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Loans and Allowance for Credit Losses for Loans (Tables)
12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Loan Portfolio
The details of the loan portfolio as of December 31, 2025 and 2024 were as follows:
 20252024
 (in thousands)
Loans:
Commercial and industrial$10,961,519 $9,931,400 
Commercial real estate:
Commercial real estate26,772,749 26,530,225 
Construction2,471,233 3,114,733 
Total commercial real estate loans29,243,982 29,644,958 
Residential mortgage5,826,192 5,632,516 
Consumer:
Home equity687,680 604,433 
Automobile2,184,600 1,901,065 
Other consumer1,232,755 1,085,339 
Total consumer loans4,105,035 3,590,837 
Total loans$50,136,728 $48,799,711 
Changes in Amounts of Loans and Advances to Related Parties
The following table summarizes the changes in the total outstanding balances of loans and advances to the related parties during the year ended December 31, 2025:
 2025
 (in thousands)
December 31, 2024$224,694 
New loans and advances11,983 
Repayments(2,523)
Effect of changes in status of related parties *(130,935)
December 31, 2025$103,219 
_________
*Changes in status represent individuals who were either added as related parties or ceased to be related parties during the year.
Past Due, Current, and Non-Accrual Loans Without an Allowance for Credit Losses by Loan Portfolio Class
The following table presents past due, current, and non-accrual loans without an allowance for loan losses by loan portfolio class at December 31, 2025 and 2024:
 Past Due and Non-Accrual Loans  
 30-59 Days
Past Due
Loans
60-89 Days
Past Due
Loans
90 Days or More
Past Due Loans
Non-Accrual
Loans
Total
Past Due
Loans
Current
Loans
Total
Loans
Non-Accrual Loans Without Allowance for Loan Losses
 (in thousands)
December 31, 2025
Commercial and industrial$11,177 $1,274 $— $138,321 $150,772 $10,810,747 $10,961,519 $21,132 
Commercial real estate:
Commercial real estate 72,810 — 212 236,221 309,243 26,463,506 26,772,749 177,372 
Construction— — — 9,140 9,140 2,462,093 2,471,233 — 
Total commercial real estate loans72,810 — 212 245,361 318,383 28,925,599 29,243,982 177,372 
Residential mortgage21,615 10,181 3,300 44,424 79,520 5,746,672 5,826,192 28,320 
Consumer loans:
Home equity1,813 620 — 5,530 7,963 679,717 687,680 2,008 
Automobile10,827 1,328 611 279 13,045 2,171,555 2,184,600 — 
Other consumer1,780 3,321 459 23 5,583 1,227,172 1,232,755 — 
Total consumer loans14,420 5,269 1,070 5,832 26,591 4,078,444 4,105,035 2,008 
Total$120,022 $16,724 $4,582 $433,938 $575,266 $49,561,462 $50,136,728 $228,832 
 Past Due and Non-Accrual Loans  
 30-59 Days
Past Due
Loans
60-89 Days
Past Due
Loans
90 Days or More
Past Due Loans
Non-Accrual
Loans
Total
Past Due
Loans
Current LoansTotal LoansNon-Accrual Loans Without Allowance for Loan Losses
 (in thousands)
December 31, 2024
Commercial and industrial$2,389 $1,007 $1,307 $136,675 $141,378 $9,790,022 $9,931,400 $15,947 
Commercial real estate:
Commercial real estate20,902 24,903 — 157,231 203,036 26,327,189 26,530,225 91,095 
Construction— — — 24,591 24,591 3,090,142 3,114,733 5,002 
Total commercial real estate loans20,902 24,903 — 181,822 227,627 29,417,331 29,644,958 96,097 
Residential mortgage21,295 5,773 3,533 36,786 67,387 5,565,129 5,632,516 23,543 
Consumer loans:
Home equity1,651 181 — 3,961 5,793 598,640 604,433 1,341 
Automobile8,583 1,346 407 230 10,566 1,890,499 1,901,065 — 
Other consumer2,318 2,957 642 24 5,941 1,079,398 1,085,339 — 
Total consumer loans12,552 4,484 1,049 4,215 22,300 3,568,537 3,590,837 1,341 
Total$57,138 $36,167 $5,889 $359,498 $458,692 $48,341,019 $48,799,711 $136,928 
Valley closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of modification efforts. The following table presents the aging analysis of loans that have been modified within the previous 12 months at December 31, 2025 and 2024.
