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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Change in Projected Benefit Obligation, Change in Fair Value of Plan Assets, and Funded Status of the Plan

The following table sets forth the change in the projected benefit obligation, the change in fair value of plan assets and the funded status and amounts recognized in Valley’s consolidated financial statements for the Pension and OPEB plans at December 31, 2025 and 2024, if applicable:

			Pension												OPEB
			2025						2024						2025						2024
			(in thousands)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year			$	170,523					$	179,918					$	5,153					$	5,451
Interest cost			8,780						8,542						244						245
Actuarial gain (loss)			5,217						(6,017)						685						178
Benefits paid			(13,345)						(11,920)						(1,011)						(721)
Projected benefit obligation at end of year			$	171,175					$	170,523					$	5,071					$	5,153
Change in fair value of plan assets:
Fair value of plan assets at beginning of year			$	351,723					$	302,860					$	—					$	—
Actual return on plan assets			46,816						30,595						—						—
Employer contributions			1,602						30,188						1,011						721
Benefits paid			(13,345)						(11,920)						(1,011)						(721)
Fair value of plan assets at end of year *			$	386,796					$	351,723					$	—					$	—
Funded status of the plan
Assets (liabilities) recognized			$	215,621					$	181,200					$	(5,071)					$	(5,153)
Accumulated benefit obligation			171,175						170,523						5,071						5,153

*    Pension assets include accrued interest receivables of $1.2 million and $986 thousand as of December 31, 2025 and 2024, respectively.

Components of Accumulated Other Comprehensive Loss

Amounts recognized as a component of accumulated other comprehensive loss at end of year that have not been recognized as a component of the net periodic pension expense for Valley’s Pension and OPEB plans are presented in the following table:

			Pension												OPEB
			2025						2024						2025						2024
			(in thousands)
Net actuarial loss (gain)			$	13,519					$	31,227					$	(8)					$	(749)
Prior service cost			145						180						—						—
Deferred tax (benefit) expense			(3,787)						(8,630)						4						206
Total			$	9,877					$	22,777					$	(4)					$	(543)

Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets for Non-Qualified Plans

The non-qualified plans presented within Pension in the tables above had a projected benefit obligation, accumulated benefit obligation, and fair value of plan assets at December 31, 2025 and 2024 as follows:

			2025						2024
			(in thousands)
Projected benefit obligation			$	11,760					$	13,418
Accumulated benefit obligation			11,760						13,418
Fair value of plan assets			—						—

Components of Net Periodic Pension Income for Qualified and Non-Qualified Plans

The net periodic benefit (income) cost for the Pension and OPEB plans were reported within other non-interest expense included the following components for the years ended December 31, 2025, 2024 and 2023:

			Pension																		OPEB
			2025						2024						2023						2025						2024						2023
			(in thousands)
Interest cost			$	8,780					$	8,542					$	8,923					$	244					$	245					$	279
Expected return on plan assets			(24,426)						(22,327)						(22,792)						—						—						—
Amortization of net loss (gain)			535						234						58						(56)						(60)						(54)
Amortization of prior service cost			135						135						135						—						—						—
Net periodic benefit (income) cost			$	(14,976)					$	(13,416)					$	(13,676)					$	188					$	185					$	225

Qualified and Non-Qualified Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)

Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss for the years ended December 31, 2025 and 2024 were as follows:

			Pension												OPEB
			2025						2024						2025						2024
			(in thousands)
Net actuarial (gain) loss			$	(17,173)					$	(14,285)					$	685					$	178
Amortization of prior service cost			(135)						(135)						—						—
Amortization of actuarial (loss) gain			(535)						(234)						56						60
Total recognized in other comprehensive loss			$	(17,843)					$	(14,654)					$	741					$	238
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss (before tax)			$	(32,819)					$	(28,070)					$	929					$	423

Schedule of Expected Future Benefit Payments

The benefit payments, which reflect expected future service, (as appropriate) expected to be paid in future years, are presented in the following table:

Year						Pension						OPEB
						(in thousands)
2026						$	13,482					$	310
2027						13,369						337
2028						13,373						318
2029						13,432						321
2030						13,325						323
Thereafter						64,034						1,620

Assumptions Used to Determine Pension Expense

The weighted average assumptions used to determine net periodic benefit (income) cost for the years ended December 31, 2025, 2024 and 2023 were as follows:

			Pension																		OPEB
			2025						2024						2023						2025						2024						2023
Discount rate - projected benefit obligation			5.57		%				5.00		%				5.31		%				5.17		%				4.96		%				5.29		%
Discount rate - interest cost			5.78		%				4.92		%				5.23		%				5.50		%				4.96		%				5.29		%
Expected long-term return on plan assets			7.25		%				7.25		%				7.50		%				N/A						N/A						N/A
Assumed healthcare cost trend rate *			N/A						N/A						N/A						7.75		%				7.00		%				5.50		%

*The assumed healthcare cost trend rate used to measure the expected cost of benefits covered by the OPEB plans for 2026 is 7.75 percent. The rate to which the healthcare cost trend rate is assumed to decline (ultimate trend rate) along with the year that the ultimate trend rate will be reached is 4.50 percent in 2039.

