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Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Summary of Financial Instruments with Off-Balance Sheet Risk
The following table provides a summary of financial instruments with off-balance sheet risk at December 31, 2025 and 2024: 
20252024
 (in thousands)
Commitments under commercial loans and lines of credit$10,740,227 $10,303,607 
Home equity and other revolving lines of credit2,145,350 1,913,626 
Standby letters of credit575,325 524,108 
Outstanding residential mortgage loan commitments143,285 111,696 
Commitments under unused lines of credit - credit card
154,953 146,832 
Commitments to sell loans13,020 28,561 
Commercial letters of credit11,408 26,639 
Total$13,783,568 $13,055,069 
Amounts 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 at December 31, 2025 and 2024: 
 20252024
 Fair ValueFair Value
Other AssetsOther LiabilitiesNotional AmountOther AssetsOther LiabilitiesNotional Amount
 (in thousands)
Derivatives designated as hedging instruments:
Fair value hedge interest rate swaps$1,319 $4,088 $780,322 $2,419 $13,993 $780,322 
Total derivatives designated as hedging instruments$1,319 $4,088 $780,322 $2,419 $13,993 $780,322 
Derivatives not designated as hedging instruments:
Interest rate swaps and other contracts *
$162,191 $161,911 $18,685,777 $423,683 $423,492 $16,209,499 
Foreign currency derivatives19,140 18,031 2,343,733 18,011 16,488 1,688,338 
Mortgage banking derivatives23 78 25,718 150 192 45,752 
Credit default swap— 54 653,459 — 35 1,142,026 
Total derivatives not designated as hedging instruments$181,354 $180,074 $21,708,687 $441,844 $440,207 $19,085,615 
Total derivative financial instruments$182,673 $184,162 $22,489,009 $444,263 $454,200 $19,865,937 
*    Other derivative contracts include risk participation agreements.
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows
Gains (losses) included in the consolidated statements of income and in other comprehensive income (loss), on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows for the years ended December 31, 2025, 2024, and 2023 were as follows: 
202520242023
 (in thousands)
Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest expense$1,136 $1,204 $(891)
Amount of loss recognized in other comprehensive income (loss)— — (1,093)
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Fair Value
Gains (losses) included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value for the years ended December 31, 2025, 2024, and 2023 were as follows:
202520242023
 (in thousands)
Derivative - interest rate swaps:
Interest income$— $3,170 $(3,877)
Interest expense10,569 9,765 8,473 
Hedged items - loans, time deposits and subordinated debt:
Interest income$(482)$(3,396)$3,877 
Interest expense(10,692)(10,005)(8,687)
Interest Rate Derivatives Designated as Hedges The following table presents the hedged items 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 items at December 31, 2025 and 2024:
Line Item in the Statement of Financial Condition in Which the Hedged Item is IncludedNet Carrying Amount of the Hedged Asset/LiabilityCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/Liability
(in thousands)
December 31, 2025
Time deposits$483,348 $3,044 
Long-term borrowings *295,842 (3,790)
December 31, 2024
Time deposits$482,723 $2,419 
Long-term borrowings *284,966 (13,859)
*    Net carrying amount includes unamortized debt issuance costs of $368 thousand and $1.2 million at December 31, 2025 and 2024, respectively.
Net (Gains) Losses Related to Derivative Instruments Not Designated as Hedging Instruments
The net losses included in the consolidated statements of income related to derivative instruments not designated as hedging instruments for the years ended December 31, 2025, 2024 and 2023 were as follows:
202520242023
 (in thousands)
Non-designated hedge interest rate and credit derivatives
Other non-interest expense$(7,214)$(4,796)$(1,590)