Current30-89 Days Past Due90 Days Or More Past Due Total
(in thousands)
December 31, 2025
Commercial and industrial$63,735 *$— $— $63,735 
Commercial real estate168,230 *— — 168,230 
Residential mortgage1,710 — 133 1,843 
Total$233,675 $— $133 $233,808 
December 31, 2024
Commercial and industrial$110,761 $2,062 $— $112,823 
Commercial real estate275,361 — 46 275,407 
Construction2,505 — — 2,505 
Residential mortgage1,898 184 95 *2,177 
Home equity— 44 — 44 
Total$390,525 $2,290 $141 $392,956 
*    Includes non-accrual loans.
Internal Loan Classification Risk by Loan Portfolio Class by Origination Year and Amortized Cost per Loan Class Based on Payment Activity by Origination Year
The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at December 31, 2025 and 2024, as well as the gross loan charge-offs by year of origination for the years ended December 31, 2025 and 2024:
 Term Loans  
Amortized Cost Basis by Origination Year
December 31, 202520252024202320222021
Prior to 2021
Revolving Loans Amortized Cost BasisRevolving Loans Converted to Term LoansTotal
 (in thousands)
Commercial and industrial
Risk Rating:
Pass$1,501,570 $1,333,581 $676,608 $511,649 $343,565 $500,972 $5,438,418 $8,600 $10,314,963 
Special Mention1,475 13,426 4,767 18,941 10,050 13,064 151,511 6,964 220,198 
Substandard3,071 4,735 26,196 60,885 3,327 78,607 172,627 23,988 373,436 
Doubtful— — 4,717 — — 46,631 1,574 — 52,922 
Total commercial and industrial$1,506,116 $1,351,742 $712,288 $591,475 $356,942 $639,274 $5,764,130 $39,552 $10,961,519 
Commercial real estate
Risk Rating:
Pass$3,179,469 $1,802,585 $2,501,008 $4,926,062 $3,406,631 $7,387,804 $576,394 $20,952 $23,800,905 
Special Mention4,617 90,876 218,532 154,578 112,038 305,609 116,595 30,943 1,033,788 
Substandard— 98,560 175,780 312,117 365,371 818,034 125,261 — 1,895,123 
Doubtful— — 3,060 — 29,133 10,740 — — 42,933 
Total commercial real estate$3,184,086 $1,992,021 $2,898,380 $5,392,757 $3,913,173 $8,522,187 $818,250 $51,895 $26,772,749 
Construction
Risk Rating:
Pass$712,797 $494,598 $215,960 $266,072 $50,397 $50,442 $368,005 $17,474 $2,175,745 
Special Mention4,261 31,142 9,329 2,859 28,205 — 78,494 6,973 161,263 
Substandard— 390 — 39,077 1,638 8,535 51,620 32,965 134,225 
Total construction$717,058 $526,130 $225,289 $308,008 $80,240 $58,977 $498,119 $57,412 $2,471,233 
Gross loan charge-offs$1,979 $7,048 $4,031 $21,122 $15,471 $29,715 $23,458 $15,921 $118,745 
 Term Loans  
Amortized Cost Basis by Origination Year
December 31, 202420242023202220212020
Prior to 2020
Revolving Loans Amortized Cost BasisRevolving Loans Converted to Term LoansTotal
 (in thousands)
Commercial and industrial
Risk Rating:
Pass$1,769,585 $828,087 $703,962 $476,091 $246,992 $392,834 $4,804,095 $6,006 $9,227,652 
Special Mention30,755 3,553 59,434 11,646 270 72,514 147,254 10,762 336,188 
Substandard24,613 13,479 9,415 4,296 2,813 7,382 201,053 39,011 302,062 
Doubtful— 8,911 928 — 52,064 3,591 — 65,498 
Total commercial and industrial$1,824,953 $854,030 $772,815 $492,961 $250,075 $524,794 $5,155,993 $55,779 $9,931,400 
