Valley National Bancorp (VLY) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 04, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	VLY
Entity Registrant Name	VALLEY NATIONAL BANCORP
Entity Central Index Key	714,310
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		232,867,360

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and due from banks	$ 220,023	$ 462,569
Interest bearing deposits with banks	71,756	367,838
Investment securities:
Held to maturity (fair value of $1,670,951 at September 30, 2015 and $1,815,976 at December 31, 2014)	1,637,310	1,778,316
Available for sale	797,389	886,970
Trading securities	0	14,233
Total investment securities	2,434,699	2,679,519
Loans held for sale, at fair value	18,184	24,295
Non-covered loans	14,887,323	13,262,022
Covered loans	129,491	211,891
Less: Allowance for loan losses	(104,551)	(102,353)
Net loans	14,912,263	13,371,560
Premises and equipment, net	291,084	282,997
Bank owned life insurance	380,828	375,640
Accrued interest receivable	57,532	57,333
Due from customers on acceptances outstanding	1,622	4,197
FDIC loss-share receivable	7,267	13,848
Goodwill	577,534	575,892
Other intangible assets, net	31,382	38,775
Other assets	567,358	539,392
Total Assets	19,571,532	18,793,855
Liabilities
Deposits: Non-interest bearing	4,365,418	4,235,515
Deposits: Interest bearing:
Savings, NOW and money market	6,979,804	7,056,133
Time	3,154,641	2,742,468
Total deposits	14,499,863	14,034,116
Short-term borrowings	302,941	146,781
Long-term borrowings	2,529,326	2,526,408
Junior subordinated debentures issued to capital trusts	41,374	41,252
Bank acceptances outstanding	1,622	4,197
Accrued expenses and other liabilities	199,457	178,084
Total Liabilities	17,574,583	16,930,838
Shareholders’ Equity
Preferred stock (no par value, authorized 30,000,000 shares; issued 4,600,000 shares at September 30, 2015)	111,590	0
Common stock (no par value, authorized 332,023,233 shares; issued 232,800,531 shares at September 30, 2015 and 232,127,098 shares at December 31, 2014)	81,352	81,072
Surplus	1,702,907	1,693,752
Retained earnings	150,255	130,845
Accumulated other comprehensive loss	(49,052)	(42,495)
Treasury stock, at cost (10,651 common shares at September 30, 2015 and 16,123 common shares at December 31, 2014)	(103)	(157)
Total Shareholders’ Equity	1,996,949	1,863,017
Total Liabilities and Shareholders’ Equity	$ 19,571,532	$ 18,793,855

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Held to maturity, fair value	$ 1,670,951	$ 1,815,976
Preferred stock, par value (in usd per share)
Preferred stock, shares authorized (in shares)	30,000,000	30,000,000
Preferred stock, shares issued (in shares)	4,600,000	0
Common stock, par value (in usd per share)
Common stock, shares authorized (in shares)	332,023,233	332,023,233
Common stock, shares issued (in shares)	232,800,531	232,127,098
Treasury stock, shares (in shares)	10,651	16,123

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest Income
Interest and fees on loans	$ 157,141	$ 135,108	$ 465,787	$ 402,525
Interest and dividends on investment securities:
Taxable	12,148	15,134	39,313	47,299
Tax-exempt	3,593	3,647	10,800	11,033
Dividends	1,658	1,522	5,013	4,702
Interest on federal funds sold and other short-term investments	150	48	516	102
Total interest income	174,690	155,459	521,429	465,661
Interest Expense
Savings, NOW and money market	5,587	4,860	17,493	13,671
Time	9,535	6,981	25,637	20,196
Interest on short-term borrowings	126	218	427	840
Interest on long-term borrowings and junior subordinated debentures	25,482	28,732	75,649	84,843
Total interest expense	40,730	40,791	119,206	119,550
Net Interest Income	133,960	114,668	402,223	346,111
Provision for credit losses	94	(423)	4,594	(2,096)
Net Interest Income After Provision for Credit Losses	133,866	115,091	397,629	348,207
Non-Interest Income
Trust and investment services	2,450	2,411	7,520	7,097
Insurance commissions	4,119	3,632	12,454	12,621
Service charges on deposit accounts	5,241	5,722	15,794	17,109
Gains on securities transactions, net	157	103	2,481	102
Fees from loan servicing	1,703	1,806	4,948	5,262
Gains (losses) on sales of loans, net	2,014	(95)	3,034	1,497
(Losses) gains on sales of assets, net	(558)	83	(77)	211
Bank owned life insurance	1,806	1,571	5,188	4,593
Change in FDIC loss-share receivable	(55)	(3,823)	(3,380)	(11,610)
Other	4,042	3,371	11,802	11,171
Total non-interest income	20,919	14,781	59,764	48,053
Non-Interest Expense
Salary and employee benefits expense	54,315	45,501	165,601	140,683
Net occupancy and equipment expense	21,526	17,011	65,858	55,708
FDIC insurance assessment	4,168	3,534	11,972	10,214
Amortization of other intangible assets	2,232	2,201	6,721	6,898
Professional and legal fees	4,643	3,609	12,043	11,671
Amortization of tax credit investments	5,224	4,630	14,231	14,148
Advertising	732	1,664	4,092	2,814
Telecommunication expense	2,050	1,622	6,101	4,971
Other	13,762	11,764	37,563	34,881
Total non-interest expense	108,652	91,536	324,182	281,988
Income Before Income Taxes	46,133	38,336	133,211	114,272
Income tax expense	10,179	10,654	34,925	23,235
Net Income	35,954	27,682	98,286	91,037
Dividends on preferred stock	2,017	0	2,017	0
Net Income Available to Common Shareholders	$ 33,937	$ 27,682	$ 96,269	$ 91,037
Earnings Per Common Share:
Basic (in usd per share)	$ 0.15	$ 0.14	$ 0.41	$ 0.45
Diluted (in usd per share)	0.15	0.14	0.41	0.45
Cash Dividends Declared per Common Share (in usd per share)	$ 0.11	$ 0.11	$ 0.33	$ 0.33
Weighted Average Number of Common Shares Outstanding:
Basic (in shares)	232,737,953	200,614,091	232,548,840	200,406,801
Diluted (in shares)	232,780,219	200,614,091	232,565,695	200,406,801

