Balance Sheet Offsetting (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Valley's Financial Instruments that are Eligible for Offset, 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 December 31, 2020 and 2019.


							Gross Amounts Not Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments			Cash Collateral (1)		Net Amount
	(in thousands)
December 31, 2020
Assets:
Interest rate swaps	$	150,487	$	—	$	150,487	$	—		$	—	$	150,487
Liabilities:
Interest rate swaps	$	150,487	$	—	$	150,487	$	—		$	(150,487)	$	—
Repurchase agreements	300,000		—		300,000		(300,000)		(2)	—		—
Total liabilities	$	450,487	$	—	$	450,487	$	(300,000)		$	(150,487)	$	—
December 31, 2019
Assets:
Interest rate swaps	$	17,218	$	—	$	17,218	$	—		$	—	$	17,218

Interest rate swaps	$	17,218	$	—	$	17,218	$	—		$	(16,881)	$	337
Repurchase agreements	350,000		—		350,000		(350,000)		(2)	—		—
Total liabilities	$	367,218	$	—	$	367,218	$	(350,000)		$	(16,881)	$	337

(1) Cash collateral pledged to our counterparties in relation to market value exposures of OTC derivative contracts in a liability position.

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

Summary of Valley's Financial Instruments that are Eligible for Offset, 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 December 31, 2020 and 2019.


							Gross Amounts Not Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments			Cash Collateral (1)		Net Amount
	(in thousands)
December 31, 2020
Assets:
Interest rate swaps	$	150,487	$	—	$	150,487	$	—		$	—	$	150,487
Liabilities:
Interest rate swaps	$	150,487	$	—	$	150,487	$	—		$	(150,487)	$	—
Repurchase agreements	300,000		—		300,000		(300,000)		(2)	—		—
Total liabilities	$	450,487	$	—	$	450,487	$	(300,000)		$	(150,487)	$	—
December 31, 2019
Assets:
Interest rate swaps	$	17,218	$	—	$	17,218	$	—		$	—	$	17,218

Interest rate swaps	$	17,218	$	—	$	17,218	$	—		$	(16,881)	$	337
Repurchase agreements	350,000		—		350,000		(350,000)		(2)	—		—
Total liabilities	$	367,218	$	—	$	367,218	$	(350,000)		$	(16,881)	$	337

(1) Cash collateral pledged to our counterparties in relation to market value exposures of OTC derivative contracts in a liability position.

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