Commercial real estate
Risk Rating:
Pass$2,097,314 $2,941,270 $5,310,807 $3,883,333 $2,302,480 $6,086,608 $597,266 $78,621 $23,297,699 
Special Mention156,394 380,852 289,669 192,614 55,739 327,732 141,164 — 1,544,164 
Substandard84,410 107,944 387,638 288,906 236,927 520,858 11,167 — 1,637,850 
Doubtful— 3,060 — 35,756 9,813 1,883 — — 50,512 
Total commercial real estate$2,338,118 $3,433,126 $5,988,114 $4,400,609 $2,604,959 $6,937,081 $749,597 $78,621 $26,530,225 
Construction
Risk Rating:
Pass$545,597 $680,260 $334,899 $92,765 $17,955 $45,161 $1,224,698 $58,644 $2,999,979 
Special Mention13,278 — 664 5,069 — 2,504 16,691 — 38,206 
Substandard9,835 — 8,950 4,942 — — 43,474 — 67,201 
Doubtful— — 2,074 — 7,273 — — — 9,347 
Total construction$568,710 $680,260 $346,587 $102,776 $25,228 $47,665 $1,284,863 $58,644 $3,114,733 
Gross loan charge-offs$706 $31,809 $7,523 $44,610 $66,632 $49,436 $3,930 $2,148 $206,794 
The following table presents the amortized cost in those loan classes based on payment activity by origination year as of December 31, 2025 and 2024, as well as the gross loan charge-offs by year of origination for the years ended December 31, 2025 and 2024:
 Term Loans  
Amortized Cost Basis by Origination Year
December 31, 202520252024202320222021
Prior to 2021
Revolving Loans Amortized Cost BasisRevolving Loans Converted to Term LoansTotal
 (in thousands)
Residential mortgage
Performing$604,433 $373,656 $384,909 $1,222,224 $1,339,378 $1,792,530 $83,562 $— $5,800,692 
90 days or more past due— 3,829 1,053 1,956 4,435 13,546 — 681 25,500 
Total residential mortgage $604,433 $377,485 $385,962 $1,224,180 $1,343,813 $1,806,076 $83,562 $681 $5,826,192 
Consumer loans
Home equity
Performing$23,659 $18,041 $23,970 $33,368 $9,142 $51,005 $518,208 $7,566 $684,959 
90 days or more past due— 98 498 1,004 — 558 — 563 2,721 
Total home equity23,659 18,139 24,468 34,372 9,142 51,563 518,208 8,129 687,680 
Automobile
Performing$1,036,932 $594,866 $219,316 $209,781 $98,805 $24,078 $— $— $2,183,778 
90 days or more past due170 184 137 85 79 167 — — 822 
Total automobile1,037,102 595,050 219,453 209,866 98,884 24,245 — — 2,184,600 
Other consumer
Performing$5,327 $10,098 $17,242 $12,441 $4,563 $62,516 $1,100,473 $19,962 $1,232,622 
90 days or more past due— — — 17 — 109 133 
Total other consumer5,327 10,098 17,247 12,443 4,563 62,533 1,100,473 20,071 1,232,755 
Total consumer$1,066,088 $623,287 $261,168 $256,681 $112,589 $138,341 $1,618,681 $28,200 $4,105,035 
Gross loan charge-offs$760 $2,181 $1,163 $1,041 $466 $2,727 $— $625 $8,963 
 Term Loans  
Amortized Cost Basis by Origination Year
December 31, 202420242023202220212020
Prior to 2020
Revolving Loans Amortized Cost BasisRevolving Loans Converted to Term LoansTotal
 (in thousands)
Residential mortgage
Performing$428,138 $413,528 $1,282,524 $1,420,835 $494,430 $1,490,512 $75,479 $954 $5,606,400 
90 days or more past due530 771 1,030 1,533 5,286 16,285 — 681 26,116 
Total residential mortgage $428,668 $414,299 $1,283,554 $1,422,368 $499,716 $1,506,797 $75,479 $1,635 $5,632,516 
