Valley National Bancorp (VLY) 10-Q 8 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 07, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-11277
Entity Registrant Name	Valley National Bancorp
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-2477875
Entity Address, Address Line One	One Penn Plaza
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10119
City Area Code	973
Local Phone Number	305-8800
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		506,356,727
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Period Period Focus	Q3
Entity Central Index Key	0000714310
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	VLY
Security Exchange Name	NASDAQ
Non-Cumulative Perpetual Preferred Stock, Series A
Entity Information [Line Items]
Title of 12(b) Security	Non-Cumulative Perpetual Preferred Stock, Series A, no par value
Trading Symbol	VLYPP
Security Exchange Name	NASDAQ
Non-Cumulative Perpetual Preferred Stock, Series B
Entity Information [Line Items]
Title of 12(b) Security	Non-Cumulative Perpetual Preferred Stock, Series B, no par value
Trading Symbol	VLYPO
Security Exchange Name	NASDAQ

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and due from banks	$ 431,471	$ 205,156
Interest bearing deposits with banks	686,877	1,844,764
Investment securities:
Equity securities	43,318	36,473
Trading debt securities	4,100	38,130
Available for sale debt securities	1,271,854	1,128,809
Held to maturity debt securities (net of allowance for credit losses of $1,696 at September 30, 2022 and $1,165 at December 31, 2021)	3,720,324	2,667,532
Total investment securities	5,039,596	3,870,944
Loans held for sale, at fair value	6,073	139,516
Loans	45,185,764	34,153,657
Less: Allowance for loan losses	(475,744)	(359,202)
Net loans	44,710,020	33,794,455
Premises and equipment, net	362,203	326,306
Lease right of use assets	314,511	259,117
Bank owned life insurance	714,649	566,770
Accrued interest receivable	159,406	96,882
Goodwill	1,871,505	1,459,008
Other intangible assets, net	208,226	70,386
Other assets	1,422,964	813,139
Total Assets	55,927,501	43,446,443
Deposits:
Non-interest bearing	15,420,625	11,675,748
Interest bearing:
Savings, NOW and money market	23,559,662	20,269,620
Time	6,328,556	3,687,044
Total deposits	45,308,843	35,632,412
Total short-term borrowings	919,283	655,726
Long-term borrowings	1,541,097	1,423,676
Junior subordinated debentures issued to capital trusts	56,673	56,413
Lease liabilities	367,428	283,106
Accrued expenses and other liabilities	1,460,348	311,044
Total Liabilities	49,653,672	38,362,377
Shareholders’ Equity
Common stock (no par value, authorized 650,000,000 shares; issued 507,896,910 and 423,034,027 shares at September 30, 2022 and December 31, 2021)	178,185	148,482
Surplus	4,972,732	3,883,035
Retained earnings	1,100,838	883,645
Accumulated other comprehensive loss	(165,557)	(17,932)
Treasury stock, at cost (1,545,408 common shares at September 30, 2022 and 1,596,959 common shares at December 31, 2021)	(22,060)	(22,855)
Total Shareholders’ Equity	6,273,829	5,084,066
Total Liabilities and Shareholders’ Equity	55,927,501	43,446,443
Series A
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:	111,590	111,590
Series B
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:	$ 98,101	$ 98,101

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Allowance for credit losses, excluding accrued interest	$ 1,696	$ 1,165
Preferred stock, par value (usd per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (usd per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	650,000,000	650,000,000
Common stock, shares issued (in shares)	507,896,910	423,034,027
Treasury stock, shares (in shares)	1,545,408	1,596,959
Series A
Preferred stock, shares issued (in shares)	4,600,000	4,600,000
Series B
Preferred stock, shares issued (in shares)	4,000,000	4,000,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest Income
Interest and fees on loans	$ 496,520	$ 309,753	$ 1,229,462	$ 938,248
Interest and dividends on investment securities:
Taxable	28,264	14,292	74,416	40,174
Tax-exempt	5,210	2,609	12,739	9,181
Dividends	2,738	1,505	7,490	5,543
Interest on federal funds sold and other short-term investments	3,996	642	6,026	1,101
Total interest income	536,728	328,801	1,330,133	994,247
Interest on deposits:
Savings, NOW and money market	50,674	10,605	77,423	32,896
Time	15,174	4,394	21,274	21,766
Interest on short-term borrowings	5,160	1,464	10,049	4,390
Interest on long-term borrowings and junior subordinated debentures	11,728	11,312	31,566	40,595
Total interest expense	82,736	27,775	140,312	99,647
Net Interest Income	453,992	301,026	1,189,821	894,600
Provision (credit) for credit losses for held to maturity securities	188	35	531	(353)
Provision for credit losses for loans	1,835	3,496	49,047	21,287
Net Interest Income After Provision for Credit Losses	451,969	297,495	1,140,243	873,666
Non-Interest Income
Insurance commissions	3,750	1,610	9,072	5,805
Gains (losses) on securities transactions, net	323	787	(1,058)	1,263
Fees from loan servicing	3,138	2,894	8,636	8,980
Gains on sales of loans, net	922	6,442	5,510	20,016
Bank owned life insurance	1,681	2,018	5,840	6,824
Other	26,761	19,702	75,391	47,877
Total non-interest income	56,194	42,431	153,997	116,790
Non-Interest Expense
Salary and employee benefits expense	134,572	93,992	397,103	273,190
Net occupancy expense	26,486	19,941	70,906	59,171
Technology, furniture and equipment expense	39,365	21,007	115,245	64,956
FDIC insurance assessment	6,500	3,644	16,009	10,294
Amortization of other intangible assets	11,088	5,298	26,925	16,753
Professional and legal fees	17,840	13,492	62,998	27,250
Loss on extinguishment of debt	0	0	0	8,406
Amortization of tax credit investments	3,105	3,079	9,194	8,795
Other	22,683	14,469	60,329	38,213
Total non-interest expense	261,639	174,922	758,709	507,028
Income Before Income Taxes	246,524	165,004	535,531	483,428
Income tax expense	68,405	42,424	144,271	124,626
Net Income	178,119	122,580	391,260	358,802
Dividends on preferred stock	3,172	3,172	9,516	9,516
Net Income Available to Common Shareholders	$ 174,947	$ 119,408	$ 381,744	$ 349,286
Earnings Per Common Share:
Basic (usd per share)	$ 0.35	$ 0.29	$ 0.80	$ 0.86
Diluted (usd per share)	0.34	0.29	0.79	0.86
Cash Dividends Declared per Common Share (usd per share)	$ 0.11	$ 0.11	$ 0.33	$ 0.33
Weighted Average Number of Common Shares Outstanding:
Basic (in shares)	506,342,200	406,824,160	478,383,342	405,986,114
Diluted (in shares)	508,690,997	409,238,001	480,625,357	408,509,767
Wealth management and trust fees
Non-Interest Income
Revenue from contracts with customer	$ 9,281	$ 3,550	$ 23,989	$ 10,411
Service charges on deposit accounts
Non-Interest Income
Revenue from contracts with customer	$ 10,338	$ 5,428	$ 26,617	$ 15,614

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 178,119	$ 122,580	$ 391,260	$ 358,802
Unrealized gains and losses on available for sale securities
Net losses arising during the period	(57,242)	(3,953)	(148,403)	(15,860)
Less reclassification adjustment for net gains included in net income	(12)	(613)	(22)	(493)
Total	(57,254)	(4,566)	(148,425)	(16,353)
Unrealized gains and losses on derivatives (cash flow hedges)
Net (losses) gains on derivatives arising during the period	(85)	(96)	110	(69)
Less reclassification adjustment for net (gains) losses included in net income	(13)	743	293	1,928
Total	(98)	647	403	1,859
Defined benefit pension plan
Amortization of actuarial net loss	132	279	397	837
Other comprehensive (loss) income, net	(57,220)	(3,640)	(147,625)	(13,657)
Total comprehensive income	$ 120,899	$ 118,940	$ 243,635	$ 345,145

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Series A	Preferred Series B	Common Stock	Preferred Stock	Common Stock	Surplus	Retained Earnings	Retained Earnings Preferred Series A	Retained Earnings Preferred Series B	Retained Earnings Common Stock	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance at Dec. 31, 2020	$ 4,592,120				$ 209,691	$ 141,746	$ 3,637,468	$ 611,158				$ (7,718)	$ (225)
Beginning balance (in shares) at Dec. 31, 2020						403,859
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	115,710							115,710
Other comprehensive income (loss), net of tax	(9,287)											(9,287)
Cash dividends declared:
Cash dividends declared on preferred stock		$ (1,797)	$ (1,375)						$ (1,797)	$ (1,375)
Cash dividends declared on common stock				$ (45,281)							$ (45,281)
Effect of stock incentive plan, net (in shares)						1,939
Effect of stock incentive plan, net	9,580					$ 689	14,480	(5,764)					175
Ending balance at Mar. 31, 2021	4,659,670				209,691	$ 142,435	3,651,948	672,651				(17,005)	(50)
Ending balance (in shares) at Mar. 31, 2021						405,798
Beginning balance at Dec. 31, 2020	4,592,120				209,691	$ 141,746	3,637,468	611,158				(7,718)	(225)
Beginning balance (in shares) at Dec. 31, 2020						403,859
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	358,802
Ending balance at Sep. 30, 2021	4,822,498				209,691	$ 142,976	3,672,467	818,780				(21,375)	(41)
Ending balance (in shares) at Sep. 30, 2021						407,314
Beginning balance at Mar. 31, 2021	4,659,670				209,691	$ 142,435	3,651,948	672,651				(17,005)	(50)
Beginning balance (in shares) at Mar. 31, 2021						405,798
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	120,512							120,512
Other comprehensive income (loss), net of tax	(730)											(730)
Cash dividends declared:
Cash dividends declared on preferred stock		(1,797)	(1,375)						(1,797)	(1,375)
Cash dividends declared on common stock				(45,093)							(45,093)
Effect of stock incentive plan, net (in shares)						286
Effect of stock incentive plan, net	6,620					$ 115	6,688	(130)					(53)
Ending balance at Jun. 30, 2021	4,737,807				209,691	$ 142,550	3,658,636	744,768				(17,735)	(103)
Ending balance (in shares) at Jun. 30, 2021						406,084
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	122,580							122,580
Other comprehensive income (loss), net of tax	(3,640)											(3,640)
Cash dividends declared:
Cash dividends declared on preferred stock		(1,797)	(1,375)						(1,797)	(1,375)
Cash dividends declared on common stock				(45,228)							(45,228)
Effect of stock incentive plan, net (in shares)						1,230
Effect of stock incentive plan, net	14,151					$ 426	13,831	(168)					62
Ending balance at Sep. 30, 2021	4,822,498				209,691	$ 142,976	3,672,467	818,780				(21,375)	(41)
Ending balance (in shares) at Sep. 30, 2021						407,314
Beginning balance at Dec. 31, 2021	5,084,066				209,691	$ 148,482	3,883,035	883,645				(17,932)	(22,855)
Beginning balance (in shares) at Dec. 31, 2021						421,437
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	116,728							116,728
Other comprehensive income (loss), net of tax	(38,166)											(38,166)
Cash dividends declared:
Cash dividends declared on preferred stock		(1,797)	(1,375)						(1,797)	(1,375)
Cash dividends declared on common stock				(46,803)							(46,803)
Effect of stock incentive plan, net (in shares)						972
Effect of stock incentive plan, net	(2,752)						(10,799)	(5,173)					13,220
Purchase of treasury stock (in shares)						(1,015)
Purchase of treasury stock	(13,517)												(13,517)
Ending balance at Mar. 31, 2022	5,096,384				209,691	$ 148,482	3,872,236	945,225				(56,098)	(23,152)
Ending balance (in shares) at Mar. 31, 2022						421,394
Beginning balance at Dec. 31, 2021	5,084,066				209,691	$ 148,482	3,883,035	883,645				(17,932)	(22,855)
Beginning balance (in shares) at Dec. 31, 2021						421,437
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	391,260
Ending balance at Sep. 30, 2022	6,273,829				209,691	$ 178,185	4,972,732	1,100,838				(165,557)	(22,060)
Ending balance (in shares) at Sep. 30, 2022						506,352
Beginning balance at Mar. 31, 2022	5,096,384				209,691	$ 148,482	3,872,236	945,225				(56,098)	(23,152)
Beginning balance (in shares) at Mar. 31, 2022						421,394
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	96,413							96,413
Other comprehensive income (loss), net of tax	(52,239)											(52,239)
Cash dividends declared:
Cash dividends declared on preferred stock		(1,797)	(1,375)						(1,797)	(1,375)
Cash dividends declared on common stock				(56,211)							(56,211)
Effect of stock incentive plan, net (in shares)						72
Effect of stock incentive plan, net	5,909					$ 1	5,125	(109)					892
Stock issued during period, shares, acquisitions (in shares)						84,863
Stock issued during period, value, acquisitions	1,117,829					$ 29,702	1,088,127
Ending balance at Jun. 30, 2022	6,204,913				209,691	$ 178,185	4,965,488	982,146				(108,337)	(22,260)
Ending balance (in shares) at Jun. 30, 2022						506,329
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	178,119							178,119
Other comprehensive income (loss), net of tax	(57,220)											(57,220)
Cash dividends declared:
Cash dividends declared on preferred stock		$ (1,797)	$ (1,375)						$ (1,797)	$ (1,375)
Cash dividends declared on common stock				$ (56,242)							$ (56,242)
Effect of stock incentive plan, net (in shares)						23
Effect of stock incentive plan, net	7,431					$ 0	7,244	(13)					200
Ending balance at Sep. 30, 2022	$ 6,273,829				$ 209,691	$ 178,185	$ 4,972,732	$ 1,100,838				$ (165,557)	$ (22,060)
Ending balance (in shares) at Sep. 30, 2022						506,352

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Common stock, cash dividends declared (usd per share)	$ 0.11			$ 0.11
Preferred Series A
Preferred stock, cash dividends declared (usd per share)	0.39	$ 0.39	$ 0.39	0.39	$ 0.39	$ 0.39
Preferred Series B
Preferred stock, cash dividends declared (usd per share)	0.34	0.34	0.34	0.34	0.34	0.34
Common Stock
Common stock, cash dividends declared (usd per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 391,260	$ 358,802
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	52,545	40,799
Stock-based compensation	20,978	15,852
Provision for credit losses	49,578	20,934
Net amortization of premiums and accretion of discounts on securities and borrowings	10,603	22,145
Amortization of other intangible assets	26,925	16,753
Losses (gains) on securities transactions, net	1,058	(1,263)
Proceeds from sales of loans held for sale	378,216	932,274
Gains on sales of loans, net	(5,510)	(20,016)
Originations of loans held for sale	(244,441)	(774,443)
Losses (gains) on sales of assets, net	372	(380)
Loss on extinguishment of debt	0	8,406
Net change in:
Fair value of borrowings hedged by derivative transactions	(30,585)	0
Trading debt securities	34,030	(4,797)
Cash surrender value of bank owned life insurance	(5,840)	(6,824)
Accrued interest receivable	(36,807)	8,157
Other assets	(402,391)	97,341
Accrued expenses and other liabilities	990,607	(130,698)
Net cash provided by operating activities	1,230,598	583,042
Cash flows from investing activities:
Net loan originations and purchases	(5,114,908)	(405,204)
Equity securities:
Purchases	(4,148)	(3,163)
Sales	1,725	1,227
Held to maturity debt securities:
Purchases	(666,188)	(1,062,202)
Maturities, calls and principal repayments	410,760	633,272
Available for sale debt securities:
Purchases	(49,618)	(367,866)
Sales	12,846	91,978
Maturities, calls and principal repayments	192,868	376,875
Death benefit proceeds from bank owned life insurance	4,680	3,850
Proceeds from sales of real estate property and equipment	7,400	4,982
Proceeds from sales of loans held for investment	0	4,498
Purchases of real estate property and equipment	(50,511)	(19,805)
Cash and cash equivalent acquired in acquisitions, net	321,540	0
Net cash used in investing activities	(4,933,554)	(741,558)
Cash flows from financing activities:
Net change in deposits	2,646,434	1,697,003
Net change in short-term borrowings	159,763	(364,612)
Proceeds from issuance of long-term borrowings, net	147,508	295,922
Repayments of long-term borrowings	0	(1,168,465)
Cash dividends paid to preferred shareholders	(9,516)	(9,516)
Cash dividends paid to common shareholders	(148,345)	(134,860)
Purchase of common shares to treasury	(24,013)	(699)
Common stock issued, net	106	15,199
Other, net	(553)	(505)
Net cash provided by financing activities	2,771,384	329,467
Net change in cash and cash equivalents	(931,572)	170,951
Cash and cash equivalents at beginning of year	2,049,920	1,329,205
Cash and cash equivalents at end of period	1,118,348	1,500,156
Supplemental disclosures of cash flow information:
Interest on deposits and borrowings	129,504	109,661
Federal and state income taxes	122,170	148,674
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned	0	141
Lease right of use assets obtained in exchange for operating lease liabilities	32,604	40,296
Non-cash assets acquired:
Equity securities	6,239	0
Investment securities available for sale	505,928	0
Investment securities held to maturity	806,627	0
Loans, net	5,844,070	0
Premises and equipment, net	38,827	0
Lease right of use assets	49,434	0
Bank owned life insurance	126,861	0
Accrued interest receivable	25,717	0
Goodwill	407,522	0
Other intangible assets, net	159,587	0
Other assets	158,352	0
Total non-cash assets acquired	8,129,164	0
Liabilities assumed:
Deposits	7,029,997	0
Short-term borrowings	103,794	0
Lease liabilities	79,844	0
Accrued expenses and other liabilities	119,240	0
Total liabilities assumed	7,332,875	0
Non-cash net assets acquired	796,289	0
Net cash and cash equivalents acquired in acquisition	321,540	0
Common stock issued in acquisition	$ 1,117,829	$ 0

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements of Valley National Bancorp, a New Jersey corporation (Valley), include the accounts of its commercial bank subsidiary, Valley National Bank (the Bank), and all other entities in which Valley has a controlling financial interest. All inter-company transactions and balances have been eliminated. The accounting and reporting policies of Valley conform to U.S. generally accepted accounting principles (U.S. GAAP) and general practices within the financial services industry. In accordance with applicable accounting standards, Valley does not consolidate statutory trusts established for the sole purpose of issuing trust preferred securities and related trust common securities. Certain prior period amounts have been reclassified to conform to the current presentation, including changes to our segment reporting structure, as further discussed in Note 9 and Note 15. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly Valley’s financial position, results of operations, changes in shareholders' equity and cash flows at September 30, 2022 and for all periods presented have been made. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the entire fiscal year or any subsequent interim period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP and industry practice have been condensed or omitted pursuant to rules and regulations of the SEC. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in Valley’s Annual Report on Form 10-K for the year ended December 31, 2021.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations Bank Leumi Le-Israel Corporation. On April 1, 2022, Valley completed its acquisition of Bank Leumi Le-Israel Corporation, the U.S. subsidiary of Bank Leumi Le-Israel B.M., and parent company of Bank Leumi USA, collectively referred to as "Bank Leumi USA". Bank Leumi USA maintained its headquarters in New York City with commercial banking offices in Chicago, Los Angeles, Palo Alto, and Aventura, Florida. The common shareholders of Bank Leumi USA received 3.8025 shares of Valley common stock and $5.08 in cash for each Bank Leumi USA common share that they owned. As a result, Valley issued approximately 85 million shares of common stock and paid $113.4 million in cash in the transaction. Based on Valley’s closing stock price on March 31, 2022, the transaction was valued at $1.2 billion, inclusive of the value of options. As a result of the acquisition, Bank Leumi Le-Israel B.M. owned approximately 14 percent of Valley's common stock as of April 1, 2022. The transaction was accounted for under the acquisition method of accounting and accordingly the results of Bank Leumi USA's operations have been included in Valley's consolidated financial statements for the three and nine months ended September 30, 2022 from the date of the acquisition . The following table sets forth assets acquired and liabilities assumed in the Bank Leumi USA acquisition, at their estimated fair values as of the closing date of the transaction: April 1, 2022 (in thousands) Assets acquired: Cash and cash equivalents $ 443,588 Equity securities 6,239 Available for sale debt securities 505,928 Held to maturity debt securities 806,627 Loans 5,914,389 Allowance for loan losses (70,319) Loans, net 5,844,070 Premises and equipment 38,827 Lease right of use assets 49,273 Bank owned life insurance 126,861 Accrued interest receivable 25,717 Goodwill 403,151 Other intangible assets 153,380 Other assets 158,352 Total assets acquired $ 8,562,013 Liabilities assumed: Deposits: Non-interest bearing $ 4,511,537 Interest bearing: Savings, NOW and money market 2,224,834 Time 293,626 Total deposits 7,029,997 Short-term borrowings 103,794 Lease liabilities 79,683 Accrued expense and other liabilities 117,269 Total liabilities assumed $ 7,330,743 Common stock issued in acquisition 1,117,829 Cash paid in acquisition 113,441 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 the Bank Leumi USA 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 estimated fair value of equity securities, which represents a privately held Community Reinvestment Act (CRA) fund, was measured at net asset value (NAV). Other investment securities acquired from Bank Leumi USA were classified as available for sale and held to maturity debt securities based on Valley's intent at the acquisition date. Their estimated fair values were calculated utilizing Level 2 inputs similar to the valuation techniques used for Valley's investment portfolios detailed in Note 6. Loans. The acquired loan portfolio was recorded at its estimated fair value based on a discounted cash flow methodology. The acquired loan portfolio was segregated into categories for valuation purposes primarily based on loan type and loan 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 a market participant perspective. 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 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. The acquired loans were also evaluated upon acquisition to determine whether they represented purchased credit-deteriorated (PCD) loans, defined as loans which have experienced a more-than-insignificant deterioration in credit quality since origination. Valley considered a variety of factors in assessing loans the PCD classification, 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 $18.8 million. This net discount will be accreted into interest income over the loan's remaining life using the effective interest method . The following table provides a reconciliation of the unpaid principal balance and fair value of loans identified as PCD acquired from Bank Leumi USA: April 1, 2022 ($ in thousands) Unpaid Principal Balance of PCD loans $ 1,922,272 Allowance for credit losses at acquisition * (70,319) Non-credit discount at acquisition (18,814) Fair value of acquired PCD loans $ 1,833,139 * Represents the initial reserve for PCD loans, reported net of an additional $62.4 million charge-offs recognized at the date of acquisition in accordance with Valley's charge-off policy. Other intangible assets. Other intangible assets recorded consist of core deposit intangibles (CDI) and other acquired client relationships. CDI assets 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 considering 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 using an accelerated amortization method over an estimated useful life of 10 years. For other acquired client relationships, fair value is measured using the multi-period excess earnings methodology under the income approach. This method measures the future economic income that can be attributed to the existing client relationships acquired, after considering revenue and expense assumptions, expected client attrition rates, and subtracting returns for other complementary assets that contribute to the income over their expected remaining useful lives. The resulting net cash flows are discounted to present value using an estimated intangible asset discount rate. The other acquired client relationships are amortized using an accelerated amortization method over an estimated remaining useful life of 14 years . 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. Supplemental Pro Forma Financial Information (Unaudited). The following table summarizes supplemental pro forma financial information giving effect to the merger as if it had been completed on January 1, 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Net interest income $ 453,992 $ 371,178 $ 1,261,442 $ 1,099,597 Non-interest income 56,194 58,931 175,488 164,458 Net income 178,119 139,666 478,891 351,489 The supplemental pro forma financial information does not necessarily reflect the results of operations that would have occurred had Valley merged with Bank Leumi USA on January 1, 2021. Costs savings and other business synergies related to the merger are not included in the supplemental pro forma financial information. Other Recent Acquisitions L andmark Insurance of the Palm Beaches . On February 1, 2022, the Bank's insurance agency subsidiary, Valley Insurance Services, acquired Landmark Insurance of the Palm Beaches Inc. (Landmark) agency. The purchase price included $8.6 million in cash and $1.0 million in contingent consideration. Goodwill and other intangible assets totaled $4.4 million and $6.2 million, respectively. The transaction was accounted for under the acquisition method of accounting and accordingly the results of Landmark's operations have been included in Valley's consolidated financial statements for the three and nine months ended September 30, 2022 from the date of acquisition. 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. During the nine months ended September 30, 2022, Valley revised the estimated fair values of the acquired assets as of the acquisition date of Westchester based upon additional information obtained that existed as of December 1, 2021. The adjustments related to the fair value of deferred tax assets and resulted in a $5.0 million increase in goodwill (see Note 9 for more information). If additional information (that existed as of the acquisition date) Merger expenses mainly related to the Bank Leumi USA acquisition ab ove totaled $4.7 million and $63.8 million for the three and nine months ended September 30, 2022, respectively. The merger expenses largely consisted of salaries and benefits expense; technology, furniture and equipment expense; and professional and legal fees within non-interest expense on the consolidated statements of income. Valley incurred merger related expenses of $1.3 million during the three and nine months ended September 30, 2021.