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 35,954	$ 27,682	$ 98,286	$ 91,037
Other comprehensive (loss) income, net of tax:
Net gains (losses) arising during the period	4,586	(488)	2,677	13,851
Less reclassification adjustment for net gains included in net income	(91)	(60)	(1,445)	(59)
Total	4,495	(548)	1,232	13,792
Non-credit impairment losses on available for sale securities
Net change in non-credit impairment losses on securities	252	313	(200)	619
Less reclassification adjustment for accretion of credit impairment losses included in net income	(267)	(115)	(371)	(294)
Total	(15)	198	(571)	325
Unrealized gains and losses on derivatives (cash flow hedges)
Net (losses) gains on derivatives arising during the period	(6,163)	1,251	(10,291)	(7,273)
Less reclassification adjustment for net losses included in net income	772	973	2,714	2,911
Total	(5,391)	2,224	(7,577)	(4,362)
Defined benefit pension plan
Amortization of net loss	119	36	359	110
Total other comprehensive (loss) income	(792)	1,910	(6,557)	9,865
Total comprehensive income	$ 35,162	$ 29,592	$ 91,729	$ 100,902

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 98,286	$ 91,037
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,213	14,562
Stock-based compensation	6,512	5,582
Provision for credit losses	4,594	(2,096)
Net amortization of premiums and accretion of discounts on securities and borrowings	17,595	18,324
Amortization of other intangible assets	6,721	6,898
Gains on securities transactions, net	(2,481)	(102)
Proceeds from sales of loans held for sale	94,342	75,182
Gains on sales of loans, net	(3,034)	(1,497)
Originations of loans held for sale	(86,274)	(67,483)
Losses (gains) on sales of assets, net	77	(211)
FDIC loss-share receivable (excluding reimbursements)	3,380	11,610
Net change in:
Trading securities	14,233	78
Fair value of borrowings hedged by derivative transactions	3,270	0
Cash surrender value of bank owned life insurance	(5,188)	(4,593)
Accrued interest receivable	(199)	419
Other assets	(33,555)	57,493
Accrued expenses and other liabilities	12,490	(36,048)
Net cash provided by operating activities	145,982	169,155
Cash flows from investing activities:
Net loan originations	(486,862)	(495,941)
Loans purchased	(1,066,934)	(128,684)
Investment securities held to maturity:
Purchases	(201,681)	(358,393)
Sales	11,666	0
Maturities, calls and principal repayments	321,771	268,868
Investment securities available for sale:
Purchases	(38,819)	(20,830)
Sales	14,022	5,447
Maturities, calls and principal repayments	115,397	106,323
Proceeds from sales of real estate property and equipment	10,510	16,317
Purchases of real estate property and equipment	(23,139)	(18,106)
Reimbursements from the FDIC	2,835	4,967
Net cash used in investing activities	(1,341,234)	(620,032)
Cash flows from financing activities:
Net change in deposits	465,747	542,225
Net change in short-term borrowings	156,160	16,264
Proceeds from issuance of long-term borrowings, net	98,930	0
Repayments of long-term borrowings	(100,000)	0
Proceeds from issuance of preferred stock, net	111,590	0
Cash dividends paid to preferred shareholders	(2,017)	0
Cash dividends paid to common shareholders	(76,671)	(66,047)
Purchase of common shares to treasury	(2,108)	(946)
Common stock issued, net	4,993	3,667
Net cash provided by financing activities	656,624	495,163
Net change in cash and cash equivalents	(538,628)	44,286
Cash and cash equivalents at beginning of year	830,407	369,168
Cash and cash equivalents at end of period	291,779	413,454
Supplemental disclosures of cash flow information:
Interest on deposits and borrowings	121,907	120,086
Federal and state income taxes	49,932	28,669
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned	8,711	9,053
Transfer of loans to loans held for sale	$ 0	$ 27,329

