Balance Sheet Offsetting (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020.


							Gross Amounts Not Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments			Cash Collateral (1)		Net Amount
	(in thousands)
December 31, 2021
Assets:
Interest rate swaps	$	181,012	$	—	$	181,012	$	—		$	—	$	181,012
Liabilities:
Interest rate swaps	$	50,922	$	—	$	50,922	$	—		$	(44,231)	$	6,691
Total liabilities	$	50,922	$	—	$	50,922	$	—		$	(44,231)	$	6,691
December 31, 2020
Assets:
Interest rate swaps	$	387,008	$	—	$	387,008	$	—		$	—	$	387,008
Liabilities:
Interest rate swaps	$	154,204	$	—	$	154,204	$	—		$	(150,487)	$	3,717
Repurchase agreements	300,000		—		300,000		(300,000)		(2)	—		—
Total liabilities	$	454,204	$	—	$	454,204	$	(300,000)		$	(150,487)	$	3,717

(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, 2021 and 2020.


							Gross Amounts Not Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments			Cash Collateral (1)		Net Amount
	(in thousands)
December 31, 2021
Assets:
Interest rate swaps	$	181,012	$	—	$	181,012	$	—		$	—	$	181,012
Liabilities:
Interest rate swaps	$	50,922	$	—	$	50,922	$	—		$	(44,231)	$	6,691
Total liabilities	$	50,922	$	—	$	50,922	$	—		$	(44,231)	$	6,691
December 31, 2020
Assets:
Interest rate swaps	$	387,008	$	—	$	387,008	$	—		$	—	$	387,008
Liabilities:
Interest rate swaps	$	154,204	$	—	$	154,204	$	—		$	(150,487)	$	3,717
Repurchase agreements	300,000		—		300,000		(300,000)		(2)	—		—
Total liabilities	$	454,204	$	—	$	454,204	$	(300,000)		$	(150,487)	$	3,717

(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.