| Cover | 12 Months Ended |
| Dec. 31, 2022 | |
| Document Information [Line Items] | |
| Document Type | DEF 14A |
| Amendment Flag | false |
| Entity Information [Line Items] | |
| Entity Registrant Name | VALLEY NATIONAL BANCORP |
| Entity Central Index Key | 0000714310 |
| Pay vs Performance Disclosure | 12 Months Ended | ||
| Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
| Pay vs Performance Disclosure [Table] | |||
| Pay vs Performance [Table Text Block] | Pay Versus Performance 2022 PAY VERSUS PERFORMANCE TA LE The following table reports the compensation of our CEO and the average compensation of the other named executive officers (“Other NEOs”) as reported in the Summary Compensation Table for the past three fiscal years, as well as their “compensation actually paid” (or “CAP”) as calculated pursuant to recently adopted SEC rules, and certain performance measures required by the rules. Year Summary (1) Compensation (1)(3) Average Summary Non-CEO (2) Average Non-CEO Named (2)(3) Value of Initial Fixed $100 Net Growth in (5) Total Peer Group (4) 2022 $ 6,010,335 $ 4,461,048 $ 2,609,674 $ 2,462,181 $ 112 $ 116 $ 569 17.47 % 2021 $ 5,349,830 $ 7,640,559 $ 1,789,527 $ 2,707,854 $ 131 $ 125 $ 474 16.23 % 2020 $ 4,879,048 $ 3,682,555 $ 1,737,946 $ 1,569,427 $ 90 $ 91 $ 391 13.31 % (1) Reflects compensation for our Chairman and CEO, Ira Robbins, who served as our CEO in 2020, 2021 and 2022. (2) Reflects compensation for our Other NEOs as follows: • 2020: Michael D. Hagedorn, Thomas A. Iadanza, Ronald H. Janis and Robert J. Bardusch • 2021: Michael D. Hagedorn, Thomas A. Iadanza, Ronald H. Janis and Joseph V. Chillura • 2022: Michael D. Hagedorn, Thomas A. Iadanza, Raja Dakkuri and Joseph V. Chillura (3) To calculate CAP, as defined in the applicable SEC rules, the following adjustments were made to Summary Compensation Table total pay for our CEO and Other NEOs: Adjustments CEO Other NEO Average 2022 2021 2020 2022 2021 2020 Summary Compensation Table Total $ 6,010,335 $ 5,349,830 $ 4,879,048 $ 2,609,674 $ 1,789,527 $ 1,737,946 Deduction for amount reported in “Stock Awards” column of the Summary Compensation Table -$ 3,060,578 -$ 2,633,731 -$ 2,285,938 -$ 692,591 -$ 761,890 -$ 789,038 Addition of fair value at fiscal year (FY) end, of equity awards granted during the FY that remained outstanding $ 1,921,547 $ 2,837,919 $ 1,497,358 $ 652,868 $ 944,088 $ 713,297 Addition of change in fair value at FY end versus prior FY end for awards granted in a prior FY that remained outstanding -$ 489,698 $ 1,929,016 -$ 186,348 -$ 118,799 $ 685,641 -$ 72,162 Addition of change in fair value at vesting date versus prior FY end for awards granted in a prior FY that vested during the FY $ 79,441 $ 157,525 -$ 56,413 $ 11,030 $ 50,488 -$ 20,616 Deduction for values reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the Summary Compensation Table $ 0 $ 0 -$ 165,153 $ 0 $ 0 $ 0 Compensation Actually Paid (CAP) $ 4,461,048 $ 7,640,559 $ 3,682,555 $ 2,462,181 $ 2,707,854 $ 1,569,427 Measurement date equity fair values are calculated with assumptions derived on a basis consistent with those used for grant date fair value purposes. Restricted stock units are valued based on the stock price on the relevant measurement date. Performance stock units are adjusted to reflect an accrued payout factor consistent with assumptions used for ASC Topic 718 purposes, and the stock price on the relevant measurement date. Stock options are valued using a Black Scholes model as at the relevant measurement date, using assumptions consistent with those used for the grant date fair value purposes. (4) Peer Group used for total shareholder return (“TSR”) comparisons reflects KBW Regional Bank Index. (5) The Company has identified Growth in Tangible Book Value (“GITBV”) as the company-selected measure for the pay versus performance disclosure. GITBV was chosen from among the following three financial performance measures that we believe are most important in linking CAP for our CEO and our Other NEOs to Company performance during 2022: | ||
| Company Selected Measure Name | Growth in Tangible Book Value | ||
