the table above. Realized Gains and Losses Gross gains and losses realized on sales, maturities and other securities transactions related to non-trading securities and net gains on trading debt securities included in earnings for the years ended December 31, 2021, 2020 and 2019 were as follows: 2021 2020 2019 (in thousands) Sales transactions: Gross gains $ 1,370 $ 665 $ — Gross losses (550) (9) — Total $ 820 $ 656 $ — Maturities and other securities transactions: Gross gains $ 10 $ 34 $ 67 Gross losses (285) (166) (217) Total (275) (132) (150) Net gains on trading debt securities 1,213 — — Net gains (losses) on securities transactions $ 1,758 $ 524 $ (150) Net gains on sales transaction s (as presented in the table above) include sales of available for sale debt securit ies related to $92.0 million of U.S. Treasury securities and residential mortgage-backed securities for the year ended December 31, 2021, and $30.0 million of certain municipal securities for the for the year ended December 31, 2020.

Loans and Allowance for Credit

Loans and Allowance for Credit Losses for Loans	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Loans and Allowance for Credit Losses for Loans	LOANS AND ALLOWANCE FOR CREDIT LOSSES FOR LOANS (Note 5) The detail of the loan portfolio as of December 31, 2021 and 2020 was as follows: 2021 2020 (in thousands) Loans: Commercial and industrial: Commercial and industrial $ 5,411,601 $ 4,709,569 Commercial and industrial PPP loans * 435,950 2,152,139 Total commercial and industrial loans 5,847,551 6,861,708 Commercial real estate: Commercial real estate 18,935,486 16,724,998 Construction 1,854,580 1,745,825 Total commercial real estate loans 20,790,066 18,470,823 Residential mortgage 4,545,064 4,183,743 Consumer: Home equity 400,779 431,553 Automobile 1,570,036 1,355,955 Other consumer 1,000,161 913,330 Total consumer loans 2,970,976 2,700,838 Total loans $ 34,153,657 $ 32,217,112 * Represents SBA Paycheck Protection Program (PPP) loans, net of unearned fees totaling $12.1 million and $43.2 million at December 31, 2021 and 2020, respectively. Total loans include net unearned discounts and deferred loan fees of $78.5 million and $95.8 million at December 31, 2021 and 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 December 31, 2021 and 2020. Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $83.7 million and $90.2 million at December 31, 2021 and 2020, respectively, and is presented within total accrued interest receivable on 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 in 2020. Excluding the loan transfers, there were no other sales of loans from the held for investment portfolio during the years December 31, 2021 and 2020. Related Party Loans In the ordinary course of business, Valley has granted loans to certain directors, executive officers and their affiliates (collectively referred to as “related parties”). These loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other unaffiliated persons and do not involve more than normal risk of collectability. All loans to related parties are performing as of December 31, 2021. The following table summarizes the changes in the total amounts of loans and advances to the related parties during the year ended December 31, 2021: 2021 (in thousands) Outstanding at beginning of year $ 239,625 New loans and advances 7,613 Repayments (13,799) Outstanding at end of year $ 233,439 Loan Portfolio Risk Elements and Credit Risk Management Credit risk management. For all loan types discussed below, Valley adheres to a credit policy designed to minimize credit risk while generating the maximum income given the level of risk appetite. Management reviews and approves these policies and procedures on a regular basis with subsequent approval by the Board of Directors annually. Credit authority relating to a significant dollar percentage of the overall portfolio is centralized and controlled by the Credit Risk Management Division and by the Credit Committee. A reporting system supplements the management review process by providing management with frequent reports concerning loan production, loan quality, internal loan classification, concentrations of credit, loan delinquencies, non-performing, and potential problem loans. Loan portfolio diversification is an important factor utilized by Valley to manage its risk across business sectors and through cyclical economic circumstances. Commercial and industrial loans. A significant portion of Valley’s commercial and industrial loan portfolio is granted to long standing customers of proven ability, strong repayment performance, and high character. Underwriting standards are designed to assess the borrower’s ability to generate recurring cash flow sufficient to meet the debt service requirements of loans granted. While such recurring cash flow serves as the primary source of repayment, a significant number of the loans are collateralized by borrower assets intended to serve as a secondary source of repayment should the need arise. Anticipated cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value, or in the case of loans secured by accounts receivable, the ability of the borrower to collect all amounts due from its customers. Short-term loans may be made on an unsecured basis based on a borrower’s financial strength and past performance. Whenever possible, Valley will obtain the personal guarantee of the borrower’s principals to mitigate the risk. Unsecured loans, when made, are generally granted to the Bank’s most credit worthy borrowers. Unsecured commercial and industrial loans totaled $1.0 billion and $2.7 billion at December 31, 2021 and 2020, respectively (including $436.0 million and $2.2 billion of SBA guaranteed PPP loans, respectively). The commercial portfolio also includes taxi medallion loans totaling approximately $86.0 million with related reserves of $58.5 million at December 31, 2021. All of these loans are on non-accrual status due to ongoing weakness exhibited in the taxi industry caused by strong competition from alternative ride-sharing services and the economic stress caused by the COVID-19 pandemic. Commercial real estate loans . Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans but generally they involve larger principal balances and longer repayment periods as compared to commercial and industrial loans. Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real property. Repayment of most loans is dependent upon the cash flow generated from the property securing the loan or the business that occupies the property. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy and accordingly, conservative loan to value ratios are required at origination, as well as stress tested to evaluate the impact of market changes relating to key underwriting elements. The properties securing the commercial real estate portfolio represent diverse types, with most properties located within Valley’s primary markets. Construction loans . With respect to loans to developers and builders, Valley originates and manages construction loans structured on either a revolving or non-revolving basis, depending on the nature of the underlying development project. These loans are generally secured by the real estate to be developed and may also be secured by additional real estate to mitigate the risk. Non-revolving construction loans often involve the disbursement of substantially all committed funds with repayment substantially dependent on the successful completion and sale, or lease, of the project. Sources of repayment for these types of loans may be from pre-committed permanent loans from other lenders, sales of developed property, or an interim loan commitment from Valley until permanent financing is obtained elsewhere. Revolving construction loans (generally relating to single-family residential construction) are controlled with loan advances dependent upon the presale of housing units financed. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions and the availability of long-term financing. Residential mortgages. Valley originates residential, first mortgage loans based on underwriting standards that generally comply with Fannie Mae and/or Freddie Mac requirements. Appraisals and valuations of real estate collateral are contracted directly with independent appraisers or from valuation services and not through appraisal management companies. The Bank’s appraisal management policy and procedure is in accordance with regulatory requirements and guidance issued by the Bank’s primary regulator. Credit scoring, using FICO ® and other proprietary credit scoring models are employed in the ultimate, judgmental credit decision by Valley’s underwriting staff. Valley does not use third party contract underwriting services. Residential mortgage loans include fixed and variable interest rate loans secured by one to four family homes mostly located in northern and central New Jersey, the New York City metropolitan area, and Florida. Valley’s ability to be repaid on such loans is closely linked to the economic and real estate market conditions in these regions. In deciding whether to originate each residential mortgage, Valley considers the qualifications of the borrower as well as the value of the underlying property. Home equity loans. Home equity lending consists of both fixed and variable interest rate products. Valley mainly provides home equity loans to its residential mortgage customers within the footprint of its primary lending territory. Valley generally will not exceed a combined (i.e., first and second mortgage) loan-to-value ratio of 80 percent when originating a home equity loan. Automobile loans. Valley uses both judgmental and scoring systems in the credit decision process for automobile loans. Automobile originations (including light truck and sport utility vehicles) are largely produced via indirect channels, originated through approved automobile dealers. Automotive collateral is generally a depreciating asset and there are times in the life of an automobile loan where the amount owed on a vehicle may exceed its collateral value. Additionally, automobile charge-offs will vary based on the strength or weakness of the used vehicle market, original advance rate, when in the life cycle of a loan a default occurs and the condition of the collateral being liquidated. Where permitted by law, and subject to the limitations of the bankruptcy code, deficiency judgments are sought and acted upon to ultimately collect all money owed, even when a default resulted in a loss at collateral liquidation. Valley uses a third party to actively track collision and comprehensive risk insurance required of the borrower on the automobile and this third party provides coverage to Valley in the event of an uninsured collateral loss. Other consumer loans. Valley’s other consumer loan portfolio includes direct consumer term loans, both secured and unsecured. The other consumer loan portfolio includes exposures in personal lines of credit (mainly those secured by cash surrender value of life insurance), credit card loans and personal loans. Unsecured consumer loans totaled approximately $54.0 million and $49.4 million, including $12.8 million and $8.8 million of credit card loans, at December 31, 2021 and 2020, respectively. Management believes the aggregate risk exposure to unsecured loans and lines of credit was not significant at December 31, 2021. Credit Quality The following table presents past due, current and non-accrual loans without an allowance for loan losses by loan portfolio class at December 31, 2021 and 2020: Past Due and Non-Accrual Loans 30-59 Days 60-89 Days 90 Days or More Non-Accrual Total Current Total Non-Accrual Loans Without Allowance for Loan Losses (in thousands) December 31, 2021 Commercial and industrial $ 6,717 $ 7,870 $ 1,273 $ 99,918 $ 115,778 $ 5,731,773 $ 5,847,551 $ 9,066 Commercial real estate: Commercial real estate 14,421 — 32 83,592 98,045 18,837,441 18,935,486 70,719 Construction 1,941 — — 17,641 19,582 1,834,998 1,854,580 — Total commercial real estate loans 16,362 — 32 101,233 117,627 20,672,439 20,790,066 70,719 Residential mortgage 10,999 3,314 677 35,207 50,197 4,494,867 4,545,064 20,401 Consumer loans: Home equity 242 98 — 3,517 3,857 396,922 400,779 4 Automobile 6,391 656 271 240 7,558 1,562,478 1,570,036 — Other consumer 178 266 518 101 1,063 999,098 1,000,161 — Total consumer loans 6,811 1,020 789 3,858 12,478 2,958,498 2,970,976 4 Total $ 40,889 $ 12,204 $ 2,771 $ 240,216 $ 296,080 $ 33,857,577 $ 34,153,657 $ 100,190 Past Due and Non-Accrual Loans 30-59 Days 60-89 Days 90 Days or More Non-Accrual Total Current Loans Total Loans Non-Accrual Loans Without Allowance for Loan 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 If interest on non-accrual loans had been accrued in accordance with the original contractual terms, such interest income would have amounted to approximately $7.1 million , $6.2 million, and $2.5 million for the years ended December 31, 2021, 2020 and 2019, respectively; none of these amounts were included in interest income during these periods. Credit quality indicators . Valley utilizes an internal loan classification system as a means of reporting problem loans within commercial and industrial, commercial real estate, and construction loan portfolio classes. Under Valley’s internal risk rating system, loan relationships could be classified as “Pass,” “Special Mention,” “Substandard,” “Doubtful,” and “Loss.” Substandard loans include loans that exhibit well-defined weakness and are characterized by the distinct possibility that Valley will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. Loans classified as Loss are those considered uncollectible with insignificant value and are charged-off immediately to the allowance for loan losses, and, therefore, not presented in the table below. Loans that do not currently pose a sufficient risk to warrant classification in one of the aforementioned categories but pose weaknesses that deserve management’s close attention are deemed Special Mention. Pass rated loans do not currently pose any identified risk and can range from the highest to average quality, depending on the degree of potential risk. Risk ratings are updated any time the situation warrants. The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at December 31, 2021 and 2020: Term Loans Amortized Cost Basis by Origination Year December 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 $ 1,563,050 $ 743,165 $ 461,022 $ 362,748 $ 143,753 $ 337,713 $ 1,968,513 $ 247 $ 5,580,211 Special Mention 4,182 1,195 3,217 14,143 1,726 9,869 102,145 40 136,517 Substandard 8,248 4,823 3,139 7,077 910 408 19,642 109 44,356 Doubtful — — 2,733 — 16,355 67,379 — — 86,467 Total commercial and industrial $ 1,575,480 $ 749,183 $ 470,111 $ 383,968 $ 162,744 $ 415,369 $ 2,090,300 $ 396 $ 5,847,551 Commercial real estate Risk Rating: Pass $ 4,517,917 $ 2,983,140 $ 2,702,580 $ 1,734,922 $ 1,474,770 $ 4,557,011 $ 195,851 $ 13,380 $ 18,179,571 Special Mention 7,700 50,019 46,911 44,187 65,623 143,540 50,168 — 408,148 Substandard 735 34,655 29,029 41,231 70,941 169,041 1,949 — 347,581 Doubtful — — — — — 186 — — 186 Total commercial real estate $ 4,526,352 $ 3,067,814 $ 2,778,520 $ 1,820,340 $ 1,611,334 $ 4,869,778 $ 247,968 $ 13,380 $ 18,935,486 Construction Risk Rating: Pass $ 274,097 $ 98,609 $ 48,555 $ 32,781 $ 6,061 $ 28,419 $ 1,313,555 $ — $ 1,802,077 Special Mention 4,131 — 1,009 — — — 18,449 — 23,589 Substandard 199 19 6 246 — 17,842 10,602 — 28,914 Total construction $ 278,427 $ 98,628 $ 49,570 $ 33,027 $ 6,061 $ 46,261 $ 1,342,606 $ — $ 1,854,580 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 December 31, 2021 and 2020: Term Loans Amortized Cost Basis by Origination Year December 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 $ 1,448,602 $ 635,531 $ 572,911 $ 425,152 $ 368,164 $ 1,014,190 $ 70,342 $ — $ 4,534,892 90 days or more past due — 357 2,627 2,056 2,794 2,338 — — 10,172 Total residential mortgage $ 1,448,602 $ 635,888 $ 575,538 $ 427,208 $ 370,958 $ 1,016,528 $ 70,342 $ — $ 4,545,064 Consumer loans Home equity Performing $ 13,847 $ 5,723 $ 6,994 $ 7,384 $ 5,359 $ 13,597 $ 303,888 $ 42,822 $ 399,614 90 days or more past due — — — — — 35 536 594 1,165 Total home equity 13,847 5,723 6,994 7,384 5,359 13,632 304,424 43,416 400,779 Automobile Performing 735,446 309,856 278,828 157,450 72,753 15,171 — — 1,569,504 90 days or more past due 129 — 78 163 81 81 — — 532 Total automobile 735,575 309,856 278,906 157,613 72,834 15,252 — — 1,570,036 Other consumer Performing 2,949 6,717 6,468 7,017 1,009 14,483 961,027 — 999,670 90 days or more past due — — — — — — 491 — 491 Total other consumer 2,949 6,717 6,468 7,017 1,009 14,483 961,518 — 1,000,161 Total consumer $ 752,371 $ 322,296 $ 292,368 $ 172,014 $ 79,202 $ 43,367 $ 1,265,942 $ 43,416 $ 2,970,976 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 $71.3 million and $57.4 million as of December 31, 2021 and 2020, respectively. Non-performing TDRs totaled $117.2 million and $92.8 million as of December 31, 2021 and 2020, respectively. The following table presents pre- and post-modification amortized cost of loans by loan class modified as TDRs during the years ended December 31, 2021 and 2020. Post-modification amounts are presented as of December 31, 2021 and 2020, respectively. Troubled Debt Number of Pre-Modification Post-Modification ($ in thousands) December 31, 2021 Commercial and industrial 70 $ 52,790 $ 48,764 Commercial real estate: Commercial real estate 12 29,480 29,313 Construction 3 22,049 18,418 Total commercial real estate 15 51,529 47,731 Residential mortgage 14 9,663 9,578 Consumer 1 170 161 Total 100 $ 114,152 $ 106,234 December 31, 2020 Commercial and industrial 42 $ 46,090 $ 42,679 Commercial real estate: Commercial real estate 6 24,683 21,654 Construction — — — Total commercial real estate 6 24,683 21,654 Residential mortgage 12 2,377 2,323 Consumer 1 72 70 Total 61 $ 73,222 $ 66,726 The total TDRs presented in the table above had allocated a specific allowance for loan losses that totaled $29.1 million and $21.1 million at December 31, 2021 and 2020, respectively. There were $6.0 million and $7.7 million of charge-offs related to TDRs for the years ended December 31, 2021 and 2020, respectively . At December 31, 2021, the commercial and industrial loan category in the above table mostly consisted of non-accrual TDR taxi medallion loans classified as substandard and doubtful. Valley did not extend any commitments to lend additional funds to borrowers whose loans have been modified as TDRs during the year ended December 31, 2021. Loans modified as TDRs within the previous 12 months and for which there was a payment default (90 or more days past due) in the years ended December 31, 2021 and 2020 were as follows: Years Ended December 31, 2021 2020 Troubled Debt Restructurings Subsequently Defaulted Number of Recorded Number of Recorded ($ in thousands) Commercial and industrial — $ — 27 $ 23,247 Commercial real estate: Commercial real estate 1 10,261 — — Construction 2 17,599 — — Total commercial real estate 3 27,860 — — Residential mortgage — — 1 247 Total 3 $ 27,860 28 $ 23,494 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, when requested by customers, all of which were insignificant. As of December 31, 2021, Valley had approximately $28 million of outstanding loans remaining in their payment deferral period under short-term modifications as compared to approximately $361 million of loans in deferral at December 31, 2020. Under the applicable guidance, none of these loans were classified as TDRs at December 31, 2021 and 2020. Collateral dependent loans. Loans are collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. When Valley determines that foreclosure is probable, the collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) resulting in an immediate charge-off to the allowance, excluding any consideration for personal guarantees that may be pursued in the Bank’s collection process. The following table presents collateral dependent loans by class as of December 31, 2021 and 2020: 2021 2020 (in thousands) Collateral dependent loans: Commercial and industrial * $ 95,335 $ 106,239 Commercial real estate 110,174 41,562 Residential mortgage 35,745 28,176 Home equity 4 50 Total $ 241,258 $ 176,027 * Commercial and industrial loans are primarily collateralized by taxi medallions . Allowance for Credit Losses for Loans The following table summarizes the allowance for credit losses for loans at December 31, 2021 and 2020: 2021 2020 (in thousands) Components of allowance for credit losses for loans: Allowance for loan losses $ 359,202 $ 340,243 Allowance for unfunded credit commitments 16,500 11,111 Total allowance for credit losses for loans $ 375,702 $ 351,354 The following table summarizes the provision for credit losses for loans for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 (in thousands) Components of provision for credit losses for loans: Provision for loan losses $ 27,507 $ 123,922 $ 25,809 Provision for unfunded credit commitments 5,389 1,165 (1,591) Total provision for credit losses for loans $ 32,896 $ 125,087 $ 24,218 The following table details the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2021 and 2020: Commercial Commercial Residential Consumer Total (in thousands) December 31, 2021 Allowance for loan losses: Beginning balance $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 Allowance for purchased credit deteriorated (PCD) loans 3,528 2,953 57 4 6,542 Loans charged-off (21,507) (382) (140) (4,303) (26,332) Charged-off loans recovered 3,934 2,557 676 4,075 11,242 Net (charge-offs) recoveries (17,573) 2,175 536 (228) (15,090) (Credit) provision for loan losses (13,935) 48,249 (4,346) (2,461) 27,507 Ending balance $ 103,090 $ 217,490 $ 25,120 $ 13,502 $ 359,202 December 31, 2020 Allowance for loan losses: Beginning balance $ 104,059 $ 45,673 $ 5,060 $ 6,967 $ 161,759 Impact of ASU 2016-13 adoption* 15,169 49,797 20,575 6,990 92,531 Beginning balance, adjusted 119,228 95,470 25,635 13,957 254,290 Loans charged-off (34,630) (767) (598) (9,294) (45,289) Charged-off loans recovered 1,956 1,506 670 3,188 7,320 Net (charge-offs) recoveries (32,674) 739 72 (6,106) (37,969) Provision for loan losses 44,516 67,904 3,166 8,336 123,922 Ending balance $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 * 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 for the years ended December 31, 2021 and 2020. Commercial Commercial Residential Consumer Total (in thousands) December 31, 2021 Allowance for loan losses: Individually evaluated for credit losses $ 64,359 $ 6,277 $ 470 $ 390 $ 71,496 Collectively evaluated for credit losses 38,731 211,213 24,650 13,112 287,706 Total $ 103,090 $ 217,490 $ 25,120 $ 13,502 $ 359,202 Loans: Individually evaluated for credit losses $ 119,760 $ 134,135 $ 42,469 $ 2,431 $ 298,795 Collectively evaluated for credit losses 5,727,791 20,655,931 4,502,595 2,968,545 33,854,862 Total $ 5,847,551 $ 20,790,066 $ 4,545,064 $ 2,970,976 $ 34,153,657 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

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	LEASES (Note 6) The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2021 and 2020. December 31, 2021 2020 (in thousands) ROU assets: Operating leases $ 258,714 $ 251,293 Finance leases 403 760 Total $ 259,117 $ 252,053 Lease liabilities: Operating leases $ 282,339 $ 275,248 Finance leases 767 1,427 Total $ 283,106 $ 276,675 The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 (in thousands) Finance lease cost: Amortization of ROU assets $ 378 $ 363 $ 291 Interest on lease liabilities 91 146 191 Operating lease cost 34,842 36,094 34,175 Short-term lease cost 700 783 410 Variable lease cost 3,417 4,296 3,573 Sublease income (3,044) (2,520) (3,422) Total lease cost (included in net occupancy and equipment expense) $ 36,384 $ 39,162 $ 35,218 The following table presents supplemental cash flow information related to leases for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,173 $ 35,943 $ 34,380 Operating cash flows from finance leases 92 146 192 Financing cash flows from finance leases 681 612 492 The following table presents supplemental information related to leases at December 31, 2021 and 2020: December 31, 2021 2020 Weighted-average remaining lease term Operating leases 11.7 years 12.3 years Finance leases 1.0 year 2.0 years Weighted-average discount rate Operating leases 3.28 % 3.56 % Finance leases 7.24 % 7.45 % The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2021: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2022 $ 224,840 $ 35,629 $ 773 2023 198,546 33,461 16 2024 161,704 31,718 5 2025 116,715 30,403 3 2026 69,691 29,375 — Thereafter 33,611 185,226 — Total lease payments 805,107 345,812 797 Less: present value discount (57,311) (63,473) (30) Total $ 747,796 $ 282,339 $ 767
Leases	LEASES (Note 6) The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2021 and 2020. December 31, 2021 2020 (in thousands) ROU assets: Operating leases $ 258,714 $ 251,293 Finance leases 403 760 Total $ 259,117 $ 252,053 Lease liabilities: Operating leases $ 282,339 $ 275,248 Finance leases 767 1,427 Total $ 283,106 $ 276,675 The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 (in thousands) Finance lease cost: Amortization of ROU assets $ 378 $ 363 $ 291 Interest on lease liabilities 91 146 191 Operating lease cost 34,842 36,094 34,175 Short-term lease cost 700 783 410 Variable lease cost 3,417 4,296 3,573 Sublease income (3,044) (2,520) (3,422) Total lease cost (included in net occupancy and equipment expense) $ 36,384 $ 39,162 $ 35,218 The following table presents supplemental cash flow information related to leases for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,173 $ 35,943 $ 34,380 Operating cash flows from finance leases 92 146 192 Financing cash flows from finance leases 681 612 492 The following table presents supplemental information related to leases at December 31, 2021 and 2020: December 31, 2021 2020 Weighted-average remaining lease term Operating leases 11.7 years 12.3 years Finance leases 1.0 year 2.0 years Weighted-average discount rate Operating leases 3.28 % 3.56 % Finance leases 7.24 % 7.45 % The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2021: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2022 $ 224,840 $ 35,629 $ 773 2023 198,546 33,461 16 2024 161,704 31,718 5 2025 116,715 30,403 3 2026 69,691 29,375 — Thereafter 33,611 185,226 — Total lease payments 805,107 345,812 797 Less: present value discount (57,311) (63,473) (30) Total $ 747,796 $ 282,339 $ 767
Leases	LEASES (Note 6) The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2021 and 2020. December 31, 2021 2020 (in thousands) ROU assets: Operating leases $ 258,714 $ 251,293 Finance leases 403 760 Total $ 259,117 $ 252,053 Lease liabilities: Operating leases $ 282,339 $ 275,248 Finance leases 767 1,427 Total $ 283,106 $ 276,675 The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 (in thousands) Finance lease cost: Amortization of ROU assets $ 378 $ 363 $ 291 Interest on lease liabilities 91 146 191 Operating lease cost 34,842 36,094 34,175 Short-term lease cost 700 783 410 Variable lease cost 3,417 4,296 3,573 Sublease income (3,044) (2,520) (3,422) Total lease cost (included in net occupancy and equipment expense) $ 36,384 $ 39,162 $ 35,218 The following table presents supplemental cash flow information related to leases for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,173 $ 35,943 $ 34,380 Operating cash flows from finance leases 92 146 192 Financing cash flows from finance leases 681 612 492 The following table presents supplemental information related to leases at December 31, 2021 and 2020: December 31, 2021 2020 Weighted-average remaining lease term Operating leases 11.7 years 12.3 years Finance leases 1.0 year 2.0 years Weighted-average discount rate Operating leases 3.28 % 3.56 % Finance leases 7.24 % 7.45 % The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2021: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2022 $ 224,840 $ 35,629 $ 773 2023 198,546 33,461 16 2024 161,704 31,718 5 2025 116,715 30,403 3 2026 69,691 29,375 — Thereafter 33,611 185,226 — Total lease payments 805,107 345,812 797 Less: present value discount (57,311) (63,473) (30) Total $ 747,796 $ 282,339 $ 767
Leases	LEASES (Note 6) The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2021 and 2020. December 31, 2021 2020 (in thousands) ROU assets: Operating leases $ 258,714 $ 251,293 Finance leases 403 760 Total $ 259,117 $ 252,053 Lease liabilities: Operating leases $ 282,339 $ 275,248 Finance leases 767 1,427 Total $ 283,106 $ 276,675 The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 (in thousands) Finance lease cost: Amortization of ROU assets $ 378 $ 363 $ 291 Interest on lease liabilities 91 146 191 Operating lease cost 34,842 36,094 34,175 Short-term lease cost 700 783 410 Variable lease cost 3,417 4,296 3,573 Sublease income (3,044) (2,520) (3,422) Total lease cost (included in net occupancy and equipment expense) $ 36,384 $ 39,162 $ 35,218 The following table presents supplemental cash flow information related to leases for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,173 $ 35,943 $ 34,380 Operating cash flows from finance leases 92 146 192 Financing cash flows from finance leases 681 612 492 The following table presents supplemental information related to leases at December 31, 2021 and 2020: December 31, 2021 2020 Weighted-average remaining lease term Operating leases 11.7 years 12.3 years Finance leases 1.0 year 2.0 years Weighted-average discount rate Operating leases 3.28 % 3.56 % Finance leases 7.24 % 7.45 % The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2021: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2022 $ 224,840 $ 35,629 $ 773 2023 198,546 33,461 16 2024 161,704 31,718 5 2025 116,715 30,403 3 2026 69,691 29,375 — Thereafter 33,611 185,226 — Total lease payments 805,107 345,812 797 Less: present value discount (57,311) (63,473) (30) Total $ 747,796 $ 282,339 $ 767
Leases	LEASES (Note 6) The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2021 and 2020. December 31, 2021 2020 (in thousands) ROU assets: Operating leases $ 258,714 $ 251,293 Finance leases 403 760 Total $ 259,117 $ 252,053 Lease liabilities: Operating leases $ 282,339 $ 275,248 Finance leases 767 1,427 Total $ 283,106 $ 276,675 The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 (in thousands) Finance lease cost: Amortization of ROU assets $ 378 $ 363 $ 291 Interest on lease liabilities 91 146 191 Operating lease cost 34,842 36,094 34,175 Short-term lease cost 700 783 410 Variable lease cost 3,417 4,296 3,573 Sublease income (3,044) (2,520) (3,422) Total lease cost (included in net occupancy and equipment expense) $ 36,384 $ 39,162 $ 35,218 The following table presents supplemental cash flow information related to leases for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,173 $ 35,943 $ 34,380 Operating cash flows from finance leases 92 146 192 Financing cash flows from finance leases 681 612 492 The following table presents supplemental information related to leases at December 31, 2021 and 2020: December 31, 2021 2020 Weighted-average remaining lease term Operating leases 11.7 years 12.3 years Finance leases 1.0 year 2.0 years Weighted-average discount rate Operating leases 3.28 % 3.56 % Finance leases 7.24 % 7.45 % The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2021: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2022 $ 224,840 $ 35,629 $ 773 2023 198,546 33,461 16 2024 161,704 31,718 5 2025 116,715 30,403 3 2026 69,691 29,375 — Thereafter 33,611 185,226 — Total lease payments 805,107 345,812 797 Less: present value discount (57,311) (63,473) (30) Total $ 747,796 $ 282,339 $ 767

Premises and Equipment, Net

Premises and Equipment, Net	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Premises and Equipment, Net	PRE MISES AND EQUIPMENT, N ET (Note 7) At December 31, 2021 and 2020, premises and equipment, net consisted of: 2021 2020 (in thousands) Land $ 89,444 $ 90,379 Buildings 212,658 214,476 Leasehold improvements 92,186 88,898 Furniture and equipment 312,693 282,701 Total premises and equipment 706,981 676,454 Accumulated depreciation and amortization (380,675) (356,657) Total premises and equipment, net $ 326,306 $ 319,797 Depreciation and amortization of premises and equipment included in non-interest expense for the years ended December 31, 2021, 2020 and 2019 was approximately $28.8 million, $30.6 million, and $29.4 million, respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS (Note 8) The changes in the carrying amount of goodwill as allocated to our business segments, or reporting units thereof, for goodwill impairment analysis were: Business Segment / Reporting Unit* Wealth Consumer Commercial Investment Total (in thousands) Balance at December 31, 2019 $ 21,218 $ 306,572 $ 825,767 $ 220,068 $ 1,373,625 Goodwill from business combinations — 597 8,175 45 8,817 Balance at December 31, 2020 $ 21,218 $ 307,169 $ 833,942 $ 220,113 $ 1,382,442 Goodwill from business combinations 13,097 1,079 62,073 317 76,566 Balance at December 31, 2021 $ 34,315 $ 308,248 $ 896,015 $ 220,430 $ 1,459,008 * Valley’s Wealth Management Division is comprised of trust, asset management, insurance and tax credit advisory services. This reporting unit is included in the Consumer Lending segment for financial reporting purposes. The goodwill from business combinations set forth in the table above during 2021 related to the Westchester and DV acquisitions and totaled $63.5 million and $13.1 million, respectively. Goodwill resulting from the DV acquisition was allocated entirely to the Wealth Management reporting unit. During 2020, goodwill from business combinations reflected the effect of the combined adjustments to the estimated fair values of certain loans, current taxes payable and deferred tax assets related to the Oritani acquisition on December 1, 2019. See Note 2 for further details related to these acquisitions. There was no imp airment of goodwill during the years ended December 31, 2021, 2020 and 2019. The following tables summarize other intangible assets as of December 31, 2021 and 2020: Gross Accumulated Valuation Net (in thousands) December 31, 2021 Loan servicing rights $ 114,636 $ (90,951) $ — $ 23,685 Core deposits 109,290 (65,488) — 43,802 Other 6,092 (3,193) — 2,899 Total other intangible assets $ 230,018 $ (159,632) $ — $ 70,386 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 Core deposits are amortized using an accelerated method and have a weighted average amortization period of 9.2 years . The line item labeled “Other” included in the table above primarily consists of certain financial asset servicing contracts, 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 6.0 years . Valley recorded $8.1 million of core deposit intangibles res ulting from the Westchester acquisition. Valley evaluates core deposits and other intangibles for impairment when an indication of impairment exists. No impairment was recognized during the years ended December 31, 2021, 2020 and 2019. The following table summarizes the change in loan servicing rights during the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 (in thousands) Loan servicing rights: Balance at beginning of year $ 22,810 $ 24,732 $ 24,193 Origination of loan servicing rights 11,486 8,322 7,473 Amortization expense (10,611) (10,244) (6,934) Balance at end of year $ 23,685 $ 22,810 $ 24,732 Valuation allowance: Balance at beginning of year $ (865) $ (47) $ (83) Impairment adjustment 865 (818) 36 Balance at end of year $ — $ (865) $ (47) Balance at end of year, net of valuation allowance $ 23,685 $ 21,945 $ 24,685 Loan servicing rights are accounted for using the amortization method. As shown in the above table, Valley recorded net recoveries of impairment charges totaling $865 thousand and $36 thousand for the years ended December 31, 2021 and 2019, respectively, and net impairment charges on its loan servicing rights totaling $818 thousand for the year ended December 31, 2020. The Bank is a servicer of residential mortgage loan portfolios, and it is compensated for loan administrative services performed for mortgage servicing rights of loans originated and sold by the Bank, and to a lesser extent, purchased mortgage servicing rights. The aggregate principal balances of residential mortgage loans serviced by the Bank for others approximated $3.6 billion, $3.5 billion and $3.4 billion at December 31, 2021, 2020 and 2019, respectively. The outstanding balance of loans serviced for others is not included in the consolidated statements of financial condition. Valley recognized amortization expense on other intangible assets, including net recoveries of impairment charges on loan servicing rights (reflected in the table above), of $21.8 million, $24.6 million and $18.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. The following table presents the estimated amortization expense of other intangible assets over the next five-year period: Year Loan Servicing Core Other (in thousands) 2022 $ 4,234 $ 11,401 $ 705 2023 3,433 9,510 572 2024 2,817 7,740 484 2025 2,321 5,970 396 2026 1,917 4,225 304

Deposits

Deposits	12 Months Ended
	Dec. 31, 2021
Financial Services, Banking and Thrift [Abstract]
Deposits	DEPOSITS (Note 9) Included in time deposits are certificates of deposit over $250 thousand totaling $861.5 million and $1.4 billion at December 31, 2021 and 2020, respectively. Interest expense on time deposits of $250 thousand or more totaled approximately $1.1 million, $4.5 million and $5.8 million in 2021, 2020 and 2019, respectively. The scheduled maturities of time deposits as of December 31, 2021 were as follows: Year Amount (in thousands) 2022 $ 2,986,056 2023 434,952 2024 72,499 2025 40,134 2026 88,132 Thereafter 65,271 Total time deposits $ 3,687,044 Deposits from certain directors, executive officers and their affiliates totaled $92.3 million and $97.3 million at December 31, 2021 and 2020, respectively.

Borrowed Funds

Borrowed Funds	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Borrowed Funds	BORROWED FUNDS (Note 10) Short-Term Borrowings Short-term borrowings at December 31, 2021 and 2020 consisted of the following: 2021 2020 FHLB advances $ 500,000 $ 1,000,000 Securities sold under agreements to repurchase 155,726 147,958 Total short-term borrowings $ 655,726 $ 1,147,958 The weighted average interest rate for short-term FHLB advances was 0.37 percent and 0.38 percent at December 31, 2021 and 2020, respectively. The interest payments on the FHLB advances totaling $500 million were hedged with interest rate swaps at December 31, 2021. See Note 15 for additional details. Long-Term Borrowings Long-term borrowings at December 31, 2021 and 2020 consisted of the following: 2021 2020 FHLB advances, net (1) $ 789,033 $ 1,592,252 Subordinated debt, net (2) 634,643 403,413 Securities sold under agreements to repurchase — 300,000 Total long-term borrowings $ 1,423,676 $ 2,295,665 (1) FHLB advances are presented net of unamortized premiums totaling $1.0 million at December 31, 2021 and prepayment penalties, and other purchase accounting adjustments totaling $2.6 million at December 31, 2020. (2) Subordinated debt is presented net of unamortized debt issuance costs totaling $5.8 million and $2.7 million at December 31, 2021 and 2020, respectively. FHLB Advances. Long-term FHLB advances had a weighted average interest rate of 1.88 percent and 2.02 percent at December 31, 2021 and 2020, respectively. FHLB advances are secured by pledges of certain eligible collateral, including but not limited to, U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgage and commercial real estate loans. In June 2021, Valley prepaid $247.5 million of long-term FHLB advances with maturities scheduled through 2025 and a weighted average effective interest rate of 1.82 percent. In December 2020, Valley prepaid $534.3 million of long-term FHLB advances scheduled to mature in 2021 and 2022 with a weighted average effective interest rate of 2.48 percent. The June 2021 and December 2020 transactions were funded with excess cash liquidity and accounted for as an early debt extinguishment resulting in losses of $8.4 million and $9.7 million reported within non-interest expense for the years ended December 31, 2021 and 2020, respectively. Long-Term Borrowings The long-term FHLB advances at December 31, 2021 are scheduled for contractual balance repayments as follows: Year Amount (in thousands) 2023 $ 350,000 2024 165,000 2025 273,000 Total long-term FHLB advances $ 788,000 There are no FHLB advances with scheduled repayments in years 2023 and thereafter, reported in the table above, which are callable for early redemption by the FHLB during 2022. Subordinated Debt. On April 1, 2021, Valley redeemed, at par value, $60 million of its callable 6.25 percent subordinated notes originally due April 1, 2026. No gain or loss was incurred on this transaction. At December 31, 2021, Valley had the following subordinated debt outstanding by its maturity date: • $125 million of 5.125 percent subordinated notes issued in September 2013 and due September 27, 2023 with no call dates or prepayments allowed, unless certain conditions exist. Interest on the subordinated debentures is payable semi-annually in arrears on March 27 and September 27 of each year. In conjunction with the issuance, Valley entered into an interest rate swap transaction used to hedge the change in the fair value of the subordinated notes. In August 2016, the fair value interest rate swap with a notional amount of $125 million was terminated resulting in an adjusted fixed annual interest rate of 3.32 percent on the subordinated notes, after amortization of the derivative valuation adjustment recorded at the termination date. The subordinated notes had a net carrying value of $125.2 million and $130.5 million at December 31, 2021 and 2020, respectively. • $100 million of 4.55 percent subordinated debentures (notes) issued in June 2015 and due June 30, 2025 with no call dates or prepayments allowed unless certain conditions exist. Interest on the subordinated notes is payable semi-annually in arrears on June 30 and December 30 of each year. The subordinated notes had a net carrying value of $99.6 million and $99.5 million at December 31, 2021 and 2020, respectively. • $115 million of 5.25 percent Fixed-to-Floating Rate subordinated notes issued in June 2020 and due June 15, 2030 callable in whole or in part on or after June 15, 2025 or upon the occurrence of certain events. Interest on the subordinated notes during the initial five-year term through June 15, 2025 is payable semi-annually on June 15 and December 15. Thereafter, interest is expected to be set based on Three-Month Term Secured Overnight Financing Rate (SOFR) plus 514 basis points and paid quarterly through maturity of the notes. The subordinated notes had a net carrying value of $113.4 million and $113.3 million at December 31, 2021 and 2020, respectively. • $300 million of 3.00 percent Fixed-to-Floating Rate subordinated notes issued in May 2021 and due June 15, 2031. The subordinated notes are callable in whole or in part on or after June 15, 2026 or upon the occurrence of certain events. Interest on the subordinated notes during the initial five year term through June 15, 2026 is payable semi-annually on June 15 and December 15. Thereafter, interest is expected to be set based on three-month SOFR plus 236 basis points and paid quarterly through maturity of the notes. At December 31, 2021, the subordinated notes had a carrying value of $296.4 million, net of unamortized debt issuance costs. During June 2021, Valley entered into an interest rate swap transaction used to hedge the change in the fair value of the $300 million in subordinated notes. See Note 15 for additional details. Long-term securities sold under agreements to repurchase (repos). The long-term institutional repos had a weighted average interest rate of 3.37 percent at December 31, 2020. Long-term repos outstanding as of December 31, 2020 were repaid upon their respective contractual maturity dates during the third quarter 2021. In September 2020, Valley prepaid $50 million of long-term institutional repo borrowings with an interest rate of 3.70 percent and an original contractual maturity date in January 2022. The debt prepayment was funded by excess cash liquidity. The transaction was accounted for as an early debt extinguishment resulting in a loss of $2.4 million for the year ended December 31, 2020. Pledged Securities. The fair value of securities pledged to secure public deposits, repurchase agreements, lines of credit, FHLB advances and for other purposes required by law approximated $1.7 billion and $2.1 billion for December 31, 2021 and 2020, respectively.

