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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Securities Held to Maturity
The amortized cost, gross unrealized gains and losses and fair value of securities held to maturity at March 31, 2016 and December 31, 2015 were as follows: 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
(in thousands)
March 31, 2016
 
 
 
 
 
 
 
U.S. Treasury securities
$
138,942

 
$
14,935

 
$
—

 
$
153,877

U.S. government agency securities
12,225

 
513

 
—

 
12,738

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
193,947

 
12,776

 
—

 
206,723

Municipal bonds
322,698

 
13,648

 
—

 
336,346

Total obligations of states and political subdivisions
516,645

 
26,424

 
—

 
543,069

Residential mortgage-backed securities
859,305

 
15,068

 
(3,662
)
 
870,711

Trust preferred securities
59,790

 
48

 
(13,434
)
 
46,404

Corporate and other debt securities
31,559

 
1,866

 
—

 
33,425

Total investment securities held to maturity
$
1,618,466

 
$
58,854

 
$
(17,096
)
 
$
1,660,224

December 31, 2015
 
 
 
 
 
 
 
U.S. Treasury securities
$
138,978

 
$
10,505

 
$
—

 
$
149,483

U.S. government agency securities
12,859

 
271

 
—

 
13,130

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
194,547

 
10,538

 
(10
)
 
205,075

Municipal bonds
310,318

 
11,955

 
(85
)
 
322,188

Total obligations of states and political subdivisions
504,865

 
22,493

 
(95
)
 
527,263

Residential mortgage-backed securities
852,289

 
11,018

 
(8,035
)
 
855,272

Trust preferred securities
59,785

 
36

 
(13,384
)
 
46,437

Corporate and other debt securities
27,609

 
1,894

 
(49
)
 
29,454

Total investment securities held to maturity
$
1,596,385

 
$
46,217

 
$
(21,563
)
 
$
1,621,039
Age of Unrealized Losses and Fair Value of Related Securities Held to Maturity
The age of unrealized losses and fair value of related securities held to maturity at March 31, 2016 and December 31, 2015 were as follows: 
 
Less than
Twelve Months
 
More than
Twelve Months
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
(in thousands)
March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities
$
174,784

 
$
(1,010
)
 
$
218,383

 
$
(2,652
)
 
$
393,167

 
$
(3,662
)
Trust preferred securities
—

 
—

 
45,002

 
(13,434
)
 
45,002

 
(13,434
)
Total
$
174,784

 
$
(1,010
)
 
$
263,385

 
$
(16,086
)
 
$
438,169

 
$
(17,096
)
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and state agencies
$
6,837

 
$
(5
)
 
$
1,965

 
$
(5
)
 
$
8,802

 
$
(10
)
Municipal bonds
8,814

 
(72
)
 
10,198

 
(13
)
 
19,012

 
(85
)
Total obligations of states and political subdivisions
15,651

 
(77
)
 
12,163

 
(18
)
 
27,814

 
(95
)
Residential mortgage-backed securities
244,440

 
(2,916
)
 
162,756

 
(5,119
)
 
407,196

 
(8,035
)
Trust preferred securities
—

 
—

 
45,047

 
(13,384
)
 
45,047

 
(13,384
)
Corporate and other debt securities
2,951

 
(49
)
 
—

 
—

 
2,951

 
(49
)
Total
$
263,042

 
$
(3,042
)
 
$
219,966

 
$
(18,521
)
 
$
483,008

 
$
(21,563
)
Contractual Maturities of Debt Securities Held to Maturity
The contractual maturities of investments in debt securities held to maturity at March 31, 2016 are set forth in the table below. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.  
 
March 31, 2016
 
Amortized
Cost
 
Fair
Value
 
(in thousands)
Due in one year
$
91,330

 
$
91,344

Due after one year through five years
159,946

 
171,623

Due after five years through ten years
302,843

 
325,292

Due after ten years
205,042

 
201,254

Residential mortgage-backed securities
859,305

 
870,711

Total investment securities held to maturity
$
1,618,466

 
$
1,660,224
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Securities Available for Sale
The amortized cost, gross unrealized gains and losses and fair value of securities available for sale at March 31, 2016 and December 31, 2015 were as follows: 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
(in thousands)
March 31, 2016
 
 
 
 
 
 
 
U.S. Treasury securities
$
411,059

 
$
295

 
$
(19
)
 
$
411,335

U.S. government agency securities
26,290

 
645

 
(13
)
 
26,922

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
43,704

 
839

 
(6
)
 
44,537

Municipal bonds
80,610

 
1,389

 
(314
)
 
81,685

Total obligations of states and political subdivisions
124,314

 
2,228

 
(320
)
 
126,222

Residential mortgage-backed securities
778,775

 
7,852

 
(3,979
)
 
782,648

Trust preferred securities*
10,401

 
—

 
(2,142
)
 
8,259

Corporate and other debt securities
77,852

 
1,628

 
(1,272
)
 
78,208

Equity securities
20,522

 
384

 
(2,011
)
 
18,895

Total investment securities available for sale
$
1,449,213

 
$
13,032

 
$
(9,756
)
 
$
1,452,489

December 31, 2015
 
 
 
 
 
 
 
U.S. Treasury securities
$
551,173

 
$
4

 
$
(1,704
)
 
$
549,473

U.S. government agency securities
29,316

 
665

 
(18
)
 
29,963

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
44,285

 
196

 
(67
)
 