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share The following table shows the calculation of both basic and diluted earnings per common share for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands, except for share data) Net income available to common shareholders $ 174,947 $ 119,408 $ 381,744 $ 349,286 Basic weighted average number of common shares outstanding 506,342,200 406,824,160 478,383,342 405,986,114 Plus: Common stock equivalents 2,348,797 2,413,841 2,242,015 2,523,653 Diluted weighted average number of common shares outstanding 508,690,997 409,238,001 480,625,357 408,509,767 Earnings per common share: Basic $ 0.35 $ 0.29 $ 0.80 $ 0.86 Diluted 0.34 0.29 0.79 0.86 Common stock equivalents represent the dilutive effect of additional common shares issuable upon the assumed vesting or exercise, if applicable, of restricted stock units and common stock options to purchase Valley’s common shares. Common stock options with exercise prices that exceed the average market price per share of Valley’s common stock during the periods presented may have an anti-dilutive effect on the diluted earnings per common share calculation and therefore are excluded from the diluted earnings per share calculation along with restricted stock units. Potential anti-dilutive weighted common shares w ere immaterial for the three and nine months ended September 30, 2022 and 2021.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the three and nine months ended September 30, 2022: Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined (in thousands) Balance at June 30, 2022 $ (81,985) $ (831) $ (25,521) $ (108,337) Other comprehensive loss before reclassification (57,242) (85) — (57,327) Amounts reclassified from other comprehensive (loss) income (12) (13) 132 107 Other comprehensive (loss) income, net (57,254) (98) 132 (57,220) Balance at September 30, 2022 $ (139,239) $ (929) $ (25,389) $ (165,557) Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined (in thousands) Balance at December 31, 2021 $ 9,186 $ (1,332) $ (25,786) $ (17,932) Other comprehensive (loss) gain before reclassification (148,403) 110 — (148,293) Amounts reclassified from other comprehensive (loss) income (22) 293 397 668 Other comprehensive (loss) income, net (148,425) 403 397 (147,625) Balance at September 30, 2022 $ (139,239) $ (929) $ (25,389) $ (165,557) The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three and nine months ended September 30, 2022 and 2021: Amounts Reclassified from Three Months Ended Nine Months Ended Components of Accumulated Other Comprehensive Loss 2022 2021 2022 2021 Income Statement Line Item (in thousands) Unrealized gains on AFS securities before tax $ 16 $ 825 $ 30 $ 663 Gains (losses) on securities transactions, net Tax effect (4) (212) (8) (170) Total net of tax 12 613 22 493 Unrealized gains (losses) on derivatives (cash flow hedges) before tax 21 (1,044) (405) (2,708) Interest expense Tax effect (8) 301 112 780 Total net of tax 13 (743) (293) (1,928) Defined benefit pension plan: Amortization of actuarial net loss (183) (388) (550) (1,163) * Tax effect 51 109 153 326 Total net of tax (132) (279) (397) (837) Total reclassifications, net of tax $ (107) $ (409) $ (668) $ (2,272) * Amortization of actuarial net loss is included in the computation of net periodic pension cost recognized within other non-interest expense.

New Authoritative Accounting Gu

New Authoritative Accounting Guidance	9 Months Ended
	Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract]
New Authoritative Accounting Guidance	New Authoritative Accounting Guidance New Accounting Guidance Adopted in 2022 Accounting Standards Update (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" updates guidance in 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. Valley adopted ASU No. 2021-05 on January 1, 2022, and the new guidance did not have a significant impact on Valley’s consolidated financial statements. New Accounting Guidance Issued in 2022 ASU No. 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging –Portfolio Layer Method” expands and clarifies the current guidance on accounting for fair value hedge basis adjustments under the portfolio layer method for both single-layer and multiple-layer hedges. This method allows entities to designate multiple hedging relationships with a single closed portfolio, and therefore a larger portion of the interest rate risk associated with such a portfolio is eligible to be hedged. ASU No. 2022-01 also clarifies that no assets may be added to a closed portfolio once it is designated in a portfolio layer method hedge. ASU No. 2022-01 will be effective for Valley on January 1, 2023. Valley is currently evaluating the impact of ASU No. 2022-01 but it is not expected to have a significant impact on Valley's consolidated financial statements. ASU No. 2022-02, “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” eliminates the troubled debt restructuring (TDR) accounting model for creditors, such as Valley, that have adopted Topic 326, “Financial Instruments – Credit Losses.” ASU No. 2022-02 will require all loan modifications to be accounted for under the general loan modification guidance in Subtopic 310-20. On a prospective basis, entities will also be subject to new disclosure requirements covering modifications of receivables to borrowers experiencing financial difficulty. Public business entities within the scope of the Topic 326 vintage disclosure requirements also will be required to prospectively disclose current-period gross write-off information by vintage. However, gross recoveries will not be required. ASU No. 2022-02 will be effective for Valley on January 1, 2023, with early adoption permitted. Valley is currently evaluating the impact of ASU No. 2022-02 on its consolidated financial statements. ASU No. 2022-03, "Fair Value Measurement of Equity Securities subject to Contractual Sale Restrictions” updates guidance in ASC 820, Fair Value Measurement and clarifies that a contractual sale restriction should not be considered in measuring fair value. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities including (i) the nature and remaining duration of the restriction; (ii) the circumstances that could cause a lapse in restrictions; and (iii) the fair value of the securities with contractual sale restrictions. ASU No. 2022-03 will be effective for Valley on January 1, 2024, and it can be applied prospectively, with any adjustments resulting from adoption recognized in earnings on the date of adoption. The adoption of ASU No. 2022-03 is not expected to have a significant impact on Valley's consolidated financial statements.

Fair Value Measurement of Asset

Fair Value Measurement of Assets and Liabilities	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurement of Assets and Liabilities	Fair Value Measurement of Assets and Liabilities ASC Topic 820, “Fair Value Measurements” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: • Level 1 - Unadjusted exchange quoted prices in active markets for identical assets or liabilities, or identical liabilities traded as assets that the reporting entity has the ability to access at the measurement date. • Level 2 - Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly (i.e., quoted prices on similar assets) for substantially the full term of the asset or liability. • Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Assets and Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at September 30, 2022 and December 31, 2021. The assets presented under “non-recurring fair value measurements” in the tables below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized). September 30, Fair Value Measurements at Reporting Date Using: Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 34,942 $ 23,917 $ — $ — Trading debt securities 4,100 2,915 1,185 — Available for sale debt securities: U.S. Treasury securities 277,902 277,902 — — U.S. government agency securities 26,821 — 26,821 — Obligations of states and political subdivisions 141,563 — 141,563 — Residential mortgage-backed securities 646,665 — 646,665 — Corporate and other debt securities 178,903 — 178,903 — Total available for sale debt securities 1,271,854 277,902 993,952 — Loans held for sale (2) 6,073 — 6,073 — Other assets (3) 594,116 — 594,116 — Total assets $ 1,911,085 $ 304,734 $ 1,595,326 $ — Liabilities Other liabilities (3) $ 625,656 $ — $ 625,656 $ — Total liabilities $ 625,656 $ — $ 625,656 $ — Non-recurring fair value measurements: Collateral dependent loans $ 73,108 $ — $ — $ 73,108 Foreclosed assets 1,122 — — 1,122 Total $ 74,230 $ — $ — $ 74,230 Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 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 (1) Includes equity securities measured at net asset value (NAV) per share (or its equivalent) as a practical expedient totaling $11.0 million and $11.6 million at September 30, 2022 and December 31, 2021, 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 $6.2 million and $136.3 million at September 30, 2022 and December 31, 2021, respectively. (3) Derivative financial instruments are included in this categor y. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following valuation techniques were used for financial instruments measured at fair value on a recurring basis. All the valuation techniques described below apply to the unpaid principal balance, excluding any accrued interest or dividends at the measurement date. Interest income and expense are recorded within the consolidated statements of income depending on the nature of the instrument using the effective interest method based on acquired discount or premium. Equity securities. The fair value of equity securities consists of a publicly traded mutual fund, a 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. Trading debt securities consist of U.S Treasury securities and municipal bonds reported at fair value utilizing Level 1 and Level 2 inputs, respectively. The prices for municipal bonds 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 September 30, 2022 and December 31, 2021 based on the short duration these assets were held, and the credit quality of these loans. Derivatives. Derivatives are reported at fair value utilizing Level 2 inputs. The fair values of Valley’s derivatives are determined using third-party prices that are based on discounted cash flow analysis using observed market inputs, such as the LIBOR, Overnight Index Swap and Secured Overnight Financing Rate (SOFR) curves for all cleared derivatives. The fair value of mortgage banking derivatives, consisting of interest rate lock commitments to fund residential mortgage loans and forward commitments for the future delivery of such loans (including certain loans held for sale at September 30, 2022 and December 31, 2021), 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 September 30, 2022 and December 31, 2021. Assets and Liabilities Measured at Fair Value on a Non-recurring Basis The following valuation techniques were used for certain non-financial assets measured at fair value on a non-recurring basis, including collateral dependent loans reported at the fair value of the underlying collateral and foreclosed assets, which are reported at fair value upon initial recognition or subsequent impairment as described below. Collateral dependent loans . Collateral dependent loans are loans when foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and substantially all of the repayment is expected from the collateral. Collateral dependent loans are reported at the fair value of the underlying collateral. Collateral values are estimated using Level 3 inputs, consisting of individual third-party appraisals that may be adjusted based on certain discounting criteria. Certain real estate appraisals may be discounted based on specific market data by location and property type. At September 30, 2022, collateral dependent loans were individually re-measured and reported at fair value through direct loan charge-offs to the allowance for loan losses based on the fair value of the underlying collateral. At September 30, 2022, collateral dependent loans with a total amortized cost of $171.3 million, including our taxi medallion loan portfolio, were reduced by specific allowance for loan losses allocations totaling $98.2 million to a reported total net carrying amount of $73.1 million. Foreclosed assets . Certain foreclosed assets (consisting of other real estate owned and other repossessed assets included in other assets), upon initial recognition and transfer from loans, are re-measured and reported at fair value using Level 3 inputs, consisting of a third-party appraisal less estimated cost to sell. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for loan losses. If further declines in the estimated fair value of the asset occur, an asset is re-measured and reported at fair value through a write-down recorded in non-interest expense. There were no adjustments to the appraisals of foreclosed assets at September 30, 2022. 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 September 30, 2022 and December 31, 2021 were as follows: Fair Value September 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 431,471 $ 431,471 $ 205,156 $ 205,156 Interest bearing deposits with banks Level 1 686,877 686,877 1,844,764 1,844,764 Equity securities (1) Level 3 8,376 8,376 3,629 3,629 Held to maturity debt securities: U.S. Treasury securities Level 1 67,075 66,030 67,558 71,661 U.S. government agency securities Level 2 259,869 214,314 6,265 6,378 Obligations of states and political subdivisions Level 2 471,189 430,134 337,962 344,164 Residential mortgage-backed securities Level 2 2,811,582 2,373,581 2,166,142 2,152,301 Trust preferred securities Level 2 37,038 31,417 37,020 31,916 Corporate and other debt securities Level 2 75,267 71,176 53,750 54,185 Total held to maturity debt securities (2) 3,722,020 3,186,652 2,668,697 2,660,605 Net loans Level 3 44,710,020 41,945,829 33,794,455 33,283,251 Accrued interest receivable Level 1 159,406 159,406 96,882 96,882 Federal Reserve Bank and Federal Home Loan Bank stock (3) Level 2 267,319 267,319 206,450 206,450 Financial liabilities Deposits without stated maturities Level 1 38,980,287 38,980,287 31,945,368 31,945,368 Deposits with stated maturities Level 2 6,328,556 6,194,389 3,687,044 3,670,113 Short-term borrowings Level 1 919,283 883,100 655,726 637,490 Long-term borrowings Level 2 1,541,097 1,424,946 1,423,676 1,404,184 Junior subordinated debentures issued to capital trusts Level 2 56,673 56,543 56,413 46,306 Accrued interest payable (4) Level 1 16,519 16,519 4,909 4,909 (1) Represents equity securities without a readily determinable fair value measured at cost less impairment, if any. (2) The carrying amount is presented gross without the allowance for credit losses. (3) Included in other assets. (4) Included in accrued expenses and other liabilities.

Investment Securities

Investment Securities	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities Equity Securities Equity securities totaled $43.3 million and $36.5 million at September 30, 2022 and December 31, 2021, respectively. See Note 6 for further details on equity securities. Trading Debt Securities The fair value of trading debt securities totaled $4.1 million and $38.1 million at September 30, 2022 and December 31, 2021, respectively. Net trading gains and losses were included in net gains and losses on securities transactions within non-interest income. We recorded net trading losses of $1.2 million and net trading gains of $705 thousand for the nine months ended September 30, 2022 and 2021, respectively. The net trading gains and losses for the three months ended September 30, 2022 and 2021 were not material. Available for Sale Debt Securities The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at September 30, 2022 and December 31, 2021 were as follows: Amortized Gross Gross Fair Value (in thousands) September 30, 2022 U.S. Treasury securities $ 306,748 $ — $ (28,846) $ 277,902 U.S. government agency securities 29,529 50 (2,758) 26,821 Obligations of states and political subdivisions: Obligations of states and state agencies 12,576 — (565) 12,011 Municipal bonds 173,574 — (44,022) 129,552 Total obligations of states and political subdivisions 186,150 — (44,587) 141,563 Residential mortgage-backed securities 744,547 66 (97,948) 646,665 Corporate and other debt securities 197,847 15 (18,959) 178,903 Total $ 1,464,821 $ 131 $ (193,098) $ 1,271,854 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 The age of unrealized losses and fair value of the related available for sale debt securities at September 30, 2022 and December 31, 2021 were as follows: Less than More than Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) September 30, 2022 U.S. Treasury securities $ 277,902 $ (28,846) $ — $ — $ 277,902 $ (28,846) U.S. government agency securities 22,614 (2,720) 1,142 (38) 23,756 (2,758) Obligations of states and political subdivisions: Obligations of states and state agencies 4,402 (56) 7,610 (509) 12,012 (565) Municipal bonds 119,722 (40,475) 9,305 (3,547) 129,027 (44,022) Total obligations of states and political subdivisions 124,124 (40,531) 16,915 (4,056) 141,039 (44,587) Residential mortgage-backed securities 376,683 (39,604) 266,591 (58,344) 643,274 (97,948) Corporate and other debt securities 160,743 (14,670) 15,145 (4,289) 175,888 (18,959) Total $ 962,066 $ (126,371) $ 299,793 $ (66,727) $ 1,261,859 $ (193,098) 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) Within the available for sale debt securities portfolio, the total number of security positions in an unrealized loss position was 743 and 139 at September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, the fair value of available for sale debt securities that were pledged to secure public deposits, repurchase agreements, lines of credit, and for other purposes required by law was $348.1 million. The contractual maturities of available for sale debt securities at September 30, 2022 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. September 30, 2022 Amortized Fair (in thousands) Due in one year $ 8,593 $ 8,553 Due after one year through five years 184,748 174,982 Due after five years through ten years 271,404 246,134 Due after ten years 255,529 195,520 Residential mortgage-backed securities 744,547 646,665 Total $ 1,464,821 $ 1,271,854 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 6.6 years at September 30, 2022. 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 current economic conditions and the effects of the COVID-19 pandemic. Available for sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. Val ley has evaluated available for sale debt securities that are in an unrealized loss position as of September 30, 2022 included in the table above and has determined that the declines in fair value are mainly attributable to market volatility, not credit quality or other factors. Based on a comparison of the present value of expected cash flows to the amortized cost, management recognized no impairment during the three and nine months ended September 30, 2022 and 2021. There was no allowance for credit losses for available for sale debt securities at September 30, 2022 and December 31, 2021. Held to Maturity Debt Securities The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at September 30, 2022 and December 31, 2021 were as follows: Amortized Gross Gross Fair Value (in thousands) September 30, 2022 U.S. Treasury securities $ 67,075 $ — $ (1,045) $ 66,030 U.S. government agency securities 259,869 — (45,555) 214,314 Obligations of states and political subdivisions: Obligations of states and state agencies 88,276 16 (5,127) 83,165 Municipal bonds 382,913 17 (35,961) 346,969 Total obligations of states and political subdivisions 471,189 33 (41,088) 430,134 Residential mortgage-backed securities 2,811,582 250 (438,251) 2,373,581 Trust preferred securities 37,038 1 (5,622) 31,417 Corporate and other debt securities 75,267 — (4,091) 71,176 Total $ 3,722,020 $ 284 $ (535,652) $ 3,186,652 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 The age of unrealized losses and fair value of related debt securities held to maturity at September 30, 2022 and December 31, 2021 were as follows: Less than More than Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) September 30, 2022 U.S. Treasury securities $ 66,030 $ (1,045) $ — $ — $ 66,030 $ (1,045) U.S. government agency securities 213,129 (45,555) — — 213,129 (45,555) Obligations of states and political subdivisions: Obligations of states and state agencies 69,161 (3,397) 12,403 (1,730) 81,564 (5,127) Municipal bonds 284,323 (34,193) 7,674 (1,768) 291,997 (35,961) Total obligations of states and political subdivisions 353,484 (37,590) 20,077 (3,498) 373,561 (41,088) Residential mortgage-backed securities 1,354,304 (200,314) 1,007,883 (237,937) 2,362,187 (438,251) Trust preferred securities — — 30,416 (5,622) 30,416 (5,622) Corporate and other debt securities 57,181 (3,336) 7,245 (755) 64,426 (4,091) Total $ 2,044,128 $ (287,840) $ 1,065,621 $ (247,812) $ 3,109,749 $ (535,652) 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) Within the held to maturity portfolio, the total number of security positions in an unrealized loss position was 826 and 108 at September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, 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 $619.5 million. The contractual maturities of investments in debt securities held to maturity at September 30, 2022 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. September 30, 2022 Amortized Fair (in thousands) Due in one year $ 31,783 $ 31,721 Due after one year through five years 195,679 191,824 Due after five years through ten years 86,011 79,844 Due after ten years 596,965 509,682 Residential mortgage-backed securities 2,811,582 2,373,581 Total $ 3,722,020 $ 3,186,652 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 8.8 years at September 30, 2022. Credit Quality Indicators Valley monitors the credit quality of the held to maturity debt securities through the use of the most current credit ratings from external rating agencies. The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at September 30, 2022 and December 31, 2021. AAA/AA/A Rated BBB rated Non-investment grade rated Non-rated Total (in thousands) September 30, 2022 U.S. Treasury securities $ 67,075 $ — $ — $ — $ 67,075 U.S. government agency securities 259,869 — — — 259,869 Obligations of states and political subdivisions: Obligations of states and state agencies 63,434 — 5,517 19,325 88,276 Municipal bonds 348,330 — — 34,583 382,913 Total obligations of states and political subdivisions 411,764 — 5,517 53,908 471,189 Residential mortgage-backed securities 2,811,582 — — — 2,811,582 Trust preferred securities — — — 37,038 37,038 Corporate and other debt securities 2,000 6,000 — 67,267 75,267 Total $ 3,552,290 $ 6,000 $ 5,517 $ 158,213 $ 3,722,020 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 Obligations of states and political subdivisions include municipal bonds and revenue bonds issued by various municipal corporations. At September 30, 2022, 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. Held to maturity debt securities were carried net of allowance for credit losses totaling $1.7 million at September 30, 2022, and $1.2 million at December 31, 2021. Valley recorded a provision for credit losses of $188 thousand and $531 thousand for the three and nine months ended September 30, 2022, respectively. Valley recorded

