Balance Sheet Offsetting (Tables)

3 Months Ended

Mar. 31, 2021

The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of March 31, 2021 and December 31, 2020.


							Gross Amounts Not Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments			Cash Collateral (1)		Net Amount
	(in thousands)
March 31, 2021
Assets:
Interest rate swaps	$	151,185	$	—	$	151,185	$	—		$	—	$	151,185
Liabilities:
Interest rate swaps	$	17,956	$	—	$	17,956	$	—		$	(11,602)	$	6,354
Repurchase agreements	300,000		—		300,000		(300,000)		(2)	—		—
Total	$	317,956	$	—	$	317,956	$	(300,000)		$	(11,602)	$	6,354
December 31, 2020
Assets:
Interest rate swaps	$	150,487	$	—	$	150,487	$	—		$	—	$	150,487
Liabilities:
Interest rate swaps	$	150,487	$	—	$	150,487	$	—		$	(150,487)	$	—
Repurchase agreements	300,000		—		300,000		(300,000)		(2)	—		—
Total	$	450,487	$	—	$	450,487	$	(300,000)		$	(150,487)	$	—

(1) Cash collateral pledged to our counterparties in relation to market value exposures of OTC derivative contacts in a liability position.

(2) 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 March 31, 2021 and December 31, 2020.


							Gross Amounts Not Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments			Cash Collateral (1)		Net Amount
	(in thousands)
March 31, 2021
Assets:
Interest rate swaps	$	151,185	$	—	$	151,185	$	—		$	—	$	151,185
Liabilities:
Interest rate swaps	$	17,956	$	—	$	17,956	$	—		$	(11,602)	$	6,354
Repurchase agreements	300,000		—		300,000		(300,000)		(2)	—		—
Total	$	317,956	$	—	$	317,956	$	(300,000)		$	(11,602)	$	6,354
December 31, 2020
Assets:
Interest rate swaps	$	150,487	$	—	$	150,487	$	—		$	—	$	150,487
Liabilities:
Interest rate swaps	$	150,487	$	—	$	150,487	$	—		$	(150,487)	$	—
Repurchase agreements	300,000		—		300,000		(300,000)		(2)	—		—
Total	$	450,487	$	—	$	450,487	$	(300,000)		$	(150,487)	$	—

(1) Cash collateral pledged to our counterparties in relation to market value exposures of OTC derivative contacts in a liability position.

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