Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

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)
2017	$	27,256	$	2,888	$	24,368
2018	26,863		2,260		24,603
2019	26,361		2,125		24,236
2020	26,458		2,059		24,399
2021	25,754		1,972		23,782
Thereafter	281,310		9,631		271,679
Total lease commitments	$	414,002	$	20,935	$	393,067

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, 2016 and 2015:



	2016		2015
	(in thousands)
Commitments under commercial loans and lines of credit	$	2,855,326	$	2,554,146
Home equity and other revolving lines of credit	904,999		822,506
Outstanding commercial mortgage loan commitments	560,929		724,236
Standby letters of credit	217,695		198,253
Commitments to sell loans	147,250		41,860
Outstanding residential mortgage loan commitments	108,063		54,293
Commitments under unused lines of credit—credit card	49,715		50,532
Commercial letters of credit	4,960		4,249

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, 2016						December 31, 2015
	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	$	802	$	15,641	$	707,000	$	1,284	$	24,823	$	907,000
Fair value hedge interest rate swaps	—		986		7,999		7,658		1,306		133,209
Total derivatives designated as hedging instruments	$	802	$	16,627	$	714,999	$	8,942	$	26,129	$	1,040,209
Derivatives not designated as hedging instruments:
Interest rate swaps and embedded derivatives	$	25,285	$	25,284	$	1,075,722	$	24,628	$	24,623	$	654,134
Mortgage banking derivatives	2,968		2,166		246,583		204		92		73,438
Total derivatives not designated as hedging instruments	$	28,253	$	27,450	$	1,322,305	$	24,832	$	24,715	$	727,572

Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows

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:



	2016			2015			2014
	(in thousands)
Amount of loss reclassified from accumulated other comprehensive loss to interest expense	$	(13,034	)	$	(7,075	)	$	(6,663	)
Amount of loss recognized in other comprehensive income	(4,035		)	(12,360		)	(20,910		)

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:



	2016			2015			2014
	(in thousands)
Derivative—interest rate swaps:
Interest income	$	320		$	176		$	(13	)
Interest expense	6,670			1,400			9,380
Hedged item—loans, deposits and long-term borrowings:
Interest income	$	(320	)	$	(176	)	$	13
Interest expense	(6,645		)	(1,473		)	(9,449		)

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:



	2016		2015		2014
	(in thousands)
Non-designated hedge interest rate derivatives
Other non-interest expense	$	690	$	158	$	(214	)