Loans and Allowance for Credit

Loans and Allowance for Credit Losses for Loans	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Loans and Allowance for Credit Losses for Loans	Loans and Allowance for Credit Losses for Loans The detail of the loan portfolio as of September 30, 2022 and December 31, 2021 was as follows: September 30, 2022 December 31, 2021 (in thousands) Loans: Commercial and industrial: Commercial and industrial $ 8,615,557 $ 5,411,601 Commercial and industrial PPP loans * 85,820 435,950 Total commercial and industrial loans 8,701,377 5,847,551 Commercial real estate: Commercial real estate 24,493,445 18,935,486 Construction 3,571,818 1,854,580 Total commercial real estate loans 28,065,263 20,790,066 Residential mortgage 5,177,128 4,545,064 Consumer: Home equity 467,135 400,779 Automobile 1,711,086 1,570,036 Other consumer 1,063,775 1,000,161 Total consumer loans 3,241,996 2,970,976 Total loans $ 45,185,764 $ 34,153,657 * Represents SBA Paycheck Protection Program (PPP) loans, net of unearned fees totaling $1.4 million and $12.1 million at September 30, 2022 and December 31, 2021, respectively. Total loans include net unearned discounts and deferre d loan fees of $136.5 million an d $78.5 million at September 30, 2022 and December 31, 2021, respectively. The increase in total loans at September 30, 2022 is partially attributed to $5.9 billion of loans acquired in the Bank Leumi USA acquisition, which was inclusive of a $98.6 million net purchase discount at the acquisition date. Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $139.6 million and $83.7 million at September 30, 2022 and December 31, 2021, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition . There were no sales of loans from the held for investment portfolio during the three and nine months ended September 30, 2022 and 2021. Credit Risk Management For all of its loan types, Valley adheres to a credit policy designed to minimize credit risk while generating the maximum income given the level of risk appetite. Management reviews and approves these policies and procedures on a regular basis with subsequent approval by the Board of Directors annually. Credit authority relating to a significant dollar percentage of the overall portfolio is centralized and controlled by the Credit Risk Management Division and by the Credit Committee. A reporting system supplements the management review process by providing management with frequent reports concerning loan production, loan quality, internal loan classification, concentrations of credit, loan delinquencies, non-performing, and potential problem loans. Loan portfolio diversification is an important factor utilized by Valley to manage its risk across business sectors and through cyclical economic circumstances. See Valley’s Annual Report on Form 10-K for the year ended December 31, 2021 for further details. Credit Quality The following table presents past due, current and non-accrual loans without an allowance for loan losses by loan portfolio class at September 30, 2022 and December 31, 2021: Past Due and Non-Accrual Loans 30-59 Days 60-89 Days 90 Days or More Non-Accrual Loans Total Past Due Loans Current Loans Total Loans Non-Accrual Loans Without Allowance for Loan Losses (in thousands) September 30, 2022 Commercial and industrial $ 19,526 $ 2,188 $ 15,072 $ 135,187 $ 171,973 $ 8,529,404 $ 8,701,377 $ 5,043 Commercial real estate: Commercial real estate 6,196 383 15,082 67,319 88,980 24,404,465 24,493,445 64,260 Construction — 12,969 — 61,098 74,067 3,497,751 3,571,818 14,941 Total commercial real estate loans 6,196 13,352 15,082 128,417 163,047 27,902,216 28,065,263 79,201 Residential mortgage 13,045 5,947 550 26,564 46,106 5,131,022 5,177,128 14,378 Consumer loans: Home equity 321 168 312 2,845 3,646 463,489 467,135 123 Automobile 4,999 702 109 286 6,096 1,704,990 1,711,086 — Other consumer 876 304 — 96 1,276 1,062,499 1,063,775 — Total consumer loans 6,196 1,174 421 3,227 11,018 3,230,978 3,241,996 123 Total $ 44,963 $ 22,661 $ 31,125 $ 293,395 $ 392,144 $ 44,793,620 $ 45,185,764 $ 98,745 Past Due and Non-Accrual Loans 30-59 60-89 90 Days or More Non-Accrual Loans Total Past Due Loans Current Loans Total Loans Non-Accrual Loans Without Allowance for 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 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 September 30, 2022 and December 31, 2021: Term Loans Amortized Cost Basis by Origination Year September 30, 2022 2022 2021 2020 2019 2018 Prior to 2018 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Commercial and industrial Risk Rating: Pass $ 1,451,283 $ 1,193,937 $ 663,575 $ 352,556 $ 279,803 $ 395,216 $ 4,076,834 $ 159 $ 8,413,362 Special Mention 15,224 3,433 20,292 5,246 9,320 3,852 56,973 9 114,349 Substandard — 2,279 5,285 2,082 4,467 5,312 71,792 — 91,217 Doubtful — — — 2,701 2,636 77,112 — — 82,449 Total commercial and industrial $ 1,466,507 $ 1,199,649 $ 689,152 $ 362,585 $ 296,226 $ 481,492 $ 4,205,599 $ 168 $ 8,701,377 Commercial real estate Risk Rating: Pass $ 5,326,845 $ 5,193,267 $ 3,280,227 $ 2,733,365 $ 1,553,479 $ 5,161,982 $ 284,891 $ 3,599 $ 23,537,657 Special Mention 102,150 63,572 90,429 43,812 75,328 155,873 15,074 — 546,239 Substandard 17,641 31,910 37,797 40,394 63,254 210,011 8,372 — 409,379 Doubtful — — — — — 170 — — 170 Total commercial real estate $ 5,446,636 $ 5,288,749 $ 3,408,453 $ 2,817,571 $ 1,692,061 $ 5,528,036 $ 308,337 $ 3,599 $ 24,493,445 Construction Risk Rating: Pass $ 743,720 $ 607,441 $ 120,837 $ 30,246 $ 10,572 $ 17,069 $ 1,952,786 $ — $ 3,482,671 Special Mention 12,917 — — — — 13,084 — 26,001 Substandard — 11,376 — 982 17,599 20,183 — 50,140 Doubtful — 643 — — 12,364 — — 13,006 Total construction $ 756,637 $ 619,460 $ 120,837 $ 31,228 $ 10,572 $ 47,032 $ 1,986,053 $ — $ 3,571,818 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 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 and by payment activity. The following table presents the amortized cost in those loan classes based on payment activity by origination year as of September 30, 2022 and December 31, 2021. Term Loans Amortized Cost Basis by Origination Year September 30, 2022 2022 2021 2020 2019 2018 Prior to 2018 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Residential mortgage Performing $ 1,040,542 $ 1,508,300 $ 586,418 $ 505,502 $ 351,579 $ 1,113,157 $ 63,694 $ — $ 5,169,192 90 days or more past due — — 129 1,508 2,526 3,773 — — 7,936 Total residential mortgage $ 1,040,542 $ 1,508,300 $ 586,547 $ 507,010 $ 354,105 $ 1,116,930 $ 63,694 $ — $ 5,177,128 Consumer loans Home equity Performing $ 36,133 $ 12,728 $ 4,788 $ 5,279 $ 5,822 $ 15,602 $ 346,709 $ 39,105 $ 466,166 90 days or more past due — — — — — — 424 545 969 Total home equity 36,133 12,728 4,788 5,279 5,822 15,602 347,133 39,650 467,135 Automobile Performing 589,413 570,603 226,848 188,741 95,798 39,039 — — 1,710,442 90 days or more past due 75 111 78 167 132 81 — — 644 Total automobile 589,488 570,714 226,926 188,908 95,930 39,120 — — 1,711,086 Other consumer Performing 21,110 2,934 7,262 7,476 7,560 16,546 1,000,795 — 1,063,683 90 days or more past due — — — — — — 92 — 92 Total other consumer 21,110 2,934 7,262 7,476 7,560 16,546 1,000,887 — 1,063,775 Total consumer $ 646,731 $ 586,376 $ 238,976 $ 201,663 $ 109,312 $ 71,268 $ 1,348,020 $ 39,650 $ 3,241,996 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 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 $69.7 million and $71.3 million as of September 30, 2022 and December 31, 2021, respectively. Non-performing TDRs totaled $155.7 million and $117.2 million as of September 30, 2022 and December 31, 2021, respectively. The following tables present the pre- and post-modification amortized cost of loans by loan class modified as TDRs during the three and nine months ended September 30, 2022 and 2021. Post-modification amounts are presented as of September 30, 2022 and 2021. Three Months Ended September 30, 2022 2021 Troubled Debt Restructurings Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification ($ in thousands) Commercial and industrial 65 $ 54,586 $ 54,747 4 $ 2,446 $ 2,414 Commercial real estate: Commercial real estate 1 2,187 2,187 5 14,473 14,539 Construction 2 11,025 7,811 2 17,599 17,599 Total commercial real estate 3 13,212 9,998 7 32,072 32,138 Residential mortgage 1 44 44 4 356 350 Total 69 $ 67,842 $ 64,789 15 $ 34,874 $ 34,902 Nine Months Ended September 30, 2022 2021 Troubled Debt Restructurings Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification ($ in thousands) Commercial and industrial 79 $ 109,779 $ 105,495 16 $ 21,822 $ 19,060 Commercial real estate: Commercial real estate 4 16,259 15,660 11 26,710 26,730 Construction 2 11,025 7,811 2 17,599 17,599 Total commercial real estate 6 27,284 23,471 13 44,309 44,329 Residential mortgage 9 5,135 5,116 12 2,974 2,909 Consumer 1 125 123 1 170 163 Total 95 $ 142,323 $ 134,205 42 $ 69,275 $ 66,461 The total TDRs presented in the above tables had allocated allowance for loan losses of $71.5 million and $8.2 million at September 30, 2022 and 2021, respectively. There were $3.8 million and $5.4 million in charge-offs related to TDRs for the three and nine months ended September 30, 2022. There were charge-offs of $206 thousand and $6.0 million related to TDRs for the three and nine months ended September 30, 2021, respectively. Valley did not extend any commitments to lend additional funds to borrowers whose loans have been modified as TDRs during the three and nine months ended September 30, 2022 and 2021. Loans modified as TDRs within the previous 12 months and for which there was a payment default (90 or more days past due) for the three and nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, 2022 2021 Troubled Debt Restructurings Subsequently Defaulted Number of Recorded Investment Number of Recorded ($ in thousands) Commercial and industrial 1 $ 42,771 — $ — Commercial real estate 2 5,207 1 419 Residential mortgage 1 1,071 1 129 Total 4 $ 49,049 2 $ 548 Nine Months Ended September 30, 2022 2021 Troubled Debt Restructurings Subsequently Defaulted Number of Recorded Investment Number of Recorded ($ in thousands) Commercial and industrial 1 $ 42,771 — $ — Commercial real estate 2 5,207 1 419 Residential mortgage 1 1,071 1 129 Total 4 $ 49,049 2 $ 548 Loans in Process of Foreclosure. Other real estate owned (OREO) totaled $286 thousand and $2.3 million at September 30, 2022 and December 31, 2021, respectively. There were no forec losed residential real estate properties included in OREO at September 30, 2022 and December 31, 2021. Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $1.9 million and $2.5 million at September 30, 2022 and December 31, 2021, respectively. Collateral dependent loans. Loans are collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. When Valley determines that foreclosure is probable, the collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) resulting in an immediate charge-off to the allowance, excluding any consideration for personal guarantees that may be pursued in the Bank’s collection process. The following table presents collateral dependent loans by class as of September 30, 2022 and December 31, 2021: September 30, December 31, (in thousands) Collateral dependent loans: Commercial and industrial * $ 129,776 $ 95,335 Commercial real estate: Commercial real estate 73,862 110,174 Construction 41,726 — Total commercial real estate loans 115,588 110,174 Residential mortgage 32,487 35,745 Home equity — 4 Total $ 277,851 $ 241,258 * The majority of the loans are collateralized by taxi medallions for all periods. Allowance for Credit Losses for Loans The allowance for credit losses (ACL) for loans consists of the allowance for loan losses and the allowance for unfunded credit commitments. The ACL for loans at September 30, 2022 increased $122.7 million from December 31, 2021 largely reflecting a net ACL of $70.3 million for PCD loans acquired from Bank Leumi USA that was recorded at April 1, 2022 and recognition of a $41.0 million provision related to non-PCD loans and unfunded credit commitments acquired from Bank Leumi USA during the three months ended June 30, 2022. Overall, an increased economic forecast reserve component of our CECL model caused by elevated uncertainty in economic conditions was largely offset by lower expected quantitative loss experience at September 30, 2022 as compared to December 31, 2021. The following table summarizes the ACL for loans at September 30, 2022 and December 31, 2021: September 30, December 31, (in thousands) Components of allowance for credit losses for loans: Allowance for loan losses $ 475,744 $ 359,202 Allowance for unfunded credit commitments 22,664 16,500 Total allowance for credit losses for loans $ 498,408 $ 375,702 The following table summarizes the provision for credit losses for loans for the periods indicated: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Components of provision for credit losses for loans: Provision for loan losses $ 1,315 $ 3,496 $ 42,883 $ 17,998 Provision for unfunded credit commitments 520 — 6,164 3,289 Total provision for credit losses for loans $ 1,835 $ 3,496 $ 49,047 $ 21,287 The following table details the activity in the allowance for loan losses by loan portfolio segment for the three and nine months ended September 30, 2022 and 2021: Commercial Commercial Residential Consumer Total (in thousands) Three Months Ended Allowance for loan losses: Beginning balance $ 144,539 $ 277,227 $ 29,889 $ 17,164 $ 468,819 Loans charged-off (5,033) (4,000) — (962) (9,995) Charged-off loans recovered 13,236 1,729 163 477 15,605 Net recoveries (charge-offs) 8,203 (2,271) 163 (485) 5,610 Provision (credit) for loan losses 1,309 (7,176) 6,105 1,077 1,315 Ending balance $ 154,051 $ 267,780 $ 36,157 $ 17,756 $ 475,744 Three Months Ended Allowance for loan losses: Beginning balance $ 109,689 $ 189,139 $ 25,303 $ 15,193 $ 339,324 Loans charged-off (1,248) — — (771) (2,019) Charged-off loans recovered 514 29 228 955 1,726 Net (charge-offs) recoveries (734) 29 228 184 (293) (Credit) provision for loan losses (5,078) 10,553 (799) (1,180) 3,496 Ending balance $ 103,877 $ 199,721 $ 24,732 $ 14,197 $ 342,527 Commercial Commercial Residential Consumer Total (in thousands) Nine Months Ended Allowance for loan losses: Beginning balance $ 103,090 $ 217,490 $ 25,120 $ 13,502 $ 359,202 Allowance for PCD loans * 33,452 36,618 206 43 70,319 Loans charged-off (11,144) (4,173) (27) (2,513) (17,857) Charged-off loans recovered 16,012 2,060 694 2,431 21,197 Net recoveries (charge-offs) 4,868 (2,113) 667 (82) 3,340 Provision for loan losses 12,641 15,785 10,164 4,293 42,883 Ending balance $ 154,051 $ 267,780 $ 36,157 $ 17,756 $ 475,744 Nine Months Ended Allowance for loan losses: Beginning balance $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 Loans charged-off (19,283) (382) (139) (3,389) (23,193) Charged-off loans recovered 2,781 763 576 3,359 7,479 Net (charge-offs) recoveries (16,502) 381 437 (30) (15,714) (Credit) provision for loan losses (10,691) 35,227 (4,578) (1,960) 17,998 Ending balance $ 103,877 $ 199,721 $ 24,732 $ 14,197 $ 342,527 * Represents the allowance for acquired PCD loans, net of PCD loan charge-offs totaling $62.4 million in the second quarter 2022 related to the Bank Leumi USA acquisition. The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology at September 30, 2022 and December 31, 2021. Commercial Commercial Residential Consumer Total (in thousands) September 30, 2022 Allowance for loan losses: Individually evaluated for credit losses $ 89,822 $ 8,544 $ 4,592 $ 100 $ 103,058 Collectively evaluated for credit losses 64,229 259,236 31,565 17,656 372,686 Total $ 154,051 $ 267,780 $ 36,157 $ 17,756 $ 475,744 Loans: Individually evaluated for credit losses $ 151,415 $ 149,775 $ 42,911 $ 1,507 $ 345,608 Collectively evaluated for credit losses 8,549,962 27,915,488 5,134,217 3,240,489 44,840,156 Total $ 8,701,377 $ 28,065,263 $ 5,177,128 $ 3,241,996 $ 45,185,764 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

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill as allocated to Valley's business segments, or reporting units thereof, for goodwill impairment analysis were: Business Segment / Reporting Unit * Wealth Consumer Commercial Total (in thousands) Balance at December 31, 2021 $ 38,851 $ 222,390 $ 1,197,767 $ 1,459,008 Goodwill from business combinations 10,984 62,875 338,638 412,497 Balance at September 30, 2022 $ 49,835 $ 285,265 $ 1,536,405 $ 1,871,505 * Valley’s Wealth Management Division is comprised of trust, asset management, brokerage, insurance, and tax credit advisory services. This reporting unit is included in the Consumer Lending segment for financial reporting purposes. During the second quarter 2022, Valley performed the annual goodwill impairment test at its normal assessment date. There was no i mpairment of goodwill recognized during the three and nine months ended September 30, 2022 and 2021. As discussed in Note 15, Valley made changes to its operating structure and strategy during the second quarter 2022 (and subsequent to the annual goodwill impairment test), which resulted in changes in its operating segments and reporting units to reflect how the CEO, who is the chief operating decision maker, intends to manage Valley, allocate resources and measure performance. Goodwill balances were reallocated across the new operating segments and reporting units (as reflected in the table above) based on their relative fair values using the valuation performed during the second quarter 2022. The goodwill from business combinations set forth in the above table during the nine months ended September 30, 2022, related to the acquisitions of Bank Leumi USA and Landmark totaled $403.2 million and $4.4 million, respectively. The goodwill from Landmark transaction was allocated entirely to the Wealth Management reporting unit. During the nine months ended September 30, 2022, Valley recorded $5.0 million of additional goodwill reflecting an adjustment to the deferred tax assets acquired from Westchester as of the acquisition date. See Note 2 for details related to these acquisitions. The following table summarizes other intangible assets as of September 30, 2022 and December 31, 2021: Gross Accumulated Net (in thousands) September 30, 2022 Loan servicing rights $ 119,813 $ (94,956) $ 24,857 Core deposits 223,670 (84,511) 139,159 Other 51,299 (7,089) 44,210 Total other intangible assets $ 394,782 $ (186,556) $ 208,226 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 Loan servicing rights are accounted for using the amortization method. Under this method, Valley amortizes the loan servicing assets over the period of the economic life of the assets arising from estimated net servicing revenues. On a quarterly basis, Valley stratifies its loan servicing assets into groupings based on risk characteristics and assesses each group for impairment based on fair value. Impairment charges on loan servicing rights are recognized in earnings when the book value of a stratified group of loan servicing rights exceeds its estimated fair value. There was no net impairment recognized during the three and nine months ended September 30, 2022. Valley recorded net recoveries of impairment charges on its loan servicing rights totaling $32 thousand and $864 thousand for the three and nine months ended September 30, 2021, respectively. Core deposits are amortized using an accelerated method over a period of 10 years. Valley recorded $114.4 million of core deposit intangibles resulting from the Bank Leumi USA acquisition. The line item labeled “Other” included in the table above primarily consists of customer lists, certain financial asset servicing contracts and covenants not to compete, which are amortized over their expected lives generally using a straight-line method and have a weighted average amortization period of approximately 13.3 years. Valley recorded $39.0 million and $6.2 million of other intangible assets during the nine months ended September 30, 2022 resulting from the Bank Leumi USA and Landmark acquisitions, respectively. Valley evaluates core deposits and other intangibles for impairment when an indication of impairment exists. No impairment was recognized during the three and nine months ended September 30, 2022 and 2021. The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2022 through 2026: Loan Servicing Core Other (in thousands) 2022 $ 865 $ 7,975 $ 1,745 2023 3,195 28,746 6,522 2024 2,817 24,897 5,951 2025 2,471 21,048 5,380 2026 2,156 17,223 4,805 Valley recognized amortization expense on other intangible assets (including net recoveries of impairment charges on loan servicing rights) totaling approximately $11.1 million and $5.3 million for the three months ended September 30, 2022 and 2021, respectively, and $26.9 million and $16.8 million for the nine months ended September 30, 2022 and 2021, respectively.

Borrowed Funds

Borrowed Funds	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Borrowed Funds	Borrowed Funds Short-Term Borrowings Short-term borrowings at September 30, 2022 and December 31, 2021 consisted of the following: September 30, 2022 December 31, 2021 (in thousands) FHLB advances $ 785,767 $ 500,000 Securities sold under agreements to repurchase 133,516 155,726 Total short-term borrowings $ 919,283 $ 655,726 The weighted average interest rate for short-term FHLB advances was 3.21 percent and 0.37 percent at September 30, 2022 and December 31, 2021, respectively. Long-Term Borrowings Long-term borrowings at September 30, 2022 and December 31, 2021 consisted of the following: September 30, 2022 December 31, 2021 (in thousands) FHLB advances, net (1) $ 788,574 $ 789,033 Subordinated debt, net (2) 752,523 634,643 Total long-term borrowings $ 1,541,097 $ 1,423,676 (1) FHLB advances are presented net of unamortized premiums totaling $574 thousand and $1.0 million at September 30, 2022 and December 31, 2021, respectively. (2) Subordinated debt is presented net of unamortized debt issuance costs totaling $7.3 million and $5.8 million at September 30, 2022 and December 31, 2021, respectively. FHLB Advances. Long-term FHLB advances had a weighted average interest rate of 1.88 percent at both September 30, 2022 and December 31, 2021. FHLB advances are secured by pledges of certain eligible collateral, including but not limited to, U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgage and commercial real estate loans. The long-term FHLB advances at September 30, 2022 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 the next 12 months. Subordinated debt. On September 20, 2022, Valley issued $150 million of 6.25 percent fixed-to-floating rate subordinated notes due September 30, 2032. Interest on the subordinated notes during the initial five year term through September 30, 2027, is payable semi-annually in arrears on March 30 and September 30, commencing on March 30, 2023. Thereafter, interest is expected to be set based on three-month Secured Overnight Financing Rate (SOFR) plus 278 basis points and paid quarterly through maturity of the notes. At September 30, 2022, the subordinated notes had a carrying value of $147.5 million, net of unamortized debt issuance costs. Valley also had the following subordinated debt outstanding at September 30, 2022: • $125 million aggregate principal amount of 5.125 percent subordinated notes due September 27, 2023 with no call dates or prepayments allowed except upon the occurrence of certain events; • $100 million aggregate principal amount of 4.55 percent subordinated notes due June 30, 2025 with no call dates or prepayments allowed except upon the occurrence of certain events; • $115 million aggregate principal amount of 5.25 percent fixed-to-floating rate subordinated notes due June 15, 2030 and callable in whole or in part on or after June 15, 2025 or upon the occurrence of certain events; and • $300 million aggregate principal amount of 3.00 percent fixed-to-floating rate subordinated notes due June 15, 2031 and are callable in whole or in part on or after June 15, 2026 or upon the occurrence of certain events.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	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 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. As of September 30, 2022 , 5.1 million shares 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. On April 1, 2022, Valley issued replacement options for the pre-existing and fully vested stock awards consisting of Bank Leumi USA options for 2.7 million shares of Valley common stock (which all remained outstanding at September 30, 2022) at a weighted average exercise price of $8.47. The stock plan under which the original Bank Leumi stock awards were issued is no longer active at the acquisition date. Valley granted 234 thousand and 30 thousand of time-based restricted stock units (RSUs) during the three months ended September 30, 2022 and 2021, respectively, and 2.3 million and 1.2 million for the nine months ended September 30, 2022 and 2021, respectively. Generally, time-based RSUs vest ratably over a three-year period. The average grant date fair value of the RSUs granted during the nine months ended September 30, 2022 and 2021 was $13.31 per share and $11.98 per share, respectively. Valley granted 619 thousand and 604 thousand of performance-based RSUs to certain officers for the nine months ended September 30, 2022 and 2021, respectively. The performance-based RSU awards include RSUs with vesting conditions based upon certain levels of growth in Valley's tangible book value per share plus dividends and RSUs with vesting conditions based upon Valley's total shareholder return as compared to its peer group. The RSUs “cliff” vest after three years based on the cumulative performance of Valley during that time period. The RSUs earn dividend equivalents (equal to cash dividends paid on Valley's common stock) over the applicable performance period. Dividend equivalents are accumulated and paid to the grantee at the vesting date or forfeited if the performance conditions are not met. The grant date fair value of the performance-based RSUs granted during the nine months ended September 30, 2022 and 2021 was $14.72 per share and $12.36 per share, respectively. Valley recorded total stock-based compensation expense of $7.6 million and $5.2 million for the three months ended September 30, 2022 and

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Valley enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest and currency rates. 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. Valley uses interest rate swaps to manage its exposure to changes in fair value on fixed rate debt 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 value hedges, the gain or loss on the derivative as well as the loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. Cash Flow Hedges of Interest Rate Risk . Valley’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, Valley uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the payment of either fixed or variable-rate amounts in exchange for the receipt of variable or fixed-rate amounts from a counterparty, respectively. Valley had six interest rate swaps with a total notional amount of $700 million that matured during the nine months ended September 30, 2022. These swaps were used to hedge the changes in cash flows associated with certain short-term FHLB advances and brokered deposits. Non-designated Hedges. Derivatives not designated as hedges are used to manage Valley’s exposure to interest rate movements, foreign currency risk, credit risk, and to provide services to customers or for other purposes. These derivatives 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 September 30, 2022, Valley had 28 credit swaps with an aggregate notional amount of $290.7 million related to risk participation agreements. At September 30, 2022, Valley had two “steepener” swaps, each with a current notional amount of $10.4 million where the receive rate on the swap mirrors the pay rate on the brokered deposits and the rates paid on these types of hybrid instruments are based on a formula derived from the spread between the long and short ends of the constant maturity swap (CMS) rate curve. Although these types of instruments do not meet the hedge accounting requirements, the change in fair value of both the bifurcated derivative and the stand alone swap tend to move in opposite directions with changes in the three-month LIBOR rate and therefore provide an effective economic hedge. Valley regularly enters into mortgage banking derivatives which are non-designated hedges. These derivatives include interest rate lock commitments provided to customers to fund certain residential mortgage loans to be sold into the secondary market and forward commitments for the future delivery of such loans. Valley enters into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in order to economically hedge the effect of future changes in interest rate on Valley's commitments to fund the loans as well as on its portfolio of mortgage loans held for sale. Valley enters foreign currency forward and option contracts, primarily to accommodate our customers, that are not designated as hedging instruments. Upon the origination of a certain foreign currency denominated transactions (including foreign currency holdings and non-U.S. dollar denominated loans) with a client, we enter into a respective hedging contract with a third party financial institution to mitigate the economic impact of foreign currency exchange rate fluctuation. Amounts included in the consolidated statements of financial condition related to the fair value of Valley’s derivative financial instruments were as follows: September 30, 2022 December 31, 2021 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 Fair value hedge interest rate swaps — 32,566 300,000 — 3,335 300,000 Total derivatives designated as hedging instruments $ — $ 32,566 $ 300,000 $ — $ 3,645 $ 1,000,000 Derivatives not designated as hedging instruments: Interest rate swaps and other contracts * $ 576,213 $ 575,917 $ 13,347,157 $ 180,701 $ 47,044 $ 10,179,294 Foreign currency derivatives 17,873 17,142 1,205,558 311 233 122,166 Mortgage banking derivatives 30 31 1,875 488 1,454 312,428 Total derivatives not designated as hedging instruments $ 594,116 $ 593,090 $ 14,554,590 $ 181,500 $ 48,731 $ 10,613,888 * I ncludes risk participation agreements. The Chicago Mercantile Exchange and London Clearing House variation margins are classified as a single-unit of account as settlements of the cash flow hedges and other non-designated derivative instruments. As a result, the fair value of the applicable derivative assets and liabilities are reported net of variation margin at September 30, 2022 and December 31, 2021 in the table above . Gains (losses) included in the consolidated statements of income and other comprehensive loss, on a pre-tax basis, elated to interest rate derivatives designated as hedges of cash flows were as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest expense $ 21 $ (1,044) $ (405) $ (2,708) Amount of (loss) gain recognized in other comprehensive loss (6) (144) 435 (125) The accumulated after-tax losses related to effective cash flow hedges included in accumulated other comprehensive loss were $929 thousand and $1.3 million at September 30, 2022 and December 31, 2021, 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 $995 thousand before tax will be reclassified as an increase to interest expense over the next 12 months. Gains (losses) included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Derivative - interest rate swap: Interest expense $ (989) $ (396) $ (383) $ (316) Hedged item - subordinated debt Interest expense $ 325 $ 405 $ 802 $ 322 The changes in the fair value of the hedged item designated as a qualifying hedge are captured as an adjustment to the carrying amount of the hedged item (basis adjustment). The following table presents the hedged item related to interest rate derivatives designated as fair value hedges and the cumulative basis fair value adjustment included in the net carrying amount of the hedged item at September 30, 2022. 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 $ 267,640 $ (32,360) The net losses (gains) included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Non-designated hedge interest rate swaps and credit derivatives Other non-interest expense $ 463 $ 216 $ (1,191) $ (209) Other non-interest income included fee income related to non-designated hedge derivative interest rate swaps (not designated as hedging instruments) executed with commercial loan customers totaling $10.7 million and $8.8 million for the three months ended September 30, 2022 and 2021, respectively, and $35.8 million and $22.6 million for the nine months ended September 30, 2022 and 2021, respectively. Credit Risk Related Contingent Features. By using derivatives, Valley is exposed to credit risk if counterparties to the derivative contracts do not perform as expected. Management attempts to minimize counterparty credit risk through credit approvals, limits, monitoring procedures and obtaining collateral where appropriate. Credit risk exposure associated with derivative contracts is managed at Valley in conjunction with Valley’s consolidated counterparty risk management process. Valley’s counterparties and the risk limits monitored by management are periodically reviewed and approved by the Board of Directors. Valley has agreements with its derivative counterparties providing that if Valley defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Valley could also be declared in default on its derivative counterparty agreements. Additionally, Valley has an agreement with several of its derivative counterparties that contains provisions that require Valley’s debt to maintain an investment grade credit rating from each of the major credit rating agencies from which it receives a credit rating. If Valley’s credit rating is reduced below investment grade, or such rating is withdrawn or suspended, then the counterparty could terminate the derivative positions and Valley would be required to settle its obligations under the agreements. As of September 30, 2022, Valley was in compliance with all of the provisions of its derivative counterparty agreements. As of September 30, 2022, there were no derivatives in an aggregate net liability position. Valley has derivative counterparty agreements that require minimum collateral posting thresholds for

Balance Sheet Offsetting

Balance Sheet Offsetting	9 Months Ended
	Sep. 30, 2022
Offsetting [Abstract]
Balance Sheet Offsetting	Balance Sheet Offsetting Certain financial instruments, including certain over-the-counter (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. The total amount of collateral held or pledged cannot exceed the net derivative fair values with the counterparty. The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of September 30, 2022 and December 31, 2021. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Net (in thousands) September 30, 2022 Assets Interest rate swaps $ 576,213 $ — $ 576,213 $ (914) $ (374,030) $ 201,269 Liabilities Interest rate swaps $ 608,483 $ — $ 608,483 $ (914) $ (454) $ 607,115 December 31, 2021 Assets Interest rate swaps $ 180,701 $ — $ 180,701 $ — $ — $ 180,701 Liabilities Interest rate swaps $ 50,689 $ — $ 50,689 $ — $ (44,231) $ 6,458 * Cash collateral received from or pledged to our counterparties in relation to market value exposures of OTC derivative contacts in a liability position.