Junior Subordinated Debentures

Junior Subordinated Debentures Issued to Capital Trusts	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Junior Subordinated Debentures Issued to Capital Trusts	JUNIOR SUBORDINATED DEBENTURES ISSUED TO CAPITAL TRUSTS (Note 11) All of the statutory trusts presented in the table below were acquired in past bank acquisitions. These trusts were established for the sole purpose of issuing trust preferred securities and related trust common securities. The proceeds from such issuances were used by the trust to purchase an equivalent amount of junior subordinated debentures issued by the acquired bank, and now assumed by Valley. The junior subordinated debentures, the sole assets of the trusts, are unsecured obligations of Valley, and are subordinate and junior in right of payment to all present and future senior and subordinated indebtedness and certain other financial obligations of Valley. Valley does not consolidate its capital trusts based on U.S. GAAP but wholly owns all of the common securities of each trust. The table below summarizes the outstanding junior subordinated debentures and the related trust preferred securities issued by each trust as of December 31, 2021 and 2020: GCB State Bancorp State Bancorp Aliant Statutory Trust II ($ in thousands) Junior Subordinated Debentures: December 31, 2021 Carrying value (1) $ 24,743 $ 9,225 $ 8,730 $ 13,715 Contractual principal balance 24,743 10,310 10,310 15,464 December 31, 2020 Carrying value (1) $ 24,743 $ 9,125 $ 8,599 $ 13,598 Contractual principal balance 24,743 10,310 10,310 15,464 Annual interest rate 3-mo. LIBOR+1.4% 3-mo. LIBOR+3.45% 3-mo. LIBOR+2.85% 3-mo. LIBOR+1.8% Stated maturity date July 30, 2037 November 7, 2032 January 23, 2034 December 15, 2036 Initial call date July 30, 2017 November 7, 2007 January 23, 2009 December 15, 2011 Trust Preferred Securities: December 31, 2021 and 2020 Face value $ 24,000 $ 10,000 $ 10,000 $ 15,000 Annual distribution rate 3-mo. LIBOR+1.4% 3-mo. LIBOR+3.45% 3-mo. LIBOR+2.85% 3-mo. LIBOR+1.8% Issuance date July 2, 2007 October 29, 2002 December 19, 2003 December 14, 2006 Distribution dates (2) Quarterly Quarterly Quarterly Quarterly (1) The carrying values include unamortized purchase accounting adjustments at December 31, 2021 and 2020. (2) All cash distributions are cumulative. The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated debentures at the stated maturity date or upon early redemption. The trusts’ ability to pay amounts due on the trust preferred securities is solely dependent upon Valley making payments on the related junior subordinated debentures. Valley’s obligation under the junior subordinated debentures and other relevant trust agreements, in aggregate, constitutes a full and unconditional guarantee by Valley of the trusts’ obligations under the trust preferred securities issued. Under the junior subordinated debenture agreements, Valley has the right to defer payment of interest on the debentures and, therefore, distributions on the trust preferred securities, for up to five years, but not beyond the stated maturity dates in the table above. Currently, Valley has no intention to exercise its right to defer interest payments on the debentures. The trust preferred securities are included in Valley’s total risk-based capital (as Tier 2 capital) for regulatory purposes at December 31, 2021 and 2020.

Benefit Plans

Benefit Plans	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Benefit Plans	BENEFIT PLANS (Note 12) Pension Plan The Bank has a non-contributory defined benefit plan (qualified plan) covering most of its employees. The qualified plan benefits are based upon years of credited service and the employee’s highest average compensation as defined. Additionally, the Bank has a supplemental non-qualified, non-funded retirement plan, which is designed to supplement the pension plan for key officers, and Valley has a non-qualified, non-funded directors’ retirement plan (both of these plans are referred to as the “non-qualified plans” below). Effective December 31, 2013, the benefits earned under the qualified and non-qualified plans were frozen. As a result, Valley re-measured the projected benefit obligation of the affected plans and the funded status of each plan at June 30, 2013. Consequently, participants in each plan will not accrue further benefits and their pension benefits will be determined based on their compensation and service as of December 31, 2013. Plan benefits will not increase for any compensation or service earned after such date. All participants were immediately vested in their frozen accrued benefits if they were employed by the Bank as of December 31, 2013. The following table sets forth the change in the projected benefit obligation, the change in fair value of plan assets and the funded status and amounts recognized in Valley’s consolidated financial statements for the qualified and non-qualified plans at December 31, 2021 and 2020: 2021 2020 (in thousands) Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 190,849 $ 175,405 Interest cost 3,510 4,941 Actuarial loss (5,418) 18,813 Benefits paid (8,737) (8,310) Projected benefit obligation at end of year $ 180,204 $ 190,849 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 260,651 $ 236,621 Actual return on plan assets 25,057 30,987 Employer contributions 1,449 1,353 Benefits paid (8,737) (8,310) Fair value of plan assets at end of year* $ 278,420 $ 260,651 Funded status of the plan Asset recognized $ 98,216 $ 69,802 Accumulated benefit obligation 180,204 190,849 * Includes accrued interest receivable of $783 thousand and $623 thousand as of December 31, 2021 and 2020, respectively. Amounts recognized as a component of accumulated other comprehensive loss as of year-end that have not been recognized as a component of the net periodic pension expense for Valley’s qualified and non-qualified plans are presented in the following table. Valley expects to recognize approximately $698 thousand of the net actuarial loss reported in the following table as of December 31, 2021 as a component of net periodic pension expense during 2022. 2021 2020 (in thousands) Net actuarial loss $ 34,623 $ 50,272 Prior service cost 286 321 Deferred tax benefit (9,703) (14,132) Total $ 25,206 $ 36,461 The non-qualified plans had a projected benefit obligation, accumulated benefit obligation, and fair value of plan assets as follows: 2021 2020 (in thousands) Projected benefit obligation $ 18,911 $ 20,513 Accumulated benefit obligation 18,911 20,513 Fair value of plan assets — — In determining discount rate assumptions, management looks to current rates on fixed-income corporate debt securities that receive a rating of AA or higher from either Moody’s or S&P with durations equal to the expected benefit payments streams required of each plan. The weighted average discount rate used in determining the actuarial present value of benefit obligations for the qualified and non-qualified plans was 2.87 percent a nd 2.52 percent as of December 31, 2021 and 2020, respectively. The net periodic pension income for the qualified and non-qualified plans reported within other non-interest expense included the following components for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 (in thousands) Interest cost $ 3,510 $ 4,941 $ 6,113 Expected return on plan assets (16,364) (17,200) (16,453) Amortization of net loss 1,538 1,003 264 Total net periodic pension income $ (11,316) $ (11,256) $ (10,076) Valley estimated the interest cost component of net periodic pension income (as shown in the table above) using a spot rate approach for the plans by applying the specific spot rates along the yield curve to the relevant projected cash flows. Valley believes this provides a better estimate of interest costs than a single weighted average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the applicable period. Other changes in the qualified and non-qualified plan assets and benefit obligations recognized in other comprehensive (loss) income for the years ended December 31, 2021 and 2020 were as follows: 2021 2020 (in thousands) Net (gain) loss $ (14,381) $ 4,754 Amortization of prior service cost 135 136 Amortization of actuarial loss (1,538) (1,003) Total recognized in other comprehensive (loss) income $ (15,784) $ 3,887 Total recognized in net periodic pension income and other comprehensive (loss) income (before tax) $ (26,965) $ (7,233) The benefit payments, which reflect expected future service, as appropriate, expected to be paid in future years are presented in the following table: Year Amount (in thousands) 2022 $ 9,043 2023 9,319 2024 9,533 2025 9,800 2026 9,928 Thereafter 49,629 The weighted average discount rate, expected long-term rate of return on assets and rate of compensation increase used in determining Valley’s pension expense for the years ended December 31, 2021, 2020 and 2019 were as follows: 2021 2020 2019 Discount rate - projected benefit obligation 2.50 % 3.29 % 4.30 % Discount rate - interest cost 1.88 % 2.62 % 3.99 % Expected long-term return on plan assets 6.75 % 7.50 % 7.50 % Rate of compensation increase N/A N/A N/A The expected rate of return on plan assets assumption is based on the concept that it is a long-term assumption independent of the current economic environment and changes would be made in the expected return only when long-term inflation expectations change, asset allocations change materially or when asset class returns are expected to change for the long-term. In accordance with Section 402 (c) of ERISA, the qualified plan’s investment managers are granted full discretion to buy, sell, invest and reinvest the portions of the portfolio assigned to them consistent with the Bank’s Pension Committee’s policy and guidelines. The target asset allocation set for the qualified plan is an approximate equal weighting of 50 percent fixed income securities and 50 percent equity securities. Although much depends upon market conditions, the absolute investment objective for the equity portion is to earn at least a mid-to-high single digit return, after adjustment by the Consumer Price Index (CPI), over rolling five-year periods. Relative performance should be above the median of a suitable grouping of other equity portfolios and a suitable index over rolling three-year periods. For the fixed income portion, the absolute objective is to earn a positive annual real return, after adjustment by the CPI, over rolling five-year periods. Relative performance should be better than the median performance of bonds when judged against a suitable index of other fixed income portfolios and above the Merrill Lynch Intermediate Government/Corporate Index over rolling three-year periods. Cash equivalents will be invested in money market funds or in other high quality instruments approved by the Trustees of the qualified plan. The exposure of the plan assets of the qualified plan to risk is limited by the Bank’s Pension Committee’s diversification of the investments into various investment options with multiple asset managers. The Pension Committee engages an investment management advisory firm that regularly monitors the performance of the asset managers and ensures they are within compliance of the policies adopted by the Trustees. If the risk profile and overall return of assets managed are not in line with the risk objectives or expected return benchmarks for the qualified plan, the advisory firm may recommend the termination of an asset manager to the Pension Committee. In general, the plan assets of the qualified plan are investment securities that are well-diversified in terms of industry, capitalization and asset class. The following table presents the qualified plan weighted-average asset allocations by asset category that are measured at fair value on a recurring basis by level within the fair value hierarchy under ASC Topic 820. Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. See Note 3 for further details regarding the fair value hierarchy. Fair Value Measurements at Reporting Date Using: % of Total December 31, 2021 Quoted Prices Significant Significant ($ in thousands) Assets: Investments: Mutual funds 28 % $ 79,462 $ 79,462 $ — $ — Corporate bonds 23 64,715 — 64,715 — U.S. Treasury securities 22 59,931 59,931 — — Equity securities 21 57,987 57,987 — — U.S. government agency securities 4 10,590 — 10,590 — Cash and money market funds 2 4,952 4,952 — — Total investments 100 % $ 277,637 $ 202,332 $ 75,305 $ — Fair Value Measurements at Reporting Date Using: % of Total December 31, 2020 Quoted Prices Significant Significant ($ in thousands) Assets: Investments: Mutual funds 18 % $ 48,041 $ 48,041 $ — $ — Corporate bonds 20 51,410 — 51,410 — U.S. Treasury securities 20 52,549 52,549 — — Equity securities 37 94,434 94,434 — — U.S. government agency securities 3 8,174 — 8,174 — Cash and money market funds 2 5,420 5,420 — — Total investments 100 % $ 260,028 $ 200,444 $ 59,584 $ — The following is a description of the valuation methodologies used for assets measured at fair value: Equity securities, U.S. Treasury securities and cash and money market funds are valued at fair value in the tables above utilizing exchange quoted prices in active markets for identical instruments (Level 1 inputs). Mutual funds are measured at their respective net asset values, which represents fair values of the securities held in the funds based on exchange quoted prices available in active markets (Level 1 inputs). Corporate bonds and U.S. government agency securities are reported at fair value utilizing Level 2 inputs. The prices for these investments are derived from market quotations and matrix pricing obtained through an independent pricing service. Such fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Based upon actuarial estimates, Valley does not expect to make any contributions to the qualified plan. Funding requirements for subsequent years are uncertain and will significantly depend on whether the plan’s actuary changes any assumptions used to calculate plan funding levels, the actual return on plan assets, changes in the employee groups covered by the plan, and any legislative or regulatory changes affecting plan funding requirements. For tax planning, financial planning, cash flow management or cost reduction purposes, Valley may increase, accelerate, decrease or delay contributions to the plan to the extent permitted by law. Other Non-Qualified Plans Valley maintains separate non-qualified plans for former directors and senior management of Merchants Bank of New York acquired in January of 2001. At December 31, 2021 and 2020, the remaining obligations under these plans were $1.3 million and $1.4 million, respectively, of which $348 thousand and $399 thousand, respectively, were funded by Valley. As of December 31, 2021 and 2020, all of the obligations were included in other liabilities and $660 thousand (net of a $257 thousand tax benefit) and $731 thousand (net of a $286 thousand tax benefit), respectively, were recorded in accumulated other comprehensive loss. The $917 thousand in accumulated other comprehensive loss will be reclassified to expense on a straight-line basis over the remaining benefit periods of these non-qualified plans. Valley assumed, in the Oritani acquisition on December 1, 2019, certain obligations under non-qualified retirement plans described below: • Non-qualified benefit equalization pension plan that provided benefits to certain officers who were disallowed certain benefits under former Oritani’s qualified pension plan. This plan was terminated on November 30, 2019 and the accrued benefits are payable to plan participants in five equal installments beginning annually on December 1, 2020 through December 1, 2024. The funded obligation under this plan totaled $979 thousand and $1.3 million at December 31, 2021 and 2020, respectively. • Supplemental Executive Retirement Income Agreement (the SERP) for the former CEO of Oritani. The SERP is a retirement benefit with a minimum payment period of 20 years upon death, disability, normal retirement, early retirement or separation from service after a change in control. Distributions from the plan began on July 1, 2020. The funded obligation under the SERP totaled $13.9 million and $13.6 million at December 31, 2021 and 2020, respectively. Valley recorded $357 thousand and $1.5 million of expenses related to the SERP for the year ended December 31, 2021 and 2020, respectively. The above Oritani non-qualified plans are secured by investments in money market mutual funds which are held in a trust and classified as equity securities on the consolidated statements of financial condition at both December 31, 2021 and 2020. Valley also assumed an Executive Group Life Insurance Replacement (“Split-Dollar”) Plan from Oritani. The Split-Dollar plan provides life insurance benefits to certain eligible employees upon death while employed or following termination of employment due to disability, retirement or change in control. Participants in the Split-Dollar plan are entitled to up to two times their base annual salary, as defined by the plan. The accrued liability for the Split-Dollar plan totaled $1.7 million and $1.8 million at December 31, 2021 and 2020 , respectively. Valley recorded $104 thousand and $812 thousand of expenses related to the Split-Dollar plan f or the years ended December 31, 2021 and 2020 , respectively . Bonus Plan Valley National Bank and its subsidiaries may award cash incentive and merit bonuses to its officers and employees based upon a percentage of the covered employees’ compensation as determined by the achievement of certain performance objectives. Amounts charged to salary expense were $29.0 million, $25.1 million and $19.1 million during 2021, 2020 and 2019, respectively. Savings and Investment Plan Valley National Bank maintains a 401(k) plan that covers eligible employees of the Bank and its subsidiaries and allows employees to contribute a percentage of their salary, with the Bank matching a certain percentage of the employee contribution in cash invested in accordance with each participant’s investment elections. The Bank recorded $10.7 million, $10.1 million and $8.6 million in expense for contributions to the plan for the years ended December 31, 2021, 2020 and 2019, respectively. Deferred Compensation Plan Valley has a non-qualified, unfunded deferred compensation plan maintained for the purpose of providing deferred compensation for selected employees participating in the 401(k) plan whose contributions are limited as a result of the limitations under Section 401(a)(17) of the Internal Revenue Code. Each participant in the plan is permitted to defer per calendar year, up to five percent of the portion of the participant’s salary and cash bonus above the limit in effect under the Company's 401(k) plan and receive employer matching contributions that become fully vested after two years of participation in the plan. Plan participants also receive an annual interest crediting on their balances held as of December 31 each year. Benefits are generally paid to a participant in a single lump sum following the participant’s separation from service with Valley. Valley recorded plan expenses of $415 thousand, $372 thousand and $273 thousand for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021 and 2020, Valley had an unsecured general liability of $2.4 million and $1.7 million, respectively, included in accrued expenses and other liabilities in connection with this plan. Stock Based Compensation On April 19, 2021, Valley's shareholders approved the Valley National Bancorp 2021 Incentive Compensation Plan (the 2021 Plan) administered by the Compensation and Human Capital Management 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. As of December 31, 2021 , 7.4 million sh ares of common stock were available for issuance under the 2021 Plan. The essential features of each award are described in the award agreement relating to that award. The grant, exercise, vesting, settlement or payment of an award may be based upon the fair value of Valley's common stock on the last sale price reported for Valley's common stock on such date or the last sale price reported preceding such date, except for performance-based awards with a market condition. The grant date fair values of performance-based awards that vest based on a market condition are determined by a third-party specialist using a Monte Carlo valuation model. Valley recorded total stock-based compensation expense of $20.9 million, $16.5 million and $15.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. The stock-based compensation expense for 2021, 2020 and 2019 included $1.6 million, $1.5 million and $2.1 million, respectively, related to stock awards granted to retirement eligible employees. Compensation expense for awards to retirement eligible employees is amortized monthly over a one year required service period after the grant date. The fair values of all other stock awards are expensed over the shorter of the vesting or required service period. As of December 31, 2021, the unrecognized amortization expense for all stock-based compensation totaled approximately $18.6 million and will be recognized over an average remaining vesting period of approximately 1.82 years . Restricted Stock Units (RSUs) . Restricted stock units are awarded as (1) performance-based RSUs and (2) time-based RSUs. Performance based RSUs vest based on (i) growth in tangible book value per share plus dividends and (ii) total shareholder return as compared to our peer group. The performance based RSUs "cliff" vest after three years based on the cumulative performance of Valley during that time period. Generally, time-based RSUs vest ratably one-third each year over a three-year vesting period. The RSUs earn dividend equivalents (equal to cash dividends paid on Valley's common share) over the applicable performance or service period. Dividend equivalents, per the terms of the agreements, are accumulated and paid to the grantee at the vesting date, or forfeited if the applicable performance or service conditions are not met. The grant date fair value of the performance-based RSUs was $12.36, $10.99 and $10.14 per share for the years ended December 31, 2021, 2020, and 2019, respectively. The grant date fair value of time-based RSUs was $12.01, $10.29, $10.32 for the years ended December 31, 2021, 2020, and 2019, respectively. The following table sets forth the changes in RSUs outstanding for the years ended December 31, 2021, 2020 and 2019: Restricted Stock Units Outstanding 2021 2020 2019 Outstanding at beginning of year 3,228,659 2,158,255 1,378,886 Granted 1,999,376 2,030,026 1,412,941 Vested (1,239,797) (879,085) (500,204) Forfeited (98,482) (80,537) (133,368) Outstanding at end of year 3,889,756 3,228,659 2,158,255 Restricted Stock. Restricted stock is awarded to key employees providing for the immediate award of our common stock subject to certain vesting and restrictions under the 2016 Plan. Compensation expense is measured based on the grant-date fair value of the shares. The following table sets forth the changes in restricted stock awards outstanding for the years ended December 31, 2021, 2020 and 2019: Restricted Stock Awards Outstanding 2021 2020 2019 Outstanding at beginning of year 413,701 1,058,681 1,720,968 Vested (191,104) (610,607) (547,653) Forfeited (8,689) (34,373) (114,634) Outstanding at end of year 213,908 413,701 1,058,681 Stock Options . The fair value of each option granted on the date of grant is estimated using a binomial option pricing model. The fair values are estimated using assumptions for dividend yield based on the annual dividend rate; the stock volatility, based on Valley’s historical and implied stock price volatility; the risk-free interest rates, based on the U.S. Treasury constant maturity bonds, in effect on the actual grant dates, with a remaining term approximating the expected term of the options; and expected exercise term calculated based on Valley’s historical exercise experience. The following table summarizes stock options activity as of December 31, 2021, 2020 and 2019 and changes during the years ended on those dates: 2021 2020 2019 Weighted Weighted Weighted Stock Options Shares Price Shares Price Shares Price Outstanding at beginning of year 2,986,347 $ 7 3,453,516 $ 8 1,051,787 $ 7 Acquired in business combinations — — — — 3,130,171 8 Exercised (2,768,792) 7 (249,308) 8 (716,920) 7 Forfeited or expired — — (217,861) 11 (11,522) 8 Outstanding at end of year 217,555 7 2,986,347 7 3,453,516 8 Exercisable at year-end 217,555 7 2,986,347 7 3,339,517 8 The following table summarizes information about stock options outstanding and exercisable at December 31, 2021: Options Outstanding and Exercisable Range of Exercise Prices Number of Options Weighted Average Weighted Average $2-4 1,830 1.0 $ 4 4-6 50,892 4.1 6 6-8 107,233 5.2 7 8-10 32,000 6.3 10 10-12 25,600 6.7 10 217,555 5.2 7

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES (Note 13) Income tax expense for the years ended December 31, 2021, 2020 and 2019 consisted of the following: 2021 2020 2019 (in thousands) Current expense: Federal $ 92,823 $ 96,057 $ 95,317 State 47,249 48,463 36,457 140,072 144,520 131,774 Deferred expense (benefit): Federal 19,709 (3,109) 10,444 State 7,118 (1,951) 4,784 26,827 (5,060) 15,228 Total income tax expense $ 166,899 $ 139,460 $ 147,002 The tax effects of temporary differences that gave rise to the significant portions of the deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows: 2021 2020 (in thousands) Deferred tax assets: Allowance for credit losses $ 102,704 $ 96,508 Employee benefits 22,587 20,888 Net operating loss carryforwards 15,859 17,814 Purchase accounting 8,971 10,354 Other 11,689 24,677 Total deferred tax assets 161,810 170,241 Deferred tax liabilities: Pension plans 30,119 22,705 Depreciation 10,343 3,829 Investment securities 3,728 12,690 Other investments 12,069 9,584 Core deposit intangibles 11,888 12,960 Other 14,133 12,226 Total deferred tax liabilities 82,280 73,994 Valuation Allowance 916 916 Net deferred tax asset (included in other assets) $ 78,614 $ 95,331 Valley's federal net operating loss carryforwards totaled approximately $56.0 million at December 31, 2021 and expire during the period from 2029 through 2034. Valley's capital loss carryforwards totaled $3.1 million at December 31, 2021 and begin to expire at December 31, 2022. State net operating loss carryforwards totaled approximately $86.2 million at December 31, 2021 and expire during the period from 2029 through 2038. Based upon taxes paid and projections of future taxable income over the periods in which the net deferred tax assets are deductible, management believes that it is more likely than not that Valley will realize the benefits, net of an immaterial valuation allowance, of these deductible differences and loss carryforwards. Reconciliation between the reported income tax expense and the amount computed by multiplying consolidated income before taxes by the statutory federal income tax rate of 21 percent for the years ended December 31, 2021, 2020, and 2019 were as follows: 2021 2020 2019 (in thousands) Federal income tax at expected statutory rate $ 134,556 $ 111,314 $ 95,927 Increase (decrease) due to: State income tax expense, net of federal tax effect 42,950 36,744 32,581 Tax-exempt interest, net of interest incurred to carry tax-exempt securities (2,298) (2,786) (3,118) Bank owned life insurance (1,759) (2,026) (1,637) Tax credits from securities and other investments (9,942) (10,071) (11,636) FDIC insurance premium 2,457 3,283 2,507 Addition to reserve for uncertainties — — 31,123 Other, net 935 3,002 1,255 Income tax expense $ 166,899 $ 139,460 $ 147,002 We invest in certain tax-advantaged investments that support qualified affordable housing projects and community development. Our investments in these projects are designed to generate a return primarily through the realization of federal and state income tax credits, and other tax benefits, over specified time periods. Third parties perform diligence on these investments for us on which we rely both at inception and on an on-going basis. We are subject to the risk that previously recorded tax credits, which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level, may fail to meet certain government compliance requirements and may not be able to be realized. We previously invested in mobile solar generators sold and leased back by DC Solar and its affiliates (DC Solar). DC Solar had its assets frozen in December 2018 by the U.S. Department of Justice. DC Solar and related entities are in Chapter 7 bankruptcy. A group of investors who purchased mobile solar gener ators from, and leased them back to DC Solar, including Valley received tax credits for making these renewable resource investments. During the fourth quarter 2019, several of the co- conspirators pleaded guilty to fraud in the on-going federal investigation. Based upon this information, Valley deemed that its tax positions related to the DC Solar funds did not meet the more likely than not recognition threshold in Valley's tax reserve assessment at December 31, 2019. The principals pleaded guilty to fraud in early 2020. As of December 31, 2021, 2020, and 2019, Valley believes that it was fully reserved for the renewable energy tax credits and other tax benefits previously recognized from the investments in the DC Solar funds plus interest. Valley will continue to evaluate all of its existing tax positions, however, there can be no assurance that Valley will not recognize additional tax provisions related to this uncertain tax liability in the future. A reconciliation of Valley’s reserve for uncertain tax liability positions for 2021, 2020 and 2019 is presented in the table below: 2021 2020 2019 (in thousands) Beginning balance $ 31,918 $ 31,918 $ — Additions based on tax positions related to prior years — — 31,918 Settlements with taxing authorities (1,559) — — Ending balance $ 30,359 $ 31,918 $ 31,918 The entire balance of the reserve for uncertain tax liability positions, if recognized, would favorably affect Valley's effective income tax rate. It is reasonably possible that the reserve for uncertain tax liability positions could increase or decrease in the next twelve months due to completion of tax authorities’ exams or the expiration of statutes of limitations. The United States Bankruptcy Court approved the sale of the mobile solar generators resulting in a tax credit recapture of $1.6 million in 2021. Management estimates that the reserve for uncertain tax liability positions could decrease by $7.0 million within the next twelve months. Valley’s policy is to report interest and penalties, if any, related to the reserve for uncertain tax liability positions in income tax expense. Valley accrued approximately $8.7 million, $7.6 million, and $6.1 million of interest expense associated with Valley’s uncertain tax positions at December 31, 2021, 2020, and 2019, respectively. Valley monitors its tax positions for the underlying facts, circumstances, and information available including the federal investigation of DC Solar and changes in tax laws, case law and regulations that may necessitate subsequent de-recognition of previous tax benefits. Valley files income tax returns in the U.S. federal and various state jurisdictions. With few exceptions, Valley is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2017. Valley is under examination by the IRS and also under routine examination by various state jurisdictions, and we expect the examinations to be completed within the next 12 months. Valley has considered, for all open audits, any potential adjustments in establishing our reserve for uncertain tax liability positions as of December 31, 2021. TAX CREDIT INVESTMENTS (Note 14) Valley’s tax credit investments are primarily related to investments promoting qualified affordable housing projects, and other investments related to community development and renewable energy sources. Some of these tax-advantaged investments support Valley’s regulatory compliance with the Community Reinvestment Act. Valley’s investments in these entities generate a return primarily through the realization of federal income tax credits, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These tax credits and deductions are recognized as a reduction of income tax expense. Valley’s tax credit investments are carried in other assets on the consolidated statements of financial condition. Valley’s unfunded capital and other commitments related to the tax credit investments are carried in accrued expenses and other liabilities on the consolidated statements of financial condition. Valley recognizes amortization of tax credit investments, including impairment losses, within non-interest expense in the consolidated statements of income using the equity method of accounting. After initial measurement, the carrying amounts of tax credit investments with non-readily determinable fair values are increased to reflect Valley's share of income of the investee and are reduced to reflect its share of losses of the investee, dividends received and impairments, if applicable. See the "Impairment Analysis" section below. The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at December 31, 2021 and 2020: December 31, 2021 2020 (in thousands) Other Assets: Affordable housing tax credit investments, net $ 15,343 $ 20,074 Other tax credit investments, net 57,006 47,301 Total tax credit investments, net $ 72,349 $ 67,375 Other Liabilities: Unfunded affordable housing tax credit commitments $ 1,360 $ 1,379 Total unfunded tax credit commitments $ 1,360 $ 1,379 The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 3,525 $ 5,414 $ 6,757 Other tax credit investment credits and tax benefits 9,320 8,065 10,205 Total reduction in income tax expense $ 12,845 $ 13,479 $ 16,962 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 1,895 $ 2,714 $ 2,184 Affordable housing tax credit investment impairment losses 1,416 2,209 3,295 Other tax credit investment losses 811 2,234 5,668 Other tax credit investment impairment losses 6,788 6,178 9,245 Total amortization of tax credit investments recorded in non-interest expense $ 10,910 $ 13,335 $ 20,392 Impairment Analysis An impairment loss is recognized when the fair value of the tax credit investment is less than its carrying value. The determination of whether a decline in value of a tax credit investment is other-than-temporary requires significant judgment and is performed separately for each investment. The tax credit investments are reviewed for impairment quarterly, or whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. These circumstances can include, but are not limited to, the following factors: • Evidence that Valley does not have the ability to recover the carrying amount of the investment; • The inability of the investee to sustain earnings; • A current fair value of the investment based upon cash flow projections that is less than the carrying amount; and • Change in the economic or technological environment that could adversely affect the investee’s operations. On a periodic basis, Valley obtains financial reporting on its underlying tax credit investment assets for each fund. The financial reporting is reviewed for deterioration in the financial condition of the fund, the level of cash flows and any significant losses or impairment charges. Valley also regularly reviews the condition and continuing prospects of the underlying operations of the investment with the fund manager, including any observations from site visits and communications with the Fund Sponsor, if available. Annually, Valley obtains the audited financial statements prepared by an independent accounting firm for each investment, as well as the annual tax returns. Generally, none of the aforementioned review factors are individually conclusive and the relative importance of each factor will vary based on facts and circumstances. However, the longer the expected period of recovery, the stronger and more objective the positive evidence needs to be in order to overcome the presumption that the impairment is other than temporary. If management determines that a decline in value is other than temporary per its quarterly and annual reviews, including current probable cash flow projections, the applicable tax credit investment is written down to its estimated fair value through an impairment charge to earnings, which establishes the new cost basis of the investment. During the first quarter 2019, Valley determined that future cash flows related to the remaining investments in three federal renewable energy tax credit funds sponsored by DC Solar (previously reported in other tax credit investments, net) were not probable based upon new information available, including the sponsor’s bankruptcy proceedings which were reclassified to Chapter 7 from Chapter 11 in late March 2019. As a result, Valley recognized an impairment charge for the entire aggregate unamortized investment of $2.4 million in the first quarter 2019, which is included within amortization of tax credit investments for the year ended December 31, 2019.

