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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2016 and December 31, 2015 were as follows: 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
(in thousands)
June 30, 2016
 
 
 
 
 
 
 
U.S. Treasury securities
$
138,904

 
$
13,868

 
$
—

 
$
152,772

U.S. government agency securities
12,076

 
487

 
—

 
12,563

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
193,343

 
13,148

 
—

 
206,491

Municipal bonds
372,166

 
13,268

 
—

 
385,434

Total obligations of states and political subdivisions
565,509

 
26,416

 
—

 
591,925

Residential mortgage-backed securities
957,377

 
14,173

 
(4,408
)
 
967,142

Trust preferred securities
59,795

 
39

 
(13,804
)
 
46,030

Corporate and other debt securities
31,559

 
1,720

 
—

 
33,279

Total investment securities held to maturity
$
1,765,220

 
$
56,703

 
$
(18,212
)
 
$
1,803,711

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 June 30, 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)
June 30, 2016
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities
$
225,255

 
$
(1,340
)
 
$
253,047

 
$
(3,068
)
 
$
478,302

 
$
(4,408
)
Trust preferred securities
—

 
—

 
44,638

 
(13,804
)
 
44,638

 
(13,804
)
Total
$
225,255

 
$
(1,340
)
 
$
297,685

 
$
(16,872
)
 
$
522,940

 
$
(18,212
)
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 June 30, 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.  
 
June 30, 2016
 
Amortized
Cost
 
Fair
Value
 
(in thousands)
Due in one year
$
110,870

 
$
110,881

Due after one year through five years
169,388

 
180,766

Due after five years through ten years
310,727

 
332,730

Due after ten years
216,858

 
212,192

Residential mortgage-backed securities
957,377

 
967,142

Total investment securities held to maturity
$
1,765,220

 
$
1,803,711
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 June 30, 2016 and December 31, 2015 were as follows: 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
(in thousands)
June 30, 2016
 
 
 
 
 
 
 
U.S. Treasury securities
$
51,031

 
$
53

 
$
(49
)
 
$
51,035

U.S. government agency securities
24,913

 
397

 
(20
)
 
25,290

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
43,399

 
873

 
(101
)
 
44,171

Municipal bonds
80,502

 
1,382

 
(309
)
 
81,575

Total obligations of states and political subdivisions
123,901

 
2,255

 
(410
)
 
125,746

Residential mortgage-backed securities
873,480

 
7,300

 
(4,627
)
 
876,153

Trust preferred securities*
10,300

 
—

 
(2,060
)
 
8,240

Corporate and other debt securities
79,501

 
1,453

 
(581
)
 
80,373

Equity securities
20,522

 
605

 
(1,623
)
 
19,504

Total investment securities available for sale
$
1,183,648

 
$
12,063

 
$
(9,370
)
 
$
1,186,341

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 June 30, 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 June 30, 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)
June 30, 2016
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
$
25,036

 
$
(49
)
 
$
—

 
$
—

 
$
25,036

 
$
(49
)
U.S. government agency securities
—

 
—

 
4,336

 
(20
)
 
4,336

 
(20
)
Obligations of states and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and state agencies
3,520

 
(101
)
 
—

 
—

 
3,520

 
(101
)
Municipal bonds
—

 
—

 
11,015

 
(309
)
 
11,015

 
(309
)
Total obligations of states and political subdivisions
3,520

 
(101
)
 
11,015

 
(309
)
 
14,535

 
(410
)
Residential mortgage-backed securities
233,742

 
(1,354
)
 
176,651

 
(3,273
)
 
410,393

 
(4,627
)
Trust preferred securities
—

 
—

 
8,240

 
(2,060
)
 
8,240

 
(2,060
)
Corporate and other debt securities
10,003

 
(12
)
 
24,719

 
(569
)
 
34,722

 
(581
)
Equity securities
—

 
—

 
14,172

 
(1,623
)
 
14,172

 
(1,623
)
Total
$
272,301

 
$
(1,516
)
 
$
239,133

 
$
(7,854
)
 
$
511,434

 
$
(9,370
)
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 June 30, 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.
 
June 30, 2016
 
Amortized
Cost
 
Fair
Value
 
(in thousands)
Due in one year
$
10,750

 
$
10,749

Due after one year through five years
91,209

 
92,467

Due after five years through ten years
123,271

 
124,178

Due after ten years
64,416

 
63,290

Residential mortgage-backed securities
873,480

 
876,153

Equity securities
20,522

 
19,504

Total investment securities available for sale
$
1,183,648

 
$
1,186,341
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 and six months ended June 30, 2016 and 2015: 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
 
(in thousands)
Balance, beginning of period
$
5,348

 
$
6,421

 
$
5,837

 
$
8,947

Accretion of credit loss impairment due to an increase in expected cash flows
—

 
(34
)
 
(489
)
 
(178
)
Sales
—

 
—

 
—

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

 
$
6,387

 
$
5,348

 
$
6,387
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 and six months ended June 30, 2016 and 2015 were as follows: 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
 
(in thousands)
Sales transactions:
 
 
 
 
 
 
 
Gross gains
$
—

 
$
—

 
$
271

 
$
3,274

Gross losses
—

 
—

 
—

 
(947
)
 
—

 
—

 
271

 
2,327

Maturities and other securities transactions:
 
 
 
 
 
 
 
Gross gains
$
—

 
$
40

 
$
—

 
$
129

Gross losses
(3
)
 
(132
)
 
(3
)
 
(132
)
 
(3
)
 
(92
)
 
(3
)
 
(3
)
Total (losses) gains on securities transactions, net
$
(3
)
 
$
(92
)
 
$
268

 
$
2,324