Tax Credit Investments

Tax Credit Investments	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Tax Credit Investments	Tax Credit Investments Valley’s tax credit investments are primarily related to investments promoting qualified affordable housing projects, and other investments related to community development and renewable energy sources. Some of these tax-advantaged investments support Valley’s regulatory compliance with the CRA. Valley’s investments in these entities generate a return primarily through the realization of federal income tax credits, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These tax credits and deductions are recognized as a reduction of income tax expense. Valley’s tax credit investments are carried in other assets on the consolidated statements of financial condition. Valley’s unfunded capital and other commitments related to the tax credit investments are carried in accrued expenses and other liabilities on the consolidated statements of financial condition. Valley recognizes amortization of tax credit investments, including impairment losses, within non-interest expense in the consolidated statements of income using the equity method of accounting. After initial measurement, the carrying amounts of tax credit investments with non-readily determinable fair values are increased to reflect Valley's share of income of the investee and are reduced to reflect its share of losses of the investee, dividends received and impairments, if applicable. The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at September 30, 2022 and December 31, 2021: September 30, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 25,139 $ 15,343 Other tax credit investments, net 52,749 57,006 Total tax credit investments, net $ 77,888 $ 72,349 Other Liabilities: Unfunded affordable housing tax credit commitments $ 1,360 $ 1,360 Total unfunded tax credit commitments $ 1,360 $ 1,360 The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 1,184 $ 948 $ 3,542 $ 2,744 Other tax credit investment credits and tax benefits 2,557 2,702 7,647 8,130 Total reduction in income tax expense $ 3,741 $ 3,650 $ 11,189 $ 10,874 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 598 $ 681 $ 1,666 $ 1,684 Affordable housing tax credit investment impairment losses 266 387 891 1,159 Other tax credit investment losses 308 256 1,003 780 Other tax credit investment impairment losses 1,933 1,755 5,634 5,172 Total amortization of tax credit investments recorded in non-interest expense $ 3,105 $ 3,079 $ 9,194 $ 8,795

Operating Segments

Operating Segments	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Operating Segments	Operating SegmentsPrior to the second quarter 2022, Valley operated as four reportable segments: Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments. Valley re-evaluated its segment reporting during the second quarter 2022 to consider the Bank Leumi USA acquisition on April 1, 2022 along with other factors, including changes in the internal structure of operations, discrete financial information reviewed by key decision-makers, balance sheet management strategies and personnel. As a result, Valley determined it operated reportable segments consisting of Consumer Lending, Commercial Lending and Treasury and Corporate Other at June 30, 2022. Treasury and Corporate Other was reorganized to consolidate Treasury and other corporate-wide functions, including the Treasury managed investment securities portfolios and overnight interest earning cash balances formerly reported under Investment Management. The discrete financial information related to the activities previously reported in the Investment Management segment is no longer provided to Valley's CEO, who is the chief operating decision maker. Each operating segment is reviewed routinely for its asset growth, contribution to income before income taxes and return on average interest earning assets and impairment (if events or circumstances indicate a possible inability to realize the carrying amount). Valley regularly assesses its strategic plans, operations, and reporting structures to identify its reportable segments. There were no additional changes to Valley's reportable segments at September 30, 2022. Consumer Lending is mainly comprised of residential mortgages and automobile loans, and to a lesser extent, secured personal lines of credit, home equity loans and other consumer loans. The duration of the residential mortgage loan portfolio is subject to movements in the market level of interest rates and forecasted prepayment speeds. The average weighted life of the automobile loans within the portfolio is relatively unaffected by movements in the market level of interest rates. However, the average life may be impacted by new loans as a result of the availability of credit within the automobile marketplace and consumer demand for purchasing new or used automobiles. Consumer Lending also includes the Wealth Management and Insurance Services Division, comprised of trust, asset management, brokerage, insurance and tax credit advisory services. Commercial Lending 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 operating segment that is most sensitive to movements in market interest rates. Treasury and Corporate Other largely consists of the Treasury managed held to maturity debt securities and available for sale debt securities portfolios mainly utilized in the liquidity management needs of our lending segments and income and expense items resulting from support functions not directly attributable to a specific segment. Interest income is generated through investments in various types of securities (mainly comprised of fixed rate securities) and interest-bearing deposits with other banks (primarily the Federal Reserve Bank of New York). Expenses related to the branch network, all other components of retail banking, along with the back office departments of the Bank are allocated from Treasury and Corporate Other to the Consumer Lending and Commercial Lending segments. Interest expense and internal transfer expense (for general corporate expenses) are allocated to each operating segment utilizing a transfer pricing methodology, which involves the allocation of operating and funding costs based on each segment's respective mix of average 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 prior period balances presented in the tables below reflect reclassifications to conform the presentation in those periods to the current operating segment structure. Valley's consolidated results were not impacted by the changes discussed above and remain unchanged for all periods presented. The following tables represent the financial data for Valley’s operating segments for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, 2022 Consumer Commercial Treasury and Corporate Other Total ($ in thousands) Average interest earning assets $ 8,307,993 $ 36,033,901 $ 6,189,348 $ 50,531,242 Interest income $ 70,590 $ 425,930 $ 40,208 $ 536,728 Interest expense 12,288 53,294 17,154 82,736 Net interest income 58,302 372,636 23,054 453,992 Provision (credit) for credit losses 7,182 (5,347) 188 2,023 Net interest income after provision for credit losses 51,120 377,983 22,866 451,969 Non-interest income 19,637 23,510 13,047 56,194 Non-interest expense 24,352 31,759 205,528 261,639 Internal transfer expense (income) 26,268 113,932 (140,200) — Income before income taxes $ 20,137 $ 255,802 $ (29,415) $ 246,524 Return on average interest earning assets (pre-tax) 0.97 % 2.84 % (1.90) % 1.95 % Three Months Ended September 30, 2021 Consumer Commercial Treasury and Corporate Other Total ($ in thousands) Average interest earning assets $ 7,373,897 $ 25,324,485 $ 5,634,492 $ 38,332,874 Interest income $ 58,887 $ 250,866 $ 19,048 $ 328,801 Interest expense 4,032 13,795 9,948 27,775 Net interest income 54,855 237,071 9,100 301,026 (Credit) provision for credit losses (4,614) 8,110 35 3,531 Net interest income after provision for credit losses 59,469 228,961 9,065 297,495 Non-interest income 11,845 11,611 18,975 42,431 Non-interest expense 13,520 27,504 133,898 174,922 Internal transfer expense (income) 20,662 71,141 (91,803) — Income (loss) before income taxes $ 37,132 $ 141,927 $ (14,055) $ 165,004 Return on average interest earning assets (pre-tax) 2.01 % 2.24 % (1.00) % 1.72 % Nine Months Ended September 30, 2022 Consumer Commercial Treasury and Corporate Other Total ($ in thousands) Average interest earning assets $ 7,978,732 $ 32,551,062 $ 6,075,623 $ 46,605,417 Interest income $ 193,186 $ 1,036,276 $ 100,671 $ 1,330,133 Interest expense 20,218 84,356 35,738 140,312 Net interest income 172,968 951,920 64,933 1,189,821 Provision for credit losses 14,457 34,590 531 49,578 Net interest income after provision for credit losses 158,511 917,330 64,402 1,140,243 Non-interest income 50,540 54,815 48,642 153,997 Non-interest expense 59,711 81,292 617,706 758,709 Internal transfer expense (income) 92,544 371,213 (463,757) — Income before income taxes $ 56,796 $ 519,640 $ (40,905) $ 535,531 Return on average interest earning assets (pre-tax) 0.95 % 2.13 % (0.90) % 1.53 % Nine Months Ended September 30, 2021 Consumer Commercial Treasury and Corporate Other Total ($ in thousands) Average interest earning assets $ 7,176,086 $ 25,465,276 $ 5,261,185 $ 37,902,547 Interest income $ 179,151 $ 759,097 $ 55,999 $ 994,247 Interest expense 15,639 55,497 28,511 99,647 Net interest income 163,512 703,600 27,488 894,600 (Credit) provision for credit losses (6,538) 27,825 (353) 20,934 Net interest income after provision for credit losses 170,050 675,775 27,841 873,666 Non-interest income 47,445 29,144 40,201 116,790 Non-interest expense 53,161 80,276 373,591 507,028 Internal transfer expense (income) 60,026 212,931 (272,957) — Income (loss) before income taxes $ 104,308 $ 411,712 $ (32,592) $ 483,428 Return on average interest earning assets (pre-tax) 1.94 % 2.16 % (0.83) % 1.70 %

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements of Valley National Bancorp, a New Jersey corporation (Valley), include the accounts of its commercial bank subsidiary, Valley National Bank (the Bank), and all other entities in which Valley has a controlling financial interest. All inter-company transactions and balances have been eliminated. The accounting and reporting policies of Valley conform to U.S. generally accepted accounting principles (U.S. GAAP) and general practices within the financial services industry. In accordance with applicable accounting standards, Valley does not consolidate statutory trusts established for the sole purpose of issuing trust preferred securities and related trust common securities. Certain prior period amounts have been reclassified to conform to the current presentation, including changes to our segment reporting structure, as further discussed in Note 9 and Note 15. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly Valley’s financial position, results of operations, changes in shareholders' equity and cash flows at September 30, 2022 and for all periods presented have been made. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the entire fiscal year or any subsequent interim period.
Significant Estimates	Significant Estimates. In preparing the unaudited consolidated financial statements in conformity with U.S. GAAP, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and results of operations for the periods indicated. Material estimates that require application of management’s most difficult, subjective or complex judgment and are particularly susceptible to change include: the allowance for credit losses, the evaluation of goodwill and other intangible assets for impairment, and income taxes. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual amounts or results could differ significantly from those estimates. The current economic environment has increased the degree of uncertainty inherent in these material estimates. Actual results may differ from those estimates. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date
New Accounting Guidance Adopted and Not Accounting Guidance Issued	New Accounting Guidance Adopted in 2022 Accounting Standards Update (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" updates guidance in 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. Valley adopted ASU No. 2021-05 on January 1, 2022, and the new guidance did not have a significant impact on Valley’s consolidated financial statements. New Accounting Guidance Issued in 2022 ASU No. 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging –Portfolio Layer Method” expands and clarifies the current guidance on accounting for fair value hedge basis adjustments under the portfolio layer method for both single-layer and multiple-layer hedges. This method allows entities to designate multiple hedging relationships with a single closed portfolio, and therefore a larger portion of the interest rate risk associated with such a portfolio is eligible to be hedged. ASU No. 2022-01 also clarifies that no assets may be added to a closed portfolio once it is designated in a portfolio layer method hedge. ASU No. 2022-01 will be effective for Valley on January 1, 2023. Valley is currently evaluating the impact of ASU No. 2022-01 but it is not expected to have a significant impact on Valley's consolidated financial statements. ASU No. 2022-02, “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” eliminates the troubled debt restructuring (TDR) accounting model for creditors, such as Valley, that have adopted Topic 326, “Financial Instruments – Credit Losses.” ASU No. 2022-02 will require all loan modifications to be accounted for under the general loan modification guidance in Subtopic 310-20. On a prospective basis, entities will also be subject to new disclosure requirements covering modifications of receivables to borrowers experiencing financial difficulty. Public business entities within the scope of the Topic 326 vintage disclosure requirements also will be required to prospectively disclose current-period gross write-off information by vintage. However, gross recoveries will not be required. ASU No. 2022-02 will be effective for Valley on January 1, 2023, with early adoption permitted. Valley is currently evaluating the impact of ASU No. 2022-02 on its consolidated financial statements. ASU No. 2022-03, "Fair Value Measurement of Equity Securities subject to Contractual Sale Restrictions” updates guidance in ASC 820, Fair Value Measurement and clarifies that a contractual sale restriction should not be considered in measuring fair value. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities including (i) the nature and remaining duration of the restriction; (ii) the circumstances that could cause a lapse in restrictions; and (iii) the fair value of the securities with contractual sale restrictions. ASU No. 2022-03 will be effective for Valley on January 1, 2024, and it can be applied prospectively, with any adjustments resulting from adoption recognized in earnings on the date of adoption. The adoption of ASU No. 2022-03 is not expected to have a significant impact on Valley's consolidated financial statements.
Allowance for Credit Losses for Held to Maturity Debt Securities	Allowance for Credit Losses for Held to Maturity Debt SecuritiesValley has a zero-loss expectation for certain securities within the held to maturity portfolio, and therefore it is not required to estimate an allowance for credit losses related to these securities under the CECL standard. After an evaluation of qualitative factors, Valley identified the following securities types which it believes qualify for this exclusion: U.S. Treasury securities, U.S. government agency securities, residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, and collateralized municipal bonds called TEMS.

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2022
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 Bank Leumi USA acquisition, at their estimated fair values as of the closing date of the transaction: April 1, 2022 (in thousands) Assets acquired: Cash and cash equivalents $ 443,588 Equity securities 6,239 Available for sale debt securities 505,928 Held to maturity debt securities 806,627 Loans 5,914,389 Allowance for loan losses (70,319) Loans, net 5,844,070 Premises and equipment 38,827 Lease right of use assets 49,273 Bank owned life insurance 126,861 Accrued interest receivable 25,717 Goodwill 403,151 Other intangible assets 153,380 Other assets 158,352 Total assets acquired $ 8,562,013 Liabilities assumed: Deposits: Non-interest bearing $ 4,511,537 Interest bearing: Savings, NOW and money market 2,224,834 Time 293,626 Total deposits 7,029,997 Short-term borrowings 103,794 Lease liabilities 79,683 Accrued expense and other liabilities 117,269 Total liabilities assumed $ 7,330,743 Common stock issued in acquisition 1,117,829 Cash paid in acquisition 113,441
Reconciliation Purchase Price and Par Value of PCD	The following table provides a reconciliation of the unpaid principal balance and fair value of loans identified as PCD acquired from Bank Leumi USA: April 1, 2022 ($ in thousands) Unpaid Principal Balance of PCD loans $ 1,922,272 Allowance for credit losses at acquisition * (70,319) Non-credit discount at acquisition (18,814) Fair value of acquired PCD loans $ 1,833,139
Business Acquisition, Pro Forma Information	The following table summarizes supplemental pro forma financial information giving effect to the merger as if it had been completed on January 1, 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Net interest income $ 453,992 $ 371,178 $ 1,261,442 $ 1,099,597 Non-interest income 56,194 58,931 175,488 164,458 Net income 178,119 139,666 478,891 351,489

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table shows the calculation of both basic and diluted earnings per common share for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands, except for share data) Net income available to common shareholders $ 174,947 $ 119,408 $ 381,744 $ 349,286 Basic weighted average number of common shares outstanding 506,342,200 406,824,160 478,383,342 405,986,114 Plus: Common stock equivalents 2,348,797 2,413,841 2,242,015 2,523,653 Diluted weighted average number of common shares outstanding 508,690,997 409,238,001 480,625,357 408,509,767 Earnings per common share: Basic $ 0.35 $ 0.29 $ 0.80 $ 0.86 Diluted 0.34 0.29 0.79 0.86

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the three and nine months ended September 30, 2022: Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined (in thousands) Balance at June 30, 2022 $ (81,985) $ (831) $ (25,521) $ (108,337) Other comprehensive loss before reclassification (57,242) (85) — (57,327) Amounts reclassified from other comprehensive (loss) income (12) (13) 132 107 Other comprehensive (loss) income, net (57,254) (98) 132 (57,220) Balance at September 30, 2022 $ (139,239) $ (929) $ (25,389) $ (165,557) Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined (in thousands) Balance at December 31, 2021 $ 9,186 $ (1,332) $ (25,786) $ (17,932) Other comprehensive (loss) gain before reclassification (148,403) 110 — (148,293) Amounts reclassified from other comprehensive (loss) income (22) 293 397 668 Other comprehensive (loss) income, net (148,425) 403 397 (147,625) Balance at September 30, 2022 $ (139,239) $ (929) $ (25,389) $ (165,557)
Reclassification from Each Component of Accumulated Other Comprehensive Loss	The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three and nine months ended September 30, 2022 and 2021: Amounts Reclassified from Three Months Ended Nine Months Ended Components of Accumulated Other Comprehensive Loss 2022 2021 2022 2021 Income Statement Line Item (in thousands) Unrealized gains on AFS securities before tax $ 16 $ 825 $ 30 $ 663 Gains (losses) on securities transactions, net Tax effect (4) (212) (8) (170) Total net of tax 12 613 22 493 Unrealized gains (losses) on derivatives (cash flow hedges) before tax 21 (1,044) (405) (2,708) Interest expense Tax effect (8) 301 112 780 Total net of tax 13 (743) (293) (1,928) Defined benefit pension plan: Amortization of actuarial net loss (183) (388) (550) (1,163) * Tax effect 51 109 153 326 Total net of tax (132) (279) (397) (837) Total reclassifications, net of tax $ (107) $ (409) $ (668) $ (2,272) * Amortization of actuarial net loss is included in the computation of net periodic pension cost recognized within other non-interest expense.

Fair Value Measurement of Ass_2

Fair Value Measurement of Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis	The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at September 30, 2022 and December 31, 2021. The assets presented under “non-recurring fair value measurements” in the tables below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized). September 30, Fair Value Measurements at Reporting Date Using: Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 34,942 $ 23,917 $ — $ — Trading debt securities 4,100 2,915 1,185 — Available for sale debt securities: U.S. Treasury securities 277,902 277,902 — — U.S. government agency securities 26,821 — 26,821 — Obligations of states and political subdivisions 141,563 — 141,563 — Residential mortgage-backed securities 646,665 — 646,665 — Corporate and other debt securities 178,903 — 178,903 — Total available for sale debt securities 1,271,854 277,902 993,952 — Loans held for sale (2) 6,073 — 6,073 — Other assets (3) 594,116 — 594,116 — Total assets $ 1,911,085 $ 304,734 $ 1,595,326 $ — Liabilities Other liabilities (3) $ 625,656 $ — $ 625,656 $ — Total liabilities $ 625,656 $ — $ 625,656 $ — Non-recurring fair value measurements: Collateral dependent loans $ 73,108 $ — $ — $ 73,108 Foreclosed assets 1,122 — — 1,122 Total $ 74,230 $ — $ — $ 74,230 Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 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 (1) Includes equity securities measured at net asset value (NAV) per share (or its equivalent) as a practical expedient totaling $11.0 million and $11.6 million at September 30, 2022 and December 31, 2021, 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 $6.2 million and $136.3 million at September 30, 2022 and December 31, 2021, respectively. (3) Derivative financial instruments are included in this categor y.
Carrying Amounts and Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at September 30, 2022 and December 31, 2021 were as follows: Fair Value September 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 431,471 $ 431,471 $ 205,156 $ 205,156 Interest bearing deposits with banks Level 1 686,877 686,877 1,844,764 1,844,764 Equity securities (1) Level 3 8,376 8,376 3,629 3,629 Held to maturity debt securities: U.S. Treasury securities Level 1 67,075 66,030 67,558 71,661 U.S. government agency securities Level 2 259,869 214,314 6,265 6,378 Obligations of states and political subdivisions Level 2 471,189 430,134 337,962 344,164 Residential mortgage-backed securities Level 2 2,811,582 2,373,581 2,166,142 2,152,301 Trust preferred securities Level 2 37,038 31,417 37,020 31,916 Corporate and other debt securities Level 2 75,267 71,176 53,750 54,185 Total held to maturity debt securities (2) 3,722,020 3,186,652 2,668,697 2,660,605 Net loans Level 3 44,710,020 41,945,829 33,794,455 33,283,251 Accrued interest receivable Level 1 159,406 159,406 96,882 96,882 Federal Reserve Bank and Federal Home Loan Bank stock (3) Level 2 267,319 267,319 206,450 206,450 Financial liabilities Deposits without stated maturities Level 1 38,980,287 38,980,287 31,945,368 31,945,368 Deposits with stated maturities Level 2 6,328,556 6,194,389 3,687,044 3,670,113 Short-term borrowings Level 1 919,283 883,100 655,726 637,490 Long-term borrowings Level 2 1,541,097 1,424,946 1,423,676 1,404,184 Junior subordinated debentures issued to capital trusts Level 2 56,673 56,543 56,413 46,306 Accrued interest payable (4) Level 1 16,519 16,519 4,909 4,909 (1) Represents equity securities without a readily determinable fair value measured at cost less impairment, if any. (2) The carrying amount is presented gross without the allowance for credit losses. (3) Included in other assets. (4) Included in accrued expenses and other liabilities.