44,414

Municipal bonds
80,717

 
209

 
(374
)
 
80,552

Total obligations of states and political subdivisions
125,002

 
405

 
(441
)
 
124,966

Residential mortgage-backed securities
701,764

 
3,348

 
(8,684
)
 
696,428

Trust preferred securities*
10,458

 
—

 
(2,054
)
 
8,404

Corporate and other debt securities
78,202

 
1,239

 
(1,889
)
 
77,552

Equity securities
21,022

 
575

 
(1,522
)
 
20,075

Total investment securities available for sale
$
1,516,937

 
$
6,236

 
$
(16,312
)
 
$
1,506,861

 
*
Includes two pooled trust preferred securities, principally collateralized by securities issued by banks and insurance companies, at March 31, 2016 and December 31, 2015.
Age of Unrealized Losses and Fair Value of Related Securities
The age of unrealized losses and fair value of related securities available for sale at March 31, 2016 and December 31, 2015 were as follows: 
 
Less than
Twelve Months
 
More than
Twelve Months
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(in thousands)
March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
$
360,004

 
$
(19
)
 
$
—

 
$
—

 
$
360,004

 
$
(19
)
U.S. government agency securities
—

 
—

 
4,517

 
(13
)
 
4,517

 
(13
)
Obligations of states and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and state agencies
1,576

 
(6
)
 
—

 
—

 
1,576

 
(6
)
Municipal bonds
—

 
—

 
12,513

 
(314
)
 
12,513

 
(314
)
Total obligations of states and political subdivisions
1,576

 
(6
)
 
12,513

 
(314
)
 
14,089

 
(320
)
Residential mortgage-backed securities
141,851

 
(804
)
 
172,436

 
(3,175
)
 
314,287

 
(3,979
)
Trust preferred securities
—

 
—

 
8,259

 
(2,142
)
 
8,259

 
(2,142
)
Corporate and other debt securities
14,207

 
(319
)
 
31,566

 
(953
)
 
45,773

 
(1,272
)
Equity securities
—

 
—

 
13,784

 
(2,011
)
 
13,784

 
(2,011
)
Total
$
517,638

 
$
(1,148
)
 
$
243,075

 
$
(8,608
)
 
$
760,713

 
$
(9,756
)
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
$
548,538

 
$
(1,704
)
 
$
—

 
$
—

 
$
548,538

 
$
(1,704
)
U.S. government agency securities
3,489

 
(5
)
 
4,736

 
(13
)
 
8,225

 
(18
)
Obligations of states and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and state agencies
24,359

 
(67
)
 
—

 
—

 
24,359

 
(67
)
Municipal bonds
38,207

 
(128
)
 
13,551

 
(246
)
 
51,758

 
(374
)
Total obligations of states and political subdivisions
62,566

 
(195
)
 
13,551

 
(246
)
 
76,117

 
(441
)
Residential mortgage-backed securities
293,615

 
(4,147
)
 
164,010

 
(4,537
)
 
457,625

 
(8,684
)
Trust preferred securities
—

 
—

 
8,404

 
(2,054
)
 
8,404

 
(2,054
)
Corporate and other debt securities
21,203

 
(471
)
 
36,137

 
(1,418
)
 
57,340

 
(1,889
)
Equity securities
—

 
—

 
14,273

 
(1,522
)
 
14,273

 
(1,522
)
Total
$
929,411

 
$
(6,522
)
 
$
241,111

 
$
(9,790
)
 
$
1,170,522

 
$
(16,312
)
Contractual Maturities of Investment Securities Available for Sale
The contractual maturities of investment securities available for sale at March 31, 2016 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.
 
March 31, 2016
 
Amortized
Cost
 
Fair
Value
 
(in thousands)
Due in one year
$
361,613

 
$
361,604

Due after one year through five years
91,097

 
92,129

Due after five years through ten years
118,340

 
119,037

Due after ten years
78,866

 
78,176

Residential mortgage-backed securities
778,775

 
782,648

Equity securities
20,522

 
18,895

Total investment securities available for sale
$
1,449,213

 
$
1,452,489
Changes in Credit Loss Component of Cumulative Other-than-Temporary Impairment Losses on Debt Securities
The following table presents the changes in the credit loss component of cumulative other-than-temporary impairment losses on debt securities classified as either held to maturity or available for sale that Valley has previously recognized in earnings, for which a portion of the impairment loss (non-credit factors) was recognized in other comprehensive income for the three months ended March 31, 2016 and 2015: 
 
Three Months Ended
March 31,
 
2016
 
2015
 
(in thousands)
Balance, beginning of period
$
5,837

 
$
8,947

Accretion of credit loss impairment due to an increase in expected cash flows
(489
)
 
(144
)
Sales
—

 
(2,382
)
Balance, end of period
$
5,348

 
$
6,421
Realized Gains and Losses on Sales of Investment Securities
Gross gains (losses) realized on sales, maturities and other securities transactions related to investment securities included in earnings for the three months ended March 31, 2016 and 2015 were as follows: 
 
Three Months Ended
March 31,
 
2016
 
2015
 
(in thousands)
Sales transactions:
 
 
 
Gross gains
$
271

 
$
3,274

Gross losses
—

 
(947
)
 
$
271

 
$
2,327

Maturities and other securities transactions:
 
 
 
Gross gains
$
—

 
$
89

Total gains on securities transactions, net
$
271

 
$
2,416