The table below presents a gross presentation, the effects of offsetting, and a net presentation of Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of September 30, 2013 and December 31, 2012. The net amounts of derivative assets or liabilities can be reconciled to the fair value of Valley’s derivative financial instruments disclosed in Note 13.


							Gross Amounts Not Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments			Cash Collateral			Net Amount
	(in thousands)
September 30, 2013
Assets:
Interest rate caps and swaps	$	11,536	$	—	$	11,536	$	(6,668	)	$	—		$	4,868

Liabilities:
Interest rate caps and swaps	$	20,889	$	—	$	20,889	$	(6,668	)	$	(14,221	)	$	—
Repurchase agreements		520,000		—		520,000		—			(520,000	)*		—

Total	$	540,889	$	—	$	540,889	$	(6,668	)	$	(534,221	)	$	—

December 31, 2012
Assets:
Interest rate caps and swaps	$	7,677	$	—	$	7,677	$	(675	)	$	—		$	7,002

Liabilities:
Interest rate caps and swaps	$	26,395	$	—	$	26,395	$	(675	)	$	(25,720	)	$	—
Repurchase agreements		520,000		—		520,000		—			(520,000	)*		—

Total	$	546,395	$	—	$	546,395	$	(675	)	$	(545,720	)	$	—

*	Represents fair value of investment securities pledged.