Balance Sheet Offsetting (Tables)

3 Months Ended

Mar. 31, 2020

The table below presents information about Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of March 31, 2020 and December 31, 2019.



							Gross Amounts Not Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments			Cash Collateral				Net Amount
	(in thousands)
March 31, 2020
Assets:
Interest rate swaps	$	436,497	$	—	$	436,497	$	—		$	—			$	436,497
Liabilities:
Interest rate swaps	$	160,394	$	—	$	160,394	$	—		$	(42,831	)		$	117,563
Repurchase agreements	350,000		—		350,000		—			(350,000		)	^*	—
Total	$	510,394	$	—	$	510,394	$	—		$	(392,831	)		$	117,563
December 31, 2019
Assets:
Interest rate swaps	$	158,382	$	—	$	158,382	$	(118	)	$	—			$	158,264
Liabilities:
Interest rate swaps	$	43,733	$	—	$	43,733	$	(118	)	$	(16,881	)		$	26,734
Repurchase agreements	350,000		—		350,000		—			(350,000		)	^*	—
Total	$	393,733	$	—	$	393,733	$	(118	)	$	(366,881	)		$	26,734

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

Offsetting Liabilities



							Gross Amounts Not Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments			Cash Collateral				Net Amount
	(in thousands)
March 31, 2020
Assets:
Interest rate swaps	$	436,497	$	—	$	436,497	$	—		$	—			$	436,497
Liabilities:
Interest rate swaps	$	160,394	$	—	$	160,394	$	—		$	(42,831	)		$	117,563
Repurchase agreements	350,000		—		350,000		—			(350,000		)	^*	—
Total	$	510,394	$	—	$	510,394	$	—		$	(392,831	)		$	117,563
December 31, 2019
Assets:
Interest rate swaps	$	158,382	$	—	$	158,382	$	(118	)	$	—			$	158,264
Liabilities:
Interest rate swaps	$	43,733	$	—	$	43,733	$	(118	)	$	(16,881	)		$	26,734
Repurchase agreements	350,000		—		350,000		—			(350,000		)	^*	—
Total	$	393,733	$	—	$	393,733	$	(118	)	$	(366,881	)		$	26,734

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