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Balance Sheet Offsetting
 6 Months Ended
Jun. 30, 2020
Offsetting [Abstract]  
Balance Sheet Offsetting Balance Sheet Offsetting
Certain financial instruments, including interest rate swap derivatives and repurchase agreements (accounted for as secured long-term borrowings), may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements or similar agreements. Valley is party to master netting arrangements with its financial institution counterparties; however, Valley does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral, usually in the form of cash or marketable investment securities, is posted by the counterparty with net liability positions in accordance with contract thresholds (i.e., the threshold for posting collateral is reduced to zero, subject to certain minimum transfer amounts). Master repurchase agreements which include “right of set-off” provisions generally have a legally enforceable right to offset recognized amounts. In such cases, the collateral would be used to settle the fair value of the repurchase agreement should Valley be in default.
The table below presents information about Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of June 30, 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)
June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
$
467,606

 
$
—

 
$
467,606

 
$
—

 
$
—

 
$
467,606

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
$
166,866

 
$
—

 
$
166,866

 
$
—

 
$
(166,866
)
 
$
—

Repurchase agreements
350,000

 
—

 
350,000

 
(350,000
)
*
—

 
—

Total
$
516,866

 
$
—

 
$
516,866

 
$
(350,000
)
 
$
(166,866
)
 
$
—

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

 
$
(350,118
)
 
$
(16,881
)
 
$
26,734

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