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Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
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: 
 September 30, 2020December 31, 2019
 Fair ValueFair Value
Other AssetsOther LiabilitiesNotional AmountOther AssetsOther LiabilitiesNotional Amount
 (in thousands)
Derivatives designated as hedging instruments:
Cash flow hedge interest rate swaps
$— $4,233 $1,175,000 $— $1,484 $180,000 
Fair value hedge interest rate swaps— 59 7,079 — 229 7,281 
Total derivatives designated as hedging instruments
$— $4,292 $1,182,079 $— $1,713 $187,281 
Derivatives not designated as hedging instruments:
Interest rate swaps and embedded derivatives
$455,404 $182,741 $8,306,557 $158,382 $42,020 $4,113,106 
Mortgage banking derivatives161 3,016 521,418 150 193 142,760 
Total derivatives not designated as hedging instruments
$455,565 $185,757 $8,827,975 $158,532 $42,213 $4,255,866 
(Losses) Gains Related to Interest Rate Derivatives Designated as Hedges of Cash Flows
Gains and (losses) included in the consolidated statements of income and other comprehensive income, on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2020201920202019
 (in thousands)
Amount of loss reclassified from accumulated other comprehensive loss to interest expense$(1,586)$(453)$(1,763)$(1,126)
Amount of gain (loss) recognized in other comprehensive income95 108 3,158 (1,404)
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:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2020201920202019
 (in thousands)
Derivative - interest rate swaps:
Interest income$88 $48 $170 $121 
Hedged item - loans:
Interest income$(88)$(48)$(170)$(121)
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 September 30, 2020 and December 31, 2019.
Line Item in the Statement of Financial Condition in Which the Hedged Item is IncludedCarrying Amount of the Hedged AssetCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset
September 30, 2020December 31, 2019September 30, 2020December 31, 2019
(in thousands)
Loans$7,138 $7,510 $59 $229 
Net Gains (Losses) Related to Derivative Instruments Not Designated as Hedging Instruments
The net losses (gains) included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2020201920202019
 (in thousands)
Non-designated hedge interest rate swaps and credit derivatives
Other non-interest expense$600 $(468)$2,105 $(1,225)