Tax Credit Investments

Tax Credit Investments	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax Credit Investments	INCOME TAXES (Note 13) Income tax expense for the years ended December 31, 2021, 2020 and 2019 consisted of the following: 2021 2020 2019 (in thousands) Current expense: Federal $ 92,823 $ 96,057 $ 95,317 State 47,249 48,463 36,457 140,072 144,520 131,774 Deferred expense (benefit): Federal 19,709 (3,109) 10,444 State 7,118 (1,951) 4,784 26,827 (5,060) 15,228 Total income tax expense $ 166,899 $ 139,460 $ 147,002 The tax effects of temporary differences that gave rise to the significant portions of the deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows: 2021 2020 (in thousands) Deferred tax assets: Allowance for credit losses $ 102,704 $ 96,508 Employee benefits 22,587 20,888 Net operating loss carryforwards 15,859 17,814 Purchase accounting 8,971 10,354 Other 11,689 24,677 Total deferred tax assets 161,810 170,241 Deferred tax liabilities: Pension plans 30,119 22,705 Depreciation 10,343 3,829 Investment securities 3,728 12,690 Other investments 12,069 9,584 Core deposit intangibles 11,888 12,960 Other 14,133 12,226 Total deferred tax liabilities 82,280 73,994 Valuation Allowance 916 916 Net deferred tax asset (included in other assets) $ 78,614 $ 95,331 Valley's federal net operating loss carryforwards totaled approximately $56.0 million at December 31, 2021 and expire during the period from 2029 through 2034. Valley's capital loss carryforwards totaled $3.1 million at December 31, 2021 and begin to expire at December 31, 2022. State net operating loss carryforwards totaled approximately $86.2 million at December 31, 2021 and expire during the period from 2029 through 2038. Based upon taxes paid and projections of future taxable income over the periods in which the net deferred tax assets are deductible, management believes that it is more likely than not that Valley will realize the benefits, net of an immaterial valuation allowance, of these deductible differences and loss carryforwards. Reconciliation between the reported income tax expense and the amount computed by multiplying consolidated income before taxes by the statutory federal income tax rate of 21 percent for the years ended December 31, 2021, 2020, and 2019 were as follows: 2021 2020 2019 (in thousands) Federal income tax at expected statutory rate $ 134,556 $ 111,314 $ 95,927 Increase (decrease) due to: State income tax expense, net of federal tax effect 42,950 36,744 32,581 Tax-exempt interest, net of interest incurred to carry tax-exempt securities (2,298) (2,786) (3,118) Bank owned life insurance (1,759) (2,026) (1,637) Tax credits from securities and other investments (9,942) (10,071) (11,636) FDIC insurance premium 2,457 3,283 2,507 Addition to reserve for uncertainties — — 31,123 Other, net 935 3,002 1,255 Income tax expense $ 166,899 $ 139,460 $ 147,002 We invest in certain tax-advantaged investments that support qualified affordable housing projects and community development. Our investments in these projects are designed to generate a return primarily through the realization of federal and state income tax credits, and other tax benefits, over specified time periods. Third parties perform diligence on these investments for us on which we rely both at inception and on an on-going basis. We are subject to the risk that previously recorded tax credits, which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level, may fail to meet certain government compliance requirements and may not be able to be realized. We previously invested in mobile solar generators sold and leased back by DC Solar and its affiliates (DC Solar). DC Solar had its assets frozen in December 2018 by the U.S. Department of Justice. DC Solar and related entities are in Chapter 7 bankruptcy. A group of investors who purchased mobile solar gener ators from, and leased them back to DC Solar, including Valley received tax credits for making these renewable resource investments. During the fourth quarter 2019, several of the co- conspirators pleaded guilty to fraud in the on-going federal investigation. Based upon this information, Valley deemed that its tax positions related to the DC Solar funds did not meet the more likely than not recognition threshold in Valley's tax reserve assessment at December 31, 2019. The principals pleaded guilty to fraud in early 2020. As of December 31, 2021, 2020, and 2019, Valley believes that it was fully reserved for the renewable energy tax credits and other tax benefits previously recognized from the investments in the DC Solar funds plus interest. Valley will continue to evaluate all of its existing tax positions, however, there can be no assurance that Valley will not recognize additional tax provisions related to this uncertain tax liability in the future. A reconciliation of Valley’s reserve for uncertain tax liability positions for 2021, 2020 and 2019 is presented in the table below: 2021 2020 2019 (in thousands) Beginning balance $ 31,918 $ 31,918 $ — Additions based on tax positions related to prior years — — 31,918 Settlements with taxing authorities (1,559) — — Ending balance $ 30,359 $ 31,918 $ 31,918 The entire balance of the reserve for uncertain tax liability positions, if recognized, would favorably affect Valley's effective income tax rate. It is reasonably possible that the reserve for uncertain tax liability positions could increase or decrease in the next twelve months due to completion of tax authorities’ exams or the expiration of statutes of limitations. The United States Bankruptcy Court approved the sale of the mobile solar generators resulting in a tax credit recapture of $1.6 million in 2021. Management estimates that the reserve for uncertain tax liability positions could decrease by $7.0 million within the next twelve months. Valley’s policy is to report interest and penalties, if any, related to the reserve for uncertain tax liability positions in income tax expense. Valley accrued approximately $8.7 million, $7.6 million, and $6.1 million of interest expense associated with Valley’s uncertain tax positions at December 31, 2021, 2020, and 2019, respectively. Valley monitors its tax positions for the underlying facts, circumstances, and information available including the federal investigation of DC Solar and changes in tax laws, case law and regulations that may necessitate subsequent de-recognition of previous tax benefits. Valley files income tax returns in the U.S. federal and various state jurisdictions. With few exceptions, Valley is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2017. Valley is under examination by the IRS and also under routine examination by various state jurisdictions, and we expect the examinations to be completed within the next 12 months. Valley has considered, for all open audits, any potential adjustments in establishing our reserve for uncertain tax liability positions as of December 31, 2021. TAX CREDIT INVESTMENTS (Note 14) Valley’s tax credit investments are primarily related to investments promoting qualified affordable housing projects, and other investments related to community development and renewable energy sources. Some of these tax-advantaged investments support Valley’s regulatory compliance with the Community Reinvestment Act. Valley’s investments in these entities generate a return primarily through the realization of federal income tax credits, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These tax credits and deductions are recognized as a reduction of income tax expense. Valley’s tax credit investments are carried in other assets on the consolidated statements of financial condition. Valley’s unfunded capital and other commitments related to the tax credit investments are carried in accrued expenses and other liabilities on the consolidated statements of financial condition. Valley recognizes amortization of tax credit investments, including impairment losses, within non-interest expense in the consolidated statements of income using the equity method of accounting. After initial measurement, the carrying amounts of tax credit investments with non-readily determinable fair values are increased to reflect Valley's share of income of the investee and are reduced to reflect its share of losses of the investee, dividends received and impairments, if applicable. See the "Impairment Analysis" section below. The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at December 31, 2021 and 2020: December 31, 2021 2020 (in thousands) Other Assets: Affordable housing tax credit investments, net $ 15,343 $ 20,074 Other tax credit investments, net 57,006 47,301 Total tax credit investments, net $ 72,349 $ 67,375 Other Liabilities: Unfunded affordable housing tax credit commitments $ 1,360 $ 1,379 Total unfunded tax credit commitments $ 1,360 $ 1,379 The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 3,525 $ 5,414 $ 6,757 Other tax credit investment credits and tax benefits 9,320 8,065 10,205 Total reduction in income tax expense $ 12,845 $ 13,479 $ 16,962 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 1,895 $ 2,714 $ 2,184 Affordable housing tax credit investment impairment losses 1,416 2,209 3,295 Other tax credit investment losses 811 2,234 5,668 Other tax credit investment impairment losses 6,788 6,178 9,245 Total amortization of tax credit investments recorded in non-interest expense $ 10,910 $ 13,335 $ 20,392 Impairment Analysis An impairment loss is recognized when the fair value of the tax credit investment is less than its carrying value. The determination of whether a decline in value of a tax credit investment is other-than-temporary requires significant judgment and is performed separately for each investment. The tax credit investments are reviewed for impairment quarterly, or whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. These circumstances can include, but are not limited to, the following factors: • Evidence that Valley does not have the ability to recover the carrying amount of the investment; • The inability of the investee to sustain earnings; • A current fair value of the investment based upon cash flow projections that is less than the carrying amount; and • Change in the economic or technological environment that could adversely affect the investee’s operations. On a periodic basis, Valley obtains financial reporting on its underlying tax credit investment assets for each fund. The financial reporting is reviewed for deterioration in the financial condition of the fund, the level of cash flows and any significant losses or impairment charges. Valley also regularly reviews the condition and continuing prospects of the underlying operations of the investment with the fund manager, including any observations from site visits and communications with the Fund Sponsor, if available. Annually, Valley obtains the audited financial statements prepared by an independent accounting firm for each investment, as well as the annual tax returns. Generally, none of the aforementioned review factors are individually conclusive and the relative importance of each factor will vary based on facts and circumstances. However, the longer the expected period of recovery, the stronger and more objective the positive evidence needs to be in order to overcome the presumption that the impairment is other than temporary. If management determines that a decline in value is other than temporary per its quarterly and annual reviews, including current probable cash flow projections, the applicable tax credit investment is written down to its estimated fair value through an impairment charge to earnings, which establishes the new cost basis of the investment. During the first quarter 2019, Valley determined that future cash flows related to the remaining investments in three federal renewable energy tax credit funds sponsored by DC Solar (previously reported in other tax credit investments, net) were not probable based upon new information available, including the sponsor’s bankruptcy proceedings which were reclassified to Chapter 7 from Chapter 11 in late March 2019. As a result, Valley recognized an impairment charge for the entire aggregate unamortized investment of $2.4 million in the first quarter 2019, which is included within amortization of tax credit investments for the year ended December 31, 2019.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES (Note 15) Financial Instruments with Off-balance Sheet Risk In the ordinary course of business in meeting the financial needs of its customers, Valley, through its subsidiary Valley National Bank, is a party to various financial instruments, which are not reflected in the consolidated financial statements. These financial instruments include standby and commercial letters of credit, unused portions of lines of credit and commitments to extend various types of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amounts recognized in the consolidated financial statements. The commitment or contract amount of these instruments is an indicator of the Bank’s level of involvement in each type of instrument as well as the exposure to credit loss in the event of non-performance by the other party to the financial instrument. The Bank seeks to limit any exposure of credit loss by applying the same credit policies in making commitments, as it does for on-balance sheet lending facilities. The following table provides a summary of financial instruments with off-balance sheet risk at December 31, 2021 and 2020: 2021 2020 (in thousands) Commitments under commercial loans and lines of credit $ 7,460,742 $ 5,595,561 Home equity and other revolving lines of credit 1,689,315 1,485,911 Standby letters of credit 311,285 293,900 Outstanding residential mortgage loan commitments 355,523 244,286 Commitments to sell loans 210,468 155,627 Commitments under unused lines of credit—credit card 96,734 68,735 Commercial letters of credit 7,603 1,663 Total $ 10,131,670 $ 7,845,683 Obligations to advance funds under commitments to extend credit, including commitments under unused lines of credit, are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have specified expiration dates, which may be extended upon request, or other termination clauses and generally require payment of a fee. These commitments do not necessarily represent future cash requirements, as it is anticipated that many of these commitments will expire without being fully drawn upon. The Bank’s lending activity for outstanding loan commitments is primarily to customers within the states of New Jersey, New York, and Florida. Standby letters of credit represent the guarantee by the Bank of the obligations or performance of the bank customer in the event of the default of payment or nonperformance to a third party beneficiary. Loan sale commitments represent contracts for the sale of residential mortgage loans to third parties in the ordinary course of the Bank’s business. These commitments require the Bank to deliver loans within a specific period to the third party. The risk to the Bank is its non-delivery of loans required by the commitment, which could lead to financial penalties. The Bank has not defaulted on its loan sale commitments. Derivative Instruments and Hedging Activities Valley is exposed to certain risks arising from both its business operations and economic conditions. Valley principally manages its exposure to a wide variety of business and operational risks through management of its core business activities. Valley manages economic risks, including interest rate and liquidity risks, primarily by managing the amount, sources, and duration of its assets and liabilities and, from time to time, the use of derivative financial instruments. Specifically, Valley enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Valley’s derivative financial instruments are used to manage differences in the amount, timing, and duration of Valley’s known or expected cash receipts and its known or expected cash payments related to assets and liabilities as outlined below. Cash Flow Hedges of Interest Rate Risk. Valley’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, Valley uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the payment of either fixed or variable-rate amounts in exchange for the receipt of variable or fixed-rate amounts from a counterparty. At December 31, 2021 , Valley had 6 interest rate swap agreements, with a total notional amount of $700 million, to hedge the changes in cash flows associated with certain short-term FHLB advances and brokered deposits. Valley is required to pay fixed-rates of interest ranging from 0.05 percent to 0.63 percent and receives variable rates of interest that reset quarterly based on three-month LIBOR. Expiration dates for the swaps range from March 2022 to August 2 022. Fair Value Hedges of Fixed Rate Assets and Liabilities. Valley is exposed to changes in the fair value of fixed rate subordinated debt due to changes in interest rates. From time to time, Valley uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the receipt of variable rate payments from a counterparty in exchange for Valley making fixed rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives that are designated and qualify as fair va lue hedges, the gain or loss on the derivative as well as the loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. Valley includes the gain or loss on the hedged items in the same income statement line item as the loss or gain on the related derivatives. In June 2021, Valley entered into a $300 million forward-starting interest rate swap agreement with a notional amount of $300 million, maturing in June 2026, to hedge the change in the fair value of the 3.00 percent subordinated debt issued on May 28, 2021. Under the swap agreement, beginning in January 2022, Valley will receive fixed rate payments and pay variable rate amounts based on SOFR plus 2.187 percent. Non-designated Hedges. Derivatives not designated as hedges may be used to manage Valley’s exposure to interest rate movements or to provide service to customers but do not meet the requirements for hedge accounting under U.S. GAAP. Derivatives not designated as hedges are not entered into for speculative purposes. Valley executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that Valley executes with a third party, such that Valley minimizes its net risk exposure resulting from such transactions. As these interest rate swaps do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. Valley sometimes enters into risk participation agreements with external lenders where the banks are sharing their risk of default on the interest rate swaps on participated loans. Valley either pays or receives a fee depending on the participation type. Risk participation agreements are credit derivatives not designated as hedges. Credit derivatives are not speculative and are not used to manage interest rate risk in assets or liabilities. Changes in the fair value in credit derivatives are recognized directly in earnings. At December 31, 2021, Valley had 24 credit swaps with an aggregate notional amount of $232.8 million related to risk participation agreements. At December 31, 2021, Valley h ad two "steepener" swaps with a total current notional amount of $10.4 million where the receive rate on the swap mirrors the pay rate on the brokered deposits. The rates paid on these types of hybrid instruments are based on a formula derived from the spread between the long and short ends of the constant maturity swap (CMS) rate curve. Although these types of instruments do not meet the hedge accounting requirements, the change in fair value of both the bifurcated derivative and the stand-alone swap tend to move in opposite directions with changes in three-month LIBOR rate and therefore provide an effective economic hedge. Valley regularly enters into mortgage banking derivatives which are non-designated hedges. These derivatives include interest rate lock commitments provided to customers to fund certain residential mortgage loans to be sold into the secondary market and forward commitments for the future delivery of such loans. Valley enters into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in order to economically hedge the effect of future changes in interest rates on Valley’s commitments to fund the loans as well as on its portfolio of mortgage loans held for sale. Amounts included in the consolidated statements of financial condition related to the fair value of Valley’s derivative financial instruments were as follows: December 31, 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 $ — $ 310 $ 700,000 $ — $ 179 $ 1,100,000 Fair value hedge interest rate swaps — 3,335 300,000 — — — Total derivatives designated as hedging instruments $ — $ 3,645 $ 1,000,000 $ — $ 179 $ 1,100,000 Derivatives not designated as hedging instruments: Interest rate swaps and other contracts * $ 181,012 $ 47,277 $ 10,301,460 $ 387,008 $ 154,025 $ 8,889,557 Mortgage banking derivatives 488 1,454 312 444 2,077 321,486 Total derivatives not designated as hedging instruments $ 181,500 $ 48,731 $ 10,301,772 $ 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 December 31, 2021 and 2020 in the table above. Gains (losses) included in the consolidated statements of income and in other comprehensive income (loss), on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: 2021 2020 2019 (in thousands) Amount of loss reclassified from accumulated other comprehensive loss to interest expense $ (3,436) $ (2,912) $ (1,808) Amount of gain (loss) recognized in other comprehensive income 138 (3,169) (1,380) The net gains or losses related to cash flow hedge ineffectiveness were immaterial during the years ended December 31, 2021, 2020 and 2019. The accumulated net after-tax losses related to effective cash flow hedges included in accumulated other comprehensive loss were $1.3 million and $3.9 million at December 31, 2021 and 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 $1.1 million will be reclassified as an increase to interest expense in 2022. Gains (losses) included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows: 2021 2020 2019 (in thousands) Derivative—interest rate swaps: Interest income $ — $ 229 $ 133 Interest expense (3,335) — — Hedged item—subordinated debt and loans: Interest income $ — $ (229) $ (133) Interest expense 3,397 — — The changes in the fair value of the hedged item designated as a qualifying hedge are captured as an adjustment to the carrying amount of the hedged item (basis adjustment). The following table presents the hedged items related to interest rate derivatives designated as fair value hedges and the cumulative basis fair value adjustment included in the net carrying amount of the hedged items at December 31, 2021: Line Item in the Statement of Financial Position in Which the Hedged Item is Included Carrying Amount of the Hedged Liability Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability (in thousands) Long-term borrowings $ 296,603 $ (3,397) The net losses included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: 2021 2020 2019 (in thousands) Non-designated hedge interest rate and credit derivatives Other non-interest expense $ 54 $ 1,067 $ 898 Fee income related to derivative interest rate swaps executed with commercial loan customers totaled $26.9 million , $59.0 million and $33.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. Collateral Requirements and Credit Risk Related Contingency Features. By using derivatives, Valley is exposed to credit risk if counterparties to the derivative contracts do not perform as expected. Management attempts to minimize counterparty credit risk through credit approvals, limits, monitoring procedures and obtaining collateral where appropriate. Credit risk exposure associated with derivative contracts is managed at Valley in conjunction with Valley’s consolidated counterparty risk management process. Valley’s counterparties and the risk limits monitored by management are periodically reviewed and approved by the Board of Directors. Valley has agreements with its derivative counterparties providing that if Valley defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Valley could also be declared in default on its derivative counterparty agreements. Additionally, Valley has an agreement with several of its derivative counterparties that contains provisions that require Valley’s debt to maintain an investment grade credit rating from each of the major credit rating agencies from which it receives a credit rating. If Valley’s credit rating is reduced below investment grade, or such rating is withdrawn or suspended, then the counterparty could terminate the derivative positions and Valley would be required to settle its obligations under the agreements. As of December 31, 2021, Valley was in compliance with all of the provisions of its derivative counterparty agreements. As of December 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, was $44.2 million

Balance Sheet Offsetting

Balance Sheet Offsetting	12 Months Ended
	Dec. 31, 2021
Offsetting [Abstract]
Balance Sheet Offsetting	BALANCE SHEET OFFSETTING (Note 16) Certain financial instruments, including certain OTC derivatives (mostly interest rate swaps) and repurchase agreements (accounted for as secured long-term borrowings), may be eligible for offset in the consolidated statements of financial condition and/or subject to master netting arrangements or similar agreements. OTC derivatives include interest rate swaps executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house (presented in the table below). The credit risk associated with bilateral OTC derivatives is managed through obtaining collateral and enforceable master netting agreements. Valley is party to master netting arrangements with its financial institution counterparties; however, Valley does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral, usually in the form of cash or marketable investment securities, is posted by the counterparty with net liability positions in accordance with contract thresholds. Master repurchase agreements which include “right of set-off” provisions generally have a legally enforceable right to offset recognized amounts. In such cases, the collateral would be used to settle the fair value of the swap or repurchase agreement should Valley be in default. Total amount of collateral held or pledged cannot exceed the net derivative fair values with the counterparty. The table below presents information about Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of December 31, 2021 and 2020. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Collateral (1) Net (in thousands) December 31, 2021 Assets: Interest rate swaps $ 181,012 $ — $ 181,012 $ — $ — $ 181,012 Liabilities: Interest rate swaps $ 50,922 $ — $ 50,922 $ — $ (44,231) $ 6,691 Total liabilities $ 50,922 $ — $ 50,922 $ — $ (44,231) $ 6,691 December 31, 2020 Assets: Interest rate swaps $ 387,008 $ — $ 387,008 $ — $ — $ 387,008 Liabilities: Interest rate swaps $ 154,204 $ — $ 154,204 $ — $ (150,487) $ 3,717 Repurchase agreements 300,000 — 300,000 (300,000) (2) — — Total liabilities $ 454,204 $ — $ 454,204 $ (300,000) $ (150,487) $ 3,717 (1) Cash collateral pledged to our counterparties in relation to market value exposures of OTC derivative contracts in a liability position. (2) Represents the fair value of non-cash pledged investment securities.

Regulatory and Capital Requirem

Regulatory and Capital Requirements	12 Months Ended
	Dec. 31, 2021
Financial Services, Banking and Thrift [Abstract]
Regulatory and Capital Requirements	REGULATORY AND CAPITAL REQUIREMENTS (Note 17) Valley’s primary source of cash is dividends from the Bank. Valley National Bank, a national banking association, is subject to certain restrictions on the amount of dividends that it may declare without prior regulatory approval. In addition, the dividends declared cannot be in excess of the amount which would cause the subsidiary bank to fall below the minimum required for capital adequacy purposes. Valley and Valley National Bank are subject to the regulatory capital requirements administered by the Federal Reserve Bank and the OCC. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct significant impact on Valley’s consolidated financial statements. Under capital adequacy guidelines Valley and Valley National Bank must meet specific capital guidelines that involve quantitative measures of Valley’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require Valley and Valley National Bank to maintain minimum amounts and ratios of common equity Tier 1 capital, total and Tier 1 capital to risk-weighted assets, and Tier 1 capital to average assets, as defined in the regulations. Valley is required to maintain a common equity Tier 1 capital to risk-weighted assets ratio of 4.5 percent, Tier 1 capital to risk-weighted assets of 6.0 percent, ratio of total capital to risk-weighted assets of 8.0 percent, and minimum leverage ratio of 4.0 percent, plus a 2.5 percent capital conservation buffer added to the minimum requirements for capital adequacy purposes. As of December 31, 2021 and 2020, Valley and Valley National Bank exceeded all capital adequacy requirements (see table below). For regulatory capital purposes, in accordance with the Federal Reserve Board’s final interim rule as of April 3, 2020, 100 percent of the CECL Day 1 impact to shareholders' equity equaling $28.2 million after-tax was deferred for a two-year period ending January 1, 2022, and will be phased in on a pro-rata basis over a three-year period ending January 1, 2025. Additionally, 25 percent, or $19.1 million on an after tax basis of the reserve build (i.e., provision for credit losses less net charge-offs) since CECL adoption through December 31, 2021 is being phased in over the same time frame. The following table presents Valley’s and Valley National Bank’s actual capital positions and ratios under the Basel III risk-based capital guidelines at December 31, 2021 and 2020: Actual Minimum Capital To Be Well Amount Ratio Amount Ratio Amount Ratio ($ in thousands) As of December 31, 2021 Total Risk-based Capital Valley $ 4,454,485 13.10 % $ 3,569,144 10.50 % N/A N/A Valley National Bank 4,571,448 13.45 3,567,618 10.50 $ 3,397,732 10.00 % Common Equity Tier 1 Capital Valley 3,417,930 10.06 2,379,429 7.00 N/A N/A Valley National Bank 4,308,734 12.68 2,378,412 7.00 2,208,526 6.50 Tier 1 Risk-based Capital Valley 3,632,771 10.69 2,889,307 8.50 N/A N/A Valley National Bank 4,308,734 12.68 2,888,072 8.50 2,718,185 8.00 Tier 1 Leverage Capital Valley 3,632,771 8.88 1,635,508 4.00 N/A N/A Valley National Bank 4,308,734 10.53 1,636,097 4.00 2,045,121 5.00 As of December 31, 2020 Total Risk-based Capital Valley $ 3,802,223 12.64 % $ 3,159,019 10.50 % N/A N/A Valley National Bank 3,839,922 12.76 3,158,842 10.50 $ 3,008,421 10.00 % Common Equity Tier 1 Capital Valley 2,991,085 9.94 2,106,013 7.00 N/A N/A Valley National Bank 3,607,625 11.99 2,105,894 7.00 1,955,473 6.50 Tier 1 Risk-based Capital Valley 3,205,926 10.66 2,557,301 8.50 N/A N/A Valley National Bank 3,607,625 11.99 2,557,158 8.50 2,406,736 8.00 Tier 1 Leverage Capital Valley 3,205,926 8.06 1,591,852 4.00 N/A N/A Valley National Bank 3,607,625 9.07 1,591,457 4.00 1,989,321 5.00

Common and Preferred Stock

Common and Preferred Stock	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Common and Preferred Stock	COMMON AND PREFERRED STOCK (Note 18) Repurchase Plan. In 2007, Valley’s Board of Directors approved the repurchase of up to 4.7 million of common shares. Purchases of Valley’s common shares may be made from time to time in the open market or in privately negotiated transactions generally not exceeding prevailing market prices. Repurchased shares are held in treasury and are expected to be used for general corporate purposes. During the fourth quarter 2021, Valley repurchased approximately 1.6 million of its common shares on the open market at an average price of $14.31 per share totaling $23.1 million. Valley made no share repurchases under the plan during the years ended December 31, 2020 and 2019. Other Stock Repurchases. Valley purchases shares directly from its employees in connection with employee elections to withhold taxes related to the vesting of stock awards. During the years ended December 31, 2021, 2020 and 2019, Valley purchased approximately 510 thousand, 510 thousand and 175 thousand shares, respectively, of its outstanding common stock at an average price of $10.85, $10.61 and $10.45, respectively, for such purpose. Preferred Stock Series A Issuance. On June 19, 2015, Valley issued 4.6 million shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, no par value per share, with a liquidation preference of $25 per share. Dividends on the preferred stock accrue and are payable quarterly in arrears, at a fixed rate per annum equal to 6.25 percent from the original issue date to, but excluding, June 30, 2025, and thereafter at a floating rate per annum equal to three-month LIBOR plus a spread of 3.85 percent. The net proceeds from the preferred stock offering totaled $111.6 million. Commencing June 30, 2025, Valley may redeem the preferred shares at the liquidation preference plus accrued and unpaid dividends, subject to certain conditions. Series B Issuance. On August 3, 2017, Valley issued 4.0 million shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B, no par value per share, with a liquidation preference of $25 per share. Dividends on the preferred stock will accrue and be payable quarterly in arrears, at a fixed rate per annum equal to 5.50 percent from the original issuance date to, but excluding, September 30, 2022, and thereafter at a floating rate per annum equal to three-month LIBOR plus a spread of 3.578 percent. The net proceeds from the preferred stock offering totaled $98.1 million. Commencing September 30, 2022, Valley may redeem the preferred shares at the liquidation preference plus accrued and unpaid dividends, subject to certain conditions. Preferred stock is included in Valley's (additional) Tier 1 capital and total risk-based capital at December 31, 2021 and 2020.

Other Comprehensive Income

Other Comprehensive Income	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Other Comprehensive Income	OTHER COMPREHENSIVE INCOME (Note 19) The following table presents the tax effects allocated to each component of other comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019. Components of other comprehensive income (loss) include changes in net unrealized gains and losses on debt securities available for sale; unrealized gains and losses on derivatives used in cash flow hedging relationships; and the pension benefit adjustment for the unfunded portion of various employee, officer and director pension plans. 2021 2020 2019 Before Tax After Before Tax After Before Tax After (in thousands) Unrealized gains and losses on available for sale (AFS) debt securities Net (losses) gains arising during the period $ (32,586) $ 8,973 $ (23,613) $ 38,477 $ (10,632) $ 27,845 $ 54,723 $ (15,461) $ 39,262 Less reclassification adjustment for net (gains) losses included in net income (1) (663) 172 (491) (524) 147 (377) 150 (31) 119 Net change (33,249) 9,145 (24,104) 37,953 (10,485) 27,468 54,873 (15,492) 39,381 Unrealized gains and losses on derivatives (cash flow hedges) Net gains (losses) arising during the period 138 (11) 127 (3,169) 918 (2,251) (1,380) 391 (989) Less reclassification adjustment for net losses (gains) included in net income (2) 3,436 (989) 2,447 2,912 (838) 2,074 1,808 (517) 1,291 Net change 3,574 (1,000) 2,574 (257) 80 (177) 428 (126) 302 Defined benefit pension plan Net gains (losses) arising during the period 14,381 (4,075) 10,306 (5,719) 2,301 (3,418) (2,385) (176) (2,561) Amortization of prior service (cost) credit (3) (135) 39 (96) (136) 38 (98) (135) 42 (93) Amortization of net loss (3) 1,538 (432) 1,106 1,003 (282) 721 264 (76) 188 Net change 15,784 (4,468) 11,316 (4,852) 2,057 (2,795) (2,256) (210) (2,466) Total other comprehensive (loss) income $ (13,891) $ 3,677 $ (10,214) $ 32,844 $ (8,348) $ 24,496 $ 53,045 $ (15,828) $ 37,217 (1) Included in gains (losses) on securities transactions, net. (2) Included in interest expense. (3) Included in the computation of net periodic pension cost. See Note 12 for details. The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the years ended December 31, 2021, 2020 and 2019: Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined (in thousands) Balance-December 31, 2018 $ (33,559) $ (4,031) $ (31,841) $ (69,431) Other comprehensive income (loss) before reclassifications 39,262 (989) (2,561) 35,712 Amounts reclassified from other comprehensive income (loss) 119 1,291 95 1,505 Other comprehensive income (loss), net 39,381 302 (2,466) 37,217 Balance-December 31, 2019 5,822 (3,729) (34,307) (32,214) Other comprehensive income (loss) before reclassifications 27,845 (2,251) (3,418) 22,176 Amounts reclassified from other comprehensive (loss) income (377) 2,074 623 2,320 Other comprehensive income (loss), net 27,468 (177) (2,795) 24,496 Balance-December 31, 2020 33,290 (3,906) (37,102) (7,718) Other comprehensive (loss) income before reclassifications (23,613) 127 10,306 (13,180) Amounts reclassified from other comprehensive (loss) income (491) 2,447 1,010 2,966 Other comprehensive (loss) income, net (24,104) 2,574 11,316 (10,214) Balance-December 31, 2021 $ 9,186 $ (1,332) $ (25,786) $ (17,932)

Parent Company Information

Parent Company Information	12 Months Ended
	Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]
Parent Company Information	PARENT COMPANY INFORMATION (Note 20) Condensed Statements of Financial Condition December 31, 2021 2020 (in thousands) Assets Cash $ 77,760 $ 130,163 Interest bearing deposits with banks 250 — Equity securities 6,135 2,999 Investments in and receivables due from subsidiaries 5,764,957 4,998,795 Other assets 23,521 11,133 Total Assets $ 5,872,623 $ 5,143,090 Liabilities and Shareholders’ Equity Dividends payable to shareholders $ 49,265 $ 46,591 Long-term borrowings 634,643 403,413 Junior subordinated debentures issued to capital trusts 56,413 56,065 Accrued expenses and other liabilities 48,236 44,901 Shareholders’ equity 5,084,066 4,592,120 Total Liabilities and Shareholders’ Equity $ 5,872,623 $ 5,143,090 Condensed Statements of Income Years Ended December 31, 2021 2020 2019 (in thousands) Income Dividends from subsidiary $ 150,000 $ 186,000 $ 160,000 Income from subsidiary — 4,436 4,550 Other interest and income 1,498 21 51 Total Income 151,498 190,457 164,601 Total Expenses 28,524 23,484 27,998 Income before income tax and equity in undistributed earnings of subsidiary 122,974 166,973 136,603 Income tax (benefit) expense (9,501) (3,946) 24,524 Income before equity in undistributed earnings of subsidiary 132,475 170,919 112,079 Equity in undistributed earnings of subsidiary 341,365 219,687 197,714 Net Income 473,840 390,606 309,793 Dividends on preferred stock 12,688 12,688 12,688 Net Income Available to Common Shareholders $ 461,152 $ 377,918 $ 297,105 Condensed Statements of Cash Flows Years Ended December 31, 2021 2020 2019 (in thousands) Cash flows from operating activities: Net Income $ 473,840 $ 390,606 $ 309,793 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (341,365) (219,687) (197,714) Stock-based compensation 20,887 16,154 14,726 Net amortization of premiums and accretion of discounts on borrowings 1,152 230 124 Net change in: Other assets 2,134 121 19,768 Accrued expenses and other liabilities (7,079) 17,905 8,803 Net cash provided by operating activities 149,569 205,329 155,500 Cash flows from investing activities: Purchases of equity securities (1,644) (2,500) — Cash and cash equivalents (paid) acquired in acquisitions, net (3,983) — 11,947 Repayment of subordinated debt by subsidiary — 100,000 — Capital contributions to subsidiary (227,000) (210,000) — Other, net — (1,200) — Net cash (used in) provided by investing activities (232,627) (113,700) 11,947 Cash flows from financing activities: Proceeds from issuance of long-term borrowings, net 295,922 113,146 — Repayment of long-term borrowings (60,000) — — Dividends paid to preferred shareholders (12,688) (12,688) (12,688) Dividends paid to common shareholders (179,667) (177,965) (146,537) Purchase of common shares to treasury (23,907) (5,374) (1,805) Common stock issued, net 11,245 2,202 2,957 Net cash provided by (used in) financing activities 30,905 (80,679) (158,073) Net change in cash and cash equivalents (52,153) 10,950 9,374 Cash and cash equivalents at beginning of year 130,163 119,213 109,839 Cash and cash equivalents at end of year $ 78,010 $ 130,163 $ 119,213

Business Segments

Business Segments	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS (Note 21) Valley has four business segments that it monitors and reports on to manage Valley’s business operations. These segments are consumer lending, commercial lending, investment management, and corporate and other adjustments. Valley’s reportable segments have been determined based upon its internal structure of operations and lines of business. Each business segment is reviewed routinely for its asset growth, contribution to income before income taxes and return on average interest earning assets and impairment (if events or circumstances indicate a possible inability to realize the carrying amount). Expenses related to the branch network, all other components of retail banking, along with the back office departments of the Bank are allocated from the corporate and other adjustments segment to each of the other three business segments. Interest expense and internal transfer expense (for general corporate expenses) are allocated to each business segment utilizing a transfer pricing methodology, which involves the allocation of operating and funding costs based on each segment's respective mix of average earning assets and/or liabilities outstanding for the period. The financial reporting for each segment contains allocations and reporting in line with Valley’s operations, which may not necessarily be comparable to any other financial institution. The accounting for each segment includes internal accounting policies designed to measure consistent and reasonable financial reporting and may result in income and expense measurements that differ from amounts under U.S. GAAP. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data. The consumer lending segment is mainly comprised of residential mortgages and automobile loans, and to a lesser extent, secured personal lines of credit, home equity loans and other consumer loans. The duration of the residential mortgage loan portfolio is subject to movements in the market level of interest rates and forecasted prepayment speeds. The average weighted life of the automobile loans within the portfolio is relatively unaffected by movements in the market level of interest rates. However, the average life may be impacted by new loans as a result of the availability of credit within the automobile marketplace and consumer demand for purchasing new or used automobiles. The consumer lending segment also includes the Wealth Management and Insurance Services Division, comprised of trust, asset management, and insurance services. The commercial lending segment is comprised of floating rate and adjustable rate commercial and industrial loans and construction loans, as well as fixed rate owner occupied and commercial real estate loans. Due to the portfolio’s interest rate characteristics, commercial lending is Valley’s business segment that is most sensitive to movements in market interest rates. The investment management segment generates a large portion of Valley’s income through investments in various types of securities and interest-bearing deposits with other banks. These investments are mainly comprised of fixed rate securities and depending on Valley's liquid cash position, federal funds sold and interest-bearing deposits with banks (primarily the Federal Reserve Bank of New York), as part of its asset/liability management strategies. The fixed rate investments are one of Valley’s least sensitive assets to changes in market interest rates. However, a portion of the investment portfolio is invested in shorter-duration securities to maintain the overall asset sensitivity of Valley’s balance sheet. The amounts disclosed as “corporate and other adjustments” represent income and expense items not directly attributable to a specific segment, including net gains and losses on available for sale and held to maturity securities transactions not reported in the investment management segment above, interest expense related to subordinated notes, amortization and impairment of tax credit investments, as well as non-core items, including the loss on extinguishment of debt and merger expenses. The following tables represent the financial data for Valley’s four business segments for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets (unaudited) $ 7,262,808 $ 25,554,177 $ 5,410,830 $ — $ 38,227,815 Interest income $ 238,715 $ 1,018,674 $ 80,051 $ (3,214) $ 1,334,226 Interest expense 19,117 67,265 14,243 23,700 124,325 Net interest income (loss) 219,598 951,409 65,808 (26,914) 1,209,901 (Credit) provision for credit losses (6,807) 39,703 (263) — 32,633 Net interest income (loss) after provision for credit losses 226,405 911,706 66,071 (26,914) 1,177,268 Non-interest income 72,063 35,600 10,575 36,775 155,013 Non-interest expense 78,853 108,577 3,632 500,480 691,542 Internal transfer expense (income) 81,423 286,335 60,573 (428,331) — Income (loss) before income taxes $ 138,192 $ 552,394 $ 12,441 $ (62,288) $ 640,739 Return on average interest earning assets (pre-tax) (unaudited) 1.90 % 2.16 % 0.23 % N/A 1.68 % Year Ended December 31, 2020 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets (unaudited) $ 7,160,793 $ 24,625,066 $ 5,225,074 $ — $ 37,010,933 Interest income $ 257,196 $ 1,027,796 $ 102,883 $ (4,156) $ 1,383,719 Interest expense 47,712 164,075 34,814 18,214 264,815 Net interest income (loss) 209,484 863,721 68,069 (22,370) 1,118,904 Provision for credit losses 11,502 113,585 635 — 125,722 Net interest income (loss) after provision for credit losses 197,982 750,136 67,434 (22,370) 993,182 Non-interest income 81,499 64,783 10,083 26,667 183,032 Non-interest expense 77,582 98,710 1,136 468,720 646,148 Internal transfer expense (income) 77,835 267,588 56,788 (402,211) — Income (loss) before income taxes $ 124,064 $ 448,621 $ 19,593 $ (62,212) $ 530,066 Return on average interest earning assets (pre-tax) (unaudited) 1.73 % 1.82 % 0.37 % N/A 1.43 % Year Ended December 31, 2019 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets (unaudited) $ 6,891,462 $ 19,343,791 $ 4,340,277 $ — $ 30,575,530 Interest income $ 272,773 $ 926,328 $ 126,723 $ (4,824) $ 1,321,000 Interest expense 91,798 257,670 57,815 15,669 422,952 Net interest income (loss) 180,975 668,658 68,908 (20,493) 898,048 Provision for credit losses 6,688 17,530 — — 24,218 Net interest income (loss) after provision for credit losses 174,287 651,128 68,908 (20,493) 873,830 Non-interest income 57,981 41,157 8,818 106,564 214,520 Non-interest expense 76,046 101,924 1,034 452,551 631,555 Internal transfer expense (income) 78,743 221,113 49,670 (349,526) — Income (loss) before income taxes $ 77,479 $ 369,248 $ 27,022 $ (16,954) $ 456,795 Return on average interest earning assets (pre-tax) (unaudited) 1.12 % 1.91 % 0.62 % N/A 1.49 %