| Named Executive Officers, Footnote [Text Block] | (2) Reflects compensation for our Other NEOs as follows: • 2020: Michael D. Hagedorn, Thomas A. Iadanza, Ronald H. Janis and Robert J. Bardusch • 2021: Michael D. Hagedorn, Thomas A. Iadanza, Ronald H. Janis and Joseph V. Chillura • 2022: Michael D. Hagedorn, Thomas A. Iadanza, Raja Dakkuri and Joseph V. Chillura | ||
| Peer Group Issuers, Footnote [Text Block] | (4) Peer Group used for total shareholder return (“TSR”) comparisons reflects KBW Regional Bank Index. | ||
| PEO Total Compensation Amount | $ 6,010,335 | $ 5,349,830 | $ 4,879,048 |
| PEO Actually Paid Compensation Amount | $ 4,461,048 | 7,640,559 | 3,682,555 |
| Adjustment To PEO Compensation, Footnote [Text Block] | (3) To calculate CAP, as defined in the applicable SEC rules, the following adjustments were made to Summary Compensation Table total pay for our CEO and Other NEOs: Adjustments CEO Other NEO Average 2022 2021 2020 2022 2021 2020 Summary Compensation Table Total $ 6,010,335 $ 5,349,830 $ 4,879,048 $ 2,609,674 $ 1,789,527 $ 1,737,946 Deduction for amount reported in “Stock Awards” column of the Summary Compensation Table -$ 3,060,578 -$ 2,633,731 -$ 2,285,938 -$ 692,591 -$ 761,890 -$ 789,038 Addition of fair value at fiscal year (FY) end, of equity awards granted during the FY that remained outstanding $ 1,921,547 $ 2,837,919 $ 1,497,358 $ 652,868 $ 944,088 $ 713,297 Addition of change in fair value at FY end versus prior FY end for awards granted in a prior FY that remained outstanding -$ 489,698 $ 1,929,016 -$ 186,348 -$ 118,799 $ 685,641 -$ 72,162 Addition of change in fair value at vesting date versus prior FY end for awards granted in a prior FY that vested during the FY $ 79,441 $ 157,525 -$ 56,413 $ 11,030 $ 50,488 -$ 20,616 Deduction for values reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the Summary Compensation Table $ 0 $ 0 -$ 165,153 $ 0 $ 0 $ 0 Compensation Actually Paid (CAP) $ 4,461,048 $ 7,640,559 $ 3,682,555 $ 2,462,181 $ 2,707,854 $ 1,569,427 Measurement date equity fair values are calculated with assumptions derived on a basis consistent with those used for grant date fair value purposes. Restricted stock units are valued based on the stock price on the relevant measurement date. Performance stock units are adjusted to reflect an accrued payout factor consistent with assumptions used for ASC Topic 718 purposes, and the stock price on the relevant measurement date. Stock options are valued using a Black Scholes model as at the relevant measurement date, using assumptions consistent with those used for the grant date fair value purposes. | ||
| Non-PEO NEO Average Total Compensation Amount | $ 2,609,674 | 1,789,527 | 1,737,946 |
| Non-PEO NEO Average Compensation Actually Paid Amount | $ 2,462,181 | 2,707,854 | 1,569,427 |
| Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | (3) To calculate CAP, as defined in the applicable SEC rules, the following adjustments were made to Summary Compensation Table total pay for our CEO and Other NEOs: Adjustments CEO Other NEO Average 2022 2021 2020 2022 2021 2020 Summary Compensation Table Total $ 6,010,335 $ 5,349,830 $ 4,879,048 $ 2,609,674 $ 1,789,527 $ 1,737,946 Deduction for amount reported in “Stock Awards” column of the Summary Compensation Table -$ 3,060,578 -$ 2,633,731 -$ 2,285,938 -$ 692,591 -$ 761,890 -$ 789,038 Addition of fair value at fiscal year (FY) end, of equity awards granted during the FY that remained outstanding $ 1,921,547 $ 2,837,919 $ 1,497,358 $ 652,868 $ 944,088 $ 713,297 Addition of change in fair value at FY end versus prior FY end for awards granted in a prior FY that remained outstanding -$ 489,698 $ 1,929,016 -$ 186,348 -$ 118,799 $ 685,641 -$ 72,162 Addition of change in fair value at vesting date versus prior FY end for awards granted in a prior FY that vested during the FY $ 79,441 $ 157,525 -$ 56,413 $ 11,030 $ 50,488 -$ 20,616 Deduction for values reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the Summary Compensation Table $ 0 $ 0 -$ 165,153 $ 0 $ 0 $ 0 Compensation Actually Paid (CAP) $ 4,461,048 $ 7,640,559 $ 3,682,555 $ 2,462,181 $ 2,707,854 $ 1,569,427 Measurement date equity fair values are calculated with assumptions derived on a basis consistent with those used for grant date fair value purposes. Restricted stock units are valued based on the stock price on the relevant measurement date. Performance stock units are adjusted to reflect an accrued payout factor consistent with assumptions used for ASC Topic 718 purposes, and the stock price on the relevant measurement date. Stock options are valued using a Black Scholes model as at the relevant measurement date, using assumptions consistent with those used for the grant date fair value purposes. | ||
