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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Securities Held to Maturity
The amortized cost, gross unrealized gains and losses and fair value of securities held to maturity at June 30, 2017 and December 31, 2016 were as follows: 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
(in thousands)
June 30, 2017
 
 
 
 
 
 
 
U.S. Treasury securities
$
138,754

 
$
8,902

 
$
—

 
$
147,656

U.S. government agency securities
10,597

 
205

 
—

 
10,802

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
249,607

 
9,623

 
(1,688
)
 
257,542

Municipal bonds
251,795

 
8,519

 
(26
)
 
260,288

Total obligations of states and political subdivisions
501,402

 
18,142

 
(1,714
)
 
517,830

Residential mortgage-backed securities
1,070,137

 
7,658

 
(15,787
)
 
1,062,008

Trust preferred securities
59,814

 
32

 
(11,578
)
 
48,268

Corporate and other debt securities
41,559

 
927

 
(318
)
 
42,168

Total investment securities held to maturity
$
1,822,263

 
$
35,866

 
$
(29,397
)
 
$
1,828,732

December 31, 2016
 
 
 
 
 
 
 
U.S. Treasury securities
$
138,830

 
$
8,665

 
$
—

 
$
147,495

U.S. government agency securities
11,329

 
135

 
—

 
11,464

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
252,185

 
6,692

 
(1,428
)
 
257,449

Municipal bonds
314,405

 
6,438

 
(466
)
 
320,377

Total obligations of states and political subdivisions
566,590

 
13,130

 
(1,894
)
 
577,826

Residential mortgage-backed securities
1,112,460

 
8,432

 
(18,090
)
 
1,102,802

Trust preferred securities
59,804

 
40

 
(12,554
)
 
47,290

Corporate and other debt securities
36,559

 
1,190

 
(29
)
 
37,720

Total investment securities held to maturity
$
1,925,572

 
$
31,592

 
$
(32,567
)
 
$
1,924,597
Age of Unrealized Losses and Fair Value of Related Securities Held to Maturity
The age of unrealized losses and fair value of related securities held to maturity at June 30, 2017 and December 31, 2016 were as follows: 
 
Less than
Twelve Months
 
More than
Twelve Months
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
(in thousands)
June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and state agencies
$
63,537

 
$
(1,688
)
 
$
—

 
$
—

 
$
63,537

 
$
(1,688
)
Municipal bonds
4,664

 
(26
)
 
—

 
—

 
4,664

 
(26
)
Total obligations of states and political subdivisions
68,201

 
(1,714
)
 
—

 
—

 
68,201

 
(1,714
)
Residential mortgage-backed securities
622,527

 
(11,860
)
 
156,974

 
(3,927
)
 
779,501

 
(15,787
)
Trust preferred securities
—

 
—

 
36,883

 
(11,578
)
 
36,883

 
(11,578
)
Corporate and other debt securities
4,682

 
(318
)
 
—

 
—

 
4,682

 
(318
)
Total
$
695,410

 
$
(13,892
)
 
$
193,857

 
$
(15,505
)
 
$
889,267

 
$
(29,397
)
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and state agencies
$
98,114

 
$
(1,428
)
 
$
—

 
$
—

 
$
98,114

 
$
(1,428
)
Municipal bonds
27,368

 
(466
)
 
—

 
—

 
27,368

 
(466
)
Total obligations of states and political subdivisions
125,482

 
(1,894
)
 
—

 
—

 
125,482

 
(1,894
)
Residential mortgage-backed securities
692,108

 
(14,420
)
 
114,505

 
(3,670
)
 
806,613

 
(18,090
)
Trust preferred securities
—

 
—

 
45,898

 
(12,554
)
 
45,898

 
(12,554
)
Corporate and other debt securities
2,971

 
(29
)
 
—

 
—

 
2,971

 
(29
)
Total
$
820,561

 
$
(16,343
)
 
$
160,403

 
$
(16,224
)
 
$
980,964

 
$
(32,567
)
Contractual Maturities of Debt Securities Held to Maturity
The contractual maturities of investments in debt securities held to maturity at June 30, 2017 are set forth in the table below. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.  
 
June 30, 2017
 
Amortized
Cost
 
Fair
Value
 
(in thousands)
Due in one year
$
53,859

 
$
54,621

Due after one year through five years
210,615

 
218,428

Due after five years through ten years
325,933

 
343,717

Due after ten years
161,719

 
149,958

Residential mortgage-backed securities
1,070,137

 
1,062,008

Total investment securities held to maturity
$
1,822,263

 
$
1,828,732
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Securities Available for Sale
The amortized cost, gross unrealized gains and losses and fair value of securities available for sale at June 30, 2017 and December 31, 2016 were as follows: 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
(in thousands)
June 30, 2017
 
 
 
 
 
 
 
U.S. Treasury securities
$
51,009

 
$
7

 
$
(919
)
 
$
50,097

U.S. government agency securities
46,147

 
292

 
(71
)
 
46,368

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
39,286

 
336

 
(218
)
 
39,404

Municipal bonds
79,824

 
459

 
(493
)
 
79,790

Total obligations of states and political subdivisions
119,110

 
795

 
(711
)
 
119,194

Residential mortgage-backed securities
1,175,171

 
2,564

 
(14,015
)
 
1,163,720

Trust preferred securities*
7,796

 
—

 
(1,577
)
 
6,219

Corporate and other debt securities
67,177

 
701

 
(204
)
 
