Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2013

Commitments And Contingencies Disclosure [Abstract]

Minimum Aggregate Lease Payments

Minimum aggregate lease payments for the remainder of the lease terms are as follows:

			Sublease
Year	Gross Rents		Rents		Net Rents
	(in thousands)
2014	$	21,759	$	2,040	$	19,719
2015		21,903		1,957		19,946
2016		21,401		1,803		19,598
2017		20,843		1,781		19,062
2018		20,851		1,549		19,302
Thereafter		271,895		6,005		265,890
Total lease commitments	$	378,652	$	15,135	$	363,517

Summary of Financial Instruments with Off-Balance Sheet Risk

The following table provides a summary of financial instruments with off-balance sheet risk at December 31, 2013 and 2012:

	2013		2012
	(in thousands)
Commitments under commercial loans and lines of credit	$	1,958,955	$	1,944,815
Home equity and other revolving lines of credit		669,447		620,397
Outstanding commercial mortgage loan commitments		382,939		253,235
Standby letters of credit		224,002		228,694
Outstanding residential mortgage loan commitments		43,618		247,275
Commitments under unused lines of credit—credit card		57,017		59,969
Commercial letters of credit		8,016		6,043
Commitments to sell loans		25,796		100,400

Consolidated Statements of Financial Condition Related to Fair Value of Derivative Financial Instruments

Amounts included in the consolidated statements of financial condition related to the fair value of Valley’s derivative financial instruments were as follows:

	Balance Sheet	Fair Value at December 31,
	Line Item	2013		2012
		(in thousands)
Asset Derivatives:
Derivatives designated as hedging instruments:
Cash flow hedge interest rate caps and swaps	Other Assets	$	9,883	$	23
Fair value hedge interest rate swaps	Other Assets		99		652
Total derivatives designated as hedging instruments		$	9,982	$	675
Derivatives not designated as hedging instruments:
Interest rate swaps	Other Assets	$	4,823	$	7,002
Mortgage banking derivatives	Other Assets		317		239
Total derivatives not designated as hedging instruments		$	5,140	$	7,241
Liability Derivatives:
Derivatives designated as hedging instruments:
Cash flow hedge interest rate caps and swaps	Other Liabilities	$	10,925	$	17,198
Fair value hedge interest rate swaps	Other Liabilities		4,691		2,197
Total derivatives designated as hedging instruments		$	15,616	$	19,395
Derivatives not designated as hedging instruments:
Interest rate swaps	Other Liabilities	$	4,823	$	6,999
Mortgage banking derivatives	Other Liabilities		147		200
Total derivatives not designated as hedging instruments		$	4,970	$	7,199

Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows

Gains (losses) included in the consolidated statements of income and in other comprehensive income (loss), on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows:

	2013			2012			2011
	(in thousands)
Amount of loss reclassified from accumulated other comprehensive loss to interest expense	$	(6,898	)	$	(6,478	)	$	(3,067	)
Amount of gain (loss) recognized in other comprehensive income (loss)		4,255			(5,774	)		(24,393	)

Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Fair Value

Gains (losses) included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows:

	2013			2012			2011
	(in thousands)
Derivative—interest rate swaps:
Interest income	$	728		$	(57	)	$	(761	)
Interest expense		(3,774	)		(200	)		852
Hedged item—loans, deposits and long-term borrowings:
Interest income	$	(728	)	$	57		$	761
Interest expense		3,805			220			(884	)

Gains (Losses) Related to Derivative Instruments Not Designated as Hedging Instruments

Net gains included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows:

	2013		2012		2011
	(in thousands)
Non-designated hedge interest rate derivatives
Other non-interest income	$	128	$	253	$	—