Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 07, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | 509,182,782 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Period Period Focus | Q1 | |
Entity Central Index Key | 0000714310 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | VLY | |
Security Exchange Name | NASDAQ | |
Non-Cumulative Perpetual Preferred Stock, Series A | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Non-Cumulative Perpetual Preferred Stock, Series A, no par value | |
Trading Symbol | VLYPP | |
Security Exchange Name | NASDAQ | |
Non-Cumulative Perpetual Preferred Stock, Series B | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Non-Cumulative Perpetual Preferred Stock, Series B, no par value | |
Trading Symbol | VLYPO | |
Security Exchange Name | NASDAQ |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 398,827 | $ 284,090 |
Interest bearing deposits with banks | 542,006 | 607,135 |
Investment securities: | ||
Equity securities | 66,951 | 64,464 |
Trading debt securities | 3,989 | 3,973 |
Available for sale debt securities | 1,449,334 | 1,296,576 |
Held to maturity debt securities (net of allowance for credit losses of $1,131 at March 31, 2024 and $1,205 at December 31, 2023) | 3,710,687 | 3,739,208 |
Total investment securities | 5,230,961 | 5,104,221 |
Loans held for sale (includes fair value of $17,639 at March 31, 2024 and $20,640 at December 31, 2023 for loans originated for sale) | 61,782 | 30,640 |
Loans | 49,922,042 | 50,210,295 |
Less: Allowance for loan losses | (469,248) | (446,080) |
Net loans | 49,452,794 | 49,764,215 |
Premises and equipment, net | 371,034 | 381,081 |
Lease right of use assets | 336,330 | 343,461 |
Bank owned life insurance | 723,398 | 723,799 |
Accrued interest receivable | 253,893 | 245,498 |
Goodwill | 1,868,936 | 1,868,936 |
Other intangible assets, net | 151,469 | 160,331 |
Other assets | 1,608,758 | 1,421,567 |
Total Assets | 61,000,188 | 60,934,974 |
Deposits: | ||
Non-interest bearing | 11,273,331 | 11,539,483 |
Interest bearing: | ||
Savings, NOW and money market | 25,060,881 | 24,526,622 |
Time | 12,743,734 | 13,176,724 |
Total deposits | 49,077,946 | 49,242,829 |
Short-term borrowings | 75,224 | 917,834 |
Long-term borrowings | 3,262,341 | 2,328,375 |
Junior subordinated debentures issued to capital trusts | 57,195 | 57,108 |
Lease liabilities | 396,904 | 403,781 |
Accrued expenses and other liabilities | 1,403,439 | 1,283,656 |
Total Liabilities | 54,273,049 | 54,233,583 |
Shareholders’ Equity | ||
Common stock (no par value, authorized 650,000,000 shares; issued 508,893,059 shares at March 31, 2024 and 507,896,910 shares at December 31, 2023) | 178,535 | 178,187 |
Surplus | 4,989,023 | 4,989,989 |
Retained earnings | 1,506,738 | 1,471,371 |
Accumulated other comprehensive loss | (156,848) | (146,456) |
Treasury stock, at cost (186,983 common shares at December 31, 2023) | 0 | (1,391) |
Total Shareholders’ Equity | 6,727,139 | 6,701,391 |
Total Liabilities and Shareholders’ Equity | 61,000,188 | 60,934,974 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Allowance for Credit Losses | $ 1,131 | $ 1,205 |
Loans held for sale | $ 17,639 | $ 20,640 |
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) | 508,893,059 | 507,896,910 |
Treasury stock, shares (in shares) | 186,983 | |
Series A | ||
Preferred stock, shares issued (in shares) | 4,600,000 | 4,600,000 |
Series B | ||
Preferred stock, shares issued (in shares) | 4,000,000 | 4,000,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest Income | ||
Interest and fees on loans | $ 771,553 | $ 655,226 |
Interest and dividends on investment securities: | ||
Taxable | 35,797 | 32,289 |
Tax-exempt | 4,796 | 5,325 |
Dividends | 6,828 | 5,185 |
Interest on federal funds sold and other short-term investments | 9,682 | 22,205 |
Total interest income | 828,656 | 720,230 |
Interest on deposits: | ||
Savings, NOW and money market | 232,506 | 150,766 |
Time | 151,065 | 80,298 |
Interest on short-term borrowings | 20,612 | 33,948 |
Interest on long-term borrowings and junior subordinated debentures | 30,925 | 19,198 |
Total interest expense | 435,108 | 284,210 |
Net Interest Income | 393,548 | 436,020 |
(Credit) provision for credit losses for available for sale and held to maturity securities | (74) | 4,987 |
Provision for credit losses for loans | 45,274 | 9,450 |
Net Interest Income After Provision for Credit Losses | 348,348 | 421,583 |
Non-Interest Income | ||
Insurance commissions | 2,251 | 2,420 |
Capital markets | 5,670 | 10,892 |
Gains on securities transactions, net | 49 | 378 |
Fees from loan servicing | 3,188 | 2,671 |
Gains on sales of loans, net | 1,618 | 489 |
Gains on sales of assets, net | 3,694 | 124 |
Bank owned life insurance | 3,235 | 2,584 |
Other | 12,531 | 14,678 |
Total non-interest income | 61,415 | 54,299 |
Non-Interest Expense | ||
Salary and employee benefits expense | 141,831 | 144,986 |
Net occupancy expense | 24,323 | 23,256 |
Technology, furniture and equipment expense | 35,462 | 36,508 |
FDIC insurance assessment | 18,236 | 9,155 |
Amortization of other intangible assets | 9,412 | 10,519 |
Professional and legal fees | 16,465 | 16,814 |
Amortization of tax credit investments | 5,562 | 4,253 |
Other | 29,019 | 26,675 |
Total non-interest expense | 280,310 | 272,166 |
Income Before Income Taxes | 129,453 | 203,716 |
Income tax expense | 33,173 | 57,165 |
Net Income | 96,280 | 146,551 |
Dividends on preferred stock | 4,119 | 3,874 |
Net Income Available to Common Shareholders | $ 92,161 | $ 142,677 |
Earnings Per Common Share: | ||
Basic (usd per share) | $ 0.18 | $ 0.28 |
Diluted (usd per share) | $ 0.18 | $ 0.28 |
Wealth management and trust fees | ||
Non-Interest Income | ||
Revenue from contracts with customer | $ 17,930 | $ 9,587 |
Service charges on deposit accounts | ||
Non-Interest Income | ||
Revenue from contracts with customer | $ 11,249 | $ 10,476 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 96,280 | $ 146,551 |
Unrealized losses and gains on available for sale securities | ||
Net (losses) gains arising during the period | (10,205) | 17,170 |
Total | (10,205) | 17,170 |
Unrealized gains and losses on derivatives (cash flow hedges) | ||
Net gains on derivatives arising during the period | 0 | 2,798 |
Less reclassification adjustment for net (gains) losses included in net income | (222) | 379 |
Total | (222) | 3,177 |
Defined benefit pension and postretirement benefit plans | ||
Amortization of actuarial net loss | 35 | 8 |
Other comprehensive (loss) income, net | (10,392) | 20,355 |
Total comprehensive income | $ 85,888 | $ 166,906 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Preferred Series A | Preferred Series B | Common Stock | Preferred Stock | Preferred Stock Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock | Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock Common Stock | Surplus | Surplus Cumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings Preferred Series A | Retained Earnings Preferred Series B | Retained Earnings Common Stock | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Cumulative Effect, Period of Adoption, Adjusted Balance | Treasury Stock | Treasury Stock Cumulative Effect, Period of Adoption, Adjusted Balance |
Beginning balance at Dec. 31, 2022 | $ 6,400,802 | $ 990 | $ 6,401,792 | $ 209,691 | $ 209,691 | $ 178,185 | $ 178,185 | $ 4,980,231 | $ 4,980,231 | $ 1,218,445 | $ 990 | $ 1,219,435 | $ (164,002) | $ (164,002) | $ (21,748) | $ (21,748) | |||||||
Beginning balance (in shares) at Dec. 31, 2022 | 506,374 | 506,374 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income | 146,551 | 146,551 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | 20,355 | 20,355 | |||||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||||
Cash dividends declared on preferred stock | $ (1,797) | $ (2,077) | $ (1,797) | $ (2,077) | |||||||||||||||||||
Cash dividends declared on common stock | $ (56,488) | $ (56,488) | |||||||||||||||||||||
Effect of stock incentive plan, net (in shares) | 1,061 | ||||||||||||||||||||||
Effect of stock incentive plan, net | (505) | $ 1 | (12,569) | (3,994) | 16,057 | ||||||||||||||||||
Common stock issued (in shares) | 327 | ||||||||||||||||||||||
Common stock issued | 3,750 | (650) | 4,400 | ||||||||||||||||||||
Ending balance at Mar. 31, 2023 | 6,511,581 | 209,691 | $ 178,186 | 4,967,662 | 1,300,980 | (143,647) | (1,291) | ||||||||||||||||
Ending balance (in shares) at Mar. 31, 2023 | 507,762 | ||||||||||||||||||||||
Beginning balance at Dec. 31, 2023 | 6,701,391 | 209,691 | $ 178,187 | 4,989,989 | 1,471,371 | (146,456) | (1,391) | ||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2023 | 507,710 | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income | 96,280 | 96,280 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | (10,392) | (10,392) | |||||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||||
Cash dividends declared on preferred stock | $ (1,797) | $ (2,322) | $ (1,797) | $ (2,322) | |||||||||||||||||||
Cash dividends declared on common stock | $ (56,794) | $ (56,794) | |||||||||||||||||||||
Effect of stock incentive plan, net (in shares) | 1,183 | ||||||||||||||||||||||
Effect of stock incentive plan, net | 773 | $ 348 | (966) | 1,391 | |||||||||||||||||||
Ending balance at Mar. 31, 2024 | $ 6,727,139 | $ 209,691 | $ 178,535 | $ 4,989,023 | $ 1,506,738 | $ (156,848) | $ 0 | ||||||||||||||||
Ending balance (in shares) at Mar. 31, 2024 | 508,893 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Preferred Series A | ||
Preferred stock, cash dividends declared (usd per share) | $ 0.39 | $ 0.39 |
Preferred Series B | ||
Preferred stock, cash dividends declared (usd per share) | 0.58 | 0.52 |
Common Stock | ||
Common stock, cash dividends declared (usd per share) | $ 0.11 | $ 0.11 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Cash flows from operating activities: | |||
Net income | $ 96,280 | $ 146,551 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 10,794 | 11,515 | |
Stock-based compensation | 8,104 | 8,093 | |
Provision for credit losses | 45,200 | 14,437 | |
Net accretion of discounts and amortization of premium on securities and borrowings | (779) | (397) | |
Amortization of other intangible assets | 9,412 | 10,519 | |
Losses on available for sale and held to maturity debt securities, net | 7 | 24 | |
Proceeds from sales of loans held for sale at fair value | 41,650 | 27,743 | |
Gains on sales of loans, net | (1,618) | (489) | |
Originations of loans held for sale | (37,581) | (26,588) | |
Gains on sales of assets, net | (3,694) | (124) | |
Net change in: | |||
Fair value of financial instruments hedged by derivative transactions | 3,540 | 4,219 | |
Trading debt securities | (16) | 6,583 | |
Lease right of use assets | 7,123 | 3,600 | |
Cash surrender value of bank owned life insurance | (3,235) | (2,584) | |
Accrued interest receivable | (8,395) | (27,002) | |
Other assets | (184,680) | (298,077) | |
Accrued expenses and other liabilities | 117,399 | (147,705) | |
Net cash provided by (used in) operating activities | 99,511 | (269,682) | |
Cash flows from investing activities: | |||
Net loan originations and purchases | (67,432) | (1,774,024) | |
Equity securities: | |||
Purchases | (957) | (1,594) | |
Sales | 408 | 409 | |
Held to maturity debt securities: | |||
Purchases | (39,639) | (79,961) | |
Maturities, calls and principal repayments | 67,777 | 61,213 | |
Available for sale debt securities: | |||
Purchases | (183,924) | 0 | |
Maturities, calls and principal repayments | 18,338 | 22,264 | |
Death benefit proceeds from bank owned life insurance | 3,620 | 2,773 | |
Proceeds from sales of real estate property and equipment | 2,850 | 125 | |
Proceeds from sales of loans not originated for sale | 196,523 | 0 | |
Proceeds from sale of commercial premium finance lending division | 98,060 | 0 | |
Purchases of real estate property and equipment | (3,639) | (18,263) | |
Cash distribution from tax credit investments | 0 | 2,500 | |
Net cash provided by (used in) investing activities | 91,985 | (1,784,558) | |
Cash flows from financing activities: | |||
Net change in deposits | (164,883) | (45,998) | |
Net change in short-term borrowings | (842,610) | 6,274,327 | |
Proceeds from issuance of long-term borrowings, net | 1,000,000 | 1,000,000 | |
Repayments of long-term borrowings | (65,000) | (350,000) | |
Cash dividends paid to preferred shareholders | (4,119) | (3,874) | |
Cash dividends paid to common shareholders | (57,944) | (57,612) | |
Purchase of common shares to treasury | (7,381) | (8,599) | |
Common stock issued, net | 51 | 3,750 | |
Other, net | (2) | (13) | |
Net cash (used in) provided by financing activities | (141,888) | 6,811,981 | |
Net change in cash and cash equivalents | 49,608 | 4,757,741 | |
Cash and cash equivalents at beginning of year | 891,225 | 947,947 | $ 947,947 |
Cash and cash equivalents at end of period | 940,833 | 5,705,688 | 891,225 |
Supplemental disclosures of cash flow information: | |||
Interest on deposits and borrowings | 485,127 | 244,246 | |
Federal and state income taxes | 6,487 | 8,782 | |
Supplemental schedule of non-cash investing activities: | |||
Transfer of loans to other real estate owned | 0 | 903 | |
Transfer of loans to loans held for sale | 34,143 | 0 | $ 10,000 |
Lease right of use assets obtained in exchange for operating lease liabilities | $ 4,809 | $ 7,461 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited consolidated financial state ments of Valley include the accounts of 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 GAAP and general practices within the financial services industry. In accordance with applicable accounting standards, Valley does not consolidate statutory trusts established for the sole purpose of issuing trust preferred securities and related trust common securities. Certain prior period amounts have been reclassified to conform to the current presentation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly Valley’s financial position, results of operations, changes in shareholders' equity and cash flows at March 31, 2024 and for all periods presented have been made. The results of operations for the three months ended March 31, 2024 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 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. Significant Estimates. In preparing the unaudited consolidated financial statements in conformit y with GAAP, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and results of operations for the periods indicated. Material estimates that require application of management’s most difficult, subjective or complex judgment and are particularly susceptible to change include: the allowance for credit losses, the evaluation of goodwill and other intangible assets for impairment, and income taxes. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual amounts or results could differ significantly from those estimates. The current economic environment has increased the degree of uncertainty inherent in these material estimates. Actual results may differ from those estimates. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following table shows the calculation of both basic and diluted earnings per common share for the three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 (in thousands, except for share and per share data) Net income available to common shareholders $ 92,161 $ 142,677 Basic weighted average number of common shares outstanding 508,340,719 507,111,295 Plus: Common stock equivalents 2,293,226 2,545,135 Diluted weighted average number of common shares outstanding 510,633,945 509,656,430 Earnings per common share: Basic $ 0.18 $ 0.28 Diluted 0.18 0.28 Common stock equivalents represent the dilutive effect of additional common shares issuable upon the assumed vesting or exercise, if applicab le, of RSUs and common stock options to purchase Valley’s common shares. Common stock options with exercise prices that exceed the average market price 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 RSUs. Pote ntial anti-dilutive weighted common shares totaled approximately 1.3 million and 1.6 million for the three months ended March 31, 2024 and 2023, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following tables present the after-tax changes in the balances of each component of accumulated other comprehensive loss for th e three months ended March 31, 2024 and 2023: Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined Benefit (in thousands) December 31, 2022 $ (127,818) $ 2,233 $ (38,417) $ (164,002) Other comprehensive loss before reclassification 17,170 2,798 — 19,968 Amounts reclassified from other comprehensive income — 379 8 387 Other comprehensive income, net 17,170 3,177 8 20,355 March 31, 2023 $ (110,648) $ 5,410 $ (38,409) $ (143,647) December 31, 2023 $ (115,502) $ 2,114 $ (33,068) $ (146,456) Other comprehensive loss before reclassification (10,205) — — (10,205) Amounts reclassified from other comprehensive (loss) income — (222) 35 (187) Other comprehensive (loss) income, net (10,205) (222) 35 (10,392) March 31, 2024 $ (125,707) $ 1,892 $ (33,033) $ (156,848) The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three months ended March 31, 2024 and 2023: Amounts Reclassified from Three Months Ended Components of Accumulated Other Comprehensive Loss 2024 2023 Income Statement Line Item (in thousands) Unrealized gains (losses) on derivatives (cash flow hedges) before tax $ 298 $ (531) Interest income Tax effect (76) 152 Total net of tax 222 (379) Defined benefit pension and postretirement benefit plans: Amortization of actuarial net loss (49) (11) * Tax effect 14 3 Total net of tax (35) (8) Total reclassifications, net of tax $ 187 $ (387) * Amortization of actuarial net loss is included in the computation of net periodic pension cost recognized within other non-interest expense. |
New Authoritative Accounting Gu
New Authoritative Accounting Guidance | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
New Authoritative Accounting Guidance | New Authoritative Accounting Guidance New Accounting Guidance Adopted in the First Quarter 2024 ASU No. 2023-02, “Investments –Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method,” is intended to improve the accounting and disclosures for investments in certain tax credit structures. ASU No. 2023-02 allows the option to apply the proportional amortization method to account for investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met. ASU No. 2023-02 became effective on January 1, 2024 and did not have a significant impact on Valley's consolidated financial statements. Under the new guidance, Valley did not elect to apply the proportional amortization method as an accounting policy for its eligible tax credit investments and, as a result, there were no adjustments from adoption recognized in earnings on the date of adoption. See additional disclosures regarding Valley's tax credit investments at Note 14 ASU No. 2022-03, “Fair Value Measurement of Equity Securities subject to Contractual Sale Restrictions,” updates guidance in ASC Topic 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 became effective on January 1, 2024 and Valley's adoption did not have a significant impact on its consolidated financial statements. New Accounting Guidance Effective at December 31, 2024 |
Fair Value Measurement of Asset
Fair Value Measurement of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement of Assets and Liabilities | Fair Value Measurement of Assets and Liabilities ASC Topic 820, “Fair Value Measurement,” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: • Level 1 - Unadjusted exchange quoted prices in active markets for identical assets or liabilities, or identical liabilities traded as assets that the reporting entity has the ability to access at the measurement date. • Level 2 - Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly (i.e., quoted prices on similar assets) for substantially the full term of the asset or liability. • Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Assets and Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at March 31, 2024 and December 31, 2023. The assets presented under “non-recurring fair value measurements” in the tables below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized). March 31, Fair Value Measurements at Reporting Date Using: Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities $ 23,159 $ 23,159 $ — $ — Equity securities at net asset value (NAV) 12,267 — — — Trading debt securities 3,989 3,989 — — Available for sale debt securities: U.S. Treasury securities 285,546 285,546 — — U.S. government agency securities 22,754 — 22,754 — Obligations of states and political subdivisions 187,729 — 187,729 — Residential mortgage-backed securities 783,143 — 783,143 — Corporate and other debt securities 170,162 — 170,162 — Total available for sale debt securities 1,449,334 285,546 1,163,788 — Loans held for sale (1) 17,639 — 17,639 — Other assets (2) 522,275 — 522,275 — Total assets $ 2,028,663 $ 312,694 $ 1,703,702 $ — Liabilities Other liabilities (2) $ 546,416 $ — $ 546,416 $ — Total liabilities $ 546,416 $ — $ 546,416 $ — Non-recurring fair value measurements: Non-performing loan held for sale (3) $ 10,000 $ — $ 10,000 $ — Collateral dependent loans 77,673 — — 77,673 Foreclosed assets 1,393 — — 1,393 Total $ 89,066 $ — $ 10,000 $ 79,066 Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities $ 23,307 $ 23,307 $ — $ — Equity securities at net asset value (NAV) 12,126 — — — Trading debt securities 3,973 3,973 — — Available for sale debt securities: U.S. Treasury securities 288,157 288,157 — — U.S. government agency securities 23,702 — 23,702 — Obligations of states and political subdivisions 191,690 — 191,690 — Residential mortgage-backed securities 626,572 — 626,572 — Corporate and other debt securities 166,455 — 166,455 — Total available for sale debt securities 1,296,576 288,157 1,008,419 — Loans held for sale (1) 20,640 — 20,640 — Other assets (2) 466,227 — 466,227 — Total assets $ 1,822,849 $ 315,437 $ 1,495,286 $ — Liabilities Other liabilities (2) $ 488,103 $ — $ 488,103 $ — Total liabilities $ 488,103 $ — $ 488,103 $ — Non-recurring fair value measurements: Non-performing loan held for sale (3) $ 10,000 $ — $ 10,000 $ — Collateral dependent loans 90,580 — — 90,580 Foreclosed assets 1,444 — — 1,444 Total $ 102,024 $ — $ 10,000 $ 92,024 (1) Represents residential mortgage loans held for sale that are carried at fair value and had contractual unpaid principal balances totaling $17.5 million and $20.1 million at March 31, 2024 and December 31, 2023, respectively. (2) Derivative financial instruments are included in this category. (3) Reported at lower of cost or market value . 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 equity securities consisted of two publicly traded mutual funds, CRA inves tments and several other equity investments we have made in companies that develop new financial technologies and in partnerships that invest in such companies. These investments are reported at fair value utilizing Level 1 inputs. Equity securities at NAV . Valley also has privately held CRA funds at fair value measured at NAV using the most recently available financial information from the investee. Certain equity investments without readily determinable fair values are measured at NAV per share (or its equivalent) as a practical expedient, which are excluded from fair value hierarchy levels in the tables above. Trading debt securities . The fair value of trading debt securitie s, consisting of U.S. Treasury securities, are reported at fair value utilizing Level 1 inputs at March 31, 2024 and December 31, 2023 . Man agement 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 a ll AFS debt s ecurities 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 March 31, 2024 and December 31, 2023 based on the short duration these assets were held and their credit quality. 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 SOFR curve at March 31, 2024. The fair value of mortgage banking derivatives, consisting of interest rate lock commitments to fund residential mortgage loans and forward commitments for the future delivery of such loans (including certain loans held for sale at March 31, 2024 and December 31, 2023), is determined based on the current market prices for similar instruments. The fair value of most of the derivatives incorporate credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, to account for potential nonperformance risk of Valley and its counterparties. The credit valuation adjustments were not significant to the overall valuation of Valley’s derivatives at March 31, 2024 and December 31, 2023. 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. Non-performing loan held for sale . During the year ended December 31, 2023 , Valley transferred a non-performing construction loan totaling $10.0 million, net of charge-offs, to loans held for sale. The transfer at the loan's fair value resulted in a $4.2 million charge-off to the allowance of loan losses. The fair value of the loan was determined using Level 2 inputs, including bids from a third party broker engaged to solicit interest from potential purchasers. The broker coordinated loan level due diligence with interested parties and established a formal bidding process in which each participant was required to provide an indicative non-binding bid. Fair value was determined based on a non-binding sale agreement selected by Valley during the bidding process. At March 31, 2024, the loan was reported at the lower of cost or market value in loans held for sale. Collateral dependent loans . Collateral dependent loans are loans where foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and substantially all of the repayment is expected from the collateral. Collateral dependent loans are reported at the fair value of the underlying collateral. Collateral values are estimated using Level 3 inputs, consisting of individual third-party appraisals that may be adjusted based on certain discounting criteria. Certain real estate appraisals may be discounted based on specific market data by location and property type. At March 31, 2024, collateral dependent loans were individually re-measured and reported at fair value through direct loan charge-offs to the allowance for loan losses based on the fair value of the underlying collateral. At March 31, 2024, collateral dependent loans with a total amortized cost of $144.3 million, including our taxi medallion loan portfolio, were reduced by specific allowance for loan losses allocations totaling $66.6 million to a reported total net carrying amount of $77.7 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 an asset occur, the a sset 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 March 31, 2024 and December 31, 2023. 