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements of Valley include 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. See Note 11 for more details. Certain prior period amounts have been reclassified to conform to the current presentation. Valley's previously reported consolidated statements of cash flows for the years ended December 31, 2020 and 2019 were revised to reflect a change in the presentation for loss on extinguishment of debt. The revisions resulted in increases of $12.0 million and $32.0 million in “Loss on extinguishment of debt” and corresponding decreases in “Repayments of the long-term borrowings” for the years ended December 31, 2020 and 2019, respectively. Management determined that the effect of the changes in presentation was immaterial to these periods. Significant Estimates. In preparing the consolidated financial statements in conformity with U.S. GAAP, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and results of operations for the periods indicated. Material estimates that require application of management’s most difficult, subjective or complex judgment and are particularly susceptible to change include: the allowance for credit losses, the evaluation of goodwill and other intangible assets for impairment, and income taxes. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual amounts or results could differ significantly from those estimates. The current economic environment has increased the degree of uncertainty inherent in these
Cash and Cash Equivalents	Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest bearing deposits in other banks (including the Federal Reserve Bank of New York) and, from time to time, overnight federal funds sold. Effective March 26, 2020, the Federal Reserve Board reduced reserve requirement ratios to zero, effectively eliminating the requirements, due to a change in its approach to monetary policy. The Federal Reserve Board indicated that it has no plans to re-impose reserve requirements but could in the future if conditions warrant. Prior to March 2020, the Bank was required by the Federal Reserve System to maintain cash reserves equal to a percentage of certain deposits.
Investment Securities	Investment Securities Debt securities are classified at the time of purchase based on management’s intention, as securities held-to-maturity, securities available-for-sale or trading securities. Investment securities classified as held-to-maturity are those that management has the positive intent and ability to hold until maturity. Investment securities held-to-maturity are carried at amortized cost, adjusted for amortization of premiums and accretion of discounts using the level-yield method over the contractual term of the securities, adjusted for actual prepayments, or to call date if the security was purchased at premium. Investment securities classified as available-for-sale are carried at fair value with unrealized holding gains and losses reported as a component of other comprehensive income or loss, net of tax. Realized gains or losses on the available-for-sale securities are recognized by the specific identification method and are included in net gains and losses on securities transactions within non-interest income. Trading debt securities wholly consisting of municipal bonds are reported at fair value with the unrealized gains or losses due to changes in fair value reported within non-interest income. Net trading gains and losses are included in net gains and losses on securities transactions within non-interest income. Equity securities are presented on the statements of financial condition at fair value with any unrealized and realized gains and losses reported in non-interest income. Investments in Federal Home Loan Bank and Federal Reserve Bank stock, which have limited marketability, are carried at cost in other assets. Security transactions are recorded on a trade-date basis. Interest income on investments includes amortization of purchase premiums and discounts. Valley discontinues the recognition of interest on debt securities if the securities meet both of the following criteria: (i) regularly scheduled interest payments have not been paid or have been deferred by the issuer, and (ii) full collection of all contractual principal and interest payments is not deemed to be the most likely outcome. Allowance for Credit Losses for Held to Maturity Debt Securities On January 1, 2020, Valley adopted Accounting Standards Update (ASU) No. 2016-13 "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which requires us to estimate and recognize an allowance for credit losses for held to maturity debt securities using the current expected credit loss methodology (CECL). Valley's CECL model includes a zero loss expectation for certain securities within the held to maturity portfolio, and therefore Valley is not required to estimate an allowance for credit losses related to these securities. After an evaluation of qualitative factors, Valley identified the following securities types which it believes qualify for this exclusion: U.S. Treasury securities, U.S. agency securities, residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, and collateralized municipal bonds commonly referred to as Tax Exempt Mortgage Securities (TEMS). To measure the expected credit losses on held to maturity debt securities that have loss expectations, Valley estimates the expected credit losses using a discounted cash flow model developed by a third-party. Assumptions used in the model for pools of securities with common risk characteristics include the historical lifetime probability of default and severity of loss in the event of default, with the model incorporating several economic cycles of loss history data to calculate expected credit losses given default at the individual security level. The model is adjusted for a probability weighted multi-scenario economic forecast to estimate future credit losses. Valley uses a two-year reasonable and supportable forecast period, followed by a one-year period over which estimated losses revert to historical loss experience for the remaining life of the investment security. The economic forecast methodology and governance for debt securities is aligned with Valley's economic forecast used for the loan portfolio. Accrued interest receivable is excluded from the estimate of credit losses. See Note 4 for more details regarding the allowance for credit losses for held to maturity securities. Impairment of Available for Sale Debt Securities The impairment model for available for sale debt securities differs from the CECL methodology applied to held to maturity debt securities because the available for sale debt securities are measured at fair value rather than amortized cost. Available for sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. In performing an assessment of whether any decline in fair value is due to a credit loss, Valley considers the extent to which the fair value is less than the amortized cost, changes in credit ratings, any adverse economic conditions, as well as all relevant information at the individual security level, such as credit deterioration of the issuer or collateral underlying the security. In assessing the impairment, Valley compares the present value of cash flows expected to be collected with the amortized cost basis of the security. If it is determined that the decline in fair value was due to credit losses, an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. The non-credit related decrease in the fair value, such as a decline due to changes in market interest rates, is recorded in other comprehensive income, net of tax. Valley also assesses the intent to sell the securities (as well as the likelihood of a near-term recovery). If Valley intends to sell an available for sale debt security or it is more likely than not that Valley will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. See Note 4 for additional information.
Loans Held for Sale	Loans Held for SaleLoans held for sale generally consist of residential mortgage loans originated and intended for sale in the secondary market and are carried at their estimated fair value on an instrument-by-instrument basis as permitted by the fair value option election under U.S. GAAP. Changes in fair value are recognized in non-interest income in the accompanying consolidated statements of income as a component of net gains on sales of loans. Origination fees and costs related to loans originated for sale (and carried at fair value) are recognized as earned and as incurred. Loans held for sale are generally sold with loan servicing rights retained by Valley. Gains recognized on loan sales include the value assigned to the rights to service the loan. See the “Loan Servicing Rights” section below.
Loans and Loan Fees	Loans and Loan Fees Loans are reported at their outstanding principal balance net of any unearned income, charge-offs, unamortized deferred fees and costs on originated loans and premium or discounts on purchased loans, except for purchased credit deteriorated (PCD) loans recorded at the purchase price, including non-credit discounts, plus the allowance for credit losses expected at the time of acquisition. Loan origination and commitment fees, net of related costs are deferred and amortized as an adjustment of loan yield over the estimated life of the loans approximating the effective interest method. Loans are deemed to be past due when the contractually required principal and interest payments have not been received as they become due. Loans are placed on non-accrual status generally, when they become 90 days past due and the full and timely collection of principal and interest becomes uncertain. When a loan is placed on non-accrual status, interest accruals cease and uncollected accrued interest is reversed and charged against current income. Cash collections from non-accrual loans are generally credited to the loan balance, and no interest income is recognized on these loans until the principal balance has been determined to be fully collectible. A loan in which the borrowers’ obligation has not been released in bankruptcy courts may be restored to an accruing basis when it becomes well secured and is in the process of collection, or all past due amounts become current under the loan agreement and collectability is no longer doubtful.
Allowance for Credit Losses for Loans	Allowance for Credit Losses for Loans As previously noted, Valley adopted ASU No. 2016-13 on January 1, 2020, and, as a result, the 2021 and 2020 periods presented in the consolidated financial statements follow the current expected credit losses methodology. The 2019 period has been reported in accordance with previously applicable GAAP, which followed the incurred credit losses methodology. The following policies noted are under the current expected credit losses methodology. The allowance for credit losses (ACL) is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Provisions for credit losses for loans and recoveries on loan previously charged-off by Valley are added back to the allowance. Under CECL, Valley's methodology to establish the allowance for credit losses for loans has two basic components: (1) a collective reserve component for estimated lifetime expected credit losses for pools of loans that share common risk characteristics and (2) an individual reserve component for loans that do not share common risk characteristics. Previously, an allowance for loan losses was recognized based on probable incurred losses. Reserves for loans that share common risk characteristics. Valley estimated the collective ACL using a current expected credit losses methodology which is based on relevant information about historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the loan balances. In estimating the component of the allowance on a collective basis, Valley uses a transition matrix model which calculates an expected life of loan loss percentage for each loan pool by generating probability of default and loss given default metrics. The metrics are based on the migration of loans from performing to loss by credit quality rating or delinquency categories using historical life-of-loan analysis periods for each loan portfolio pool, and the severity of loss, based on the aggregate net lifetime losses. The model's expected losses based on loss history are adjusted for qualitative factors. Among other things, these adjustments include and account for differences in: (i) the impact of the reasonable and supportable economic forecast, probability weightings and reversion period, (ii) other asset specific risks to the extent they do not exist in the historical loss information, and (iii) net expected recoveries of charged off loan balances. These adjustments are based on qualitative factors not reflected in the quantitative model but are likely to impact the measurement of estimated credit losses. The expected lifetime loss rate is the life of loan loss percentage from the transition matrix model plus the impact of the adjustments for qualitative factors. The expected credit losses are the product of multiplying the model’s expected lifetime loss rate by the exposure at default at period end on an undiscounted basis. Valley utilizes a two-year reasonable and supportable forecast period followed by a one-year period over which estimated losses revert to historical loss experience for the remaining life of the loan on a straight-line basis. The forecasts consist of a multi-scenario economic forecast model to estimate future credit losses that is governed by a cross-functional committee. The committee meets each quarter to determine which economic scenarios developed by Moody's will be incorporated into the model, as well as the relative probability weightings of the selected scenarios, based upon all readily available information. The model projects economic variables under each scenario based on detailed statistical analyses. Valley has identified and selected key variables that most closely correlated to its historical credit performance, which include: GDP, unemployment and the Case-Shiller Home Price Index. The loan credit quality data utilized in the transition matrix model is based on an internal credit risk rating system for the commercial and industrial loan and commercial real estate loan portfolio segments and delinquency aging status for the residential and consumer loan portfolio segments. Loans are risk-rated based on an internal credit risk grading process that evaluates, among other things: (i) the obligor’s ability to repay; (ii) the underlying collateral, if any; and (iii) the economic environment and industry in which the borrower operates. This analysis is performed at the relationship manager level for all commercial and industrial loans and commercial real estate loans, and evaluated by the Loan Review Department on a test basis. Loans with a grade that are below a “Pass” grade are adversely classified. Once a loan becomes adversely classified, it automatically transitions from the "Pass" segment of the model to the corresponding adversely rated pool segment. Within the transition matrix model, each adverse classification or segment (Special Mention, Substandard, Doubtful, and Loss) has its own lifetime expected credit loss rate derived from loan-level historical transitions between the different loan risk ratings categories. Reserves for loans that that do not share common risk characteristics. Valley measures specific reserves for individual loans that do not share common risk characteristics with other loans, consisting of collateral dependent, troubled debt restructured ( TDR) loans, and expected TDR loans, based on the amount of lifetime expected credit losses calculated on those loans and charge-offs of those amounts determined to be uncollectible. Factors considered by Valley in measuring the extent of expected credit loss include payment status, collateral value, borrower financial condition, guarantor support and the probability of collecting scheduled principal and interest payments when due. Collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) of each loan’s underlying collateral resulting in an immediate charge-off to the allowance, excluding any consideration for personal guarantees that may be pursued in the Bank’s collection process. If repayment is based upon future expected cash flows, the present value of the expected future cash flows discounted at the loan’s original effective interest rate is compared to the carrying value of the loan, and any shortfall is recorded as the allowance for credit losses. The effective interest rate used to discount expected cash flows is adjusted to incorporate expected prepayments, if applicable. Valley elected to exclude accrued interest on loans from the amortized cost of loans held for investment. The accrued interest is presented separately in the consolidated statements of financial condition. Loans charge-offs. Loans rated as "loss" within Valley's internal rating system are charged-off. Commercial loans are generally assessed for full or partial charge-off to the net realizable value for collateral dependent loans when a loan is between 90 or 120 days past due or sooner if it is probable that a loan may not be fully collectable. Residential loans and home equity loans are generally charged-off to net realizable value when the loan is 120 days past due (or sooner when the borrowers’ obligation has been released in bankruptcy). Automobile loans are fully charged-off when the loan is 120 days past due or partially charged-off to the net realizable value of collateral, if the collateral is recovered prior to such time. Unsecured consumer loans are generally fully charged-off when the loan is 150 days past due.
Allowance for Unfunded Credit Commitments	Allowance for Unfunded Credit Commitments The
Lessor Arrangements	Lessor Arrangements. Valley's lessor arrangements primarily consist of direct financing and sales-type leases for equipment included in the commercial and industrial loan portfolio. Direct financing and sales-type leases are carried at the aggregate of lease payments receivable plus estimated residual value of the leased assets, net of unearned income, charge-offs and unamortized deferred costs of origination. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term.
Lessee Arrangements	Lessee Arrangements. Valley's lessee arrangements predominantly consist of operating and finance leases for premises and equipment. The majority of the operating leases include one or more options to renew that can significantly extend the lease terms. Valley’s leases have a wide range of lease expirations through the year 2062. Operating and finance leases are recognized as right of use (ROU) assets and lease liabilities in the consolidated statements of financial position. The ROU assets represent the right to use underlying assets for the lease terms and lease liabilities represent Valley’s obligations to make lease payments arising from the lease. The ROU assets include any prepaid lease payments and initial direct costs, less any lease incentives. At the commencement dates of leases, ROU assets and lease liabilities are initially recognized based on their net present values with the lease terms including options to extend or terminate the lease when Valley is reasonably certain that the options will be exercised to extend. ROU assets are amortized into net occupancy and equipment expense over the expected lives of the leases.
Premises and Equipment, Net	Premises and Equipment, NetPremises and equipment are stated at cost less accumulated depreciation computed using the straight-line method over the estimated useful lives of the related assets. Estimated useful lives range from 3 years for capitalized software to up to 40 years for buildings. Leasehold improvements are amortized over the term of the lease or estimated useful life of the asset, whichever is shorter. Major improvements are capitalized, while repairs and maintenance costs are charged to operations as incurred. Upon retirement or disposition, any gain or loss is credited or charged to operations.
Bank Owned Life Insurance	Bank Owned Life Insurance Valley owns bank owned life insurance (BOLI) to help offset the cost of employee benefits. BOLI is recorded at its cash surrender value. Valley’s BOLI is invested primarily in U.S. Treasury securities and residential mortgage-backed securities issued by government sponsored enterprises and Ginnie Mae. The majority of the underlying investment portfolio is managed by one independent investment firm. The change in the cash surrender value is included as a component of non-interest income and is exempt from federal and state income taxes as long as the policies are held until the death of the insured individuals.
Other Real Estate Owned	Other Real Estate OwnedValley acquires other real estate owned (OREO) through foreclosure on loans secured by real estate. OREO is reported at the lower of cost or fair value, as established by a current appraisal (less estimated costs to sell) and it is included in other assets. Any write-downs at the date of foreclosure are charged to the allowance for loan losses. Expenses incurred to maintain these properties, unrealized losses resulting from valuation write-downs after the date of foreclosure, and realized gains and losses upon sale of the properties are included in other non-interest expense.
Goodwill	Goodwill Intangible assets resulting from acquisitions under the acquisition method of accounting consist of goodwill and other intangible assets (see “Other Intangible Assets” below). Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired and is not amortized. The initial recording of goodwill and other intangible assets requires subjective judgments concerning estimates of the fair value of the acquired assets and assumed liabilities. Goodwill is subject to annual tests for impairment or more often, if events or circumstances indicate it may be impaired. On January 1, 2020, Valley adopted ASU No. 2017-04 "Intangibles—Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment," which simplified the impairment test by eliminating the step two requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, an impairment loss is recognized if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the unit (formerly step one of the two-step test). Goodwill is allocated to Valley's reporting unit, which is a business segment or one level below, at the date goodwill is recorded. Under current accounting guidance, Valley may choose to perform an optional qualitative assessment to determine whether it is necessary to perform the single-step quantitative goodwill impairment test for one or more reporting units each annual period. Valley reviews goodwill for impairment annually during the second quarter using a quantitative test, or more frequently if a triggering event indicates impairment may have occurred. Our determination of whether or not goodwill is impaired requires us to make judgments, and use significant estimates and assumptions regarding estimated future cash flows. If we change our strategy or if market conditions shift, our judgments may change, which may result in adjustments to the recorded goodwill balance.
Other Intangible Assets	Other Intangible Assets Other intangible assets primarily consist of loan servicing rights (largely generated from loan servicing retained by the Bank on residential mortgage loan originations sold in the secondary market to government sponsored enterprises), core deposits (the portion of an acquisition purchase price which represents value assigned to the existing deposit base) and, to a much lesser extent, various other types of intangibles obtained through acquisitions. Other intangible assets are amortized using various methods over their estimated lives and are periodically evaluated for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. If impairment is deemed to exist, an adjustment is recorded to earnings in the current period for the difference between the fair value of the asset and its carrying amount. See further details regarding loan servicing rights below.
Loan Servicing Rights	Loan Servicing Rights Loan servicing rights are recorded when originated mortgage loans are sold with servicing rights retained, or when servicing rights are purchased. Valley initially records the loan servicing rights at fair value. Subsequently, the loan servicing rights are carried at the lower of unamortized cost or market (i.e., fair value). The fair values of the loan servicing rights for each risk-stratified group of loan servicing rights are calculated using a fair value model from a third party vendor that uses various inputs and assumptions, including but not limited to, prepayment speeds, internal rate of return (“discount rate”), servicing cost, ancillary income, float rate, tax rate, and inflation. The prepayment speed and the discount rate are considered two of the most significant inputs in the model. Unamortized costs associated with acquiring loan servicing rights, net of any valuation allowances, are included in other intangible assets in the consolidated statements of financial condition and are accounted for using the amortization method. Valley amortizes the loan servicing assets in proportion to and over the period of estimated net servicing revenues. On a quarterly basis, Valley stratifies its loan servicing assets into groupings based on risk characteristics and assesses each group for impairment based on fair value. A valuation allowance is established through an impairment charge to earnings to the extent the unamortized cost of a stratified group of loan servicing rights exceeds its estimated fair value. Increases in the fair value of impaired loan servicing rights are recognized as a reduction of the valuation allowance, but not in excess of such allowance. The amortization of loan servicing rights is recorded in non-interest income.
Stock-Based Compensation	Stock-Based CompensationCompensation expense for restricted stock units, restricted stock and stock option awards (i.e., non-vested stock awards) is based on the fair value of the award on the date of the grant and is recognized ratably over the service period of the award. Valley's long-term incentive compensation plan includes a service period requirement for award grantees who are eligible for retirement pursuant to which an award will vest at one-twelfth per month after the grant date and requires the grantees to continue service with Valley for one year in order for the award to fully vest. Compensation expense for these awards is amortized monthly over a one year period after the grant date. The service period for non-retirement eligible employees is the shorter of the stated vesting period of the award or the period until the employee’s retirement eligibility date. The fair value of each option granted is estimated using a binomial option pricing model. The fair value of restricted stock units and awards is based upon the last sale price reported for Valley’s common stock on the date of grant or the last sale price reported preceding such date, except for performance-based stock awards with a market condition. The grant date fair value of a performance-based stock award that vests based on a market condition is determined by a third party specialist using a Monte Carlo valuation model.
Business Combinations	Business Combinations Business combinations are accounted for under the acquisition method of accounting. Acquired assets, including separately identifiable intangible assets, and assumed liabilities are recorded at their acquisition-date estimated fair values. The excess of the cost of acquisition over these fair values is recognized as goodwill. During the measurement period, which cannot exceed one year from the acquisition date, changes to estimated fair values are recognized as an adjustment to goodwill. Certain transaction costs are expensed as incurred.
Fair Value Measurements	Fair Value MeasurementsIn general, fair values of financial instruments are based upon quoted market prices, where available. When observable market prices and parameters are not fully available, management uses valuation techniques based upon internal and third party models requiring more management judgment to estimate the appropriate fair value measurements. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value, including adjustments based on internal cash flow model projections that utilize assumptions similar to those incorporated by market participants. Other adjustments may include amounts to reflect counterparty credit quality and Valley’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time.
Revenue Recognition	Revenue Recognition Valley's revenue contracts generally have a single performance obligation, as the promise to transfer the individual goods or services is not separately identifiable, or distinct from other obligations within the contracts. Valley does not have a material amount of long-term customer agreements that include multiple performance obligations requiring price allocation and differences in the timing of revenue recognition. Valley has no customer contracts with variable fee agreements based upon performance. Valley's revenue within the scope of ASC Topic 606 includes: (i) trust and investment services income from investment management, investment, including tax credit, advisory services, trust, custody and other products; (ii) service charges on deposit accounts from checking accounts, savings accounts, overdrafts, insufficient funds, ATM transactions and other activities; and (iii) other income from fee income related to derivative interest rate swaps executed with commercial loan customers, fees from interchange, wire transfers, credit cards, safe deposit box, ACH, lockbox and various other products and services-related income.
Income Taxes	Income Taxes Valley uses the asset and liability method to provide income taxes on all transactions recorded in the consolidated financial statements. This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on the enacted tax rates that will be in effect when the underlying items of income and expense are expected to be realized. Valley’s expense for income taxes includes the current and deferred portions of that expense. Deferred tax assets are recognized if, in management's judgment, their realizability is determined to be more likely than not. A valuation allowance is established to reduce deferred tax assets to the amount we expect to realize. Deferred income tax expense or benefit results from differences between assets and liabilities measured for financial reporting versus income-tax return purposes. The effect on deferred taxes of a change in tax rates is recognized in income tax expense in the period that includes the enactment date.
Comprehensive Income	Comprehensive IncomeComprehensive income or loss is defined as the change in equity of a business entity during a period due to transactions and other events and circumstances, excluding those resulting from investments by and distributions to shareholders. Comprehensive income consists of net income and other comprehensive income or loss. Valley’s components of other comprehensive income or loss, net of deferred tax, include: (i) unrealized gains and losses on debt securities available for sale; (ii) unrealized gains and losses on derivatives used in cash flow hedging relationships; and (iii) the pension benefit adjustment for the unfunded portion of its various employee, officer, and director pension plans. Income tax effects are released from accumulated other comprehensive income on an individual unit of account basis. Valley presents comprehensive income and its components in the consolidated statements of comprehensive income for all periods presented.
Earnings Per Common Share	Earnings Per Common Share In Valley's computation of the earnings per common share, the numerator of both the basic and diluted earnings per common share is net income available to common shareholders (which is equal to net income less dividends on preferred stock). The weighted average number of common shares outstanding used in the denominator for basic earnings per common share is increased to determine the denominator used for diluted earnings per common share by the effect of potentially dilutive common stock equivalents utilizing the treasury stock method.
Preferred and Common Stock Dividends	Preferred and Common Stock Dividends Valley issued 4.6 million and 4.0 million shares of non-cumulative perpetual preferred stock in June 2015 and August 2017, respectively, which were initially recorded at fair value. See Note 18 for additional details on the preferred stock issuances. The preferred shares are senior to Valley common stock, whereas the current year dividends must be paid before Valley can pay dividends to its common shareholders. Preferred dividends declared are deducted from net income for computing income available to common shareholders and earnings per common share computations. Cash dividends to both preferred and common shareholders are payable and accrued when declared by Valley's Board of Directors.
Treasury Stock	Treasury Stock Treasury stock is recorded using the cost method and accordingly is presented as a reduction of shareholders’ equity.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities As part of its asset/liability management strategies and to accommodate commercial borrowers, Valley has used interest rate swaps to hedge variability in cash flows or fair values caused by changes in interest rates. Valley also uses derivatives not designated as hedges for non-speculative purposes to (1) manage its exposure to interest rate movements related to a service for commercial lending customers, (2) share the risk of default on the interest rate swaps related to certain purchased or sold loan participations through the use of risk participation agreements and (3) manage the interest rate risk of mortgage banking activities with customer interest rate lock commitments and forward contracts to sell residential mortgage loans. Valley also has hybrid instruments, consisting of market linked certificates of deposit with an embedded swap contract. Valley records all derivatives including embedded derivatives as assets or liabilities at fair value on the consolidated statements of financial condition. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Cash Flow Hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income or loss and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. Valley calculates the credit valuation adjustments to the fair value of derivatives designated as fair value hedges on a net basis by counterparty portfolio, as an accounting policy election. Fair Value Hedges. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. On a quarterly basis, Valley assesses the effectiveness of each hedging relationship by comparing the changes in cash flows or fair value of the derivative hedging instrument with the changes in cash flows or fair value of the designated hedged item or transaction. If a hedging relationship is terminated due to ineffectiveness, and the derivative instrument is not re-designated to a new hedging relationship, the subsequent change in fair value of such instrument is charged directly to earnings. Interest Rate Contracts and Other Non-designated Hedges. Derivatives not designated as hedges do not meet the hedge accounting requirements under U.S. GAAP. Contracts in an asset position are included in other assets and contracts in a liability position are included in other liabilities. Changes in fair value of derivatives not designated in hedging relationships are recorded directly in earnings within other non-interest expense.
New Authoritative Accounting Guidance	New Authoritative Accounting Guidance New Accounting Guidance Issued and Adopted in 2020. ASU No. 2020-04, "Reference Rate Reform (Topic 848)" provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued, subject to meeting certain criteria. Under the new guidance, an entity can elect by accounting topic or industry subtopic to account for the modification of a contract affected by reference rate reform as a continuation of the existing contract, if certain conditions are met. In addition, the new guidance allows an entity to elect on a hedge-by-hedge basis to continue to apply hedge accounting for hedging relationships in which the critical terms change due to reference rate reform, if certain conditions are met. A one-time election to sell and/or transfer held to maturity debt securities that reference a rate affected by reference rate reform is also allowed. ASU No. 2020-04 became effective for all entities as of March 12, 2020 and can apply to all LIBOR reference rate modifications any time through December 31, 2022. Valley’s LIBOR project working group, consisting of key stakeholders from throughout Valley, continue to monitor new developments for transitioning to alternative reference rates to align with regulatory guidelines. Valley has provided both internal and external communications that reference and educate customers and associates regarding the LIBOR transition and continues to update fall back language that reference LIBOR-based rates to ensure full reference rates change readiness. Valley’s technology systems have been updated to handle the new replacement rates. Valley started originating and renewing loans at new alternative benchmark rates after December 31, 2021. SOFR and Term SOFR are the preferred rates for loans and derivatives. Loans that were closed before December 31, 2021, may continue to be priced using LIBOR until June 30, 2023. Management is still assessing the expected impact of LIBOR cessation on Valley’s consolidated financial statements. New Accounting Guidance Adopted in 2021. ASU No. 2020-08, "Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs" provides clarification and affects the guidance previously issued by ASU No. 2017-08 “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU No. 2020-08 clarifies that an entity should reevaluate whether a debt security with multiple call dates is within the scope of paragraph 310-20-35-33. For each reporting period, to the extent that the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the next call date, the premium should be amortized to the next call date, unless the guidance to consider estimated prepayments is applied. Valley adopted ASU No. 2020-08 on January 1, 2021 and the new guidance did not have a significant impact on Valley’s consolidated financial statements New Accounting Guidance Issued in 2021. ASU No. 2021-01 "Reference Rate Reform (Topic 848)" extends some o f Accounting Standards Codification Topic 848’s optional expedients to derivative contracts impacted by the discounting transition, including for derivatives that do not reference LIBOR or other reference rates that are expected to be discontinued. ASU No. 2021-01 is effective for all entities immediately upon issuance and may be elected retrospectively to eligible modifications as of any date from the beginning of the interim period that includes March 12, 2020, or prospectively to new modifications made on or after any date within the interim period including January 7, 2021 and it can be applied through December 31, 2022, similar to the other reference rate reform relief provided under Topic 848. ASU No. 2021-01 is not expected to have a significant impact on Valley’s consolidated financial statements. ASU No. 2021-05 "Lessors – Certain Leases with Variable Lease Payments". ASU No. 2021-05 updates guidance in Accounting Standards Codification (ASC) 842, Leases and requires a lessor to classify a lease with variable lease payments that do not depend on an index or rate as an operating lease at lease commencement if: (i) the lease would have been classified as a sales-type lease or direct financing lease under ASC 842 classification criteria; and (ii) the lessor would have recognized a selling loss at lease commencement. ASU No. 2021-05 is effective for Valley for fiscal years and interim periods beginning after December 15, 2021, with early adoption permitted. ASU No. 2021-05 is not expected to have a significant impact on Valley’s consolidated financial statements

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Calculation of Basic and Diluted Earnings Per Common Share	The following table shows the calculation of both basic and diluted earnings per common share for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 (in thousands, except for share data) Net income available to common shareholders $ 461,152 $ 377,918 $ 297,105 Basic weighted-average number of common shares outstanding 407,445,379 403,754,356 337,792,270 Plus: Common stock equivalents 2,572,949 1,291,851 2,325,538 Diluted weighted-average number of common shares outstanding 410,018,328 405,046,207 340,117,808 Earnings per common share: Basic $ 1.13 $ 0.94 $ 0.88 Diluted 1.12 0.93 0.87

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Assets Acquired and Liabilities Assumed in Acquisition	The following table sets forth assets acquired, and liabilities assumed in the Westchester acquisition, at their estimated fair values as of the closing date of the transaction: December 1, 2021 ($ in thousands) Assets acquired: Cash and cash equivalents $ 332,221 Held to maturity debt securities 9,197 Loans, net 908,023 Premises and equipment 1,356 Right of use asset 5,873 Bank owned life insurance 28,756 Accrued interest receivable 2,179 Goodwill 63,469 Other intangible assets 8,130 Other assets 22,861 Total assets acquired $ 1,382,065 Liabilities assumed: Deposits: Non-interest bearing $ 434,780 Savings, NOW and money market 636,569 Time deposits 90,635 Total deposits 1,161,984 Lease liabilities 5,873 Accrued expense and other liabilities 3,074 Total liabilities assumed $ 1,170,931 Common stock issued in acquisition $ 211,134
Financing Receivable, Purchased With Credit Deterioration	The following table provides a reconciliation of the difference between the purchase price and the par value of the PCD loans acquired from Westchester: December 1, 2021 ($ in thousands) Purchase price of PCD loans $ 346,883 Allowance for credit losses at acquisition 6,542 Non-credit discount at acquisition 8,457 Par value of acquired PCD loans $ 361,882
Business Acquisition, Pro Forma Information	Had the acquisition of Oritani taken place in the beginning of 2019. Valley’s revenues (defined as the sum of net interest income and non-interest income), net income, basic earnings per share, and diluted earnings per share would have equaled the amounts indicated in the following table for the year ended December 31, 2019: 2019 (in thousands, except per share data) Unaudited Revenues $ 1,219,887 Net income 361,079 Basic earnings per share 0.86 Diluted earnings per share 0.85

Fair Value Measurement of Ass_2

Fair Value Measurement of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring and Non-Recurring Basis	The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at December 31, 2021 and 2020. The assets presented under “non-recurring fair value measurements” in the table below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized). Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices Significant Other Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 32,844 $ 21,284 $ — $ — Trading debt securities 38,130 — 38,130 — Available for sale debt securities: U.S. government agency securities 20,925 — 20,925 — Obligations of states and political subdivisions 79,890 — 79,890 — Residential mortgage-backed securities 904,502 — 904,502 — Corporate and other debt securities 123,492 — 123,492 — Total available for sale debt securities 1,128,809 — 1,128,809 — Loans held for sale (2) 139,516 — 139,516 — Other assets (3) 181,500 — 181,500 — Total assets $ 1,520,799 $ 21,284 $ 1,487,955 $ — Liabilities Other liabilities (3) $ 52,376 $ — $ 52,376 $ — Total liabilities $ 52,376 $ — $ 52,376 $ — Non-recurring fair value measurements: Collateral dependent loans $ 47,871 $ — $ — $ 47,871 Foreclosed assets 2,931 — — 2,931 Total $ 50,802 $ — $ — $ 50,802 Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices Significant Other Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 26,379 $ 18,600 $ — $ — Available for sale debt securities: U.S. Treasury securities 51,393 51,393 — — U.S. government agency securities 26,157 — 26,157 — Obligations of states and political subdivisions 79,950 — 79,135 815 Residential mortgage-backed securities 1,090,022 — 1,090,022 — Corporate and other debt securities 91,951 — 91,951 — Total available for sale debt securities 1,339,473 51,393 1,287,265 815 Loans held for sale (2) 301,427 — 301,427 — Other assets (3) 387,452 — 387,452 — Total assets $ 2,054,731 $ 69,993 $ 1,976,144 $ 815 Liabilities Other liabilities (3) $ 156,281 $ — $ 156,281 $ — Total liabilities $ 156,281 $ — $ 156,281 $ — Non-recurring fair value measurements: Collateral dependent 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 as net asset value (NAV) per share (or its equivalent) as a practical expedient totaling $11.6 million and $7.8 million at December 31, 2021 and 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 $136.3 million and $286.4 million at December 31, 2021 and 2020, respectively. (3) Derivative financial instruments are included in this category.
Carrying Amounts and Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at December 31, 2021 and 2020 were as follows: 2021 2020 Fair Value Carrying Fair Value Carrying Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 205,156 $ 205,156 $ 257,845 $ 257,845 Interest bearing deposits with banks Level 1 1,844,764 1,844,764 1,071,360 1,071,360 Equity securities (1) Level 3 3,629 3,629 2,999 2,999 Held to maturity debt securities: U.S. Treasury securities Level 1 67,558 71,661 68,126 75,484 U.S. government agency securities Level 2 6,265 6,378 6,222 6,513 Obligations of states and political subdivisions Level 2 337,962 344,164 470,259 484,506 Residential mortgage-backed securities Level 2 2,166,142 2,152,301 1,550,306 1,589,655 Trust preferred securities Level 2 37,020 31,916 37,348 30,033 Corporate and other debt securities Level 2 53,750 54,185 40,750 41,421 Total held to maturity debt securities (2) 2,668,697 2,660,605 2,173,011 2,227,612 Net loans Level 3 33,794,455 33,283,251 31,876,869 31,635,060 Accrued interest receivable Level 1 96,882 96,882 106,230 106,230 Federal Reserve Bank and Federal Home Loan Bank stock (3) Level 2 206,450 206,450 250,116 250,116 Financial liabilities Deposits without stated maturities Level 1 31,945,368 31,945,368 25,220,924 25,220,924 Deposits with stated maturities Level 2 3,687,044 3,670,113 6,714,678 6,639,022 Short-term borrowings Level 1 655,726 637,490 1,147,958 1,151,478 Long-term borrowings Level 2 1,423,676 1,404,184 2,295,665 2,405,345 Junior subordinated debentures issued to capital trusts Level 2 56,413 46,306 56,065 57,779 Accrued interest payable (4) Level 1 4,909 4,909 18,839 18,839 (1) Represents equity securities without a readily determinable fair value measured at costs less impairment, if any. (2) The carrying amount is presented gross without the allowance for credit losses. (3) Included in other assets. (4) Included in accrued expenses and other liabilities.

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Available for Sale Debt Securities	The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at December 31, 2021 and 2020 were as follows: Amortized Gross Gross Fair (in thousands) December 31, 2021 U.S. government agency securities $ 20,323 $ 608 $ (6) $ 20,925 Obligations of states and political subdivisions: Obligations of states and state agencies 26,088 132 (93) 26,127 Municipal bonds 53,530 349 (116) 53,763 Total obligations of states and political subdivisions 79,618 481 (209) 79,890 Residential mortgage-backed securities 895,279 14,986 (5,763) 904,502 Corporate and other debt securities 120,871 3,177 (556) 123,492 Total $ 1,116,091 $ 19,252 $ (6,534) $ 1,128,809 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 related available for sale debt securities at December 31, 2021 and 2020 were as follows: Less than More than Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) December 31, 2021 U.S. government agency securities $ — $ — $ 1,326 $ (6) $ 1,326 $ (6) Obligations of states and political subdivisions: Obligations of states and state agencies 10,549 (93) — — 10,549 (93) Municipal bonds 19,100 (116) — — 19,100 (116) Total obligations of states and political subdivisions 29,649 (209) — — 29,649 (209) Residential mortgage-backed securities 371,256 (4,770) 25,960 (993) 397,216 (5,763) Corporate and other debt securities 59,039 (556) — — 59,039 (556) Total $ 459,944 $ (5,535) $ 27,286 $ (999) $ 487,230 $ (6,534) 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 Available for Sale Debt Securities	The contractual maturities of available for sale debt securities at December 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. December 31, 2021 Amortized Cost Fair Value (in thousands) Due in one year $ 7,057 $ 7,121 Due after one year through five years 30,645 31,222 Due after five years through ten years 94,221 96,722 Due after ten years 88,889 89,242 Residential mortgage-backed securities 895,279 904,502 Total $ 1,116,091 $ 1,128,809
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 December 31, 2021 and 2020 were as follows: Amortized Gross Gross Fair Value (in thousands) December 31, 2021 U.S. Treasury securities $ 67,558 $ 4,103 $ — $ 71,661 U.S. government agency securities 6,265 113 — 6,378 Obligations of states and political subdivisions: Obligations of states and state agencies 141,015 3,065 (312) 143,768 Municipal bonds 196,947 3,536 (87) 200,396 Total obligations of states and political subdivisions 337,962 6,601 (399) 344,164 Residential mortgage-backed securities 2,166,142 14,599 (28,440) 2,152,301 Trust preferred securities 37,020 5 (5,109) 31,916 Corporate and other debt securities 53,750 559 (124) 54,185 Total $ 2,668,697 $ 25,980 $ (34,072) $ 2,660,605 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 December 31, 2021 and 2020 were as follows: Less than More than Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) December 31, 2021 Obligations of states and political subdivisions: Obligations of states and state agencies $ 17,000 $ (254) $ 5,517 $ (58) $ 22,517 $ (312) Municipal bonds 9,403 (87) — — 9,403 (87) Total obligations of states and political subdivisions 26,403 (341) 5,517 (58) 31,920 (399) Residential mortgage-backed securities 1,381,405 (22,365) 206,520 (6,075) 1,587,925 (28,440) Trust preferred securities — — 30,912 (5,109) 30,912 (5,109) Corporate and other debt securities 32,627 (124) — — 32,627 (124) Total $ 1,440,435 $ (22,830) $ 242,949 $ (11,242) $ 1,683,384 $ (34,072) 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 Investments Debt Securities Held to Maturity	The contractual maturities of investments in debt securities held to maturity at December 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. December 31, 2021 Amortized Cost Fair Value (in thousands) Due in one year $ 34,034 $ 34,197 Due after one year through five years 231,104 238,092 Due after five years through ten years 48,465 49,318 Due after ten years 188,952 186,697 Residential mortgage-backed securities 2,166,142 2,152,301 Total $ 2,668,697 $ 2,660,605
Amortized Cost of Held to Maturity Debt Securities by External Credit Rating	The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at December 31, 2021 and 2020. AAA/AA/A Rated BBB rated Non-investment grade rated Non-rated Total (in thousands) December 31, 2021 U.S. Treasury securities $ 67,558 $ — $ — $ — $ 67,558 U.S. government agency securities 6,265 — — — 6,265 Obligations of states and political subdivisions: Obligations of states and state agencies 118,368 — 5,576 17,071 141,015 Municipal bonds 148,854 — — 48,093 196,947 Total obligations of states and political subdivisions 267,222 — 5,576 65,164 337,962 Residential mortgage-backed securities 2,166,142 — — — 2,166,142 Trust preferred securities — — — 37,020 37,020 Corporate and other debt securities 2,000 6,000 — 45,750 53,750 Total $ 2,509,187 $ 6,000 $ 5,576 $ 147,934 $ 2,668,697 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 $ 2,019,348 $ 5,000 $ 5,650 $ 143,013 $ 2,173,011
Debt Securities, Held-to-maturity, Allowance for Credit Loss	Held to maturity debt securities are carried net of an allowance for credit losses. The following table details the activity in the allowance for credit losses for the years ended December 31, 2021 and 2020: December 31, 2021 2020 (in thousands) Beginning balance $ 1,428 $ — Adoption of ASU No. 2016-13 on January 1, 2020 — 793 (Credit) provision for credit losses (263) 635 Ending balance $ 1,165 $ 1,428
Gross Gains and Losses Realized on Sales, Maturities, and Other Securities Transactions	Gross gains and losses realized on sales, maturities and other securities transactions related to non-trading securities and net gains on trading debt securities included in earnings for the years ended December 31, 2021, 2020 and 2019 were as follows: 2021 2020 2019 (in thousands) Sales transactions: Gross gains $ 1,370 $ 665 $ — Gross losses (550) (9) — Total $ 820 $ 656 $ — Maturities and other securities transactions: Gross gains $ 10 $ 34 $ 67 Gross losses (285) (166) (217) Total (275) (132) (150) Net gains on trading debt securities 1,213 — — Net gains (losses) on securities transactions $ 1,758 $ 524 $ (150)

Loans and Allowance for Credi_2

Loans and Allowance for Credit Losses for Loans (Tables)	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Schedule of Loan Portfolio	The detail of the loan portfolio as of December 31, 2021 and 2020 was as follows: 2021 2020 (in thousands) Loans: Commercial and industrial: Commercial and industrial $ 5,411,601 $ 4,709,569 Commercial and industrial PPP loans * 435,950 2,152,139 Total commercial and industrial loans 5,847,551 6,861,708 Commercial real estate: Commercial real estate 18,935,486 16,724,998 Construction 1,854,580 1,745,825 Total commercial real estate loans 20,790,066 18,470,823 Residential mortgage 4,545,064 4,183,743 Consumer: Home equity 400,779 431,553 Automobile 1,570,036 1,355,955 Other consumer 1,000,161 913,330 Total consumer loans 2,970,976 2,700,838 Total loans $ 34,153,657 $ 32,217,112 * Represents SBA Paycheck Protection Program (PPP) loans, net of unearned fees totaling $12.1 million and $43.2 million at December 31, 2021 and 2020, respectively.
Changes in Amounts of Loans and Advances to Related Parties	The following table summarizes the changes in the total amounts of loans and advances to the related parties during the year ended December 31, 2021: 2021 (in thousands) Outstanding at beginning of year $ 239,625 New loans and advances 7,613 Repayments (13,799) Outstanding at end of year $ 233,439
Past Due, Current, and Non-Accrual Loans Without an Allowance for Credit Losses by Loan Portfolio Class	The following table presents past due, current and non-accrual loans without an allowance for loan losses by loan portfolio class at December 31, 2021 and 2020: Past Due and Non-Accrual Loans 30-59 Days 60-89 Days 90 Days or More Non-Accrual Total Current Total Non-Accrual Loans Without Allowance for Loan Losses (in thousands) December 31, 2021 Commercial and industrial $ 6,717 $ 7,870 $ 1,273 $ 99,918 $ 115,778 $ 5,731,773 $ 5,847,551 $ 9,066 Commercial real estate: Commercial real estate 14,421 — 32 83,592 98,045 18,837,441 18,935,486 70,719 Construction 1,941 — — 17,641 19,582 1,834,998 1,854,580 — Total commercial real estate loans 16,362 — 32 101,233 117,627 20,672,439 20,790,066 70,719 Residential mortgage 10,999 3,314 677 35,207 50,197 4,494,867 4,545,064 20,401 Consumer loans: Home equity 242 98 — 3,517 3,857 396,922 400,779 4 Automobile 6,391 656 271 240 7,558 1,562,478 1,570,036 — Other consumer 178 266 518 101 1,063 999,098 1,000,161 — Total consumer loans 6,811 1,020 789 3,858 12,478 2,958,498 2,970,976 4 Total $ 40,889 $ 12,204 $ 2,771 $ 240,216 $ 296,080 $ 33,857,577 $ 34,153,657 $ 100,190 Past Due and Non-Accrual Loans 30-59 Days 60-89 Days 90 Days or More Non-Accrual Total Current Loans Total Loans Non-Accrual Loans Without Allowance for Loan 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
Internal Loan Classification Risk by Loan Portfolio Class by Origination Year and Amortized Cost per Loan Class Based on Payment Activity by Origination Year	The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at December 31, 2021 and 2020: Term Loans Amortized Cost Basis by Origination Year December 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 $ 1,563,050 $ 743,165 $ 461,022 $ 362,748 $ 143,753 $ 337,713 $ 1,968,513 $ 247 $ 5,580,211 Special Mention 4,182 1,195 3,217 14,143 1,726 9,869 102,145 40 136,517 Substandard 8,248 4,823 3,139 7,077 910 408 19,642 109 44,356 Doubtful — — 2,733 — 16,355 67,379 — — 86,467 Total commercial and industrial $ 1,575,480 $ 749,183 $ 470,111 $ 383,968 $ 162,744 $ 415,369 $ 2,090,300 $ 396 $ 5,847,551 Commercial real estate Risk Rating: Pass $ 4,517,917 $ 2,983,140 $ 2,702,580 $ 1,734,922 $ 1,474,770 $ 4,557,011 $ 195,851 $ 13,380 $ 18,179,571 Special Mention 7,700 50,019 46,911 44,187 65,623 143,540 50,168 — 408,148 Substandard 735 34,655 29,029 41,231 70,941 169,041 1,949 — 347,581 Doubtful — — — — — 186 — — 186 Total commercial real estate $ 4,526,352 $ 3,067,814 $ 2,778,520 $ 1,820,340 $ 1,611,334 $ 4,869,778 $ 247,968 $ 13,380 $ 18,935,486 Construction Risk Rating: Pass $ 274,097 $ 98,609 $ 48,555 $ 32,781 $ 6,061 $ 28,419 $ 1,313,555 $ — $ 1,802,077 Special Mention 4,131 — 1,009 — — — 18,449 — 23,589 Substandard 199 19 6 246 — 17,842 10,602 — 28,914 Total construction $ 278,427 $ 98,628 $ 49,570 $ 33,027 $ 6,061 $ 46,261 $ 1,342,606 $ — $ 1,854,580 Term Loans Amortized Cost Basis by Origination Year December 31, 2020 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Commercial and industrial Risk Rating: Pass $ 3,058,596 $ 605,112 $ 556,284 $ 212,215 $ 162,483 $ 337,484 $ 1,677,559 $ 350 $ 6,610,083 Special Mention 819 10,236 2,135 9,502 10,228 14,165 49,883 51 97,019 Substandard 5,215 3,876 12,481 1,798 4,215 12,965 18,913 462 59,925 Doubtful — 5,203 1 17,010 2,596 69,871 — — 94,681 Total commercial and industrial $ 3,064,630 $ 624,427 $ 570,901 $ 240,525 $ 179,522 $ 434,485 $ 1,746,355 $ 863 $ 6,861,708 Commercial real estate Risk Rating: Pass $ 3,096,549 $ 3,052,076 $ 2,230,047 $ 1,767,528 $ 1,798,137 $ 3,916,990 $ 199,145 $ 15,532 $ 16,076,004 Special Mention 50,193 68,203 44,336 48,813 66,845 109,295 1,705 — 389,390 Substandard 18,936 17,049 30,997 59,618 11,541 118,725 2,531 — 259,397 Doubtful — — — — — 207 — — 207 Total commercial real estate $ 3,165,678 $ 3,137,328 $ 2,305,380 $ 1,875,959 $ 1,876,523 $ 4,145,217 $ 203,381 $ 15,532 $ 16,724,998 Construction Risk Rating: Pass $ 145,246 $ 120,800 $ 111,174 $ 15,497 $ 47,971 $ 20,029 $ 1,199,034 $ — $ 1,659,751 Special Mention — 1,043 — — 9,996 17,414 47,311 — 75,764 Substandard — 26 246 2,628 17 380 7,013 — 10,310 Total construction $ 145,246 $ 121,869 $ 111,420 $ 18,125 $ 57,984 $ 37,823 $ 1,253,358 $ — $ 1,745,825 Term Loans Amortized Cost Basis by Origination Year December 31, 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 $ 1,448,602 $ 635,531 $ 572,911 $ 425,152 $ 368,164 $ 1,014,190 $ 70,342 $ — $ 4,534,892 90 days or more past due — 357 2,627 2,056 2,794 2,338 — — 10,172 Total residential mortgage $ 1,448,602 $ 635,888 $ 575,538 $ 427,208 $ 370,958 $ 1,016,528 $ 70,342 $ — $ 4,545,064 Consumer loans Home equity Performing $ 13,847 $ 5,723 $ 6,994 $ 7,384 $ 5,359 $ 13,597 $ 303,888 $ 42,822 $ 399,614 90 days or more past due — — — — — 35 536 594 1,165 Total home equity 13,847 5,723 6,994 7,384 5,359 13,632 304,424 43,416 400,779 Automobile Performing 735,446 309,856 278,828 157,450 72,753 15,171 — — 1,569,504 90 days or more past due 129 — 78 163 81 81 — — 532 Total automobile 735,575 309,856 278,906 157,613 72,834 15,252 — — 1,570,036 Other consumer Performing 2,949 6,717 6,468 7,017 1,009 14,483 961,027 — 999,670 90 days or more past due — — — — — — 491 — 491 Total other consumer 2,949 6,717 6,468 7,017 1,009 14,483 961,518 — 1,000,161 Total consumer $ 752,371 $ 322,296 $ 292,368 $ 172,014 $ 79,202 $ 43,367 $ 1,265,942 $ 43,416 $ 2,970,976 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- and Post-Modification Amortized Cost of Loans by Loan Class Modified as TDRs and Loans Modified as TDRs that Subsequently Defaulted	The following table presents pre- and post-modification amortized cost of loans by loan class modified as TDRs during the years ended December 31, 2021 and 2020. Post-modification amounts are presented as of December 31, 2021 and 2020, respectively. Troubled Debt Number of Pre-Modification Post-Modification ($ in thousands) December 31, 2021 Commercial and industrial 70 $ 52,790 $ 48,764 Commercial real estate: Commercial real estate 12 29,480 29,313 Construction 3 22,049 18,418 Total commercial real estate 15 51,529 47,731 Residential mortgage 14 9,663 9,578 Consumer 1 170 161 Total 100 $ 114,152 $ 106,234 December 31, 2020 Commercial and industrial 42 $ 46,090 $ 42,679 Commercial real estate: Commercial real estate 6 24,683 21,654 Construction — — — Total commercial real estate 6 24,683 21,654 Residential mortgage 12 2,377 2,323 Consumer 1 72 70 Total 61 $ 73,222 $ 66,726 Loans modified as TDRs within the previous 12 months and for which there was a payment default (90 or more days past due) in the years ended December 31, 2021 and 2020 were as follows: Years Ended December 31, 2021 2020 Troubled Debt Restructurings Subsequently Defaulted Number of Recorded Number of Recorded ($ in thousands) Commercial and industrial — $ — 27 $ 23,247 Commercial real estate: Commercial real estate 1 10,261 — — Construction 2 17,599 — — Total commercial real estate 3 27,860 — — Residential mortgage — — 1 247 Total 3 $ 27,860 28 $ 23,494
Summary of Collateral Dependent Loans	The following table presents collateral dependent loans by class as of December 31, 2021 and 2020: 2021 2020 (in thousands) Collateral dependent loans: Commercial and industrial * $ 95,335 $ 106,239 Commercial real estate 110,174 41,562 Residential mortgage 35,745 28,176 Home equity 4 50 Total $ 241,258 $ 176,027 * Commercial and industrial loans are primarily collateralized by taxi medallions .
Summary of Allowance for Credit Losses	The following table summarizes the allowance for credit losses for loans at December 31, 2021 and 2020: 2021 2020 (in thousands) Components of allowance for credit losses for loans: Allowance for loan losses $ 359,202 $ 340,243 Allowance for unfunded credit commitments 16,500 11,111 Total allowance for credit losses for loans $ 375,702 $ 351,354
Summary of Provision for Credit Losses	The following table summarizes the provision for credit losses for loans for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 (in thousands) Components of provision for credit losses for loans: Provision for loan losses $ 27,507 $ 123,922 $ 25,809 Provision for unfunded credit commitments 5,389 1,165 (1,591) Total provision for credit losses for loans $ 32,896 $ 125,087 $ 24,218
Summary of Activity in Allowance for Loan Losses	The following table details the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2021 and 2020: Commercial Commercial Residential Consumer Total (in thousands) December 31, 2021 Allowance for loan losses: Beginning balance $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 Allowance for purchased credit deteriorated (PCD) loans 3,528 2,953 57 4 6,542 Loans charged-off (21,507) (382) (140) (4,303) (26,332) Charged-off loans recovered 3,934 2,557 676 4,075 11,242 Net (charge-offs) recoveries (17,573) 2,175 536 (228) (15,090) (Credit) provision for loan losses (13,935) 48,249 (4,346) (2,461) 27,507 Ending balance $ 103,090 $ 217,490 $ 25,120 $ 13,502 $ 359,202 December 31, 2020 Allowance for loan losses: Beginning balance $ 104,059 $ 45,673 $ 5,060 $ 6,967 $ 161,759 Impact of ASU 2016-13 adoption* 15,169 49,797 20,575 6,990 92,531 Beginning balance, adjusted 119,228 95,470 25,635 13,957 254,290 Loans charged-off (34,630) (767) (598) (9,294) (45,289) Charged-off loans recovered 1,956 1,506 670 3,188 7,320 Net (charge-offs) recoveries (32,674) 739 72 (6,106) (37,969) Provision for loan losses 44,516 67,904 3,166 8,336 123,922 Ending balance $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 * 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 for the years ended December 31, 2021 and 2020. Commercial Commercial Residential Consumer Total (in thousands) December 31, 2021 Allowance for loan losses: Individually evaluated for credit losses $ 64,359 $ 6,277 $ 470 $ 390 $ 71,496 Collectively evaluated for credit losses 38,731 211,213 24,650 13,112 287,706 Total $ 103,090 $ 217,490 $ 25,120 $ 13,502 $ 359,202 Loans: Individually evaluated for credit losses $ 119,760 $ 134,135 $ 42,469 $ 2,431 $ 298,795 Collectively evaluated for credit losses 5,727,791 20,655,931 4,502,595 2,968,545 33,854,862 Total $ 5,847,551 $ 20,790,066 $ 4,545,064 $ 2,970,976 $ 34,153,657 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

