Balance Sheet Offsetting (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020 and December 31, 2019.



							Gross Amounts Not Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments				Cash Collateral				Net Amount
	(in thousands)
June 30, 2020
Assets:
Interest rate swaps	$	467,606	$	—	$	467,606	$	—			$	—			$	467,606
Liabilities:
Interest rate swaps	$	166,866	$	—	$	166,866	$	—			$	(166,866	)		$	—
Repurchase agreements	350,000		—		350,000		(350,000		)	*	—				—
Total	$	516,866	$	—	$	516,866	$	(350,000	)		$	(166,866	)		$	—
December 31, 2019
Assets:
Interest rate swaps	$	158,382	$	—	$	158,382	$	(118	)		$	—			$	158,264
Liabilities:
Interest rate swaps	$	43,733	$	—	$	43,733	$	(118	)		$	(16,881	)		$	26,734
Repurchase agreements	350,000		—		350,000		(350,000		)	*	—			^*	—
Total	$	393,733	$	—	$	393,733	$	(350,118	)		$	(16,881	)		$	26,734

Represents the fair value of non-cash pledged investment securities.

Offsetting Liabilities



							Gross Amounts Not Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments				Cash Collateral				Net Amount
	(in thousands)
June 30, 2020
Assets:
Interest rate swaps	$	467,606	$	—	$	467,606	$	—			$	—			$	467,606
Liabilities:
Interest rate swaps	$	166,866	$	—	$	166,866	$	—			$	(166,866	)		$	—
Repurchase agreements	350,000		—		350,000		(350,000		)	*	—				—
Total	$	516,866	$	—	$	516,866	$	(350,000	)		$	(166,866	)		$	—
December 31, 2019
Assets:
Interest rate swaps	$	158,382	$	—	$	158,382	$	(118	)		$	—			$	158,264
Liabilities:
Interest rate swaps	$	43,733	$	—	$	43,733	$	(118	)		$	(16,881	)		$	26,734
Repurchase agreements	350,000		—		350,000		(350,000		)	*	—			^*	—
Total	$	393,733	$	—	$	393,733	$	(350,118	)		$	(16,881	)		$	26,734

Represents the fair value of non-cash pledged investment securities.