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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense

Income tax expense for the years ended December 31, 2025, 2024 and 2023 consisted of the following:

			2025						2024						2023
			(in thousands)
Current expense:
Federal			$	70,830					$	26,308					$	123,569
State			64,161						38,079						65,611
			134,991						64,387						189,180
Deferred expense (benefit):
Federal			7,096						(6,966)						(8,035)
State			3,800						827						(1,324)
			10,896						(6,139)						(9,359)
Total income tax expense			$	145,887					$	58,248					$	179,821

Summary of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to the significant portions of the deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows:

			2025						2024
			(in thousands)
Deferred tax assets:
Allowance for credit losses			$	164,781					$	157,629
Employee benefits			40,597						41,808
Investment securities			23,871						48,652
Net operating loss carryforwards			7,124						9,078
Purchase accounting			40,806						47,932
FDIC special assessment			1,544						10,673
Other			10,556						23,744
Total deferred tax assets			289,279						339,516
Deferred tax liabilities:
Pension plans			62,547						52,783
Depreciation			13,539						12,314
Other investments			27,369						17,088
Core deposit intangibles			15,683						21,287
Other intangibles			5,302						6,493
Goodwill			10,085						9,322
Other			10,734						15,356
Total deferred tax liabilities			145,259						134,643
Valuation allowance			—						1,263
Net deferred tax asset (included in other assets)			$	144,020					$	203,610

Summary of Income Tax Reconciliation

Reconciliation between the reported income tax expense and the amount computed by multiplying consolidated income before taxes by the statutory federal income tax rate of 21 percent for the years ended December 31, 2025, 2024, and 2023 were as follows:

						2025															2024															2023
						Amount						Percent									Amount						Percent									Amount						Percent
						(in thousands)
U.S. federal statutory tax rate						$	156,213					21.0		%							$	92,089					21.0		%							$	142,450					21.0		%
Increase (decrease) due to:
State income tax expense, net of federal tax effect *						53,689						7.2									30,736						7.0									50,787						7.5
Tax credits
New market tax credits						(50,699)						(6.8)									(28,041)						(6.4)									(18,722)						(2.8)
Other tax credits						(5,908)						(0.8)									(4,063)						(0.9)									(4,286)						(0.6)
Nontaxable or non-deductible items
Disallowed FDIC insurance premiums						10,195						1.3									11,071						2.5									7,950						1.2
Other nontaxable or non-deductible						(4,029)						(0.5)									(1,075)						(0.2)									(1,291)						(0.2)
Changes in unrecognized tax benefits						—						—									(46,431)						(10.6)									—						—
Other adjustments
Federal tax refund						(11,417)						(1.5)									—						—									—						—
Other adjustments						(2,157)						(0.3)									3,962						0.9									2,933						0.4
Income tax expense						$	145,887					19.6		%							$	58,248					13.3		%							$	179,821					26.5		%

*State taxes in New York, New York City, and New Jersey made up the majority (greater than 50 percent) of the tax effect in this category.

Summary of Reconciliation of Gross Unrecognized Tax Benefits

A reconciliation of Valley’s gross unrecognized tax benefits for the years ended December 31, 2024 and 2023 is presented in the table below:

			2024						2023
			(in thousands)
Beginning balance			$	30,359					$	30,359
Reductions due to expiration of statute of limitations			(30,359)						—
Ending balance			$	—					$	30,359

Schedule of Cash Flow, Supplemental Disclosures

The following table presents income taxes paid for the years ended December 31, 2025, 2024 and 2023:

			2025						2024						2023
			(in thousands)
Federal taxes paid			$	26,484					$	54,227					$	162,502
State and city taxes paid:
New York			13,054						12,447						25,718
New Jersey			400						7,475						19,006
New York City			8,533						8,407						13,307
Other			4,990						7,145						15,970
Total state and city taxes paid			26,977						35,474						74,001
Total income taxes paid			$	53,461					$	89,701					$	236,503

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