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Components of ROU Assets and Lease Liabilities	The following table presents the components of the right of use (ROU) assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2021 and 2020. December 31, 2021 2020 (in thousands) ROU assets: Operating leases $ 258,714 $ 251,293 Finance leases 403 760 Total $ 259,117 $ 252,053 Lease liabilities: Operating leases $ 282,339 $ 275,248 Finance leases 767 1,427 Total $ 283,106 $ 276,675
Components of Total Lease Cost, Supplemental Cash Flow, and Supplemental Information	The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 (in thousands) Finance lease cost: Amortization of ROU assets $ 378 $ 363 $ 291 Interest on lease liabilities 91 146 191 Operating lease cost 34,842 36,094 34,175 Short-term lease cost 700 783 410 Variable lease cost 3,417 4,296 3,573 Sublease income (3,044) (2,520) (3,422) Total lease cost (included in net occupancy and equipment expense) $ 36,384 $ 39,162 $ 35,218 The following table presents supplemental cash flow information related to leases for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 35,173 $ 35,943 $ 34,380 Operating cash flows from finance leases 92 146 192 Financing cash flows from finance leases 681 612 492 The following table presents supplemental information related to leases at December 31, 2021 and 2020: December 31, 2021 2020 Weighted-average remaining lease term Operating leases 11.7 years 12.3 years Finance leases 1.0 year 2.0 years Weighted-average discount rate Operating leases 3.28 % 3.56 % Finance leases 7.24 % 7.45 %
Sales-type Leases	The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2021: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2022 $ 224,840 $ 35,629 $ 773 2023 198,546 33,461 16 2024 161,704 31,718 5 2025 116,715 30,403 3 2026 69,691 29,375 — Thereafter 33,611 185,226 — Total lease payments 805,107 345,812 797 Less: present value discount (57,311) (63,473) (30) Total $ 747,796 $ 282,339 $ 767
Direct Financing Leases	The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2021: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2022 $ 224,840 $ 35,629 $ 773 2023 198,546 33,461 16 2024 161,704 31,718 5 2025 116,715 30,403 3 2026 69,691 29,375 — Thereafter 33,611 185,226 — Total lease payments 805,107 345,812 797 Less: present value discount (57,311) (63,473) (30) Total $ 747,796 $ 282,339 $ 767
Finance Leases Maturity	The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2021: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2022 $ 224,840 $ 35,629 $ 773 2023 198,546 33,461 16 2024 161,704 31,718 5 2025 116,715 30,403 3 2026 69,691 29,375 — Thereafter 33,611 185,226 — Total lease payments 805,107 345,812 797 Less: present value discount (57,311) (63,473) (30) Total $ 747,796 $ 282,339 $ 767
Operating Lease Maturity	The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2021: Lessor Lessee Direct Financing and Sales-Type Leases Operating Leases Finance Leases (in thousands) 2022 $ 224,840 $ 35,629 $ 773 2023 198,546 33,461 16 2024 161,704 31,718 5 2025 116,715 30,403 3 2026 69,691 29,375 — Thereafter 33,611 185,226 — Total lease payments 805,107 345,812 797 Less: present value discount (57,311) (63,473) (30) Total $ 747,796 $ 282,339 $ 767

Premises and Equipment, Net (Ta

Premises and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Components of Premises and Equipment, Net	At December 31, 2021 and 2020, premises and equipment, net consisted of: 2021 2020 (in thousands) Land $ 89,444 $ 90,379 Buildings 212,658 214,476 Leasehold improvements 92,186 88,898 Furniture and equipment 312,693 282,701 Total premises and equipment 706,981 676,454 Accumulated depreciation and amortization (380,675) (356,657) Total premises and equipment, net $ 326,306 $ 319,797

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying Amount of Goodwill	The changes in the carrying amount of goodwill as allocated to our business segments, or reporting units thereof, for goodwill impairment analysis were: Business Segment / Reporting Unit* Wealth Consumer Commercial Investment Total (in thousands) Balance at December 31, 2019 $ 21,218 $ 306,572 $ 825,767 $ 220,068 $ 1,373,625 Goodwill from business combinations — 597 8,175 45 8,817 Balance at December 31, 2020 $ 21,218 $ 307,169 $ 833,942 $ 220,113 $ 1,382,442 Goodwill from business combinations 13,097 1,079 62,073 317 76,566 Balance at December 31, 2021 $ 34,315 $ 308,248 $ 896,015 $ 220,430 $ 1,459,008 * Valley’s Wealth Management Division is comprised of trust, asset management, insurance and tax credit advisory services. This reporting unit is included in the Consumer Lending segment for financial reporting purposes.
Other Intangible Assets	The following tables summarize other intangible assets as of December 31, 2021 and 2020: Gross Accumulated Valuation Net (in thousands) December 31, 2021 Loan servicing rights $ 114,636 $ (90,951) $ — $ 23,685 Core deposits 109,290 (65,488) — 43,802 Other 6,092 (3,193) — 2,899 Total other intangible assets $ 230,018 $ (159,632) $ — $ 70,386 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
Schedule of Change in Loan Servicing Rights	The following table summarizes the change in loan servicing rights during the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 (in thousands) Loan servicing rights: Balance at beginning of year $ 22,810 $ 24,732 $ 24,193 Origination of loan servicing rights 11,486 8,322 7,473 Amortization expense (10,611) (10,244) (6,934) Balance at end of year $ 23,685 $ 22,810 $ 24,732 Valuation allowance: Balance at beginning of year $ (865) $ (47) $ (83) Impairment adjustment 865 (818) 36 Balance at end of year $ — $ (865) $ (47) Balance at end of year, net of valuation allowance $ 23,685 $ 21,945 $ 24,685
Estimated Future Amortization Expense	The following table presents the estimated amortization expense of other intangible assets over the next five-year period: Year Loan Servicing Core Other (in thousands) 2022 $ 4,234 $ 11,401 $ 705 2023 3,433 9,510 572 2024 2,817 7,740 484 2025 2,321 5,970 396 2026 1,917 4,225 304

Deposits (Tables)

Deposits (Tables)	12 Months Ended
	Dec. 31, 2021
Financial Services, Banking and Thrift [Abstract]
Scheduled Maturities of Time Deposits	The scheduled maturities of time deposits as of December 31, 2021 were as follows: Year Amount (in thousands) 2022 $ 2,986,056 2023 434,952 2024 72,499 2025 40,134 2026 88,132 Thereafter 65,271 Total time deposits $ 3,687,044

Borrowed Funds (Tables)

Borrowed Funds (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Short-Term Borrowings	Short-term borrowings at December 31, 2021 and 2020 consisted of the following: 2021 2020 FHLB advances $ 500,000 $ 1,000,000 Securities sold under agreements to repurchase 155,726 147,958 Total short-term borrowings $ 655,726 $ 1,147,958
Schedule of Long-Term Borrowings	Long-term borrowings at December 31, 2021 and 2020 consisted of the following: 2021 2020 FHLB advances, net (1) $ 789,033 $ 1,592,252 Subordinated debt, net (2) 634,643 403,413 Securities sold under agreements to repurchase — 300,000 Total long-term borrowings $ 1,423,676 $ 2,295,665 (1) FHLB advances are presented net of unamortized premiums totaling $1.0 million at December 31, 2021 and prepayment penalties, and other purchase accounting adjustments totaling $2.6 million at December 31, 2020. (2) Subordinated debt is presented net of unamortized debt issuance costs totaling $5.8 million and $2.7 million at December 31, 2021 and 2020, respectively.
Schedule of FHLB Repayment	The long-term FHLB advances at December 31, 2021 are scheduled for contractual balance repayments as follows: Year Amount (in thousands) 2023 $ 350,000 2024 165,000 2025 273,000 Total long-term FHLB advances $ 788,000

Junior Subordinated Debenture_2

Junior Subordinated Debentures Issued to Capital Trusts (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Outstanding Junior Subordinated Debentures and Related Trust Preferred Securities Issued by Each Trust	The table below summarizes the outstanding junior subordinated debentures and the related trust preferred securities issued by each trust as of December 31, 2021 and 2020: GCB State Bancorp State Bancorp Aliant Statutory Trust II ($ in thousands) Junior Subordinated Debentures: December 31, 2021 Carrying value (1) $ 24,743 $ 9,225 $ 8,730 $ 13,715 Contractual principal balance 24,743 10,310 10,310 15,464 December 31, 2020 Carrying value (1) $ 24,743 $ 9,125 $ 8,599 $ 13,598 Contractual principal balance 24,743 10,310 10,310 15,464 Annual interest rate 3-mo. LIBOR+1.4% 3-mo. LIBOR+3.45% 3-mo. LIBOR+2.85% 3-mo. LIBOR+1.8% Stated maturity date July 30, 2037 November 7, 2032 January 23, 2034 December 15, 2036 Initial call date July 30, 2017 November 7, 2007 January 23, 2009 December 15, 2011 Trust Preferred Securities: December 31, 2021 and 2020 Face value $ 24,000 $ 10,000 $ 10,000 $ 15,000 Annual distribution rate 3-mo. LIBOR+1.4% 3-mo. LIBOR+3.45% 3-mo. LIBOR+2.85% 3-mo. LIBOR+1.8% Issuance date July 2, 2007 October 29, 2002 December 19, 2003 December 14, 2006 Distribution dates (2) Quarterly Quarterly Quarterly Quarterly (1) The carrying values include unamortized purchase accounting adjustments at December 31, 2021 and 2020. (2) All cash distributions are cumulative.

Benefit Plans (Tables)

Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Change in Projected Benefit Obligation, Change in Fair Value of Plan Assets, and Funded Status of the Plan	The following table sets forth the change in the projected benefit obligation, the change in fair value of plan assets and the funded status and amounts recognized in Valley’s consolidated financial statements for the qualified and non-qualified plans at December 31, 2021 and 2020: 2021 2020 (in thousands) Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 190,849 $ 175,405 Interest cost 3,510 4,941 Actuarial loss (5,418) 18,813 Benefits paid (8,737) (8,310) Projected benefit obligation at end of year $ 180,204 $ 190,849 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 260,651 $ 236,621 Actual return on plan assets 25,057 30,987 Employer contributions 1,449 1,353 Benefits paid (8,737) (8,310) Fair value of plan assets at end of year* $ 278,420 $ 260,651 Funded status of the plan Asset recognized $ 98,216 $ 69,802 Accumulated benefit obligation 180,204 190,849 * Includes accrued interest receivable of $783 thousand and $623 thousand as of December 31, 2021 and 2020, respectively.
Components of Accumulated Other Comprehensive Loss	Amounts recognized as a component of accumulated other comprehensive loss as of year-end that have not been recognized as a component of the net periodic pension expense for Valley’s qualified and non-qualified plans are presented in the following table. Valley expects to recognize approximately $698 thousand of the net actuarial loss reported in the following table as of December 31, 2021 as a component of net periodic pension expense during 2022. 2021 2020 (in thousands) Net actuarial loss $ 34,623 $ 50,272 Prior service cost 286 321 Deferred tax benefit (9,703) (14,132) Total $ 25,206 $ 36,461
Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets for Non-Qualified Plans	The non-qualified plans had a projected benefit obligation, accumulated benefit obligation, and fair value of plan assets as follows: 2021 2020 (in thousands) Projected benefit obligation $ 18,911 $ 20,513 Accumulated benefit obligation 18,911 20,513 Fair value of plan assets — —
Components of Net Periodic Pension Income for Qualified and Non-Qualified Plans	The net periodic pension income for the qualified and non-qualified plans reported within other non-interest expense included the following components for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 (in thousands) Interest cost $ 3,510 $ 4,941 $ 6,113 Expected return on plan assets (16,364) (17,200) (16,453) Amortization of net loss 1,538 1,003 264 Total net periodic pension income $ (11,316) $ (11,256) $ (10,076)
Qualified and Non-Qualified Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)	Other changes in the qualified and non-qualified plan assets and benefit obligations recognized in other comprehensive (loss) income for the years ended December 31, 2021 and 2020 were as follows: 2021 2020 (in thousands) Net (gain) loss $ (14,381) $ 4,754 Amortization of prior service cost 135 136 Amortization of actuarial loss (1,538) (1,003) Total recognized in other comprehensive (loss) income $ (15,784) $ 3,887 Total recognized in net periodic pension income and other comprehensive (loss) income (before tax) $ (26,965) $ (7,233)
Schedule of Expected Future Benefit Payments	The benefit payments, which reflect expected future service, as appropriate, expected to be paid in future years are presented in the following table: Year Amount (in thousands) 2022 $ 9,043 2023 9,319 2024 9,533 2025 9,800 2026 9,928 Thereafter 49,629
Assumptions Used to Determine Pension Expense	The weighted average discount rate, expected long-term rate of return on assets and rate of compensation increase used in determining Valley’s pension expense for the years ended December 31, 2021, 2020 and 2019 were as follows: 2021 2020 2019 Discount rate - projected benefit obligation 2.50 % 3.29 % 4.30 % Discount rate - interest cost 1.88 % 2.62 % 3.99 % Expected long-term return on plan assets 6.75 % 7.50 % 7.50 % Rate of compensation increase N/A N/A N/A
Fair Value Measurements	The following table presents the qualified plan weighted-average asset allocations by asset category that are measured at fair value on a recurring basis by level within the fair value hierarchy under ASC Topic 820. Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. See Note 3 for further details regarding the fair value hierarchy. Fair Value Measurements at Reporting Date Using: % of Total December 31, 2021 Quoted Prices Significant Significant ($ in thousands) Assets: Investments: Mutual funds 28 % $ 79,462 $ 79,462 $ — $ — Corporate bonds 23 64,715 — 64,715 — U.S. Treasury securities 22 59,931 59,931 — — Equity securities 21 57,987 57,987 — — U.S. government agency securities 4 10,590 — 10,590 — Cash and money market funds 2 4,952 4,952 — — Total investments 100 % $ 277,637 $ 202,332 $ 75,305 $ — Fair Value Measurements at Reporting Date Using: % of Total December 31, 2020 Quoted Prices Significant Significant ($ in thousands) Assets: Investments: Mutual funds 18 % $ 48,041 $ 48,041 $ — $ — Corporate bonds 20 51,410 — 51,410 — U.S. Treasury securities 20 52,549 52,549 — — Equity securities 37 94,434 94,434 — — U.S. government agency securities 3 8,174 — 8,174 — Cash and money market funds 2 5,420 5,420 — — Total investments 100 % $ 260,028 $ 200,444 $ 59,584 $ —
Changes in RSUs Outstanding	The following table sets forth the changes in RSUs outstanding for the years ended December 31, 2021, 2020 and 2019: Restricted Stock Units Outstanding 2021 2020 2019 Outstanding at beginning of year 3,228,659 2,158,255 1,378,886 Granted 1,999,376 2,030,026 1,412,941 Vested (1,239,797) (879,085) (500,204) Forfeited (98,482) (80,537) (133,368) Outstanding at end of year 3,889,756 3,228,659 2,158,255
Changes in Restricted Stock Awards Outstanding	The following table sets forth the changes in restricted stock awards outstanding for the years ended December 31, 2021, 2020 and 2019: Restricted Stock Awards Outstanding 2021 2020 2019 Outstanding at beginning of year 413,701 1,058,681 1,720,968 Vested (191,104) (610,607) (547,653) Forfeited (8,689) (34,373) (114,634) Outstanding at end of year 213,908 413,701 1,058,681
Stock Options Activity	The following table summarizes stock options activity as of December 31, 2021, 2020 and 2019 and changes during the years ended on those dates: 2021 2020 2019 Weighted Weighted Weighted Stock Options Shares Price Shares Price Shares Price Outstanding at beginning of year 2,986,347 $ 7 3,453,516 $ 8 1,051,787 $ 7 Acquired in business combinations — — — — 3,130,171 8 Exercised (2,768,792) 7 (249,308) 8 (716,920) 7 Forfeited or expired — — (217,861) 11 (11,522) 8 Outstanding at end of year 217,555 7 2,986,347 7 3,453,516 8 Exercisable at year-end 217,555 7 2,986,347 7 3,339,517 8
Stock Options Outstanding and Exercisable	The following table summarizes information about stock options outstanding and exercisable at December 31, 2021: Options Outstanding and Exercisable Range of Exercise Prices Number of Options Weighted Average Weighted Average $2-4 1,830 1.0 $ 4 4-6 50,892 4.1 6 6-8 107,233 5.2 7 8-10 32,000 6.3 10 10-12 25,600 6.7 10 217,555 5.2 7

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense	Income tax expense for the years ended December 31, 2021, 2020 and 2019 consisted of the following: 2021 2020 2019 (in thousands) Current expense: Federal $ 92,823 $ 96,057 $ 95,317 State 47,249 48,463 36,457 140,072 144,520 131,774 Deferred expense (benefit): Federal 19,709 (3,109) 10,444 State 7,118 (1,951) 4,784 26,827 (5,060) 15,228 Total income tax expense $ 166,899 $ 139,460 $ 147,002
Summary of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that gave rise to the significant portions of the deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows: 2021 2020 (in thousands) Deferred tax assets: Allowance for credit losses $ 102,704 $ 96,508 Employee benefits 22,587 20,888 Net operating loss carryforwards 15,859 17,814 Purchase accounting 8,971 10,354 Other 11,689 24,677 Total deferred tax assets 161,810 170,241 Deferred tax liabilities: Pension plans 30,119 22,705 Depreciation 10,343 3,829 Investment securities 3,728 12,690 Other investments 12,069 9,584 Core deposit intangibles 11,888 12,960 Other 14,133 12,226 Total deferred tax liabilities 82,280 73,994 Valuation Allowance 916 916 Net deferred tax asset (included in other assets) $ 78,614 $ 95,331
Summary of Income Tax Reconciliation	Reconciliation between the reported income tax expense and the amount computed by multiplying consolidated income before taxes by the statutory federal income tax rate of 21 percent for the years ended December 31, 2021, 2020, and 2019 were as follows: 2021 2020 2019 (in thousands) Federal income tax at expected statutory rate $ 134,556 $ 111,314 $ 95,927 Increase (decrease) due to: State income tax expense, net of federal tax effect 42,950 36,744 32,581 Tax-exempt interest, net of interest incurred to carry tax-exempt securities (2,298) (2,786) (3,118) Bank owned life insurance (1,759) (2,026) (1,637) Tax credits from securities and other investments (9,942) (10,071) (11,636) FDIC insurance premium 2,457 3,283 2,507 Addition to reserve for uncertainties — — 31,123 Other, net 935 3,002 1,255 Income tax expense $ 166,899 $ 139,460 $ 147,002
Summary of Reconciliation of Gross Unrecognized Tax Benefits	A reconciliation of Valley’s reserve for uncertain tax liability positions for 2021, 2020 and 2019 is presented in the table below: 2021 2020 2019 (in thousands) Beginning balance $ 31,918 $ 31,918 $ — Additions based on tax positions related to prior years — — 31,918 Settlements with taxing authorities (1,559) — — Ending balance $ 30,359 $ 31,918 $ 31,918

Tax Credit Investments (Tables)

Tax Credit Investments (Tables)	12 Months Ended
	Dec. 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 December 31, 2021 and 2020: December 31, 2021 2020 (in thousands) Other Assets: Affordable housing tax credit investments, net $ 15,343 $ 20,074 Other tax credit investments, net 57,006 47,301 Total tax credit investments, net $ 72,349 $ 67,375 Other Liabilities: Unfunded affordable housing tax credit commitments $ 1,360 $ 1,379 Total unfunded tax credit commitments $ 1,360 $ 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 years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 3,525 $ 5,414 $ 6,757 Other tax credit investment credits and tax benefits 9,320 8,065 10,205 Total reduction in income tax expense $ 12,845 $ 13,479 $ 16,962 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 1,895 $ 2,714 $ 2,184 Affordable housing tax credit investment impairment losses 1,416 2,209 3,295 Other tax credit investment losses 811 2,234 5,668 Other tax credit investment impairment losses 6,788 6,178 9,245 Total amortization of tax credit investments recorded in non-interest expense $ 10,910 $ 13,335 $ 20,392

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary of Financial Instruments with Off-Balance Sheet Risk	The following table provides a summary of financial instruments with off-balance sheet risk at December 31, 2021 and 2020: 2021 2020 (in thousands) Commitments under commercial loans and lines of credit $ 7,460,742 $ 5,595,561 Home equity and other revolving lines of credit 1,689,315 1,485,911 Standby letters of credit 311,285 293,900 Outstanding residential mortgage loan commitments 355,523 244,286 Commitments to sell loans 210,468 155,627 Commitments under unused lines of credit—credit card 96,734 68,735 Commercial letters of credit 7,603 1,663 Total $ 10,131,670 $ 7,845,683
Amounts Related to Fair Value of Derivative Financial Instruments	Amounts included in the consolidated statements of financial condition related to the fair value of Valley’s derivative financial instruments were as follows: December 31, 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 $ — $ 310 $ 700,000 $ — $ 179 $ 1,100,000 Fair value hedge interest rate swaps — 3,335 300,000 — — — Total derivatives designated as hedging instruments $ — $ 3,645 $ 1,000,000 $ — $ 179 $ 1,100,000 Derivatives not designated as hedging instruments: Interest rate swaps and other contracts * $ 181,012 $ 47,277 $ 10,301,460 $ 387,008 $ 154,025 $ 8,889,557 Mortgage banking derivatives 488 1,454 312 444 2,077 321,486 Total derivatives not designated as hedging instruments $ 181,500 $ 48,731 $ 10,301,772 $ 387,452 $ 156,102 $ 9,211,043 *
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows	Gains (losses) included in the consolidated statements of income and in other comprehensive income (loss), on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: 2021 2020 2019 (in thousands) Amount of loss reclassified from accumulated other comprehensive loss to interest expense $ (3,436) $ (2,912) $ (1,808) Amount of gain (loss) recognized in other comprehensive income 138 (3,169) (1,380)
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Fair Value	Gains (losses) included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows: 2021 2020 2019 (in thousands) Derivative—interest rate swaps: Interest income $ — $ 229 $ 133 Interest expense (3,335) — — Hedged item—subordinated debt and loans: Interest income $ — $ (229) $ (133) Interest expense 3,397 — —
Interest Rate Derivatives Designated as Hedges	The following table presents the hedged items related to interest rate derivatives designated as fair value hedges and the cumulative basis fair value adjustment included in the net carrying amount of the hedged items at December 31, 2021: Line Item in the Statement of Financial Position in Which the Hedged Item is Included Carrying Amount of the Hedged Liability Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability (in thousands) Long-term borrowings $ 296,603 $ (3,397)
Net (Gains) Losses Related to Derivative Instruments Not Designated as Hedging Instruments	The net losses included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: 2021 2020 2019 (in thousands) Non-designated hedge interest rate and credit derivatives Other non-interest expense $ 54 $ 1,067 $ 898

Balance Sheet Offsetting (Table

Balance Sheet Offsetting (Tables)	12 Months Ended
	Dec. 31, 2021
Offsetting [Abstract]
Summary of Valley's Financial Instruments that are Eligible for Offset, Assets	The table below presents information about Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of December 31, 2021 and 2020. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Collateral (1) Net (in thousands) December 31, 2021 Assets: Interest rate swaps $ 181,012 $ — $ 181,012 $ — $ — $ 181,012 Liabilities: Interest rate swaps $ 50,922 $ — $ 50,922 $ — $ (44,231) $ 6,691 Total liabilities $ 50,922 $ — $ 50,922 $ — $ (44,231) $ 6,691 December 31, 2020 Assets: Interest rate swaps $ 387,008 $ — $ 387,008 $ — $ — $ 387,008 Liabilities: Interest rate swaps $ 154,204 $ — $ 154,204 $ — $ (150,487) $ 3,717 Repurchase agreements 300,000 — 300,000 (300,000) (2) — — Total liabilities $ 454,204 $ — $ 454,204 $ (300,000) $ (150,487) $ 3,717 (1) Cash collateral pledged to our counterparties in relation to market value exposures of OTC derivative contracts in a liability position. (2) Represents the fair value of non-cash pledged investment securities.
Summary of Valley's Financial Instruments that are Eligible for Offset, Liabilities	The table below presents information about Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of December 31, 2021 and 2020. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Collateral (1) Net (in thousands) December 31, 2021 Assets: Interest rate swaps $ 181,012 $ — $ 181,012 $ — $ — $ 181,012 Liabilities: Interest rate swaps $ 50,922 $ — $ 50,922 $ — $ (44,231) $ 6,691 Total liabilities $ 50,922 $ — $ 50,922 $ — $ (44,231) $ 6,691 December 31, 2020 Assets: Interest rate swaps $ 387,008 $ — $ 387,008 $ — $ — $ 387,008 Liabilities: Interest rate swaps $ 154,204 $ — $ 154,204 $ — $ (150,487) $ 3,717 Repurchase agreements 300,000 — 300,000 (300,000) (2) — — Total liabilities $ 454,204 $ — $ 454,204 $ (300,000) $ (150,487) $ 3,717 (1) Cash collateral pledged to our counterparties in relation to market value exposures of OTC derivative contracts in a liability position. (2) Represents the fair value of non-cash pledged investment securities.

Regulatory and Capital Requir_2

Regulatory and Capital Requirements (Tables)	12 Months Ended
	Dec. 31, 2021
Financial Services, Banking and Thrift [Abstract]
Schedule of Actual Capital Positions and Ratios under Banking Regulations	The following table presents Valley’s and Valley National Bank’s actual capital positions and ratios under the Basel III risk-based capital guidelines at December 31, 2021 and 2020: Actual Minimum Capital To Be Well Amount Ratio Amount Ratio Amount Ratio ($ in thousands) As of December 31, 2021 Total Risk-based Capital Valley $ 4,454,485 13.10 % $ 3,569,144 10.50 % N/A N/A Valley National Bank 4,571,448 13.45 3,567,618 10.50 $ 3,397,732 10.00 % Common Equity Tier 1 Capital Valley 3,417,930 10.06 2,379,429 7.00 N/A N/A Valley National Bank 4,308,734 12.68 2,378,412 7.00 2,208,526 6.50 Tier 1 Risk-based Capital Valley 3,632,771 10.69 2,889,307 8.50 N/A N/A Valley National Bank 4,308,734 12.68 2,888,072 8.50 2,718,185 8.00 Tier 1 Leverage Capital Valley 3,632,771 8.88 1,635,508 4.00 N/A N/A Valley National Bank 4,308,734 10.53 1,636,097 4.00 2,045,121 5.00 As of December 31, 2020 Total Risk-based Capital Valley $ 3,802,223 12.64 % $ 3,159,019 10.50 % N/A N/A Valley National Bank 3,839,922 12.76 3,158,842 10.50 $ 3,008,421 10.00 % Common Equity Tier 1 Capital Valley 2,991,085 9.94 2,106,013 7.00 N/A N/A Valley National Bank 3,607,625 11.99 2,105,894 7.00 1,955,473 6.50 Tier 1 Risk-based Capital Valley 3,205,926 10.66 2,557,301 8.50 N/A N/A Valley National Bank 3,607,625 11.99 2,557,158 8.50 2,406,736 8.00 Tier 1 Leverage Capital Valley 3,205,926 8.06 1,591,852 4.00 N/A N/A Valley National Bank 3,607,625 9.07 1,591,457 4.00 1,989,321 5.00

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Components of Other Comprehensive Income (Loss)	The following table presents the tax effects allocated to each component of other comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019. Components of other comprehensive income (loss) include changes in net unrealized gains and losses on debt securities available for sale; unrealized gains and losses on derivatives used in cash flow hedging relationships; and the pension benefit adjustment for the unfunded portion of various employee, officer and director pension plans. 2021 2020 2019 Before Tax After Before Tax After Before Tax After (in thousands) Unrealized gains and losses on available for sale (AFS) debt securities Net (losses) gains arising during the period $ (32,586) $ 8,973 $ (23,613) $ 38,477 $ (10,632) $ 27,845 $ 54,723 $ (15,461) $ 39,262 Less reclassification adjustment for net (gains) losses included in net income (1) (663) 172 (491) (524) 147 (377) 150 (31) 119 Net change (33,249) 9,145 (24,104) 37,953 (10,485) 27,468 54,873 (15,492) 39,381 Unrealized gains and losses on derivatives (cash flow hedges) Net gains (losses) arising during the period 138 (11) 127 (3,169) 918 (2,251) (1,380) 391 (989) Less reclassification adjustment for net losses (gains) included in net income (2) 3,436 (989) 2,447 2,912 (838) 2,074 1,808 (517) 1,291 Net change 3,574 (1,000) 2,574 (257) 80 (177) 428 (126) 302 Defined benefit pension plan Net gains (losses) arising during the period 14,381 (4,075) 10,306 (5,719) 2,301 (3,418) (2,385) (176) (2,561) Amortization of prior service (cost) credit (3) (135) 39 (96) (136) 38 (98) (135) 42 (93) Amortization of net loss (3) 1,538 (432) 1,106 1,003 (282) 721 264 (76) 188 Net change 15,784 (4,468) 11,316 (4,852) 2,057 (2,795) (2,256) (210) (2,466) Total other comprehensive (loss) income $ (13,891) $ 3,677 $ (10,214) $ 32,844 $ (8,348) $ 24,496 $ 53,045 $ (15,828) $ 37,217 (1) Included in gains (losses) on securities transactions, net. (2) Included in interest expense.
Schedule of Accumulated Other Comprehensive Loss	The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the years ended December 31, 2021, 2020 and 2019: Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined (in thousands) Balance-December 31, 2018 $ (33,559) $ (4,031) $ (31,841) $ (69,431) Other comprehensive income (loss) before reclassifications 39,262 (989) (2,561) 35,712 Amounts reclassified from other comprehensive income (loss) 119 1,291 95 1,505 Other comprehensive income (loss), net 39,381 302 (2,466) 37,217 Balance-December 31, 2019 5,822 (3,729) (34,307) (32,214) Other comprehensive income (loss) before reclassifications 27,845 (2,251) (3,418) 22,176 Amounts reclassified from other comprehensive (loss) income (377) 2,074 623 2,320 Other comprehensive income (loss), net 27,468 (177) (2,795) 24,496 Balance-December 31, 2020 33,290 (3,906) (37,102) (7,718) Other comprehensive (loss) income before reclassifications (23,613) 127 10,306 (13,180) Amounts reclassified from other comprehensive (loss) income (491) 2,447 1,010 2,966 Other comprehensive (loss) income, net (24,104) 2,574 11,316 (10,214) Balance-December 31, 2021 $ 9,186 $ (1,332) $ (25,786) $ (17,932)

Parent Company Information (Tab

Parent Company Information (Tables)	12 Months Ended
	Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]
Schedule of Condensed Statements of Financial Condition	Condensed Statements of Financial Condition December 31, 2021 2020 (in thousands) Assets Cash $ 77,760 $ 130,163 Interest bearing deposits with banks 250 — Equity securities 6,135 2,999 Investments in and receivables due from subsidiaries 5,764,957 4,998,795 Other assets 23,521 11,133 Total Assets $ 5,872,623 $ 5,143,090 Liabilities and Shareholders’ Equity Dividends payable to shareholders $ 49,265 $ 46,591 Long-term borrowings 634,643 403,413 Junior subordinated debentures issued to capital trusts 56,413 56,065 Accrued expenses and other liabilities 48,236 44,901 Shareholders’ equity 5,084,066 4,592,120 Total Liabilities and Shareholders’ Equity $ 5,872,623 $ 5,143,090
Schedule of Condensed Statements of Income	Condensed Statements of Income Years Ended December 31, 2021 2020 2019 (in thousands) Income Dividends from subsidiary $ 150,000 $ 186,000 $ 160,000 Income from subsidiary — 4,436 4,550 Other interest and income 1,498 21 51 Total Income 151,498 190,457 164,601 Total Expenses 28,524 23,484 27,998 Income before income tax and equity in undistributed earnings of subsidiary 122,974 166,973 136,603 Income tax (benefit) expense (9,501) (3,946) 24,524 Income before equity in undistributed earnings of subsidiary 132,475 170,919 112,079 Equity in undistributed earnings of subsidiary 341,365 219,687 197,714 Net Income 473,840 390,606 309,793 Dividends on preferred stock 12,688 12,688 12,688 Net Income Available to Common Shareholders $ 461,152 $ 377,918 $ 297,105
Schedule of Condensed Statements of Cash Flows	Condensed Statements of Cash Flows Years Ended December 31, 2021 2020 2019 (in thousands) Cash flows from operating activities: Net Income $ 473,840 $ 390,606 $ 309,793 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (341,365) (219,687) (197,714) Stock-based compensation 20,887 16,154 14,726 Net amortization of premiums and accretion of discounts on borrowings 1,152 230 124 Net change in: Other assets 2,134 121 19,768 Accrued expenses and other liabilities (7,079) 17,905 8,803 Net cash provided by operating activities 149,569 205,329 155,500 Cash flows from investing activities: Purchases of equity securities (1,644) (2,500) — Cash and cash equivalents (paid) acquired in acquisitions, net (3,983) — 11,947 Repayment of subordinated debt by subsidiary — 100,000 — Capital contributions to subsidiary (227,000) (210,000) — Other, net — (1,200) — Net cash (used in) provided by investing activities (232,627) (113,700) 11,947 Cash flows from financing activities: Proceeds from issuance of long-term borrowings, net 295,922 113,146 — Repayment of long-term borrowings (60,000) — — Dividends paid to preferred shareholders (12,688) (12,688) (12,688) Dividends paid to common shareholders (179,667) (177,965) (146,537) Purchase of common shares to treasury (23,907) (5,374) (1,805) Common stock issued, net 11,245 2,202 2,957 Net cash provided by (used in) financing activities 30,905 (80,679) (158,073) Net change in cash and cash equivalents (52,153) 10,950 9,374 Cash and cash equivalents at beginning of year 130,163 119,213 109,839 Cash and cash equivalents at end of year $ 78,010 $ 130,163 $ 119,213

