Balance Sheet Offsetting (Tables)

9 Months Ended

Sep. 30, 2019

Offsetting [Abstract]

Offsetting Assets

The table below presents information about Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of September 30, 2019 and December 31, 2018.

							Gross Amounts Not Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments			Cash Collateral				Net Amount
	(in thousands)
September 30, 2019
Assets:
Interest rate swaps	$	216,340	$	—	$	216,340	$	(14,579	)	$	—			$	201,761
Liabilities:
Interest rate swaps	$	59,411	$	—	$	59,411	$	(14,579	)	$	(23,737	)	(1)	$	21,095
Repurchase agreements	350,000		—		350,000		—			(350,000		)	(2)	—
Total	$	409,411	$	—	$	409,411	$	(14,579	)	$	(373,737	)		$	21,095
December 31, 2018
Assets:
Interest rate swaps and caps	$	48,642	$	—	$	48,642	$	(1,214	)	$	—			$	47,428
Liabilities:
Interest rate swaps and caps	$	22,907	$	—	$	22,907	$	(1,214	)	$	(1,852	)	(1)	$	19,841
Repurchase agreements	150,000		—		150,000		—			(150,000		)	(2)	—
Total	$	172,907	$	—	$	172,907	$	(1,214	)	$	(151,852	)		$	19,841

(1) Represents the amount of collateral posted with derivative counterparties that offsets net liability positions.

(2)

Represents the fair value of non-cash pledged investment securities.

Offsetting Liabilities

The table below presents information about Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of September 30, 2019 and December 31, 2018.

							Gross Amounts Not Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments			Cash Collateral				Net Amount
	(in thousands)
September 30, 2019
Assets:
Interest rate swaps	$	216,340	$	—	$	216,340	$	(14,579	)	$	—			$	201,761
Liabilities:
Interest rate swaps	$	59,411	$	—	$	59,411	$	(14,579	)	$	(23,737	)	(1)	$	21,095
Repurchase agreements	350,000		—		350,000		—			(350,000		)	(2)	—
Total	$	409,411	$	—	$	409,411	$	(14,579	)	$	(373,737	)		$	21,095
December 31, 2018
Assets:
Interest rate swaps and caps	$	48,642	$	—	$	48,642	$	(1,214	)	$	—			$	47,428
Liabilities:
Interest rate swaps and caps	$	22,907	$	—	$	22,907	$	(1,214	)	$	(1,852	)	(1)	$	19,841
Repurchase agreements	150,000		—		150,000		—			(150,000		)	(2)	—
Total	$	172,907	$	—	$	172,907	$	(1,214	)	$	(151,852	)		$	19,841

(1) Represents the amount of collateral posted with derivative counterparties that offsets net liability positions.

(2)

Represents the fair value of non-cash pledged investment securities.