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Available for Sale	The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at September 30, 2022 and December 31, 2021 were as follows: Amortized Gross Gross Fair Value (in thousands) September 30, 2022 U.S. Treasury securities $ 306,748 $ — $ (28,846) $ 277,902 U.S. government agency securities 29,529 50 (2,758) 26,821 Obligations of states and political subdivisions: Obligations of states and state agencies 12,576 — (565) 12,011 Municipal bonds 173,574 — (44,022) 129,552 Total obligations of states and political subdivisions 186,150 — (44,587) 141,563 Residential mortgage-backed securities 744,547 66 (97,948) 646,665 Corporate and other debt securities 197,847 15 (18,959) 178,903 Total $ 1,464,821 $ 131 $ (193,098) $ 1,271,854 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
Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities	The age of unrealized losses and fair value of the related available for sale debt securities at September 30, 2022 and December 31, 2021 were as follows: Less than More than Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) September 30, 2022 U.S. Treasury securities $ 277,902 $ (28,846) $ — $ — $ 277,902 $ (28,846) U.S. government agency securities 22,614 (2,720) 1,142 (38) 23,756 (2,758) Obligations of states and political subdivisions: Obligations of states and state agencies 4,402 (56) 7,610 (509) 12,012 (565) Municipal bonds 119,722 (40,475) 9,305 (3,547) 129,027 (44,022) Total obligations of states and political subdivisions 124,124 (40,531) 16,915 (4,056) 141,039 (44,587) Residential mortgage-backed securities 376,683 (39,604) 266,591 (58,344) 643,274 (97,948) Corporate and other debt securities 160,743 (14,670) 15,145 (4,289) 175,888 (18,959) Total $ 962,066 $ (126,371) $ 299,793 $ (66,727) $ 1,261,859 $ (193,098) 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)
Contractual Maturities of Debt Securities Available for Sale	The contractual maturities of available for sale debt securities at September 30, 2022 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. September 30, 2022 Amortized Fair (in thousands) Due in one year $ 8,593 $ 8,553 Due after one year through five years 184,748 174,982 Due after five years through ten years 271,404 246,134 Due after ten years 255,529 195,520 Residential mortgage-backed securities 744,547 646,665 Total $ 1,464,821 $ 1,271,854
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 September 30, 2022 and December 31, 2021 were as follows: Amortized Gross Gross Fair Value (in thousands) September 30, 2022 U.S. Treasury securities $ 67,075 $ — $ (1,045) $ 66,030 U.S. government agency securities 259,869 — (45,555) 214,314 Obligations of states and political subdivisions: Obligations of states and state agencies 88,276 16 (5,127) 83,165 Municipal bonds 382,913 17 (35,961) 346,969 Total obligations of states and political subdivisions 471,189 33 (41,088) 430,134 Residential mortgage-backed securities 2,811,582 250 (438,251) 2,373,581 Trust preferred securities 37,038 1 (5,622) 31,417 Corporate and other debt securities 75,267 — (4,091) 71,176 Total $ 3,722,020 $ 284 $ (535,652) $ 3,186,652 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
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 September 30, 2022 and December 31, 2021 were as follows: Less than More than Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) September 30, 2022 U.S. Treasury securities $ 66,030 $ (1,045) $ — $ — $ 66,030 $ (1,045) U.S. government agency securities 213,129 (45,555) — — 213,129 (45,555) Obligations of states and political subdivisions: Obligations of states and state agencies 69,161 (3,397) 12,403 (1,730) 81,564 (5,127) Municipal bonds 284,323 (34,193) 7,674 (1,768) 291,997 (35,961) Total obligations of states and political subdivisions 353,484 (37,590) 20,077 (3,498) 373,561 (41,088) Residential mortgage-backed securities 1,354,304 (200,314) 1,007,883 (237,937) 2,362,187 (438,251) Trust preferred securities — — 30,416 (5,622) 30,416 (5,622) Corporate and other debt securities 57,181 (3,336) 7,245 (755) 64,426 (4,091) Total $ 2,044,128 $ (287,840) $ 1,065,621 $ (247,812) $ 3,109,749 $ (535,652) 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)
Contractual Maturities of Debt Securities Held to Maturity	The contractual maturities of investments in debt securities held to maturity at September 30, 2022 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. September 30, 2022 Amortized Fair (in thousands) Due in one year $ 31,783 $ 31,721 Due after one year through five years 195,679 191,824 Due after five years through ten years 86,011 79,844 Due after ten years 596,965 509,682 Residential mortgage-backed securities 2,811,582 2,373,581 Total $ 3,722,020 $ 3,186,652
Amortized Cost of Debt Securities Held to Maturity by External Credit Rating	The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at September 30, 2022 and December 31, 2021. AAA/AA/A Rated BBB rated Non-investment grade rated Non-rated Total (in thousands) September 30, 2022 U.S. Treasury securities $ 67,075 $ — $ — $ — $ 67,075 U.S. government agency securities 259,869 — — — 259,869 Obligations of states and political subdivisions: Obligations of states and state agencies 63,434 — 5,517 19,325 88,276 Municipal bonds 348,330 — — 34,583 382,913 Total obligations of states and political subdivisions 411,764 — 5,517 53,908 471,189 Residential mortgage-backed securities 2,811,582 — — — 2,811,582 Trust preferred securities — — — 37,038 37,038 Corporate and other debt securities 2,000 6,000 — 67,267 75,267 Total $ 3,552,290 $ 6,000 $ 5,517 $ 158,213 $ 3,722,020 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

Loans and Allowance for Credi_2

Loans and Allowance for Credit Losses for Loans (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Schedule of Loan Portfolio	The detail of the loan portfolio as of September 30, 2022 and December 31, 2021 was as follows: September 30, 2022 December 31, 2021 (in thousands) Loans: Commercial and industrial: Commercial and industrial $ 8,615,557 $ 5,411,601 Commercial and industrial PPP loans * 85,820 435,950 Total commercial and industrial loans 8,701,377 5,847,551 Commercial real estate: Commercial real estate 24,493,445 18,935,486 Construction 3,571,818 1,854,580 Total commercial real estate loans 28,065,263 20,790,066 Residential mortgage 5,177,128 4,545,064 Consumer: Home equity 467,135 400,779 Automobile 1,711,086 1,570,036 Other consumer 1,063,775 1,000,161 Total consumer loans 3,241,996 2,970,976 Total loans $ 45,185,764 $ 34,153,657 * Represents SBA Paycheck Protection Program (PPP) loans, net of unearned fees totaling $1.4 million and $12.1 million at September 30, 2022 and December 31, 2021, respectively.
Past Due, Non-Accrual and Current Loans by Loan Portfolio Class	The following table presents past due, current and non-accrual loans without an allowance for loan losses by loan portfolio class at September 30, 2022 and December 31, 2021: Past Due and Non-Accrual Loans 30-59 Days 60-89 Days 90 Days or More Non-Accrual Loans Total Past Due Loans Current Loans Total Loans Non-Accrual Loans Without Allowance for Loan Losses (in thousands) September 30, 2022 Commercial and industrial $ 19,526 $ 2,188 $ 15,072 $ 135,187 $ 171,973 $ 8,529,404 $ 8,701,377 $ 5,043 Commercial real estate: Commercial real estate 6,196 383 15,082 67,319 88,980 24,404,465 24,493,445 64,260 Construction — 12,969 — 61,098 74,067 3,497,751 3,571,818 14,941 Total commercial real estate loans 6,196 13,352 15,082 128,417 163,047 27,902,216 28,065,263 79,201 Residential mortgage 13,045 5,947 550 26,564 46,106 5,131,022 5,177,128 14,378 Consumer loans: Home equity 321 168 312 2,845 3,646 463,489 467,135 123 Automobile 4,999 702 109 286 6,096 1,704,990 1,711,086 — Other consumer 876 304 — 96 1,276 1,062,499 1,063,775 — Total consumer loans 6,196 1,174 421 3,227 11,018 3,230,978 3,241,996 123 Total $ 44,963 $ 22,661 $ 31,125 $ 293,395 $ 392,144 $ 44,793,620 $ 45,185,764 $ 98,745 Past Due and Non-Accrual Loans 30-59 60-89 90 Days or More Non-Accrual Loans Total Past Due Loans Current Loans Total Loans Non-Accrual Loans Without Allowance for 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
Risk Category of Loans	The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at September 30, 2022 and December 31, 2021: Term Loans Amortized Cost Basis by Origination Year September 30, 2022 2022 2021 2020 2019 2018 Prior to 2018 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Commercial and industrial Risk Rating: Pass $ 1,451,283 $ 1,193,937 $ 663,575 $ 352,556 $ 279,803 $ 395,216 $ 4,076,834 $ 159 $ 8,413,362 Special Mention 15,224 3,433 20,292 5,246 9,320 3,852 56,973 9 114,349 Substandard — 2,279 5,285 2,082 4,467 5,312 71,792 — 91,217 Doubtful — — — 2,701 2,636 77,112 — — 82,449 Total commercial and industrial $ 1,466,507 $ 1,199,649 $ 689,152 $ 362,585 $ 296,226 $ 481,492 $ 4,205,599 $ 168 $ 8,701,377 Commercial real estate Risk Rating: Pass $ 5,326,845 $ 5,193,267 $ 3,280,227 $ 2,733,365 $ 1,553,479 $ 5,161,982 $ 284,891 $ 3,599 $ 23,537,657 Special Mention 102,150 63,572 90,429 43,812 75,328 155,873 15,074 — 546,239 Substandard 17,641 31,910 37,797 40,394 63,254 210,011 8,372 — 409,379 Doubtful — — — — — 170 — — 170 Total commercial real estate $ 5,446,636 $ 5,288,749 $ 3,408,453 $ 2,817,571 $ 1,692,061 $ 5,528,036 $ 308,337 $ 3,599 $ 24,493,445 Construction Risk Rating: Pass $ 743,720 $ 607,441 $ 120,837 $ 30,246 $ 10,572 $ 17,069 $ 1,952,786 $ — $ 3,482,671 Special Mention 12,917 — — — — 13,084 — 26,001 Substandard — 11,376 — 982 17,599 20,183 — 50,140 Doubtful — 643 — — 12,364 — — 13,006 Total construction $ 756,637 $ 619,460 $ 120,837 $ 31,228 $ 10,572 $ 47,032 $ 1,986,053 $ — $ 3,571,818 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 September 30, 2022 2022 2021 2020 2019 2018 Prior to 2018 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Residential mortgage Performing $ 1,040,542 $ 1,508,300 $ 586,418 $ 505,502 $ 351,579 $ 1,113,157 $ 63,694 $ — $ 5,169,192 90 days or more past due — — 129 1,508 2,526 3,773 — — 7,936 Total residential mortgage $ 1,040,542 $ 1,508,300 $ 586,547 $ 507,010 $ 354,105 $ 1,116,930 $ 63,694 $ — $ 5,177,128 Consumer loans Home equity Performing $ 36,133 $ 12,728 $ 4,788 $ 5,279 $ 5,822 $ 15,602 $ 346,709 $ 39,105 $ 466,166 90 days or more past due — — — — — — 424 545 969 Total home equity 36,133 12,728 4,788 5,279 5,822 15,602 347,133 39,650 467,135 Automobile Performing 589,413 570,603 226,848 188,741 95,798 39,039 — — 1,710,442 90 days or more past due 75 111 78 167 132 81 — — 644 Total automobile 589,488 570,714 226,926 188,908 95,930 39,120 — — 1,711,086 Other consumer Performing 21,110 2,934 7,262 7,476 7,560 16,546 1,000,795 — 1,063,683 90 days or more past due — — — — — — 92 — 92 Total other consumer 21,110 2,934 7,262 7,476 7,560 16,546 1,000,887 — 1,063,775 Total consumer $ 646,731 $ 586,376 $ 238,976 $ 201,663 $ 109,312 $ 71,268 $ 1,348,020 $ 39,650 $ 3,241,996 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
Pre-Modification and Post-Modification Outstanding Recorded Investments and Non-PCI Loans that Subsequently Defaulted	The following tables present the pre- and post-modification amortized cost of loans by loan class modified as TDRs during the three and nine months ended September 30, 2022 and 2021. Post-modification amounts are presented as of September 30, 2022 and 2021. Three Months Ended September 30, 2022 2021 Troubled Debt Restructurings Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification ($ in thousands) Commercial and industrial 65 $ 54,586 $ 54,747 4 $ 2,446 $ 2,414 Commercial real estate: Commercial real estate 1 2,187 2,187 5 14,473 14,539 Construction 2 11,025 7,811 2 17,599 17,599 Total commercial real estate 3 13,212 9,998 7 32,072 32,138 Residential mortgage 1 44 44 4 356 350 Total 69 $ 67,842 $ 64,789 15 $ 34,874 $ 34,902 Nine Months Ended September 30, 2022 2021 Troubled Debt Restructurings Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification ($ in thousands) Commercial and industrial 79 $ 109,779 $ 105,495 16 $ 21,822 $ 19,060 Commercial real estate: Commercial real estate 4 16,259 15,660 11 26,710 26,730 Construction 2 11,025 7,811 2 17,599 17,599 Total commercial real estate 6 27,284 23,471 13 44,309 44,329 Residential mortgage 9 5,135 5,116 12 2,974 2,909 Consumer 1 125 123 1 170 163 Total 95 $ 142,323 $ 134,205 42 $ 69,275 $ 66,461 Loans modified as TDRs within the previous 12 months and for which there was a payment default (90 or more days past due) for the three and nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, 2022 2021 Troubled Debt Restructurings Subsequently Defaulted Number of Recorded Investment Number of Recorded ($ in thousands) Commercial and industrial 1 $ 42,771 — $ — Commercial real estate 2 5,207 1 419 Residential mortgage 1 1,071 1 129 Total 4 $ 49,049 2 $ 548 Nine Months Ended September 30, 2022 2021 Troubled Debt Restructurings Subsequently Defaulted Number of Recorded Investment Number of Recorded ($ in thousands) Commercial and industrial 1 $ 42,771 — $ — Commercial real estate 2 5,207 1 419 Residential mortgage 1 1,071 1 129 Total 4 $ 49,049 2 $ 548
Summary of Collateral Dependent Loans	The following table presents collateral dependent loans by class as of September 30, 2022 and December 31, 2021: September 30, December 31, (in thousands) Collateral dependent loans: Commercial and industrial * $ 129,776 $ 95,335 Commercial real estate: Commercial real estate 73,862 110,174 Construction 41,726 — Total commercial real estate loans 115,588 110,174 Residential mortgage 32,487 35,745 Home equity — 4 Total $ 277,851 $ 241,258
Summary of Allowance for Credit Losses	The following table summarizes the ACL for loans at September 30, 2022 and December 31, 2021: September 30, December 31, (in thousands) Components of allowance for credit losses for loans: Allowance for loan losses $ 475,744 $ 359,202 Allowance for unfunded credit commitments 22,664 16,500 Total allowance for credit losses for loans $ 498,408 $ 375,702
Summary of Provision for Credit Losses	The following table summarizes the provision for credit losses for loans for the periods indicated: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Components of provision for credit losses for loans: Provision for loan losses $ 1,315 $ 3,496 $ 42,883 $ 17,998 Provision for unfunded credit commitments 520 — 6,164 3,289 Total provision for credit losses for loans $ 1,835 $ 3,496 $ 49,047 $ 21,287
Summary of Activity in Allowance for Loan Losses	The following table details the activity in the allowance for loan losses by loan portfolio segment for the three and nine months ended September 30, 2022 and 2021: Commercial Commercial Residential Consumer Total (in thousands) Three Months Ended Allowance for loan losses: Beginning balance $ 144,539 $ 277,227 $ 29,889 $ 17,164 $ 468,819 Loans charged-off (5,033) (4,000) — (962) (9,995) Charged-off loans recovered 13,236 1,729 163 477 15,605 Net recoveries (charge-offs) 8,203 (2,271) 163 (485) 5,610 Provision (credit) for loan losses 1,309 (7,176) 6,105 1,077 1,315 Ending balance $ 154,051 $ 267,780 $ 36,157 $ 17,756 $ 475,744 Three Months Ended Allowance for loan losses: Beginning balance $ 109,689 $ 189,139 $ 25,303 $ 15,193 $ 339,324 Loans charged-off (1,248) — — (771) (2,019) Charged-off loans recovered 514 29 228 955 1,726 Net (charge-offs) recoveries (734) 29 228 184 (293) (Credit) provision for loan losses (5,078) 10,553 (799) (1,180) 3,496 Ending balance $ 103,877 $ 199,721 $ 24,732 $ 14,197 $ 342,527 Commercial Commercial Residential Consumer Total (in thousands) Nine Months Ended Allowance for loan losses: Beginning balance $ 103,090 $ 217,490 $ 25,120 $ 13,502 $ 359,202 Allowance for PCD loans * 33,452 36,618 206 43 70,319 Loans charged-off (11,144) (4,173) (27) (2,513) (17,857) Charged-off loans recovered 16,012 2,060 694 2,431 21,197 Net recoveries (charge-offs) 4,868 (2,113) 667 (82) 3,340 Provision for loan losses 12,641 15,785 10,164 4,293 42,883 Ending balance $ 154,051 $ 267,780 $ 36,157 $ 17,756 $ 475,744 Nine Months Ended Allowance for loan losses: Beginning balance $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 Loans charged-off (19,283) (382) (139) (3,389) (23,193) Charged-off loans recovered 2,781 763 576 3,359 7,479 Net (charge-offs) recoveries (16,502) 381 437 (30) (15,714) (Credit) provision for loan losses (10,691) 35,227 (4,578) (1,960) 17,998 Ending balance $ 103,877 $ 199,721 $ 24,732 $ 14,197 $ 342,527 * Represents the allowance for acquired PCD loans, net of PCD loan charge-offs totaling $62.4 million in the second quarter 2022 related to the Bank Leumi USA acquisition.
Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Allowance Measurement Methodology	The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology at September 30, 2022 and December 31, 2021. Commercial Commercial Residential Consumer Total (in thousands) September 30, 2022 Allowance for loan losses: Individually evaluated for credit losses $ 89,822 $ 8,544 $ 4,592 $ 100 $ 103,058 Collectively evaluated for credit losses 64,229 259,236 31,565 17,656 372,686 Total $ 154,051 $ 267,780 $ 36,157 $ 17,756 $ 475,744 Loans: Individually evaluated for credit losses $ 151,415 $ 149,775 $ 42,911 $ 1,507 $ 345,608 Collectively evaluated for credit losses 8,549,962 27,915,488 5,134,217 3,240,489 44,840,156 Total $ 8,701,377 $ 28,065,263 $ 5,177,128 $ 3,241,996 $ 45,185,764 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

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill as allocated to Valley's business segments, or reporting units thereof, for goodwill impairment analysis were: Business Segment / Reporting Unit * Wealth Consumer Commercial Total (in thousands) Balance at December 31, 2021 $ 38,851 $ 222,390 $ 1,197,767 $ 1,459,008 Goodwill from business combinations 10,984 62,875 338,638 412,497 Balance at September 30, 2022 $ 49,835 $ 285,265 $ 1,536,405 $ 1,871,505 * Valley’s Wealth Management Division is comprised of trust, asset management, brokerage, 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 table summarizes other intangible assets as of September 30, 2022 and December 31, 2021: Gross Accumulated Net (in thousands) September 30, 2022 Loan servicing rights $ 119,813 $ (94,956) $ 24,857 Core deposits 223,670 (84,511) 139,159 Other 51,299 (7,089) 44,210 Total other intangible assets $ 394,782 $ (186,556) $ 208,226 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
Estimated Future Amortization Expense	The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2022 through 2026: Loan Servicing Core Other (in thousands) 2022 $ 865 $ 7,975 $ 1,745 2023 3,195 28,746 6,522 2024 2,817 24,897 5,951 2025 2,471 21,048 5,380 2026 2,156 17,223 4,805

Borrowed Funds (Tables)

Borrowed Funds (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Short-Term Borrowings	Short-term borrowings at September 30, 2022 and December 31, 2021 consisted of the following: September 30, 2022 December 31, 2021 (in thousands) FHLB advances $ 785,767 $ 500,000 Securities sold under agreements to repurchase 133,516 155,726 Total short-term borrowings $ 919,283 $ 655,726
Schedule of Long-Term Borrowings	Long-term borrowings at September 30, 2022 and December 31, 2021 consisted of the following: September 30, 2022 December 31, 2021 (in thousands) FHLB advances, net (1) $ 788,574 $ 789,033 Subordinated debt, net (2) 752,523 634,643 Total long-term borrowings $ 1,541,097 $ 1,423,676 (1) FHLB advances are presented net of unamortized premiums totaling $574 thousand and $1.0 million at September 30, 2022 and December 31, 2021, respectively. (2) Subordinated debt is presented net of unamortized debt issuance costs totaling $7.3 million and $5.8 million at September 30, 2022 and December 31, 2021, respectively.
Schedule of FHLB Repayment	The long-term FHLB advances at September 30, 2022 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

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Consolidated Statements of Financial Condition Related to Fair Value of Derivative Financial Instruments	Amounts included in the consolidated statements of financial condition related to the fair value of Valley’s derivative financial instruments were as follows: September 30, 2022 December 31, 2021 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 Fair value hedge interest rate swaps — 32,566 300,000 — 3,335 300,000 Total derivatives designated as hedging instruments $ — $ 32,566 $ 300,000 $ — $ 3,645 $ 1,000,000 Derivatives not designated as hedging instruments: Interest rate swaps and other contracts * $ 576,213 $ 575,917 $ 13,347,157 $ 180,701 $ 47,044 $ 10,179,294 Foreign currency derivatives 17,873 17,142 1,205,558 311 233 122,166 Mortgage banking derivatives 30 31 1,875 488 1,454 312,428 Total derivatives not designated as hedging instruments $ 594,116 $ 593,090 $ 14,554,590 $ 181,500 $ 48,731 $ 10,613,888 * I ncludes risk participation agreements.
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows	Gains (losses) included in the consolidated statements of income and other comprehensive loss, on a pre-tax basis, elated to interest rate derivatives designated as hedges of cash flows were as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest expense $ 21 $ (1,044) $ (405) $ (2,708) Amount of (loss) gain recognized in other comprehensive loss (6) (144) 435 (125)
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Fair Value	Gains (losses) included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Derivative - interest rate swap: Interest expense $ (989) $ (396) $ (383) $ (316) Hedged item - subordinated debt Interest expense $ 325 $ 405 $ 802 $ 322
Interest Rate Derivatives Designated as Hedges	The following table presents the hedged item related to interest rate derivatives designated as fair value hedges and the cumulative basis fair value adjustment included in the net carrying amount of the hedged item at September 30, 2022. 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 $ 267,640 $ (32,360)
Net (Gains) Losses Related to Derivative Instruments Not Designated as Hedging Instruments	The net losses (gains) included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Non-designated hedge interest rate swaps and credit derivatives Other non-interest expense $ 463 $ 216 $ (1,191) $ (209)

Balance Sheet Offsetting (Table

Balance Sheet Offsetting (Tables)	9 Months Ended
	Sep. 30, 2022
Offsetting [Abstract]
Offsetting Assets	The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of September 30, 2022 and December 31, 2021. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Net (in thousands) September 30, 2022 Assets Interest rate swaps $ 576,213 $ — $ 576,213 $ (914) $ (374,030) $ 201,269 Liabilities Interest rate swaps $ 608,483 $ — $ 608,483 $ (914) $ (454) $ 607,115 December 31, 2021 Assets Interest rate swaps $ 180,701 $ — $ 180,701 $ — $ — $ 180,701 Liabilities Interest rate swaps $ 50,689 $ — $ 50,689 $ — $ (44,231) $ 6,458 * Cash collateral received from or pledged to our counterparties in relation to market value exposures of OTC derivative contacts in a liability position.
Offsetting Liabilities	The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of September 30, 2022 and December 31, 2021. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Net (in thousands) September 30, 2022 Assets Interest rate swaps $ 576,213 $ — $ 576,213 $ (914) $ (374,030) $ 201,269 Liabilities Interest rate swaps $ 608,483 $ — $ 608,483 $ (914) $ (454) $ 607,115 December 31, 2021 Assets Interest rate swaps $ 180,701 $ — $ 180,701 $ — $ — $ 180,701 Liabilities Interest rate swaps $ 50,689 $ — $ 50,689 $ — $ (44,231) $ 6,458 * Cash collateral received from or pledged to our counterparties in relation to market value exposures of OTC derivative contacts in a liability position.

Tax Credit Investments (Tables)

Tax Credit Investments (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021: September 30, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 25,139 $ 15,343 Other tax credit investments, net 52,749 57,006 Total tax credit investments, net $ 77,888 $ 72,349 Other Liabilities: Unfunded affordable housing tax credit commitments $ 1,360 $ 1,360 Total unfunded tax credit commitments $ 1,360 $ 1,360
Affordable Housing Tax Credit Investments and Other Tax Credit Investments	The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 1,184 $ 948 $ 3,542 $ 2,744 Other tax credit investment credits and tax benefits 2,557 2,702 7,647 8,130 Total reduction in income tax expense $ 3,741 $ 3,650 $ 11,189 $ 10,874 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 598 $ 681 $ 1,666 $ 1,684 Affordable housing tax credit investment impairment losses 266 387 891 1,159 Other tax credit investment losses 308 256 1,003 780 Other tax credit investment impairment losses 1,933 1,755 5,634 5,172 Total amortization of tax credit investments recorded in non-interest expense $ 3,105 $ 3,079 $ 9,194 $ 8,795

Operating Segments (Tables)

Operating Segments (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Financial Data for Business Segments	The following tables represent the financial data for Valley’s operating segments for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, 2022 Consumer Commercial Treasury and Corporate Other Total ($ in thousands) Average interest earning assets $ 8,307,993 $ 36,033,901 $ 6,189,348 $ 50,531,242 Interest income $ 70,590 $ 425,930 $ 40,208 $ 536,728 Interest expense 12,288 53,294 17,154 82,736 Net interest income 58,302 372,636 23,054 453,992 Provision (credit) for credit losses 7,182 (5,347) 188 2,023 Net interest income after provision for credit losses 51,120 377,983 22,866 451,969 Non-interest income 19,637 23,510 13,047 56,194 Non-interest expense 24,352 31,759 205,528 261,639 Internal transfer expense (income) 26,268 113,932 (140,200) — Income before income taxes $ 20,137 $ 255,802 $ (29,415) $ 246,524 Return on average interest earning assets (pre-tax) 0.97 % 2.84 % (1.90) % 1.95 % Three Months Ended September 30, 2021 Consumer Commercial Treasury and Corporate Other Total ($ in thousands) Average interest earning assets $ 7,373,897 $ 25,324,485 $ 5,634,492 $ 38,332,874 Interest income $ 58,887 $ 250,866 $ 19,048 $ 328,801 Interest expense 4,032 13,795 9,948 27,775 Net interest income 54,855 237,071 9,100 301,026 (Credit) provision for credit losses (4,614) 8,110 35 3,531 Net interest income after provision for credit losses 59,469 228,961 9,065 297,495 Non-interest income 11,845 11,611 18,975 42,431 Non-interest expense 13,520 27,504 133,898 174,922 Internal transfer expense (income) 20,662 71,141 (91,803) — Income (loss) before income taxes $ 37,132 $ 141,927 $ (14,055) $ 165,004 Return on average interest earning assets (pre-tax) 2.01 % 2.24 % (1.00) % 1.72 % Nine Months Ended September 30, 2022 Consumer Commercial Treasury and Corporate Other Total ($ in thousands) Average interest earning assets $ 7,978,732 $ 32,551,062 $ 6,075,623 $ 46,605,417 Interest income $ 193,186 $ 1,036,276 $ 100,671 $ 1,330,133 Interest expense 20,218 84,356 35,738 140,312 Net interest income 172,968 951,920 64,933 1,189,821 Provision for credit losses 14,457 34,590 531 49,578 Net interest income after provision for credit losses 158,511 917,330 64,402 1,140,243 Non-interest income 50,540 54,815 48,642 153,997 Non-interest expense 59,711 81,292 617,706 758,709 Internal transfer expense (income) 92,544 371,213 (463,757) — Income before income taxes $ 56,796 $ 519,640 $ (40,905) $ 535,531 Return on average interest earning assets (pre-tax) 0.95 % 2.13 % (0.90) % 1.53 % Nine Months Ended September 30, 2021 Consumer Commercial Treasury and Corporate Other Total ($ in thousands) Average interest earning assets $ 7,176,086 $ 25,465,276 $ 5,261,185 $ 37,902,547 Interest income $ 179,151 $ 759,097 $ 55,999 $ 994,247 Interest expense 15,639 55,497 28,511 99,647 Net interest income 163,512 703,600 27,488 894,600 (Credit) provision for credit losses (6,538) 27,825 (353) 20,934 Net interest income after provision for credit losses 170,050 675,775 27,841 873,666 Non-interest income 47,445 29,144 40,201 116,790 Non-interest expense 53,161 80,276 373,591 507,028 Internal transfer expense (income) 60,026 212,931 (272,957) — Income (loss) before income taxes $ 104,308 $ 411,712 $ (32,592) $ 483,428 Return on average interest earning assets (pre-tax) 1.94 % 2.16 % (0.83) % 1.70 %