Consumer loans
Home equity
Performing$22,947 $29,445 $38,774 $10,302 $3,340 $50,613 $438,817 $9,061 $603,299 
90 days or more past due— 48 51 — 855 — 179 1,134 
Total home equity22,947 29,493 38,825 10,303 3,340 51,468 438,817 9,240 604,433 
Automobile
Performing$863,281 $343,203 $363,901 $211,294 $59,288 $59,512 $— $— $1,900,479 
90 days or more past due71 122 140 70 181 — — 586 
Total automobile863,352 343,325 364,041 211,364 59,290 59,693 — — 1,901,065 
Other consumer
Performing$15,164 $25,884 $15,787 $1,588 $337 $53,917 $956,339 $15,917 $1,084,933 
90 days or more past due— 59 61 — — 38 — 248 406 
Total other consumer15,164 25,943 15,848 1,588 337 53,955 956,339 16,165 1,085,339 
Total consumer$901,463 $398,761 $418,714 $223,255 $62,967 $165,116 $1,395,156 $25,405 $3,590,837 
Gross loan charge-offs$1,014 $1,883 $1,511 $1,015 $519 $2,245 $— $131 $8,318 
Pre- and Post-Modification Amortized Cost of Loans by Loan Class Modified as TDRs and Loans Modified as TDRs that Subsequently Defaulted
The following table shows the amortized cost basis of loans to borrowers experiencing financial difficulty at December 31, 2025 and 2024 that were modified during the years ended December 31, 2025 and 2024, disaggregated by class of financing receivable and type of modification.
Interest Rate ReductionTerm ExtensionTerm Extension and Interest Rate ReductionTerm Extension and Principal ForgivenessOther Than Insignificant Payment DelayTotal% of Total Loan Class
($ in thousands)
2025
Commercial and industrial$— $34,553 $10,165 $— $19,017 $63,735 0.58 %
Commercial real estate— 38,337 985 20,388 108,520 168,230 0.63 
Residential mortgage— 1,843 — — — 1,843 0.03 
Total$— $74,733 $11,150 $20,388 $127,537 $233,808 0.47 
2024
Commercial and industrial$825 $111,998 $— $— $— $112,823 1.14 %
Commercial real estate3,223 82,206 16,198 — 173,780 275,407 1.04 
Construction— — — — 2,505 2,505 0.08 
Residential mortgage— 1,041 — — 1,136 2,177 0.04 
Home equity— — — — 44 44 0.01 
Total$4,048 $195,245 $16,198 $— $177,465 $392,956 0.81 
The following table describes the types of modifications made to borrowers experiencing financial difficulty during the years ended December 31, 2025 and 2024:
Weighted Average Interest Rate Reduction Weighted Average Term Extension (in months)Principal Forgiveness (in thousands)Weighted Average Payment Deferral (in months)
2025
Commercial and industrial0.13 %14$— 28
Commercial real estate5.50 1417,500 *3
Residential mortgage— 62— — 
2024
Commercial and industrial3.10 %10$— — 
Commercial real estate0.91 12— 10
Construction— — — 43
Residential mortgage— 145— 7
Home equity— 120— 5
*    Relates to one loan that was partially charged off during the fourth quarter 2024 with the subsequent execution of the corresponding principal forgiveness completed in the first quarter 2025.
The following table provides the amortized cost basis of financing receivables that had a payment default during the years ended December 31, 2025 and 2024 and were modified in the 12 months before default to borrowers experiencing financial difficulty.