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 operations, trust and investment management departments) that were not considered in these estimates since these activities are not financial instruments. In addition, the tax implications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at March 31, 2024 and December 31, 2023 were as follows: Fair Value March 31, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 398,827 $ 398,827 $ 284,090 $ 284,090 Interest bearing deposits with banks Level 1 542,006 542,006 607,135 607,135 Equity securities (1) Level 3 31,525 31,525 29,031 29,031 Held to maturity debt securities: U.S. Treasury securities Level 1 26,048 25,742 26,232 25,978 U.S. government agency securities Level 2 305,543 260,175 305,996 261,555 Obligations of states and political subdivisions Level 2 400,523 378,032 405,470 387,527 Residential mortgage-backed securities Level 2 2,856,322 2,441,934 2,885,303 2,521,926 Trust preferred securities Level 2 37,066 30,482 37,062 30,650 Corporate and other debt securities Level 2 86,316 81,037 80,350 74,676 Total held to maturity debt securities (2) 3,711,818 3,217,402 3,740,413 3,302,312 Net loans (3) Level 3 49,486,937 47,672,062 49,764,215 47,981,499 Accrued interest receivable Level 1 253,893 253,893 245,498 245,498 FRB and FHLB stock (4) Level 2 323,981 323,981 320,727 320,727 Financial liabilities Deposits without stated maturities Level 1 36,334,212 36,334,212 36,066,105 36,066,105 Deposits with stated maturities Level 2 12,743,734 12,685,362 13,176,724 13,103,381 Short-term borrowings Level 2 75,224 57,603 917,834 901,617 Long-term borrowings Level 2 3,262,341 3,176,646 2,328,375 2,256,997 Junior subordinated debentures issued to capital trusts Level 2 57,195 47,597 57,108 47,374 Accrued interest payable (5) Level 1 109,477 109,477 159,496 159,496 (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) Includes the carrying amount of $34.1 million of construction loans transferred at cost to loans held for sale at March 31, 2024. (4) Included in other assets. (5) Included in accrued expenses and other liabilities. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Equity Securities Equity securities totaled $67.0 million and $64.5 million at March 31, 2024 and December 31, 2023, respectively. See Note 5 for further details on equity securities. Trading Debt Securities The fair value of trading debt securities totaled $4.0 million at both March 31, 2024 and December 31, 2023. Net trading gains and losses are included in net gains and losses on securities transactions within non-interest income. We recorded net trading gains of $56 thousand and $402 thousand for the three months ended March 31, 2024 and 2023, respectively. Available for Sale Debt Securities The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at March 31, 2024 and December 31, 2023 were as follows: Amortized Gross Gross Fair Value (in thousands) March 31, 2024 U.S. Treasury securities $ 315,202 $ — $ (29,656) $ 285,546 U.S. government agency securities 25,171 20 (2,437) 22,754 Obligations of states and political subdivisions: Obligations of states and state agencies 47,673 — (618) 47,055 Municipal bonds 170,902 — (30,228) 140,674 Total obligations of states and political subdivisions 218,575 — (30,846) 187,729 Residential mortgage-backed securities 870,356 587 (87,800) 783,143 Corporate and other debt securities 192,384 — (22,222) 170,162 Total $ 1,621,688 $ 607 $ (172,961) $ 1,449,334 December 31, 2023 U.S. Treasury securities $ 313,772 $ — $ (25,615) $ 288,157 U.S. government agency securities 25,967 19 (2,284) 23,702 Obligations of states and political subdivisions: Obligations of states and state agencies 48,283 — (588) 47,695 Municipal bonds 170,260 — (26,265) 143,995 Total obligations of states and political subdivisions 218,543 — (26,853) 191,690 Residential mortgage-backed securities 703,875 728 (78,031) 626,572 Corporate and other debt securities 192,282 — (25,827) 166,455 Total $ 1,454,439 $ 747 $ (158,610) $ 1,296,576 Accrued interest on investments The age of unrealized losses and fair value of the related available for sale debt securities at March 31, 2024 and December 31, 2023 were as follows: Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) March 31, 2024 U.S. Treasury securities $ — $ — $ 285,546 $ (29,656) $ 285,546 $ (29,656) U.S. government agency securities — — 21,435 (2,437) 21,435 (2,437) Obligations of states and political subdivisions: Obligations of states and state agencies — — 7,875 (618) 7,875 (618) Municipal bonds — — 140,673 (30,228) 140,673 (30,228) Total obligations of states and political subdivisions — — 148,548 (30,846) 148,548 (30,846) Residential mortgage-backed securities 152,843 (625) 546,154 (87,175) 698,997 (87,800) Corporate and other debt securities 4,817 (184) 165,346 (22,038) 170,163 (22,222) Total $ 157,660 $ (809) $ 1,167,029 $ (172,152) $ 1,324,689 $ (172,961) December 31, 2023 U.S. Treasury securities $ — $ — $ 288,156 $ (25,615) $ 288,156 $ (25,615) U.S. government agency securities — — 22,364 (2,284) 22,364 (2,284) Obligations of states and political subdivisions: Obligations of states and state agencies — — 8,276 (588) 8,276 (588) Municipal bonds 1,019 (4) 142,976 (26,261) 143,995 (26,265) Total obligations of states and political subdivisions 1,019 (4) 151,252 (26,849) 152,271 (26,853) Residential mortgage-backed securities 9,010 (3) 569,629 (78,028) 578,639 (78,031) Corporate and other debt securities 4,977 (23) 161,478 (25,804) 166,455 (25,827) Total $ 15,006 $ (30) $ 1,192,879 $ (158,580) $ 1,207,885 $ (158,610) Within the AFS debt securities portfolio, the total number of security positions in an unrealized loss position was 694 and 687 at March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, the fair value of AFS securities that were pledged to secure public deposits, repurchase agreements, lines of credit, and for other purposes required by law, was $1.1 billion. The contractual maturities of AFS debt securities at March 31, 2024 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary. March 31, 2024 Amortized Fair (in thousands) Due in one year $ 1,353 $ 1,346 Due after one year through five years 290,800 277,194 Due after five years through ten years 172,949 150,980 Due after ten years 286,230 236,671 Residential mortgage-backed securities 870,356 783,143 Total $ 1,621,688 $ 1,449,334 Actual maturities of AFS 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 AFS was 7.88 years at March 31, 2024. Impairment Analysis of Available For Sale Debt Securities Valley's AFS 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. AFS debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. Valley also evaluated AFS debt securities that were in an unrealized loss position as of March 31, 2024 included in the tables above and has determined that the declines in fair value are mainly attributable to interest rates, credit spreads, market volatility and liquidity conditions, not credit quality or other factors. Based on a comparison of the present value of expected cash flows to the amortized cost, th ere was no impairment recognized during the three months ended March 31, 2024. During the three months ended March 31, 2023, Valley recognized a credit related impairment of one corporate bond issued by Signature Bank resulting in both a provision for credit losses and full charge-off of the security totaling $5.0 million based on a comparison of the present value of expected cash flows to the amortized cost. The bond was subsequently sold and the sale resulted in a $869 thousand gain during the fourth quarter 2023. Valley does not intend to sell any of its AFS debt securities in an unrealized loss position prior to recovery of their amortized cost basis, and it is more likely than not that Valley will not be required to sell any of its securities prior to recovery of their amortized cost basis. None of the AFS debt securities were past due as of March 31, 2024. As a result, there was no allowance for credit los ses for AFS debt securities at March 31, 2024, December 31, 2023 and March 31, 2023. Held to Maturity Debt Securities The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at March 31, 2024 and December 31, 2023 were as follows: Amortized Gross Gross Fair Value Allowance for Credit Losses Net Carrying Value (in thousands) March 31, 2024 U.S. Treasury securities $ 26,048 $ — $ (306) $ 25,742 $ — $ 26,048 U.S. government agency securities 305,543 — (45,368) 260,175 — 305,543 Obligations of states and political subdivisions: Obligations of states and state agencies 87,017 186 (4,632) 82,571 401 86,616 Municipal bonds 313,506 4 (18,049) 295,461 49 313,457 Total obligations of states and political subdivisions 400,523 190 (22,681) 378,032 450 400,073 Residential mortgage-backed securities 2,856,322 3,249 (417,637) 2,441,934 — 2,856,322 Trust preferred securities 37,066 — (6,584) 30,482 454 36,612 Corporate and other debt securities 86,316 — (5,279) 81,037 227 86,089 Total $ 3,711,818 $ 3,439 $ (497,855) $ 3,217,402 $ 1,131 $ 3,710,687 December 31, 2023 U.S. Treasury securities $ 26,232 $ — $ (254) $ 25,978 $ — $ 26,232 U.S. government agency securities 305,996 — (44,441) 261,555 — 305,996 Obligations of states and political subdivisions: Obligations of states and state agencies 88,556 552 (4,155) 84,953 395 88,161 Municipal bonds 316,914 40 (14,380) 302,574 49 316,865 Total obligations of states and political subdivisions 405,470 592 (18,535) 387,527 444 405,026 Residential mortgage-backed securities 2,885,303 6,059 (369,436) 2,521,926 — 2,885,303 Trust preferred securities 37,062 — (6,412) 30,650 506 36,556 Corporate and other debt securities 80,350 — (5,674) 74,676 255 80,095 Total $ 3,740,413 $ 6,651 $ (444,752) $ 3,302,312 $ 1,205 $ 3,739,208 Accrued interest on investments HTM debt securities are carried net of an allowance for credit losses. The age of unrealized losses and fair value of related debt securities held to maturity at March 31, 2024 and December 31, 2023 were as follows: Less than 12 Months More than 12 Months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) March 31, 2024 U.S. Treasury securities $ — $ — $ 25,742 $ (306) $ 25,742 $ (306) U.S. government agency securities 42,760 (187) 216,293 (45,181) 259,053 (45,368) Obligations of states and political subdivisions: Obligations of states and state agencies 7,271 (124) 57,008 (4,508) 64,279 (4,632) Municipal bonds 45,923 (307) 210,292 (17,742) 256,215 (18,049) Total obligations of states and political subdivisions 53,194 (431) 267,300 (22,250) 320,494 (22,681) Residential mortgage-backed securities 46,777 (353) 2,104,844 (417,284) 2,151,621 (417,637) Trust preferred securities 951 (49) 29,532 (6,535) 30,483 (6,584) Corporate and other debt securities 26,483 (517) 54,554 (4,762) 81,037 (5,279) Total $ 170,165 $ (1,537) $ 2,698,265 $ (496,318) $ 2,868,430 $ (497,855) December 31, 2023 U.S. Treasury securities $ — $ — $ 25,978 $ (254) $ 25,978 $ (254) U.S. government agency securities 43,664 (151) 216,759 (44,290) 260,423 (44,441) Obligations of states and political subdivisions: Obligations of states and state agencies 10,700 (102) 48,149 (4,053) 58,849 (4,155) Municipal bonds 11,958 (121) 207,520 (14,259) 219,478 (14,380) Total obligations of states and political subdivisions 22,658 (223) 255,669 (18,312) 278,327 (18,535) Residential mortgage-backed securities 57,085 (505) 2,164,704 (368,931) 2,221,789 (369,436) Trust preferred securities 938 (63) 29,712 (6,349) 30,650 (6,412) Corporate and other debt securities 12,575 (426) 59,102 (5,248) 71,677 (5,674) Total $ 136,920 $ (1,368) $ 2,751,924 $ (443,384) $ 2,888,844 $ (444,752) Within the HTM securities portfolio, the total number of security positions in an unrealized loss position was 784 and 762 at March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, the fair value of debt securities HTM that were pledged to secure public deposits, repurchase agreements, lines of credit, and for other purposes required by law was $2.7 billion. The contractual maturities of investments in HTM debt securities at March 31, 2024 are set forth in the table below. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary. March 31, 2024 Amortized Fair (in thousands) Due in one year $ 21,808 $ 21,680 Due after one year through five years 119,771 117,124 Due after five years through ten years 166,510 156,912 Due after ten years 547,407 479,752 Residential mortgage-backed securities 2,856,322 2,441,934 Total $ 3,711,818 $ 3,217,402 Actual maturities of HTM 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 securitie s HTM was 10.82 years at March 31, 2024. Credit Quality Indicators Valley monitors the credit quality of the HTM debt securities utilizing the most c urrent credit ratings from external rating agencies. The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at March 31, 2024 and December 31, 2023. AAA/AA/A Rated BBB rated Non-investment grade rated Non-rated Total (in thousands) March 31, 2024 U.S. Treasury securities $ 26,048 $ — $ — $ — $ 26,048 U.S. government agency securities 305,543 — — — 305,543 Obligations of states and political subdivisions: Obligations of states and state agencies 65,534 — 5,269 16,214 87,017 Municipal bonds 279,552 — — 33,954 313,506 Total obligations of states and political subdivisions 345,086 — 5,269 50,168 400,523 Residential mortgage-backed securities 2,856,322 — — — 2,856,322 Trust preferred securities — — — 37,066 37,066 Corporate and other debt securities — 6,000 — 80,316 86,316 Total $ 3,532,999 $ 6,000 $ 5,269 $ 167,550 $ 3,711,818 December 31, 2023 U.S. Treasury securities $ 26,232 $ — $ — $ — $ 26,232 U.S. government agency securities 305,996 — — — 305,996 Obligations of states and political subdivisions: Obligations of states and state agencies 66,502 — 5,330 16,724 88,556 Municipal bonds 283,441 — — 33,473 316,914 Total obligations of states and political subdivisions 349,943 — 5,330 50,197 405,470 Residential mortgage-backed securities 2,885,303 — — — 2,885,303 Trust preferred securities — — 37,062 37,062 Corporate and other debt securities — 6,000 — 74,350 80,350 Total $ 3,567,474 $ 6,000 $ 5,330 $ 161,609 $ 3,740,413 Obligations of states and political subdivisions include municipal bonds and revenue bonds issued by various municipal corporations. At March 31, 2024, most of the obligations of states and political subdivisions were rated investment grade and a large portion of the “non-rated” category included municipal bonds 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 HTM 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 security 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. To measure the expected credit losses on HTM debt securities that have loss expectations, Valley estimates the expected credit losses using a discounted cash flow model developed by a third-party. The following table details the activity in the allowance for credit losses for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 (in thousands) Beginning balance $ 1,205 $ 1,646 Credit for credit losses (74) (13) Ending balance $ 1,131 $ 1,633 |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses for Loans | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses for Loans | Loans and Allowance for Credit Losses for Loans The detail of the loan portfolio as of March 31, 2024 and December 31, 2023 was as follows: March 31, 2024 December 31, 2023 (in thousands) Loans: Commercial and industrial $ 9,104,193 $ 9,230,543 Commercial real estate: Commercial real estate 28,148,953 28,243,239 Construction 3,556,511 3,726,808 Total commercial real estate loans 31,705,464 31,970,047 Residential mortgage 5,618,355 5,569,010 Consumer: Home equity 564,083 559,152 Automobile 1,700,508 1,620,389 Other consumer 1,229,439 1,261,154 Total consumer loans 3,494,030 3,440,695 Total loans $ 49,922,042 $ 50,210,295 Total loans include net unearned discounts and deferred loan fees of $71.8 million and $85.4 million at March 31, 2024 and December 31, 2023, respectively. Accrued interest on loans Loans Portfolio Sales and Transfers to Loans Held for Sale Valley sells residential mortgage loans originated for sale (at fair value) primarily to Fannie Mae and Freddie Mac in the normal course of business. Under certain circumstances, Valley may decide to sell loans that were not originated with the intent to sell. During the first quarter 2024, Valley sold $151.0 million and $45.6 million of commercial real estate and construction loans, respectively, at par value through loan participation agreements with a related party, Bank Leumi Le-Israel B.M . (BLITA). During the first quarter 2024, Valley also transferred $34.1 million of construction loans from loans held for investment to loans held for sale as of March 31, 2024. These loans were subsequently sold at par value through loan participation agreements with BLITA in April 2024. In February 2024, Valley completed the sale of its commercial premium finance lending business for $96.8 million. This asset sale included $95.5 million of assets, mainly consisting of $93.6 million of loans, and $2.8 million of related liabilities. The transaction generated a $3.6 million net gain for the first quarter 2024. Valley continues to hold certain commercial premium finance loans totaling $145.7 million at March 31, 2024 which are mostly expected to run-off at their scheduled maturity dates over the next 12 months. There were no other sales or transfers of loans from the held for investment portfolio during the three months ended March 31, 2024 and March 31, 2023. 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 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. Additionally, Valley does not accept crypto assets as loan collateral for any of its loan portfolio classes. See Valley’s Annual Report 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 March 31, 2024 and December 31, 2023: 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) March 31, 2024 Commercial and industrial $ 6,202 $ 2,665 $ 5,750 $ 102,399 $ 117,016 $ 8,987,177 $ 9,104,193 $ 12,502 Commercial real estate: Commercial real estate 5,791 3,720 — 100,052 109,563 28,039,390 28,148,953 76,495 Construction — — 3,990 51,842 55,832 3,500,679 3,556,511 25,192 Total commercial real estate loans 5,791 3,720 3,990 151,894 165,395 31,540,069 31,705,464 101,687 Residential mortgage 20,819 5,970 2,884 28,561 58,234 5,560,121 5,618,355 23,338 Consumer loans: Home equity 1,006 18 — 3,506 4,530 559,553 564,083 327 Automobile 8,450 1,387 535 305 10,677 1,689,831 1,700,508 — Other consumer 4,576 429 196 627 5,828 1,223,611 1,229,439 589 Total consumer loans 14,032 1,834 731 4,438 21,035 3,472,995 3,494,030 916 Total $ 46,844 $ 14,189 $ 13,355 $ 287,292 $ 361,680 $ 49,560,362 $ 49,922,042 $ 138,443 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, 2023 Commercial and industrial $ 9,307 $ 5,095 $ 5,579 $ 99,912 $ 119,893 $ 9,110,650 $ 9,230,543 $ 6,594 Commercial real estate: Commercial real estate 3,008 1,257 — 99,739 104,004 28,139,235 28,243,239 81,282 Construction — — 3,990 60,851 64,841 3,661,967 3,726,808 12,007 Total commercial real estate loans 3,008 1,257 3,990 160,590 168,845 31,801,202 31,970,047 93,289 Residential mortgage 26,345 8,200 2,488 26,986 64,019 5,504,991 5,569,010 14,654 Consumer loans: Home equity 1,687 613 — 3,539 5,839 553,313 559,152 — Automobile 11,850 1,855 576 212 14,493 1,605,896 1,620,389 — Other consumer 7,017 2,247 512 632 10,408 1,250,746 1,261,154 589 Total consumer loans 20,554 4,715 1,088 4,383 30,740 3,409,955 3,440,695 589 Total $ 59,214 $ 19,267 $ 13,145 $ 291,871 $ 383,497 $ 49,826,798 $ 50,210,295 $ 115,126 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 March 31, 2024 and December 31, 2023, as well as the gross loan charge-offs by year of origination for the three months ended March 31, 2024 and for the year ended December 31, 2023: Term Loans Amortized Cost Basis by Origination Year March 31, 2024 2024 2023 2022 2021 2020 Prior to 2020 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Commercial and industrial Risk Rating: Pass $ 402,170 $ 1,275,151 $ 899,621 $ 666,947 $ 340,653 $ 660,087 $ 4,401,704 $ 35,540 $ 8,681,873 Special Mention 1,718 20,804 85,156 13,735 355 20,959 71,380 139 214,246 Substandard — 43,944 3,144 4,571 14,966 7,924 40,268 22,046 136,863 Doubtful — 9,078 21 1,167 (22) 52,498 8,469 — 71,211 Total commercial and industrial $ 403,888 $ 1,348,977 $ 987,942 $ 686,420 $ 355,952 $ 741,468 $ 4,521,821 $ 57,725 $ 9,104,193 Commercial real estate Risk Rating: Pass $ 384,214 $ 3,928,977 $ 6,314,486 $ 4,607,445 $ 2,674,613 $ 7,345,774 $ 779,366 $ 134,472 $ 26,169,347 Special Mention 6,379 106,984 197,652 231,119 160,474 362,966 3,007 83 1,068,664 Substandard 18,968 119,426 127,697 172,590 122,210 346,637 3,197 217 910,942 Total commercial real estate $ 409,561 $ 4,155,387 $ 6,639,835 $ 5,011,154 $ 2,957,297 $ 8,055,377 $ 785,570 $ 134,772 $ 28,148,953 Construction Risk Rating: Pass $ 137,671 $ 826,057 $ 587,323 $ 201,115 $ 12,723 $ 56,211 $ 1,550,191 $ 90,831 $ 3,462,122 Special Mention — — — 2,136 — — 36,421 — 38,557 Substandard — 6,748 — 8,993 — — — — 15,741 Doubtful — — 18,181 — 10,000 11,910 — — 40,091 Total construction $ 137,671 $ 832,805 $ 605,504 $ 212,244 $ 22,723 $ 68,121 $ 1,586,612 $ 90,831 $ 3,556,511 Gross loan charge-offs $ — $ 1,846 $ 2,211 $ 271 $ 704 $ 14,305 $ 3,600 $ 154 $ 23,091 Term Loans Amortized Cost Basis by Origination Year December 31, 2023 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Commercial and industrial Risk Rating: Pass $ 1,494,417 $ 1,047,513 $ 765,335 $ 377,047 $ 211,504 $ 523,430 $ 4,382,361 $ 29,798 $ 8,831,405 Special Mention 70,807 73,423 15,296 358 1,870 915 99,981 139 262,789 Substandard 3,100 1,837 2,629 1,714 1,221 5,900 29,569 4,225 50,195 Doubtful 11,658 595 1,166 (22) 2,653 57,817 12,287 — 86,154 Total commercial and industrial $ 1,579,982 $ 1,123,368 $ 784,426 $ 379,097 $ 217,248 $ 588,062 $ 4,524,198 $ 34,162 $ 9,230,543 Commercial real estate Risk Rating: Pass $ 4,088,835 $ 6,630,322 $ 4,791,190 $ 2,789,275 $ 2,329,385 $ 5,385,809 $ 618,056 $ 104,839 $ 26,737,711 Special Mention 125,296 82,917 248,900 184,720 69,949 358,059 26 183 1,070,050 Substandard 58,115 25,709 12,122 48,506 70,439 214,095 4,415 2,077 435,478 Total commercial real estate $ 4,272,246 $ 6,738,948 $ 5,052,212 $ 3,022,501 $ 2,469,773 $ 5,957,963 $ 622,497 $ 107,099 $ 28,243,239 Construction Risk Rating: Pass $ 753,759 $ 655,198 $ 267,336 $ 10,318 $ 40,584 $ 43,560 $ 1,762,890 $ 139,599 $ 3,673,244 Substandard 6,721 — 9,276 — — 17,668 — — 33,665 Doubtful — 19,899 — — — — — — 19,899 Total construction $ 760,480 $ 675,097 $ 276,612 $ 10,318 $ 40,584 $ 61,228 $ 1,762,890 $ 139,599 $ 3,726,808 Gross loan charge-offs $ 307 $ 12,919 $ 28,438 $ 6,946 $ 5,031 $ 13,446 $ 3,729 $ 145 $ 70,961 For residential mortgages, automobile, home equity and other consumer loan portfolio classes, Valley 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 March 31, 2024 and December 31, 2023, as well as the gross loan charge-offs by year of origination for the three months ended March 31, 2024 and for the year ended December 31, 2023: Term Loans Amortized Cost Basis by Origination Year March 31, 2024 2024 2023 2022 2021 2020 Prior to 2020 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Residential mortgage Performing $ 91,866 $ 467,697 $ 1,316,817 $ 1,491,638 $ 526,843 $ 1,643,947 $ 62,542 $ 1,771 $ 5,603,121 90 days or more past due — — 3,684 1,830 1,354 8,366 — — 15,234 Total residential mortgage $ 91,866 $ 467,697 $ 1,320,501 $ 1,493,468 $ 528,197 $ 1,652,313 $ 62,542 $ 1,771 $ 5,618,355 Consumer loans Home equity Performing $ 2,872 $ 27,946 $ 43,390 $ 11,207 $ 4,021 $ 53,706 $ 412,170 $ 7,957 $ 563,269 90 days or more past due — — 51 13 — 702 — 48 814 Total home equity 2,872 27,946 43,441 11,220 4,021 54,408 412,170 8,005 564,083 Automobile Performing $ 225,477 $ 464,201 $ 492,460 $ 318,203 $ 105,243 $ 94,074 $ — $ 1,699,658 90 days or more past due — 32 247 49 62 460 — — 850 Total automobile 225,477 464,233 492,707 318,252 105,305 94,534 — — 1,700,508 Other consumer Performing $ 5,159 $ 30,490 $ 19,276 $ 2,729 $ 1,276 $ 64,706 $ 1,077,435 $ 27,719 $ 1,228,790 90 days or more past due — — 21 — — 627 — 1 649 Total other consumer 5,159 30,490 19,297 2,729 1,276 65,333 1,077,435 27,720 1,229,439 Total consumer $ 233,508 $ 522,669 $ 555,445 $ 332,201 $ 110,602 $ 214,275 $ 1,489,605 $ 35,725 $ 3,494,030 Gross loan charge-offs $ — $ 391 $ 494 $ 269 $ 198 $ 433 $ — $ 24 $ 1,809 Term Loans Amortized Cost Basis by Origination Year December 31, 2023 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Residential mortgage Performing $ 467,178 $ 1,304,026 $ 1,505,133 $ 538,853 $ 435,669 $ 1,244,986 $ 57,052 $ 1,771 $ 5,554,668 90 days or more past due — 1,968 1,681 1,357 3,391 5,945 — — 14,342 Total residential mortgage $ 467,178 $ 1,305,994 $ 1,506,814 $ 540,210 $ 439,060 $ 1,250,931 $ 57,052 $ 1,771 $ 5,569,010 Consumer loans Home equity Performing $ 40,599 $ 44,893 $ 14,948 $ 4,096 $ 4,850 $ 46,274 $ 396,960 $ 4,608 $ 557,228 90 days or more past due — 51 13 — — 1,132 — 728 1,924 Total home equity 40,599 44,944 14,961 4,096 4,850 47,406 396,960 5,336 559,152 Automobile Performing $ 468,152 $ 531,728 $ 356,144 $ 121,658 $ 86,147 $ 34,504 $ 20,227 $ 763 $ 1,619,323 90 days or more past due 90 284 54 92 237 309 — — 1,066 Total automobile 468,242 532,012 356,198 121,750 86,384 34,813 20,227 763 1,620,389 Other consumer Performing $ 32,662 $ 20,376 $ 2,986 $ 1,722 $ 10,381 $ 52,659 $ 1,120,863 $ 18,655 $ 1,260,304 90 days or more past due 10 79 — — — 628 — 133 850 Total other consumer 32,672 20,455 2,986 1,722 10,381 53,287 1,120,863 18,788 1,261,154 Total consumer $ 541,513 $ 597,411 $ 374,145 $ 127,568 $ 101,615 $ 135,506 $ 1,538,050 $ 24,887 $ 3,440,695 Gross loan charge-offs $ 296 $ 903 $ 357 $ 232 $ 752 $ 1,921 $ 31 $ — $ 4,492 Loan modifications to borrowers experiencing financial difficulty. 