Business Combinations - Narrati

Business Combinations - Narrative (Details) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
	Apr. 01, 2022 USD ($) $ / shares shares	Feb. 01, 2022 USD ($)	Dec. 01, 2021 USD ($) Branch shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Non-credit discount at acquisition	$ 18,814
Goodwill				$ 1,871,505		$ 1,871,505		$ 1,459,008
Assets				55,927,501		55,927,501		43,446,443
Loans				44,710,020		44,710,020		33,794,455
Deposits				45,308,843		45,308,843		$ 35,632,412
Goodwill increase						5,000
Merger expenses				4,700	$ 1,300	63,800	$ 1,300
Other
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life	10 years
Finite-lived intangible assets, remaining amortization period	14 years
Westchester Bank Holding Corporation
Business Acquisition [Line Items]
Assets			$ 1,400,000
Loans			915,000
Deposits			$ 1,200,000
Number of branches | Branch			7
Landmark Insurance of the Palm Beaches
Business Acquisition [Line Items]
Cash paid in acquisition		$ 8,600
Contingent consideration		1,000
Goodwill		4,400
Other intangible assets		$ 6,200		$ 6,200		$ 6,200
Westchester Bank Holding Corporation
Business Acquisition [Line Items]
Number of shares issued for every share owned (in shares) | shares			229.645
Shares issued in connection with acquisition (in shares) | shares			15,700,000
Consideration transferred			$ 211,100
Bank Leumi Le-Israel Corporation
Business Acquisition [Line Items]
Number of shares issued for every share owned (in shares) | shares	3.8025
Cash paid for every share owned (in dollars per share) | $ / shares	$ 5.08
Shares issued in connection with acquisition (in shares) | shares	85,000,000
Cash paid in acquisition	$ 113,400
Consideration transferred	$ 1,200,000
Percentage of common stock transferred	14%

Business Combination - Assets A

Business Combination - Assets Acquired and Liabilities Assumed in Acquisition (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Sep. 30, 2022	Dec. 31, 2021
Assets acquired:
Goodwill		$ 1,871,505	$ 1,459,008
Bank Leumi USA
Assets acquired:
Cash and cash equivalents	$ 443,588
Equity securities	6,239
Available for sale debt securities	505,928
Held to maturity debt securities	806,627
Loans	5,914,389
Allowance for loan losses	(70,319)
Loans, net	5,844,070
Premises and equipment	38,827
Lease right of use assets	49,273
Bank owned life insurance	126,861
Accrued interest receivable	25,717
Goodwill	403,151
Other intangible assets	153,380
Other assets	158,352
Total assets acquired	8,562,013
Liabilities assumed:
Non-interest bearing	4,511,537
Savings, NOW and money market	2,224,834
Time	293,626
Total deposits	7,029,997
Short-term borrowings	103,794
Lease liabilities	79,683
Accrued expense and other liabilities	117,269
Total liabilities assumed	7,330,743
Common stock issued in acquisition	1,117,829
Cash paid in acquisition	$ 113,441

Business Combinations - Reconci

Business Combinations - Reconciliation Purchase Price and Par Value of PCD (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Apr. 01, 2022	Jun. 30, 2022	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Unpaid Principal Balance of PCD loans	$ 1,922,272
Allowance for credit losses at acquisition	(70,319)		$ (70,319)
Non-credit discount at acquisition	(18,814)
Fair value of acquired PCD loans	1,833,139
Charge-offs	$ 62,400	$ 62,400

Business Combinations - Busines

Business Combinations - Business Acquisition, Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Net interest income	$ 453,992	$ 371,178	$ 1,261,442	$ 1,099,597
Non-interest income	56,194	58,931	175,488	164,458
Net income	$ 178,119	$ 139,666	$ 478,891	$ 351,489

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share Reconciliation
Net income available to common shareholders	$ 174,947	$ 119,408	$ 381,744	$ 349,286
Basic weighted average number of common shares outstanding (in shares)	506,342,200	406,824,160	478,383,342	405,986,114
Plus: Common stock equivalents (in shares)	2,348,797	2,413,841	2,242,015	2,523,653
Diluted weighted average number of common shares outstanding (in shares)	508,690,997	409,238,001	480,625,357	408,509,767
Earnings Per Common Share:
Basic (usd per share)	$ 0.35	$ 0.29	$ 0.80	$ 0.86
Diluted (usd per share)	$ 0.34	$ 0.29	$ 0.79	$ 0.86

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ 6,204,913	$ 4,737,807	$ 5,084,066	$ 4,592,120
Other comprehensive (loss) gain before reclassification	(57,327)		(148,293)
Amounts reclassified from other comprehensive (loss) income	107		668
Other comprehensive (loss) income, net	(57,220)	(3,640)	(147,625)	(13,657)
Ending balance	6,273,829	4,822,498	6,273,829	4,822,498
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(108,337)	(17,735)	(17,932)	(7,718)
Ending balance	(165,557)	$ (21,375)	(165,557)	$ (21,375)
Unrealized Gains and Losses on Available for Sale (AFS) Securities
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(81,985)		9,186
Other comprehensive (loss) gain before reclassification	(57,242)		(148,403)
Amounts reclassified from other comprehensive (loss) income	(12)		(22)
Other comprehensive (loss) income, net	(57,254)		(148,425)
Ending balance	(139,239)		(139,239)
Unrealized Gains and Losses on Derivatives
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(831)		(1,332)
Other comprehensive (loss) gain before reclassification	(85)		110
Amounts reclassified from other comprehensive (loss) income	(13)		293
Other comprehensive (loss) income, net	(98)		403
Ending balance	(929)		(929)
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(25,521)		(25,786)
Other comprehensive (loss) gain before reclassification	0		0
Amounts reclassified from other comprehensive (loss) income	132		397
Other comprehensive (loss) income, net	132		397
Ending balance	$ (25,389)		$ (25,389)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassification from Each Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Reclassification Out Of Accumulated Other Comprehensive Loss
Gains (losses) on securities transactions, net	$ 323			$ 787			$ (1,058)	$ 1,263
Tax effect	(68,405)			(42,424)			(144,271)	(124,626)
Net income	178,119	$ 96,413	$ 116,728	122,580	$ 120,512	$ 115,710	391,260	358,802
Interest expense	(82,736)			(27,775)			(140,312)	(99,647)
Amortization of actuarial net loss	22,683			14,469			60,329	38,213
Amounts Reclassified from Accumulated Other Comprehensive Loss
Reclassification Out Of Accumulated Other Comprehensive Loss
Net income	(107)			(409)			(668)	(2,272)
Interest expense	21			(1,044)			(405)	(2,708)
Amounts Reclassified from Accumulated Other Comprehensive Loss | Unrealized gains on AFS securities before tax
Reclassification Out Of Accumulated Other Comprehensive Loss
Gains (losses) on securities transactions, net	16			825			30	663
Tax effect	(4)			(212)			(8)	(170)
Net income	12			613			22	493
Amounts Reclassified from Accumulated Other Comprehensive Loss | Unrealized gains (losses) on derivatives (cash flow hedges) before tax
Reclassification Out Of Accumulated Other Comprehensive Loss
Tax effect	(8)			301			112	780
Net income	13			(743)			(293)	(1,928)
Interest expense	21			(1,044)			(405)	(2,708)
Amounts Reclassified from Accumulated Other Comprehensive Loss | Defined benefit pension plan
Reclassification Out Of Accumulated Other Comprehensive Loss
Tax effect	51			109			153	326
Net income	(132)			(279)			(397)	(837)
Amortization of actuarial net loss	$ (183)			$ (388)			$ (550)	$ (1,163)

Fair Value Measurement of Ass_3

Fair Value Measurement of Assets and Liabilities - Recurring and Non-Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value | Recurring fair value measurements
Investment securities:
Equity securities	$ 34,942	$ 32,844
Trading debt securities	4,100	38,130
Available for sale debt securities:
Available for sale debt securities	1,271,854	1,128,809
Loans held for sale	6,073	139,516
Other assets	594,116	181,500
Total assets	1,911,085	1,520,799
Liabilities
Other liabilities	625,656	52,376
Total liabilities	625,656	52,376
Fair Value | Recurring fair value measurements | U.S. government agency securities
Available for sale debt securities:
Available for sale debt securities	26,821	20,925
Fair Value | Recurring fair value measurements | Obligations of states and political subdivisions
Available for sale debt securities:
Available for sale debt securities	141,563	79,890
Fair Value | Recurring fair value measurements | Residential mortgage-backed securities
Available for sale debt securities:
Available for sale debt securities	646,665	904,502
Fair Value | Recurring fair value measurements | Corporate and other debt securities
Available for sale debt securities:
Available for sale debt securities	178,903	123,492
Fair Value | Recurring fair value measurements | U.S. Treasury securities
Available for sale debt securities:
Available for sale debt securities	277,902
Fair Value | Non-recurring fair value measurements
Non-recurring fair value measurements:
Collateral dependent loans	73,108	47,871
Foreclosed assets	1,122	2,931
Total	74,230	50,802
Fair Value | Significant Unobservable Inputs (Level 3)
Investment securities:
Equity securities	8,376	3,629
Equity securities	43,318	36,473
Trading debt securities	4,100	38,130
Available for sale debt securities:
Available for sale debt securities	1,271,854	1,128,809
Non-recurring fair value measurements:
Unpaid principal balances of loans held for sale	6,200	136,300
U.S. government agency securities
Available for sale debt securities:
Available for sale debt securities	26,821	20,925
Obligations of states and political subdivisions
Available for sale debt securities:
Available for sale debt securities	141,563	79,890
Residential mortgage-backed securities
Available for sale debt securities:
Available for sale debt securities	646,665	904,502
Corporate and other debt securities
Available for sale debt securities:
Available for sale debt securities	178,903	123,492
U.S. Treasury securities
Available for sale debt securities:
Available for sale debt securities	277,902
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements
Investment securities:
Equity securities	23,917	21,284
Trading debt securities	2,915	0
Available for sale debt securities:
Available for sale debt securities	277,902	0
Loans held for sale	0	0
Other assets	0	0
Total assets	304,734	21,284
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. 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) | Recurring fair value measurements | U.S. Treasury securities
Available for sale debt securities:
Available for sale debt securities	277,902
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
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	1,185	38,130
Available for sale debt securities:
Available for sale debt securities	993,952	1,128,809
Loans held for sale	6,073	139,516
Other assets	594,116	181,500
Total assets	1,595,326	1,487,955
Liabilities
Other liabilities	625,656	52,376
Total liabilities	625,656	52,376
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	26,821	20,925
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	141,563	79,890
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Residential mortgage-backed securities
Available for sale debt securities:
Available for sale debt securities	646,665	904,502
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	178,903	123,492
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) | Non-recurring fair value measurements
Non-recurring fair value measurements:
Collateral dependent loans	0	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	0
Available for sale debt securities:
Available for sale debt securities	0	0
Loans held for sale	0	0
Other assets	0	0
Total assets	0	0
Liabilities
Other liabilities	0	0
Total liabilities	0	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	0
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) | Recurring fair value measurements | U.S. Treasury securities
Available for sale debt securities:
Available for sale debt securities	0
Significant Unobservable Inputs (Level 3) | Non-recurring fair value measurements
Non-recurring fair value measurements:
Collateral dependent loans	73,108	47,871
Foreclosed assets	1,122	2,931
Total	74,230	50,802
NAV
Investment securities:
Equity securities	$ 11,000	$ 11,600

Fair Value Measurement of Ass_4

Fair Value Measurement of Assets and Liabilities - Additional Information (Details) $ in Millions	Sep. 30, 2022 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateral dependent loans amortized cost	$ 171.3
Specific valuation allowance allocations	$ 98.2
Discount adjustment of the appraisals of foreclosed assets	0%
Fair Value | Non-recurring fair value measurements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Reported net carrying amount of collateral dependent loans	$ 73.1

Fair Value Measurement of Ass_5

Fair Value Measurement of Assets and Liabilities - Carrying Amounts and Estimated Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	$ 3,722,020	$ 2,668,697
Carrying Amount | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and due from banks	431,471	205,156
Interest bearing deposits with banks	686,877	1,844,764
Accrued interest receivable	159,406	96,882
Deposits without stated maturities	38,980,287	31,945,368
Short-term borrowings	919,283	655,726
Accrued interest payable	16,519	4,909
Carrying Amount | Level 1 | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	67,075	67,558
Carrying Amount | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Federal reserve bank and federal home loan bank stock	267,319	206,450
Deposits with stated maturities	6,328,556	3,687,044
Long-term borrowings	1,541,097	1,423,676
Junior subordinated debentures issued to capital trusts	56,673	56,413
Carrying Amount | Level 2 | U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	259,869	6,265
Carrying Amount | Level 2 | Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	471,189	337,962
Carrying Amount | Level 2 | Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	2,811,582	2,166,142
Carrying Amount | Level 2 | Trust preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	37,038	37,020
Carrying Amount | Level 2 | Corporate and other debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	75,267	53,750
Carrying Amount | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	8,376	3,629
Net loans	44,710,020	33,794,455
Interest bearing deposits with banks	686,877	1,844,764
Equity securities	43,318	36,473
Total held to maturity debt securities	3,186,652	2,660,605
Accrued interest receivable	159,406	96,882
Deposits with stated maturities	6,328,556	3,687,044
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	66,030	71,661
U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	214,314	6,378
Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	430,134	344,164
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	2,373,581	2,152,301
Trust preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	31,417	31,916
Corporate and other debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	71,176	54,185
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	3,186,652	2,660,605
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and due from banks	431,471	205,156
Interest bearing deposits with banks	686,877	1,844,764
Accrued interest receivable	159,406	96,882
Deposits without stated maturities	38,980,287	31,945,368
Short-term borrowings	883,100	637,490
Accrued interest payable	16,519	4,909
Fair Value | Level 1 | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	66,030	71,661
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Federal reserve bank and federal home loan bank stock	267,319	206,450
Deposits with stated maturities	6,194,389	3,670,113
Long-term borrowings	1,424,946	1,404,184
Junior subordinated debentures issued to capital trusts	56,543	46,306
Fair Value | Level 2 | U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	214,314	6,378
Fair Value | Level 2 | Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	430,134	344,164
Fair Value | Level 2 | Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	2,373,581	2,152,301
Fair Value | Level 2 | Trust preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	31,417	31,916
Fair Value | Level 2 | Corporate and other debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total held to maturity debt securities	71,176	54,185
Fair Value | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	8,376	3,629
Net loans	$ 41,945,829	$ 33,283,251

Investment Securities - Additio

Investment Securities - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) position	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) position	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) position
Investments, Debt and Equity Securities [Abstract]
Equity securities	$ 43,318,000		$ 43,318,000		$ 36,473,000
Trading debt securities	$ 4,100,000		4,100,000		$ 38,130,000
Debt securities, trading, realized loss			$ 1,200,000	$ 705,000
Number of security positions in the debt securities available for sale portfolio in an unrealized loss position | position	743		743		139
Fair value of debt securities available for sale pledged as collateral	$ 348,100,000		$ 348,100,000
Weighted-average remaining expected life of residential mortgage-backed securities available for sale, years			6 years 7 months 6 days
Impairment loss	0	$ 0	$ 0	0
Available for sale debt securities, allowance for credit losses	$ 0		$ 0		$ 0
Number of security positions in the securities held to maturity portfolio in an unrealized loss position | position	826		826		108
Fair value of investments held to maturity pledged as collateral	$ 619,500,000		$ 619,500,000
Weighted-average remaining expected life of residential mortgage-backed securities held to maturity, years			8 years 9 months 18 days
Allowance for credit losses, excluding accrued interest	1,696,000		$ 1,696,000		$ 1,165,000
Provision (credit) for credit losses for held to maturity securities	$ 188,000	$ 35,000	$ 531,000	$ (353,000)

Investment Securities - Amortiz

Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Available for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,464,821	$ 1,116,091
Gross Unrealized Gains	131	19,252
Gross Unrealized Losses	(193,098)	(6,534)
Fair Value	1,271,854	1,128,809
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	306,748
Gross Unrealized Gains	0
Gross Unrealized Losses	(28,846)
Fair Value	277,902
U.S. government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	29,529	20,323
Gross Unrealized Gains	50	608
Gross Unrealized Losses	(2,758)	(6)
Fair Value	26,821	20,925
Obligations of states and state agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,576	26,088
Gross Unrealized Gains	0	132
Gross Unrealized Losses	(565)	(93)
Fair Value	12,011	26,127
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	173,574	53,530
Gross Unrealized Gains	0	349
Gross Unrealized Losses	(44,022)	(116)
Fair Value	129,552	53,763
Obligations of states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	186,150	79,618
Gross Unrealized Gains	0	481
Gross Unrealized Losses	(44,587)	(209)
Fair Value	141,563	79,890
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	744,547	895,279
Gross Unrealized Gains	66	14,986
Gross Unrealized Losses	(97,948)	(5,763)
Fair Value	646,665	904,502
Corporate and other debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	197,847	120,871
Gross Unrealized Gains	15	3,177
Gross Unrealized Losses	(18,959)	(556)
Fair Value	$ 178,903	$ 123,492

Investment Securities - Age of

Investment Securities - Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value
Less than Twelve Months	$ 962,066	$ 459,944
More than Twelve Months	299,793	27,286
Total	1,261,859	487,230
Unrealized Losses
Less than Twelve Months	(126,371)	(5,535)
More than Twelve Months	(66,727)	(999)
Total	(193,098)	(6,534)
U.S. Treasury securities
Fair Value
Less than Twelve Months	277,902
More than Twelve Months	0
Total	277,902
Unrealized Losses
Less than Twelve Months	(28,846)
More than Twelve Months	0
Total	(28,846)
U.S. government agency securities
Fair Value
Less than Twelve Months	22,614	0
More than Twelve Months	1,142	1,326
Total	23,756	1,326
Unrealized Losses
Less than Twelve Months	(2,720)	0
More than Twelve Months	(38)	(6)
Total	(2,758)	(6)
Obligations of states and state agencies
Fair Value
Less than Twelve Months	4,402	10,549
More than Twelve Months	7,610	0
Total	12,012	10,549
Unrealized Losses
Less than Twelve Months	(56)	(93)
More than Twelve Months	(509)	0
Total	(565)	(93)
Municipal bonds
Fair Value
Less than Twelve Months	119,722	19,100
More than Twelve Months	9,305	0
Total	129,027	19,100
Unrealized Losses
Less than Twelve Months	(40,475)	(116)
More than Twelve Months	(3,547)	0
Total	(44,022)	(116)
Obligations of states and political subdivisions
Fair Value
Less than Twelve Months	124,124	29,649
More than Twelve Months	16,915	0
Total	141,039	29,649
Unrealized Losses
Less than Twelve Months	(40,531)	(209)
More than Twelve Months	(4,056)	0
Total	(44,587)	(209)
Residential mortgage-backed securities
Fair Value
Less than Twelve Months	376,683	371,256
More than Twelve Months	266,591	25,960
Total	643,274	397,216
Unrealized Losses
Less than Twelve Months	(39,604)	(4,770)
More than Twelve Months	(58,344)	(993)
Total	(97,948)	(5,763)
Corporate and other debt securities
Fair Value
Less than Twelve Months	160,743	59,039
More than Twelve Months	15,145	0
Total	175,888	59,039
Unrealized Losses
Less than Twelve Months	(14,670)	(556)
More than Twelve Months	(4,289)	0
Total	$ (18,959)	$ (556)

Investment Securities - Contrac

Investment Securities - Contractual Maturities of Debt Securities Available for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Amortized Cost
Due in one year	$ 8,593
Due after one year through five years	184,748
Due after five years through ten years	271,404
Due after ten years	255,529
Residential mortgage-backed securities	744,547
Amortized Cost	1,464,821	$ 1,116,091
Fair Value
Due in one year	8,553
Due after one year through five years	174,982
Due after five years through ten years	246,134
Due after ten years	195,520
Residential mortgage-backed securities	646,665
Total	$ 1,271,854	$ 1,128,809

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	Sep. 30, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 3,722,020	$ 2,668,697
Gross Unrealized Gains	284	25,980
Gross Unrealized Losses	(535,652)	(34,072)
Fair Value	3,186,652	2,660,605
U.S. Treasury securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	67,075	67,558
Gross Unrealized Gains	0	4,103
Gross Unrealized Losses	(1,045)	0
Fair Value	66,030	71,661
U.S. government agency securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	259,869	6,265
Gross Unrealized Gains	0	113
Gross Unrealized Losses	(45,555)	0
Fair Value	214,314	6,378
Obligations of states and state agencies
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	88,276	141,015
Gross Unrealized Gains	16	3,065
Gross Unrealized Losses	(5,127)	(312)
Fair Value	83,165	143,768
Municipal bonds
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	382,913	196,947
Gross Unrealized Gains	17	3,536
Gross Unrealized Losses	(35,961)	(87)
Fair Value	346,969	200,396
Obligations of states and political subdivisions
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	471,189	337,962
Gross Unrealized Gains	33	6,601
Gross Unrealized Losses	(41,088)	(399)
Fair Value	430,134	344,164
Residential mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	2,811,582	2,166,142
Gross Unrealized Gains	250	14,599
Gross Unrealized Losses	(438,251)	(28,440)
Fair Value	2,373,581	2,152,301
Trust preferred securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	37,038	37,020
Gross Unrealized Gains	1	5
Gross Unrealized Losses	(5,622)	(5,109)
Fair Value	31,417	31,916
Corporate and other debt securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	75,267	53,750
Gross Unrealized Gains	0	559
Gross Unrealized Losses	(4,091)	(124)
Fair Value	$ 71,176	$ 54,185

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	Sep. 30, 2022	Dec. 31, 2021
Fair Value
Less than Twelve Months	$ 2,044,128	$ 1,440,435
More than Twelve Months	1,065,621	242,949
Total	3,109,749	1,683,384
Unrealized Losses
Less than Twelve Months	(287,840)	(22,830)
More than Twelve Months	(247,812)	(11,242)
Total	(535,652)	(34,072)
U.S. Treasury securities
Fair Value
Less than Twelve Months	66,030
More than Twelve Months	0
Total	66,030
Unrealized Losses
Less than Twelve Months	(1,045)
More than Twelve Months	0
Total	(1,045)	0
U.S. government agency securities
Fair Value
Less than Twelve Months	213,129
More than Twelve Months	0
Total	213,129
Unrealized Losses
Less than Twelve Months	(45,555)
More than Twelve Months	0
Total	(45,555)	0
Obligations of states and state agencies
Fair Value
Less than Twelve Months	69,161	17,000
More than Twelve Months	12,403	5,517
Total	81,564	22,517
Unrealized Losses
Less than Twelve Months	(3,397)	(254)
More than Twelve Months	(1,730)	(58)
Total	(5,127)	(312)
Municipal bonds
Fair Value
Less than Twelve Months	284,323	9,403
More than Twelve Months	7,674	0
Total	291,997	9,403
Unrealized Losses
Less than Twelve Months	(34,193)	(87)
More than Twelve Months	(1,768)	0
Total	(35,961)	(87)
Obligations of states and political subdivisions
Fair Value
Less than Twelve Months	353,484	26,403
More than Twelve Months	20,077	5,517
Total	373,561	31,920
Unrealized Losses
Less than Twelve Months	(37,590)	(341)
More than Twelve Months	(3,498)	(58)
Total	(41,088)	(399)
Residential mortgage-backed securities
Fair Value
Less than Twelve Months	1,354,304	1,381,405
More than Twelve Months	1,007,883	206,520
Total	2,362,187	1,587,925
Unrealized Losses
Less than Twelve Months	(200,314)	(22,365)
More than Twelve Months	(237,937)	(6,075)
Total	(438,251)	(28,440)
Trust preferred securities
Fair Value
Less than Twelve Months	0	0
More than Twelve Months	30,416	30,912
Total	30,416	30,912
Unrealized Losses
Less than Twelve Months	0	0
More than Twelve Months	(5,622)	(5,109)
Total	(5,622)	(5,109)
Corporate and other debt securities
Fair Value
Less than Twelve Months	57,181	32,627
More than Twelve Months	7,245	0
Total	64,426	32,627
Unrealized Losses
Less than Twelve Months	(3,336)	(124)
More than Twelve Months	(755)	0
Total	$ (4,091)	$ (124)

