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Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2018
Receivables [Abstract]  
Summary of Allowance for Credit Losses
The following table summarizes the allowance for credit losses at September 30, 2018 and December 31, 2017: 
 
September 30,
2018
 
December 31,
2017
 
(in thousands)
Components of allowance for credit losses:
 
 
 
Allowance for loan losses
$
144,963

 
$
120,856

Allowance for unfunded letters of credit
4,512

 
3,596

Total allowance for credit losses
$
149,475

 
$
124,452
Summary of Provision for Credit Losses
The following table summarizes the provision for credit losses for the periods indicated:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
 
(in thousands)
Components of provision for credit losses:
 
 
 
 
 
 
 
Provision for loan losses
$
6,432

 
$
1,301

 
$
23,726

 
$
7,413

Provision for unfunded letters of credit
120

 
339

 
916

 
329

Total provision for credit losses
$
6,552

 
$
1,640

 
$
24,642

 
$
7,742
Summary of Activity in Allowance for Loan Losses
The following tables detail activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2018 and 2017:
 
Commercial
and Industrial
 
Commercial
Real Estate
 
Residential
Mortgage
 
Consumer
 
Total
 
(in thousands)
Three Months Ended
September 30, 2018
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
Beginning balance
$
74,257

 
$
53,812

 
$
4,624

 
$
6,069

 
$
138,762

Loans charged-off
(833
)
 
—

 
—

 
(1,150
)
 
(1,983
)
Charged-off loans recovered
1,131

 
12

 
9

 
600

 
1,752

Net recoveries (charge-offs)
298

 
12

 
9

 
(550
)
 
(231
)
Provision for loan losses
9,442

 
(3,694
)
 
286

 
398

 
6,432

Ending balance
$
83,997

 
$
50,130

 
$
4,919

 
$
5,917

 
$
144,963

Three Months Ended
September 30, 2017
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
Beginning balance
$
51,617

 
$
55,455

 
$
4,186

 
$
5,188

 
$
116,446

Loans charged-off
(265
)
 
—

 
(129
)
 
(1,335
)
 
(1,729
)
Charged-off loans recovered
2,320

 
42

 
220

 
366

 
2,948

Net recoveries (charge-offs)
2,055

 
42

 
91

 
(969
)
 
1,219

Provision for loan losses
1,017

 
(198
)
 
(385
)
 
867

 
1,301

Ending balance
$
54,689

 
$
55,299

 
$
3,892

 
$
5,086

 
$
118,966


 
Commercial
and Industrial
 
Commercial
Real Estate
 
Residential
Mortgage
 
Consumer
 
Total
 
(in thousands)
Nine Months Ended
September 30, 2018
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
Beginning balance
$
57,232

 
$
54,954

 
$
3,605

 
$
5,065

 
$
120,856

Loans charged-off
(1,606
)
 
(348
)
 
(167
)
 
(3,783
)
 
(5,904
)
Charged-off loans recovered
4,057

 
396

 
269

 
1,563

 
6,285

Net recoveries (charge-offs)
2,451

 
48

 
102

 
(2,220
)
 
381

Provision for loan losses
24,314

 
(4,872
)
 
1,212

 
3,072

 
23,726

Ending balance
$
83,997

 
$
50,130

 
$
4,919

 
$
5,917

 
$
144,963

Nine Months Ended
September 30, 2017
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
Beginning balance
$
50,820

 
$
55,851

 
$
3,702

 
$
4,046

 
$
114,419

Loans charged-off
(4,889
)
 
(553
)
 
(488
)
 
(3,467
)
 
(9,397
)
Charged-off loans recovered
3,480

 
824

 
903

 
1,324

 
6,531

Net (charge-offs) recoveries
(1,409
)
 
271

 
415

 
(2,143
)
 
(2,866
)
Provision for loan losses
5,278

 
(823
)
 
(225
)
 
3,183

 
7,413

Ending balance
$
54,689

 
$
55,299

 
$
3,892

 
$
5,086

 
$
118,966
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 at September 30, 2018 and December 31, 2017. 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)
September 30, 2018
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
27,662

 
$
2,782

 
$
620

 
$
79

 
$
31,143

Collectively evaluated for impairment
56,335

 
47,348

 
4,299

 
5,838

 
113,820

Total
$
83,997

 
$
50,130

 
$
4,919

 
$
5,917

 
$
144,963

Loans:
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
86,613

 
$
51,798

 
$
12,782

 
$
806

 
$
151,999

Collectively evaluated for impairment
3,157,009

 
10,577,813

 
3,319,203

 
2,475,231

 
19,529,256

Loans acquired with discounts related to credit quality
771,658

 
3,037,879

 
450,987

 
169,511

 
4,430,035

Total
$
4,015,280

 
$
13,667,490

 
$
3,782,972

 
$
2,645,548

 
$
24,111,290

December 31, 2017
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
11,044

 
$
2,735

 
$
718

 
$
64

 
$
14,561

Collectively evaluated for impairment
46,188

 
52,219

 
2,887

 
5,001

 
106,295

Total
$
57,232

 
$
54,954

 
$
3,605

 
$
5,065

 
$
120,856

Loans:
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
85,499

 
$
60,851

 
$
14,056

 
$
3,760

 
$
164,166

Collectively evaluated for impairment
2,463,566

 
9,310,964

 
2,703,688

 
2,301,981

 
16,780,199

Loans acquired with discounts related to credit quality
192,360

 
976,067

 
141,291

 
77,497

 
1,387,215

Total
$
2,741,425

 
$
10,347,882

 
$
2,859,035

 
$
2,383,238

 
$
18,331,580