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. The following tables shows the amortized cost basis of loans to borrowers experiencing financial difficulty at March 31, 2024 that were modified during the three months ended March 31, 2024 and 2023, disaggregated by class of financing receivable and type of modification. Term extension Term extension and interest rate reduction Total % of Total Loan Class ($ in thousands) Three Months Ended Commercial and industrial $ 34,271 $ 143 $ 34,414 0.38 % Commercial real estate 62 16,222 16,284 0.06 Home equity 91 — 91 0.02 Total $ 34,424 $ 16,365 $ 50,789 0.10 % Three Months Ended Commercial and industrial $ 1,281 $ 523 $ 1,804 0.02 % Commercial real estate 46,328 — 46,328 0.17 Residential mortgage 213 — 213 — Other consumer 60 — 60 — Total $ 47,882 $ 523 $ 48,405 0.10 % The following tables describes the types of modifications made to borrowers experiencing financial difficulty. Types of Modifications Three Months Ended Commercial and industrial 3 to 12 month term extensions 24 month term extensions combined with a reduction in interest rate from 2.10 percent to 1.00 percent Commercial real estate 6 to 36 month term extensions 12 to 18 month term extensions combined with a reduction in interest rate from 8.06 percent to 7.00 percent Home equity 120 month term extension Three Months Ended Commercial and industrial 12 month term extensions 12 month term extensions combined with a reduction in interest rate from 2.11 percent to 1.00 percent Commercial real estate 6 - 36 month term extensions Residential mortgage 12 month term extensions Consumer 60 month term extensions Valley closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the aging analysis of loans that have been modified within the previous 12 months. At March 31, 2024 Current 30-89 Days Past Due 90 Days Or More Past Due * Total ($ in thousands) Commercial and industrial $ 73,859 $ 5,916 $ 4,943 $ 84,718 Commercial real estate 96,217 — 2,153 98,370 Residential mortgage — 360 — 360 Home equity 122 — — 122 Total $ 170,198 $ 6,276 $ 7,096 $ 183,570 * All loan balances in this delinquency category were non-accrual loans at March 31, 2024. Valley did not extend any commitments to lend additional funds to borrowers experiencing financial difficulty whose loans had been modified during the three months ended March 31, 2024 and 2023. Loans in process of foreclosure. Other real estate owned (OREO) was not material at March 31, 2024 and December 31, 2023. There were no f oreclosed residential real estate properties included in OREO at March 31, 2024 and December 31, 2023. Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $2.3 million and $1.6 million at March 31, 2024 and December 31, 2023, respectively. Collateral dependent loans. Loans are collateral dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. When Valley determines that foreclosure is probable, the collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) resulting in an immediate charge-off to the allowance, excluding any consideration for personal guarantees that may be pursued in the Bank’s collection process. The following table presents collateral dependent loans by class as of March 31, 2024 and December 31, 2023: March 31, December 31, (in thousands) Collateral dependent loans: Commercial and industrial * $ 98,069 $ 96,827 Commercial real estate 97,627 98,785 Construction 42,151 46,634 Total commercial real estate loans 139,778 145,419 Residential mortgage 23,666 21,843 Home equity 327 — Consumer 589 589 Total $ 262,429 $ 264,678 * Includes non-accrual loans collateralized by taxi medallions totaling $53.0 million and $62.3 million at March 31, 2024 and December 31, 2023, respectively. Allowance for Credit Losses for Loans The allowance for credit losses for loans consists of the allowance for loan losses and the allowance for unfunded credit commitments. The following table summarizes the ACL for loans at March 31, 2024 and December 31, 2023: March 31, December 31, (in thousands) Components of allowance for credit losses for loans: Allowance for loan losses $ 469,248 $ 446,080 Allowance for unfunded credit commitments 18,021 19,470 Total allowance for credit losses for loans $ 487,269 $ 465,550 The following table summarizes the provision for credit losses for loans for the periods indicated: Three Months Ended 2024 2023 (in thousands) Components of provision for credit losses for loans: Provision for loan losses $ 46,723 $ 9,979 Credit for unfunded credit commitments (1,449) (529) Total provision for credit losses for loans $ 45,274 $ 9,450 The following table details the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2024 and 2023: Commercial Commercial Residential Consumer Total (in thousands) Three Months Ended Allowance for loan losses: Beginning balance $ 133,359 $ 249,598 $ 42,957 $ 20,166 $ 446,080 Loans charged-off (14,293) (8,798) — (1,809) (24,900) Charged-off loans recovered 682 241 25 397 1,345 Net (charge-offs) recoveries (13,611) (8,557) 25 (1,412) (23,555) Provision for loan losses 18,845 24,806 1,395 1,677 46,723 Ending balance $ 138,593 $ 265,847 $ 44,377 $ 20,431 $ 469,248 Three Months Ended Allowance for loan losses: Beginning balance $ 139,941 $ 259,408 $ 39,020 $ 20,286 $ 458,655 Impact of the adoption of ASU No. 2022-02 (739) (589) (12) (28) (1,368) Beginning balance, adjusted 139,202 258,819 39,008 20,258 457,287 Loans charged-off (26,047) (5,698) — (828) (32,573) Charged-off loans recovered 1,399 24 21 761 2,205 Net (charge-offs) recoveries (24,648) (5,674) 21 (67) (30,368) Provision (credit) for loan losses 13,438 (9,813) 2,679 3,675 9,979 Ending balance $ 127,992 $ 243,332 $ 41,708 $ 23,866 $ 436,898 The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology at March 31, 2024 and December 31, 2023. Commercial and Industrial Commercial Residential Consumer Total (in thousands) March 31, 2024 Allowance for loan losses: Individually evaluated for credit losses $ 52,002 $ 14,545 $ 30 $ — $ 66,577 Collectively evaluated for credit losses 86,591 251,302 44,347 20,431 402,671 Total $ 138,593 $ 265,847 $ 44,377 $ 20,431 $ 469,248 Loans: Individually evaluated for credit losses $ 98,069 $ 139,778 $ 23,666 $ 916 $ 262,429 Collectively evaluated for credit losses 9,006,124 31,565,686 5,594,689 3,493,114 49,659,613 Total $ 9,104,193 $ 31,705,464 $ 5,618,355 $ 3,494,030 $ 49,922,042 December 31, 2023 Allowance for loan losses: Individually evaluated for credit losses $ 55,993 $ 17,987 $ 235 $ — $ 74,215 Collectively evaluated for credit losses 77,366 231,611 42,722 20,166 371,865 Total $ 133,359 $ 249,598 $ 42,957 $ 20,166 $ 446,080 Loans: Individually evaluated for credit losses $ 96,827 $ 145,419 $ 21,843 $ 589 $ 264,678 Collectively evaluated for credit losses 9,133,716 31,824,628 5,547,167 3,440,106 49,945,617 Total $ 9,230,543 $ 31,970,047 $ 5,569,010 $ 3,440,695 $ 50,210,295 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The carrying amounts of goodwill allocated to Valley's reporting units at both March 31, 2024 and December 31, 2023, were as follows: Reporting Unit * Wealth Consumer Commercial Total (in thousands) $ 78,142 $ 349,646 $ 1,441,148 $ 1,868,936 * The Wealth Management and Consumer Banking reporting units are both components of the overall Consumer Banking operating segment, which is further described in Note 1 5 During the three months ended March 31, 2024 , there were no triggering events that would more likely than not reduce the fair value of any reporting unit below its carrying amount. There was no impairment of goodwill recognized during the three months ended March 31, 2024 and 2023. The following table summarizes other intangible assets as of March 31, 2024 and December 31, 2023: Gross Accumulated Net (in thousands) March 31, 2024 Loan servicing rights $ 123,136 $ (101,830) $ 21,306 Core deposits 215,620 (119,832) 95,788 Other 50,393 (16,018) 34,375 Total other intangible assets $ 389,149 $ (237,680) $ 151,469 December 31, 2023 Loan servicing rights $ 122,586 $ (100,636) $ 21,950 Core deposits 215,620 (113,183) 102,437 Other 50,393 (14,449) 35,944 Total other intangible assets $ 388,599 $ (228,268) $ 160,331 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 impairment of loan servicing rights recognized during the three months ended March 31, 2024 and 2023. Core deposits are amortized using an accelerated method over a period of 10.0 years. 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 13.4 years. Valley evaluates core deposits and other intangibles for impairment when an indication of impairment exists. There was no impairment of core deposits and other intangibles was recognized during the three months ended March 31, 2024 and 2023. The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2024 through 2028: Year Loan Servicing Core Other (in thousands) 2024 $ 2,066 $ 18,248 $ 4,382 2025 2,504 21,048 5,380 2026 2,206 17,223 4,805 2027 1,928 13,544 4,205 2028 1,685 10,117 3,633 Valley recognized amortization expense on other intangible assets totaling approximately $9.4 million and $10.5 million for the three months ended March 31, 2024 and 2023, respectively. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Financial Services, Banking and Thrift [Abstract] | |
Deposits | Deposits Included in time deposits are certificates of deposit over $250 thousand totaling $2.1 billion and $2.6 billion at March 31, 2024 and December 31, 2023, respectively. Interest expense on time deposits of over $250 thousand total ed $29.7 million and $2.8 million for the three months ended March 31, 2024 and 2023, respectively. The scheduled maturities of time deposits as of March 31, 2024 were as follows: Year Amount (in thousands) 2024 $ 9,989,588 2025 2,034,132 2026 238,754 2027 430,363 2028 21,039 Thereafter 29,858 Total time deposits $ 12,743,734 |
Borrowed Funds
Borrowed Funds | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds Short-Term Borrowings Short-term borrowings at March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 December 31, 2023 (in thousands) FHLB advances $ — $ 850,000 Securities sold under agreements to repurchase 75,224 67,834 Total short-term borrowings $ 75,224 $ 917,834 The weighted average interest rate for short-term FHLB advances was 5.62 percent at December 31, 2023. Long-Term Borrowings Long-term borrowings at March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 December 31, 2023 (in thousands) FHLB advances, net (1) $ 2,624,962 $ 1,690,013 Subordinated debt, net (2) 637,379 638,362 Total long-term borrowings $ 3,262,341 $ 2,328,375 (1) FHLB advances are presented net of unamortized premiums totaling $158 thousand and $209 thousand at March 31, 2024 and December 31, 2023, respectively. (2) Subordinated debt is presented net of unamortized debt issuance costs totaling $4.8 million and $5.2 million at March 31, 2024 and December 31, 2023, respectively. FHLB advances. Long-term FHLB advances had a weighted average interest rate of 4.10 percent and 3.75 percent at March 31, 2024 and December 31, 2023, respectively. FHLB advances are secured by pledges of certain eligible collateral, including but not limited to, U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgage and commercial real estate loans. The long-term FHLB advances at March 31, 2024 are scheduled for contractual balance repayments as follows: Year Amount (in thousands) 2024 $ 100,000 2025 273,000 2026 601,804 2027 925,000 2028 475,000 Thereafter 250,000 Total long-term FHLB advances $ 2,624,804 None of the FHLB advances reported in the table above are callable for early redemption by the FHLB during the next 12 months. Subordinated debt. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock–Based Compensation Valley maintains an incentive compensation plan to provide additional long-term incentives to employees, directors and officers whose contributions are essential to the continued growth and success of Valley. Under the plan, Valley may issue awards to its officers, employees and non-employee directors in amounts up to 14.5 million, subject to certain adjustments. As of March 31, 2024 , 9.1 million shares of common stock were available for issuance under the plan. RSUs are awarded as performance-based RSUs and time-based RSUs. The performance-based RSU awards are granted to certain officers and include RSUs subject to vesting conditions based upon certain levels of growth in Valley's tangible book value per share, plus dividends; and RSUs subject to vesting conditions based upon Valley's total shareholder return as compared to its peer group. The table below summarizes RSU awards granted and average grant date fair values for the three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 (in thousands, except per share data) Award shares granted: Performance-based RSUs 958 723 Time-based RSUs 2,794 1,528 Average grant date fair value per share: Performance-based RSUs $ 7.88 $ 12.80 Time-based RSUs $ 8.51 $ 11.91 Stock award fair values are expensed over the shorter of the vesting or required service period. Valley recorded total stock-based compensation expense of approximately $8.1 million for both the three months ended March 31, 2024 and 2023. As of March 31, 2024, the unrecognized amortization expense for all stock-based employee compensation totaled approximately $56.7 million. This expense will be recognized over an average remaining vesting period of approximately 2.2 years. See Note 12 in Valley’s Annual Report for additional information on the stock-based compensation awards. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2024 | |
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. 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. Fair Value Hedges of Fixed Rate Assets and Liabilities. Valley is exposed to changes in the fair value of certain fixed-rate assets and liabilities due to changes in interest rates and interest rate swaps to manage its exposure to changes in fair value. 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. Non-designated Hedges. Derivatives not designated as hedges may be used to manage Valley’s exposure to interest rate movements or to provide a service to customers but do not meet the requirements for hedge accounting under GAAP. Derivatives not designated as hedges are not entered into for speculative purposes. Valley executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that Valley executes with a third party, such that Valley minimizes its net risk exposure resulting from such transactions. As these interest rate swaps do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. Valley sometimes enters into risk participation agreements with external lenders where the banks are sharing their risk of default on the interest rate swaps on participated loans. Valley either pays or receives a fee depending on the participation type. Risk participation agreements are credit derivatives not designated as hedges. Credit derivatives are not speculative and are not used to manage interest rate risk in assets or liabilities. Changes in the fair value in credit derivatives are recognized directly in earnings. At March 31, 2024, Valley had 44 credit swaps with an aggregate notional amount of $605.5 million related to risk participation agreements. At March 31, 2024, 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 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 Term SOFR rate and, therefore, provide an effective economic hedge. Valley regularly enters into mortgage banking derivatives which are non-designated hedges. These derivatives include interest rate lock commitments provided to customers to fund certain residential mortgage loans to be sold into the secondary market and forward commitments for the future delivery of such loans. Valley enters into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in order to economically hedge the effect of future changes in interest rates on Valley's commitments to fund the loans as well as on its portfolio of mortgage loans held for sale. Valley enters into foreign currency forward and option contracts, primarily to accommodate our customers, that are not designated as hedging instruments. Upon the origination of 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: March 31, 2024 December 31, 2023 Fair Value Fair Value Other Assets Other Liabilities Notional Amount Other Assets Other Liabilities Notional Amount (in thousands) Derivatives designated as hedging instruments: Fair value hedge interest rate swaps $ 1,304 $ 26,127 $ 800,000 $ — $ 21,460 $ 800,000 Total derivatives designated as hedging instruments $ 1,304 $ 26,127 $ 800,000 $ — $ 21,460 $ 800,000 Derivatives not designated as hedging instruments: Interest rate swaps and other contracts * $ 510,689 $ 510,423 $ 16,200,678 $ 458,129 $ 457,885 $ 16,282,279 Foreign currency derivatives 10,227 9,721 1,432,388 8,024 8,286 1,557,167 Mortgage banking derivatives 55 145 51,213 74 472 38,797 Total derivatives not designated as hedging instruments $ 520,971 $ 520,289 $ 17,684,279 $ 466,227 $ 466,643 $ 17,878,243 * Other derivative contracts include risk participation agreements. Gains (losses) included in the consolidated statements of income and other comprehensive loss, on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: Three Months Ended 2024 2023 (in thousands) Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest income $ 298 $ (531) Amount of gain recognized in other comprehensive income — 3,898 The accumulated after-tax gains related to effective cash flow hedges included in accumulated other comprehensive loss were $1.9 million and $2.1 million at March 31, 2024 and December 31, 2023, respectively. Amounts reported in accumulated other comprehensive loss related to cash flow interest rate derivatives are reclassified to interest income. The reclassification amount for the three months ended March 31, 2024 represents amortization of a gain recognized from the termination of six interest rate swaps during the second quarter 2023. Valley estimates that $1.2 million (before tax) will be reclassified as an increase to interest income 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 2024 2023 (in thousands) Derivative - interest rate swap: Interest income $ 4,879 $ — Interest expense (1,291) 4,692 Hedged item - loans and subordinated debt: Interest income $ (4,924) $ — Interest expense 1,383 (4,772) 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 March 31, 2024 and December 31, 2023, respectively. Line Item in the Statement of Financial Condition in Which the Hedged Item is Included Net Carrying Amount of the Hedged Asset/ Liability Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/Liability (in thousands) March 31, 2024 Loans $ 498,953 $ (1,047) Long-term borrowings * 275,390 (22,828) December 31, 2023 Loans $ 503,877 $ 3,877 Long-term borrowings * 276,572 (21,445) * Net carrying amount includes unamortized debt issuance costs of $1.8 million and $2.0 million at March 31, 2024 and December 31, 2023, respectively. The net (gains) losses included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: Three Months Ended 2024 2023 (in thousands) Non-designated hedge interest rate swaps and credit derivatives Other non-interest expense $ (1,055) $ 208 Capital markets income reported in non-interest income included fee income related to non-designated hedge derivative interest rate swaps executed with commer cial loan customers and foreign exchange contracts (not designated as hedging instruments) with a combined total of $4.5 million and $9.9 million for the three months ended March 31, 2024 and 2023, respectively. Collateral Requirements and Credit Risk Related Contingent Features . By using derivati ves, 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. 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 counterparties could terminate the derivative positions and Valley would be required to settle its obligations under the agreements. As of March 31, 2024, Valley was in compliance with all of the provisions of its derivative counterparty agreements. The aggregate fair value of all derivative financial instruments with credit risk-related contingent features was in a net asset position at March 31, 2024. Valley has derivative counterparty agreements that require minimum collateral posting thresholds for certain counterparties. |
Balance Sheet Offsetting
Balance Sheet Offsetting | 3 Months Ended |
Mar. 31, 2024 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting | Balance Sheet Offsetting Certain financial instruments, including certain OTC derivatives (mostly interest rate swaps) and repurchase agreements (accounted for as secured long-term borrowings), may be eligible for offset in the consolidated statements of financial condition and/or subject to master netting arrangements or similar agreements. OTC derivatives include interest rate swaps executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house (presented in the table below). The credit risk associated with bilateral OTC derivatives is managed through obtaining collateral and enforceable master netting agreements. Valley is party to master netting arrangements with its financial institution counterparties; however, Valley does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral, usually in the form of cash or marketable investment securities, is posted by or received from the counterparty with net liability or asset positions, respectively, in accordance with contract thresholds. Master repurchase agreements which include “right of set-off” provisions generally have a legally enforceable right to offset recognized amounts. In such cases, the collateral would be used to settle the fair value of the swap or repurchase agreement should Valley be in default. Total amount of collateral held or pledged cannot exceed the net derivative fair values with the counterparty. The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of March 31, 2024 and December 31, 2023. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Net (in thousands) March 31, 2024 Assets Interest rate swaps and other contracts $ 511,993 $ — $ 511,993 $ 13,043 $ (430,600) $ 94,436 Liabilities Interest rate swaps and other contracts $ 536,550 $ — $ 536,550 $ (13,043) $ — $ 523,507 December 31, 2023 Assets Interest rate swaps and other contracts $ 458,129 $ — $ 458,129 $ 53,780 $ (302,180) $ 209,729 Liabilities Interest rate swaps and other contracts $ 479,345 $ — $ 479,345 $ (53,780) $ — $ 425,565 * Cash collateral received from or pledged to our counterparties in relation to market value exposures of OTC derivative contracts in an asset/liability position. |
Tax Credit Investments
Tax Credit Investments | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023: March 31, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 20,801 $ 22,158 Other tax credit investments, net 209,136 117,659 Total tax credit investments, net $ 229,937 $ 139,817 Other Liabilities: Unfunded affordable housing tax credit commitments $ 871 $ 1,305 Total unfunded tax credit commitments $ 871 $ 1,305 The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 1,396 $ 1,459 Other tax credit investment credits and tax benefits 6,345 3,221 Total reduction in income tax expense $ 7,741 $ 4,680 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 875 $ 937 Affordable housing tax credit investment impairment losses 481 448 Other tax credit investment losses 600 6 Other tax credit investment impairment losses 3,606 2,862 Total amortization of tax credit investments recorded in non-interest expense $ 5,562 $ 4,253 |
Operating Segments
Operating Segments | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Operating Segments | Operating Segments Valley manages its business operations under operating segments consisting of Consumer Banking and Commercial Banking. Activities not assigned to the operating segments are included in Treasury and Corporate Other. 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 operating segments and no changes to Valley's operating segments were determined necessary d uring the three months ended March 31, 2024 . The Consumer Banking segment is mainly comprised of residential mortgages and automobile loans, and to a lesser extent, secured personal lines of credit, home equity loans and other consumer loans. The duration of the residential mortgage loan portfolio is subject to movements in the market level of interest rates and forecasted prepayment speeds. The average weighted life of the automobile loans within the portfolio is relatively unaffected by movements in the market level of interest rates. However, the average life may be impacted by new loans as a result of the availability of credit within the automobile marketplace and consumer demand for purchasing new or used automobiles. Consumer Banking also includes the Wealth Management and Insurance Services Division, comprised of trust, asset management, brokerage, insurance and tax credit advisory services. The Commercial Banking segment is comprised of floating rate and adjustable rate commercial and industrial loans and construction loans, as well as fixed rate owner occupied and commercial real estate loans. Due to the portfolio’s interest rate characteristics, Commercial Banking 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 HTM debt securities and AFS 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 FRB 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 and Commercial Banking 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 interest earning assets and or liabilities outstanding for the period. The accounting for each operating segment and Treasury and Corporate Other 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 GAAP. 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. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data. The following tables represent the financial data for Valley’s operating segments and Treasury and Corporate Other for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 Consumer Commercial Treasury and Corporate Other Total ($ in thousands) Average interest earning assets $ 9,795,462 $ 40,451,129 $ 6,372,206 $ 56,618,797 Interest income $ 113,631 $ 657,922 $ 57,103 $ 828,656 Interest expense 73,173 302,174 59,761 435,108 Net interest income 40,458 355,748 (2,658) 393,548 Provision (credit) for credit losses 3,072 42,202 (74) 45,200 Net interest income after provision for credit losses 37,386 313,546 (2,584) 348,348 Non-interest income 26,546 17,994 16,875 61,415 Non-interest expense 18,651 36,288 225,371 280,310 Internal transfer expense (income) 33,111 136,631 (169,742) — Income (loss) before income taxes $ 12,170 $ 158,621 $ (41,338) $ 129,453 Return on average interest earning assets (pre-tax) 0.50 % 1.57 % (2.59) % 0.91 % Three Months Ended March 31, 2023 Consumer Commercial Treasury and Corporate Other Total ($ in thousands) Average interest earning assets $ 9,476,112 $ 38,383,259 $ 7,503,419 $ 55,362,790 Interest income $ 95,963 $ 559,263 $ 65,004 $ 720,230 Interest expense 46,476 188,253 49,481 284,210 Net interest income 49,487 371,010 15,523 436,020 Provision for credit losses 6,444 3,006 4,987 14,437 Net interest income after provision for credit losses 43,043 368,004 10,536 421,583 Non-interest income 17,882 15,747 20,670 54,299 Non-interest expense 19,633 35,723 216,810 272,166 Internal transfer expense (income) 28,968 117,461 (146,429) — Income (loss) before income taxes $ 12,324 $ 230,567 $ (39,175) $ 203,716 Return on average interest earning assets (pre-tax) 0.52 % 2.40 % (2.09) % 1.47 % |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited consolidated financial state ments of Valley include the accounts of 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 GAAP and general practices within the financial services industry. In accordance with applicable accounting standards, Valley does not consolidate statutory trusts established for the sole purpose of issuing trust preferred securities and related trust common securities. Certain prior period amounts have been reclassified to conform to the current presentation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly Valley’s financial position, results of operations, changes in shareholders' equity and cash flows at March 31, 2024 and for all periods presented have been made. The results of operations for the three months ended March 31, 2024 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 conformit y with GAAP, |
