Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

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, 2019 and 2018: 

	2019		2018
	(in thousands)
Commitments under commercial loans and lines of credit	$	5,550,967	$	5,164,186
Home equity and other revolving lines of credit	1,379,581		1,178,306
Standby letters of credit	296,036		316,941
Outstanding residential mortgage loan commitments	233,291		235,310
Commitments to sell loans	68,492		58,897
Commitments under unused lines of credit—credit card	44,527		66,229
Commercial letters of credit	2,887		3,100

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, 2019						December 31, 2018
	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	$	—	$	1,484	$	180,000	$	—	$	27	$	332,000
Fair value hedge interest rate swaps	—		229		7,281		—		347		7,536
Total derivatives designated as hedging instruments	$	—	$	1,713	$	187,281	$	—	$	374	$	339,536
Derivatives not designated as hedging instruments:
Interest rate swaps, and embedded and credit derivatives	$	158,382	$	42,020	$	4,113,106	$	48,642	$	22,533	$	3,390,578
Mortgage banking derivatives	150		193		142,760		337		774		105,247
Total derivatives not designated as hedging instruments	$	158,532	$	42,213	$	4,255,866	$	48,979	$	23,307	$	3,495,825

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: 

	2019			2018			2017
	(in thousands)
Amount of loss reclassified from accumulated other comprehensive loss to interest expense	$	(1,808	)	$	(3,493	)	$	(8,579	)
Amount of (loss) gain recognized in other comprehensive income	(1,380		)	2,651			1,005

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: 

	2019			2018			2017
	(in thousands)
Derivative—interest rate swaps:
Interest income	$	133		$	290		$	348
Hedged item—loans, deposits and long-term borrowings:
Interest income	$	(133	)	$	(290	)	$	(348	)

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, 2019 and 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
	2019		2018		2019		2018
	(in thousands)
Loans	$	7,510	$	7,882	$	229	$	346

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

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

	2019		2018		2017
	(in thousands)
Non-designated hedge interest rate and credit derivatives
Other non-interest expense	$	898	$	792	$	744