Balance Sheet Offsetting (Tables)

6 Months Ended

Jun. 30, 2023

The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of June 30, 2023 and December 31, 2022.


							Gross Amounts Not Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments		Cash Collateral *		Net Amount
	(in thousands)
June 30, 2023
Assets
Interest rate swaps	$	548,592	$	—	$	548,592	$	9,929	$	(468,200)	$	90,321
Liabilities
Interest rate swaps	$	577,209	$	—	$	577,209	$	(9,929)	$	—	$	567,280


December 31, 2022
Assets
Interest rate swaps	$	453,251	$	—	$	453,251	$	12,766	$	(342,480)	$	123,537
Liabilities
Interest rate swaps	$	594,476	$	—	$	594,476	$	(12,766)	$	(432)	$	581,278

* Cash collateral received from or pledged to our counterparties in relation to market value exposures of OTC derivative contacts in an asset/liability position.

Offsetting Liabilities

The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of June 30, 2023 and December 31, 2022.


							Gross Amounts Not Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments		Cash Collateral *		Net Amount
	(in thousands)
June 30, 2023
Assets
Interest rate swaps	$	548,592	$	—	$	548,592	$	9,929	$	(468,200)	$	90,321
Liabilities
Interest rate swaps	$	577,209	$	—	$	577,209	$	(9,929)	$	—	$	567,280


December 31, 2022
Assets
Interest rate swaps	$	453,251	$	—	$	453,251	$	12,766	$	(342,480)	$	123,537
Liabilities
Interest rate swaps	$	594,476	$	—	$	594,476	$	(12,766)	$	(432)	$	581,278

* Cash collateral received from or pledged to our counterparties in relation to market value exposures of OTC derivative contacts in an asset/liability position.