Investment Securities - Contr_2

Investment Securities - Contractual Maturities of Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Amortized Cost
Due in one year	$ 31,783
Due after one year through five years	195,679
Due after five years through ten years	86,011
Due after ten years	596,965
Residential mortgage-backed securities	2,811,582
Amortized Cost	3,722,020	$ 2,668,697
Fair Value
Due in one year	31,721
Due after one year through five years	191,824
Due after five years through ten years	79,844
Due after ten years	509,682
Residential mortgage-backed securities	2,373,581
Total	$ 3,186,652	$ 2,660,605

Investment Securities - Amort_3

Investment Securities - Amortized Cost of Debt Securities Held to Maturity by External Credit Rating (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	$ 3,722,020	$ 2,668,697
U.S. Treasury securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	67,075	67,558
U.S. government agency securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	259,869	6,265
Obligations of states and state agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	88,276	141,015
Municipal bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	382,913	196,947
Obligations of states and political subdivisions
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	471,189	337,962
Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	2,811,582	2,166,142
Trust preferred securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	37,038	37,020
Corporate and other debt securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	75,267	53,750
AAA/AA/A Rated
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	3,552,290	2,509,187
AAA/AA/A Rated | U.S. Treasury securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	67,075	67,558
AAA/AA/A Rated | U.S. government agency securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	259,869	6,265
AAA/AA/A Rated | Obligations of states and state agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	63,434	118,368
AAA/AA/A Rated | Municipal bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	348,330	148,854
AAA/AA/A Rated | Obligations of states and political subdivisions
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	411,764	267,222
AAA/AA/A Rated | Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	2,811,582	2,166,142
AAA/AA/A Rated | Trust preferred securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
AAA/AA/A Rated | Corporate and other debt securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	2,000	2,000
BBB rated
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	6,000	6,000
BBB rated | U.S. Treasury securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | U.S. government agency securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Obligations of states and state agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Municipal bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Obligations of states and political subdivisions
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Trust preferred securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Corporate and other debt securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	6,000	6,000
Non-investment grade rated
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	5,517	5,576
Non-investment grade rated | U.S. Treasury securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | U.S. government agency securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | Obligations of states and state agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	5,517	5,576
Non-investment grade rated | Municipal bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | Obligations of states and political subdivisions
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	5,517	5,576
Non-investment grade rated | Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | Trust preferred securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | Corporate and other debt securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	158,213	147,934
Non-rated | U.S. Treasury securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated | U.S. government agency securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated | Obligations of states and state agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	19,325	17,071
Non-rated | Municipal bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	34,583	48,093
Non-rated | Obligations of states and political subdivisions
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	53,908	65,164
Non-rated | Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated | Trust preferred securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	37,038	37,020
Non-rated | Corporate and other debt securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	$ 67,267	$ 45,750

Loans and Allowance for Credi_3

Loans and Allowance for Credit Losses for Loans - Loan Portfolio (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 45,185,764	$ 34,153,657
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	8,701,377	5,847,551
Loans, deferred income, PPP	1,400	12,100
Commercial and industrial | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	8,615,557	5,411,601
Commercial and industrial | Commercial and industrial PPP loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	85,820	435,950
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	28,065,263	20,790,066
Commercial real estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	24,493,445	18,935,486
Commercial real estate | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3,571,818	1,854,580
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	5,177,128	4,545,064
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3,241,996	2,970,976
Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	467,135	400,779
Consumer | Automobile
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,711,086	1,570,036
Consumer | Other consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 1,063,775	$ 1,000,161

Loans and Allowance for Credi_4

Loans and Allowance for Credit Losses for Loans - Additional Information (Details) - USD ($)		3 Months Ended			9 Months Ended
	Apr. 01, 2022	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non covered loans net of unearned discount and deferred loan fees		$ 136,500,000			$ 136,500,000		$ 78,500,000
Payments to acquire loans held-for-investment					5,900,000,000
Non covered loans net of earned discount and deferred loan fees		98,600,000			98,600,000
Accrued interest		139,600,000			139,600,000		83,700,000
Sales of loans		0		$ 0	$ 0	$ 0
Number of consecutive months for performing restructured loans to be put on accrual status					6 months
TDRs not reported as non-accrual loans		69,700,000			$ 69,700,000		71,300,000
Non-performing TDRs		155,700,000			155,700,000		117,200,000
Specific reserves for loan losses		71,500,000		8,200,000	71,500,000	8,200,000
Loan charge-offs related to loans modified as TDRs		3,800,000		$ 206,000	5,400,000	$ 6,000,000
Other real estate owned		286,000			286,000		2,300,000
Allowance for purchase credit deteriorated (PCD) loans					122,700,000
Allowance for purchase credit deteriorated (PCD) loans	$ 70,319,000				70,319,000
Financing receivable, excluding accrued interest, not purchased with credit deterioration, credit loss, expense (reversal)			$ 41,000,000
Residential real estate properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other real estate owned		0			0		0
In formal foreclosure proceedings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential mortgage and consumer loans secured by residential real estate properties		$ 1,900,000			$ 1,900,000		$ 2,500,000

Loans and Allowance for Credi_5

Loans and Allowance for Credit Losses for Loans - Past Due, Non-Accrual and Current Loans by Loan Portfolio Class (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Loans	$ 45,185,764	$ 34,153,657
Non-Accrual Loans	293,395	240,216
Non-Accrual Loans Without Allowance for Loan Losses	98,745	100,190
Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	392,144	296,080
30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	44,963	40,889
60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	22,661	12,204
90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	31,125	2,771
Current Loans
Financing Receivable, Past Due [Line Items]
Loans	44,793,620	33,857,577
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Loans	8,701,377	5,847,551
Non-Accrual Loans	135,187	99,918
Non-Accrual Loans Without Allowance for Loan Losses	5,043	9,066
Commercial and industrial | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	171,973	115,778
Commercial and industrial | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	19,526	6,717
Commercial and industrial | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	2,188	7,870
Commercial and industrial | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	15,072	1,273
Commercial and industrial | Current Loans
Financing Receivable, Past Due [Line Items]
Loans	8,529,404	5,731,773
Commercial real estate
Financing Receivable, Past Due [Line Items]
Loans	28,065,263	20,790,066
Non-Accrual Loans	128,417	101,233
Non-Accrual Loans Without Allowance for Loan Losses	79,201	70,719
Commercial real estate | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	163,047	117,627
Commercial real estate | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	6,196	16,362
Commercial real estate | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	13,352	0
Commercial real estate | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	15,082	32
Commercial real estate | Current Loans
Financing Receivable, Past Due [Line Items]
Loans	27,902,216	20,672,439
Commercial real estate | Commercial real estate
Financing Receivable, Past Due [Line Items]
Loans	24,493,445	18,935,486
Non-Accrual Loans	67,319	83,592
Non-Accrual Loans Without Allowance for Loan Losses	64,260	70,719
Commercial real estate | Commercial real estate | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	88,980	98,045
Commercial real estate | Commercial real estate | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	6,196	14,421
Commercial real estate | Commercial real estate | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	383	0
Commercial real estate | Commercial real estate | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	15,082	32
Commercial real estate | Commercial real estate | Current Loans
Financing Receivable, Past Due [Line Items]
Loans	24,404,465	18,837,441
Commercial real estate | Construction
Financing Receivable, Past Due [Line Items]
Loans	3,571,818	1,854,580
Non-Accrual Loans	61,098	17,641
Non-Accrual Loans Without Allowance for Loan Losses	14,941	0
Commercial real estate | Construction | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	74,067	19,582
Commercial real estate | Construction | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	0	1,941
Commercial real estate | Construction | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	12,969	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	3,497,751	1,834,998
Residential mortgage
Financing Receivable, Past Due [Line Items]
Loans	5,177,128	4,545,064
Non-Accrual Loans	26,564	35,207
Non-Accrual Loans Without Allowance for Loan Losses	14,378	20,401
Residential mortgage | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	46,106	50,197
Residential mortgage | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	13,045	10,999
Residential mortgage | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	5,947	3,314
Residential mortgage | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	550	677
Residential mortgage | Current Loans
Financing Receivable, Past Due [Line Items]
Loans	5,131,022	4,494,867
Consumer
Financing Receivable, Past Due [Line Items]
Loans	3,241,996	2,970,976
Non-Accrual Loans	3,227	3,858
Non-Accrual Loans Without Allowance for Loan Losses	123	4
Consumer | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	11,018	12,478
Consumer | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	6,196	6,811
Consumer | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	1,174	1,020
Consumer | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	421	789
Consumer | Current Loans
Financing Receivable, Past Due [Line Items]
Loans	3,230,978	2,958,498
Consumer | Home equity
Financing Receivable, Past Due [Line Items]
Loans	467,135	400,779
Non-Accrual Loans	2,845	3,517
Non-Accrual Loans Without Allowance for Loan Losses	123	4
Consumer | Home equity | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	3,646	3,857
Consumer | Home equity | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	321	242
Consumer | Home equity | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	168	98
Consumer | Home equity | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	312	0
Consumer | Home equity | Current Loans
Financing Receivable, Past Due [Line Items]
Loans	463,489	396,922
Consumer | Automobile
Financing Receivable, Past Due [Line Items]
Loans	1,711,086	1,570,036
Non-Accrual Loans	286	240
Non-Accrual Loans Without Allowance for Loan Losses	0	0
Consumer | Automobile | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	6,096	7,558
Consumer | Automobile | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	4,999	6,391
Consumer | Automobile | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	702	656
Consumer | Automobile | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	109	271
Consumer | Automobile | Current Loans
Financing Receivable, Past Due [Line Items]
Loans	1,704,990	1,562,478
Consumer | Other consumer
Financing Receivable, Past Due [Line Items]
Loans	1,063,775	1,000,161
Non-Accrual Loans	96	101
Non-Accrual Loans Without Allowance for Loan Losses	0	0
Consumer | Other consumer | Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Loans	1,276	1,063
Consumer | Other consumer | 30-59  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	876	178
Consumer | Other consumer | 60-89  Days  Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	304	266
Consumer | Other consumer | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Loans	0	518
Consumer | Other consumer | Current Loans
Financing Receivable, Past Due [Line Items]
Loans	$ 1,062,499	$ 999,098

Loans and Allowance for Credi_6

Loans and Allowance for Credit Losses for Loans - Internal Loan Classification Risk by Loan Portfolio Class by Origination Year (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 45,185,764	$ 34,153,657
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	1,466,507	1,575,480
Year two, fiscal year before current fiscal year	1,199,649	749,183
Year three, two years before current fiscal year	689,152	470,111
Year four, three years before current fiscal year	362,585	383,968
Year five, four years before current fiscal year	296,226	162,744
More than five years before current fiscal year	481,492	415,369
Revolving Loans Amortized Cost Basis	4,205,599	2,090,300
Revolving Loans Converted to Term Loans	168	396
Total	8,701,377	5,847,551
Commercial and industrial | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	1,451,283	1,563,050
Year two, fiscal year before current fiscal year	1,193,937	743,165
Year three, two years before current fiscal year	663,575	461,022
Year four, three years before current fiscal year	352,556	362,748
Year five, four years before current fiscal year	279,803	143,753
More than five years before current fiscal year	395,216	337,713
Revolving Loans Amortized Cost Basis	4,076,834	1,968,513
Revolving Loans Converted to Term Loans	159	247
Total	8,413,362	5,580,211
Commercial and industrial | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	15,224	4,182
Year two, fiscal year before current fiscal year	3,433	1,195
Year three, two years before current fiscal year	20,292	3,217
Year four, three years before current fiscal year	5,246	14,143
Year five, four years before current fiscal year	9,320	1,726
More than five years before current fiscal year	3,852	9,869
Revolving Loans Amortized Cost Basis	56,973	102,145
Revolving Loans Converted to Term Loans	9	40
Total	114,349	136,517
Commercial and industrial | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	0	8,248
Year two, fiscal year before current fiscal year	2,279	4,823
Year three, two years before current fiscal year	5,285	3,139
Year four, three years before current fiscal year	2,082	7,077
Year five, four years before current fiscal year	4,467	910
More than five years before current fiscal year	5,312	408
Revolving Loans Amortized Cost Basis	71,792	19,642
Revolving Loans Converted to Term Loans	0	109
Total	91,217	44,356
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	0
Year three, two years before current fiscal year	0	2,733
Year four, three years before current fiscal year	2,701	0
Year five, four years before current fiscal year	2,636	16,355
More than five years before current fiscal year	77,112	67,379
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	82,449	86,467
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total	28,065,263	20,790,066
Commercial real estate | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	5,446,636	4,526,352
Year two, fiscal year before current fiscal year	5,288,749	3,067,814
Year three, two years before current fiscal year	3,408,453	2,778,520
Year four, three years before current fiscal year	2,817,571	1,820,340
Year five, four years before current fiscal year	1,692,061	1,611,334
More than five years before current fiscal year	5,528,036	4,869,778
Revolving Loans Amortized Cost Basis	308,337	247,968
Revolving Loans Converted to Term Loans	3,599	13,380
Total	24,493,445	18,935,486
Commercial real estate | Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	5,326,845	4,517,917
Year two, fiscal year before current fiscal year	5,193,267	2,983,140
Year three, two years before current fiscal year	3,280,227	2,702,580
Year four, three years before current fiscal year	2,733,365	1,734,922
Year five, four years before current fiscal year	1,553,479	1,474,770
More than five years before current fiscal year	5,161,982	4,557,011
Revolving Loans Amortized Cost Basis	284,891	195,851
Revolving Loans Converted to Term Loans	3,599	13,380
Total	23,537,657	18,179,571
Commercial real estate | Commercial real estate | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	102,150	7,700
Year two, fiscal year before current fiscal year	63,572	50,019
Year three, two years before current fiscal year	90,429	46,911
Year four, three years before current fiscal year	43,812	44,187
Year five, four years before current fiscal year	75,328	65,623
More than five years before current fiscal year	155,873	143,540
Revolving Loans Amortized Cost Basis	15,074	50,168
Revolving Loans Converted to Term Loans	0	0
Total	546,239	408,148
Commercial real estate | Commercial real estate | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	17,641	735
Year two, fiscal year before current fiscal year	31,910	34,655
Year three, two years before current fiscal year	37,797	29,029
Year four, three years before current fiscal year	40,394	41,231
Year five, four years before current fiscal year	63,254	70,941
More than five years before current fiscal year	210,011	169,041
Revolving Loans Amortized Cost Basis	8,372	1,949
Revolving Loans Converted to Term Loans	0	0
Total	409,379	347,581
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	170	186
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	170	186
Commercial real estate | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	756,637	278,427
Year two, fiscal year before current fiscal year	619,460	98,628
Year three, two years before current fiscal year	120,837	49,570
Year four, three years before current fiscal year	31,228	33,027
Year five, four years before current fiscal year	10,572	6,061
More than five years before current fiscal year	47,032	46,261
Revolving Loans Amortized Cost Basis	1,986,053	1,342,606
Revolving Loans Converted to Term Loans	0	0
Total	3,571,818	1,854,580
Commercial real estate | Construction | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	743,720	274,097
Year two, fiscal year before current fiscal year	607,441	98,609
Year three, two years before current fiscal year	120,837	48,555
Year four, three years before current fiscal year	30,246	32,781
Year five, four years before current fiscal year	10,572	6,061
More than five years before current fiscal year	17,069	28,419
Revolving Loans Amortized Cost Basis	1,952,786	1,313,555
Revolving Loans Converted to Term Loans	0	0
Total	3,482,671	1,802,077
Commercial real estate | Construction | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	12,917	4,131
Year two, fiscal year before current fiscal year	0	0
Year three, two years before current fiscal year	0	1,009
Year four, three years before current fiscal year	0	0
Year five, four years before current fiscal year		0
More than five years before current fiscal year	0	0
Revolving Loans Amortized Cost Basis	13,084	18,449
Revolving Loans Converted to Term Loans	0	0
Total	26,001	23,589
Commercial real estate | Construction | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	0	199
Year two, fiscal year before current fiscal year	11,376	19
Year three, two years before current fiscal year	0	6
Year four, three years before current fiscal year	982	246
Year five, four years before current fiscal year		0
More than five years before current fiscal year	17,599	17,842
Revolving Loans Amortized Cost Basis	20,183	10,602
Revolving Loans Converted to Term Loans	0	0
Total	50,140	$ 28,914
Commercial real estate | Construction | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	0
Year two, fiscal year before current fiscal year	643
Year three, two years before current fiscal year	0
Year four, three years before current fiscal year	0
Year five, four years before current fiscal year
More than five years before current fiscal year	12,364
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans	0
Total	$ 13,006

Loans and Allowance for Credi_7

Loans and Allowance for Credit Losses for Loans - Amortized Cost In Those Loan Classes Based on Payment Activity by Origination Year (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 45,185,764	$ 34,153,657
90 Days or More Past Due Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	31,125	2,771
Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	1,040,542	1,448,602
Year two, fiscal year before current fiscal year	1,508,300	635,888
Year three, two years before current fiscal year	586,547	575,538
Year four, three years before current fiscal year	507,010	427,208
Year five, four years before current fiscal year	354,105	370,958
More than five years before current fiscal year	1,116,930	1,016,528
Revolving Loans Amortized Cost Basis	63,694	70,342
Revolving Loans Converted to Term Loans	0	0
Total	5,177,128	4,545,064
Residential mortgage | 90 Days or More Past Due Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	550	677
Residential mortgage | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	1,040,542	1,448,602
Year two, fiscal year before current fiscal year	1,508,300	635,531
Year three, two years before current fiscal year	586,418	572,911
Year four, three years before current fiscal year	505,502	425,152
Year five, four years before current fiscal year	351,579	368,164
More than five years before current fiscal year	1,113,157	1,014,190
Revolving Loans Amortized Cost Basis	63,694	70,342
Revolving Loans Converted to Term Loans	0	0
Total	5,169,192	4,534,892
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	0	357
Year three, two years before current fiscal year	129	2,627
Year four, three years before current fiscal year	1,508	2,056
Year five, four years before current fiscal year	2,526	2,794
More than five years before current fiscal year	3,773	2,338
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	7,936	10,172
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	646,731	752,371
Year two, fiscal year before current fiscal year	586,376	322,296
Year three, two years before current fiscal year	238,976	292,368
Year four, three years before current fiscal year	201,663	172,014
Year five, four years before current fiscal year	109,312	79,202
More than five years before current fiscal year	71,268	43,367
Revolving Loans Amortized Cost Basis	1,348,020	1,265,942
Revolving Loans Converted to Term Loans	39,650	43,416
Total	3,241,996	2,970,976
Consumer | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	36,133	13,847
Year two, fiscal year before current fiscal year	12,728	5,723
Year three, two years before current fiscal year	4,788	6,994
Year four, three years before current fiscal year	5,279	7,384
Year five, four years before current fiscal year	5,822	5,359
More than five years before current fiscal year	15,602	13,632
Revolving Loans Amortized Cost Basis	347,133	304,424
Revolving Loans Converted to Term Loans	39,650	43,416
Total	467,135	400,779
Consumer | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	589,488	735,575
Year two, fiscal year before current fiscal year	570,714	309,856
Year three, two years before current fiscal year	226,926	278,906
Year four, three years before current fiscal year	188,908	157,613
Year five, four years before current fiscal year	95,930	72,834
More than five years before current fiscal year	39,120	15,252
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	1,711,086	1,570,036
Consumer | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	21,110	2,949
Year two, fiscal year before current fiscal year	2,934	6,717
Year three, two years before current fiscal year	7,262	6,468
Year four, three years before current fiscal year	7,476	7,017
Year five, four years before current fiscal year	7,560	1,009
More than five years before current fiscal year	16,546	14,483
Revolving Loans Amortized Cost Basis	1,000,887	961,518
Revolving Loans Converted to Term Loans	0	0
Total	1,063,775	1,000,161
Consumer | 90 Days or More Past Due Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	421	789
Consumer | 90 Days or More Past Due Loans | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Total	312	0
Consumer | 90 Days or More Past Due Loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Total	109	271
Consumer | 90 Days or More Past Due Loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	518
Consumer | Performing | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	36,133	13,847
Year two, fiscal year before current fiscal year	12,728	5,723
Year three, two years before current fiscal year	4,788	6,994
Year four, three years before current fiscal year	5,279	7,384
Year five, four years before current fiscal year	5,822	5,359
More than five years before current fiscal year	15,602	13,597
Revolving Loans Amortized Cost Basis	346,709	303,888
Revolving Loans Converted to Term Loans	39,105	42,822
Total	466,166	399,614
Consumer | Performing | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	589,413	735,446
Year two, fiscal year before current fiscal year	570,603	309,856
Year three, two years before current fiscal year	226,848	278,828
Year four, three years before current fiscal year	188,741	157,450
Year five, four years before current fiscal year	95,798	72,753
More than five years before current fiscal year	39,039	15,171
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	1,710,442	1,569,504
Consumer | Performing | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	21,110	2,949
Year two, fiscal year before current fiscal year	2,934	6,717
Year three, two years before current fiscal year	7,262	6,468
Year four, three years before current fiscal year	7,476	7,017
Year five, four years before current fiscal year	7,560	1,009
More than five years before current fiscal year	16,546	14,483
Revolving Loans Amortized Cost Basis	1,000,795	961,027
Revolving Loans Converted to Term Loans	0	0
Total	1,063,683	999,670
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	0
More than five years before current fiscal year	0	35
Revolving Loans Amortized Cost Basis	424	536
Revolving Loans Converted to Term Loans	545	594
Total	969	1,165
Consumer | Non-Performing Loans | 90 Days or More Past Due Loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Year one, current fiscal year	75	129
Year two, fiscal year before current fiscal year	111	0
Year three, two years before current fiscal year	78	78
Year four, three years before current fiscal year	167	163
Year five, four years before current fiscal year	132	81
More than five years before current fiscal year	81	81
Revolving Loans Amortized Cost Basis	0	0
Revolving Loans Converted to Term Loans	0	0
Total	644	532
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	0
Revolving Loans Amortized Cost Basis	92	491
Revolving Loans Converted to Term Loans	0	0
Total	$ 92	$ 491

Loans and Allowance for Credi_8

Loans and Allowance for Credit Losses for Loans - Pre-Modification and Post-Modification (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) contract	Sep. 30, 2021 USD ($) contract	Sep. 30, 2022 USD ($) contract	Sep. 30, 2021 USD ($) contract
Troubled Debt Restructurings
Number of contracts, troubled debt restructurings (in contract) | contract	69	15	95	42
Pre-Modification Outstanding Recorded Investment	$ 67,842	$ 34,874	$ 142,323	$ 69,275
Post-Modification Outstanding Recorded Investment	$ 64,789	$ 34,902	$ 134,205	$ 66,461
Days past due to place on non-accrual status			90 days	90 days
Number of Contracts | contract	4	2	4	2
Recorded Investment	$ 49,049	$ 548	$ 49,049	$ 548
Commercial and industrial
Troubled Debt Restructurings
Number of contracts, troubled debt restructurings (in contract) | contract	65	4	79	16
Pre-Modification Outstanding Recorded Investment	$ 54,586	$ 2,446	$ 109,779	$ 21,822
Post-Modification Outstanding Recorded Investment	$ 54,747	$ 2,414	$ 105,495	$ 19,060
Number of Contracts | contract	1	0	1	0
Recorded Investment	$ 42,771	$ 0	$ 42,771	$ 0
Commercial Real Estate
Troubled Debt Restructurings
Number of contracts, troubled debt restructurings (in contract) | contract	3	7	6	13
Pre-Modification Outstanding Recorded Investment	$ 13,212	$ 32,072	$ 27,284	$ 44,309
Post-Modification Outstanding Recorded Investment	$ 9,998	$ 32,138	$ 23,471	$ 44,329
Number of Contracts | contract	2	1	2	1
Recorded Investment	$ 5,207	$ 419	$ 5,207	$ 419
Commercial Real Estate | Commercial real estate
Troubled Debt Restructurings
Number of contracts, troubled debt restructurings (in contract) | contract	1	5	4	11
Pre-Modification Outstanding Recorded Investment	$ 2,187	$ 14,473	$ 16,259	$ 26,710
Post-Modification Outstanding Recorded Investment	$ 2,187	$ 14,539	$ 15,660	$ 26,730
Commercial Real Estate | Construction
Troubled Debt Restructurings
Number of contracts, troubled debt restructurings (in contract) | contract	2	2	2	2
Pre-Modification Outstanding Recorded Investment	$ 11,025	$ 17,599	$ 11,025	$ 17,599
Post-Modification Outstanding Recorded Investment	$ 7,811	$ 17,599	$ 7,811	$ 17,599
Residential mortgage
Troubled Debt Restructurings
Number of contracts, troubled debt restructurings (in contract) | contract	1	4	9	12
Pre-Modification Outstanding Recorded Investment	$ 44	$ 356	$ 5,135	$ 2,974
Post-Modification Outstanding Recorded Investment	$ 44	$ 350	$ 5,116	$ 2,909
Number of Contracts | contract	1	1	1	1
Recorded Investment	$ 1,071	$ 129	$ 1,071	$ 129
Consumer
Troubled Debt Restructurings
Number of contracts, troubled debt restructurings (in contract) | contract			1	1
Pre-Modification Outstanding Recorded Investment			$ 125	$ 170
Post-Modification Outstanding Recorded Investment			$ 123	$ 163

