| Offsetting Assets |
The table below presents information about Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of June 30, 2019 and December 31, 2018. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gross Amounts Not Offset | | | | Gross Amounts Recognized | | Gross Amounts Offset | | Net Amounts Presented | | Financial Instruments | | Cash Collateral | | Net Amount | | (in thousands) | June 30, 2019 | | | | | | | | | | | | Assets: | | | | | | | | | | | | Interest rate swaps | $ | 139,893 |
| | $ | — |
| | $ | 139,893 |
| | $ | (13,385 | ) | | $ | — |
| | $ | 126,508 |
| Liabilities: | | | | | | | | | | | | Interest rate swaps | $ | 32,833 |
| | $ | — |
| | $ | 32,833 |
| | $ | (13,385 | ) | | $ | (15,211 | ) | (1) | $ | 4,237 |
| Repurchase agreements | 150,000 |
| | — |
| | 150,000 |
| | — |
| | (150,000 | ) | (2) | — |
| Total | $ | 182,833 |
| | $ | — |
| | $ | 182,833 |
| | $ | (13,385 | ) | | $ | (165,211 | ) | | $ | 4,237 |
| December 31, 2018 | | | | | | | | | | | | Assets: | | | | | | | | | | | | Interest rate swaps and caps | $ | 48,642 |
| | $ | — |
| | $ | 48,642 |
| | $ | (1,214 | ) | | $ | — |
| | $ | 47,428 |
| Liabilities: | | | | | | | | | | | | Interest rate swaps and caps | $ | 22,907 |
| | $ | — |
| | $ | 22,907 |
| | $ | (1,214 | ) | | $ | (1,852 | ) | (1) | $ | 19,841 |
| Repurchase agreements | 150,000 |
| | — |
| | 150,000 |
| | — |
| | (150,000 | ) | (2) | — |
| Total | $ | 172,907 |
| | $ | — |
| | $ | 172,907 |
| | $ | (1,214 | ) | | $ | (151,852 | ) | | $ | 19,841 |
|
| | (1) | Represents the amount of collateral posted with derivative counterparties that offsets net liability positions. |
(2) Represents the fair value of non-cash pledged investment securities.
|
| Offsetting Liabilities |
The table below presents information about Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of June 30, 2019 and December 31, 2018. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gross Amounts Not Offset | | | | Gross Amounts Recognized | | Gross Amounts Offset | | Net Amounts Presented | | Financial Instruments | | Cash Collateral | | Net Amount | | (in thousands) | June 30, 2019 | | | | | | | | | | | | Assets: | | | | | | | | | | | | Interest rate swaps | $ | 139,893 |
| | $ | — |
| | $ | 139,893 |
| | $ | (13,385 | ) | | $ | — |
| | $ | 126,508 |
| Liabilities: | | | | | | | | | | | | Interest rate swaps | $ | 32,833 |
| | $ | — |
| | $ | 32,833 |
| | $ | (13,385 | ) | | $ | (15,211 | ) | (1) | $ | 4,237 |
| Repurchase agreements | 150,000 |
| | — |
| | 150,000 |
| | — |
| | (150,000 | ) | (2) | — |
| Total | $ | 182,833 |
| | $ | — |
| | $ | 182,833 |
| | $ | (13,385 | ) | | $ | (165,211 | ) | | $ | 4,237 |
| December 31, 2018 | | | | | | | | | | | | Assets: | | | | | | | | | | | | Interest rate swaps and caps | $ | 48,642 |
| | $ | — |
| | $ | 48,642 |
| | $ | (1,214 | ) | | $ | — |
| | $ | 47,428 |
| Liabilities: | | | | | | | | | | | | Interest rate swaps and caps | $ | 22,907 |
| | $ | — |
| | $ | 22,907 |
| | $ | (1,214 | ) | | $ | (1,852 | ) | (1) | $ | 19,841 |
| Repurchase agreements | 150,000 |
| | — |
| | 150,000 |
| | — |
| | (150,000 | ) | (2) | — |
| Total | $ | 172,907 |
| | $ | — |
| | $ | 172,907 |
| | $ | (1,214 | ) | | $ | (151,852 | ) | | $ | 19,841 |
|
| | (1) | Represents the amount of collateral posted with derivative counterparties that offsets net liability positions. |
(2) Represents the fair value of non-cash pledged investment securities.
|