Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2021

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: 

	March 31, 2021						December 31, 2020
	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 swaps	$	—	$	88	$	1,100,000	$	—	$	179	$	1,100,000
Total derivatives designated as hedging instruments	$	—	$	88	$	1,100,000	$	—	$	179	$	1,100,000
Derivatives not designated as hedging instruments:
Interest rate swaps and other derivatives *	$	153,859	$	17,956	$	9,375,183	$	387,008	$	154,025	$	8,889,557
Mortgage banking derivatives	1,774		4,459		446,943		444		2,077		321,486
Total derivatives not designated as hedging instruments	$	155,633	$	22,415	$	9,822,126	$	387,452	$	156,102	$	9,211,043

*    Other derivatives include risk participation agreements.

(Losses) Gains Related to Interest Rate Derivatives Designated as Hedges of Cash Flows

Gains (losses) included in the consolidated statements of income and other comprehensive income (loss), on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: 

	Three Months Ended March 31,
	2021		2020
	(in thousands)
Amount of loss reclassified from accumulated other comprehensive loss to interest expense	$	(915)	$	(615)
Amount of gain (loss) recognized in other comprehensive income	177		(1,480)

Net Losses Related to Derivative Instruments Not Designated as Hedging Instruments

The net (gains) losses included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: 

	Three Months Ended March 31,
	2021		2020
	(in thousands)
Non-designated hedge interest rate swaps and credit derivatives
Other non-interest expense	$	(1,785)	$	89