New Accounting Guidance Adopted in First Quarter 2024 and New Accounting Guidance Effective at December 31, 2024 | New Accounting Guidance Adopted in the First Quarter 2024 ASU No. 2023-02, “Investments –Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method,” is intended to improve the accounting and disclosures for investments in certain tax credit structures. ASU No. 2023-02 allows the option to apply the proportional amortization method to account for investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met. ASU No. 2023-02 became effective on January 1, 2024 and did not have a significant impact on Valley's consolidated financial statements. Under the new guidance, Valley did not elect to apply the proportional amortization method as an accounting policy for its eligible tax credit investments and, as a result, there were no adjustments from adoption recognized in earnings on the date of adoption. See additional disclosures regarding Valley's tax credit investments at Note 14 ASU No. 2022-03, “Fair Value Measurement of Equity Securities subject to Contractual Sale Restrictions,” updates guidance in ASC Topic 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 became effective on January 1, 2024 and Valley's adoption did not have a significant impact on its consolidated financial statements. New Accounting Guidance Effective at December 31, 2024 |
Allowance for Credit Losses for Held to Maturity Debt Securities | Allowance for Credit Losses for Held to Maturity Debt Securities |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table shows the calculation of both basic and diluted earnings per common share for the three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 (in thousands, except for share and per share data) Net income available to common shareholders $ 92,161 $ 142,677 Basic weighted average number of common shares outstanding 508,340,719 507,111,295 Plus: Common stock equivalents 2,293,226 2,545,135 Diluted weighted average number of common shares outstanding 510,633,945 509,656,430 Earnings per common share: Basic $ 0.18 $ 0.28 Diluted 0.18 0.28 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The following tables present the after-tax changes in the balances of each component of accumulated other comprehensive loss for th e three months ended March 31, 2024 and 2023: Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined Benefit (in thousands) December 31, 2022 $ (127,818) $ 2,233 $ (38,417) $ (164,002) Other comprehensive loss before reclassification 17,170 2,798 — 19,968 Amounts reclassified from other comprehensive income — 379 8 387 Other comprehensive income, net 17,170 3,177 8 20,355 March 31, 2023 $ (110,648) $ 5,410 $ (38,409) $ (143,647) December 31, 2023 $ (115,502) $ 2,114 $ (33,068) $ (146,456) Other comprehensive loss before reclassification (10,205) — — (10,205) Amounts reclassified from other comprehensive (loss) income — (222) 35 (187) Other comprehensive (loss) income, net (10,205) (222) 35 (10,392) March 31, 2024 $ (125,707) $ 1,892 $ (33,033) $ (156,848) |
Reclassification from Each Component of Accumulated Other Comprehensive Loss | The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three months ended March 31, 2024 and 2023: Amounts Reclassified from Three Months Ended Components of Accumulated Other Comprehensive Loss 2024 2023 Income Statement Line Item (in thousands) Unrealized gains (losses) on derivatives (cash flow hedges) before tax $ 298 $ (531) Interest income Tax effect (76) 152 Total net of tax 222 (379) Defined benefit pension and postretirement benefit plans: Amortization of actuarial net loss (49) (11) * Tax effect 14 3 Total net of tax (35) (8) Total reclassifications, net of tax $ 187 $ (387) * Amortization of actuarial net loss is included in the computation of net periodic pension cost recognized within other non-interest expense. |
Fair Value Measurement of Ass_2
Fair Value Measurement of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis | The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at March 31, 2024 and December 31, 2023. The assets presented under “non-recurring fair value measurements” in the tables below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized). March 31, Fair Value Measurements at Reporting Date Using: Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities $ 23,159 $ 23,159 $ — $ — Equity securities at net asset value (NAV) 12,267 — — — Trading debt securities 3,989 3,989 — — Available for sale debt securities: U.S. Treasury securities 285,546 285,546 — — U.S. government agency securities 22,754 — 22,754 — Obligations of states and political subdivisions 187,729 — 187,729 — Residential mortgage-backed securities 783,143 — 783,143 — Corporate and other debt securities 170,162 — 170,162 — Total available for sale debt securities 1,449,334 285,546 1,163,788 — Loans held for sale (1) 17,639 — 17,639 — Other assets (2) 522,275 — 522,275 — Total assets $ 2,028,663 $ 312,694 $ 1,703,702 $ — Liabilities Other liabilities (2) $ 546,416 $ — $ 546,416 $ — Total liabilities $ 546,416 $ — $ 546,416 $ — Non-recurring fair value measurements: Non-performing loan held for sale (3) $ 10,000 $ — $ 10,000 $ — Collateral dependent loans 77,673 — — 77,673 Foreclosed assets 1,393 — — 1,393 Total $ 89,066 $ — $ 10,000 $ 79,066 Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities $ 23,307 $ 23,307 $ — $ — Equity securities at net asset value (NAV) 12,126 — — — Trading debt securities 3,973 3,973 — — Available for sale debt securities: U.S. Treasury securities 288,157 288,157 — — U.S. government agency securities 23,702 — 23,702 — Obligations of states and political subdivisions 191,690 — 191,690 — Residential mortgage-backed securities 626,572 — 626,572 — Corporate and other debt securities 166,455 — 166,455 — Total available for sale debt securities 1,296,576 288,157 1,008,419 — Loans held for sale (1) 20,640 — 20,640 — Other assets (2) 466,227 — 466,227 — Total assets $ 1,822,849 $ 315,437 $ 1,495,286 $ — Liabilities Other liabilities (2) $ 488,103 $ — $ 488,103 $ — Total liabilities $ 488,103 $ — $ 488,103 $ — Non-recurring fair value measurements: Non-performing loan held for sale (3) $ 10,000 $ — $ 10,000 $ — Collateral dependent loans 90,580 — — 90,580 Foreclosed assets 1,444 — — 1,444 Total $ 102,024 $ — $ 10,000 $ 92,024 (1) Represents residential mortgage loans held for sale that are carried at fair value and had contractual unpaid principal balances totaling $17.5 million and $20.1 million at March 31, 2024 and December 31, 2023, respectively. (2) Derivative financial instruments are included in this category. (3) Reported at lower of cost or market value . |
Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at March 31, 2024 and December 31, 2023 were as follows: Fair Value March 31, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 398,827 $ 398,827 $ 284,090 $ 284,090 Interest bearing deposits with banks Level 1 542,006 542,006 607,135 607,135 Equity securities (1) Level 3 31,525 31,525 29,031 29,031 Held to maturity debt securities: U.S. Treasury securities Level 1 26,048 25,742 26,232 25,978 U.S. government agency securities Level 2 305,543 260,175 305,996 261,555 Obligations of states and political subdivisions Level 2 400,523 378,032 405,470 387,527 Residential mortgage-backed securities Level 2 2,856,322 2,441,934 2,885,303 2,521,926 Trust preferred securities Level 2 37,066 30,482 37,062 30,650 Corporate and other debt securities Level 2 86,316 81,037 80,350 74,676 Total held to maturity debt securities (2) 3,711,818 3,217,402 3,740,413 3,302,312 Net loans (3) Level 3 49,486,937 47,672,062 49,764,215 47,981,499 Accrued interest receivable Level 1 253,893 253,893 245,498 245,498 FRB and FHLB stock (4) Level 2 323,981 323,981 320,727 320,727 Financial liabilities Deposits without stated maturities Level 1 36,334,212 36,334,212 36,066,105 36,066,105 Deposits with stated maturities Level 2 12,743,734 12,685,362 13,176,724 13,103,381 Short-term borrowings Level 2 75,224 57,603 917,834 901,617 Long-term borrowings Level 2 3,262,341 3,176,646 2,328,375 2,256,997 Junior subordinated debentures issued to capital trusts Level 2 57,195 47,597 57,108 47,374 Accrued interest payable (5) Level 1 109,477 109,477 159,496 159,496 (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) Includes the carrying amount of $34.1 million of construction loans transferred at cost to loans held for sale at March 31, 2024. (4) Included in other assets. (5) Included in accrued expenses and other liabilities. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Available for Sale | The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at March 31, 2024 and December 31, 2023 were as follows: Amortized Gross Gross Fair Value (in thousands) March 31, 2024 U.S. Treasury securities $ 315,202 $ — $ (29,656) $ 285,546 U.S. government agency securities 25,171 20 (2,437) 22,754 Obligations of states and political subdivisions: Obligations of states and state agencies 47,673 — (618) 47,055 Municipal bonds 170,902 — (30,228) 140,674 Total obligations of states and political subdivisions 218,575 — (30,846) 187,729 Residential mortgage-backed securities 870,356 587 (87,800) 783,143 Corporate and other debt securities 192,384 — (22,222) 170,162 Total $ 1,621,688 $ 607 $ (172,961) $ 1,449,334 December 31, 2023 U.S. Treasury securities $ 313,772 $ — $ (25,615) $ 288,157 U.S. government agency securities 25,967 19 (2,284) 23,702 Obligations of states and political subdivisions: Obligations of states and state agencies 48,283 — (588) 47,695 Municipal bonds 170,260 — (26,265) 143,995 Total obligations of states and political subdivisions 218,543 — (26,853) 191,690 Residential mortgage-backed securities 703,875 728 (78,031) 626,572 Corporate and other debt securities 192,282 — (25,827) 166,455 Total $ 1,454,439 $ 747 $ (158,610) $ 1,296,576 |
Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities | The age of unrealized losses and fair value of the related available for sale debt securities at March 31, 2024 and December 31, 2023 were as follows: Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) March 31, 2024 U.S. Treasury securities $ — $ — $ 285,546 $ (29,656) $ 285,546 $ (29,656) U.S. government agency securities — — 21,435 (2,437) 21,435 (2,437) Obligations of states and political subdivisions: Obligations of states and state agencies — — 7,875 (618) 7,875 (618) Municipal bonds — — 140,673 (30,228) 140,673 (30,228) Total obligations of states and political subdivisions — — 148,548 (30,846) 148,548 (30,846) Residential mortgage-backed securities 152,843 (625) 546,154 (87,175) 698,997 (87,800) Corporate and other debt securities 4,817 (184) 165,346 (22,038) 170,163 (22,222) Total $ 157,660 $ (809) $ 1,167,029 $ (172,152) $ 1,324,689 $ (172,961) December 31, 2023 U.S. Treasury securities $ — $ — $ 288,156 $ (25,615) $ 288,156 $ (25,615) U.S. government agency securities — — 22,364 (2,284) 22,364 (2,284) Obligations of states and political subdivisions: Obligations of states and state agencies — — 8,276 (588) 8,276 (588) Municipal bonds 1,019 (4) 142,976 (26,261) 143,995 (26,265) Total obligations of states and political subdivisions 1,019 (4) 151,252 (26,849) 152,271 (26,853) Residential mortgage-backed securities 9,010 (3) 569,629 (78,028) 578,639 (78,031) Corporate and other debt securities 4,977 (23) 161,478 (25,804) 166,455 (25,827) Total $ 15,006 $ (30) $ 1,192,879 $ (158,580) $ 1,207,885 $ (158,610) |
Contractual Maturities of Debt Securities Available for Sale | The contractual maturities of AFS debt securities at March 31, 2024 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary. March 31, 2024 Amortized Fair (in thousands) Due in one year $ 1,353 $ 1,346 Due after one year through five years 290,800 277,194 Due after five years through ten years 172,949 150,980 Due after ten years 286,230 236,671 Residential mortgage-backed securities 870,356 783,143 Total $ 1,621,688 $ 1,449,334 |
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Held to Maturity | The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at March 31, 2024 and December 31, 2023 were as follows: Amortized Gross Gross Fair Value Allowance for Credit Losses Net Carrying Value (in thousands) March 31, 2024 U.S. Treasury securities $ 26,048 $ — $ (306) $ 25,742 $ — $ 26,048 U.S. government agency securities 305,543 — (45,368) 260,175 — 305,543 Obligations of states and political subdivisions: Obligations of states and state agencies 87,017 186 (4,632) 82,571 401 86,616 Municipal bonds 313,506 4 (18,049) 295,461 49 313,457 Total obligations of states and political subdivisions 400,523 190 (22,681) 378,032 450 400,073 Residential mortgage-backed securities 2,856,322 3,249 (417,637) 2,441,934 — 2,856,322 Trust preferred securities 37,066 — (6,584) 30,482 454 36,612 Corporate and other debt securities 86,316 — (5,279) 81,037 227 86,089 Total $ 3,711,818 $ 3,439 $ (497,855) $ 3,217,402 $ 1,131 $ 3,710,687 December 31, 2023 U.S. Treasury securities $ 26,232 $ — $ (254) $ 25,978 $ — $ 26,232 U.S. government agency securities 305,996 — (44,441) 261,555 — 305,996 Obligations of states and political subdivisions: Obligations of states and state agencies 88,556 552 (4,155) 84,953 395 88,161 Municipal bonds 316,914 40 (14,380) 302,574 49 316,865 Total obligations of states and political subdivisions 405,470 592 (18,535) 387,527 444 405,026 Residential mortgage-backed securities 2,885,303 6,059 (369,436) 2,521,926 — 2,885,303 Trust preferred securities 37,062 — (6,412) 30,650 506 36,556 Corporate and other debt securities 80,350 — (5,674) 74,676 255 80,095 Total $ 3,740,413 $ 6,651 $ (444,752) $ 3,302,312 $ 1,205 $ 3,739,208 |
Age of Unrealized Losses and Fair Value of Related Debt Securities Held to Maturity | The age of unrealized losses and fair value of related debt securities held to maturity at March 31, 2024 and December 31, 2023 were as follows: Less than 12 Months More than 12 Months Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) March 31, 2024 U.S. Treasury securities $ — $ — $ 25,742 $ (306) $ 25,742 $ (306) U.S. government agency securities 42,760 (187) 216,293 (45,181) 259,053 (45,368) Obligations of states and political subdivisions: Obligations of states and state agencies 7,271 (124) 57,008 (4,508) 64,279 (4,632) Municipal bonds 45,923 (307) 210,292 (17,742) 256,215 (18,049) Total obligations of states and political subdivisions 53,194 (431) 267,300 (22,250) 320,494 (22,681) Residential mortgage-backed securities 46,777 (353) 2,104,844 (417,284) 2,151,621 (417,637) Trust preferred securities 951 (49) 29,532 (6,535) 30,483 (6,584) Corporate and other debt securities 26,483 (517) 54,554 (4,762) 81,037 (5,279) Total $ 170,165 $ (1,537) $ 2,698,265 $ (496,318) $ 2,868,430 $ (497,855) December 31, 2023 U.S. Treasury securities $ — $ — $ 25,978 $ (254) $ 25,978 $ (254) U.S. government agency securities 43,664 (151) 216,759 (44,290) 260,423 (44,441) Obligations of states and political subdivisions: Obligations of states and state agencies 10,700 (102) 48,149 (4,053) 58,849 (4,155) Municipal bonds 11,958 (121) 207,520 (14,259) 219,478 (14,380) Total obligations of states and political subdivisions 22,658 (223) 255,669 (18,312) 278,327 (18,535) Residential mortgage-backed securities 57,085 (505) 2,164,704 (368,931) 2,221,789 (369,436) Trust preferred securities 938 (63) 29,712 (6,349) 30,650 (6,412) Corporate and other debt securities 12,575 (426) 59,102 (5,248) 71,677 (5,674) Total $ 136,920 $ (1,368) $ 2,751,924 $ (443,384) $ 2,888,844 $ (444,752) |
Contractual Maturities of Debt Securities Held to Maturity | The contractual maturities of investments in HTM debt securities at March 31, 2024 are set forth in the table below. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary. March 31, 2024 Amortized Fair (in thousands) Due in one year $ 21,808 $ 21,680 Due after one year through five years 119,771 117,124 Due after five years through ten years 166,510 156,912 Due after ten years 547,407 479,752 Residential mortgage-backed securities 2,856,322 2,441,934 Total $ 3,711,818 $ 3,217,402 |
Amortized Cost of Debt Securities Held to Maturity by External Credit Rating | The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at March 31, 2024 and December 31, 2023. AAA/AA/A Rated BBB rated Non-investment grade rated Non-rated Total (in thousands) March 31, 2024 U.S. Treasury securities $ 26,048 $ — $ — $ — $ 26,048 U.S. government agency securities 305,543 — — — 305,543 Obligations of states and political subdivisions: Obligations of states and state agencies 65,534 — 5,269 16,214 87,017 Municipal bonds 279,552 — — 33,954 313,506 Total obligations of states and political subdivisions 345,086 — 5,269 50,168 400,523 Residential mortgage-backed securities 2,856,322 — — — 2,856,322 Trust preferred securities — — — 37,066 37,066 Corporate and other debt securities — 6,000 — 80,316 86,316 Total $ 3,532,999 $ 6,000 $ 5,269 $ 167,550 $ 3,711,818 December 31, 2023 U.S. Treasury securities $ 26,232 $ — $ — $ — $ 26,232 U.S. government agency securities 305,996 — — — 305,996 Obligations of states and political subdivisions: Obligations of states and state agencies 66,502 — 5,330 16,724 88,556 Municipal bonds 283,441 — — 33,473 316,914 Total obligations of states and political subdivisions 349,943 — 5,330 50,197 405,470 Residential mortgage-backed securities 2,885,303 — — — 2,885,303 Trust preferred securities — — 37,062 37,062 Corporate and other debt securities — 6,000 — 74,350 80,350 Total $ 3,567,474 $ 6,000 $ 5,330 $ 161,609 $ 3,740,413 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | The following table details the activity in the allowance for credit losses for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 (in thousands) Beginning balance $ 1,205 $ 1,646 Credit for credit losses (74) (13) Ending balance $ 1,131 $ 1,633 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses for Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Loan Portfolio | The detail of the loan portfolio as of March 31, 2024 and December 31, 2023 was as follows: March 31, 2024 December 31, 2023 (in thousands) Loans: Commercial and industrial $ 9,104,193 $ 9,230,543 Commercial real estate: Commercial real estate 28,148,953 28,243,239 Construction 3,556,511 3,726,808 Total commercial real estate loans 31,705,464 31,970,047 Residential mortgage 5,618,355 5,569,010 Consumer: Home equity 564,083 559,152 Automobile 1,700,508 1,620,389 Other consumer 1,229,439 1,261,154 Total consumer loans 3,494,030 3,440,695 Total loans $ 49,922,042 $ 50,210,295 |
Risk Category of Loans | The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at March 31, 2024 and December 31, 2023, as well as the gross loan charge-offs by year of origination for the three months ended March 31, 2024 and for the year ended December 31, 2023: Term Loans Amortized Cost Basis by Origination Year March 31, 2024 2024 2023 2022 2021 2020 Prior to 2020 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Commercial and industrial Risk Rating: Pass $ 402,170 $ 1,275,151 $ 899,621 $ 666,947 $ 340,653 $ 660,087 $ 4,401,704 $ 35,540 $ 8,681,873 Special Mention 1,718 20,804 85,156 13,735 355 20,959 71,380 139 214,246 Substandard — 43,944 3,144 4,571 14,966 7,924 40,268 22,046 136,863 Doubtful — 9,078 21 1,167 (22) 52,498 8,469 — 71,211 Total commercial and industrial $ 403,888 $ 1,348,977 $ 987,942 $ 686,420 $ 355,952 $ 741,468 $ 4,521,821 $ 57,725 $ 9,104,193 Commercial real estate Risk Rating: Pass $ 384,214 $ 3,928,977 $ 6,314,486 $ 4,607,445 $ 2,674,613 $ 7,345,774 $ 779,366 $ 134,472 $ 26,169,347 Special Mention 6,379 106,984 197,652 231,119 160,474 362,966 3,007 83 1,068,664 Substandard 18,968 119,426 127,697 172,590 122,210 346,637 3,197 217 910,942 Total commercial real estate $ 409,561 $ 4,155,387 $ 6,639,835 $ 5,011,154 $ 2,957,297 $ 8,055,377 $ 785,570 $ 134,772 $ 28,148,953 Construction Risk Rating: Pass $ 137,671 $ 826,057 $ 587,323 $ 201,115 $ 12,723 $ 56,211 $ 1,550,191 $ 90,831 $ 3,462,122 Special Mention — — — 2,136 — — 36,421 — 38,557 Substandard — 6,748 — 8,993 — — — — 15,741 Doubtful — — 18,181 — 10,000 11,910 — — 40,091 Total construction $ 137,671 $ 832,805 $ 605,504 $ 212,244 $ 22,723 $ 68,121 $ 1,586,612 $ 90,831 $ 3,556,511 Gross loan charge-offs $ — $ 1,846 $ 2,211 $ 271 $ 704 $ 14,305 $ 3,600 $ 154 $ 23,091 Term Loans Amortized Cost Basis by Origination Year December 31, 2023 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Commercial and industrial Risk Rating: Pass $ 1,494,417 $ 1,047,513 $ 765,335 $ 377,047 $ 211,504 $ 523,430 $ 4,382,361 $ 29,798 $ 8,831,405 Special Mention 70,807 73,423 15,296 358 1,870 915 99,981 139 262,789 Substandard 3,100 1,837 2,629 1,714 1,221 5,900 29,569 4,225 50,195 Doubtful 11,658 595 1,166 (22) 2,653 57,817 12,287 — 86,154 Total commercial and industrial $ 1,579,982 $ 1,123,368 $ 784,426 $ 379,097 $ 217,248 $ 588,062 $ 4,524,198 $ 34,162 $ 9,230,543 Commercial real estate Risk Rating: Pass $ 4,088,835 $ 6,630,322 $ 4,791,190 $ 2,789,275 $ 2,329,385 $ 5,385,809 $ 618,056 $ 104,839 $ 26,737,711 Special Mention 125,296 82,917 248,900 184,720 69,949 358,059 26 183 1,070,050 Substandard 58,115 25,709 12,122 48,506 70,439 214,095 4,415 2,077 435,478 Total commercial real estate $ 4,272,246 $ 6,738,948 $ 5,052,212 $ 3,022,501 $ 2,469,773 $ 5,957,963 $ 622,497 $ 107,099 $ 28,243,239 Construction Risk Rating: Pass $ 753,759 $ 655,198 $ 267,336 $ 10,318 $ 40,584 $ 43,560 $ 1,762,890 $ 139,599 $ 3,673,244 Substandard 6,721 — 9,276 — — 17,668 — — 33,665 Doubtful — 19,899 — — — — — — 19,899 Total construction $ 760,480 $ 675,097 $ 276,612 $ 10,318 $ 40,584 $ 61,228 $ 1,762,890 $ 139,599 $ 3,726,808 Gross loan charge-offs $ 307 $ 12,919 $ 28,438 $ 6,946 $ 5,031 $ 13,446 $ 3,729 $ 145 $ 70,961 Term Loans Amortized Cost Basis by Origination Year March 31, 2024 2024 2023 2022 2021 2020 Prior to 2020 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Residential mortgage Performing $ 91,866 $ 467,697 $ 1,316,817 $ 1,491,638 $ 526,843 $ 1,643,947 $ 62,542 $ 1,771 $ 5,603,121 90 days or more past due — — 3,684 1,830 1,354 8,366 — — 15,234 Total residential mortgage $ 91,866 $ 467,697 $ 1,320,501 $ 1,493,468 $ 528,197 $ 1,652,313 $ 62,542 $ 1,771 $ 5,618,355 Consumer loans Home equity Performing $ 2,872 $ 27,946 $ 43,390 $ 11,207 $ 4,021 $ 53,706 $ 412,170 $ 7,957 $ 563,269 90 days or more past due — — 51 13 — 702 — 48 814 Total home equity 2,872 27,946 43,441 11,220 4,021 54,408 412,170 8,005 564,083 Automobile Performing $ 225,477 $ 464,201 $ 492,460 $ 318,203 $ 105,243 $ 94,074 $ — $ 1,699,658 90 days or more past due — 32 247 49 62 460 — — 850 Total automobile 225,477 464,233 492,707 318,252 105,305 94,534 — — 1,700,508 Other consumer Performing $ 5,159 $ 30,490 $ 19,276 $ 2,729 $ 1,276 $ 64,706 $ 1,077,435 $ 27,719 $ 1,228,790 90 days or more past due — — 21 — — 627 — 1 649 Total other consumer 5,159 30,490 19,297 2,729 1,276 65,333 1,077,435 27,720 1,229,439 Total consumer $ 233,508 $ 522,669 $ 555,445 $ 332,201 $ 110,602 $ 214,275 $ 1,489,605 $ 35,725 $ 3,494,030 Gross loan charge-offs $ — $ 391 $ 494 $ 269 $ 198 $ 433 $ — $ 24 $ 1,809 Term Loans Amortized Cost Basis by Origination Year December 31, 2023 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Residential mortgage Performing $ 467,178 $ 1,304,026 $ 1,505,133 $ 538,853 $ 435,669 $ 1,244,986 $ 57,052 $ 1,771 $ 5,554,668 90 days or more past due — 1,968 1,681 1,357 3,391 5,945 — — 14,342 Total residential mortgage $ 467,178 $ 1,305,994 $ 1,506,814 $ 540,210 $ 439,060 $ 1,250,931 $ 57,052 $ 1,771 $ 5,569,010 Consumer loans Home equity Performing $ 40,599 $ 44,893 $ 14,948 $ 4,096 $ 4,850 $ 46,274 $ 396,960 $ 4,608 $ 557,228 90 days or more past due — 51 13 — — 1,132 — 728 1,924 Total home equity 40,599 44,944 14,961 4,096 4,850 47,406 396,960 5,336 559,152 Automobile Performing $ 468,152 $ 531,728 $ 356,144 $ 121,658 $ 86,147 $ 34,504 $ 20,227 $ 763 $ 1,619,323 90 days or more past due 90 284 54 92 237 309 — — 1,066 Total automobile 468,242 532,012 356,198 121,750 86,384 34,813 20,227 763 1,620,389 Other consumer Performing $ 32,662 $ 20,376 $ 2,986 $ 1,722 $ 10,381 $ 52,659 $ 1,120,863 $ 18,655 $ 1,260,304 90 days or more past due 10 79 — — — 628 — 133 850 Total other consumer 32,672 20,455 2,986 1,722 10,381 53,287 1,120,863 18,788 1,261,154 Total consumer $ 541,513 $ 597,411 $ 374,145 $ 127,568 $ 101,615 $ 135,506 $ 1,538,050 $ 24,887 $ 3,440,695 Gross loan charge-offs $ 296 $ 903 $ 357 $ 232 $ 752 $ 1,921 $ 31 $ — $ 4,492 |
