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Investment Securities (Tables)
 9 Months Ended
Sep. 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 September 30, 2017 and December 31, 2016 were as follows: 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
(in thousands)
September 30, 2017
 
 
 
 
 
 
 
U.S. Treasury securities
$
138,714

 
$
8,412

 
$
—

 
$
147,126

U.S. government agency securities
9,984

 
204

 
—

 
10,188

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
247,277

 
9,412

 
(1,449
)
 
255,240

Municipal bonds
247,880

 
8,049

 
(10
)
 
255,919

Total obligations of states and political subdivisions
495,157

 
17,461

 
(1,459
)
 
511,159

Residential mortgage-backed securities
1,088,389

 
7,234

 
(13,920
)
 
1,081,703

Trust preferred securities
49,819

 
47

 
(10,868
)
 
38,998

Corporate and other debt securities
41,559

 
699

 
(287
)
 
41,971

Total investment securities held to maturity
$
1,823,622

 
$
34,057

 
$
(26,534
)
 
$
1,831,145

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 September 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)
September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and state agencies
$
55,565

 
$
(1,449
)
 
$
—

 
$
—

 
$
55,565

 
$
(1,449
)
Municipal bonds
4,678

 
(10
)
 
—

 
—

 
4,678

 
(10
)
Total obligations of states and political subdivisions
60,243

 
(1,459
)
 
—

 
—

 
60,243

 
(1,459
)
Residential mortgage-backed securities
551,490

 
(7,911
)
 
228,397

 
(6,009
)
 
779,887

 
(13,920
)
Trust preferred securities
—

 
—

 
37,597

 
(10,868
)
 
37,597

 
(10,868
)
Corporate and other debt securities
4,713

 
(287
)
 
—

 
—

 
4,713

 
(287
)
Total
$
616,446

 
$
(9,657
)
 
$
265,994

 
$
(16,877
)
 
$
882,440

 
$
(26,534
)
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 September 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.  
 
September 30, 2017
 
Amortized
Cost
 
Fair
Value
 
(in thousands)
Due in one year
$
54,778

 
$
55,334

Due after one year through five years
221,351

 
229,067

Due after five years through ten years
313,923

 
330,775

Due after ten years
145,181

 
134,266

Residential mortgage-backed securities
1,088,389

 
1,081,703

Total investment securities held to maturity
$
1,823,622

 
$
1,831,145
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 September 30, 2017 and December 31, 2016 were as follows: 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
(in thousands)
September 30, 2017
 
 
 
 
 
 
 
U.S. Treasury securities
$
51,003

 
$
6

 
$
(861
)
 
$
50,148

U.S. government agency securities
43,896

 
342

 
(8
)
 
44,230

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
38,847

 
367

 
(204
)
 
39,010

Municipal bonds
79,452

 
473

 
(533
)
 
79,392

Total obligations of states and political subdivisions
118,299

 
840

 
(737
)
 
118,402

Residential mortgage-backed securities
1,171,510

 
3,230

 
(13,583
)
 
1,161,157

Trust preferred securities*
6,532

 
—

 
(1,139
)
 
5,393

Corporate and other debt securities
56,827

 
719

 
(119
)
 
57,427

Equity securities
10,505

 
929

 
(454
)
 
10,980

Total investment securities available for sale
$
1,458,572

 
$
6,066

 
$
(16,901
)
 
$
1,447,737

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 September 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 September 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)
September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
$
49,223

 
$
(861
)
 
$
—

 
$
—

 
$
49,223

 
$
(861
)
U.S. government agency securities
5,527

 
(8
)
 
—

 
—

 
5,527

 
(8
)
Obligations of states and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and state agencies
11,117

 
(153
)
 
1,544

 
(51
)
 
12,661

 
(204
)
Municipal bonds
18,688

 
(184
)
 
11,019

 
(349
)
 
29,707

 
(533
)
Total obligations of states and political subdivisions
29,805

 
(337
)
 
12,563

 
(400
)
 
42,368

 
(737
)
Residential mortgage-backed securities
599,413

 
(7,780
)
 
217,306

 
(5,803
)
 
816,719

 
(13,583
)
Trust preferred securities
—

 
—

 
5,394

 
(1,139
)
 
5,394

 
(1,139
)
Corporate and other debt securities
15,880

 
(17
)
 
15,241

 
(102
)
 
31,121

 
(119
)
Equity securities
—

 
—

 
5,190

 
(454
)
 
5,190

 
(454
)
Total
$
699,848

 
$
(9,003
)
 
$
255,694

 
$
(7,898
)
 
$
955,542

 
$
(16,901
)
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 September 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.
 
September 30, 2017
 
Amortized
Cost
 
Fair
Value
 
(in thousands)
Due in one year
$
25,341

 
$
25,295

Due after one year through five years
65,472

 
65,631

Due after five years through ten years
108,222

 
107,858

Due after ten years
77,522

 
76,816

Residential mortgage-backed securities
1,171,510

 
1,161,157

Equity securities
10,505

 
10,980

Total investment securities available for sale
$
1,458,572

 
$
1,447,737
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 nine months ended September 30, 2017 and 2016: 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
 
(in thousands)
 
 
 
 
Balance, beginning of period
$
4,700

 
$
5,348

 
$
4,916

 
$
5,837

Accretion of credit loss impairment due to an increase in expected cash flows
(67
)
 
(87
)
 
(283
)
 
(576
)
Balance, end of period
$
4,633

 
$
5,261

 
$
4,633

 
$
5,261