Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Minimum aggregate lease payments for the remainder of the lease terms are as follows:



			Sublease
Year	Gross Rents		Rents		Net Rents
	(in thousands)
2016	$	28,255	$	2,534	$	25,721
2017	27,051		2,527		24,524
2018	26,455		1,972		24,483
2019	25,851		1,799		24,052
2020	25,311		1,396		23,915
Thereafter	292,933		8,458		284,475
Total lease commitments	$	425,856	$	18,686	$	407,170

Summary of Financial Instruments with Off-Balance Sheet Risk

The following table provides a summary of financial instruments with off-balance sheet risk at December 31, 2015 and 2014:



	2015		2014
	(in thousands)
Commitments under commercial loans and lines of credit	$	2,554,146	$	2,290,048
Home equity and other revolving lines of credit	822,506		749,716
Outstanding commercial mortgage loan commitments	724,236		429,474
Standby letters of credit	198,253		194,562
Outstanding residential mortgage loan commitments	54,293		79,849
Commitments under unused lines of credit—credit card	50,532		54,128
Commercial letters of credit	4,249		5,618
Commitments to sell loans	41,860		27,932

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:



	December 31, 2015						December 31, 2014
	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 caps and swaps	$	1,284	$	24,823	$	907,000	$	2,229	$	19,302	$	1,007,000
Fair value hedge interest rate swaps	7,658		1,306		133,209		6,257		1,482		133,406
Total derivatives designated as hedging instruments	$	8,942	$	26,129	$	1,040,209	$	8,486	$	20,784	$	1,140,406
Derivatives not designated as hedging instruments:
Interest rate swaps and embedded derivatives	$	24,628	$	24,623	$	654,134	$	12,464	$	12,455	$	378,849
Mortgage banking derivatives	204		92		73,438		37		91		40,857
Total derivatives not designated as hedging instruments	$	24,832	$	24,715	$	727,572	$	12,501	$	12,546	$	419,706

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

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



	2015			2014			2013
	(in thousands)
Amount of loss reclassified from accumulated other comprehensive loss to interest expense	$	(7,075	)	$	(6,663	)	$	(6,898	)
Amount of (loss) gain recognized in other comprehensive income	(12,360		)	(20,910		)	4,255

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:



	2015			2014			2013
	(in thousands)
Derivative—interest rate swaps:
Interest income	$	176		$	(13	)	$	728
Interest expense	1,400			9,380			(3,774		)
Hedged item—loans, deposits and long-term borrowings:
Interest income	$	(176	)	$	13		$	(728	)
Interest expense	(1,473		)	(9,449		)	3,805

Gains (Losses) Related to Derivative Instruments Not Designated as Hedging Instruments

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



	2015		2014			2013
	(in thousands)
Non-designated hedge interest rate derivatives
Other non-interest expense	$	158	$	(214	)	$	128