Financing Receivable, Troubled Debt Restructuring | The following tables shows the amortized cost basis of loans to borrowers experiencing financial difficulty at March 31, 2024 that were modified during the three months ended March 31, 2024 and 2023, disaggregated by class of financing receivable and type of modification. Term extension Term extension and interest rate reduction Total % of Total Loan Class ($ in thousands) Three Months Ended Commercial and industrial $ 34,271 $ 143 $ 34,414 0.38 % Commercial real estate 62 16,222 16,284 0.06 Home equity 91 — 91 0.02 Total $ 34,424 $ 16,365 $ 50,789 0.10 % Three Months Ended Commercial and industrial $ 1,281 $ 523 $ 1,804 0.02 % Commercial real estate 46,328 — 46,328 0.17 Residential mortgage 213 — 213 — Other consumer 60 — 60 — Total $ 47,882 $ 523 $ 48,405 0.10 % The following tables describes the types of modifications made to borrowers experiencing financial difficulty. Types of Modifications Three Months Ended Commercial and industrial 3 to 12 month term extensions 24 month term extensions combined with a reduction in interest rate from 2.10 percent to 1.00 percent Commercial real estate 6 to 36 month term extensions 12 to 18 month term extensions combined with a reduction in interest rate from 8.06 percent to 7.00 percent Home equity 120 month term extension Three Months Ended Commercial and industrial 12 month term extensions 12 month term extensions combined with a reduction in interest rate from 2.11 percent to 1.00 percent Commercial real estate 6 - 36 month term extensions Residential mortgage 12 month term extensions Consumer 60 month term extensions |
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 March 31, 2024 and December 31, 2023: 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) March 31, 2024 Commercial and industrial $ 6,202 $ 2,665 $ 5,750 $ 102,399 $ 117,016 $ 8,987,177 $ 9,104,193 $ 12,502 Commercial real estate: Commercial real estate 5,791 3,720 — 100,052 109,563 28,039,390 28,148,953 76,495 Construction — — 3,990 51,842 55,832 3,500,679 3,556,511 25,192 Total commercial real estate loans 5,791 3,720 3,990 151,894 165,395 31,540,069 31,705,464 101,687 Residential mortgage 20,819 5,970 2,884 28,561 58,234 5,560,121 5,618,355 23,338 Consumer loans: Home equity 1,006 18 — 3,506 4,530 559,553 564,083 327 Automobile 8,450 1,387 535 305 10,677 1,689,831 1,700,508 — Other consumer 4,576 429 196 627 5,828 1,223,611 1,229,439 589 Total consumer loans 14,032 1,834 731 4,438 21,035 3,472,995 3,494,030 916 Total $ 46,844 $ 14,189 $ 13,355 $ 287,292 $ 361,680 $ 49,560,362 $ 49,922,042 $ 138,443 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, 2023 Commercial and industrial $ 9,307 $ 5,095 $ 5,579 $ 99,912 $ 119,893 $ 9,110,650 $ 9,230,543 $ 6,594 Commercial real estate: Commercial real estate 3,008 1,257 — 99,739 104,004 28,139,235 28,243,239 81,282 Construction — — 3,990 60,851 64,841 3,661,967 3,726,808 12,007 Total commercial real estate loans 3,008 1,257 3,990 160,590 168,845 31,801,202 31,970,047 93,289 Residential mortgage 26,345 8,200 2,488 26,986 64,019 5,504,991 5,569,010 14,654 Consumer loans: Home equity 1,687 613 — 3,539 5,839 553,313 559,152 — Automobile 11,850 1,855 576 212 14,493 1,605,896 1,620,389 — Other consumer 7,017 2,247 512 632 10,408 1,250,746 1,261,154 589 Total consumer loans 20,554 4,715 1,088 4,383 30,740 3,409,955 3,440,695 589 Total $ 59,214 $ 19,267 $ 13,145 $ 291,871 $ 383,497 $ 49,826,798 $ 50,210,295 $ 115,126 within the previous 12 months. At March 31, 2024 Current 30-89 Days Past Due 90 Days Or More Past Due * Total ($ in thousands) Commercial and industrial $ 73,859 $ 5,916 $ 4,943 $ 84,718 Commercial real estate 96,217 — 2,153 98,370 Residential mortgage — 360 — 360 Home equity 122 — — 122 Total $ 170,198 $ 6,276 $ 7,096 $ 183,570 * All |
Summary of Collateral Dependent Loans | The following table presents collateral dependent loans by class as of March 31, 2024 and December 31, 2023: March 31, December 31, (in thousands) Collateral dependent loans: Commercial and industrial * $ 98,069 $ 96,827 Commercial real estate 97,627 98,785 Construction 42,151 46,634 Total commercial real estate loans 139,778 145,419 Residential mortgage 23,666 21,843 Home equity 327 — Consumer 589 589 Total $ 262,429 $ 264,678 |
Summary of Allowance for Credit Losses | The following table summarizes the ACL for loans at March 31, 2024 and December 31, 2023: March 31, December 31, (in thousands) Components of allowance for credit losses for loans: Allowance for loan losses $ 469,248 $ 446,080 Allowance for unfunded credit commitments 18,021 19,470 Total allowance for credit losses for loans $ 487,269 $ 465,550 |
Summary of Provision for Credit Losses | The following table summarizes the provision for credit losses for loans for the periods indicated: Three Months Ended 2024 2023 (in thousands) Components of provision for credit losses for loans: Provision for loan losses $ 46,723 $ 9,979 Credit for unfunded credit commitments (1,449) (529) Total provision for credit losses for loans $ 45,274 $ 9,450 |
Summary of Activity in Allowance for Loan Losses | The following table details the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2024 and 2023: Commercial Commercial Residential Consumer Total (in thousands) Three Months Ended Allowance for loan losses: Beginning balance $ 133,359 $ 249,598 $ 42,957 $ 20,166 $ 446,080 Loans charged-off (14,293) (8,798) — (1,809) (24,900) Charged-off loans recovered 682 241 25 397 1,345 Net (charge-offs) recoveries (13,611) (8,557) 25 (1,412) (23,555) Provision for loan losses 18,845 24,806 1,395 1,677 46,723 Ending balance $ 138,593 $ 265,847 $ 44,377 $ 20,431 $ 469,248 Three Months Ended Allowance for loan losses: Beginning balance $ 139,941 $ 259,408 $ 39,020 $ 20,286 $ 458,655 Impact of the adoption of ASU No. 2022-02 (739) (589) (12) (28) (1,368) Beginning balance, adjusted 139,202 258,819 39,008 20,258 457,287 Loans charged-off (26,047) (5,698) — (828) (32,573) Charged-off loans recovered 1,399 24 21 761 2,205 Net (charge-offs) recoveries (24,648) (5,674) 21 (67) (30,368) Provision (credit) for loan losses 13,438 (9,813) 2,679 3,675 9,979 Ending balance $ 127,992 $ 243,332 $ 41,708 $ 23,866 $ 436,898 |
Allocation Of Allowance For Loan Losses Disaggregated Based On Impairment Methodology | The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology at March 31, 2024 and December 31, 2023. Commercial and Industrial Commercial Residential Consumer Total (in thousands) March 31, 2024 Allowance for loan losses: Individually evaluated for credit losses $ 52,002 $ 14,545 $ 30 $ — $ 66,577 Collectively evaluated for credit losses 86,591 251,302 44,347 20,431 402,671 Total $ 138,593 $ 265,847 $ 44,377 $ 20,431 $ 469,248 Loans: Individually evaluated for credit losses $ 98,069 $ 139,778 $ 23,666 $ 916 $ 262,429 Collectively evaluated for credit losses 9,006,124 31,565,686 5,594,689 3,493,114 49,659,613 Total $ 9,104,193 $ 31,705,464 $ 5,618,355 $ 3,494,030 $ 49,922,042 December 31, 2023 Allowance for loan losses: Individually evaluated for credit losses $ 55,993 $ 17,987 $ 235 $ — $ 74,215 Collectively evaluated for credit losses 77,366 231,611 42,722 20,166 371,865 Total $ 133,359 $ 249,598 $ 42,957 $ 20,166 $ 446,080 Loans: Individually evaluated for credit losses $ 96,827 $ 145,419 $ 21,843 $ 589 $ 264,678 Collectively evaluated for credit losses 9,133,716 31,824,628 5,547,167 3,440,106 49,945,617 Total $ 9,230,543 $ 31,970,047 $ 5,569,010 $ 3,440,695 $ 50,210,295 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying amounts of goodwill allocated to Valley's reporting units at both March 31, 2024 and December 31, 2023, were as follows: Reporting Unit * Wealth Consumer Commercial Total (in thousands) $ 78,142 $ 349,646 $ 1,441,148 $ 1,868,936 * The Wealth Management and Consumer Banking reporting units are both components of the overall Consumer Banking operating segment, which is further described in Note 1 5 |
Other Intangible Assets | The following table summarizes other intangible assets as of March 31, 2024 and December 31, 2023: Gross Accumulated Net (in thousands) March 31, 2024 Loan servicing rights $ 123,136 $ (101,830) $ 21,306 Core deposits 215,620 (119,832) 95,788 Other 50,393 (16,018) 34,375 Total other intangible assets $ 389,149 $ (237,680) $ 151,469 December 31, 2023 Loan servicing rights $ 122,586 $ (100,636) $ 21,950 Core deposits 215,620 (113,183) 102,437 Other 50,393 (14,449) 35,944 Total other intangible assets $ 388,599 $ (228,268) $ 160,331 |
Estimated Future Amortization Expense | The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2024 through 2028: Year Loan Servicing Core Other (in thousands) 2024 $ 2,066 $ 18,248 $ 4,382 2025 2,504 21,048 5,380 2026 2,206 17,223 4,805 2027 1,928 13,544 4,205 2028 1,685 10,117 3,633 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Financial Services, Banking and Thrift [Abstract] | |
Scheduled Maturities of Time Deposits | The scheduled maturities of time deposits as of March 31, 2024 were as follows: Year Amount (in thousands) 2024 $ 9,989,588 2025 2,034,132 2026 238,754 2027 430,363 2028 21,039 Thereafter 29,858 Total time deposits $ 12,743,734 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Short-Term Borrowings | Short-term borrowings at March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 December 31, 2023 (in thousands) FHLB advances $ — $ 850,000 Securities sold under agreements to repurchase 75,224 67,834 Total short-term borrowings $ 75,224 $ 917,834 |
Schedule of Long-Term Borrowings | Long-term borrowings at March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 December 31, 2023 (in thousands) FHLB advances, net (1) $ 2,624,962 $ 1,690,013 Subordinated debt, net (2) 637,379 638,362 Total long-term borrowings $ 3,262,341 $ 2,328,375 (1) FHLB advances are presented net of unamortized premiums totaling $158 thousand and $209 thousand at March 31, 2024 and December 31, 2023, respectively. (2) Subordinated debt is presented net of unamortized debt issuance costs totaling $4.8 million and $5.2 million at March 31, 2024 and December 31, 2023, respectively. |
Schedule of FHLB Repayment | The long-term FHLB advances at March 31, 2024 are scheduled for contractual balance repayments as follows: Year Amount (in thousands) 2024 $ 100,000 2025 273,000 2026 601,804 2027 925,000 2028 475,000 Thereafter 250,000 Total long-term FHLB advances $ 2,624,804 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | The table below summarizes RSU awards granted and average grant date fair values for the three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 (in thousands, except per share data) Award shares granted: Performance-based RSUs 958 723 Time-based RSUs 2,794 1,528 Average grant date fair value per share: Performance-based RSUs $ 7.88 $ 12.80 Time-based RSUs $ 8.51 $ 11.91 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Consolidated Statements of Financial Condition Related to Fair Value of Derivative Financial Instruments | Amounts included in the consolidated statements of financial condition related to the fair value of Valley’s derivative financial instruments were as follows: March 31, 2024 December 31, 2023 Fair Value Fair Value Other Assets Other Liabilities Notional Amount Other Assets Other Liabilities Notional Amount (in thousands) Derivatives designated as hedging instruments: Fair value hedge interest rate swaps $ 1,304 $ 26,127 $ 800,000 $ — $ 21,460 $ 800,000 Total derivatives designated as hedging instruments $ 1,304 $ 26,127 $ 800,000 $ — $ 21,460 $ 800,000 Derivatives not designated as hedging instruments: Interest rate swaps and other contracts * $ 510,689 $ 510,423 $ 16,200,678 $ 458,129 $ 457,885 $ 16,282,279 Foreign currency derivatives 10,227 9,721 1,432,388 8,024 8,286 1,557,167 Mortgage banking derivatives 55 145 51,213 74 472 38,797 Total derivatives not designated as hedging instruments $ 520,971 $ 520,289 $ 17,684,279 $ 466,227 $ 466,643 $ 17,878,243 |
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows | Gains (losses) included in the consolidated statements of income and other comprehensive loss, on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: Three Months Ended 2024 2023 (in thousands) Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest income $ 298 $ (531) Amount of gain recognized in other comprehensive income — 3,898 |
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Fair Value | Gains (losses) included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows: Three Months Ended 2024 2023 (in thousands) Derivative - interest rate swap: Interest income $ 4,879 $ — Interest expense (1,291) 4,692 Hedged item - loans and subordinated debt: Interest income $ (4,924) $ — Interest expense 1,383 (4,772) |
Interest Rate Derivatives Designated as Hedges | The following table presents the hedged item related to interest rate derivatives designated as fair value hedges and the cumulative basis fair value adjustment included in the net carrying amount of the hedged item at March 31, 2024 and December 31, 2023, respectively. Line Item in the Statement of Financial Condition in Which the Hedged Item is Included Net Carrying Amount of the Hedged Asset/ Liability Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/Liability (in thousands) March 31, 2024 Loans $ 498,953 $ (1,047) Long-term borrowings * 275,390 (22,828) December 31, 2023 Loans $ 503,877 $ 3,877 Long-term borrowings * 276,572 (21,445) * Net carrying amount includes unamortized debt issuance costs of $1.8 million and $2.0 million at March 31, 2024 and December 31, 2023, respectively. |
Net (Gains) Losses Related to Derivative Instruments Not Designated as Hedging Instruments | The net (gains) losses included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: Three Months Ended 2024 2023 (in thousands) Non-designated hedge interest rate swaps and credit derivatives Other non-interest expense $ (1,055) $ 208 |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Offsetting [Abstract] | |
Offsetting Assets | The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of March 31, 2024 and December 31, 2023. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Net (in thousands) March 31, 2024 Assets Interest rate swaps and other contracts $ 511,993 $ — $ 511,993 $ 13,043 $ (430,600) $ 94,436 Liabilities Interest rate swaps and other contracts $ 536,550 $ — $ 536,550 $ (13,043) $ — $ 523,507 December 31, 2023 Assets Interest rate swaps and other contracts $ 458,129 $ — $ 458,129 $ 53,780 $ (302,180) $ 209,729 Liabilities Interest rate swaps and other contracts $ 479,345 $ — $ 479,345 $ (53,780) $ — $ 425,565 * Cash collateral received from or pledged to our counterparties in relation to market value exposures of OTC derivative contracts in an asset/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 March 31, 2024 and December 31, 2023. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Net (in thousands) March 31, 2024 Assets Interest rate swaps and other contracts $ 511,993 $ — $ 511,993 $ 13,043 $ (430,600) $ 94,436 Liabilities Interest rate swaps and other contracts $ 536,550 $ — $ 536,550 $ (13,043) $ — $ 523,507 December 31, 2023 Assets Interest rate swaps and other contracts $ 458,129 $ — $ 458,129 $ 53,780 $ (302,180) $ 209,729 Liabilities Interest rate swaps and other contracts $ 479,345 $ — $ 479,345 $ (53,780) $ — $ 425,565 * Cash collateral received from or pledged to our counterparties in relation to market value exposures of OTC derivative contracts in an asset/liability position. |
Tax Credit Investments (Tables)
Tax Credit Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Affordable Housing Tax Credit Investments, Other Tax Credit Investments, and Related Unfunded Commitments | The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at March 31, 2024 and December 31, 2023: March 31, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 20,801 $ 22,158 Other tax credit investments, net 209,136 117,659 Total tax credit investments, net $ 229,937 $ 139,817 Other Liabilities: Unfunded affordable housing tax credit commitments $ 871 $ 1,305 Total unfunded tax credit commitments $ 871 $ 1,305 |
Affordable Housing Tax Credit Investments and Other Tax Credit Investments | The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 1,396 $ 1,459 Other tax credit investment credits and tax benefits 6,345 3,221 Total reduction in income tax expense $ 7,741 $ 4,680 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 875 $ 937 Affordable housing tax credit investment impairment losses 481 448 Other tax credit investment losses 600 6 Other tax credit investment impairment losses 3,606 2,862 Total amortization of tax credit investments recorded in non-interest expense $ 5,562 $ 4,253 |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Financial Data for Business Segments | The following tables represent the financial data for Valley’s operating segments and Treasury and Corporate Other for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 Consumer Commercial Treasury and Corporate Other Total ($ in thousands) Average interest earning assets $ 9,795,462 $ 40,451,129 $ 6,372,206 $ 56,618,797 Interest income $ 113,631 $ 657,922 $ 57,103 $ 828,656 Interest expense 73,173 302,174 59,761 435,108 Net interest income 40,458 355,748 (2,658) 393,548 Provision (credit) for credit losses 3,072 42,202 (74) 45,200 Net interest income after provision for credit losses 37,386 313,546 (2,584) 348,348 Non-interest income 26,546 17,994 16,875 61,415 Non-interest expense 18,651 36,288 225,371 280,310 Internal transfer expense (income) 33,111 136,631 (169,742) — Income (loss) before income taxes $ 12,170 $ 158,621 $ (41,338) $ 129,453 Return on average interest earning assets (pre-tax) 0.50 % 1.57 % (2.59) % 0.91 % Three Months Ended March 31, 2023 Consumer Commercial Treasury and Corporate Other Total ($ in thousands) Average interest earning assets $ 9,476,112 $ 38,383,259 $ 7,503,419 $ 55,362,790 Interest income $ 95,963 $ 559,263 $ 65,004 $ 720,230 Interest expense 46,476 188,253 49,481 284,210 Net interest income 49,487 371,010 15,523 436,020 Provision for credit losses 6,444 3,006 4,987 14,437 Net interest income after provision for credit losses 43,043 368,004 10,536 421,583 Non-interest income 17,882 15,747 20,670 54,299 Non-interest expense 19,633 35,723 216,810 272,166 Internal transfer expense (income) 28,968 117,461 (146,429) — Income (loss) before income taxes $ 12,324 $ 230,567 $ (39,175) $ 203,716 Return on average interest earning assets (pre-tax) 0.52 % 2.40 % (2.09) % 1.47 % |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share Reconciliation | ||
Net income available to common shareholders | $ 92,161 | $ 142,677 |
Basic weighted average number of common shares outstanding (in shares) | 508,340,719 | 507,111,295 |
Plus: Common stock equivalents (in shares) | 2,293,226 | 2,545,135 |
Diluted weighted average number of common shares outstanding (in shares) | 510,633,945 | 509,656,430 |
Earnings Per Common Share: | ||
Basic (usd per share) | $ 0.18 | $ 0.28 |
Diluted (usd per share) | $ 0.18 | $ 0.28 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive common stock options and warrants (in shares) | 1.3 | 1.6 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) | ||
Beginning balance | $ 6,701,391 | $ 6,400,802 |
Other comprehensive loss before reclassification | (10,205) | 19,968 |
Amounts reclassified from other comprehensive (loss) income | (187) | 387 |
Other comprehensive (loss) income, net | (10,392) | 20,355 |
Ending balance | 6,727,139 | 6,511,581 |
Total Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss) | ||
Beginning balance | (146,456) | (164,002) |
Ending balance | (156,848) | (143,647) |
Unrealized Gains and Losses on Available for Sale (AFS) Securities | ||
Accumulated Other Comprehensive Income (Loss) | ||
Beginning balance | (115,502) | (127,818) |
Other comprehensive loss before reclassification | (10,205) | 17,170 |
Amounts reclassified from other comprehensive (loss) income | 0 | 0 |
Other comprehensive (loss) income, net | (10,205) | 17,170 |
Ending balance | (125,707) | (110,648) |
Unrealized Gains and Losses on Derivatives | ||
Accumulated Other Comprehensive Income (Loss) | ||
Beginning balance | 2,114 | 2,233 |
Other comprehensive loss before reclassification | 0 | 2,798 |
Amounts reclassified from other comprehensive (loss) income | (222) | 379 |
Other comprehensive (loss) income, net | (222) | 3,177 |
Ending balance | 1,892 | 5,410 |
Defined Benefit Pension and Postretirement Benefit Plans | ||
Accumulated Other Comprehensive Income (Loss) | ||
Beginning balance | (33,068) | (38,417) |
Other comprehensive loss before reclassification | 0 | 0 |
Amounts reclassified from other comprehensive (loss) income | 35 | 8 |
Other comprehensive (loss) income, net | 35 | 8 |
Ending balance | $ (33,033) | $ (38,409) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Reclassification from Each Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reclassification Out Of Accumulated Other Comprehensive Loss | ||
Interest income | $ 393,548 | $ 436,020 |
Tax effect | (33,173) | (57,165) |
Total net of tax | 96,280 | 146,551 |
Amortization of actuarial net loss | 29,019 | 26,675 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | ||
Reclassification Out Of Accumulated Other Comprehensive Loss | ||
Total net of tax | 187 | (387) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | Unrealized gains (losses) on derivatives (cash flow hedges) before tax | ||
Reclassification Out Of Accumulated Other Comprehensive Loss | ||
Interest income | 298 | (531) |
Tax effect | (76) | 152 |
Total net of tax | 222 | (379) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | Defined benefit pension plan | ||
Reclassification Out Of Accumulated Other Comprehensive Loss | ||
Tax effect | 14 | 3 |
Total net of tax | (35) | (8) |
Amortization of actuarial net loss | $ (49) | $ (11) |
Fair Value Measurement of Ass_3
Fair Value Measurement of Assets and Liabilities - Recurring and Non-Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investment securities: | ||
Equity securities | $ 66,951 | $ 64,464 |
Trading debt securities | 3,989 | 3,973 |
Available for sale debt securities: | ||
Available for sale debt securities | 1,449,334 | 1,296,576 |
Loans held for sale | 17,639 | 20,640 |
Non-recurring fair value measurements: | ||
Unpaid principal balances of loans held for sale | 17,500 | 20,100 |
U.S. Treasury securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 285,546 | 288,157 |
U.S. government agency securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 22,754 | 23,702 |
Obligations of states and political subdivisions | ||
Available for sale debt securities: | ||
Available for sale debt securities | 187,729 | 191,690 |
Residential mortgage-backed securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 783,143 | 626,572 |
Corporate and other debt securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 170,162 | 166,455 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | ||
Investment securities: | ||
Equity securities | 23,159 | 23,307 |
Trading debt securities | 3,989 | 3,973 |
Available for sale debt securities: | ||
Available for sale debt securities | 285,546 | 288,157 |
Loans held for sale | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 312,694 | 315,437 |
Liabilities | ||
Other liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | U.S. Treasury securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 285,546 | 288,157 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | U.S. government agency securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Obligations of states and political subdivisions | ||
Available for sale debt securities: | ||
Available for sale debt securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Residential mortgage-backed securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Corporate and other debt securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-recurring fair value measurements | ||
Non-recurring fair value measurements: | ||
Non-performing loan held for sale | 0 | 0 |
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 | 0 | 0 |
Available for sale debt securities: | ||
Available for sale debt securities | 1,163,788 | 1,008,419 |
Loans held for sale | 17,639 | 20,640 |
Other assets | 522,275 | 466,227 |
Total assets | 1,703,702 | 1,495,286 |
Liabilities | ||
Other liabilities | 546,416 | 488,103 |
Total liabilities | 546,416 | 488,103 |
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 | 0 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | U.S. government agency securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 22,754 | 23,702 |
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 | 187,729 | 191,690 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Residential mortgage-backed securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 783,143 | 626,572 |
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 | 170,162 | 166,455 |
Significant Other Observable Inputs (Level 2) | Non-recurring fair value measurements | ||
Non-recurring fair value measurements: | ||
Non-performing loan held for sale | 10,000 | 10,000 |
Collateral dependent loans | 0 | 0 |
Foreclosed assets | 0 | 0 |
Total | 10,000 | 10,000 |
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. Treasury securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 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) | Non-recurring fair value measurements | ||
Non-recurring fair value measurements: | ||
Non-performing loan held for sale | 0 | 0 |
Collateral dependent loans | 77,673 | 90,580 |
Foreclosed assets | 1,393 | 1,444 |
Total | 79,066 | 92,024 |
Fair Value | Recurring fair value measurements | ||
Investment securities: | ||
Trading debt securities | 3,989 | 3,973 |
Available for sale debt securities: | ||
Available for sale debt securities | 1,449,334 | 1,296,576 |
Loans held for sale | 17,639 | 20,640 |
Other assets | 522,275 | 466,227 |
Total assets | 2,028,663 | 1,822,849 |
Liabilities | ||
Other liabilities | 546,416 | 488,103 |
Total liabilities | 546,416 | 488,103 |
Fair Value | Recurring fair value measurements | U.S. Treasury securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 285,546 | 288,157 |