Fair Value Measurements

The following tables present the weighted-average asset allocations by asset category for the defined benefit pension plans that are measured at fair value by level within the fair value hierarchy at December 31, 2025 and 2024. See Note 2 for further details regarding the fair value hierarchy.

															Fair Value Measurements at Reporting Date Using:
			% of Total Investments						December 31, 2025						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable  Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			($ in thousands)
Assets:
Investments:
Mutual funds			30		%				$	119,638					$	119,638					$	—					$	—
Corporate bonds			26						99,621						—						99,621						—
U.S. Treasury securities			21						79,903						79,903						—						—
Equity securities			19						72,009						72,009						—						—
U.S. government agency securities			2						8,167						—						8,167						—
Cash and money market funds			2						6,300						6,300						—						—
Total investments			100		%				$	385,638					$	277,850					$	107,788					$	—

															Fair Value Measurements at Reporting Date Using:
			% of Total Investments						December 31, 2024						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			($ in thousands)
Assets:
Investments:
Mutual funds			31		%				$	109,951					$	109,951					$	—					$	—
Corporate bonds			21						73,599						—						73,599						—
U.S. Treasury securities			14						50,573						50,573						—						—
Equity securities			17						58,474						58,474						—						—
Commingled funds			12						41,277						—						41,277						—
U.S. government agency securities			3						9,780						—						9,780						—
Cash and money market funds			2						7,083						7,083						—						—
Total investments			100		%				$	350,737					$	226,081					$	124,656					$	—

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

The table below summarizes average grant date fair values of RSUs for the years ended December 31, 2025, 2024, and 2023:

			Restricted Stock Units Average Grant Date Fair Values
			2025						2024						2023
Average grant date fair value per share:
Performance-based RSUs			$	10.91					$	7.88					$	12.80
Time-based RSUs			$	9.88					$	8.46					$	11.25

Changes in RSUs Outstanding

The following table sets forth the changes in RSUs outstanding for the years ended December 31, 2025, 2024 and 2023:

			Restricted Stock Units Outstanding
			2025						2024						2023
Outstanding at beginning of year			6,822,555						5,694,330						5,196,609
Granted			4,135,125						4,573,601						2,944,837
Vested			(2,766,589)						(2,616,787)						(2,110,120)
Forfeited			(444,305)						(828,589)						(336,996)
Outstanding at end of year			7,746,786						6,822,555						5,694,330

Changes in Restricted Stock Awards Outstanding

The following table sets forth the changes in restricted stock awards outstanding for the year ended December 31, 2023. There were no restricted stock awards outstanding during the years ended December 31, 2025 and 2024.

						Restricted Stock Awards Outstanding
						2023
Outstanding at beginning of year						5,245
Vested						(5,245)
Outstanding at end of year						—

Stock Options Activity

The following table summarizes stock option activity as of December 31, 2025, 2024 and 2023 and changes during the years ended on those dates: 

			2025												2024												2023
									Weighted Average Exercise												Weighted Average Exercise												Weighted Average Exercise
Stock options			Shares						Price						Shares						Price						Shares						Price
Outstanding at beginning of year			2,623,120						$	8					2,914,829						$	8					2,927,031						$	8
Exercised			(2,102,481)						8						(259,709)						8						(12,202)						6
Forfeited or expired			—						—						(32,000)						10						—						—
Outstanding at end of year			520,639						8						2,623,120						8						2,914,829						8
Exercisable at year-end			520,639						8						2,623,120						8						2,914,829						8

Stock Options Outstanding and Exercisable

The following table summarizes information about stock options outstanding and exercisable at December 31, 2025:

Options Outstanding and Exercisable
Range of Exercise Prices						Number of Options						Weighted Average Remaining Contractual Life in Years						Weighted Average Exercise Price
$4-6						27,102						0.2						$	6
6-8						75,617						0.7						7
8-10						392,320						1.1						8
10-12						25,600						2.7						10
						520,639						1.1						8

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