67,674

Equity securities
10,505

 
737

 
(460
)
 
10,782

Total investment securities available for sale
$
1,476,915

 
$
5,096

 
$
(17,957
)
 
$
1,464,054

December 31, 2016
 
 
 
 
 
 
 
U.S. Treasury securities
$
51,020

 
$
6

 
$
(1,435
)
 
$
49,591

U.S. government agency securities
22,815

 
232

 
(6
)
 
23,041

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
40,696

 
70

 
(424
)
 
40,342

Municipal bonds
80,045

 
147

 
(767
)
 
79,425

Total obligations of states and political subdivisions
120,741

 
217

 
(1,191
)
 
119,767

Residential mortgage-backed securities
1,029,827

 
2,061

 
(16,346
)
 
1,015,542

Trust preferred securities*
10,164

 
—

 
(2,155
)
 
8,009

Corporate and other debt securities
60,651

 
436

 
(522
)
 
60,565

Equity securities
20,505

 
1,114

 
(761
)
 
20,858

Total investment securities available for sale
$
1,315,723

 
$
4,066

 
$
(22,416
)
 
$
1,297,373

 
*
Includes two pooled trust preferred securities, principally collateralized by securities issued by banks and insurance companies, at June 30, 2017 and December 31, 2016.
Age of Unrealized Losses and Fair Value of Related Securities
The age of unrealized losses and fair value of related securities available for sale at June 30, 2017 and December 31, 2016 were as follows: 
 
Less than
Twelve Months
 
More than
Twelve Months
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(in thousands)
June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
$
49,168

 
$
(919
)
 
$
—

 
$
—

 
$
49,168

 
$
(919
)
U.S. government agency securities
31,236

 
(68
)
 
3,808

 
(3
)
 
35,044

 
(71
)
Obligations of states and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and state agencies
13,118

 
(169
)
 
1,628

 
(49
)
 
14,746

 
(218
)
Municipal bonds
18,302

 
(193
)
 
11,059

 
(300
)
 
29,361

 
(493
)
Total obligations of states and political subdivisions
31,420

 
(362
)
 
12,687

 
(349
)
 
44,107

 
(711
)
Residential mortgage-backed securities
739,362

 
(9,680
)
 
136,402

 
(4,335
)
 
875,764

 
(14,015
)
Trust preferred securities
—

 
—

 
6,219

 
(1,577
)
 
6,219

 
(1,577
)
Corporate and other debt securities
30,335

 
(75
)
 
11,034

 
(129
)
 
41,369

 
(204
)
Equity securities
—

 
—

 
5,184

 
(460
)
 
5,184

 
(460
)
Total
$
881,521

 
$
(11,104
)
 
$
175,334

 
$
(6,853
)
 
$
1,056,855

 
$
(17,957
)
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
$
48,660

 
$
(1,435
)
 
$
—

 
$
—

 
$
48,660

 
$
(1,435
)
U.S. government agency securities
2,530

 
(4
)
 
4,034

 
(2
)
 
6,564

 
(6
)
Obligations of states and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and state agencies
28,628

 
(404
)
 
753

 
(20
)
 
29,381

 
(424
)
Municipal bonds
42,573

 
(506
)
 
11,081

 
(261
)
 
53,654

 
(767
)
Total obligations of states and political subdivisions
71,201

 
(910
)
 
11,834

 
(281
)
 
83,035

 
(1,191
)
Residential mortgage-backed securities
788,030

 
(11,889
)
 
132,718

 
(4,457
)
 
920,748

 
(16,346
)
Trust preferred securities
—

 
—

 
8,009

 
(2,155
)
 
8,009

 
(2,155
)
Corporate and other debt securities
32,292

 
(294
)
 
15,192

 
(228
)
 
47,484

 
(522
)
Equity securities
—

 
—

 
14,883

 
(761
)
 
14,883

 
(761
)
Total
$
942,713

 
$
(14,532
)
 
$
186,670

 
$
(7,884
)
 
$
1,129,383

 
$
(22,416
)
Contractual Maturities of Investment Securities Available for Sale
The contractual maturities of investment securities available for sale at June 30, 2017 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.
 
June 30, 2017
 
Amortized
Cost
 
Fair
Value
 
(in thousands)
Due in one year
$
24,831

 
$
24,752

Due after one year through five years
70,802

 
74,052

Due after five years through ten years
115,497

 
114,927

Due after ten years
80,109

 
78,821

Residential mortgage-backed securities
1,175,171

 
1,163,720

Equity securities
10,505

 
10,782

Total investment securities available for sale
$
1,476,915

 
$
1,467,054
Changes in Credit Loss Component of Cumulative Other-than-Temporary Impairment Losses on Debt Securities
The following table presents the changes in the credit loss component of cumulative other-than-temporary impairment losses on debt securities classified as either held to maturity or available for sale that Valley has previously recognized in earnings, for which a portion of the impairment loss (non-credit factors) was recognized in other comprehensive income for the three and six months ended June 30, 2017 and 2016: 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2017
 
2016
 
2017
 
2016
 
(in thousands)
 
 
 
 
Balance, beginning of period
$
4,767

 
$
5,348

 
$
4,916

 
$
5,837

Accretion of credit loss impairment due to an increase in expected cash flows
(67
)
 
—

 
(216
)
 
(489
)
Balance, end of period
$
4,700

 
$
5,348

 
$
4,700

 
$
5,348