Loans and Allowance for Credi_9

Loans and Allowance for Credit Losses for Loans - Summary of Collateral Dependent Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 45,185,764	$ 34,153,657
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	8,701,377	5,847,551
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	28,065,263	20,790,066
Commercial real estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	24,493,445	18,935,486
Commercial real estate | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3,571,818	1,854,580
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	5,177,128	4,545,064
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3,241,996	2,970,976
Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	467,135	400,779
Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	277,851	241,258
Collateral Pledged | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	129,776	95,335
Collateral Pledged | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	115,588	110,174
Collateral Pledged | Commercial real estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	73,862	110,174
Collateral Pledged | Commercial real estate | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	41,726	0
Collateral Pledged | Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	32,487	35,745
Collateral Pledged | Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 0	$ 4

Loans and Allowance for Cred_10

Loans and Allowance for Credit Losses for Loans - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Receivables [Abstract]
Allowance for loan losses	$ 475,744	$ 468,819	$ 359,202	$ 342,527	$ 339,324	$ 340,243
Allowance for unfunded credit commitments	22,664		16,500
Total allowance for credit losses for loans	$ 498,408		$ 375,702

Loans and Allowance for Cred_11

Loans and Allowance for Credit Losses for Loans - Summary of Provision for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Receivables [Abstract]
Provision (credit) for loan losses	$ 1,315	$ 3,496	$ 42,883	$ 17,998
Provision for unfunded credit commitments	520	0	6,164	3,289
Total provision for credit losses for loans	$ 1,835	$ 3,496	$ 49,047	$ 21,287

Loans and Allowance for Cred_12

Loans and Allowance for Credit Losses for Loans - Summary of Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
	Apr. 01, 2022	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Allowance for loan losses:
Beginning balance		$ 468,819		$ 339,324	$ 359,202	$ 340,243
Allowance for purchase credit deteriorated (PCD) loans	$ 70,319				70,319
Loans charged-off		(9,995)		(2,019)	(17,857)	(23,193)
Charged-off loans recovered		15,605		1,726	21,197	7,479
Net recoveries (charge-offs)		5,610		(293)	3,340	(15,714)
Provision (credit) for loan losses		1,315		3,496	42,883	17,998
Ending balance		475,744	$ 468,819	342,527	475,744	342,527
Charge-offs	$ 62,400		62,400
Commercial and industrial
Allowance for loan losses:
Beginning balance		144,539		109,689	103,090	131,070
Allowance for purchase credit deteriorated (PCD) loans					33,452
Loans charged-off		(5,033)		(1,248)	(11,144)	(19,283)
Charged-off loans recovered		13,236		514	16,012	2,781
Net recoveries (charge-offs)		8,203		(734)	4,868	(16,502)
Provision (credit) for loan losses		1,309		(5,078)	12,641	(10,691)
Ending balance		154,051	144,539	103,877	154,051	103,877
Commercial Real Estate
Allowance for loan losses:
Beginning balance		277,227		189,139	217,490	164,113
Allowance for purchase credit deteriorated (PCD) loans					36,618
Loans charged-off		(4,000)		0	(4,173)	(382)
Charged-off loans recovered		1,729		29	2,060	763
Net recoveries (charge-offs)		(2,271)		29	(2,113)	381
Provision (credit) for loan losses		(7,176)		10,553	15,785	35,227
Ending balance		267,780	277,227	199,721	267,780	199,721
Residential Mortgage
Allowance for loan losses:
Beginning balance		29,889		25,303	25,120	28,873
Allowance for purchase credit deteriorated (PCD) loans					206
Loans charged-off		0		0	(27)	(139)
Charged-off loans recovered		163		228	694	576
Net recoveries (charge-offs)		163		228	667	437
Provision (credit) for loan losses		6,105		(799)	10,164	(4,578)
Ending balance		36,157	29,889	24,732	36,157	24,732
Consumer
Allowance for loan losses:
Beginning balance		17,164		15,193	13,502	16,187
Allowance for purchase credit deteriorated (PCD) loans					43
Loans charged-off		(962)		(771)	(2,513)	(3,389)
Charged-off loans recovered		477		955	2,431	3,359
Net recoveries (charge-offs)		(485)		184	(82)	(30)
Provision (credit) for loan losses		1,077		(1,180)	4,293	(1,960)
Ending balance		$ 17,756	$ 17,164	$ 14,197	$ 17,756	$ 14,197

Loans and Allowance for Cred_13

Loans and Allowance for Credit Losses for Loans - Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Allowance Measurement Methodology (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for credit losses	$ 103,058		$ 71,496
Collectively evaluated for credit losses	372,686		287,706
Total	475,744	$ 468,819	359,202	$ 342,527	$ 339,324	$ 340,243
Individually evaluated for credit losses	345,608		298,795
Collectively evaluated for credit losses	44,840,156		33,854,862
Total	45,185,764		34,153,657
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for credit losses	89,822		64,359
Collectively evaluated for credit losses	64,229		38,731
Total	154,051	144,539	103,090	103,877	109,689	131,070
Individually evaluated for credit losses	151,415		119,760
Collectively evaluated for credit losses	8,549,962		5,727,791
Total	8,701,377		5,847,551
Commercial Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for credit losses	8,544		6,277
Collectively evaluated for credit losses	259,236		211,213
Total	267,780	277,227	217,490	199,721	189,139	164,113
Individually evaluated for credit losses	149,775		134,135
Collectively evaluated for credit losses	27,915,488		20,655,931
Total	28,065,263		20,790,066
Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for credit losses	4,592		470
Collectively evaluated for credit losses	31,565		24,650
Total	36,157	29,889	25,120	24,732	25,303	28,873
Individually evaluated for credit losses	42,911		42,469
Collectively evaluated for credit losses	5,134,217		4,502,595
Total	5,177,128		4,545,064
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for credit losses	100		390
Collectively evaluated for credit losses	17,656		13,112
Total	17,756	$ 17,164	13,502	$ 14,197	$ 15,193	$ 16,187
Individually evaluated for credit losses	1,507		2,431
Collectively evaluated for credit losses	3,240,489		2,968,545
Total	$ 3,241,996		$ 2,970,976

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,459,008
Goodwill from business combinations	412,497
Ending balance	1,871,505
Consumer Lending
Goodwill [Roll Forward]
Beginning balance	222,390
Goodwill from business combinations	62,875
Ending balance	285,265
Commercial Lending
Goodwill [Roll Forward]
Beginning balance	1,197,767
Goodwill from business combinations	338,638
Ending balance	1,536,405
Wealth Management | Consumer Lending
Goodwill [Roll Forward]
Beginning balance	38,851
Goodwill from business combinations	10,984
Ending balance	$ 49,835

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Feb. 01, 2022
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 0	$ 0	$ 0	$ 0
Goodwill from business combinations			412,497,000
Net impairment (net recovery)	0	(32,000)	0	(864,000)
Amortization of other intangible assets	11,088,000	5,298,000	26,925,000	16,753,000
Core Deposits and Other
Finite-Lived Intangible Assets [Line Items]
Impairment of core deposits and other intangibles	0	$ 0	$ 0	$ 0
Core Deposits
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, years			10 years
Other
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, years			13 years 3 months 18 days
Westchester Bank Holding Corporation
Finite-Lived Intangible Assets [Line Items]
Goodwill from business combinations			$ 5,000,000
Landmark Insurance of the Palm Beaches
Finite-Lived Intangible Assets [Line Items]
Other intangible assets	6,200,000		6,200,000		$ 6,200,000
Bank Leumi USA
Finite-Lived Intangible Assets [Line Items]
Other intangible assets	$ 39,000,000		39,000,000
Bank Leumi USA | Core Deposits
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets			114,400,000
Consumer Lending
Finite-Lived Intangible Assets [Line Items]
Goodwill from business combinations			62,875,000
Wealth Management | Consumer Lending
Finite-Lived Intangible Assets [Line Items]
Goodwill from business combinations			10,984,000
Wealth Management | Consumer Lending | Landmark Insurance of the Palm Beaches
Finite-Lived Intangible Assets [Line Items]
Goodwill from business combinations			4,400,000
Wealth Management | Consumer Lending | Bank Leumi USA
Finite-Lived Intangible Assets [Line Items]
Goodwill from business combinations			$ 403,200,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	$ 394,782	$ 230,018
Accumulated Amortization	(186,556)	(159,632)
Net Intangible Assets	208,226	70,386
Loan servicing rights
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	119,813	114,636
Accumulated Amortization	(94,956)	(90,951)
Net Intangible Assets	24,857	23,685
Core deposits
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	223,670	109,290
Accumulated Amortization	(84,511)	(65,488)
Net Intangible Assets	139,159	43,802
Other
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	51,299	6,092
Accumulated Amortization	(7,089)	(3,193)
Net Intangible Assets	$ 44,210	$ 2,899

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Loan Servicing Rights
Finite-Lived Intangible Assets [Line Items]
2022	$ 865
2023	3,195
2024	2,817
2025	2,471
2026	2,156
Core Deposits
Finite-Lived Intangible Assets [Line Items]
2022	7,975
2023	28,746
2024	24,897
2025	21,048
2026	17,223
Other
Finite-Lived Intangible Assets [Line Items]
2022	1,745
2023	6,522
2024	5,951
2025	5,380
2026	$ 4,805

Borrowed Funds - Short-Term Bor

Borrowed Funds - Short-Term Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Total short-term borrowings	$ 919,283	$ 655,726
Short-term borrowings
Short-Term Debt [Line Items]
FHLB advances	785,767	500,000
Securities sold under agreements to repurchase	133,516	155,726
Total short-term borrowings	$ 919,283	$ 655,726

Borrowed Funds - Additional Inf

Borrowed Funds - Additional Information (Details) - USD ($)		9 Months Ended
	Sep. 20, 2022	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Weighted average interest rate for short-term borrowings		3.21%	0.37%
FHLB advances, callable for early redemption			$ 0
Subordinated Debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Subordinated debt basis points	2.78%
USAmeriBancorp, Inc.
Debt Instrument [Line Items]
Subordinated debt, net	$ 150,000,000
Subordinated borrowing interest rate	625%
Federal Home Loan Bank Advances
Debt Instrument [Line Items]
Weighted average interest rate for long-term borrowings		1.88%	1.88%
Subordinated Notes Due June 2030
Debt Instrument [Line Items]
Subordinated debt carrying value	$ 147,500,000
Subordinated Note Due September 27, 2023
Debt Instrument [Line Items]
Subordinated debt, net		$ 125,000,000
Subordinated borrowing interest rate		512.50%
Subordinated Note Due June 30, 2025
Debt Instrument [Line Items]
Subordinated debt, net		$ 100,000,000
Subordinated borrowing interest rate		455%
Subordinated Note Due June 15, 2030
Debt Instrument [Line Items]
Subordinated debt, net		$ 115,000,000
Subordinated borrowing interest rate		525%
Subordinated Note Due June 15, 2031
Debt Instrument [Line Items]
Subordinated debt, net		$ 300,000,000
Subordinated borrowing interest rate		300%

Borrowed Funds - Schedule of Lo

Borrowed Funds - Schedule of Long-Term Borrowings (Details) - Long-term borrowings - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
FHLB advances, net	$ 788,574	$ 789,033
Subordinated debt, net	752,523	634,643
Total long-term borrowings	1,541,097	1,423,676
Unamortized prepayment penalties and other purchase accounting adjustments	574	1,000
Deferred issuance costs	$ 7,300	$ 5,800

Borrowed Funds - Schedule of FH

Borrowed Funds - Schedule of FHLB Repayment (Details) - Long-term borrowings $ in Thousands	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
2023	$ 350,000
2024	165,000
2025	273,000
Total long-term FHLB advances	$ 788,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	Apr. 01, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for future issuance (in shares)		5,100,000		5,100,000
Stock-based compensation expense		$ 7.6	$ 5.2	$ 21	$ 15.9
Stock-based compensation amortization expense unrecognized		$ 40		$ 40
Average remaining vesting period (in years)				2 years 1 month 6 days
Time-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted during the period (in shares)		234,000	30,000	2,300,000	1,200,000
Award vesting period (in years)				3 years
Average grant date fair value (usd per share)				$ 13.31	$ 11.98
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				3 years
Average grant date fair value (usd per share)				$ 14.72	$ 12.36
Performance-Based Restricted Stock Units | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted during the period (in shares)				619,000	604,000
Bank Leumi USA Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	2,700,000
Weighted average exercise price (in dollars per share)	$ 8.47

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) swap	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) swap	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Aggregate fair value of net liability position	$ 0		$ 0
Derivatives not designated as hedging instruments:
Derivative [Line Items]
Notional amount	$ 14,554,590,000		$ 14,554,590,000		$ 10,613,888,000
Interest rate swaps
Derivative [Line Items]
Number of instruments held | swap	6		6
Notional amount	$ 700,000,000		$ 700,000,000
Accumulated net after-tax losses related to effective cash flow hedges	929,000		929,000		1,300,000
Reclassified to interest expense	995,000		995,000
Interest rate swaps | Fair value hedge interest rate swaps | Noninterest Income
Derivative [Line Items]
Fee income related to derivative interest rate swaps executed with commercial loan customers	$ 10,700,000	$ 8,800,000	$ 35,800,000	$ 22,600,000
Interest rate swaps | Derivatives not designated as hedging instruments:
Derivative [Line Items]
Number of instruments held | swap	28		28
Notional amount	$ 13,347,157,000		$ 13,347,157,000		$ 10,179,294,000
Interest rate swaps | Derivatives not designated as hedging instruments: | Fair value hedge interest rate swaps
Derivative [Line Items]
Number of instruments held | swap	2		2
Notional amount	$ 10,400,000		$ 10,400,000
Interest rate swaps | Derivatives not designated as hedging instruments: | Risk Participation Agreement
Derivative [Line Items]
Notional amount	$ 290,700,000		$ 290,700,000

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Interest rate swaps
Derivative [Line Items]
Other Assets	$ 0	$ 0
Other Liabilities	608,483	50,689
Interest rate swaps
Derivative [Line Items]
Notional Amount	700,000
Derivatives designated as hedging instruments:
Derivative [Line Items]
Notional Amount	300,000	1,000,000
Derivatives designated as hedging instruments: | Other Assets
Derivative [Line Items]
Other Assets	0	0
Derivatives designated as hedging instruments: | Other Liabilities
Derivative [Line Items]
Other Liabilities	32,566	3,645
Derivatives designated as hedging instruments: | Cash flow hedge interest rate swaps | Interest rate swaps
Derivative [Line Items]
Notional Amount	0	700,000
Derivatives designated as hedging instruments: | Cash flow hedge interest rate swaps | Interest rate swaps | Other Assets
Derivative [Line Items]
Other Assets	0	0
Derivatives designated as hedging instruments: | Cash flow hedge interest rate swaps | Interest rate swaps | Other Liabilities
Derivative [Line Items]
Other Liabilities	0	310
Derivatives designated as hedging instruments: | Fair value hedge interest rate swaps | Interest rate swaps
Derivative [Line Items]
Notional Amount	300,000	300,000
Derivatives designated as hedging instruments: | Fair value hedge interest rate swaps | Interest rate swaps | Other Assets
Derivative [Line Items]
Other Assets	0	0
Derivatives designated as hedging instruments: | Fair value hedge interest rate swaps | Interest rate swaps | Other Liabilities
Derivative [Line Items]
Other Liabilities	32,566	3,335
Derivatives not designated as hedging instruments:
Derivative [Line Items]
Notional Amount	14,554,590	10,613,888
Derivatives not designated as hedging instruments: | Other Assets
Derivative [Line Items]
Other Assets	594,116	181,500
Derivatives not designated as hedging instruments: | Other Liabilities
Derivative [Line Items]
Other Liabilities	593,090	48,731
Derivatives not designated as hedging instruments: | Interest rate swaps
Derivative [Line Items]
Notional Amount	13,347,157	10,179,294
Derivatives not designated as hedging instruments: | Interest rate swaps | Other Assets
Derivative [Line Items]
Other Assets	576,213	180,701
Derivatives not designated as hedging instruments: | Interest rate swaps | Other Liabilities
Derivative [Line Items]
Other Liabilities	575,917	47,044
Derivatives not designated as hedging instruments: | Foreign currency derivatives
Derivative [Line Items]
Notional Amount	1,205,558	122,166
Derivatives not designated as hedging instruments: | Foreign currency derivatives | Other Assets
Derivative [Line Items]
Other Assets	17,873	311
Derivatives not designated as hedging instruments: | Foreign currency derivatives | Other Liabilities
Derivative [Line Items]
Other Liabilities	17,142	233
Derivatives not designated as hedging instruments: | Mortgage banking derivatives
Derivative [Line Items]
Notional Amount	1,875	312,428
Derivatives not designated as hedging instruments: | Mortgage banking derivatives | Other Assets
Derivative [Line Items]
Other Assets	30	488
Derivatives not designated as hedging instruments: | Mortgage banking derivatives | Other Liabilities
Derivative [Line Items]
Other Liabilities	31	$ 1,454
Derivatives not designated as hedging instruments: | Fair value hedge interest rate swaps | Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 10,400

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Amounts Related To Interest Rate Derivatives Included In Income Designated As Hedges Of Cash Flows [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest expense	$ (82,736)	$ (27,775)	$ (140,312)	$ (99,647)
Amount of (loss) gain recognized in other comprehensive loss	(6)	(144)	435	(125)
Amounts Reclassified from Accumulated Other Comprehensive Loss
Amounts Related To Interest Rate Derivatives Included In Income Designated As Hedges Of Cash Flows [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest expense	$ 21	$ (1,044)	$ (405)	$ (2,708)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Gains (Losses) on Interest Rate Derivatives Designated as Fair Value Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gain (loss) related to hedged loans			$ 30,585	$ 0
Fair value hedge interest rate swaps | Interest expense | Derivative - interest rate swap:
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gain (loss) related to derivative interest rate swaps	$ (989)	$ (396)	(383)	(316)
Fair value hedge interest rate swaps | Interest expense | Hedged item - subordinated debt | Derivatives designated as hedging instruments
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gain (loss) related to hedged loans	$ 325	$ 405	$ 802	$ 322

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Interest Rate Derivatives Designated as Hedges (Details) - Fair value hedge interest rate swaps - Derivatives designated as hedging instruments: - Derivative - interest rate swap: $ in Thousands	Sep. 30, 2022 USD ($)
Derivative [Line Items]
Carrying Amount of the Hedged Liability	$ 267,640
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability	$ (32,360)

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Net (Gains) Losses Related to Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Non-designated hedge interest rate swaps and credit derivatives
Other non-interest expense	$ 463	$ 216	$ (1,191)	$ (209)

Balance Sheet Offsetting (Detai

Balance Sheet Offsetting (Details) - Interest rate swaps - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Offsetting Assets
Gross Amounts Recognized	$ 576,213	$ 180,701
Gross Amounts Offset	0	0
Net Amounts Presented	576,213	180,701
Gross Amounts Not Offset, Financial Instruments	(914)	0
Gross Amounts Not Offset, Cash Collateral	(374,030)	0
Net Amount	201,269	180,701
Offsetting Liabilities
Gross Amounts Recognized	608,483	50,689
Gross Amounts Offset	0	0
Net Amounts Presented	608,483	50,689
Gross Amounts Not Offset, Financial Instruments	(914)	0
Gross Amounts Not Offset, Cash Collateral	(454)	(44,231)
Net Amount	$ 607,115	$ 6,458

Tax Credit Investments - Balanc

Tax Credit Investments - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Assets
Other Assets:
Affordable housing tax credit investments, net	$ 25,139	$ 15,343
Other tax credit investments, net	52,749	57,006
Total tax credit investments, net	77,888	72,349
Other Liabilities:
Other Liabilities:
Unfunded affordable housing tax credit commitments	1,360	1,360
Total unfunded tax credit commitments	$ 1,360	$ 1,360

Tax Credit Investments - Income

Tax Credit Investments - Income Statement Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$ 1,184	$ 948	$ 3,542	$ 2,744
Other tax credit investment credits and tax benefits	2,557	2,702	7,647	8,130
Total reduction in income tax expense	3,741	3,650	11,189	10,874
Non-Interest Expenses
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	598	681	1,666	1,684
Affordable housing tax credit investment impairment losses	266	387	891	1,159
Other tax credit investment losses	308	256	1,003	780
Other tax credit investment impairment losses	1,933	1,755	5,634	5,172
Total amortization of tax credit investments recorded in non-interest expense	$ 3,105	$ 3,079	$ 9,194	$ 8,795

Operating Segments (Details)

Operating Segments (Details)	9 Months Ended
	Sep. 30, 2022 Segment
Segment Reporting [Abstract]
Number of reportable segments	4

Operating Segments - Schedule o

Operating Segments - Schedule of Financial Data for Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Average interest earning assets	$ 50,531,242	$ 38,332,874	$ 46,605,417	$ 37,902,547
Interest income	536,728	328,801	1,330,133	994,247
Interest expense	82,736	27,775	140,312	99,647
Net interest income	453,992	301,026	1,189,821	894,600
Provision (credit) for credit losses	2,023	3,531	49,578	20,934
Net Interest Income After Provision for Credit Losses	451,969	297,495	1,140,243	873,666
Non-interest income	56,194	42,431	153,997	116,790
Non-interest expense	261,639	174,922	758,709	507,028
Internal transfer expense (income)	0	0	0	0
Income Before Income Taxes	$ 246,524	$ 165,004	$ 535,531	$ 483,428
Return on average interest earning assets (pre-tax)	1.95%	1.72%	1.53%	1.70%
Consumer Lending | Operating Segments
Segment Reporting Information [Line Items]
Average interest earning assets	$ 8,307,993	$ 7,373,897	$ 7,978,732	$ 7,176,086
Interest income	70,590	58,887	193,186	179,151
Interest expense	12,288	4,032	20,218	15,639
Net interest income	58,302	54,855	172,968	163,512
Provision (credit) for credit losses	7,182	(4,614)	14,457	(6,538)
Net Interest Income After Provision for Credit Losses	51,120	59,469	158,511	170,050
Non-interest income	19,637	11,845	50,540	47,445
Non-interest expense	24,352	13,520	59,711	53,161
Internal transfer expense (income)	26,268	20,662	92,544	60,026
Income Before Income Taxes	$ 20,137	$ 37,132	$ 56,796	$ 104,308
Return on average interest earning assets (pre-tax)	0.97%	2.01%	0.95%	1.94%
Commercial Lending | Operating Segments
Segment Reporting Information [Line Items]
Average interest earning assets	$ 36,033,901	$ 25,324,485	$ 32,551,062	$ 25,465,276
Interest income	425,930	250,866	1,036,276	759,097
Interest expense	53,294	13,795	84,356	55,497
Net interest income	372,636	237,071	951,920	703,600
Provision (credit) for credit losses	(5,347)	8,110	34,590	27,825
Net Interest Income After Provision for Credit Losses	377,983	228,961	917,330	675,775
Non-interest income	23,510	11,611	54,815	29,144
Non-interest expense	31,759	27,504	81,292	80,276
Internal transfer expense (income)	113,932	71,141	371,213	212,931
Income Before Income Taxes	$ 255,802	$ 141,927	$ 519,640	$ 411,712
Return on average interest earning assets (pre-tax)	2.84%	2.24%	2.13%	2.16%
Treasury and Corporate Other | Operating Segments
Segment Reporting Information [Line Items]
Return on average interest earning assets (pre-tax)		(1.00%)
Treasury and Corporate Other | Treasury and Corporate Other
Segment Reporting Information [Line Items]
Average interest earning assets	$ 6,189,348	$ 5,634,492	$ 6,075,623	$ 5,261,185
Interest income	40,208	19,048	100,671	55,999
Interest expense	17,154	9,948	35,738	28,511
Net interest income	23,054	9,100	64,933	27,488
Provision (credit) for credit losses	188	35	531	(353)
Net Interest Income After Provision for Credit Losses	22,866	9,065	64,402	27,841
Non-interest income	13,047	18,975	48,642	40,201
Non-interest expense	205,528	133,898	617,706	373,591
Internal transfer expense (income)	(140,200)	(91,803)	(463,757)	(272,957)
Income Before Income Taxes	$ (29,415)	$ (14,055)	$ (40,905)	$ (32,592)
Return on average interest earning assets (pre-tax)	(1.90%)		(0.90%)	(0.83%)