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets (unaudited) $ 7,262,808 $ 25,554,177 $ 5,410,830 $ — $ 38,227,815 Interest income $ 238,715 $ 1,018,674 $ 80,051 $ (3,214) $ 1,334,226 Interest expense 19,117 67,265 14,243 23,700 124,325 Net interest income (loss) 219,598 951,409 65,808 (26,914) 1,209,901 (Credit) provision for credit losses (6,807) 39,703 (263) — 32,633 Net interest income (loss) after provision for credit losses 226,405 911,706 66,071 (26,914) 1,177,268 Non-interest income 72,063 35,600 10,575 36,775 155,013 Non-interest expense 78,853 108,577 3,632 500,480 691,542 Internal transfer expense (income) 81,423 286,335 60,573 (428,331) — Income (loss) before income taxes $ 138,192 $ 552,394 $ 12,441 $ (62,288) $ 640,739 Return on average interest earning assets (pre-tax) (unaudited) 1.90 % 2.16 % 0.23 % N/A 1.68 % Year Ended December 31, 2020 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets (unaudited) $ 7,160,793 $ 24,625,066 $ 5,225,074 $ — $ 37,010,933 Interest income $ 257,196 $ 1,027,796 $ 102,883 $ (4,156) $ 1,383,719 Interest expense 47,712 164,075 34,814 18,214 264,815 Net interest income (loss) 209,484 863,721 68,069 (22,370) 1,118,904 Provision for credit losses 11,502 113,585 635 — 125,722 Net interest income (loss) after provision for credit losses 197,982 750,136 67,434 (22,370) 993,182 Non-interest income 81,499 64,783 10,083 26,667 183,032 Non-interest expense 77,582 98,710 1,136 468,720 646,148 Internal transfer expense (income) 77,835 267,588 56,788 (402,211) — Income (loss) before income taxes $ 124,064 $ 448,621 $ 19,593 $ (62,212) $ 530,066 Return on average interest earning assets (pre-tax) (unaudited) 1.73 % 1.82 % 0.37 % N/A 1.43 % Year Ended December 31, 2019 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets (unaudited) $ 6,891,462 $ 19,343,791 $ 4,340,277 $ — $ 30,575,530 Interest income $ 272,773 $ 926,328 $ 126,723 $ (4,824) $ 1,321,000 Interest expense 91,798 257,670 57,815 15,669 422,952 Net interest income (loss) 180,975 668,658 68,908 (20,493) 898,048 Provision for credit losses 6,688 17,530 — — 24,218 Net interest income (loss) after provision for credit losses 174,287 651,128 68,908 (20,493) 873,830 Non-interest income 57,981 41,157 8,818 106,564 214,520 Non-interest expense 76,046 101,924 1,034 452,551 631,555 Internal transfer expense (income) 78,743 221,113 49,670 (349,526) — Income (loss) before income taxes $ 77,479 $ 369,248 $ 27,022 $ (16,954) $ 456,795 Return on average interest earning assets (pre-tax) (unaudited) 1.12 % 1.91 % 0.62 % N/A 1.49 %

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) shares in Thousands	1 Months Ended		12 Months Ended
	Aug. 31, 2017shares	Jun. 30, 2015shares	Dec. 31, 2021USD ($)shareholdershares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares
Summary Of Significant Accounting Policies [Line Items]
Loss on extinguishment of debt			$ 8,406,000	$ 12,036,000	$ 31,995,000
Forecast period			2 years
Historical loss experience period			1 year
OREO and other repossessed assets total			$ 2,300,000	5,100,000
Foreclosed residential real estate properties			0	1,000,000
Properties for which formal foreclosure proceedings are in process			$ 2,500,000	$ 1,900,000
Vesting percentage			8.33%
Award vesting period			1 year
Anti-dilutive common stock options and warrants (in shares) | shares			411	1,700	288
Noncumulative Preferred Stock
Summary Of Significant Accounting Policies [Line Items]
Common stock issued (in shares) | shares	4,000	4,600
Residential mortgage and home equity
Summary Of Significant Accounting Policies [Line Items]
Number of days past due of loans to be full or partial charged-off			120 days
Automobile
Summary Of Significant Accounting Policies [Line Items]
Number of days past due of loans to be fully charged-off			120 days
Unsecured loans at banks
Summary Of Significant Accounting Policies [Line Items]
Number of days past due of loans to be fully charged-off			150 days
Revision of Prior Period, Reclassification, Adjustment
Summary Of Significant Accounting Policies [Line Items]
Loss on extinguishment of debt				$ 12,000,000	$ 32,000,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Number of shareholders needed to qualify as a REIT | shareholder			100
Premises and equipment, useful life			3 years
Minimum | Commitments under commercial loans and lines of credit
Summary Of Significant Accounting Policies [Line Items]
Number of days past due of loans to be full or partial charged-off			90 days
Maximum
Summary Of Significant Accounting Policies [Line Items]
Percentage of preferred stock issued by each REIT - less than			20.00%
Premises and equipment, useful life			40 years
Maximum | Commitments under commercial loans and lines of credit
Summary Of Significant Accounting Policies [Line Items]
Number of days past due of loans to be full or partial charged-off			120 days

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Calculation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Common Share:
Net income available to common shareholders	$ 461,152	$ 377,918	$ 297,105
Basic weighted-average number of common shares outstanding (in shares)	407,445,379	403,754,356	337,792,270
Plus: Common stock equivalents (in shares)	2,572,949	1,291,851	2,325,538
Diluted weighted-average number of common shares outstanding (in shares)	410,018,328	405,046,207	340,117,808
Earnings per common share:
Basic (in USD per share)	$ 1.13	$ 0.94	$ 0.88
Diluted (in USD per share)	$ 1.12	$ 0.93	$ 0.87

Business Combinations - Additio

Business Combinations - Additional information (Details) $ / shares in Units, $ in Thousands	Dec. 01, 2021USD ($)officeshares	Oct. 08, 2021USD ($)	Dec. 01, 2019USD ($)officeshares	Jun. 30, 2022USD ($)$ / sharesshares	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Nov. 16, 2021USD ($)
Business Acquisition [Line Items]
Assets					$ 43,446,443	$ 40,686,076
Net loans					33,794,455	31,876,869
Deposits					35,632,412	31,935,602
Number of shares issued in connection with acquisition for every share owned (in shares) | shares			1.60
Goodwill increase						8,800
Merger expenses					8,900	$ 1,900	$ 16,600
Westchester Bank Holding Corporation
Business Acquisition [Line Items]
Assets	$ 1,400,000
Net loans	915,000
Deposits	$ 1,200,000
Bank Leumi Le-Israel Corporation
Business Acquisition [Line Items]
Assets					8,300,000
Net loans					5,700,000
Deposits					7,100,000
Westchester Bank Holding Corporation
Business Acquisition [Line Items]
Number of branches acquired | office	7
Number of shares issued in connection with acquisition for every share owned (in shares) | shares	229.645
Consideration transferred	$ 211,100
Shares issued in connection with acquisition (in shares) | shares	15,700,000
Non-credit discount at acquisition	$ 8,457
Purchased with credit deterioration, average contractual life of loans	8 years
Estimated useful life of acquired intangible assets	10 years
Other intangible assets	$ 8,130				$ 8,100
Dudley Ventures
Business Acquisition [Line Items]
Cash payments to acquire business		$ 11,300
Common stock issued in acquisition		$ 3,800
DV Entities
Business Acquisition [Line Items]
Other intangible assets								$ 2,100
Oritani Financial Corp.
Business Acquisition [Line Items]
Assets			$ 4,300,000
Net loans			3,400,000
Deposits			$ 2,900,000
Number of branches acquired | office			26
Consideration transferred			$ 835,300
Shares issued in connection with acquisition (in shares) | shares			71,100,000
Bank Leumi Le-Israel Corporation | Forecast
Business Acquisition [Line Items]
Number of shares issued in connection with acquisition for every share owned (in shares) | shares				3.8025
Consideration transferred				$ 1,200,000
Cash paid for every share owned in connection with acquisition (in dollars per share) | $ / shares				$ 5.08
Percentage of common stock transferred in connection with acquisition				14.00%

Business Combinations - Assets

Business Combinations - Assets Acquired and Liabilities Assumed in Acquisition (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 01, 2021	Nov. 16, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets acquired:
Goodwill	$ 1,459,008			$ 1,382,442	$ 1,373,625
Westchester Bank Holding Corporation
Assets acquired:
Cash and cash equivalents		$ 332,221
Held to maturity debt securities		9,197
Loans, net		908,023
Premises and equipment		1,356
Right of use asset		5,873
Bank owned life insurance		28,756
Accrued interest receivable		2,179
Goodwill		63,469
Other intangible assets	$ 8,100	8,130
Other assets		22,861
Total assets acquired		1,382,065
Deposits:
Non-interest bearing		434,780
Savings, NOW and money market		636,569
Total deposits		90,635
Total deposits		1,161,984
Lease liabilities		5,873
Accrued expense and other liabilities		3,074
Total liabilities assumed		1,170,931
Common stock issued in acquisition		$ 211,134
DV Entities
Assets acquired:
Goodwill			$ 13,100
Other intangible assets			$ 2,100

Business Combinations - Financi

Business Combinations - Financing Receivable, Purchased with Credit Deterioration (Details) - USD ($) $ in Thousands	Dec. 01, 2021	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses at acquisition		$ 6,542
Westchester Bank Holding Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchase price of PCD loans	$ 346,883
Allowance for credit losses at acquisition	6,542
Non-credit discount at acquisition	8,457
Par value of acquired PCD loans	$ 361,882

Business Combinations - Busines

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

Fair Value Measurement of Ass_3

Fair Value Measurement of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring and Non-Recurring Basis (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Investment securities:
Equity securities	$ 36,473,000	$ 29,378,000
Trading debt securities	38,130,000	0
Available for sale debt securities:
Available for sale debt securities	1,128,809,000	1,339,473,000
Non-recurring fair value measurements:
Foreclosed assets	2,300,000	5,100,000
Unpaid principal balances of loans held for sale	136,300,000	286,400,000
U.S. Treasury securities
Available for sale debt securities:
Available for sale debt securities		51,393,000
U.S. government agency securities
Available for sale debt securities:
Available for sale debt securities	20,925,000	26,157,000
Obligations of states and political subdivisions
Available for sale debt securities:
Available for sale debt securities	79,890,000	79,950,000
Residential mortgage-backed securities
Available for sale debt securities:
Available for sale debt securities	904,502,000	1,090,022,000
Corporate and other debt securities
Available for sale debt securities:
Available for sale debt securities	123,492,000	91,951,000
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements
Investment securities:
Equity securities	21,284,000	18,600,000
Trading debt securities	0
Available for sale debt securities:
Available for sale debt securities	0	51,393,000
Loans held for sale	0	0
Other assets	0	0
Total assets	21,284,000	69,993,000
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 debt securities:
Available for sale debt securities		51,393,000
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | U.S. government agency securities
Available for sale debt securities:
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 debt securities:
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 debt securities:
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 debt securities:
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
Foreclosed assets	0	0
Total	0	0
Significant Other Observable  Inputs (Level 2) | Recurring fair value measurements
Investment securities:
Equity securities	0	0
Trading debt securities	38,130,000
Available for sale debt securities:
Available for sale debt securities	1,128,809,000	1,287,265,000
Loans held for sale	139,516,000	301,427,000
Other assets	181,500,000	387,452,000
Total assets	1,487,955,000	1,976,144,000
Liabilities
Other liabilities	52,376,000	156,281,000
Total liabilities	52,376,000	156,281,000
Significant Other Observable  Inputs (Level 2) | Recurring fair value measurements | U.S. Treasury securities
Available for sale debt securities:
Available for sale debt securities		0
Significant Other Observable  Inputs (Level 2) | Recurring fair value measurements | U.S. government agency securities
Available for sale debt securities:
Available for sale debt securities	20,925,000	26,157,000
Significant Other Observable  Inputs (Level 2) | Recurring fair value measurements | Obligations of states and political subdivisions
Available for sale debt securities:
Available for sale debt securities	79,890,000	79,135,000
Significant Other Observable  Inputs (Level 2) | Recurring fair value measurements | Residential mortgage-backed securities
Available for sale debt securities:
Available for sale debt securities	904,502,000	1,090,022,000
Significant Other Observable  Inputs (Level 2) | Recurring fair value measurements | Corporate and other debt securities
Available for sale debt securities:
Available for sale debt securities	123,492,000	91,951,000
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
Foreclosed assets	0	0
Total	0	0
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements
Investment securities:
Equity securities	0	0
Trading debt securities	0
Available for sale debt securities:
Available for sale debt securities	0	815,000
Loans held for sale	0	0
Other assets	0	0
Total assets	0	815,000
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 debt securities:
Available for sale debt securities		0
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | U.S. government agency securities
Available for sale debt securities:
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 debt securities:
Available for sale debt securities	0	815,000
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Residential mortgage-backed securities
Available for sale debt securities:
Available for sale debt securities	0	0
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Corporate and other debt securities
Available for sale debt securities:
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	47,871,000	35,228,000
Loan servicing rights		15,603,000
Foreclosed assets	2,931,000	7,387,000
Total	50,802,000	58,218,000
NAV
Investment securities:
Equity securities	11,600,000	7,800,000
Fair Value | Recurring fair value measurements
Investment securities:
Equity securities	32,844,000	26,379,000
Trading debt securities	38,130,000
Available for sale debt securities:
Available for sale debt securities	1,128,809,000	1,339,473,000
Loans held for sale	139,516,000	301,427,000
Other assets	181,500,000	387,452,000
Total assets	1,520,799,000	2,054,731,000
Liabilities
Other liabilities	52,376,000	156,281,000
Total liabilities	52,376,000	156,281,000
Fair Value | Recurring fair value measurements | U.S. Treasury securities
Available for sale debt securities:
Available for sale debt securities		51,393,000
Fair Value | Recurring fair value measurements | U.S. government agency securities
Available for sale debt securities:
Available for sale debt securities	20,925,000	26,157,000
Fair Value | Recurring fair value measurements | Obligations of states and political subdivisions
Available for sale debt securities:
Available for sale debt securities	79,890,000	79,950,000
Fair Value | Recurring fair value measurements | Residential mortgage-backed securities
Available for sale debt securities:
Available for sale debt securities	904,502,000	1,090,022,000
Fair Value | Recurring fair value measurements | Corporate and other debt securities
Available for sale debt securities:
Available for sale debt securities	123,492,000	91,951,000
Fair Value | Non-recurring fair value measurements
Non-recurring fair value measurements:
Collateral dependent loans	47,871,000	35,228,000
Loan servicing rights	0	15,603,000
Foreclosed assets	2,931,000	7,387,000
Total	50,802,000	58,218,000
Fair Value | Significant Unobservable Inputs (Level 3)
Investment securities:
Equity securities	$ 3,629,000	$ 2,999,000

Fair Value Measurement of Ass_4

Fair Value Measurement of Assets and Liabilities - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Collateral dependent loans charge offs	$ 2,100,000	$ 4,500,000
Collateral dependent impaired loans, recorded investment	114,800,000	104,400,000
Specific valuation allowance allocations	$ 66,900,000	$ 69,100,000
Valuation of loan servicing rights, prepayment rate	12.90%
Valuation of loan servicing rights, discount rate	9.00%
Discount adjustment of the appraisals of foreclosed assets	0.00%
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount adjustment of the appraisals of foreclosed assets		1.50%
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount adjustment of the appraisals of foreclosed assets		22.00%
Non-recurring fair value measurements: | Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Reported net carrying amount of impaired loans	$ 47,900,000	$ 35,200,000
Loan servicing rights	$ 0	$ 15,603,000

Fair Value Measurement of Ass_5

Fair Value Measurement of Assets and Liabilities - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Interest bearing deposits with banks	$ 1,844,764	$ 1,071,360
Equity securities	36,473	29,378
Investment securities held to maturity	2,660,605	2,227,612
Accrued interest receivable	96,882	106,230
Liabilities
Deposits with stated maturities	3,687,044	6,714,678
U.S. Treasury securities
Assets
Investment securities held to maturity	71,661	75,484
U.S. government agency securities
Assets
Investment securities held to maturity	6,378	6,513
Obligations of states and political subdivisions
Assets
Investment securities held to maturity	344,164	484,506
Residential mortgage-backed securities
Assets
Investment securities held to maturity	2,152,301	1,589,655
Trust preferred securities
Assets
Investment securities held to maturity	31,916	30,033
Corporate and other debt securities
Assets
Investment securities held to maturity	54,185	41,421
Carrying Amount
Assets
Investment securities held to maturity	2,668,697	2,173,011
Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash and due from banks	205,156	257,845
Interest bearing deposits with banks	1,844,764	1,071,360
Accrued interest receivable	96,882	106,230
Liabilities
Deposits without stated maturities	31,945,368	25,220,924
Short-term borrowings	655,726	1,147,958
Accrued interest payable	4,909	18,839
Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury securities
Assets
Investment securities held to maturity	67,558	68,126
Carrying Amount | Significant Other Observable  Inputs (Level 2)
Assets
Federal Reserve Bank and Federal Home Loan Bank stock	206,450	250,116
Liabilities
Deposits with stated maturities	3,687,044	6,714,678
Long-term borrowings	1,423,676	2,295,665
Junior subordinated debentures issued to capital trusts	56,413	56,065
Carrying Amount | Significant Other Observable  Inputs (Level 2) | U.S. government agency securities
Assets
Investment securities held to maturity	6,265	6,222
Carrying Amount | Significant Other Observable  Inputs (Level 2) | Obligations of states and political subdivisions
Assets
Investment securities held to maturity	337,962	470,259
Carrying Amount | Significant Other Observable  Inputs (Level 2) | Residential mortgage-backed securities
Assets
Investment securities held to maturity	2,166,142	1,550,306
Carrying Amount | Significant Other Observable  Inputs (Level 2) | Trust preferred securities
Assets
Investment securities held to maturity	37,020	37,348
Carrying Amount | Significant Other Observable  Inputs (Level 2) | Corporate and other debt securities
Assets
Investment securities held to maturity	53,750	40,750
Carrying Amount | Significant Unobservable Inputs (Level 3)
Assets
Equity securities	3,629	2,999
Net loans	33,794,455	31,876,869
Fair Value
Assets
Investment securities held to maturity	2,660,605	2,227,612
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash and due from banks	205,156	257,845
Interest bearing deposits with banks	1,844,764	1,071,360
Accrued interest receivable	96,882	106,230
Liabilities
Deposits without stated maturities	31,945,368	25,220,924
Short-term borrowings	637,490	1,151,478
Accrued interest payable	4,909	18,839
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury securities
Assets
Investment securities held to maturity	71,661	75,484
Fair Value | Significant Other Observable  Inputs (Level 2)
Assets
Federal Reserve Bank and Federal Home Loan Bank stock	206,450	250,116
Liabilities
Deposits with stated maturities	3,670,113	6,639,022
Long-term borrowings	1,404,184	2,405,345
Junior subordinated debentures issued to capital trusts	46,306	57,779
Fair Value | Significant Other Observable  Inputs (Level 2) | U.S. government agency securities
Assets
Investment securities held to maturity	6,378	6,513
Fair Value | Significant Other Observable  Inputs (Level 2) | Obligations of states and political subdivisions
Assets
Investment securities held to maturity	344,164	484,506
Fair Value | Significant Other Observable  Inputs (Level 2) | Residential mortgage-backed securities
Assets
Investment securities held to maturity	2,152,301	1,589,655
Fair Value | Significant Other Observable  Inputs (Level 2) | Trust preferred securities
Assets
Investment securities held to maturity	31,916	30,033
Fair Value | Significant Other Observable  Inputs (Level 2) | Corporate and other debt securities
Assets
Investment securities held to maturity	54,185	41,421
Fair Value | Significant Unobservable Inputs (Level 3)
Assets
Equity securities	3,629	2,999
Net loans	$ 33,283,251	$ 31,635,060

Investment Securities - Additio

Investment Securities - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)security	Dec. 31, 2019USD ($)
Investments, Debt and Equity Securities [Abstract]
Equity securities	$ 36,473,000	$ 29,378,000
Trading debt securities	$ 38,130,000	$ 0
Number of security positions in the debt securities available for sale portfolio in an unrealized loss position | security	139	58
Fair value of debt securities available for sale pledged as collateral	$ 568,700,000
Weighted-average remaining expected life of residential mortgage-backed securities available for sale, years	5 years
Impairment loss	$ 0	$ 0
Allowance for credit losses for available for sale debt securities	$ 0	$ 0
Number of security positions in the securities held to maturity portfolio in an unrealized loss position | security	108	13
Fair value of investments held to maturity pledged as collateral	$ 1,200,000,000
Weighted-average remaining expected life of residential mortgage-backed securities held to maturity, years	6 years 1 month 6 days
Charge-offs of debt securities	$ 0	$ 0
Sales of investment securities available for sale	$ 91,978,000	$ 30,020,000	$ 271,901,000

Investment Securities - Amortiz

Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Available for Sale Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,116,091	$ 1,293,506
Gross Unrealized Gains	19,252	46,886
Gross Unrealized Losses	(6,534)	(919)
Fair Value	1,128,809	1,339,473
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		50,031
Gross Unrealized Gains		1,362
Gross Unrealized Losses		0
Fair Value		51,393
U.S. government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	20,323	25,067
Gross Unrealized Gains	608	1,103
Gross Unrealized Losses	(6)	(13)
Fair Value	20,925	26,157
Obligations of states and state agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	26,088	40,861
Gross Unrealized Gains	132	970
Gross Unrealized Losses	(93)	(32)
Fair Value	26,127	41,799
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	53,530	37,489
Gross Unrealized Gains	349	731
Gross Unrealized Losses	(116)	(69)
Fair Value	53,763	38,151
Obligations of states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	79,618	78,350
Gross Unrealized Gains	481	1,701
Gross Unrealized Losses	(209)	(101)
Fair Value	79,890	79,950
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	895,279	1,050,369
Gross Unrealized Gains	14,986	40,426
Gross Unrealized Losses	(5,763)	(773)
Fair Value	904,502	1,090,022
Corporate and other debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	120,871	89,689
Gross Unrealized Gains	3,177	2,294
Gross Unrealized Losses	(556)	(32)
Fair Value	$ 123,492	$ 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	Dec. 31, 2021	Dec. 31, 2020
Fair Value
Less than Twelve Months	$ 459,944	$ 60,712
More than Twelve Months	27,286	30,400
Total	487,230	91,112
Unrealized Losses
Less than Twelve Months	(5,535)	(601)
More than Twelve Months	(999)	(318)
Total	(6,534)	(919)
U.S. government agency securities
Fair Value
Less than Twelve Months	0	0
More than Twelve Months	1,326	1,479
Total	1,326	1,479
Unrealized Losses
Less than Twelve Months	0	0
More than Twelve Months	(6)	(13)
Total	(6)	(13)
Obligations of states and state agencies
Fair Value
Less than Twelve Months	10,549	0
More than Twelve Months	0	1,010
Total	10,549	1,010
Unrealized Losses
Less than Twelve Months	(93)	0
More than Twelve Months	0	(32)
Total	(93)	(32)
Municipal bonds
Fair Value
Less than Twelve Months	19,100	6,777
More than Twelve Months	0	0
Total	19,100	6,777
Unrealized Losses
Less than Twelve Months	(116)	(69)
More than Twelve Months	0	0
Total	(116)	(69)
Obligations of states and political subdivisions
Fair Value
Less than Twelve Months	29,649	6,777
More than Twelve Months	0	1,010
Total	29,649	7,787
Unrealized Losses
Less than Twelve Months	(209)	(69)
More than Twelve Months	0	(32)
Total	(209)	(101)
Residential mortgage-backed securities
Fair Value
Less than Twelve Months	371,256	41,418
More than Twelve Months	25,960	27,911
Total	397,216	69,329
Unrealized Losses
Less than Twelve Months	(4,770)	(500)
More than Twelve Months	(993)	(273)
Total	(5,763)	(773)
Corporate and other debt securities
Fair Value
Less than Twelve Months	59,039	12,517
More than Twelve Months	0	0
Total	59,039	12,517
Unrealized Losses
Less than Twelve Months	(556)	(32)
More than Twelve Months	0	0
Total	$ (556)	$ (32)

Investment Securities - Contrac

Investment Securities - Contractual Maturities of Available for Sale Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost
Due in one year	$ 7,057
Due after one year through five years	30,645
Due after five years through ten years	94,221
Due after ten years	88,889
Residential mortgage-backed securities	895,279
Amortized Cost	1,116,091	$ 1,293,506
Fair Value
Due in one year	7,121
Due after one year through five years	31,222
Due after five years through ten years	96,722
Due after ten years	89,242
Residential mortgage-backed securities	904,502
Fair Value	$ 1,128,809	$ 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	Dec. 31, 2021	Dec. 31, 2020
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	$ 2,668,697	$ 2,173,011
Gross Unrealized Gains	25,980	62,326
Gross Unrealized Losses	(34,072)	(7,725)
Fair Value	2,660,605	2,227,612
U.S. Treasury securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	67,558	68,126
Gross Unrealized Gains	4,103	7,358
Gross Unrealized Losses	0	0
Fair Value	71,661	75,484
U.S. government agency securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	6,265	6,222
Gross Unrealized Gains	113	291
Gross Unrealized Losses	0	0
Fair Value	6,378	6,513
Obligations of states and state agencies
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	141,015	262,762
Gross Unrealized Gains	3,065	8,060
Gross Unrealized Losses	(312)	(105)
Fair Value	143,768	270,717
Municipal bonds
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	196,947	207,497
Gross Unrealized Gains	3,536	6,292
Gross Unrealized Losses	(87)	0
Fair Value	200,396	213,789
Obligations of states and political subdivisions
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	337,962	470,259
Gross Unrealized Gains	6,601	14,352
Gross Unrealized Losses	(399)	(105)
Fair Value	344,164	484,506
Residential mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	2,166,142	1,550,306
Gross Unrealized Gains	14,599	39,603
Gross Unrealized Losses	(28,440)	(254)
Fair Value	2,152,301	1,589,655
Trust preferred securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	37,020	37,348
Gross Unrealized Gains	5	50
Gross Unrealized Losses	(5,109)	(7,365)
Fair Value	31,916	30,033
Corporate and other debt securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	53,750	40,750
Gross Unrealized Gains	559	672
Gross Unrealized Losses	(124)	(1)
Fair Value	$ 54,185	$ 41,421

Investment Securities - Age o_2

Investment Securities - Age of Unrealized Losses and Fair Value of Related Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value
Less than Twelve Months	$ 1,440,435	$ 37,894
More than Twelve Months	242,949	31,100
Total	1,683,384	68,994
Unrealized Losses
Less than Twelve Months	(22,830)	(351)
More than Twelve Months	(11,242)	(7,374)
Total	(34,072)	(7,725)
Obligations of states and state agencies
Fair Value
Less than Twelve Months	17,000	5,546
More than Twelve Months	5,517	0
Total	22,517	5,546
Unrealized Losses
Less than Twelve Months	(254)	(105)
More than Twelve Months	(58)	0
Total	(312)	(105)
Municipal bonds
Fair Value
Less than Twelve Months	9,403
More than Twelve Months	0
Total	9,403
Unrealized Losses
Less than Twelve Months	(87)
More than Twelve Months	0
Total	(87)	0
Total obligations of states and political subdivisions
Fair Value
Less than Twelve Months	26,403
More than Twelve Months	5,517
Total	31,920
Unrealized Losses
Less than Twelve Months	(341)
More than Twelve Months	(58)
Total	(399)	(105)
Residential mortgage-backed securities
Fair Value
Less than Twelve Months	1,381,405	21,599
More than Twelve Months	206,520	2,470
Total	1,587,925	24,069
Unrealized Losses
Less than Twelve Months	(22,365)	(245)
More than Twelve Months	(6,075)	(9)
Total	(28,440)	(254)
Trust preferred securities
Fair Value
Less than Twelve Months	0	0
More than Twelve Months	30,912	28,630
Total	30,912	28,630
Unrealized Losses
Less than Twelve Months	0	0
More than Twelve Months	(5,109)	(7,365)
Total	(5,109)	(7,365)
Corporate and other debt securities
Fair Value
Less than Twelve Months	32,627	10,749
More than Twelve Months	0	0
Total	32,627	10,749
Unrealized Losses
Less than Twelve Months	(124)	(1)
More than Twelve Months	0	0
Total	$ (124)	$ (1)

Investment Securities - Contr_2

Investment Securities - Contractual Maturities of Investments Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost
Due in one year	$ 34,034
Due after one year through five years	231,104
Due after five years through ten years	48,465
Due after ten years	188,952
Residential mortgage-backed securities	2,166,142
Amortized Cost	2,668,697	$ 2,173,011
Fair Value
Due in one year	34,197
Due after one year through five years	238,092
Due after five years through ten years	49,318
Due after ten years	186,697
Residential mortgage-backed securities	2,152,301
Total	$ 2,660,605	$ 2,227,612

Investment Securities - Amort_3

Investment Securities - Amortized Cost of Held to Maturity Debt Securities by External Credit Rating (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	$ 2,668,697	$ 2,173,011
U.S. Treasury securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	67,558	68,126
U.S. government agency securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	6,265	6,222
Obligations of states and state agencies
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	141,015	262,762
Municipal bonds
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	196,947	207,497
Obligations of states and political subdivisions
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	337,962	470,259
Residential mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	2,166,142	1,550,306
Trust preferred securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	37,020	37,348
Corporate and other debt securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	53,750	40,750
AAA/AA/A Rated
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	2,509,187	2,019,348
AAA/AA/A Rated | U.S. Treasury securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	67,558	68,126
AAA/AA/A Rated | U.S. government agency securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	6,265	6,222
AAA/AA/A Rated | Obligations of states and state agencies
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	118,368	228,286
AAA/AA/A Rated | Municipal bonds
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	148,854	166,408
AAA/AA/A Rated | Obligations of states and political subdivisions
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	267,222	394,694
AAA/AA/A Rated | Residential mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	2,166,142	1,550,306
AAA/AA/A Rated | Trust preferred securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
AAA/AA/A Rated | Corporate and other debt securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	2,000	0
BBB rated
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	6,000	5,000
BBB rated | U.S. Treasury securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | U.S. government agency securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Obligations of states and state agencies
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Municipal bonds
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Obligations of states and political subdivisions
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Residential mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Trust preferred securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Corporate and other debt securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	6,000	5,000
Non-investment grade rated
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	5,576	5,650
Non-investment grade rated | U.S. Treasury securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | U.S. government agency securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | Obligations of states and state agencies
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	5,576	5,650
Non-investment grade rated | Municipal bonds
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | Obligations of states and political subdivisions
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	5,576	5,650
Non-investment grade rated | Residential mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | Trust preferred securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | Corporate and other debt securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	147,934	143,013
Non-rated | U.S. Treasury securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated | U.S. government agency securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated | Obligations of states and state agencies
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	17,071	28,826
Non-rated | Municipal bonds
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	48,093	41,089
Non-rated | Obligations of states and political subdivisions
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	65,164	69,915
Non-rated | Residential mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated | Trust preferred securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	37,020	37,348
Non-rated | Corporate and other debt securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost of held to maturity debt securities	$ 45,750	$ 35,750

Investment Securities - Debt Se

Investment Securities - Debt Securities, Held-to-maturity, Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,428	$ 0
(Credit) provision for credit losses	(263)	635	$ 0
Ending balance	1,165	1,428	0
Cumulative Effect, Period of Adoption, Adjustment
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0	793
Ending balance		$ 0	$ 793

Investment Securities - Gross G

Investment Securities - Gross Gains and Losses Realized on Sales, Maturities, and Other Securities Transactions for Available for Sale and Held to Maturity Debt Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Sales transactions:
Gross gains	$ 1,370	$ 665	$ 0
Gross losses	(550)	(9)	0
Total	820	656	0
Maturities and other securities transactions:
Gross gains	10	34	67
Gross losses	(285)	(166)	(217)
Total	(275)	(132)	(150)
Net gains on trading debt securities	1,213	0	0
Net gains (losses) on securities transactions	$ 1,758	$ 524	$ (150)

Loans and Allowance for Credi_3

Loans and Allowance for Credit Losses for Loans - Schedule of Loan Portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 34,153,657	$ 32,217,112
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	5,847,551	6,861,708
Loans, deferred income, PPP	12,100	43,200
Commercial and industrial | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	5,411,601	4,709,569
Commercial and industrial | Commercial and industrial PPP loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	435,950	2,152,139
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	20,790,066	18,470,823
Commercial real estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	18,935,486	16,724,998
Commercial real estate | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,854,580	1,745,825
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	4,545,064	4,183,743
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,970,976	2,700,838
Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	400,779	431,553
Consumer | Automobile
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,570,036	1,355,955
Consumer | Other consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 1,000,161	$ 913,330

Loans and Allowance for Credi_4

Loans and Allowance for Credit Losses for Loans - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non covered loans net of unearned discount and deferred loan fees	$ 78,500,000	$ 95,800,000
Accrued interest	83,700,000	90,200,000
Loans transferred to loans held for sale	0	30,020,000	$ 1,234,022,000
Sales of loans	0	0
Loans	34,153,657,000	32,217,112,000
Net loans	33,794,455,000	31,876,869,000
Allowance for loan losses	$ 359,202,000	340,243,000	161,759,000
Combined loan-to-value ratio home equity loan	80.00%
Accrued interest on non-accrual loans	$ 7,100,000	6,200,000	2,500,000
Number of consecutive months for performing restructured loans to be put on accrual status	6 months
TDRs not reported as non-accrual loans	$ 71,300,000	57,400,000
Non-performing TDRs	117,200,000	92,800,000
Specific reserves for loan losses	29,100,000	21,100,000
Loan charge-offs related to loans modified as TDRs	6,000,000	7,700,000
Amount from modified loans	28,000,000	361,000,000
Commitments under unused lines of credit—credit card
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unsecured loans	12,800,000	8,800,000
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans transferred to loans held for sale		30,000,000
Loans	4,545,064,000	4,183,743,000
Allowance for loan losses	25,120,000	28,873,000	5,060,000
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unsecured loans	1,000,000,000	2,700,000,000
Loans	5,847,551,000	6,861,708,000
Allowance for loan losses	103,090,000	131,070,000	104,059,000
Commercial and industrial | Tax Medallion
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net loans	86,000,000
Allowance for loan losses	58,500,000
Commercial and industrial | Commercial and industrial PPP loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	435,950,000	2,152,139,000
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unsecured loans	54,000,000	49,400,000
Loans	2,970,976,000	2,700,838,000
Allowance for loan losses	$ 13,502,000	$ 16,187,000	$ 6,967,000

Loans and Allowance for Credi_5

Loans and Allowance for Credit Losses for Loans - Changes in Amounts of Loans and Advances to Related Parties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Loans and Leases Receivable, Related Parties [Roll Forward]
Outstanding at beginning of year	$ 239,625
New loans and advances	7,613
Repayments	(13,799)
Outstanding at end of year	$ 233,439

Loans and Allowance for Credi_6

Loans and Allowance for Credit Losses for Loans - Past Due, Current, and Non-Accrual Loans Without an Allowance for Credit Losses by Loan Portfolio Class (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Loans	$ 34,153,657	$ 32,217,112
Non-Accrual Loans	240,216	185,282
Non-Accrual Loans Without Allowance for Loan Losses	100,190	48,151
Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	296,080	284,287
30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	40,889	69,712
60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	12,204	15,752
90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	2,771	13,541
Current Loans
Financing Receivable, Past Due [Line Items]
Loans	33,857,577	31,932,825
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Loans	5,847,551	6,861,708
Non-Accrual Loans	99,918	106,693
Non-Accrual Loans Without Allowance for Loan Losses	9,066	4,075
Commercial and industrial | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	115,778	124,445
Commercial and industrial | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	6,717	6,393
Commercial and industrial | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	7,870	2,252
Commercial and industrial | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	1,273	9,107
Commercial and industrial | Current Loans
Financing Receivable, Past Due [Line Items]
Loans	5,731,773	6,737,263
Commercial real estate
Financing Receivable, Past Due [Line Items]
Loans	20,790,066	18,470,823
Non-Accrual Loans	101,233	46,963
Non-Accrual Loans Without Allowance for Loan Losses	70,719	32,416
Commercial real estate | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	117,627	84,627
Commercial real estate | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	16,362	35,345
Commercial real estate | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	0	1,326
Commercial real estate | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	32	993
Commercial real estate | Current Loans
Financing Receivable, Past Due [Line Items]
Loans	20,672,439	18,386,196
Commercial real estate | Commercial real estate
Financing Receivable, Past Due [Line Items]
Loans	18,935,486	16,724,998
Non-Accrual Loans	83,592	46,879
Non-Accrual Loans Without Allowance for Loan Losses	70,719	32,416
Commercial real estate | Commercial real estate | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	98,045	84,228
Commercial real estate | Commercial real estate | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	14,421	35,030
Commercial real estate | Commercial real estate | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	0	1,326
Commercial real estate | Commercial real estate | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	32	993
Commercial real estate | Commercial real estate | Current Loans
Financing Receivable, Past Due [Line Items]
Loans	18,837,441	16,640,770
Commercial real estate | Construction
Financing Receivable, Past Due [Line Items]
Loans	1,854,580	1,745,825
Non-Accrual Loans	17,641	84
Non-Accrual Loans Without Allowance for Loan Losses	0	0
Commercial real estate | Construction | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	19,582	399
Commercial real estate | Construction | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	1,941	315
Commercial real estate | Construction | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	0	0
Commercial real estate | Construction | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	0	0
Commercial real estate | Construction | Current Loans
Financing Receivable, Past Due [Line Items]
Loans	1,834,998	1,745,426
Residential mortgage
Financing Receivable, Past Due [Line Items]
Loans	4,545,064	4,183,743
Non-Accrual Loans	35,207	25,817
Non-Accrual Loans Without Allowance for Loan Losses	20,401	11,610
Residential mortgage | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	50,197	57,055
Residential mortgage | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	10,999	17,717
Residential mortgage | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	3,314	10,351
Residential mortgage | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	677	3,170
Residential mortgage | Current Loans
Financing Receivable, Past Due [Line Items]
Loans	4,494,867	4,126,688
Consumer
Financing Receivable, Past Due [Line Items]
Loans	2,970,976	2,700,838
Non-Accrual Loans	3,858	5,809
Non-Accrual Loans Without Allowance for Loan Losses	4	50
Consumer | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	12,478	18,160
Consumer | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	6,811	10,257
Consumer | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	1,020	1,823
Consumer | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	789	271
Consumer | Current Loans
Financing Receivable, Past Due [Line Items]
Loans	2,958,498	2,682,678
Consumer | Home equity
Financing Receivable, Past Due [Line Items]
Loans	400,779	431,553
Non-Accrual Loans	3,517	4,936
Non-Accrual Loans Without Allowance for Loan Losses	4	50
Consumer | Home equity | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	3,857	6,381
Consumer | Home equity | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	242	953
Consumer | Home equity | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	98	492
Consumer | Home equity | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	0	0
Consumer | Home equity | Current Loans
Financing Receivable, Past Due [Line Items]
Loans	396,922	425,172
Consumer | Automobile
Financing Receivable, Past Due [Line Items]
Loans	1,570,036	1,355,955
Non-Accrual Loans	240	338
Non-Accrual Loans Without Allowance for Loan Losses	0	0
Consumer | Automobile | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	7,558	9,746
Consumer | Automobile | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	6,391	8,056
Consumer | Automobile | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	656	1,107
Consumer | Automobile | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	271	245
Consumer | Automobile | Current Loans
Financing Receivable, Past Due [Line Items]
Loans	1,562,478	1,346,209
Consumer | Other consumer
Financing Receivable, Past Due [Line Items]
Loans	1,000,161	913,330
Non-Accrual Loans	101	535
Non-Accrual Loans Without Allowance for Loan Losses	0	0
Consumer | Other consumer | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	1,063	2,033
Consumer | Other consumer | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	178	1,248
Consumer | Other consumer | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	266	224
Consumer | Other consumer | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	518	26
Consumer | Other consumer | Current Loans
Financing Receivable, Past Due [Line Items]
Loans	$ 999,098	$ 911,297

