The table below presents information about Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of June 30, 2016 and December 31, 2015.



							Gross Amounts Not Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments			Cash Collateral				Net Amount
	(in thousands)
June 30, 2016
Assets:
Interest rate caps and swaps	$	59,851	$	—	$	59,851	$	(14,991	)	$	—			$	44,860
Liabilities:
Interest rate caps and swaps	$	78,628	$	—	$	78,628	$	(14,991	)	$	(63,637	)		$	—
Repurchase agreements	340,000		—		340,000		—			(340,000		)	*	—
Total	$	418,628	$	—	$	418,628	$	(14,991	)	$	(403,637	)		$	—
December 31, 2015
Assets:
Interest rate caps and swaps	$	33,570	$	—	$	33,570	$	(8,942	)	$	—			$	24,628
Liabilities:
Interest rate caps and swaps	$	50,752	$	—	$	50,752	$	(8,942	)	$	(41,810	)		$	—
Repurchase agreements	475,000		—		475,000		—			(475,000		)	*	—
Total	$	525,752	$	—	$	525,752	$	(8,942	)	$	(516,810	)		$	—



*	Represents fair value of non-cash pledged investment securities.