Term ExtensionOther than Insignificant Payment Delay
(in thousands)
2025
Residential mortgage$133 $— 
Total$133 $— 
2024
Commercial real estate$46 $— 
Residential mortgage868 95 
Total$914 $95 
Summary of Collateral Dependent Loans
The following table presents collateral dependent loans by class as of December 31, 2025 and 2024:
 20252024
 (in thousands)
Collateral dependent loans:
Commercial and industrial *$159,594 $131,898 
Commercial real estate225,982 156,825 
Construction— 15,841 
Total commercial real estate loans225,982 172,666 
Residential mortgage28,569 23,797 
Home equity2,008 1,341 
Total $416,153 $329,702 
* Includes non-accrual loans collateralized by taxi medallions totaling $47.1 million and $49.5 million at December 31, 2025 and 2024, respectively.
Summary of Allowance for Credit Losses
The following table summarizes the allowance for credit losses for loans at December 31, 2025 and 2024:
20252024
 (in thousands)
Components of allowance for credit losses for loans:
Allowance for loan losses$583,400 $558,850 
Allowance for unfunded credit commitments12,700 14,478 
Total allowance for credit losses for loans$596,100 $573,328 
Summary of Provision for Credit Losses
The following table summarizes the provision for credit losses for loans for the years ended December 31, 2025, 2024 and 2023:
202520242023
 (in thousands)
Components of provision for credit losses for loans:
Provision for loan losses$141,465 $314,380 $50,755 
(Credit) provision for unfunded credit commitments(1,778)(4,992)(5,130)
Total provision for credit losses for loans$139,687 $309,388 $45,625 
Summary of Activity in Allowance for Loan Losses
The following table details the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2025 and 2024:
Commercial
and Industrial
Commercial
Real Estate
Residential
Mortgage
ConsumerTotal
 (in thousands)
December 31, 2025
Allowance for loan losses:
Beginning balance$173,002 $304,148 $58,895 $22,805 $558,850 
Loans charged-off(62,348)(56,397)(72)(8,891)(127,708)
Charged-off loans recovered 5,404 2,387 441 2,561 10,793 
Net (charge-offs) recoveries(56,944)(54,010)369 (6,330)(116,915)
Provision (credit) for loan losses64,807 77,288 (5,735)5,105 141,465 
Ending balance$180,865 $327,426 $53,529 $21,580 $583,400 
December 31, 2024
Allowance for loan losses:
Beginning balance$133,359 $249,598 $42,957 $20,166 $446,080 
Loans charged-off (68,299)(138,495)(29)(8,289)(215,112)
Charged-off loans recovered 6,038 5,130 140 2,194 13,502 
Net (charge-offs) recoveries(62,261)(133,365)111 (6,095)(201,610)
Provision for loan losses101,904 187,915 15,827 8,734 314,380 
Ending balance$173,002 $304,148 $58,895 $22,805 $558,850 
Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Allowance Measurement Methodology
The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology for the years ended December 31, 2025 and 2024.
Commercial
and Industrial
Commercial
Real Estate
Residential
Mortgage
ConsumerTotal
 (in thousands)
December 31, 2025
Allowance for loan losses:
Individually evaluated for credit losses$71,188 $10,777 $22 $— $81,987 
Collectively evaluated for credit losses109,677 316,649 53,507 21,580 501,413 
Total$180,865 $327,426 $53,529 $21,580 $583,400 
Loans:
Individually evaluated for credit losses$159,594 $225,982 $28,569 $2,008 $416,153 
Collectively evaluated for credit losses10,801,925 29,018,000 5,797,623 4,103,027 49,720,575 
Total$10,961,519 $29,243,982 $5,826,192 $4,105,035 $50,136,728 
December 31, 2024
Allowance for loan losses:
Individually evaluated for credit losses$59,603 $16,225 $27 $— $75,855 
Collectively evaluated for credit losses113,399 287,923 58,868 22,805 482,995 
Total$173,002 $304,148 $58,895 $22,805 $558,850 
Loans:
Individually evaluated for credit losses$131,898 $172,666 $23,797 $1,341 $329,702 
Collectively evaluated for credit losses9,799,502 29,472,292 5,608,719 3,589,496 48,470,009 
Total$9,931,400 $29,644,958 $5,632,516 $3,590,837 $48,799,711