Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Minimum Aggregate Lease Payments

Minimum aggregate lease payments for the remainder of the lease terms are as follows:

			Sublease
Year	Gross Rents		Rents		Net Rents
	(in thousands)
2019	$	29,093	$	2,382	$	26,711
2020	29,379		2,290		27,089
2021	28,925		2,160		26,765
2022	27,562		2,002		25,560
2023	25,064		1,938		23,126
Thereafter	262,200		8,558		253,642
Total lease commitments	$	402,223	$	19,330	$	382,893

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, 2018 and 2017:

	2018		2017
	(in thousands)
Commitments under commercial loans and lines of credit	$	5,164,186	$	3,401,653
Home equity and other revolving lines of credit	1,178,306		1,006,329
Standby letters of credit	316,941		250,536
Outstanding residential mortgage loan commitments	235,310		192,685
Commitments under unused lines of credit—credit card	66,229		54,906
Commitments to sell loans	58,897		57,405
Commercial letters of credit	3,100		2,115

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, 2018						December 31, 2017
	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	$	—	$	27	$	332,000	$	650	$	81	$	607,000
Fair value hedge interest rate swaps	—		347		7,536		—		637		7,775
Total derivatives designated as hedging instruments	$	—	$	374	$	339,536	$	650	$	718	$	614,775
Derivatives not designated as hedging instruments:
Interest rate swaps, and embedded and credit derivatives	$	48,642	$	22,533	$	3,390,578	$	25,696	$	23,494	$	1,687,005
Mortgage banking derivatives	337		774		105,247		71		118		113,233
Total derivatives not designated as hedging instruments	$	48,979	$	23,307	$	3,495,825	$	25,767	$	23,612	$	1,800,238

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:

	2018			2017			2016
	(in thousands)
Amount of loss reclassified from accumulated other comprehensive loss to interest expense	$	(3,493	)	$	(8,579	)	$	(13,034	)
Amount of gain (loss) recognized in other comprehensive income	2,651			1,005			(4,035		)

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:

	2018			2017			2016
	(in thousands)
Derivative—interest rate swaps:
Interest income	$	290		$	348		$	320
Interest expense	—			—			6,670
Hedged item—loans, deposits and long-term borrowings:
Interest income	$	(290	)	$	(348	)	$	(320	)
Interest expense	—			—			(6,645		)

Interest Rate Derivatives Designated as Hedges

The following table presents the hedged items related to interest rate derivatives designated as hedges of fair value and the cumulative basis fair value adjustment included in the net carrying amount of the hedged items at December 31, 2018:

Line Item in the Statement of Financial Position in Which the Hedged Item is Included	Carrying Amount of the Hedged Asset				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset
	2018		2017		2018		2017
	(in thousands)
Loans	$	7,882	$	8,412	$	346	$	637

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:

	2018			2017			2016
	(in thousands)
Non-designated hedge interest rate and credit derivatives
Other non-interest expense	$	(792	)	$	(744	)	$	690