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Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2019
Receivables [Abstract]  
Summary of Allowance for Credit Losses
The following table summarizes the allowance for credit losses at December 31, 2019 and 2018:
 
December 31,
 
2019
 
2018
 
(in thousands)
Components of allowance for credit losses:
 
 
 
Allowance for loan losses
$
161,759

 
$
151,859

Allowance for unfunded letters of credit
2,845

 
4,436

Total allowance for credit losses
$
164,604

 
$
156,295
Summary of Provision for Credit Losses
The following table summarizes the provision for credit losses for the years ended December 31, 2019, 2018 and 2017: 
 
2019
 
2018
 
2017
 
(in thousands)
Components of provision for credit losses:
 
 
 
 
 
Provision for loan losses
$
25,809

 
$
31,661

 
$
8,531

Provision for unfunded letters of credit
(1,591
)
 
840

 
1,411

Total provision for credit losses
$
24,218

 
$
32,501

 
$
9,942
Summary of Activity in Allowance for Loan Losses
The following table details the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2019 and 2018: 
 
Commercial
and Industrial
 
Commercial
Real Estate
 
Residential
Mortgage
 
Consumer
 
Total
 
(in thousands)
December 31, 2019
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
Beginning balance
$
90,956

 
$
49,650

 
$
5,041

 
$
6,212

 
$
151,859

Loans charged-off
(13,260
)
 
(158
)
 
(126
)
 
(8,671
)
 
(22,215
)
Charged-off loans recovered
2,397

 
1,237

 
66

 
2,606

 
6,306

Net (charge-offs) recoveries
(10,863
)
 
1,079

 
(60
)
 
(6,065
)
 
(15,909
)
Provision for loan losses
23,966

 
(5,056
)
 
79

 
6,820

 
25,809

Ending balance
$
104,059

 
$
45,673

 
$
5,060

 
$
6,967

 
$
161,759

December 31, 2018
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
Beginning balance
$
57,232

 
$
54,954

 
$
3,605

 
$
5,065

 
$
120,856

Loans charged-off
(2,515
)
 
(348
)
 
(223
)
 
(4,977
)
 
(8,063
)
Charged-off loans recovered
4,623

 
417

 
272

 
2,093

 
7,405

Net recoveries (charge-offs)
2,108

 
69

 
49

 
(2,884
)
 
(658
)
Provision for loan losses
31,616

 
(5,373
)
 
1,387

 
4,031

 
31,661

Ending balance
$
90,956

 
$
49,650

 
$
5,041

 
$
6,212

 
$
151,859
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 for the years ended December 31, 2019 and 2018. 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)
December 31, 2019
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
36,662

 
$
1,338

 
$
518

 
$
58

 
$
38,576

Collectively evaluated for impairment
67,397

 
44,335

 
4,542

 
6,909

 
123,183

Total
$
104,059

 
$
45,673

 
$
5,060

 
$
6,967

 
$
161,759

Loans:
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
100,860

 
$
51,242

 
$
10,689

 
$
853

 
$
163,644

Collectively evaluated for impairment
4,043,123

 
12,347,368

 
3,786,253

 
2,729,221

 
22,905,965

Loans acquired with discounts related to credit quality
682,014

 
5,245,149

 
580,169

 
122,267

 
6,629,599

Total
$
4,825,997

 
$
17,643,759

 
$
4,377,111

 
$
2,852,341

 
$
29,699,208

December 31, 2018
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
29,684

 
$
2,628

 
$
600

 
$
113

 
$
33,025

Collectively evaluated for impairment
61,272

 
47,022

 
4,441

 
6,099

 
118,834

Total
$
90,956

 
$
49,650

 
$
5,041

 
$
6,212

 
$
151,859

Loans:
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
97,852

 
$
43,598

 
$
13,904

 
$
1,271

 
$
156,625

Collectively evaluated for impairment
3,492,523

 
10,991,059

 
3,669,080

 
2,536,096

 
20,688,758

Loans acquired with discounts related to credit quality
740,657

 
2,860,750

 
428,416

 
160,263

 
4,190,086

Total
$
4,331,032

 
$
13,895,407

 
$
4,111,400

 
$
2,697,630

 
$
25,035,469