Fair Value | Recurring fair value measurements | U.S. government agency securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 22,754 | 23,702 |
Fair Value | Recurring fair value measurements | Obligations of states and political subdivisions | ||
Available for sale debt securities: | ||
Available for sale debt securities | 187,729 | 191,690 |
Fair Value | Recurring fair value measurements | Residential mortgage-backed securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 783,143 | 626,572 |
Fair Value | Recurring fair value measurements | Corporate and other debt securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 170,162 | 166,455 |
Fair Value | Non-recurring fair value measurements | ||
Non-recurring fair value measurements: | ||
Non-performing loan held for sale | 10,000 | 10,000 |
Collateral dependent loans | 77,673 | 90,580 |
Foreclosed assets | 1,393 | 1,444 |
Total | 89,066 | 102,024 |
Fair Value | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Recurring fair value measurements | ||
Investment securities: | ||
Equity securities | 23,159 | 23,307 |
Fair Value | Significant Unobservable Inputs (Level 3) | ||
Investment securities: | ||
Equity securities | 31,525 | 29,031 |
Fair Value | NAV | Recurring fair value measurements | ||
Investment securities: | ||
Equity securities | $ 12,267 | $ 12,126 |
Fair Value Measurement of Ass_4
Fair Value Measurement of Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Transfer of loans to loans held for sale | $ 34,143 | $ 0 | $ 10,000 |
Allowance for credit loss, write-off | $ 4,200 | ||
Collateral dependent loans amortized cost | 144,300 | ||
Specific valuation allowance allocations | $ 66,600 | ||
Discount adjustment of the appraisals of foreclosed assets | 0% | 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 | $ 77,700 |
Fair Value Measurement of Ass_5
Fair Value Measurement of Assets and Liabilities - Carrying Amounts and Estimated Fair Values (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets | ||
Interest bearing deposits with banks | $ 542,006 | $ 607,135 |
Equity securities | 66,951 | 64,464 |
Total held to maturity debt securities | 3,217,402 | 3,302,312 |
Accrued interest receivable | 253,893 | 245,498 |
Financial liabilities | ||
Deposits with stated maturities | 12,743,734 | 13,176,724 |
U.S. Treasury securities | ||
Financial assets | ||
Total held to maturity debt securities | 25,742 | 25,978 |
U.S. government agency securities | ||
Financial assets | ||
Total held to maturity debt securities | 260,175 | 261,555 |
Obligations of states and political subdivisions | ||
Financial assets | ||
Total held to maturity debt securities | 378,032 | 387,527 |
Residential mortgage-backed securities | ||
Financial assets | ||
Total held to maturity debt securities | 2,441,934 | 2,521,926 |
Trust preferred securities | ||
Financial assets | ||
Total held to maturity debt securities | 30,482 | 30,650 |
Corporate and other debt securities | ||
Financial assets | ||
Total held to maturity debt securities | 81,037 | 74,676 |
Carrying Amount | ||
Financial assets | ||
Total held to maturity debt securities | 3,711,818 | 3,740,413 |
Carrying Amount | Level 1 | ||
Financial assets | ||
Cash and due from banks | 398,827 | 284,090 |
Interest bearing deposits with banks | 542,006 | 607,135 |
Accrued interest receivable | 253,893 | 245,498 |
Financial liabilities | ||
Deposits without stated maturities | 36,334,212 | 36,066,105 |
Accrued interest payable | 109,477 | 159,496 |
Carrying Amount | Level 1 | U.S. Treasury securities | ||
Financial assets | ||
Total held to maturity debt securities | 26,048 | 26,232 |
Carrying Amount | Level 2 | ||
Financial assets | ||
FRB and FHLB stock | 323,981 | 320,727 |
Financial liabilities | ||
Deposits with stated maturities | 12,743,734 | 13,176,724 |
Short-term borrowings | 75,224 | 917,834 |
Long-term borrowings | 3,262,341 | 2,328,375 |
Junior subordinated debentures issued to capital trusts | 57,195 | 57,108 |
Carrying Amount | Level 2 | U.S. government agency securities | ||
Financial assets | ||
Total held to maturity debt securities | 305,543 | 305,996 |
Carrying Amount | Level 2 | Obligations of states and political subdivisions | ||
Financial assets | ||
Total held to maturity debt securities | 400,523 | 405,470 |
Carrying Amount | Level 2 | Residential mortgage-backed securities | ||
Financial assets | ||
Total held to maturity debt securities | 2,856,322 | 2,885,303 |
Carrying Amount | Level 2 | Trust preferred securities | ||
Financial assets | ||
Total held to maturity debt securities | 37,066 | 37,062 |
Carrying Amount | Level 2 | Corporate and other debt securities | ||
Financial assets | ||
Total held to maturity debt securities | 86,316 | 80,350 |
Carrying Amount | Level 3 | ||
Financial assets | ||
Equity securities | 31,525 | 29,031 |
Net loans | 49,486,937 | 49,764,215 |
Carrying Amount | Level 3 | Construction | ||
Financial assets | ||
Net loans | 34,100 | |
Fair Value | ||
Financial assets | ||
Total held to maturity debt securities | 3,217,402 | 3,302,312 |
Fair Value | Level 1 | ||
Financial assets | ||
Cash and due from banks | 398,827 | 284,090 |
Interest bearing deposits with banks | 542,006 | 607,135 |
Accrued interest receivable | 253,893 | 245,498 |
Financial liabilities | ||
Deposits without stated maturities | 36,334,212 | 36,066,105 |
Accrued interest payable | 109,477 | 159,496 |
Fair Value | Level 1 | U.S. Treasury securities | ||
Financial assets | ||
Total held to maturity debt securities | 25,742 | 25,978 |
Fair Value | Level 2 | ||
Financial assets | ||
FRB and FHLB stock | 323,981 | 320,727 |
Financial liabilities | ||
Deposits with stated maturities | 12,685,362 | 13,103,381 |
Short-term borrowings | 57,603 | 901,617 |
Long-term borrowings | 3,176,646 | 2,256,997 |
Junior subordinated debentures issued to capital trusts | 47,597 | 47,374 |
Fair Value | Level 2 | U.S. government agency securities | ||
Financial assets | ||
Total held to maturity debt securities | 260,175 | 261,555 |
Fair Value | Level 2 | Obligations of states and political subdivisions | ||
Financial assets | ||
Total held to maturity debt securities | 378,032 | 387,527 |
Fair Value | Level 2 | Residential mortgage-backed securities | ||
Financial assets | ||
Total held to maturity debt securities | 2,441,934 | 2,521,926 |
Fair Value | Level 2 | Trust preferred securities | ||
Financial assets | ||
Total held to maturity debt securities | 30,482 | 30,650 |
Fair Value | Level 2 | Corporate and other debt securities | ||
Financial assets | ||
Total held to maturity debt securities | 81,037 | 74,676 |
Fair Value | Level 3 | ||
Financial assets | ||
Equity securities | 31,525 | 29,031 |
Net loans | $ 47,672,062 | $ 47,981,499 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) position | Dec. 31, 2023 USD ($) position | Mar. 31, 2023 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Equity securities | $ 66,951,000 | $ 64,464,000 | |
Trading debt securities | 3,989,000 | 3,973,000 | |
Debt securities, trading, realized gain | 56,000 | $ 402,000 | |
Accrued interest on investments available for sale | $ 6,200,000 | $ 5,900,000 | |
Number of security positions in the debt securities available for sale portfolio in an unrealized loss position | position | 694 | 687 | |
Fair value of debt securities available for sale pledged as collateral | $ 1,100,000,000 | ||
Weighted-average remaining expected life of residential mortgage-backed securities available for sale, years | 7 years 10 months 17 days | ||
Impairment loss | $ 0 | 0 | |
Allowance for credit loss, not previously recorded | $ 5,000,000 | ||
Gain on sale of investments | $ 869,000 | ||
Allowance for credit losses for available for sale debt securities | 0 | 0 | |
Accrued interest on securities held to maturity | $ 12,500,000 | $ 13,900,000 | |
Number of security positions in the securities held to maturity portfolio in an unrealized loss position | position | 784 | 762 | |
Fair value of investments held to maturity pledged as collateral | $ 2,700,000,000 | ||
Weighted-average remaining expected life of residential mortgage-backed securities held to maturity, years | 10 years 9 months 25 days | ||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable |
Investment Securities - Amortiz
Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Available for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,621,688 | $ 1,454,439 |
Gross Unrealized Gains | 607 | 747 |
Gross Unrealized Losses | (172,961) | (158,610) |
Fair Value | 1,449,334 | 1,296,576 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 315,202 | 313,772 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (29,656) | (25,615) |
Fair Value | 285,546 | 288,157 |
U.S. government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 25,171 | 25,967 |
Gross Unrealized Gains | 20 | 19 |
Gross Unrealized Losses | (2,437) | (2,284) |
Fair Value | 22,754 | 23,702 |
Obligations of states and state agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 47,673 | 48,283 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (618) | (588) |
Fair Value | 47,055 | 47,695 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 170,902 | 170,260 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (30,228) | (26,265) |
Fair Value | 140,674 | 143,995 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 218,575 | 218,543 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (30,846) | (26,853) |
Fair Value | 187,729 | 191,690 |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 870,356 | 703,875 |
Gross Unrealized Gains | 587 | 728 |
Gross Unrealized Losses | (87,800) | (78,031) |
Fair Value | 783,143 | 626,572 |
Corporate and other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 192,384 | 192,282 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (22,222) | (25,827) |
Fair Value | $ 170,162 | $ 166,455 |
Investment Securities - Age of
Investment Securities - Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value | ||
Less than 12 Months | $ 157,660 | $ 15,006 |
More than 12 Months | 1,167,029 | 1,192,879 |
Total | 1,324,689 | 1,207,885 |
Unrealized Losses | ||
Less than 12 Months | (809) | (30) |
More than 12 Months | (172,152) | (158,580) |
Total | (172,961) | (158,610) |
U.S. Treasury securities | ||
Fair Value | ||
Less than 12 Months | 0 | 0 |
More than 12 Months | 285,546 | 288,156 |
Total | 285,546 | 288,156 |
Unrealized Losses | ||
Less than 12 Months | 0 | 0 |
More than 12 Months | (29,656) | (25,615) |
Total | (29,656) | (25,615) |
U.S. government agency securities | ||
Fair Value | ||
Less than 12 Months | 0 | 0 |
More than 12 Months | 21,435 | 22,364 |
Total | 21,435 | 22,364 |
Unrealized Losses | ||
Less than 12 Months | 0 | 0 |
More than 12 Months | (2,437) | (2,284) |
Total | (2,437) | (2,284) |
Obligations of states and state agencies | ||
Fair Value | ||
Less than 12 Months | 0 | 0 |
More than 12 Months | 7,875 | 8,276 |
Total | 7,875 | 8,276 |
Unrealized Losses | ||
Less than 12 Months | 0 | 0 |
More than 12 Months | (618) | (588) |
Total | (618) | (588) |
Municipal bonds | ||
Fair Value | ||
Less than 12 Months | 0 | 1,019 |
More than 12 Months | 140,673 | 142,976 |
Total | 140,673 | 143,995 |
Unrealized Losses | ||
Less than 12 Months | 0 | (4) |
More than 12 Months | (30,228) | (26,261) |
Total | (30,228) | (26,265) |
Obligations of states and political subdivisions | ||
Fair Value | ||
Less than 12 Months | 0 | 1,019 |
More than 12 Months | 148,548 | 151,252 |
Total | 148,548 | 152,271 |
Unrealized Losses | ||
Less than 12 Months | 0 | (4) |
More than 12 Months | (30,846) | (26,849) |
Total | (30,846) | (26,853) |
Residential mortgage-backed securities | ||
Fair Value | ||
Less than 12 Months | 152,843 | 9,010 |
More than 12 Months | 546,154 | 569,629 |
Total | 698,997 | 578,639 |
Unrealized Losses | ||
Less than 12 Months | (625) | (3) |
More than 12 Months | (87,175) | (78,028) |
Total | (87,800) | (78,031) |
Corporate and other debt securities | ||
Fair Value | ||
Less than 12 Months | 4,817 | 4,977 |
More than 12 Months | 165,346 | 161,478 |
Total | 170,163 | 166,455 |
Unrealized Losses | ||
Less than 12 Months | (184) | (23) |
More than 12 Months | (22,038) | (25,804) |
Total | $ (22,222) | $ (25,827) |
Investment Securities - Contrac
Investment Securities - Contractual Maturities of Debt Securities Available for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Due in one year | $ 1,353 | |
Due after one year through five years | 290,800 | |
Due after five years through ten years | 172,949 | |
Due after ten years | 286,230 | |
Residential mortgage-backed securities | 870,356 | |
Amortized Cost | 1,621,688 | $ 1,454,439 |
Fair Value | ||
Due in one year | 1,346 | |
Due after one year through five years | 277,194 | |
Due after five years through ten years | 150,980 | |
Due after ten years | 236,671 | |
Residential mortgage-backed securities | 783,143 | |
Total | $ 1,449,334 | $ 1,296,576 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | $ 3,711,818 | $ 3,740,413 | ||
Gross Unrealized Gains | 3,439 | 6,651 | ||
Gross Unrealized Losses | (497,855) | (444,752) | ||
Fair Value | 3,217,402 | 3,302,312 | ||
Allowance for Credit Losses | 1,131 | 1,205 | $ 1,633 | $ 1,646 |
Net Carrying Value | 3,710,687 | 3,739,208 | ||
U.S. Treasury securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 26,048 | 26,232 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | (306) | (254) | ||
Fair Value | 25,742 | 25,978 | ||
Allowance for Credit Losses | 0 | 0 | ||
Net Carrying Value | 26,048 | 26,232 | ||
U.S. government agency securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 305,543 | 305,996 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | (45,368) | (44,441) | ||
Fair Value | 260,175 | 261,555 | ||
Allowance for Credit Losses | 0 | 0 | ||
Net Carrying Value | 305,543 | 305,996 | ||
Obligations of states and state agencies | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 87,017 | 88,556 | ||
Gross Unrealized Gains | 186 | 552 | ||
Gross Unrealized Losses | (4,632) | (4,155) | ||
Fair Value | 82,571 | 84,953 | ||
Allowance for Credit Losses | 401 | 395 | ||
Net Carrying Value | 86,616 | 88,161 | ||
Municipal bonds | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 313,506 | 316,914 | ||
Gross Unrealized Gains | 4 | 40 | ||
Gross Unrealized Losses | (18,049) | (14,380) | ||
Fair Value | 295,461 | 302,574 | ||
Allowance for Credit Losses | 49 | 49 | ||
Net Carrying Value | 313,457 | 316,865 | ||
Obligations of states and political subdivisions | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 400,523 | 405,470 | ||
Gross Unrealized Gains | 190 | 592 | ||
Gross Unrealized Losses | (22,681) | (18,535) | ||
Fair Value | 378,032 | 387,527 | ||
Allowance for Credit Losses | 450 | 444 | ||
Net Carrying Value | 400,073 | 405,026 | ||
Residential mortgage-backed securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 2,856,322 | 2,885,303 | ||
Gross Unrealized Gains | 3,249 | 6,059 | ||
Gross Unrealized Losses | (417,637) | (369,436) | ||
Fair Value | 2,441,934 | 2,521,926 | ||
Allowance for Credit Losses | 0 | 0 | ||
Net Carrying Value | 2,856,322 | 2,885,303 | ||
Trust preferred securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 37,066 | 37,062 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | (6,584) | (6,412) | ||
Fair Value | 30,482 | 30,650 | ||
Allowance for Credit Losses | 454 | 506 | ||
Net Carrying Value | 36,612 | 36,556 | ||
Corporate and other debt securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 86,316 | 80,350 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | (5,279) | (5,674) | ||
Fair Value | 81,037 | 74,676 | ||
Allowance for Credit Losses | 227 | 255 | ||
Net Carrying Value | $ 86,089 | $ 80,095 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value | ||
Less than 12 Months | $ 170,165 | $ 136,920 |
More than 12 Months | 2,698,265 | 2,751,924 |
Total | 2,868,430 | 2,888,844 |
Unrealized Losses | ||
Less than 12 Months | (1,537) | (1,368) |
More than 12 Months | (496,318) | (443,384) |
Total | (497,855) | (444,752) |
U.S. Treasury securities | ||
Fair Value | ||
Less than 12 Months | 0 | 0 |
More than 12 Months | 25,742 | 25,978 |
Total | 25,742 | 25,978 |
Unrealized Losses | ||
Less than 12 Months | 0 | 0 |
More than 12 Months | (306) | (254) |
Total | (306) | (254) |
U.S. government agency securities | ||
Fair Value | ||
Less than 12 Months | 42,760 | 43,664 |
More than 12 Months | 216,293 | 216,759 |
Total | 259,053 | 260,423 |
Unrealized Losses | ||
Less than 12 Months | (187) | (151) |
More than 12 Months | (45,181) | (44,290) |
Total | (45,368) | (44,441) |
Obligations of states and state agencies | ||
Fair Value | ||
Less than 12 Months | 7,271 | 10,700 |
More than 12 Months | 57,008 | 48,149 |
Total | 64,279 | 58,849 |
Unrealized Losses | ||
Less than 12 Months | (124) | (102) |
More than 12 Months | (4,508) | (4,053) |
Total | (4,632) | (4,155) |
Municipal bonds | ||
Fair Value | ||
Less than 12 Months | 45,923 | 11,958 |
More than 12 Months | 210,292 | 207,520 |
Total | 256,215 | 219,478 |
Unrealized Losses | ||
Less than 12 Months | (307) | (121) |
More than 12 Months | (17,742) | (14,259) |
Total | (18,049) | (14,380) |
Obligations of states and political subdivisions | ||
Fair Value | ||
Less than 12 Months | 53,194 | 22,658 |
More than 12 Months | 267,300 | 255,669 |
Total | 320,494 | 278,327 |
Unrealized Losses | ||
Less than 12 Months | (431) | (223) |
More than 12 Months | (22,250) | (18,312) |
Total | (22,681) | (18,535) |
Residential mortgage-backed securities | ||
Fair Value | ||
Less than 12 Months | 46,777 | 57,085 |
More than 12 Months | 2,104,844 | 2,164,704 |
Total | 2,151,621 | 2,221,789 |
Unrealized Losses | ||
Less than 12 Months | (353) | (505) |
More than 12 Months | (417,284) | (368,931) |
Total | (417,637) | (369,436) |
Trust preferred securities | ||
Fair Value | ||
Less than 12 Months | 951 | 938 |
More than 12 Months | 29,532 | 29,712 |
Total | 30,483 | 30,650 |
Unrealized Losses | ||
Less than 12 Months | (49) | (63) |
More than 12 Months | (6,535) | (6,349) |
Total | (6,584) | (6,412) |
Corporate and other debt securities | ||
Fair Value | ||
Less than 12 Months | 26,483 | 12,575 |
More than 12 Months | 54,554 | 59,102 |
Total | 81,037 | 71,677 |
Unrealized Losses | ||
Less than 12 Months | (517) | (426) |
More than 12 Months | (4,762) | (5,248) |
Total | $ (5,279) | $ (5,674) |
Investment Securities - Contr_2
Investment Securities - Contractual Maturities of Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Due in one year | $ 21,808 | |
Due after one year through five years | 119,771 | |
Due after five years through ten years | 166,510 | |
Due after ten years | 547,407 | |
Residential mortgage-backed securities | 2,856,322 | |
Amortized Cost | 3,711,818 | $ 3,740,413 |
Fair Value | ||
Due in one year | 21,680 | |
Due after one year through five years | 117,124 | |
Due after five years through ten years | 156,912 | |
Due after ten years | 479,752 | |
Residential mortgage-backed securities | 2,441,934 | |
Total | $ 3,217,402 | $ 3,302,312 |
Investment Securities - Amort_3
Investment Securities - Amortized Cost of Debt Securities Held to Maturity by External Credit Rating (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | $ 3,711,818 | $ 3,740,413 |
U.S. Treasury securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 26,048 | 26,232 |
U.S. government agency securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 305,543 | 305,996 |
Obligations of states and state agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 87,017 | 88,556 |
Municipal bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 313,506 | 316,914 |
Obligations of states and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 400,523 | 405,470 |
Residential mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 2,856,322 | 2,885,303 |
Trust preferred securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 37,066 | 37,062 |
Corporate and other debt securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 86,316 | 80,350 |
AAA/AA/A Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 3,532,999 | 3,567,474 |
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 | 26,048 | 26,232 |
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 | 305,543 | 305,996 |
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 | 65,534 | 66,502 |
AAA/AA/A Rated | Municipal bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 279,552 | 283,441 |
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 | 345,086 | 349,943 |
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 | 2,856,322 | 2,885,303 |
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 | |
AAA/AA/A Rated | Corporate and other debt securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
BBB rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 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 | 5,269 | 5,330 |
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 | 5,269 | 5,330 |
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 | 5,269 | 5,330 |
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 | 167,550 | 161,609 |
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 | 16,214 | 16,724 |
Non-rated | Municipal bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 33,954 | 33,473 |
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 | 50,168 | 50,197 |
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 | 37,066 | 37,062 |
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 | $ 80,316 | $ 74,350 |
Investment Securities - Debt Se
Investment Securities - Debt Securities, Held-to-Maturity, Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 1,205 | $ 1,646 |
Credit for credit losses | (74) | (13) |
Ending balance | $ 1,131 | $ 1,633 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses for Loans - Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 49,922,042 | $ 50,210,295 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 9,104,193 | 9,230,543 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 31,705,464 | 31,970,047 |
Commercial real estate | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 28,148,953 | 28,243,239 |
Commercial real estate | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,556,511 | 3,726,808 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,618,355 | 5,569,010 |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,494,030 | 3,440,695 |
Consumer loans | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 564,083 | 559,152 |
Consumer loans | Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,700,508 | 1,620,389 |
Consumer loans | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,229,439 | $ 1,261,154 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses for Loans - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Feb. 29, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non covered loans net of unearned discount and deferred loan fees | $ 71,800,000 | $ 85,400,000 | ||
Accrued interest | 227,900,000 | 222,200,000 | ||
Transfer of loans to loans held for sale | 34,143,000 | $ 0 | 10,000,000 | |
Proceeds from sale of commercial premium finance lending division | 98,060,000 | 0 | ||
Loans held for investment, current | 145,700,000 | |||
Sales of loans | 0 | $ 0 | ||
Other real estate owned | $ 0 | $ 0 | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Commercial Premium Finance Lending Business | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Proceeds from sale of commercial premium finance lending division | $ 96,800,000 | |||
Disposal group, discontinued operation, assets | 95,500,000 | |||
Sale of loans held for investment, loan amount | 93,600,000 | |||
Disposal group, including discontinued operation, liabilities | $ 2,800,000 | |||
Gain (loss) on disposition of business | $ 3,600,000 | |||
Commercial Real Estate | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, sale | 151,000,000 | |||
Commercial Real Estate | Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, sale | 45,600,000 | |||
Transfer of loans to loans held for sale | 34,100,000 | |||
Residential real estate properties | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other real estate owned | 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 | $ 2,300,000 | $ 1,600,000 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses for Loans - Past Due, Non-Accrual and Current Loans by Loan Portfolio Class (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 49,922,042 | $ 50,210,295 |
Non-Accrual Loans | 287,292 | 291,871 |
Non-Accrual Loans Without Allowance for Loan Losses | 138,443 | 115,126 |
Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 361,680 | 383,497 |
30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 46,844 | 59,214 |
60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 14,189 | 19,267 |
90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 13,355 | 13,145 |
Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 49,560,362 | 49,826,798 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 9,104,193 | 9,230,543 |
Non-Accrual Loans | 102,399 | 99,912 |
Non-Accrual Loans Without Allowance for Loan Losses | 12,502 | 6,594 |
Commercial and industrial | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 117,016 | 119,893 |
Commercial and industrial | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,202 | 9,307 |
Commercial and industrial | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,665 | 5,095 |
Commercial and industrial | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,750 | 5,579 |
Commercial and industrial | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 8,987,177 | 9,110,650 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 31,705,464 | 31,970,047 |
Non-Accrual Loans | 151,894 | 160,590 |
Non-Accrual Loans Without Allowance for Loan Losses | 101,687 | 93,289 |
Commercial real estate | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 165,395 | 168,845 |
Commercial real estate | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,791 | 3,008 |
Commercial real estate | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,720 | 1,257 |
Commercial real estate | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,990 | 3,990 |
Commercial real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 31,540,069 | 31,801,202 |
Commercial real estate | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 28,148,953 | 28,243,239 |
Non-Accrual Loans | 100,052 | 99,739 |
Non-Accrual Loans Without Allowance for Loan Losses | 76,495 | 81,282 |
