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Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2016
Receivables [Abstract]  
Summary of Allowance for Credit Losses
The following table summarizes the allowance for credit losses at December 31, 2016 and 2015:
 
December 31,
 
2016
 
2015
 
(in thousands)
Components of allowance for credit losses:
 
 
 
Allowance for loan losses
$
114,419

 
$
106,178

Allowance for unfunded letters of credit
2,185

 
2,189

Total allowance for credit losses
$
116,604

 
$
108,367
Summary of Provision for Credit Losses
The following table summarizes the provision for credit losses for the years ended December 31, 2016, 2015 and 2014: 
 
2016
 
2015
 
2014
 
(in thousands)
Components of provision for credit losses:
 
 
 
 
 
Provision for loan losses
$
11,873

 
$
7,846

 
$
3,445

Provision for unfunded letters of credit
(4
)
 
255

 
(1,561
)
Total provision for credit losses
$
11,869

 
$
8,101

 
$
1,884
Summary of Activity in Allowance for Loan Losses
The following table details the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2016 and 2015: 
 
Commercial
and Industrial
 
Commercial
Real Estate
 
Residential
Mortgage
 
Consumer
 
Unallocated
 
Total
 
(in thousands)
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
48,767

 
$
48,006

 
$
4,625

 
$
4,780

 
$
—

 
$
106,178

Loans charged-off
(5,990
)
 
(650
)
 
(866
)
 
(3,463
)
 
—

 
(10,969
)
Charged-off loans recovered
2,852

 
2,057

 
774

 
1,654

 
—

 
7,337

Net charge-offs
(3,138
)
 
1,407

 
(92
)
 
(1,809
)
 
—

 
(3,632
)
Provision for loan losses
5,191

 
6,438

 
(831
)
 
1,075

 


 
11,873

Ending balance
$
50,820

 
$
55,851

 
$
3,702

 
$
4,046

 
$
—

 
$
114,419

December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
43,676

 
$
42,840

 
$
5,093

 
$
5,179

 
$
5,565

 
$
102,353

Loans charged-off
(7,928
)
 
(2,790
)
 
(813
)
 
(3,441
)
 
—

 
(14,972
)
Charged-off loans recovered
7,233

 
1,759

 
421

 
1,538

 
—

 
10,951

Net charge-offs
(695
)
 
(1,031
)
 
(392
)
 
(1,903
)
 
—

 
(4,021
)
Provision for loan losses
5,786

 
6,197

 
(76
)
 
1,504

 
(5,565
)
 
7,846

Ending balance
$
48,767

 
$
48,006

 
$
4,625

 
$
4,780

 
$
—

 
$
106,178
Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Impairment Methodology
The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the impairment methodology for the years ended December 31, 2016 and 2015. Loans individually evaluated for impairment represent Valley’s impaired loans. Loans acquired with discounts related to credit quality represent Valley’s PCI loans. 
 
Commercial
and Industrial
 
Commercial
Real Estate
 
Residential
Mortgage
 
Consumer
 
Total
 
(in thousands)
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
5,864

 
$
3,872

 
$
725

 
$
70

 
$
10,531

Collectively evaluated for impairment
44,956

 
51,979

 
2,977

 
3,976

 
103,888

Total
$
50,820

 
$
55,851

 
$
3,702

 
$
4,046

 
$
114,419

Loans:
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
30,640

 
$
62,289

 
$
18,356

 
$
3,534

 
$
114,819

Collectively evaluated for impairment
2,326,378

 
8,276,305

 
2,665,839

 
2,081,260

 
15,349,782

Loans acquired with discounts related to credit quality
281,177

 
1,206,019

 
183,723

 
100,583

 
1,771,502

Total
$
2,638,195

 
$
9,544,613

 
$
2,867,918

 
$
2,185,377

 
$
17,236,103

December 31, 2015
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
3,439

 
$
3,671

 
$
1,377

 
$
295

 
$
8,782

Collectively evaluated for impairment
45,328

 
44,335

 
3,248

 
4,485

 
97,396

Total
$
48,767

 
$
48,006

 
$
4,625

 
$
4,780

 
$
106,178

Loans:
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
25,714

 
$
81,930

 
$
22,612

 
$
2,132

 
$
132,388

Collectively evaluated for impairment
2,130,835

 
6,595,296

 
2,889,467

 
2,054,650

 
13,670,248

Loans acquired with discounts related to credit quality
383,942

 
1,502,357

 
218,462

 
135,710

 
2,240,471

Total
$
2,540,491

 
$
8,179,583

 
$
3,130,541

 
$
2,192,492

 
$
16,043,107