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Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2015
Receivables [Abstract]  
Summary of Allowance for Credit Losses
The following table summarizes the allowance for credit losses at December 31, 2015 and 2014:
 
December 31,
 
2015
 
2014
 
(in thousands)
Components of allowance for credit losses:
 
 
 
Allowance for loan losses
$
106,178

 
$
102,353

Allowance for unfunded letters of credit
2,189

 
1,934

Total allowance for credit losses
$
108,367

 
$
104,287
Summary of Provision for Credit Losses
The following table summarizes the provision for credit losses for the years ended December 31, 2015, 2014 and 2013: 
 
2015
 
2014
 
2013
 
(in thousands)
Components of provision for credit losses:
 
 
 
 
 
Provision for loan losses
$
7,846

 
$
3,445

 
$
14,895

Provision for unfunded letters of credit
255

 
(1,561
)
 
1,200

Total provision for credit losses
$
8,101

 
$
1,884

 
$
16,095
Summary of Activity in Allowance for Loan Losses
The following table details the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2015 and 2014: 
 
Commercial
and Industrial
 
Commercial
Real Estate
 
Residential
Mortgage
 
Consumer
 
Unallocated
 
Total
 
(in thousands)
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
43,676

 
$
42,840

 
$
5,093

 
$
5,179

 
$
5,565

 
$
102,353

Loans charged-off (1)
(7,928
)
 
(2,790
)
 
(813
)
 
(3,441
)
 
—

 
(14,972
)
Charged-off loans recovered (2)
7,233

 
1,759

 
421

 
1,538

 
—

 
10,951

Net charge-offs
(695
)
 
(1,031
)
 
(392
)
 
(1,903
)
 
—

 
(4,021
)
Provision for loan losses
5,786

 
6,197

 
(76
)
 
1,504

 
(5,565
)
 
7,846

Ending balance
$
48,767

 
$
48,006

 
$
4,625

 
$
4,780

 
$
—

 
$
106,178

December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
51,551

 
$
42,343

 
$
7,786

 
$
4,359

 
$
7,578

 
$
113,617

Loans charged-off (1)(3)
(12,722
)
 
(9,470
)
 
(1,004
)
 
(3,702
)
 
—

 
(26,898
)
Charged-off loans recovered (2)
6,874

 
3,110

 
248

 
1,957

 
—

 
12,189

Net charge-offs
(5,848
)
 
(6,360
)
 
(756
)
 
(1,745
)
 
—

 
(14,709
)
Provision for loan losses
(2,027
)
 
6,857

 
(1,937
)
 
2,565

 
(2,013
)
 
3,445

Ending balance
$
43,676

 
$
42,840

 
$
5,093

 
$
5,179

 
$
5,565

 
$
102,353


(1)
Includes covered loans charge-offs totaling $200 thousand and $1.5 million during 2015 and 2014, respectively, primarily in the commercial and industrial loan and commercial real estate loan portfolios, respectively.
(2)
Includes covered loan recoveries totaling $462 thousand during 2014. There were no covered loan recoveries during 2015.
(3)
The commercial and industrial loan and commercial real estate loan categories included $4.8 million and $4.0 million of charge-offs, respectively, related to the valuation of non-performing loans transferred to loans held for sale during 2014.
Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Impairment Methodology
The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the impairment methodology for the years ended December 31, 2015 and 2014. Loans individually evaluated for impairment represent Valley’s impaired loans. Loans acquired with discounts related to credit quality represent Valley’s PCI loans. 
 
Commercial
and Industrial
 
Commercial
Real Estate
 
Residential
Mortgage
 
Consumer
 
Unallocated
 
Total
 
(in thousands)
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
3,439

 
$
3,671

 
$
1,377

 
$
295

 
$
—

 
$
8,782

Collectively evaluated for impairment
45,328

 
44,335

 
3,248

 
4,485

 
—

 
97,396

Total
$
48,767

 
$
48,006

 
$
4,625

 
$
4,780

 
$
—

 
$
106,178

Loans:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
25,714

 
$
81,930

 
$
22,612

 
$
2,132

 
$
—

 
$
132,388

Collectively evaluated for impairment
2,130,835

 
6,595,296

 
2,889,467

 
2,054,650

 
—

 
13,670,248

Loans acquired with discounts related to credit quality
383,942

 
1,502,357

 
218,462

 
135,710

 
—

 
2,240,471

Total
$
2,540,491

 
$
8,179,583

 
$
3,130,541

 
$
2,192,492

 
$
—

 
$
16,043,107

December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
4,929

 
$
5,502

 
$
1,629

 
$
465

 
$
—

 
$
12,525

Collectively evaluated for impairment
38,577

 
37,338

 
3,434

 
4,714

 
5,565

 
89,628

Loans acquired with discounts related to credit quality
170

 
—

 
30

 
—

 
—

 
200

Total
$
43,676

 
$
42,840

 
$
5,093

 
$
5,179

 
$
5,565

 
$
102,353

Loans:
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
28,224

 
$
91,298

 
$
22,340

 
$
3,146

 
$
—

 
$
145,008

Collectively evaluated for impairment
1,931,703

 
5,438,538

 
2,396,704

 
1,840,159

 
—

 
11,607,104

Loans acquired with discounts related to credit quality
291,184

 
1,164,179

 
157,328

 
109,110

 
—

 
1,721,801

Total
$
2,251,111

 
$
6,694,015

 
$
2,576,372

 
$
1,952,415

 
$
—

 
$
13,473,913