Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

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)
2018	$	26,535	$	2,259	$	24,276
2019	26,043		2,123		23,920
2020	26,150		2,077		24,073
2021	25,413		2,009		23,404
2022	24,559		1,891		22,668
Thereafter	257,986		8,130		249,856
Total lease commitments	$	386,686	$	18,489	$	368,197

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, 2017 and 2016:



	2017		2016
	(in thousands)
Commitments under commercial loans and lines of credit	$	3,401,653	$	3,416,255
Home equity and other revolving lines of credit	1,006,329		904,999
Standby letters of credit	250,536		217,695
Outstanding residential mortgage loan commitments	192,685		108,063
Commitments to sell loans	57,405		147,250
Commitments under unused lines of credit—credit card	54,906		49,715
Commercial letters of credit	2,115		4,960

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, 2017							December 31, 2016
	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	$	650	$	81	*	$	607,000	$	802	$	15,641	$	707,000
Fair value hedge interest rate swaps	—		637			7,775		—		986		7,999
Total derivatives designated as hedging instruments	$	650	$	718		$	614,775	$	802	$	16,627	$	714,999
Derivatives not designated as hedging instruments:
Interest rate swaps, and embedded and credit derivatives	$	25,696	$	23,494	*	$	1,687,005	$	25,285	$	25,284	$	1,075,722
Mortgage banking derivatives	71		118			113,233		2,968		2,166		246,583
Total derivatives not designated as hedging instruments	$	25,767	$	23,612		$	1,800,238	$	28,253	$	27,450	$	1,322,305

* The fair value for the Chicago Mercantile Exchange cleared derivative positions is inclusive of accrued interest payable and the portion of the cash collateral representing the variation margin posted with (or by) the applicable counterparties.

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

Gains (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:



	2017			2016			2015
	(in thousands)
Amount of loss reclassified from accumulated other comprehensive loss to interest expense	$	(8,579	)	$	(13,034	)	$	(7,075	)
Amount of gain (loss) recognized in other comprehensive income	1,005			(4,035		)	(12,360		)

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:



	2017			2016			2015
	(in thousands)
Derivative—interest rate swaps:
Interest income	$	348		$	320		$	176
Interest expense	—			6,670			1,400
Hedged item—loans, deposits and long-term borrowings:
Interest income	$	(348	)	$	(320	)	$	(176	)
Interest expense	—			(6,645		)	(1,473		)

Net (Losses) Gains Related to Derivative Instruments Not Designated as Hedging Instruments

Net (losses) gains included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows:



	2017			2016		2015
	(in thousands)
Non-designated hedge interest rate and credit derivatives
Other non-interest expense	$	(744	)	$	690	$	158