Commercial real estate | Commercial real estate | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 109,563 | 104,004 |
Commercial real estate | Commercial real estate | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,791 | 3,008 |
Commercial real estate | Commercial real estate | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,720 | 1,257 |
Commercial real estate | Commercial real estate | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | Commercial real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 28,039,390 | 28,139,235 |
Commercial real estate | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,556,511 | 3,726,808 |
Non-Accrual Loans | 51,842 | 60,851 |
Non-Accrual Loans Without Allowance for Loan Losses | 25,192 | 12,007 |
Commercial real estate | Construction | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 55,832 | 64,841 |
Commercial real estate | Construction | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | Construction | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | Construction | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,990 | 3,990 |
Commercial real estate | Construction | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,500,679 | 3,661,967 |
Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,618,355 | 5,569,010 |
Non-Accrual Loans | 28,561 | 26,986 |
Non-Accrual Loans Without Allowance for Loan Losses | 23,338 | 14,654 |
Residential mortgage | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 58,234 | 64,019 |
Residential mortgage | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 20,819 | 26,345 |
Residential mortgage | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,970 | 8,200 |
Residential mortgage | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,884 | 2,488 |
Residential mortgage | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,560,121 | 5,504,991 |
Consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,494,030 | 3,440,695 |
Non-Accrual Loans | 4,438 | 4,383 |
Non-Accrual Loans Without Allowance for Loan Losses | 916 | 589 |
Consumer loans | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 21,035 | 30,740 |
Consumer loans | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 14,032 | 20,554 |
Consumer loans | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,834 | 4,715 |
Consumer loans | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 731 | 1,088 |
Consumer loans | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,472,995 | 3,409,955 |
Consumer loans | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 564,083 | 559,152 |
Non-Accrual Loans | 3,506 | 3,539 |
Non-Accrual Loans Without Allowance for Loan Losses | 327 | 0 |
Consumer loans | Home equity | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,530 | 5,839 |
Consumer loans | Home equity | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,006 | 1,687 |
Consumer loans | Home equity | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 18 | 613 |
Consumer loans | Home equity | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer loans | Home equity | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 559,553 | 553,313 |
Consumer loans | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,700,508 | 1,620,389 |
Non-Accrual Loans | 305 | 212 |
Non-Accrual Loans Without Allowance for Loan Losses | 0 | 0 |
Consumer loans | Automobile | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 10,677 | 14,493 |
Consumer loans | Automobile | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 8,450 | 11,850 |
Consumer loans | Automobile | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,387 | 1,855 |
Consumer loans | Automobile | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 535 | 576 |
Consumer loans | Automobile | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,689,831 | 1,605,896 |
Consumer loans | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,229,439 | 1,261,154 |
Non-Accrual Loans | 627 | 632 |
Non-Accrual Loans Without Allowance for Loan Losses | 589 | 589 |
Consumer loans | Other consumer | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,828 | 10,408 |
Consumer loans | Other consumer | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,576 | 7,017 |
Consumer loans | Other consumer | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 429 | 2,247 |
Consumer loans | Other consumer | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 196 | 512 |
Consumer loans | Other consumer | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 1,223,611 | $ 1,250,746 |
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 | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | $ 49,922,042 | $ 50,210,295 | |
Gross loan charge-offs | |||
Total | 24,900 | $ 32,573 | |
Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 403,888 | 1,579,982 | |
Year two, fiscal year before current fiscal year | 1,348,977 | 1,123,368 | |
Year three, two years before current fiscal year | 987,942 | 784,426 | |
Year four, three years before current fiscal year | 686,420 | 379,097 | |
Year five, four years before current fiscal year | 355,952 | 217,248 | |
More than five years before current fiscal year | 741,468 | 588,062 | |
Revolving Loans Amortized Cost Basis | 4,521,821 | 4,524,198 | |
Revolving Loans Converted to Term Loans | 57,725 | 34,162 | |
Total | 9,104,193 | 9,230,543 | |
Gross loan charge-offs | |||
Total | 14,293 | 26,047 | |
Commercial and industrial | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 402,170 | 1,494,417 | |
Year two, fiscal year before current fiscal year | 1,275,151 | 1,047,513 | |
Year three, two years before current fiscal year | 899,621 | 765,335 | |
Year four, three years before current fiscal year | 666,947 | 377,047 | |
Year five, four years before current fiscal year | 340,653 | 211,504 | |
More than five years before current fiscal year | 660,087 | 523,430 | |
Revolving Loans Amortized Cost Basis | 4,401,704 | 4,382,361 | |
Revolving Loans Converted to Term Loans | 35,540 | 29,798 | |
Total | 8,681,873 | 8,831,405 | |
Commercial and industrial | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 1,718 | 70,807 | |
Year two, fiscal year before current fiscal year | 20,804 | 73,423 | |
Year three, two years before current fiscal year | 85,156 | 15,296 | |
Year four, three years before current fiscal year | 13,735 | 358 | |
Year five, four years before current fiscal year | 355 | 1,870 | |
More than five years before current fiscal year | 20,959 | 915 | |
Revolving Loans Amortized Cost Basis | 71,380 | 99,981 | |
Revolving Loans Converted to Term Loans | 139 | 139 | |
Total | 214,246 | 262,789 | |
Commercial and industrial | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 0 | 3,100 | |
Year two, fiscal year before current fiscal year | 43,944 | 1,837 | |
Year three, two years before current fiscal year | 3,144 | 2,629 | |
Year four, three years before current fiscal year | 4,571 | 1,714 | |
Year five, four years before current fiscal year | 14,966 | 1,221 | |
More than five years before current fiscal year | 7,924 | 5,900 | |
Revolving Loans Amortized Cost Basis | 40,268 | 29,569 | |
Revolving Loans Converted to Term Loans | 22,046 | 4,225 | |
Total | 136,863 | 50,195 | |
Commercial and industrial | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 0 | 11,658 | |
Year two, fiscal year before current fiscal year | 9,078 | 595 | |
Year three, two years before current fiscal year | 21 | 1,166 | |
Year four, three years before current fiscal year | 1,167 | ||
Year four, three years before current fiscal year | (22) | ||
Year five, four years before current fiscal year | 2,653 | ||
Year five, four years before current fiscal year | (22) | ||
More than five years before current fiscal year | 52,498 | 57,817 | |
Revolving Loans Amortized Cost Basis | 8,469 | 12,287 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 71,211 | 86,154 | |
Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 31,705,464 | 31,970,047 | |
Gross loan charge-offs | |||
Total | 8,798 | $ 5,698 | |
Commercial real estate | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 0 | ||
Year two, fiscal year before current fiscal year | 0 | ||
Year three, two years before current fiscal year | 18,181 | ||
Year four, three years before current fiscal year | 0 | ||
Year five, four years before current fiscal year | 10,000 | ||
More than five years before current fiscal year | 11,910 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | 40,091 | ||
Commercial real estate | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 409,561 | 4,272,246 | |
Year two, fiscal year before current fiscal year | 4,155,387 | 6,738,948 | |
Year three, two years before current fiscal year | 6,639,835 | 5,052,212 | |
Year four, three years before current fiscal year | 5,011,154 | 3,022,501 | |
Year five, four years before current fiscal year | 2,957,297 | 2,469,773 | |
More than five years before current fiscal year | 8,055,377 | 5,957,963 | |
Revolving Loans Amortized Cost Basis | 785,570 | 622,497 | |
Revolving Loans Converted to Term Loans | 134,772 | 107,099 | |
Total | 28,148,953 | 28,243,239 | |
Commercial real estate | Commercial real estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 384,214 | 4,088,835 | |
Year two, fiscal year before current fiscal year | 3,928,977 | 6,630,322 | |
Year three, two years before current fiscal year | 6,314,486 | 4,791,190 | |
Year four, three years before current fiscal year | 4,607,445 | 2,789,275 | |
Year five, four years before current fiscal year | 2,674,613 | 2,329,385 | |
More than five years before current fiscal year | 7,345,774 | 5,385,809 | |
Revolving Loans Amortized Cost Basis | 779,366 | 618,056 | |
Revolving Loans Converted to Term Loans | 134,472 | 104,839 | |
Total | 26,169,347 | 26,737,711 | |
Commercial real estate | Commercial real estate | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 6,379 | 125,296 | |
Year two, fiscal year before current fiscal year | 106,984 | 82,917 | |
Year three, two years before current fiscal year | 197,652 | 248,900 | |
Year four, three years before current fiscal year | 231,119 | 184,720 | |
Year five, four years before current fiscal year | 160,474 | 69,949 | |
More than five years before current fiscal year | 362,966 | 358,059 | |
Revolving Loans Amortized Cost Basis | 3,007 | 26 | |
Revolving Loans Converted to Term Loans | 83 | 183 | |
Total | 1,068,664 | 1,070,050 | |
Commercial real estate | Commercial real estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 18,968 | 58,115 | |
Year two, fiscal year before current fiscal year | 119,426 | 25,709 | |
Year three, two years before current fiscal year | 127,697 | 12,122 | |
Year four, three years before current fiscal year | 172,590 | 48,506 | |
Year five, four years before current fiscal year | 122,210 | 70,439 | |
More than five years before current fiscal year | 346,637 | 214,095 | |
Revolving Loans Amortized Cost Basis | 3,197 | 4,415 | |
Revolving Loans Converted to Term Loans | 217 | 2,077 | |
Total | 910,942 | 435,478 | |
Commercial real estate | Construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 137,671 | 760,480 | |
Year two, fiscal year before current fiscal year | 832,805 | 675,097 | |
Year three, two years before current fiscal year | 605,504 | 276,612 | |
Year four, three years before current fiscal year | 212,244 | 10,318 | |
Year five, four years before current fiscal year | 22,723 | 40,584 | |
More than five years before current fiscal year | 68,121 | 61,228 | |
Revolving Loans Amortized Cost Basis | 1,586,612 | 1,762,890 | |
Revolving Loans Converted to Term Loans | 90,831 | 139,599 | |
Total | 3,556,511 | 3,726,808 | |
Commercial real estate | Construction | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 137,671 | 753,759 | |
Year two, fiscal year before current fiscal year | 826,057 | 655,198 | |
Year three, two years before current fiscal year | 587,323 | 267,336 | |
Year four, three years before current fiscal year | 201,115 | 10,318 | |
Year five, four years before current fiscal year | 12,723 | 40,584 | |
More than five years before current fiscal year | 56,211 | 43,560 | |
Revolving Loans Amortized Cost Basis | 1,550,191 | 1,762,890 | |
Revolving Loans Converted to Term Loans | 90,831 | 139,599 | |
Total | 3,462,122 | 3,673,244 | |
Commercial real estate | Construction | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 0 | ||
Year two, fiscal year before current fiscal year | 0 | ||
Year three, two years before current fiscal year | 0 | ||
Year four, three years before current fiscal year | 2,136 | ||
Year five, four years before current fiscal year | 0 | ||
More than five years before current fiscal year | 0 | ||
Revolving Loans Amortized Cost Basis | 36,421 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | 38,557 | ||
Commercial real estate | Construction | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 0 | 6,721 | |
Year two, fiscal year before current fiscal year | 6,748 | 0 | |
Year three, two years before current fiscal year | 0 | 9,276 | |
Year four, three years before current fiscal year | 8,993 | 0 | |
Year five, four years before current fiscal year | 0 | 0 | |
More than five years before current fiscal year | 0 | 17,668 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 15,741 | 33,665 | |
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 | 19,899 | ||
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 | 0 | ||
More than five years before current fiscal year | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | 19,899 | ||
Commercial and Industrial and Commercial Real Estate | |||
Gross loan charge-offs | |||
Year one, gross loan charge-offs | 0 | 307 | |
Year two, gross loan charge-offs | 1,846 | 12,919 | |
Year three, gross loan charge-offs | 2,211 | 28,438 | |
Year four, gross loan charge-offs | 271 | 6,946 | |
Year five, gross loan charge-offs | 704 | 5,031 | |
More than five years gross loan charge-offs | 14,305 | 13,446 | |
Revolving Loans Amortized Cost Basis | 3,600 | 3,729 | |
Revolving Loans Converted to Term Loans | 154 | 145 | |
Total | $ 23,091 | $ 70,961 |
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 | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | $ 49,922,042 | $ 50,210,295 | |
Gross loan charge-offs | |||
Total | 24,900 | $ 32,573 | |
90 Days or More Past Due Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 13,355 | 13,145 | |
Residential mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 91,866 | 467,178 | |
Year two, fiscal year before current fiscal year | 467,697 | 1,305,994 | |
Year three, two years before current fiscal year | 1,320,501 | 1,506,814 | |
Year four, three years before current fiscal year | 1,493,468 | 540,210 | |
Year five, four years before current fiscal year | 528,197 | 439,060 | |
More than five years before current fiscal year | 1,652,313 | 1,250,931 | |
Revolving Loans Amortized Cost Basis | 62,542 | 57,052 | |
Revolving Loans Converted to Term Loans | 1,771 | 1,771 | |
Total | 5,618,355 | 5,569,010 | |
Gross loan charge-offs | |||
Total | 0 | 0 | |
Residential mortgage | 90 Days or More Past Due Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 2,884 | 2,488 | |
Residential mortgage | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 91,866 | 467,178 | |
Year two, fiscal year before current fiscal year | 467,697 | 1,304,026 | |
Year three, two years before current fiscal year | 1,316,817 | 1,505,133 | |
Year four, three years before current fiscal year | 1,491,638 | 538,853 | |
Year five, four years before current fiscal year | 526,843 | 435,669 | |
More than five years before current fiscal year | 1,643,947 | 1,244,986 | |
Revolving Loans Amortized Cost Basis | 62,542 | 57,052 | |
Revolving Loans Converted to Term Loans | 1,771 | 1,771 | |
Total | 5,603,121 | 5,554,668 | |
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 | 1,968 | |
Year three, two years before current fiscal year | 3,684 | 1,681 | |
Year four, three years before current fiscal year | 1,830 | 1,357 | |
Year five, four years before current fiscal year | 1,354 | 3,391 | |
More than five years before current fiscal year | 8,366 | 5,945 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 15,234 | 14,342 | |
Consumer loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 233,508 | 541,513 | |
Year two, fiscal year before current fiscal year | 522,669 | 597,411 | |
Year three, two years before current fiscal year | 555,445 | 374,145 | |
Year four, three years before current fiscal year | 332,201 | 127,568 | |
Year five, four years before current fiscal year | 110,602 | 101,615 | |
More than five years before current fiscal year | 214,275 | 135,506 | |
Revolving Loans Amortized Cost Basis | 1,489,605 | 1,538,050 | |
Revolving Loans Converted to Term Loans | 35,725 | 24,887 | |
Total | 3,494,030 | 3,440,695 | |
Gross loan charge-offs | |||
Total | 1,809 | $ 828 | |
Consumer loans | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 2,872 | 40,599 | |
Year two, fiscal year before current fiscal year | 27,946 | 44,944 | |
Year three, two years before current fiscal year | 43,441 | 14,961 | |
Year four, three years before current fiscal year | 11,220 | 4,096 | |
Year five, four years before current fiscal year | 4,021 | 4,850 | |
More than five years before current fiscal year | 54,408 | 47,406 | |
Revolving Loans Amortized Cost Basis | 412,170 | 396,960 | |
Revolving Loans Converted to Term Loans | 8,005 | 5,336 | |
Total | 564,083 | 559,152 | |
Consumer loans | Automobile | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 225,477 | 468,242 | |
Year two, fiscal year before current fiscal year | 464,233 | 532,012 | |
Year three, two years before current fiscal year | 492,707 | 356,198 | |
Year four, three years before current fiscal year | 318,252 | 121,750 | |
Year five, four years before current fiscal year | 105,305 | 86,384 | |
More than five years before current fiscal year | 94,534 | 34,813 | |
Revolving Loans Amortized Cost Basis | 0 | 20,227 | |
Revolving Loans Converted to Term Loans | 0 | 763 | |
Total | 1,700,508 | 1,620,389 | |
Consumer loans | Other consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 5,159 | 32,672 | |
Year two, fiscal year before current fiscal year | 30,490 | 20,455 | |
Year three, two years before current fiscal year | 19,297 | 2,986 | |
Year four, three years before current fiscal year | 2,729 | 1,722 | |
Year five, four years before current fiscal year | 1,276 | 10,381 | |
More than five years before current fiscal year | 65,333 | 53,287 | |
Revolving Loans Amortized Cost Basis | 1,077,435 | 1,120,863 | |
Revolving Loans Converted to Term Loans | 27,720 | 18,788 | |
Total | 1,229,439 | 1,261,154 | |
Consumer loans | 90 Days or More Past Due Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 731 | 1,088 | |
Consumer loans | 90 Days or More Past Due Loans | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 0 | 0 | |
Consumer loans | 90 Days or More Past Due Loans | Automobile | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 535 | 576 | |
Consumer loans | 90 Days or More Past Due Loans | Other consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 196 | 512 | |
Consumer loans | Performing | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 2,872 | 40,599 | |
Year two, fiscal year before current fiscal year | 27,946 | 44,893 | |
Year three, two years before current fiscal year | 43,390 | 14,948 | |
Year four, three years before current fiscal year | 11,207 | 4,096 | |
Year five, four years before current fiscal year | 4,021 | 4,850 | |
More than five years before current fiscal year | 53,706 | 46,274 | |
Revolving Loans Amortized Cost Basis | 412,170 | 396,960 | |
Revolving Loans Converted to Term Loans | 7,957 | 4,608 | |
Total | 563,269 | 557,228 | |
Consumer loans | Performing | Automobile | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 225,477 | 468,152 | |
Year two, fiscal year before current fiscal year | 464,201 | 531,728 | |
Year three, two years before current fiscal year | 492,460 | 356,144 | |
Year four, three years before current fiscal year | 318,203 | 121,658 | |
Year five, four years before current fiscal year | 105,243 | 86,147 | |
More than five years before current fiscal year | 94,074 | 34,504 | |
Revolving Loans Amortized Cost Basis | 0 | 20,227 | |
Revolving Loans Converted to Term Loans | 763 | ||
Total | 1,699,658 | 1,619,323 | |
Consumer loans | Performing | Other consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 5,159 | 32,662 | |
Year two, fiscal year before current fiscal year | 30,490 | 20,376 | |
Year three, two years before current fiscal year | 19,276 | 2,986 | |
Year four, three years before current fiscal year | 2,729 | 1,722 | |
Year five, four years before current fiscal year | 1,276 | 10,381 | |
More than five years before current fiscal year | 64,706 | 52,659 | |
Revolving Loans Amortized Cost Basis | 1,077,435 | 1,120,863 | |
Revolving Loans Converted to Term Loans | 27,719 | 18,655 | |
Total | 1,228,790 | 1,260,304 | |
Consumer loans | 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 | 51 | |
Year three, two years before current fiscal year | 51 | 13 | |
Year four, three years before current fiscal year | 13 | 0 | |
Year five, four years before current fiscal year | 0 | 0 | |
More than five years before current fiscal year | 702 | 1,132 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term Loans | 48 | 728 | |
Total | 814 | 1,924 | |
Consumer loans | Non-Performing Loans | 90 Days or More Past Due Loans | Automobile | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, current fiscal year | 0 | 90 | |
Year two, fiscal year before current fiscal year | 32 | 284 | |
Year three, two years before current fiscal year | 247 | 54 | |
Year four, three years before current fiscal year | 49 | 92 | |
Year five, four years before current fiscal year | 62 | 237 | |
More than five years before current fiscal year | 460 | 309 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 850 | 1,066 | |
Consumer loans | 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 | 10 | |
Year two, fiscal year before current fiscal year | 0 | 79 | |
Year three, two years before current fiscal year | 21 | 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 | 627 | 628 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term Loans | 1 | 133 | |
Total | 649 | 850 | |
Gross loan charge-offs | |||
Gross loan charge-offs | |||
Year one, gross loan charge-offs | 0 | 296 | |
Year two, gross loan charge-offs | 391 | 903 | |
Year three, gross loan charge-offs | 494 | 357 | |
Year four, gross loan charge-offs | 269 | 232 | |
Year five, gross loan charge-offs | 198 | 752 | |
More than five years gross loan charge-offs | 433 | 1,921 | |
Revolving Loans Amortized Cost Basis | 0 | 31 | |
Revolving Loans Converted to Term Loans | 24 | 0 | |
Total | $ 1,809 | $ 4,492 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses for Loans - Financing Receivable, Modified (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Modified [Line Items] | ||
Total | $ 50,789 | $ 48,405 |
% of Total Loan Class | 0.10% | 0.10% |
Term extension | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 34,424 | $ 47,882 |
Term extension and interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total | 16,365 | 523 |
Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 34,414 | $ 1,804 |
% of Total Loan Class | 0.38% | 0.02% |
Commercial and industrial | Term extension | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 34,271 | $ 1,281 |
Commercial and industrial | Term extension and interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total | 143 | 523 |
Commercial Real Estate | Commercial real estate | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 16,284 | $ 46,328 |
% of Total Loan Class | 0.06% | 0.17% |
Commercial Real Estate | Term extension | Commercial real estate | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 62 | $ 46,328 |
Commercial Real Estate | Term extension and interest rate reduction | Commercial real estate | ||
Financing Receivable, Modified [Line Items] | ||
Total | 16,222 | 0 |
Residential mortgage | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 213 | |
% of Total Loan Class | 0% | |
Residential mortgage | Term extension | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 213 | |
Residential mortgage | Term extension and interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0 | |
Home equity | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 91 | |
% of Total Loan Class | 0.02% | |
Home equity | Term extension | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 91 | |
Home equity | Term extension and interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 0 | |
Consumer loans | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 60 | |
% of Total Loan Class | 0% | |
Consumer loans | Term extension | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 60 | |
Consumer loans | Term extension and interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 0 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses for Loans - Financing Effect of Loan Modification (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commercial and industrial | Term extension | ||
Financing Receivable, Modified [Line Items] | ||
Weighted average term increase from modification | 12 months | |
Commercial and industrial | Term extension and interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Weighted average term increase from modification | 24 months | 12 months |
Residential mortgage | ||
Financing Receivable, Modified [Line Items] | ||
Weighted average term increase from modification | 12 months | |
Home equity | ||
Financing Receivable, Modified [Line Items] | ||
Weighted average term increase from modification | 120 months | |
Consumer loans | ||
Financing Receivable, Modified [Line Items] | ||
Weighted average term increase from modification | 60 months | |
Maximum | Commercial and industrial | Term extension | ||
Financing Receivable, Modified [Line Items] | ||
Weighted average term increase from modification | 12 months | |
Maximum | Commercial and industrial | Term extension and interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Weighted average contractual interest rate | 2.10% | 2.11% |
Maximum | Commercial Real Estate | ||
Financing Receivable, Modified [Line Items] | ||
Weighted average term increase from modification | 36 months | |