Loans and Allowance for Credi_7

Loans and Allowance for Credit Losses for Loans - Internal Loan Classification Risk by Loan Portfolio Class by Origination Year (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 34,153,657	$ 32,217,112
Commercial and industrial *
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	1,575,480	3,064,630
Year two, fiscal year before current fiscal year	749,183	624,427
Year three, two years before current fiscal year	470,111	570,901
Year four, three years before current fiscal year	383,968	240,525
Year five, four years before current fiscal year	162,744	179,522
More than five years before current fiscal year	415,369	434,485
Revolving Loans Amortized Cost Basis	2,090,300	1,746,355
Revolving Loans Converted to Term Loans	396	863
Total	5,847,551	6,861,708
Commercial and industrial * | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	1,563,050	3,058,596
Year two, fiscal year before current fiscal year	743,165	605,112
Year three, two years before current fiscal year	461,022	556,284
Year four, three years before current fiscal year	362,748	212,215
Year five, four years before current fiscal year	143,753	162,483
More than five years before current fiscal year	337,713	337,484
Revolving Loans Amortized Cost Basis	1,968,513	1,677,559
Revolving Loans Converted to Term Loans	247	350
Total	5,580,211	6,610,083
Commercial and industrial * | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	4,182	819
Year two, fiscal year before current fiscal year	1,195	10,236
Year three, two years before current fiscal year	3,217	2,135
Year four, three years before current fiscal year	14,143	9,502
Year five, four years before current fiscal year	1,726	10,228
More than five years before current fiscal year	9,869	14,165
Revolving Loans Amortized Cost Basis	102,145	49,883
Revolving Loans Converted to Term Loans	40	51
Total	136,517	97,019
Commercial and industrial * | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	8,248	5,215
Year two, fiscal year before current fiscal year	4,823	3,876
Year three, two years before current fiscal year	3,139	12,481
Year four, three years before current fiscal year	7,077	1,798
Year five, four years before current fiscal year	910	4,215
More than five years before current fiscal year	408	12,965
Revolving Loans Amortized Cost Basis	19,642	18,913
Revolving Loans Converted to Term Loans	109	462
Total	44,356	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	2,733	1
Year four, three years before current fiscal year	0	17,010
Year five, four years before current fiscal year	16,355	2,596
More than five years before current fiscal year	67,379	69,871
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	86,467	94,681
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total	20,790,066	18,470,823
Commercial real estate | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	4,526,352	3,165,678
Year two, fiscal year before current fiscal year	3,067,814	3,137,328
Year three, two years before current fiscal year	2,778,520	2,305,380
Year four, three years before current fiscal year	1,820,340	1,875,959
Year five, four years before current fiscal year	1,611,334	1,876,523
More than five years before current fiscal year	4,869,778	4,145,217
Revolving Loans Amortized Cost Basis	247,968	203,381
Revolving Loans Converted to Term Loans	13,380	15,532
Total	18,935,486	16,724,998
Commercial real estate | Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	4,517,917	3,096,549
Year two, fiscal year before current fiscal year	2,983,140	3,052,076
Year three, two years before current fiscal year	2,702,580	2,230,047
Year four, three years before current fiscal year	1,734,922	1,767,528
Year five, four years before current fiscal year	1,474,770	1,798,137
More than five years before current fiscal year	4,557,011	3,916,990
Revolving Loans Amortized Cost Basis	195,851	199,145
Revolving Loans Converted to Term Loans	13,380	15,532
Total	18,179,571	16,076,004
Commercial real estate | Commercial real estate | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	7,700	50,193
Year two, fiscal year before current fiscal year	50,019	68,203
Year three, two years before current fiscal year	46,911	44,336
Year four, three years before current fiscal year	44,187	48,813
Year five, four years before current fiscal year	65,623	66,845
More than five years before current fiscal year	143,540	109,295
Revolving Loans Amortized Cost Basis	50,168	1,705
Revolving Loans Converted to Term Loans	0	0
Total	408,148	389,390
Commercial real estate | Commercial real estate | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	735	18,936
Year two, fiscal year before current fiscal year	34,655	17,049
Year three, two years before current fiscal year	29,029	30,997
Year four, three years before current fiscal year	41,231	59,618
Year five, four years before current fiscal year	70,941	11,541
More than five years before current fiscal year	169,041	118,725
Revolving Loans Amortized Cost Basis	1,949	2,531
Revolving Loans Converted to Term Loans	0	0
Total	347,581	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	186	207
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	186	207
Commercial real estate | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	278,427	145,246
Year two, fiscal year before current fiscal year	98,628	121,869
Year three, two years before current fiscal year	49,570	111,420
Year four, three years before current fiscal year	33,027	18,125
Year five, four years before current fiscal year	6,061	57,984
More than five years before current fiscal year	46,261	37,823
Revolving Loans Amortized Cost Basis	1,342,606	1,253,358
Revolving Loans Converted to Term Loans	0	0
Total	1,854,580	1,745,825
Commercial real estate | Construction | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	274,097	145,246
Year two, fiscal year before current fiscal year	98,609	120,800
Year three, two years before current fiscal year	48,555	111,174
Year four, three years before current fiscal year	32,781	15,497
Year five, four years before current fiscal year	6,061	47,971
More than five years before current fiscal year	28,419	20,029
Revolving Loans Amortized Cost Basis	1,313,555	1,199,034
Revolving Loans Converted to Term Loans	0	0
Total	1,802,077	1,659,751
Commercial real estate | Construction | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	4,131	0
Year two, fiscal year before current fiscal year	0	1,043
Year three, two years before current fiscal year	1,009	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	0	17,414
Revolving Loans Amortized Cost Basis	18,449	47,311
Revolving Loans Converted to Term Loans	0	0
Total	23,589	75,764
Commercial real estate | Construction | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	199	0
Year two, fiscal year before current fiscal year	19	26
Year three, two years before current fiscal year	6	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	10,602	7,013
Revolving Loans Converted to Term Loans	0	0
Total	$ 28,914	$ 10,310

Loans and Allowance for Credi_8

Loans and Allowance for Credit Losses for Loans - Amortized Cost per Loan Class Based on Payment Activity by Origination Year (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 34,153,657	$ 32,217,112
90 Days or More Past Due Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	2,771	13,541
Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	1,448,602	730,764
Year two, fiscal year before current fiscal year	635,888	781,246
Year three, two years before current fiscal year	575,538	688,973
Year four, three years before current fiscal year	427,208	586,114
Year five, four years before current fiscal year	370,958	384,867
More than five years before current fiscal year	1,016,528	946,981
Revolving Loans Amortized Cost Basis	70,342	64,798
Revolving Loans Converted to Term Loans	0	0
Total	4,545,064	4,183,743
Residential mortgage | 90 Days or More Past Due Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	677	3,170
Residential mortgage | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	1,448,602	730,764
Year two, fiscal year before current fiscal year	635,531	778,161
Year three, two years before current fiscal year	572,911	684,761
Year four, three years before current fiscal year	425,152	582,650
Year five, four years before current fiscal year	368,164	380,723
More than five years before current fiscal year	1,014,190	943,616
Revolving Loans Amortized Cost Basis	70,342	64,798
Revolving Loans Converted to Term Loans	0	0
Total	4,534,892	4,165,473
Residential mortgage | Non-Performing Loans | 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	357	3,085
Year three, two years before current fiscal year	2,627	4,212
Year four, three years before current fiscal year	2,056	3,464
Year five, four years before current fiscal year	2,794	4,144
More than five years before current fiscal year	2,338	3,365
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	10,172	18,270
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	752,371	446,991
Year two, fiscal year before current fiscal year	322,296	454,481
Year three, two years before current fiscal year	292,368	290,819
Year four, three years before current fiscal year	172,014	161,744
Year five, four years before current fiscal year	79,202	57,330
More than five years before current fiscal year	43,367	37,456
Revolving Loans Amortized Cost Basis	1,265,942	1,200,000
Revolving Loans Converted to Term Loans	43,416	52,017
Total	2,970,976	2,700,838
Consumer | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	13,847	8,580
Year two, fiscal year before current fiscal year	5,723	10,634
Year three, two years before current fiscal year	6,994	11,756
Year four, three years before current fiscal year	7,384	8,886
Year five, four years before current fiscal year	5,359	5,365
More than five years before current fiscal year	13,632	15,476
Revolving Loans Amortized Cost Basis	304,424	319,247
Revolving Loans Converted to Term Loans	43,416	51,609
Total	400,779	431,553
Consumer | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	735,575	426,140
Year two, fiscal year before current fiscal year	309,856	438,289
Year three, two years before current fiscal year	278,906	272,248
Year four, three years before current fiscal year	157,613	151,746
Year five, four years before current fiscal year	72,834	50,888
More than five years before current fiscal year	15,252	16,644
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	1,570,036	1,355,955
Consumer | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	2,949	12,271
Year two, fiscal year before current fiscal year	6,717	5,558
Year three, two years before current fiscal year	6,468	6,815
Year four, three years before current fiscal year	7,017	1,112
Year five, four years before current fiscal year	1,009	1,077
More than five years before current fiscal year	14,483	5,336
Revolving Loans Amortized Cost Basis	961,518	880,753
Revolving Loans Converted to Term Loans	0	408
Total	1,000,161	913,330
Consumer | 90 Days or More Past Due Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	789	271
Consumer | 90 Days or More Past Due Loans | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Consumer | 90 Days or More Past Due Loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Total	271	245
Consumer | 90 Days or More Past Due Loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total	518	26
Consumer | Performing | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	13,847	8,580
Year two, fiscal year before current fiscal year	5,723	10,634
Year three, two years before current fiscal year	6,994	11,756
Year four, three years before current fiscal year	7,384	8,886
Year five, four years before current fiscal year	5,359	5,340
More than five years before current fiscal year	13,597	15,393
Revolving Loans Amortized Cost Basis	303,888	318,869
Revolving Loans Converted to Term Loans	42,822	50,879
Total	399,614	430,337
Consumer | Performing | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	735,446	426,121
Year two, fiscal year before current fiscal year	309,856	438,181
Year three, two years before current fiscal year	278,828	272,075
Year four, three years before current fiscal year	157,450	151,523
Year five, four years before current fiscal year	72,753	50,853
More than five years before current fiscal year	15,171	16,550
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	1,569,504	1,355,303
Consumer | Performing | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	2,949	12,271
Year two, fiscal year before current fiscal year	6,717	5,558
Year three, two years before current fiscal year	6,468	6,815
Year four, three years before current fiscal year	7,017	1,112
Year five, four years before current fiscal year	1,009	1,077
More than five years before current fiscal year	14,483	5,314
Revolving Loans Amortized Cost Basis	961,027	880,748
Revolving Loans Converted to Term Loans	0	0
Total	999,670	912,895
Consumer | Non-Performing 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	35	83
Revolving Loans Amortized Cost Basis	536	378
Revolving Loans Converted to Term Loans	594	730
Total	1,165	1,216
Consumer | Non-Performing Loans | 90 Days or More Past Due Loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	129	19
Year two, fiscal year before current fiscal year	0	108
Year three, two years before current fiscal year	78	173
Year four, three years before current fiscal year	163	223
Year five, four years before current fiscal year	81	35
More than five years before current fiscal year	81	94
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	532	652
Consumer | Non-Performing 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	491	5
Revolving Loans Converted to Term Loans	0	408
Total	$ 491	$ 435

Loans and Allowance for Credi_9

Loans and Allowance for Credit Losses for Loans - Pre- and Post-Modification Amortized Cost of Loans by Loan Class Modified as TDRs and Loans Modified as TDRs that Subsequently Defaulted (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)contract	Dec. 31, 2020USD ($)contract
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts, troubled debt restructurings (in contract) | contract	100	61
Pre-Modification Outstanding Recorded Investment	$ 114,152	$ 73,222
Post-Modification Outstanding Recorded Investment	$ 106,234	$ 66,726
Number of days loans placed on non-accrual status	90 days	90 days
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract	3	28
Recorded investment, troubled debt restructurings subsequently defaulted	$ 27,860	$ 23,494
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts, troubled debt restructurings (in contract) | contract	70	42
Pre-Modification Outstanding Recorded Investment	$ 52,790	$ 46,090
Post-Modification Outstanding Recorded Investment	$ 48,764	$ 42,679
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract	0	27
Recorded investment, troubled debt restructurings subsequently defaulted	$ 0	$ 23,247
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts, troubled debt restructurings (in contract) | contract	15	6
Pre-Modification Outstanding Recorded Investment	$ 51,529	$ 24,683
Post-Modification Outstanding Recorded Investment	$ 47,731	$ 21,654
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract	3	0
Recorded investment, troubled debt restructurings subsequently defaulted	$ 27,860	$ 0
Commercial real estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts, troubled debt restructurings (in contract) | contract	12	6
Pre-Modification Outstanding Recorded Investment	$ 29,480	$ 24,683
Post-Modification Outstanding Recorded Investment	$ 29,313	$ 21,654
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract	1	0
Recorded investment, troubled debt restructurings subsequently defaulted	$ 10,261	$ 0
Commercial real estate | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts, troubled debt restructurings (in contract) | contract	3	0
Pre-Modification Outstanding Recorded Investment	$ 22,049	$ 0
Post-Modification Outstanding Recorded Investment	$ 18,418	$ 0
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract	2	0
Recorded investment, troubled debt restructurings subsequently defaulted	$ 17,599	$ 0
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts, troubled debt restructurings (in contract) | contract	14	12
Pre-Modification Outstanding Recorded Investment	$ 9,663	$ 2,377
Post-Modification Outstanding Recorded Investment	$ 9,578	$ 2,323
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract	0	1
Recorded investment, troubled debt restructurings subsequently defaulted	$ 0	$ 247
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts, troubled debt restructurings (in contract) | contract	1	1
Pre-Modification Outstanding Recorded Investment	$ 170	$ 72
Post-Modification Outstanding Recorded Investment	$ 161	$ 70

Loans and Allowance for Cred_10

Loans and Allowance for Credit Losses for Loans - Summary of Collateral Dependent Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 34,153,657	$ 32,217,112
Commercial and industrial *
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	5,847,551	6,861,708
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	20,790,066	18,470,823
Commercial real estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	18,935,486	16,724,998
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	4,545,064	4,183,743
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,970,976	2,700,838
Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	400,779	431,553
Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	241,258	176,027
Collateral Pledged | Commercial and industrial *
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	95,335	106,239
Collateral Pledged | Commercial real estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	110,174	41,562
Collateral Pledged | Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	35,745	28,176
Collateral Pledged | Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 4	$ 50

Loans and Allowance for Cred_11

Loans and Allowance for Credit Losses for Loans - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Allowance for loan losses	$ 359,202	$ 340,243	$ 161,759
Allowance for unfunded credit commitments	16,500	11,111
Total allowance for credit losses for loans	$ 375,702	$ 351,354

Loans and Allowance for Cred_12

Loans and Allowance for Credit Losses for Loans - Summary of Provision for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
(Credit) provision for loan losses	$ 27,507	$ 123,922	$ 25,809
Provision for unfunded credit commitments	5,389	1,165	(1,591)
Total provision for credit losses for loans	$ 32,896	$ 125,087	$ 24,218

Loans and Allowance for Cred_13

Loans and Allowance for Credit Losses for Loans - Summary of Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for loan losses:
Beginning balance	$ 340,243	$ 161,759
Allowance for purchased credit deteriorated (PCD) loans	6,542
Loans charged-off	(26,332)	(45,289)
Charged-off loans recovered	11,242	7,320
Net (charge-offs) recoveries	(15,090)	(37,969)
(Credit) provision for loan losses	27,507	123,922	$ 25,809
Ending balance	359,202	340,243	161,759
Allowance for PCD loans reclassification			61,600
Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses:
Beginning balance		92,531
Ending balance			92,531
Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for loan losses:
Beginning balance		254,290
Ending balance			254,290
Commercial and industrial *
Allowance for loan losses:
Beginning balance	131,070	104,059
Allowance for purchased credit deteriorated (PCD) loans	3,528
Loans charged-off	(21,507)	(34,630)
Charged-off loans recovered	3,934	1,956
Net (charge-offs) recoveries	(17,573)	(32,674)
(Credit) provision for loan losses	(13,935)	44,516
Ending balance	103,090	131,070	104,059
Commercial and industrial * | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses:
Beginning balance		15,169
Ending balance			15,169
Commercial and industrial * | Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for loan losses:
Beginning balance		119,228
Ending balance			119,228
Commercial real estate
Allowance for loan losses:
Beginning balance	164,113	45,673
Allowance for purchased credit deteriorated (PCD) loans	2,953
Loans charged-off	(382)	(767)
Charged-off loans recovered	2,557	1,506
Net (charge-offs) recoveries	2,175	739
(Credit) provision for loan losses	48,249	67,904
Ending balance	217,490	164,113	45,673
Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses:
Beginning balance		49,797
Ending balance			49,797
Commercial real estate | Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for loan losses:
Beginning balance		95,470
Ending balance			95,470
Residential Mortgage
Allowance for loan losses:
Beginning balance	28,873	5,060
Allowance for purchased credit deteriorated (PCD) loans	57
Loans charged-off	(140)	(598)
Charged-off loans recovered	676	670
Net (charge-offs) recoveries	536	72
(Credit) provision for loan losses	(4,346)	3,166
Ending balance	25,120	28,873	5,060
Residential Mortgage | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses:
Beginning balance		20,575
Ending balance			20,575
Residential Mortgage | Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for loan losses:
Beginning balance		25,635
Ending balance			25,635
Consumer
Allowance for loan losses:
Beginning balance	16,187	6,967
Allowance for purchased credit deteriorated (PCD) loans	4
Loans charged-off	(4,303)	(9,294)
Charged-off loans recovered	4,075	3,188
Net (charge-offs) recoveries	(228)	(6,106)
(Credit) provision for loan losses	(2,461)	8,336
Ending balance	$ 13,502	16,187	6,967
Consumer | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses:
Beginning balance		6,990
Ending balance			6,990
Consumer | Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for loan losses:
Beginning balance		$ 13,957
Ending balance			$ 13,957

Loans and Allowance for Cred_14

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	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for loan losses:
Individually evaluated for credit losses	$ 71,496	$ 75,871
Collectively evaluated for credit losses	287,706	264,372
Total	359,202	340,243	$ 161,759
Loans:
Individually evaluated for credit losses	298,795	229,593
Collectively evaluated for credit losses	33,854,862	31,987,519
Total	34,153,657	32,217,112
Commercial and industrial *
Allowance for loan losses:
Individually evaluated for credit losses	64,359	73,063
Collectively evaluated for credit losses	38,731	58,007
Total	103,090	131,070	104,059
Loans:
Individually evaluated for credit losses	119,760	131,057
Collectively evaluated for credit losses	5,727,791	6,730,651
Total	5,847,551	6,861,708
Commercial real estate
Allowance for loan losses:
Individually evaluated for credit losses	6,277	1,338
Collectively evaluated for credit losses	211,213	162,775
Total	217,490	164,113	45,673
Loans:
Individually evaluated for credit losses	134,135	61,754
Collectively evaluated for credit losses	20,655,931	18,409,069
Total	20,790,066	18,470,823
Residential Mortgage
Allowance for loan losses:
Individually evaluated for credit losses	470	1,206
Collectively evaluated for credit losses	24,650	27,667
Total	25,120	28,873	5,060
Loans:
Individually evaluated for credit losses	42,469	35,151
Collectively evaluated for credit losses	4,502,595	4,148,592
Total	4,545,064	4,183,743
Consumer
Allowance for loan losses:
Individually evaluated for credit losses	390	264
Collectively evaluated for credit losses	13,112	15,923
Total	13,502	16,187	$ 6,967
Loans:
Individually evaluated for credit losses	2,431	1,631
Collectively evaluated for credit losses	2,968,545	2,699,207
Total	$ 2,970,976	$ 2,700,838

Leases - Components of ROU Asse

Leases - Components of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total ROU assets	Total ROU assets
Operating leases, ROU assets	$ 258,714	$ 251,293
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total ROU assets	Total ROU assets
Finance leases, ROU assets	$ 403	$ 760
Total ROU assets	$ 259,117	$ 252,053
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total lease liabilities	Total lease liabilities
Operating leases, lease liabilities	$ 282,339	$ 275,248
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total lease liabilities	Total lease liabilities
Finance leases, lease liabilities	$ 767	$ 1,427
Total lease liabilities	$ 283,106	$ 276,675

Leases - Components of Total Le

Leases - Components of Total Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Amortization of ROU assets	$ 378	$ 363	$ 291
Interest on lease liabilities	91	146	191
Operating lease cost	34,842	36,094	34,175
Short-term lease cost	700	783	410
Variable lease cost	3,417	4,296	3,573
Sublease income	(3,044)	(2,520)	(3,422)
Total lease cost (included in net occupancy and equipment expense)	$ 36,384	$ 39,162	$ 35,218

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Sales-type and direct financing leases, lease receivable	$ 747,796	$ 643,500
Sales-type and direct financing lease, unguaranteed residual asset	745,200	641,300
Sales-type and direct financing leases, lease receivables	2,600	2,200
Lease income	$ 28,100	$ 25,200	$ 19,400

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 35,173	$ 35,943	$ 34,380
Operating cash flows from finance leases	92	146	192
Financing cash flows from finance leases	$ 681	$ 612	$ 492

Leases - Supplemental Lease Inf

Leases - Supplemental Lease Information (Details)	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term, operating lease	11 years 8 months 12 days	12 years 3 months 18 days
Weighted-average remaining lease term, finance lease	1 year	2 years
Weighted-average discount rate, operating lease	3.28%	3.56%
Weighted-average discount rate, finance lease	7.24%	7.45%

Leases - Maturity Analysis of L

Leases - Maturity Analysis of Lessor and Lessee Arrangements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Direct Financing and Sales-Type Leases
2022	$ 224,840
2023	198,546
2024	161,704
2025	116,715
2026	69,691
Thereafter	33,611
Total lease payments	805,107
Less: present value discount	(57,311)
Total	747,796	$ 643,500
Operating Leases
2022	35,629
2023	33,461
2024	31,718
2025	30,403
2026	29,375
Thereafter	185,226
Total lease payments	345,812
Less: present value discount	(63,473)
Total	282,339	275,248
Finance Leases
2022	773
2023	16
2024	5
2025	3
2026	0
Thereafter	0
Total lease payments	797
Less: present value discount	(30)
Total	$ 767	$ 1,427

Premises and Equipment, Net (De

Premises and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 706,981	$ 676,454
Accumulated depreciation and amortization	(380,675)	(356,657)
Total premises and equipment, net	326,306	319,797
Depreciation and amortization	28,800	30,600	$ 29,400
Land
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	89,444	90,379
Buildings
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	212,658	214,476
Leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	92,186	88,898
Furniture and equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 312,693	$ 282,701

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,382,442	$ 1,373,625
Goodwill from business combinations	76,566	8,817
Goodwill, ending balance	1,459,008	1,382,442
Consumer Lending
Goodwill [Roll Forward]
Goodwill, beginning balance	307,169	306,572
Goodwill from business combinations	1,079	597
Goodwill, ending balance	308,248	307,169
Commercial Lending
Goodwill [Roll Forward]
Goodwill, beginning balance	833,942	825,767
Goodwill from business combinations	62,073	8,175
Goodwill, ending balance	896,015	833,942
Investment Management
Goodwill [Roll Forward]
Goodwill, beginning balance	220,113	220,068
Goodwill from business combinations	317	45
Goodwill, ending balance	220,430	220,113
Wealth Management | Consumer Lending
Goodwill [Roll Forward]
Goodwill, beginning balance	21,218	21,218
Goodwill from business combinations	13,097	0
Goodwill, ending balance	$ 34,315	$ 21,218

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)	Dec. 01, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Goodwill from business combinations		$ 76,566,000	$ 8,817,000
Goodwill impairment		0	0	$ 0
Impairment of core deposits and intangibles		0	0	0
Net impairment (recovery of impairment) on loan servicing rights		865,000	(818,000)	36,000
Amortization expense - other intangible assets		21,800,000	24,600,000	18,100,000
Residential mortgage
Finite-Lived Intangible Assets [Line Items]
Aggregate principal balances of mortgage loans serviced		3,600,000,000	$ 3,500,000,000	$ 3,400,000,000
Westchester Bank Holding Corporation
Finite-Lived Intangible Assets [Line Items]
Goodwill from business combinations		63,500,000
Weighted average amortization period, years	10 years
Core deposit intangible assets	$ 8,130,000	8,100,000
Dudley Ventures
Finite-Lived Intangible Assets [Line Items]
Goodwill from business combinations		$ 13,100,000
Core deposits
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, years		9 years 2 months 12 days
Other
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, years		6 years

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	$ 230,018	$ 208,255
Accumulated Amortization	(159,632)	(136,941)
Valuation Allowance	0	(865)
Net Intangible Assets	70,386	70,449
Loan servicing rights
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	114,636	103,150
Accumulated Amortization	(90,951)	(80,340)
Valuation Allowance	0	(865)
Net Intangible Assets	23,685	21,945
Core deposits
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	109,290	101,160
Accumulated Amortization	(65,488)	(53,747)
Valuation Allowance	0	0
Net Intangible Assets	43,802	47,413
Other
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	6,092	3,945
Accumulated Amortization	(3,193)	(2,854)
Valuation Allowance	0	0
Net Intangible Assets	$ 2,899	$ 1,091

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Schedule of Change in Loan Servicing Rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loan servicing rights:
Balance at beginning of year	$ 22,810	$ 24,732	$ 24,193
Origination of loan servicing rights	11,486	8,322	7,473
Amortization expense	(10,611)	(10,244)	(6,934)
Balance at end of year	23,685	22,810	24,732
Valuation allowance:
Balance at beginning of year	(865)	(47)	(83)
Impairment adjustment	865	(818)	36
Balance at end of year	0	(865)	(47)
Balance at end of year, net of valuation allowance	$ 23,685	$ 21,945	$ 24,685

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2021USD ($)
Loan servicing rights
Finite-Lived Intangible Assets [Line Items]
2022	$ 4,234
2023	3,433
2024	2,817
2025	2,321
2026	1,917
Core deposits
Finite-Lived Intangible Assets [Line Items]
2022	11,401
2023	9,510
2024	7,740
2025	5,970
2026	4,225
Other
Finite-Lived Intangible Assets [Line Items]
2022	705
2023	572
2024	484
2025	396
2026	$ 304

Deposits - Additional Informati

Deposits - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial Services, Banking and Thrift [Abstract]
Time deposits, $250,000 or more	$ 861.5	$ 1,400
Interest expense on time deposits of $250 thousand or more	1.1	4.5	$ 5.8
Deposits from certain directors, executive officers and their affiliates	$ 92.3	$ 97.3

Deposits - Scheduled Maturities

Deposits - Scheduled Maturities of Time Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial Services, Banking and Thrift [Abstract]
2022	$ 2,986,056
2023	434,952
2024	72,499
2025	40,134
2026	88,132
Thereafter	65,271
Total time deposits	$ 3,687,044	$ 6,714,678

Borrowed Funds - Schedule of Sh

Borrowed Funds - Schedule of Short-Term Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total short-term borrowings	$ 655,726	$ 1,147,958
Short-term borrowings
Debt Instrument [Line Items]
FHLB advances	500,000	1,000,000
Securities sold under agreements to repurchase	155,726	147,958
Total short-term borrowings	$ 655,726	$ 1,147,958

Borrowed Funds - Additional Inf

Borrowed Funds - Additional Information (Details) - USD ($)	May 28, 2021	Apr. 01, 2021	Jun. 30, 2021	Sep. 30, 2020	Aug. 31, 2016	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted average interest rate for short-term borrowings						0.37%	0.38%
Payments of FHLB borrowings			$ 247,500,000
Prepaid long-term FHLB advances							$ 534,300,000
Callable FHLB advances interest rate							2.48%
Loss on extinguishment of debt						$ 8,406,000	$ 12,036,000	$ 31,995,000
FHLB advances callable for early redemption						0
Subordinated notes, interest rate	3.00%
Fair value of securities						$ 1,700,000,000	2,100,000,000
Derivative—interest rate swaps:
Debt Instrument [Line Items]
Notional amount of terminated derivative					$ 125,000,000
Derivative—interest rate swaps: | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Subordinated debt basis points			2.187%
USAmeriBancorp, Inc.
Debt Instrument [Line Items]
Subordinated notes		$ 60,000,000
Subordinated notes, interest rate		6.25%
FHLB
Debt Instrument [Line Items]
Loss on extinguishment of debt							$ 9,700,000
Subordinated Debt
Debt Instrument [Line Items]
Subordinated debt initial term						5 years
Subordinated debt SOFR term						3 months
Subordinated Debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Subordinated debt basis points						5.14%
Securities sold under agreements to repurchase
Debt Instrument [Line Items]
Weighted average interest rate for long-term borrowings							3.37%
FHLB
Debt Instrument [Line Items]
Weighted average interest rate for long-term borrowings						1.88%	2.02%
Effective interest rate			1.82%
Loss on extinguishment of debt						$ 8,400,000
Subordinated Notes Due September 2023
Debt Instrument [Line Items]
Effective interest rate					3.32%
Subordinated notes						$ 125,000,000
Subordinated notes, interest rate						5.125%
Net carrying value of subordinated debentures						$ 125,200,000	$ 130,500,000
Subordinated Notes Due June 2025
Debt Instrument [Line Items]
Subordinated notes						$ 100,000,000
Subordinated notes, interest rate						4.55%
Net carrying value of subordinated debentures						$ 99,600,000	99,500,000
Subordinated Notes Due June 2030
Debt Instrument [Line Items]
Subordinated notes						$ 115,000,000
Subordinated notes, interest rate						5.25%
Net carrying value of subordinated debentures						$ 113,400,000	113,300,000
Subordinated Notes Due June 2031
Debt Instrument [Line Items]
Subordinated notes			$ 300,000,000			$ 300,000,000
Subordinated notes, interest rate						3.00%
Net carrying value of subordinated debentures						$ 296,400,000
Subordinated Notes Due January 2022
Debt Instrument [Line Items]
Loss on extinguishment of debt							$ 2,400,000
Prepayment of long-term borrowings				$ 50,000,000
Long-term borrowing interest rate				3.70%
FHLB
Debt Instrument [Line Items]
Amount of hedged debt						$ 500,000,000

Borrowed Funds - Schedule of Lo

Borrowed Funds - Schedule of Long-Term Borrowings (Details) - Long-term borrowings - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
FHLB advances, net	$ 789,033	$ 1,592,252
Subordinated debt, net	634,643	403,413
Securities sold under agreements to repurchase	0	300,000
Total long-term borrowings	1,423,676	2,295,665
Unamortized prepayment penalties and other purchase accounting adjustments	1,000	2,600
Deferred issuance costs	$ 5,800	$ 2,700

Borrowed Funds - Schedule of FH

Borrowed Funds - Schedule of FHLB Repayment (Details) - Long-term borrowings $ in Thousands	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
2023	$ 350,000
2024	165,000
2025	273,000
Total long-term FHLB advances	$ 788,000

Junior Subordinated Debenture_3

Junior Subordinated Debentures Issued to Capital Trusts - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Maximum allowable period of interest deferment	5 years

Junior Subordinated Debenture_4

Junior Subordinated Debentures Issued to Capital Trusts - Schedule of Outstanding Junior Subordinated Debentures and Related Trust Preferred Securities Issued by Each Trust (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Carrying value	$ 56,413,000	$ 56,065,000
Junior Subordinated Debentures | GCB Capital Trust III
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Carrying value	24,743,000	24,743,000
Contractual principal balance	24,743,000	$ 24,743,000
Junior Subordinated Debentures | GCB Capital Trust III | 3-month LIBOR
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Annual interest rate spread, percentage		1.40%
Junior Subordinated Debentures | State Bancorp Capital Trust I
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Carrying value	9,225,000	$ 9,125,000
Contractual principal balance	10,310,000	$ 10,310,000
Junior Subordinated Debentures | State Bancorp Capital Trust I | 3-month LIBOR
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Annual interest rate spread, percentage		3.45%
Junior Subordinated Debentures | State Bancorp Capital Trust II
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Carrying value	8,730,000	$ 8,599,000
Contractual principal balance	10,310,000	$ 10,310,000
Junior Subordinated Debentures | State Bancorp Capital Trust II | 3-month LIBOR
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Annual interest rate spread, percentage		2.85%
Junior Subordinated Debentures | Aliant Statutory Trust II
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Carrying value	13,715,000	$ 13,598,000
Contractual principal balance	15,464,000	$ 15,464,000
Junior Subordinated Debentures | Aliant Statutory Trust II | 3-month LIBOR
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Annual interest rate spread, percentage		1.80%
Trust preferred securities | GCB Capital Trust III
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Face value	$ 24,000,000	$ 24,000,000
Trust preferred securities | GCB Capital Trust III | 3-month LIBOR
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Annual distribution rate	1.40%	1.40%
Trust preferred securities | State Bancorp Capital Trust I
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Face value	$ 10,000,000	$ 10,000,000
Trust preferred securities | State Bancorp Capital Trust I | 3-month LIBOR
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Annual distribution rate	3.45%	3.45%
Trust preferred securities | State Bancorp Capital Trust II
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Face value	$ 10,000,000	$ 10,000,000
Trust preferred securities | State Bancorp Capital Trust II | 3-month LIBOR
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Annual distribution rate	2.85%	2.85%
Trust preferred securities | Aliant Statutory Trust II
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Face value	$ 15,000,000	$ 15,000,000
Trust preferred securities | Aliant Statutory Trust II | 3-month LIBOR
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Annual distribution rate	1.80%	1.80%

Benefit Plans - Change in Proje

Benefit Plans - Change in Projected Benefit Obligation, Change in Fair Value of Plan Assets, and Funded Status of the Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$ 190,849	$ 175,405
Interest cost	3,510	4,941	$ 6,113
Actuarial loss	(5,418)	18,813
Benefits paid	(8,737)	(8,310)
Projected benefit obligation at end of year	180,204	190,849	175,405
Change in fair value of plan assets:
Fair value of plan assets at beginning of year	260,651	236,621
Actual return on plan assets	25,057	30,987
Employer contributions	1,449	1,353
Benefits paid	(8,737)	(8,310)
Fair value of plan assets at end of year	278,420	260,651	$ 236,621
Funded status of the plan
Asset recognized	98,216	69,802
Accumulated benefit obligation	180,204	190,849
Accrued interest receivable	$ 783	$ 623

Benefit Plans - Components of A

Benefit Plans - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Net actuarial loss expected to be recognized as a component of net periodic pension expense	$ 698
Net actuarial loss	34,623	$ 50,272
Prior service cost	286	321
Deferred tax benefit	(9,703)	(14,132)
Total	$ 25,206	$ 36,461

Benefit Plans - Projected Benef

Benefit Plans - Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets for Non-Qualified Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 180,204	$ 190,849	$ 175,405
Accumulated benefit obligation	180,204	190,849
Fair value of plan assets	278,420	260,651	$ 236,621
Nonqualified Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	18,911	20,513
Accumulated benefit obligation	18,911	20,513
Fair value of plan assets	$ 0	$ 0

Benefit Plans - Additional Info

Benefit Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Discount rate used to compute the obligation	2.87%	2.52%
Projected benefit obligation	$ 180,204	$ 190,849
Obligation included in other comprehensive loss, net of tax	25,206	36,461
Benefit expense	(11,316)	(11,256)	$ (10,076)
Salary expense	29,000	25,100	19,100
Expense for contributions to savings and investment plan	$ 10,700	10,100	8,600
Maximum annual salary deferral, percent	5.00%
Vesting period of employer matching contributions	2 years
Unsecured general liability	$ 2,400	1,700
Stock-based compensation expense	20,887	16,154	14,726
Unrecognized stock-based compensation	$ 18,600
Average remaining vesting, years	1 year 9 months 25 days
Award vesting period	1 year
Vesting percentage	8.33%
Stock Options and Restricted Stock
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Stock-based compensation expense	$ 20,900	16,500	15,000
Stock awards granted	$ 1,600	$ 1,500	$ 2,100
Share-based compensation, expiration period	1 year
Performance Shares
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Award vesting period	3 years
RSUs
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Award vesting period	3 years
Vesting percentage	33.33%
2021 Incentive Compensation Plan | Common Stock
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Share-based compensation, shares authorized (up to) (in shares)	9,000,000
Shares of common stock available for issuance (in shares)	7,400,000
2016 Incentive Compensation Plan | Common Stock
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Reduction of shares available to issue for shares granted after 2020 year end (in shares)	1
Employee Stock Incentive Plan | Performance-Based RSU
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Weighted average grant date fair value (usd per share)	$ 12.36	$ 10.99	$ 10.14
Employee Stock Incentive Plan | Time-Based RSU
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Weighted average grant date fair value (usd per share)	$ 12.01	$ 10.29	$ 10.32
Nonqualified Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Projected benefit obligation	$ 18,911	$ 20,513
Expense for contributions to savings and investment plan	415	372	$ 273
Nonqualified Plan | Oritani Financial Corp.
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Split dollar life insurance liability	1,700	1,800
Nonqualified Plan | Oritani Financial Corp. | Split-Dollar Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Benefit expense	104	812
Nonqualified Plan | Former Directors And Senior Management
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Projected benefit obligation	348	399
Obligation included in other comprehensive loss, net of tax	660	731
Obligation included in other comprehensive loss, tax	257	286
Obligation included in other comprehensive loss, net of tax, amount expected to be reclassified	917
Nonqualified Plan | Other pension plan | Oritani Financial Corp.
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Projected benefit obligation	979	1,300
Nonqualified Plan | Other pension plan | Non Qualified Plans For Former Directors
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Projected benefit obligation	1,300	1,400
Nonqualified Plan | Supplemental Executive Retirement Income Agreement | Oritani Financial Corp.
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Projected benefit obligation	$ 13,900	13,600
Benefits payment period	20 years
Benefit expense	$ 357	$ 1,500
Fixed income securities | Qualified Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Target asset allocation percentage	50.00%
Fixed income securities | Qualified Plan | Consumer Price Index
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Cumulative annual real return, period	5 years
Fixed income securities | Qualified Plan | Merrill Lynch Intermediate Government/Corporate Index
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Cumulative annual real return, period	3 years
Equity securities | Qualified Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Target asset allocation percentage	50.00%
Equity securities | Qualified Plan | Consumer Price Index
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Cumulative annual real return, period	5 years
Equity securities | Qualified Plan | S&P 500 Index
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Cumulative annual real return, period	3 years

Benefit Plans - Components of N

Benefit Plans - Components of Net Periodic Pension Income for Qualified and Non-Qualified Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Interest cost	$ 3,510	$ 4,941	$ 6,113
Expected return on plan assets	(16,364)	(17,200)	(16,453)
Amortization of net loss	1,538	1,003	264
Total net periodic pension income	$ (11,316)	$ (11,256)	$ (10,076)

