Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Minimum aggregate lease payments for the remainder of the lease terms are as follows:



			Sublease
Year	Gross Rents		Rents		Net Rents
	(in thousands)
2015	$	24,133	$	2,806	$	21,327
2016	24,676		2,720		21,956
2017	23,946		2,590		21,356
2018	24,022		2,225		21,797
2019	23,479		2,089		21,390
Thereafter	303,764		10,554		293,210
Total lease commitments	$	424,020	$	22,984	$	401,036

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, 2014 and 2013:



	2014		2013
	(in thousands)
Commitments under commercial loans and lines of credit	$	2,290,048	$	1,958,955
Home equity and other revolving lines of credit	749,716		669,447
Outstanding commercial mortgage loan commitments	429,474		382,939
Standby letters of credit	194,562		224,002
Outstanding residential mortgage loan commitments	79,849		43,618
Commitments under unused lines of credit—credit card	54,128		57,017
Commercial letters of credit	5,618		8,016
Commitments to sell loans	27,932		25,796

Consolidated Statements of Financial Condition 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:



	December 31, 2014						December 31, 2013
	Fair Value						Fair Value
	Other Assets		Other Liabilities		Notional Amount		Other Assets		Other Liabilities		Notional Amount
	(in thousands)
Derivatives designated as hedging instruments:
Cash flow hedge interest rate caps and swaps	$	2,229	$	19,302	$	1,007,000	$	9,883	$	10,925	$	1,007,000
Fair value hedge interest rate swaps	6,257		1,482		133,406		99		4,691		184,591
Total derivatives designated as hedging instruments	$	8,486	$	20,784	$	1,140,406	$	9,982	$	15,616	$	1,191,591
Derivatives not designated as hedging instruments:
Interest rate swaps and embedded derivatives	$	12,464	$	12,455	$	378,849	$	4,823	$	4,823	$	259,832
Mortgage banking derivatives	37		91		40,857		317		147		46,784
Total derivatives not designated as hedging instruments	$	12,501	$	12,546	$	419,706	$	5,140	$	4,970	$	306,616

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 were as follows:



	2014			2013			2012
	(in thousands)
Amount of loss reclassified from accumulated other comprehensive loss to interest expense	$	(6,663	)	$	(6,898	)	$	(6,478	)
Amount of (loss) gain recognized in other comprehensive income (loss)	(20,910		)	4,255			(5,774		)

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 were as follows:



	2014			2013			2012
	(in thousands)
Derivative—interest rate swaps:
Interest income	$	(13	)	$	728		$	(57	)
Interest expense	9,380			(3,774		)	(200		)
Hedged item—loans, deposits and long-term borrowings:
Interest income	$	13		$	(728	)	$	57
Interest expense	(9,449		)	3,805			220

Gains (Losses) Related to Derivative Instruments Not Designated as Hedging Instruments

Net gains (losses) included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows:



	2014			2013		2012
	(in thousands)
Non-designated hedge interest rate derivatives
Other non-interest expense	$	(214	)	$	128	$	253