Weighted average contractual interest rate | 7% | |
Maximum | Commercial Real Estate | Term Extension 1 | ||
Financing Receivable, Modified [Line Items] | ||
Weighted average term increase from modification | 36 months | |
Maximum | Commercial Real Estate | Term Extension 2 | ||
Financing Receivable, Modified [Line Items] | ||
Weighted average term increase from modification | 18 months | |
Minimum | Commercial and industrial | Term extension | ||
Financing Receivable, Modified [Line Items] | ||
Weighted average term increase from modification | 3 months | |
Minimum | Commercial and industrial | Term extension and interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Weighted average contractual interest rate | 1% | 1% |
Minimum | Commercial Real Estate | ||
Financing Receivable, Modified [Line Items] | ||
Weighted average term increase from modification | 6 months | |
Weighted average contractual interest rate | 8.06% | |
Minimum | Commercial Real Estate | Term Extension 1 | ||
Financing Receivable, Modified [Line Items] | ||
Weighted average term increase from modification | 6 months | |
Minimum | Commercial Real Estate | Term Extension 2 | ||
Financing Receivable, Modified [Line Items] | ||
Weighted average term increase from modification | 12 months |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses for Loans - Past Due, Non-Accrual and Current Loans by Loan Portfolio Class (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | $ 183,570 |
Current Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 170,198 |
30-89 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 6,276 |
90 Days or More Past Due Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 7,096 |
Commercial and industrial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 84,718 |
Commercial and industrial | Current Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 73,859 |
Commercial and industrial | 30-89 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 5,916 |
Commercial and industrial | 90 Days or More Past Due Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 4,943 |
Commercial Real Estate | Commercial real estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 98,370 |
Commercial Real Estate | Current Loans | Commercial real estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 96,217 |
Commercial Real Estate | 30-89 Days Past Due | Commercial real estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 0 |
Commercial Real Estate | 90 Days or More Past Due Loans | Commercial real estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 2,153 |
Residential mortgage | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 360 |
Residential mortgage | Current Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 0 |
Residential mortgage | 30-89 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 360 |
Residential mortgage | 90 Days or More Past Due Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 0 |
Home equity | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 122 |
Home equity | Current Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 122 |
Home equity | 30-89 Days Past Due | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | 0 |
Home equity | 90 Days or More Past Due Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans | $ 0 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses for Loans - Summary of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 49,922,042 | $ 50,210,295 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 9,104,193 | 9,230,543 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 31,705,464 | 31,970,047 |
Commercial real estate | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 28,148,953 | 28,243,239 |
Commercial real estate | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,556,511 | 3,726,808 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,618,355 | 5,569,010 |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,494,030 | 3,440,695 |
Consumer loans | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 564,083 | 559,152 |
Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 262,429 | 264,678 |
Non-accrual loans collateralized | 53,000 | 62,300 |
Collateral Pledged | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 98,069 | 96,827 |
Collateral Pledged | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 139,778 | 145,419 |
Collateral Pledged | Commercial real estate | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 97,627 | 98,785 |
Collateral Pledged | Commercial real estate | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 42,151 | 46,634 |
Collateral Pledged | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 23,666 | 21,843 |
Collateral Pledged | Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 589 | 589 |
Collateral Pledged | Consumer loans | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 327 | $ 0 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses for Loans - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||||
Allowance for loan losses | $ 469,248 | $ 446,080 | $ 436,898 | $ 458,655 |
Allowance for unfunded credit commitments | 18,021 | 19,470 | ||
Total allowance for credit losses for loans | $ 487,269 | $ 465,550 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses for Loans - Summary of Provision for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Receivables [Abstract] | ||
Provision for loan losses | $ 46,723 | $ 9,979 |
Credit for unfunded credit commitments | (1,449) | (529) |
Total provision for credit losses for loans | $ 45,274 | $ 9,450 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses for Loans - Summary of Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Allowance for loan losses: | |||
Beginning balance | $ 446,080 | $ 458,655 | $ 458,655 |
Loans charged-off | (24,900) | (32,573) | |
Charged-off loans recovered | 1,345 | 2,205 | |
Net (charge-offs) recoveries | (23,555) | (30,368) | |
Provision for loan losses | 46,723 | 9,979 | |
Ending balance | 469,248 | 436,898 | 446,080 |
Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses: | |||
Beginning balance | (1,368) | (1,368) | |
Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses: | |||
Beginning balance | 457,287 | 457,287 | |
Commercial and industrial | |||
Allowance for loan losses: | |||
Beginning balance | 133,359 | 139,941 | 139,941 |
Loans charged-off | (14,293) | (26,047) | |
Charged-off loans recovered | 682 | 1,399 | |
Net (charge-offs) recoveries | (13,611) | (24,648) | |
Provision for loan losses | 18,845 | 13,438 | |
Ending balance | 138,593 | 127,992 | 133,359 |
Commercial and industrial | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses: | |||
Beginning balance | (739) | (739) | |
Commercial and industrial | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses: | |||
Beginning balance | 139,202 | 139,202 | |
Commercial Real Estate | |||
Allowance for loan losses: | |||
Beginning balance | 249,598 | 259,408 | 259,408 |
Loans charged-off | (8,798) | (5,698) | |
Charged-off loans recovered | 241 | 24 | |
Net (charge-offs) recoveries | (8,557) | (5,674) | |
Provision for loan losses | 24,806 | (9,813) | |
Ending balance | 265,847 | 243,332 | 249,598 |
Commercial Real Estate | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses: | |||
Beginning balance | (589) | (589) | |
Commercial Real Estate | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses: | |||
Beginning balance | 258,819 | 258,819 | |
Residential Mortgage | |||
Allowance for loan losses: | |||
Beginning balance | 42,957 | 39,020 | 39,020 |
Loans charged-off | 0 | 0 | |
Charged-off loans recovered | 25 | 21 | |
Net (charge-offs) recoveries | 25 | 21 | |
Provision for loan losses | 1,395 | 2,679 | |
Ending balance | 44,377 | 41,708 | 42,957 |
Residential Mortgage | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses: | |||
Beginning balance | (12) | (12) | |
Residential Mortgage | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses: | |||
Beginning balance | 39,008 | 39,008 | |
Consumer loans | |||
Allowance for loan losses: | |||
Beginning balance | 20,166 | 20,286 | 20,286 |
Loans charged-off | (1,809) | (828) | |
Charged-off loans recovered | 397 | 761 | |
Net (charge-offs) recoveries | (1,412) | (67) | |
Provision for loan losses | 1,677 | 3,675 | |
Ending balance | $ 20,431 | 23,866 | 20,166 |
Consumer loans | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses: | |||
Beginning balance | (28) | (28) | |
Consumer loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses: | |||
Beginning balance | $ 20,258 | $ 20,258 |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses for Loans - Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Allowance Measurement Methodology (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for credit losses | $ 66,577 | $ 74,215 | ||
Collectively evaluated for credit losses | 402,671 | 371,865 | ||
Total | 469,248 | 446,080 | $ 436,898 | $ 458,655 |
Individually evaluated for credit losses | 262,429 | 264,678 | ||
Collectively evaluated for credit losses | 49,659,613 | 49,945,617 | ||
Total | 49,922,042 | 50,210,295 | ||
Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for credit losses | 52,002 | 55,993 | ||
Collectively evaluated for credit losses | 86,591 | 77,366 | ||
Total | 138,593 | 133,359 | 127,992 | 139,941 |
Individually evaluated for credit losses | 98,069 | 96,827 | ||
Collectively evaluated for credit losses | 9,006,124 | 9,133,716 | ||
Total | 9,104,193 | 9,230,543 | ||
Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for credit losses | 14,545 | 17,987 | ||
Collectively evaluated for credit losses | 251,302 | 231,611 | ||
Total | 265,847 | 249,598 | 243,332 | 259,408 |
Individually evaluated for credit losses | 139,778 | 145,419 | ||
Collectively evaluated for credit losses | 31,565,686 | 31,824,628 | ||
Total | 31,705,464 | 31,970,047 | ||
Residential Mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for credit losses | 30 | 235 | ||
Collectively evaluated for credit losses | 44,347 | 42,722 | ||
Total | 44,377 | 42,957 | 41,708 | 39,020 |
Individually evaluated for credit losses | 23,666 | 21,843 | ||
Collectively evaluated for credit losses | 5,594,689 | 5,547,167 | ||
Total | 5,618,355 | 5,569,010 | ||
Consumer loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for credit losses | 0 | 0 | ||
Collectively evaluated for credit losses | 20,431 | 20,166 | ||
Total | 20,431 | 20,166 | $ 23,866 | $ 20,286 |
Individually evaluated for credit losses | 916 | 589 | ||
Collectively evaluated for credit losses | 3,493,114 | 3,440,106 | ||
Total | $ 3,494,030 | $ 3,440,695 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill [Line Items] | ||
Goodwill | $ 1,868,936 | $ 1,868,936 |
Consumer Banking | ||
Goodwill [Line Items] | ||
Goodwill | 349,646 | |
Commercial Banking | ||
Goodwill [Line Items] | ||
Goodwill | 1,441,148 | |
Wealth Management | Consumer Banking | ||
Goodwill [Line Items] | ||
Goodwill | $ 78,142 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill impairment | $ 0 | $ 0 |
Net impairment (net recovery) | 0 | 0 |
Amortization of other intangible assets | 9,412,000 | 10,519,000 |
Core Deposits and Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Impairment of core deposits and other intangibles | $ 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 4 months 24 days |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 389,149 | $ 388,599 |
Accumulated Amortization | (237,680) | (228,268) |
Net Intangible Assets | 151,469 | 160,331 |
Loan servicing rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 123,136 | 122,586 |
Accumulated Amortization | (101,830) | (100,636) |
Net Intangible Assets | 21,306 | 21,950 |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 215,620 | 215,620 |
Accumulated Amortization | (119,832) | (113,183) |
Net Intangible Assets | 95,788 | 102,437 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 50,393 | 50,393 |
Accumulated Amortization | (16,018) | (14,449) |
Net Intangible Assets | $ 34,375 | $ 35,944 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Loan Servicing Rights | |
Finite-Lived Intangible Assets [Line Items] | |
2024 | $ 2,066 |
2025 | 2,504 |
2026 | 2,206 |
2027 | 1,928 |
2028 | 1,685 |
Core Deposits | |
Finite-Lived Intangible Assets [Line Items] | |
2024 | 18,248 |
2025 | 21,048 |
2026 | 17,223 |
2027 | 13,544 |
2028 | 10,117 |
Other | |
Finite-Lived Intangible Assets [Line Items] | |
2024 | 4,382 |
2025 | 5,380 |
2026 | 4,805 |
2027 | 4,205 |
2028 | $ 3,633 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financial Services, Banking and Thrift [Abstract] | |||
Time deposits, $250,000 or more | $ 2,100 | $ 2,600 | |
Interest expense on time deposits of $250 thousand or more | $ 29.7 | $ 2.8 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial Services, Banking and Thrift [Abstract] | ||
2024 | $ 9,989,588 | |
2025 | 2,034,132 | |
2026 | 238,754 | |
2027 | 430,363 | |
2028 | 21,039 | |
Thereafter | 29,858 | |
Total time deposits | $ 12,743,734 | $ 13,176,724 |
Borrowed Funds - Short-Term Bor
Borrowed Funds - Short-Term Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Short-Term Debt [Line Items] | ||
Total short-term borrowings | $ 75,224 | $ 917,834 |
Short-term borrowings | ||
Short-Term Debt [Line Items] | ||
FHLB advances | 0 | 850,000 |
Securities sold under agreements to repurchase | 75,224 | 67,834 |
Total short-term borrowings | $ 75,224 | $ 917,834 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Weighted average interest rate for short-term borrowings | 5.62% | |
FHLB advances, callable for early redemption | $ 0 | |
Federal Home Loan Bank Advances | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate for long-term borrowings | 4.10% | 3.75% |
Borrowed Funds - Schedule of Lo
Borrowed Funds - Schedule of Long-Term Borrowings (Details) - Long-term borrowings - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
FHLB advances, net | $ 2,624,962 | $ 1,690,013 |
Subordinated debt, net | 637,379 | 638,362 |
Total long-term borrowings | 3,262,341 | 2,328,375 |
Unamortized prepayment penalties and other purchase accounting adjustments | 158 | 209 |
Deferred issuance costs | $ 4,800 | $ 5,200 |
Borrowed Funds - Schedule of FH
Borrowed Funds - Schedule of FHLB Repayment (Details) - Long-term borrowings $ in Thousands | Mar. 31, 2024 USD ($) |
Debt Instrument [Line Items] | |
2024 | $ 100,000 |
2025 | 273,000 |
2026 | 601,804 |
2027 | 925,000 |
2028 | 475,000 |
Thereafter | 250,000 |
Total long-term FHLB advances | $ 2,624,804 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Apr. 25, 2023 | |
Share-Based Payment Arrangement [Abstract] | |||
Number of shares authorized (in shares) | 14.5 | ||
Number of shares available for grant (in shares) | 9.1 | ||
Stock-based compensation expense | $ 8.1 | $ 8.1 | |
Stock-based compensation amortization expense unrecognized | $ 56.7 | ||
Average remaining vesting period (in years) | 2 years 2 months 12 days |
Stock-Based Compensation - Disc
Stock-Based Compensation - Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Performance-Based Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Average grant date fair value (usd per share) | $ 7.88 | $ 12.80 |
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) | 958 | 723 |
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) | 2,794 | 1,528 |
Average grant date fair value (usd per share) | $ 8.51 | $ 11.91 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) swap | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Derivatives not designated as hedging instruments: | |||
Derivative [Line Items] | |||
Notional amount | $ 17,684,279 | $ 17,878,243 | |
Interest rate swaps | |||
Derivative [Line Items] | |||
Accumulated net after-tax gains related to effective cash flow hedges | 1,900 | 2,100 | |
Interest rate swaps | Interest income | |||
Derivative [Line Items] | |||
Amounts reclassified to income statement | 1,200 | ||
Interest rate swaps | Fair value hedge interest rate swaps | Interest income | |||
Derivative [Line Items] | |||
Fee income related to derivative interest rate swaps executed with commercial loan customers | 4,879 | $ 0 | |
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 | $ 4,500 | $ 9,900 | |
Interest rate swaps | Derivatives not designated as hedging instruments: | |||
Derivative [Line Items] | |||
Number of instruments held | swap | 44 | ||
Notional amount | $ 16,200,678 | $ 16,282,279 | |
Interest rate swaps | Derivatives not designated as hedging instruments: | Fair value hedge interest rate swaps | |||
Derivative [Line Items] | |||
Number of instruments held | swap | 2 | ||
Notional amount | $ 10,400 | ||
Interest rate swaps | Derivatives not designated as hedging instruments: | Risk Participation Agreement | |||
Derivative [Line Items] | |||
Notional amount | $ 605,500 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives designated as hedging instruments: | ||
Derivative [Line Items] | ||
Notional Amount | $ 800,000 | $ 800,000 |
Derivatives designated as hedging instruments: | Other Assets | ||
Derivative [Line Items] | ||
Other Assets | 1,304 | 0 |
Derivatives designated as hedging instruments: | Other Liabilities | ||
Derivative [Line Items] | ||
Other Liabilities | 26,127 | 21,460 |
Derivatives designated as hedging instruments: | Fair value hedge interest rate swaps | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 800,000 | 800,000 |
Derivatives designated as hedging instruments: | Fair value hedge interest rate swaps | Interest rate swaps | Other Assets | ||
Derivative [Line Items] | ||
Other Assets | 1,304 | 0 |
Derivatives designated as hedging instruments: | Fair value hedge interest rate swaps | Interest rate swaps | Other Liabilities | ||
Derivative [Line Items] | ||
Other Liabilities | 26,127 | 21,460 |
Derivatives not designated as hedging instruments: | ||
Derivative [Line Items] | ||
Notional Amount | 17,684,279 | 17,878,243 |
Derivatives not designated as hedging instruments: | Other Assets | ||
Derivative [Line Items] | ||
Other Assets | 520,971 | 466,227 |
Derivatives not designated as hedging instruments: | Other Liabilities | ||
Derivative [Line Items] | ||
Other Liabilities | 520,289 | 466,643 |
Derivatives not designated as hedging instruments: | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 16,200,678 | 16,282,279 |
Derivatives not designated as hedging instruments: | Interest rate swaps | Other Assets | ||
Derivative [Line Items] | ||
Other Assets | 510,689 | 458,129 |
Derivatives not designated as hedging instruments: | Interest rate swaps | Other Liabilities | ||
Derivative [Line Items] | ||
Other Liabilities | 510,423 | 457,885 |
Derivatives not designated as hedging instruments: | Foreign currency derivatives | ||
Derivative [Line Items] | ||
Notional Amount | 1,432,388 | 1,557,167 |
Derivatives not designated as hedging instruments: | Foreign currency derivatives | Other Assets | ||
Derivative [Line Items] | ||
Other Assets | 10,227 | 8,024 |
Derivatives not designated as hedging instruments: | Foreign currency derivatives | Other Liabilities | ||
Derivative [Line Items] | ||
Other Liabilities | 9,721 | 8,286 |
Derivatives not designated as hedging instruments: | Mortgage banking derivatives | ||
Derivative [Line Items] | ||
Notional Amount | 51,213 | 38,797 |
Derivatives not designated as hedging instruments: | Mortgage banking derivatives | Other Assets | ||
Derivative [Line Items] | ||
Other Assets | 55 | 74 |
Derivatives not designated as hedging instruments: | Mortgage banking derivatives | Other Liabilities | ||
Derivative [Line Items] | ||
Other Liabilities | 145 | $ 472 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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 income | $ (435,108) | $ (284,210) |
Amount of gain recognized in other comprehensive income | 0 | 3,898 |
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 income | $ 298 | $ (531) |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items] | ||
Gain (loss) related to hedged loans | $ (3,540) | $ (4,219) |
Fair value hedge interest rate swaps | Interest income | Derivative - interest rate swap: | ||
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items] | ||
Gain (loss) related to derivative interest rate swaps | 4,879 | 0 |
Fair value hedge interest rate swaps | Interest income | Hedged item - loans and subordinated debt: | Derivatives designated as hedging instruments | ||
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items] | ||
Gain (loss) related to hedged loans | (4,924) | 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 | (1,291) | 4,692 |
Fair value hedge interest rate swaps | Interest expense | Hedged item - loans and subordinated debt: | Derivatives designated as hedging instruments | ||
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items] | ||
Gain (loss) related to hedged loans | $ 1,383 | $ (4,772) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Interest Rate Derivatives Designated as Hedges (Details) - Derivative - interest rate swap: - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Deferred issuance costs | $ 1,800 | $ 2,000 |
Fair value hedge interest rate swaps | Derivatives designated as hedging instruments: | ||
Derivative [Line Items] | ||
Net Carrying Amount of the Hedge Asset | 498,953 | 503,877 |
Net Carrying Amount of the Hedge Liability | 275,390 | 276,572 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset Increase (Decrease) | (1,047) | 3,877 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability Increase (Decrease) | $ (22,828) | $ (21,445) |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Non-designated hedge interest rate swaps and credit derivatives | ||
Other non-interest expense | $ (1,055) | $ 208 |
Balance Sheet Offsetting (Detai
Balance Sheet Offsetting (Details) - Interest rate swaps and other contracts - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Offsetting Assets | ||
Gross Amounts Recognized | $ 511,993 | $ 458,129 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 511,993 | 458,129 |
Financial Instruments | 13,043 | 53,780 |
Cash Collateral | (430,600) | (302,180) |
Net Amount | 94,436 | 209,729 |
Offsetting Liabilities | ||
Gross Amounts Recognized | 536,550 | 479,345 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 536,550 | 479,345 |
Financial Instruments | (13,043) | (53,780) |
Cash Collateral | 0 | |
Net Amount | $ 523,507 | $ 425,565 |
Tax Credit Investments - Balanc
Tax Credit Investments - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other Assets | ||
Other Assets: | ||
Affordable housing tax credit investments, net | $ 20,801 | $ 22,158 |
Other tax credit investments, net | 209,136 | 117,659 |
Total tax credit investments, net | 229,937 | 139,817 |
Other Liabilities: | ||
Other Liabilities: | ||
Unfunded affordable housing tax credit commitments | 871 | 1,305 |
Total unfunded tax credit commitments | $ 871 | $ 1,305 |
Tax Credit Investments - Income
Tax Credit Investments - Income Statement Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Components of Income Tax Expense: | ||
Affordable housing tax credits and other tax benefits | $ 1,396 | $ 1,459 |
Other tax credit investment credits and tax benefits | 6,345 | 3,221 |
Total reduction in income tax expense | 7,741 | 4,680 |
Non-Interest Expenses | ||
Amortization of Tax Credit Investments: | ||
Affordable housing tax credit investment losses | 875 | 937 |
Affordable housing tax credit investment impairment losses | 481 | 448 |
Other tax credit investment losses | 600 | 6 |
Other tax credit investment impairment losses | 3,606 | 2,862 |
Total amortization of tax credit investments recorded in non-interest expense | $ 5,562 | $ 4,253 |
Operating Segments - Schedule o
Operating Segments - Schedule of Financial Data for Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Average interest earning assets | $ 56,618,797 | $ 55,362,790 |
Interest income | 828,656 | 720,230 |
Interest expense | 435,108 | 284,210 |
Net interest income | 393,548 | 436,020 |
Provision (credit) for credit losses | 45,200 | 14,437 |
Net interest income after provision for credit losses | 348,348 | 421,583 |
Non-interest income | 61,415 | 54,299 |
Non-interest expense | 280,310 | 272,166 |
Internal transfer expense (income) | 0 | 0 |
Income (loss) before income taxes | $ 129,453 | $ 203,716 |
Return on average interest earning assets (pre-tax) | 0.91% | 1.47% |
Consumer Banking | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Average interest earning assets | $ 9,795,462 | $ 9,476,112 |
Interest income | 113,631 | 95,963 |
Interest expense | 73,173 | 46,476 |
Net interest income | 40,458 | 49,487 |
Provision (credit) for credit losses | 3,072 | 6,444 |
Net interest income after provision for credit losses | 37,386 | 43,043 |
Non-interest income | 26,546 | 17,882 |
Non-interest expense | 18,651 | 19,633 |
Internal transfer expense (income) | 33,111 | 28,968 |
Income (loss) before income taxes | $ 12,170 | $ 12,324 |
Return on average interest earning assets (pre-tax) | 0.50% | 0.52% |
Commercial Banking | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Average interest earning assets | $ 40,451,129 | $ 38,383,259 |
Interest income | 657,922 | 559,263 |
Interest expense | 302,174 | 188,253 |
Net interest income | 355,748 | 371,010 |
Provision (credit) for credit losses | 42,202 | 3,006 |
Net interest income after provision for credit losses | 313,546 | 368,004 |
Non-interest income | 17,994 | 15,747 |
Non-interest expense | 36,288 | 35,723 |
Internal transfer expense (income) | 136,631 | 117,461 |
Income (loss) before income taxes | $ 158,621 | $ 230,567 |
Return on average interest earning assets (pre-tax) | 1.57% | 2.40% |
Treasury and Corporate Other | Treasury and Corporate Other | ||
Segment Reporting Information [Line Items] | ||
Average interest earning assets | $ 6,372,206 | $ 7,503,419 |
Interest income | 57,103 | 65,004 |
Interest expense | 59,761 | 49,481 |
Net interest income | (2,658) | 15,523 |
Provision (credit) for credit losses | (74) | 4,987 |
Net interest income after provision for credit losses | (2,584) | 10,536 |
Non-interest income | 16,875 | 20,670 |
Non-interest expense | 225,371 | 216,810 |
Internal transfer expense (income) | (169,742) | (146,429) |
Income (loss) before income taxes | $ (41,338) | $ (39,175) |
Return on average interest earning assets (pre-tax) | (2.59%) | (2.09%) |
Uncategorized Items - vly-20240
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2022-02 [Member] |