Benefit Plans - Qualified and N

Benefit Plans - Qualified and Non-Qualified Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Net (gain) loss	$ (14,381)	$ 4,754
Amortization of prior service cost	135	136
Amortization of actuarial loss	(1,538)	(1,003)
Total recognized in other comprehensive (loss) income	(15,784)	3,887
Total recognized in net periodic pension income and other comprehensive (loss) income (before tax)	$ (26,965)	$ (7,233)

Benefit Plans - Schedule of Exp

Benefit Plans - Schedule of Expected Future Benefit Payments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Retirement Benefits [Abstract]
2022	$ 9,043
2023	9,319
2024	9,533
2025	9,800
2026	9,928
Thereafter	$ 49,629

Benefit Plans - Assumptions Use

Benefit Plans - Assumptions Used to Determine Pension Expense (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Discount rate - projected benefit obligation	2.50%	3.29%	4.30%
Discount rate - interest cost	1.88%	2.62%	3.99%
Expected long-term return on plan assets	6.75%	7.50%	7.50%

Benefit Plans - Fair Value Meas

Benefit Plans - Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	$ 278,420	$ 260,651	$ 236,621
Qualified Plan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percent of total investments	100.00%	100.00%
Fair value of plan assets	$ 277,637	$ 260,028
Qualified Plan | Mutual funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percent of total investments	28.00%	18.00%
Fair value of plan assets	$ 79,462	$ 48,041
Qualified Plan | Corporate bonds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percent of total investments	23.00%	20.00%
Fair value of plan assets	$ 64,715	$ 51,410
Qualified Plan | U.S. Treasury securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percent of total investments	22.00%	20.00%
Fair value of plan assets	$ 59,931	$ 52,549
Qualified Plan | Equity securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percent of total investments	21.00%	37.00%
Fair value of plan assets	$ 57,987	$ 94,434
Qualified Plan | U.S. government agency securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percent of total investments	4.00%	3.00%
Fair value of plan assets	$ 10,590	$ 8,174
Qualified Plan | Cash and money market funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percent of total investments	2.00%	2.00%
Fair value of plan assets	$ 4,952	$ 5,420
Qualified Plan | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	202,332	200,444
Qualified Plan | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	79,462	48,041
Qualified Plan | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	59,931	52,549
Qualified Plan | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	57,987	94,434
Qualified Plan | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government agency securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan | Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and money market funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	4,952	5,420
Qualified Plan | Significant Other Observable  Inputs (Level 2)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	75,305	59,584
Qualified Plan | Significant Other Observable  Inputs (Level 2) | Mutual funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan | Significant Other Observable  Inputs (Level 2) | Corporate bonds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	64,715	51,410
Qualified Plan | Significant Other Observable  Inputs (Level 2) | U.S. Treasury securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan | Significant Other Observable  Inputs (Level 2) | Equity securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan | Significant Other Observable  Inputs (Level 2) | U.S. government agency securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	10,590	8,174
Qualified Plan | Significant Other Observable  Inputs (Level 2) | Cash and money market funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan | Significant Unobservable Inputs (Level 3)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan | Significant Unobservable Inputs (Level 3) | Mutual funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan | Significant Unobservable Inputs (Level 3) | Corporate bonds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan | Significant Unobservable Inputs (Level 3) | U.S. Treasury securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan | Significant Unobservable Inputs (Level 3) | Equity securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan | Significant Unobservable Inputs (Level 3) | U.S. government agency securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	0	0
Qualified Plan | Significant Unobservable Inputs (Level 3) | Cash and money market funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of plan assets	$ 0	$ 0

Benefit Plans - Changes in RSUs

Benefit Plans - Changes in RSUs Outstanding (Details) - RSUs - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year (in shares)	3,228,659	2,158,255	1,378,886
Granted (in shares)	1,999,376	2,030,026	1,412,941
Vested (in shares)	(1,239,797)	(879,085)	(500,204)
Forfeited (in shares)	(98,482)	(80,537)	(133,368)
Outstanding at end of year (in shares)	3,889,756	3,228,659	2,158,255

Benefit Plans - Changes in Rest

Benefit Plans - Changes in Restricted Stock Awards Outstanding (Details) - Restricted Stock Awards (RSAs) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of year (in shares)	413,701	1,058,681	1,720,968
Vested (in shares)	(191,104)	(610,607)	(547,653)
Forfeited (in shares)	(8,689)	(34,373)	(114,634)
Outstanding at end of year (in shares)	213,908	413,701	1,058,681

Benefit Plans - Stock Options A

Benefit Plans - Stock Options Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Outstanding at beginning of year (in shares)	2,986,347	3,453,516	1,051,787
Acquired in business combinations (in shares)	0	0	3,130,171
Exercised (in shares)	(2,768,792)	(249,308)	(716,920)
Forfeited or expired (in shares)	0	(217,861)	(11,522)
Outstanding at end of year (in shares)	217,555	2,986,347	3,453,516
Exercisable at year-end (in shares)	217,555	2,986,347	3,339,517
Weighted Average Exercise Price
Outstanding at beginning of year (in USD per share)	$ 7	$ 8	$ 7
Acquired in business combinations (in USD per share)	0	0	8
Exercised (in USD per share)	7	8	7
Forfeited or expired (in USD per share)	0	11	8
Outstanding at end of year (in USD per share)	7	7	8
Exercisable at year-end (in USD per share)	$ 7	$ 7	$ 8

Benefit Plans - Stock Options O

Benefit Plans - Stock Options Outstanding and Exercisable (Details)	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of options outstanding (in shares) | shares	217,555
Weighted Average Remaining Contractual Life in Years	5 years 2 months 12 days
Weighted average exercise price (in USD per share)	$ 7
$2-4
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower range limit (in USD per share)	2
Range of exercise prices, upper range limit (in USD per share)	$ 4
Number of options outstanding (in shares) | shares	1,830
Weighted Average Remaining Contractual Life in Years	1 year
Weighted average exercise price (in USD per share)	$ 4
4-6
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower range limit (in USD per share)	4
Range of exercise prices, upper range limit (in USD per share)	$ 6
Number of options outstanding (in shares) | shares	50,892
Weighted Average Remaining Contractual Life in Years	4 years 1 month 6 days
Weighted average exercise price (in USD per share)	$ 6
6-8
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower range limit (in USD per share)	6
Range of exercise prices, upper range limit (in USD per share)	$ 8
Number of options outstanding (in shares) | shares	107,233
Weighted Average Remaining Contractual Life in Years	5 years 2 months 12 days
Weighted average exercise price (in USD per share)	$ 7
8-10
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower range limit (in USD per share)	8
Range of exercise prices, upper range limit (in USD per share)	$ 10
Number of options outstanding (in shares) | shares	32,000
Weighted Average Remaining Contractual Life in Years	6 years 3 months 18 days
Weighted average exercise price (in USD per share)	$ 10
10-12
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower range limit (in USD per share)	10
Range of exercise prices, upper range limit (in USD per share)	$ 12
Number of options outstanding (in shares) | shares	25,600
Weighted Average Remaining Contractual Life in Years	6 years 8 months 12 days
Weighted average exercise price (in USD per share)	$ 10

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current expense:
Federal	$ 92,823	$ 96,057	$ 95,317
State	47,249	48,463	36,457
Total current expense	140,072	144,520	131,774
Deferred expense (benefit):
Federal	19,709	(3,109)	10,444
State	7,118	(1,951)	4,784
Total deferred expense	26,827	(5,060)	15,228
Income tax expense	$ 166,899	$ 139,460	$ 147,002

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Allowance for credit losses	$ 102,704	$ 96,508
Employee benefits	22,587	20,888
Net operating loss carryforwards	15,859	17,814
Purchase accounting	8,971	10,354
Other	11,689	24,677
Total deferred tax assets	161,810	170,241
Deferred tax liabilities:
Pension plans	30,119	22,705
Depreciation	10,343	3,829
Investment securities	3,728	12,690
Other investments	12,069	9,584
Core deposit intangibles	11,888	12,960
Other	14,133	12,226
Total deferred tax liabilities	82,280	73,994
Valuation Allowance	916	916
Net deferred tax asset (included in other assets)	$ 78,614	$ 95,331

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Line Items]
Settlements with taxing authorities	$ 1,559	$ 0	$ 0
Possible decrease in unrecognized tax benefits	7,000
Uncertain tax position, accrued interest	8,700	$ 7,600	$ 6,100
Federal
Income Taxes [Line Items]
Operating loss carryforwards	56,000
Obligations of states and state agencies
Income Taxes [Line Items]
Operating loss carryforwards	86,200
Capital loss carryforward
Income Taxes [Line Items]
Capital loss carryforwards	$ 3,100

Income Taxes - Summary of Inc_2

Income Taxes - Summary of Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal income tax at expected statutory rate	$ 134,556	$ 111,314	$ 95,927
Increase (decrease) due to:
State income tax expense, net of federal tax effect	42,950	36,744	32,581
Tax-exempt interest, net of interest incurred to carry tax-exempt securities	(2,298)	(2,786)	(3,118)
Bank owned life insurance	(1,759)	(2,026)	(1,637)
Tax credits from securities and other investments	(9,942)	(10,071)	(11,636)
FDIC insurance premium	2,457	3,283	2,507
Addition to reserve for uncertainties	0	0	31,123
Other, net	935	3,002	1,255
Income tax expense	$ 166,899	$ 139,460	$ 147,002

Income Taxes - Summary of Recon

Income Taxes - Summary of Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Gross Unrecognized Tax Benefits
Beginning balance	$ 31,918	$ 31,918	$ 0
Additions based on tax positions related to prior years	0	0	31,918
Settlements with taxing authorities	(1,559)	0	0
Ending balance	$ 30,359	$ 31,918	$ 31,918

Tax Credit Investments - Afford

Tax Credit Investments - Affordable Housing Tax Credit Investments, Other Tax Credit Investments, and Related Unfunded Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Assets:
Other Assets:
Affordable housing tax credit investments, net	$ 15,343	$ 20,074
Other tax credit investments, net	57,006	47,301
Total tax credit investments, net	72,349	67,375
Other Liabilities:
Other Liabilities:
Unfunded affordable housing tax credit commitments	1,360	1,379
Total unfunded tax credit commitments	$ 1,360	$ 1,379

Tax Credit Investments - Affo_2

Tax Credit Investments - Affordable Housing Tax Credit Investments and Other Tax Credit Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$ 3,525	$ 5,414	$ 6,757
Other tax credit investment credits and tax benefits	9,320	8,065	10,205
Total reduction in income tax expense	12,845	13,479	16,962
Amortization Recorded in Non-Interest Expenses
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	1,895	2,714	2,184
Affordable housing tax credit investment impairment losses	1,416	2,209	3,295
Other tax credit investment losses	811	2,234	5,668
Other tax credit investment impairment losses	6,788	6,178	9,245
Total amortization of tax credit investments recorded in non-interest expense	$ 10,910	$ 13,335	$ 20,392

Tax Credit Investments - Additi

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

Commitments and Contingencies -

Commitments and Contingencies - Summary of Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance sheet risk	$ 10,131,670	$ 7,845,683
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance sheet risk	311,285	293,900
Commitments to sell loans
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance sheet risk	210,468	155,627
Commercial letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Commercial letters of credit	7,603	1,663
Commitments under commercial loans and lines of credit | Commitments under commercial loans and lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance sheet risk	7,460,742	5,595,561
Home equity and other revolving lines of credit | Unused lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance sheet risk	1,689,315	1,485,911
Outstanding residential mortgage loan commitments | Outstanding residential mortgage loan commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance sheet risk	355,523	244,286
Commitments under unused lines of credit—credit card | Unused lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments with off-balance sheet risk	$ 96,734	$ 68,735

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details)	May 28, 2021	Jun. 30, 2021USD ($)	Dec. 31, 2021USD ($)contractswap	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Commitments And Contingencies [Line Items]
Subordinated notes, interest rate	3.00%
Aggregate fair value of net liability position			$ 44,200,000
Derivatives designated as hedging instruments:
Commitments And Contingencies [Line Items]
Notional amount			1,000,000,000	$ 1,100,000,000
Derivatives not designated as hedging instruments:
Commitments And Contingencies [Line Items]
Notional amount			10,301,772,000	9,211,043,000
Derivative—interest rate swaps:
Commitments And Contingencies [Line Items]
Notional amount		$ 300,000,000
Accumulated net after-tax losses related to effective cash flow hedges			1,300,000	3,900,000
Reclassified to interest expense			1,100,000
Derivative—interest rate swaps: | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Commitments And Contingencies [Line Items]
Annual interest rate spread, percentage		2.187%
Derivative—interest rate swaps: | Fair value hedge | Non-interest income
Commitments And Contingencies [Line Items]
Fee income			$ 26,900,000	59,000,000	$ 33,400,000
Derivative—interest rate swaps: | Derivatives designated as hedging instruments: | Cash flow hedge
Commitments And Contingencies [Line Items]
Number of derivative instruments | contract			6
Notional amount			$ 700,000,000
Derivative—interest rate swaps: | Derivatives designated as hedging instruments: | Cash flow hedge | Minimum
Commitments And Contingencies [Line Items]
Fixed interest rate			0.05%
Derivative—interest rate swaps: | Derivatives designated as hedging instruments: | Cash flow hedge | Maximum
Commitments And Contingencies [Line Items]
Fixed interest rate			0.63%
Derivative—interest rate swaps: | Derivatives designated as hedging instruments: | Fair value hedge
Commitments And Contingencies [Line Items]
Notional amount			$ 300,000,000	0
Derivative—interest rate swaps: | Derivatives not designated as hedging instruments:
Commitments And Contingencies [Line Items]
Number of derivative instruments | swap			24
Notional amount			$ 10,301,460,000	$ 8,889,557,000
Derivative—interest rate swaps: | Derivatives not designated as hedging instruments: | Risk Participation
Commitments And Contingencies [Line Items]
Notional amount			$ 232,800,000
Derivative—interest rate swaps: | Derivatives not designated as hedging instruments: | Fair value hedge
Commitments And Contingencies [Line Items]
Number of derivative instruments | swap			2
Notional amount			$ 10,400,000

Commitments and Contingencies_3

Commitments and Contingencies - Amounts Related to Fair Value of Derivative Financial Instruments (Details) - USD ($)	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Hedged item—subordinated debt and loans:
Derivative [Line Items]
Other Assets	$ 0		$ 0
Other Liabilities	50,922,000		154,204,000
Derivative—interest rate swaps:
Derivative [Line Items]
Notional Amount		$ 300,000,000
Derivatives designated as hedging instruments:
Derivative [Line Items]
Notional Amount	1,000,000,000		1,100,000,000
Derivatives not designated as hedging instruments:
Derivative [Line Items]
Notional Amount	10,301,772,000		9,211,043,000
Derivatives not designated as hedging instruments: | Derivative—interest rate swaps:
Derivative [Line Items]
Notional Amount	10,301,460,000		8,889,557,000
Derivatives not designated as hedging instruments: | Mortgage banking derivatives
Derivative [Line Items]
Notional Amount	312,000		321,486,000
Other Assets | Derivatives designated as hedging instruments:
Derivative [Line Items]
Other Assets	0		0
Other Assets | Derivatives not designated as hedging instruments:
Derivative [Line Items]
Other Assets	181,500,000		387,452,000
Other Assets | Derivatives not designated as hedging instruments: | Derivative—interest rate swaps:
Derivative [Line Items]
Other Assets	181,012,000		387,008,000
Other Assets | Derivatives not designated as hedging instruments: | Mortgage banking derivatives
Derivative [Line Items]
Other Assets	488,000		444,000
Other Liabilities | Derivatives designated as hedging instruments:
Derivative [Line Items]
Other Liabilities	3,645,000		179,000
Other Liabilities | Derivatives not designated as hedging instruments:
Derivative [Line Items]
Other Liabilities	48,731,000		156,102,000
Other Liabilities | Derivatives not designated as hedging instruments: | Derivative—interest rate swaps:
Derivative [Line Items]
Other Liabilities	47,277,000		154,025,000
Other Liabilities | Derivatives not designated as hedging instruments: | Mortgage banking derivatives
Derivative [Line Items]
Other Liabilities	1,454,000		2,077,000
Cash flow hedge | Derivatives designated as hedging instruments: | Hedged item—subordinated debt and loans:
Derivative [Line Items]
Notional Amount	700,000,000		1,100,000,000
Cash flow hedge | Derivatives designated as hedging instruments: | Derivative—interest rate swaps:
Derivative [Line Items]
Notional Amount	700,000,000
Cash flow hedge | Other Assets | Derivatives designated as hedging instruments: | Hedged item—subordinated debt and loans:
Derivative [Line Items]
Other Assets	0		0
Cash flow hedge | Other Liabilities | Derivatives designated as hedging instruments: | Hedged item—subordinated debt and loans:
Derivative [Line Items]
Other Liabilities	310,000		179,000
Fair value hedge | Derivatives designated as hedging instruments: | Derivative—interest rate swaps:
Derivative [Line Items]
Notional Amount	300,000,000		0
Fair value hedge | Derivatives not designated as hedging instruments: | Derivative—interest rate swaps:
Derivative [Line Items]
Notional Amount	10,400,000
Fair value hedge | Other Assets | Derivatives designated as hedging instruments: | Derivative—interest rate swaps:
Derivative [Line Items]
Other Assets	0		0
Fair value hedge | Other Liabilities | Derivatives designated as hedging instruments: | Derivative—interest rate swaps:
Derivative [Line Items]
Other Liabilities	$ 3,335,000		$ 0

Commitments and Contingencies_4

Commitments and Contingencies - Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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	$ (124,325)	$ (264,815)	$ (422,952)
Amount of gain (loss) recognized in other comprehensive income	138	(3,169)	(1,380)
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	$ (3,436)	$ (2,912)	$ (1,808)

Commitments and Contingencies_5

Commitments and Contingencies - Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gain (loss) related to hedged loans	$ 3,397	$ 0	$ 0
Fair value hedge | Derivative—interest rate swaps: | Interest income
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gain (loss) related to derivative interest rate swaps	0	229	133
Fair value hedge | Derivative—interest rate swaps: | Interest expense
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gain (loss) related to derivative interest rate swaps	(3,335)	0	0
Fair value hedge | Hedged item—subordinated debt and loans: | Derivatives designated as hedging instruments | Interest income
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gain (loss) related to hedged loans	0	(229)	(133)
Fair value hedge | Hedged item—subordinated debt and loans: | Derivatives designated as hedging instruments | Interest expense
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gain (loss) related to hedged loans	$ 3,397	$ 0	$ 0

Commitments and Contingencies_6

Commitments and Contingencies - Interest Rate Derivatives Designated as Hedges (Details) - Derivatives designated as hedging instruments - Derivative—interest rate swaps: - Fair value hedge $ in Thousands	Dec. 31, 2021USD ($)
Derivative [Line Items]
Carrying Amount of the Hedged Liability	$ 296,603
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability	$ (3,397)

Commitments and Contingencies_7

Commitments and Contingencies - Net (Gains) Losses Related to Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-designated hedge interest rate derivatives
Other non-interest expense	$ 54	$ 1,067	$ 898

Balance Sheet Offsetting (Detai

Balance Sheet Offsetting (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Offsetting Liabilities
Gross Amounts Recognized	$ 50,922	$ 454,204
Gross Amounts Offset	0	0
Net Amounts Presented	50,922	454,204
Gross Amounts Not Offset, Financial Instruments	0	(300,000)
Gross Amounts Not Offset, Cash Collateral	(44,231)	(150,487)
Net Amount	6,691	3,717
Repurchase agreements
Offsetting Repurchase Agreement Liabilities
Gross Amounts Recognized		300,000
Gross Amounts Offset		0
Net Amounts Presented		300,000
Gross Amounts Not Offset, Financial Instruments		(300,000)
Gross Amounts Not Offset, Cash Collateral		0
Net Amount		0
Interest rate swaps
Offsetting Assets
Gross Amounts Recognized	181,012	387,008
Gross Amounts Offset	0	0
Net Amounts Presented	181,012	387,008
Gross Amounts Not Offset, Financial Instruments	0	0
Gross Amounts Not Offset, Cash Collateral	0	0
Net Amount	181,012	387,008
Offsetting Liabilities
Gross Amounts Recognized	50,922	154,204
Gross Amounts Offset	0	0
Net Amounts Presented	50,922	154,204
Gross Amounts Not Offset, Financial Instruments	0	0
Gross Amounts Not Offset, Cash Collateral	(44,231)	(150,487)
Net Amount	$ 6,691	$ 3,717

Regulatory and Capital Requir_3

Regulatory and Capital Requirements - Schedule of Actual Capital Positions and Ratios under Banking Regulations (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Shareholders’ equity	$ 5,084,066	$ 4,592,120	$ 4,384,188	$ 3,350,454
Provision for credit losses net of charge-offs			19,100
Total Risk-based Capital
Risk-based capital actual, amount	$ 4,454,485	$ 3,802,223
Risk-based capital actual, ratio	0.1310	0.1264
Risk-based capital minimum capital requirements, amount	$ 3,569,144	$ 3,159,019
Risk-based capital minimum capital requirements, ratio	0.1050	0.1050
Common Equity Tier 1 Capital
Common equity tier 1 capital, amount	$ 3,417,930	$ 2,991,085
Common equity tier 1 capital, ratio	10.06%	9.94%
Common equity tier 1 capital minimum capital requirements, amount	$ 2,379,429	$ 2,106,013
Common equity tier 1 capital minimum capital requirements, ratio	7.00%	7.00%
Tier 1 Risk-based Capital
Tier 1 risk-based capital actual, amount	$ 3,632,771	$ 3,205,926
Tier 1 risk-based capital actual, ratio	0.1069	0.1066
Tier 1 risk-based capital minimum capital requirements, amount	$ 2,889,307	$ 2,557,301
Tier 1 risk-based capital minimum capital requirements, ratio	0.0850	0.0850
Tier 1 Leverage Capital
Tier 1 leverage capital actual, amount	$ 3,632,771	$ 3,205,926
Tier 1 leverage capital actual, ratio	0.0888	0.0806
Tier 1 leverage capital minimum capital requirements, amount	$ 1,635,508	$ 1,591,852
Tier 1 leverage capital minimum capital requirements, ratio	0.0400	0.0400
Retained Earnings
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Shareholders’ equity	$ 883,645	$ 611,158	443,559	$ 299,642
Cumulative Effect, Period of Adoption, Adjustment
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Shareholders’ equity			(28,187)
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Shareholders’ equity			$ (28,187)
Valley National Bank
Total Risk-based Capital
Risk-based capital actual, amount	$ 4,571,448	$ 3,839,922
Risk-based capital actual, ratio	0.1345	0.1276
Risk-based capital minimum capital requirements, amount	$ 3,567,618	$ 3,158,842
Risk-based capital minimum capital requirements, ratio	0.1050	0.1050
Risk-based capital to be well capitalized under prompt corrective action provision, amount	$ 3,397,732	$ 3,008,421
Risk-based capital to be well capitalized under prompt corrective action provision, ratio	0.1000	0.1000
Common Equity Tier 1 Capital
Common equity tier 1 capital, amount	$ 4,308,734	$ 3,607,625
Common equity tier 1 capital, ratio	12.68%	11.99%
Common equity tier 1 capital minimum capital requirements, amount	$ 2,378,412	$ 2,105,894
Common equity tier 1 capital minimum capital requirements, ratio	7.00%	7.00%
Common equity tier 1 capital to be well capitalized under prompt corrective action provision, amount	$ 2,208,526	$ 1,955,473
Common equity tier 1 capital to be well capitalized under prompt corrective action provision, ratio	6.50%	6.50%
Tier 1 Risk-based Capital
Tier 1 risk-based capital actual, amount	$ 4,308,734	$ 3,607,625
Tier 1 risk-based capital actual, ratio	0.1268	0.1199
Tier 1 risk-based capital minimum capital requirements, amount	$ 2,888,072	$ 2,557,158
Tier 1 risk-based capital minimum capital requirements, ratio	0.0850	0.0850
Tier 1 risk-based capital to be well capitalized under prompt corrective action provision, amount	$ 2,718,185	$ 2,406,736
Tier 1 risk-based capital to be well capitalized under prompt corrective action provision, ratio	0.0800	0.0800
Tier 1 Leverage Capital
Tier 1 leverage capital actual, amount	$ 4,308,734	$ 3,607,625
Tier 1 leverage capital actual, ratio	0.1053	0.0907
Tier 1 leverage capital minimum capital requirements, amount	$ 1,636,097	$ 1,591,457
Tier 1 leverage capital minimum capital requirements, ratio	0.0400	0.0400
Tier 1 leverage capital to be well capitalized under prompt corrective action provision, amount	$ 2,045,121	$ 1,989,321
Tier 1 leverage capital to be well capitalized under prompt corrective action provision, ratio	0.0500	0.0500

Common and Preferred Stock (Det

Common and Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 03, 2017	Jun. 19, 2015	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2025	Sep. 30, 2022	Dec. 31, 2007
Common Stock [Line Items]
Purchase of treasury stock				$ 23,114
Preferred stock, par value (in dollars per share)			$ 0	$ 0	$ 0
Series A Preferred Stock
Common Stock [Line Items]
Stock issued (in shares)		4,600,000
Preferred stock, par value (in dollars per share)		$ 0
Liquidation preference per share (in usd per share)		$ 25
Fixed dividend rate per annum		6.25%
Proceeds from issuance of preferred stock, net of issuance costs		$ 111,600
Series A Preferred Stock | LIBOR | Forecast
Common Stock [Line Items]
Spread on variable dividend rate per annum							3.85%
Series B Preferred Stock
Common Stock [Line Items]
Stock issued (in shares)	4,000,000
Preferred stock, par value (in dollars per share)	$ 0
Liquidation preference per share (in usd per share)	$ 25
Fixed dividend rate per annum	5.50%
Proceeds from issuance of preferred stock, net of issuance costs	$ 98,100
Series B Preferred Stock | LIBOR | Forecast
Common Stock [Line Items]
Spread on variable dividend rate per annum								3.578%
Repurchase Plan
Common Stock [Line Items]
Amount authorized under share repurchase program									$ 4,700
Number of shares repurchased (in shares)			1,600,000		0	0
Average price of shares purchased (in usd per share)			$ 14.31
Purchase of treasury stock			$ 23,100
Other Stock Repurchases
Common Stock [Line Items]
Number of shares repurchased (in shares)				510,000	510,000	175,000
Average price of shares purchased (in usd per share)				$ 10.85	$ 10.61	$ 10.45

Other Comprehensive Income - Co

Other Comprehensive Income - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassification, net of tax	$ (13,180)	$ 22,176	$ 35,712
Reclassification, net of tax	2,966	2,320	1,505
Net change before tax	(13,891)	32,844	53,045
Net change, tax	3,677	(8,348)	(15,828)
Other comprehensive (loss) income, net	(10,214)	24,496	37,217
Unrealized Gains and Losses on AFS Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassification, before tax	(32,586)	38,477	54,723
Before reclassification, tax	8,973	(10,632)	(15,461)
Before reclassification, net of tax	(23,613)	27,845	39,262
Reclassification adjustment before tax	(663)	(524)	150
Reclassification, tax	172	147	(31)
Reclassification, net of tax	(491)	(377)	119
Net change before tax	(33,249)	37,953	54,873
Net change, tax	9,145	(10,485)	(15,492)
Other comprehensive (loss) income, net	(24,104)	27,468	39,381
Unrealized Gains and Losses on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassification, before tax	138	(3,169)	(1,380)
Before reclassification, tax	(11)	918	391
Before reclassification, net of tax	127	(2,251)	(989)
Reclassification adjustment before tax	3,436	2,912	1,808
Reclassification, tax	(989)	(838)	(517)
Reclassification, net of tax	2,447	2,074	1,291
Net change before tax	3,574	(257)	428
Net change, tax	(1,000)	80	(126)
Other comprehensive (loss) income, net	2,574	(177)	302
Net change
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassification, net of tax	10,306	(3,418)	(2,561)
Reclassification, net of tax	1,010	623	95
Net change before tax	15,784	(4,852)	(2,256)
Net change, tax	(4,468)	2,057	(210)
Other comprehensive (loss) income, net	11,316	(2,795)	(2,466)
Net gains (losses) arising during the period
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassification, before tax	14,381	(5,719)	(2,385)
Before reclassification, tax	(4,075)	2,301	(176)
Before reclassification, net of tax	10,306	(3,418)	(2,561)
Amortization of prior service (cost) credit
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustment before tax	(135)	(136)	(135)
Reclassification, tax	39	38	42
Reclassification, net of tax	(96)	(98)	(93)
Amortization of net loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustment before tax	1,538	1,003	264
Reclassification, tax	(432)	(282)	(76)
Reclassification, net of tax	$ 1,106	$ 721	$ 188

Other Comprehensive Income - Sc

Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 4,592,120	$ 4,384,188	$ 3,350,454
Other comprehensive (loss) income before reclassifications	(13,180)	22,176	35,712
Amounts reclassified from other comprehensive (loss) income	2,966	2,320	1,505
Other comprehensive (loss) income, net	(10,214)	24,496	37,217
Ending balance	5,084,066	4,592,120	4,384,188
Total Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(7,718)	(32,214)	(69,431)
Ending balance	(17,932)	(7,718)	(32,214)
Unrealized Gains and Losses on AFS Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	33,290	5,822	(33,559)
Other comprehensive (loss) income before reclassifications	(23,613)	27,845	39,262
Amounts reclassified from other comprehensive (loss) income	(491)	(377)	119
Other comprehensive (loss) income, net	(24,104)	27,468	39,381
Ending balance	9,186	33,290	5,822
Unrealized Gains and Losses on Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(3,906)	(3,729)	(4,031)
Other comprehensive (loss) income before reclassifications	127	(2,251)	(989)
Amounts reclassified from other comprehensive (loss) income	2,447	2,074	1,291
Other comprehensive (loss) income, net	2,574	(177)	302
Ending balance	(1,332)	(3,906)	(3,729)
Defined Benefit Pension Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(37,102)	(34,307)	(31,841)
Other comprehensive (loss) income before reclassifications	10,306	(3,418)	(2,561)
Amounts reclassified from other comprehensive (loss) income	1,010	623	95
Other comprehensive (loss) income, net	11,316	(2,795)	(2,466)
Ending balance	$ (25,786)	$ (37,102)	$ (34,307)

Parent Company Information - Sc

Parent Company Information - Schedule of Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Interest bearing deposits with banks	$ 1,844,764	$ 1,071,360
Equity securities	36,473	29,378
Other assets	813,139	971,961
Total Assets	43,446,443	40,686,076
Liabilities and Shareholders’ Equity
Junior subordinated debentures issued to capital trusts	56,413	56,065
Shareholders’ equity	5,084,066	4,592,120	$ 4,384,188	$ 3,350,454
Total Liabilities and Shareholders’ Equity	43,446,443	40,686,076
Parent Company
Assets
Cash	77,760	130,163
Interest bearing deposits with banks	250	0
Equity securities	6,135	2,999
Investments in and receivables due from subsidiaries	5,764,957	4,998,795
Other assets	23,521	11,133
Total Assets	5,872,623	5,143,090
Liabilities and Shareholders’ Equity
Dividends payable to shareholders	49,265	46,591
Long-term borrowings	634,643	403,413
Junior subordinated debentures issued to capital trusts	56,413	56,065
Accrued expenses and other liabilities	48,236	44,901
Shareholders’ equity	5,084,066	4,592,120
Total Liabilities and Shareholders’ Equity	$ 5,872,623	$ 5,143,090

Parent Company Information - _2

Parent Company Information - Schedule of Condensed Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income
Income tax (benefit) expense	$ 166,899	$ 139,460	$ 147,002
Net Income	473,840	390,606	309,793
Dividends on preferred stock	12,688	12,688	12,688
Net Income Available to Common Shareholders	461,152	377,918	297,105
Parent Company
Income
Dividends from subsidiary	150,000	186,000	160,000
Income from subsidiary	0	4,436	4,550
Other interest and income	1,498	21	51
Total Income	151,498	190,457	164,601
Total Expenses	28,524	23,484	27,998
Income before income tax and equity in undistributed earnings of subsidiary	122,974	166,973	136,603
Income tax (benefit) expense	(9,501)	(3,946)	24,524
Income before equity in undistributed earnings of subsidiary	132,475	170,919	112,079
Equity in undistributed earnings of subsidiary	341,365	219,687	197,714
Net Income	473,840	390,606	309,793
Dividends on preferred stock	12,688	12,688	12,688
Net Income Available to Common Shareholders	$ 461,152	$ 377,918	$ 297,105

Parent Company Information - _3

Parent Company Information - Schedule of Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net Income	$ 473,840	$ 390,606	$ 309,793
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	20,887	16,154	14,726
Net amortization of premiums and accretion of discounts on borrowings	30,251	38,315	29,512
Net change in:
Other assets	122,241	(311,760)	(163,330)
Accrued expenses and other liabilities	(63,653)	58,234	57,882
Net cash provided by operating activities	837,142	163,561	261,923
Cash flows from investing activities:
Purchases of equity securities	(4,051)	(8,337)	(14,776)
Cash and cash equivalents acquired in acquisitions, net	321,618	0	22,239
Net cash used in investing activities	(1,080,781)	(2,037,662)	(897,319)
Cash flows from financing activities:
Proceeds from issuance of long-term borrowings, net	295,922	838,388	950,000
Repayment of long-term borrowings	(1,168,465)	(679,775)	(921,995)
Dividends paid to preferred shareholders	(12,688)	(12,688)	(12,688)
Dividends paid to common shareholders	(179,667)	(177,965)	(146,537)
Purchase of common shares to treasury	(23,907)	(5,374)	(1,805)
Common stock issued, net	11,245	2,202	2,957
Net cash provided by financing activities	964,354	2,768,619	641,454
Net change in cash and cash equivalents	720,715	894,518	6,058
Cash and cash equivalents at beginning of year	1,329,205	434,687	428,629
Cash and cash equivalents at end of year	2,049,920	1,329,205	434,687
Parent Company
Cash flows from operating activities:
Net Income	473,840	390,606	309,793
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(341,365)	(219,687)	(197,714)
Stock-based compensation	20,887	16,154	14,726
Net amortization of premiums and accretion of discounts on borrowings	1,152	230	124
Net change in:
Other assets	2,134	121	19,768
Accrued expenses and other liabilities	(7,079)	17,905	8,803
Net cash provided by operating activities	149,569	205,329	155,500
Cash flows from investing activities:
Purchases of equity securities	(1,644)	(2,500)	0
Cash and cash equivalents acquired in acquisitions, net	(3,983)	0	11,947
Repayment of subordinated debt by subsidiary	0	100,000	0
Capital contributions to subsidiary	(227,000)	(210,000)	0
Other, net	0	(1,200)	0
Net cash used in investing activities	(232,627)	(113,700)	11,947
Cash flows from financing activities:
Proceeds from issuance of long-term borrowings, net	295,922	113,146	0
Repayment of long-term borrowings	(60,000)	0	0
Dividends paid to preferred shareholders	(12,688)	(12,688)	(12,688)
Dividends paid to common shareholders	(179,667)	(177,965)	(146,537)
Purchase of common shares to treasury	(23,907)	(5,374)	(1,805)
Common stock issued, net	11,245	2,202	2,957
Net cash provided by financing activities	30,905	(80,679)	(158,073)
Net change in cash and cash equivalents	(52,153)	10,950	9,374
Cash and cash equivalents at beginning of year	130,163	119,213	109,839
Cash and cash equivalents at end of year	$ 78,010	$ 130,163	$ 119,213

Business Segments - Additional

Business Segments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021segment
Segment Reporting [Abstract]
Number of business segments	4

Business Segments - Schedule of

Business Segments - Schedule of Financial Data for Business Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Average interest earning assets (unaudited)	$ 38,227,815	$ 37,010,933	$ 30,575,530
Interest income	1,334,226	1,383,719	1,321,000
Interest expense	124,325	264,815	422,952
Net Interest Income	1,209,901	1,118,904	898,048
(Credit) provision for credit losses	32,633	125,722	24,218
Net Interest Income After Provision for Credit Losses	1,177,268	993,182	873,830
Non-interest income	155,013	183,032	214,520
Non-interest expense	691,542	646,148	631,555
Internal transfer expense (income)	0	0	0
Income Before Income Taxes	$ 640,739	$ 530,066	$ 456,795
Return on average interest earning assets (pre-tax) (unaudited)	1.68%	1.43%	1.49%
Consumer Lending | Operating Segments
Segment Reporting Information [Line Items]
Average interest earning assets (unaudited)	$ 7,262,808	$ 7,160,793	$ 6,891,462
Interest income	238,715	257,196	272,773
Interest expense	19,117	47,712	91,798
Net Interest Income	219,598	209,484	180,975
(Credit) provision for credit losses	(6,807)	11,502	6,688
Net Interest Income After Provision for Credit Losses	226,405	197,982	174,287
Non-interest income	72,063	81,499	57,981
Non-interest expense	78,853	77,582	76,046
Internal transfer expense (income)	81,423	77,835	78,743
Income Before Income Taxes	$ 138,192	$ 124,064	$ 77,479
Return on average interest earning assets (pre-tax) (unaudited)	1.90%	1.73%	1.12%
Commercial Lending | Operating Segments
Segment Reporting Information [Line Items]
Average interest earning assets (unaudited)	$ 25,554,177	$ 24,625,066	$ 19,343,791
Interest income	1,018,674	1,027,796	926,328
Interest expense	67,265	164,075	257,670
Net Interest Income	951,409	863,721	668,658
(Credit) provision for credit losses	39,703	113,585	17,530
Net Interest Income After Provision for Credit Losses	911,706	750,136	651,128
Non-interest income	35,600	64,783	41,157
Non-interest expense	108,577	98,710	101,924
Internal transfer expense (income)	286,335	267,588	221,113
Income Before Income Taxes	$ 552,394	$ 448,621	$ 369,248
Return on average interest earning assets (pre-tax) (unaudited)	2.16%	1.82%	1.91%
Investment Management | Operating Segments
Segment Reporting Information [Line Items]
Average interest earning assets (unaudited)	$ 5,410,830	$ 5,225,074	$ 4,340,277
Interest income	80,051	102,883	126,723
Interest expense	14,243	34,814	57,815
Net Interest Income	65,808	68,069	68,908
(Credit) provision for credit losses	(263)	635	0
Net Interest Income After Provision for Credit Losses	66,071	67,434	68,908
Non-interest income	10,575	10,083	8,818
Non-interest expense	3,632	1,136	1,034
Internal transfer expense (income)	60,573	56,788	49,670
Income Before Income Taxes	$ 12,441	$ 19,593	$ 27,022
Return on average interest earning assets (pre-tax) (unaudited)	0.23%	0.37%	0.62%
Corporate and Other Adjustments | Corporate and Other Adjustments
Segment Reporting Information [Line Items]
Average interest earning assets (unaudited)	$ 0	$ 0	$ 0
Interest income	(3,214)	(4,156)	(4,824)
Interest expense	23,700	18,214	15,669
Net Interest Income	(26,914)	(22,370)	(20,493)
(Credit) provision for credit losses	0	0	0
Net Interest Income After Provision for Credit Losses	(26,914)	(22,370)	(20,493)
Non-interest income	36,775	26,667	106,564
Non-interest expense	500,480	468,720	452,551
Internal transfer expense (income)	(428,331)	(402,211)	(349,526)
Income Before Income Taxes	$ (62,288)	$ (62,212)	$ (16,954)