| Compensation Actually Paid vs. Total Shareholder Return [Text Block] | CEO and Average Other NEO CAP vs Company TSR and Peer Group TSR | ||
| Compensation Actually Paid vs. Net Income [Text Block] | CEO and Average Other NEO CAP vs GAAP Net Income | ||
| Compensation Actually Paid vs. Company Selected Measure [Text Block] | CEO and Average Other NEO CAP vs Company Selected Measure | ||
| Total Shareholder Return Vs Peer Group [Text Block] | CEO and Average Other NEO CAP vs Company TSR and Peer Group TSR | ||
| Tabular List [Table Text Block] | Tabular List of Company Financial Performance Measures: • Growth in Tangible Book Value • Core Net Income • Relative TSR | ||
| Total Shareholder Return Amount | $ 112 | 131 | 90 |
| Peer Group Total Shareholder Return Amount | 116 | 125 | 91 |
| Net Income (Loss) | $ 569,000,000 | $ 474,000,000 | $ 391,000,000 |
| Company Selected Measure Amount | 0.1747 | 0.1623 | 0.1331 |
| PEO Name | Ira Robbins | Ira Robbins | Ira Robbins |
| Measure [Axis]: 1 | |||
| Pay vs Performance Disclosure [Table] | |||
| Measure Name | Growth in Tangible Book Value | ||
| Measure [Axis]: 2 | |||
| Pay vs Performance Disclosure [Table] | |||
| Measure Name | Core Net Income | ||
| Measure [Axis]: 3 | |||
| Pay vs Performance Disclosure [Table] | |||
| Measure Name | Relative TSR | ||
| PEO [Member] | Stock Awards [Member] | |||
| Pay vs Performance Disclosure [Table] | |||
| Adjustment to Compensation Amount | $ (3,060,578) | $ (2,633,731) | $ (2,285,938) |
| PEO [Member] | Fair Value at Fiscal Year FY End of Equity Awards Granted During the FY that Remained Outstanding [Member] | |||
| Pay vs Performance Disclosure [Table] | |||
| Adjustment to Compensation Amount | 1,921,547 | 2,837,919 | 1,497,358 |
| PEO [Member] | Change in Fair Value at FY End Versus Prior FY End for Awards Granted in a Prior FY that Remained Outstanding [Member] | |||
| Pay vs Performance Disclosure [Table] | |||
| Adjustment to Compensation Amount | (489,698) | 1,929,016 | (186,348) |
| PEO [Member] | Change in Fair Value at Vesting Date Versus Prior FY End for Awards Granted in a Prior FY that Vested During the FY [Member] | |||
| Pay vs Performance Disclosure [Table] | |||
| Adjustment to Compensation Amount | 79,441 | 157,525 | (56,413) |
| PEO [Member] | Change in Pension Value and Nonqualified Deferred Compensation Earnings [Member] | |||
| Pay vs Performance Disclosure [Table] | |||
| Adjustment to Compensation Amount | 0 | 0 | (165,153) |
| Non-PEO NEO [Member] | Stock Awards [Member] | |||
| Pay vs Performance Disclosure [Table] | |||
| Adjustment to Compensation Amount | (692,591) | (761,890) | (789,038) |
| Non-PEO NEO [Member] | Fair Value at Fiscal Year FY End of Equity Awards Granted During the FY that Remained Outstanding [Member] | |||
| Pay vs Performance Disclosure [Table] | |||
| Adjustment to Compensation Amount | 652,868 | 944,088 | 713,297 |
| Non-PEO NEO [Member] | Change in Fair Value at FY End Versus Prior FY End for Awards Granted in a Prior FY that Remained Outstanding [Member] | |||
| Pay vs Performance Disclosure [Table] | |||
| Adjustment to Compensation Amount | (118,799) | 685,641 | (72,162) |
| Non-PEO NEO [Member] | Change in Fair Value at Vesting Date Versus Prior FY End for Awards Granted in a Prior FY that Vested During the FY [Member] | |||
| Pay vs Performance Disclosure [Table] | |||
| Adjustment to Compensation Amount | 11,030 | 50,488 | (20,616) |
| Non-PEO NEO [Member] | Change in Pension Value and Nonqualified Deferred Compensation Earnings [Member] | |||
| Pay vs Performance Disclosure [Table] | |||
| Adjustment to Compensation Amount | $ 0 | $ 0 | $ 0 |
