Balance Sheet Offsetting (Tables)

9 Months Ended

Sep. 30, 2020

The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of September 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)
September 30, 2020
Assets:
Interest rate swaps	$	455,404	$	—	$	455,404	$	—		$	—	$	455,404
Liabilities:
Interest rate swaps	$	187,033	$	—	$	187,033	$	—		$	(184,050)	$	2,983
Repurchase agreements	300,000		—		300,000		(300,000)		*	—		—
Total	$	487,033	$	—	$	487,033	$	(300,000)		$	(184,050)	$	2,983
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.

Offsetting Liabilities

The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of September 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)
September 30, 2020
Assets:
Interest rate swaps	$	455,404	$	—	$	455,404	$	—		$	—	$	455,404
Liabilities:
Interest rate swaps	$	187,033	$	—	$	187,033	$	—		$	(184,050)	$	2,983
Repurchase agreements	300,000		—		300,000		(300,000)		*	—		—
Total	$	487,033	$	—	$	487,033	$	(300,000)		$	(184,050)	$	2,983
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.