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements of Valley National Bancorp, a New Jersey Corporation (Valley), include the accounts of its commercial bank subsidiary, Valley National Bank (the “Bank”), and all of Valley’s direct or indirect wholly-owned subsidiaries. All inter-company transactions and balances have been eliminated. The accounting and reporting policies of Valley conform to U.S. generally accepted accounting principles (U.S. GAAP) and general practices within the financial services industry. In accordance with applicable accounting standards, Valley does not consolidate statutory trusts established for the sole purpose of issuing trust preferred securities and related trust common securities. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly Valley’s financial position, results of operations and cash flows at September 30, 2015 and for all periods presented have been made. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for the entire fiscal year. In preparing the unaudited consolidated financial statements in conformity with U.S. GAAP, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and results of operations for the periods indicated. Material estimates that are particularly susceptible to change are: the allowance for loan losses; the evaluation of goodwill and other intangible assets, and investment securities for impairment; fair value measurements of assets and liabilities; and income taxes. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual amounts or results could differ significantly from those estimates. The current economic environment has increased the degree of uncertainty inherent in these material estimates. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP and industry practice have been condensed or omitted pursuant to rules and regulations of the SEC. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in Valley’s Annual Report on Form 10-K for the year ended December 31, 2014 . On June 19, 2015, Valley issued 4.6 million shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A (the "Preferred Stock”), no par value per share, with a liquidation preference of $25 per share. Dividends on the Preferred Stock will accrue and be payable quarterly in arrears, at a fixed rate per annum equal to 6.25 percent from the original issue date to, but excluding, June 30, 2025, and thereafter at a floating rate per annum equal to three-month LIBOR plus a spread of 3.85 percent . The net proceeds from the offering and sale of the Preferred Stock totaled approximately $111.6 million .

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Business Combinations	Business Combinations CNLBancshares, Inc. On May 27, 2015, Valley entered into a merger agreement to acquire CNLBancshares, Inc. (CNLBancshares) and its wholly-owned subsidiary, CNLBank, headquartered in Orlando, Florida. CNLBancshares has approximately $1.4 billion in assets, $843 million in loans and $1.1 billion in deposits and maintains a branch network of 16 offices. The common shareholders of CNLBancshares will receive 0.75 of a share of Valley common stock for each CNLBancshares share they own, subject to adjustment in the event Valley’s average stock price falls below $8.80 or rises above $10.13 prior to closing. The transaction is valued at an estimated $207 million , based on Valley’s closing stock price on May 22, 2015 (and includes the stock consideration of $16.2 million that will be paid to CNLBancshares stock option holders). The merger has received all necessary regulatory and CNLBancshares shareholder approvals, and the transaction is expected to close in December 2015. 1st United Bancorp, Inc. On November 1, 2014, Valley acquired 1st United Bancorp, Inc. (1st United) and its wholly-owned subsidiary, 1st United Bank, a commercial bank with approximately $ 1.7 billion in assets, $1.2 billion in loans, and $1.4 billion in deposits, after purchase accounting adjustments. The 1st United acquisition provided Valley a 20 branch network covering some of the most attractive urban banking markets in Florida, including locations throughout southeast Florida, the Treasure Coast, central Florida and central Gulf Coast regions. The common shareholders of 1st United received 0.89 of a share of Valley common stock for each 1st United share they owned prior to the merger. The total consideration for the acquisition was approximately $300 million , consisting of 30.7 million shares of Valley common stock and $8.9 million of cash consideration paid to 1st United stock option holders. During the first quarter of 2015, Valley revised the estimated fair values of the acquired assets as of the acquisition date as the result of additional information obtained. The adjustments mostly related to the fair value of certain purchased credit-impaired (PCI) loans, core deposit intangibles and deferred tax assets which, on a combined basis, resulted in a $1.6 million increase in goodwill (see Note 10 for amount of goodwill as allocated to Valley's business segments). Certain estimates for acquired assets and assumed liabilities are subject to change for up to one year after the closing date of the 1st United acquisition, as additional information becomes available.

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share The following table shows the calculation of both basic and diluted earnings per common share for the three and nine months ended September 30, 2015 and 2014 . Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands, except for share data) Net income available to common shareholders $ 33,937 $ 27,682 $ 96,269 $ 91,037 Basic weighted average number of common shares outstanding 232,737,953 200,614,091 232,548,840 200,406,801 Plus: Common stock equivalents 42,266 — 16,855 — Diluted weighted average number of common shares outstanding 232,780,219 200,614,091 232,565,695 200,406,801 Earnings per common share: Basic $ 0.15 $ 0.14 $ 0.41 $ 0.45 Diluted 0.15 0.14 0.41 0.45 Common stock equivalents represent the dilutive effect of additional common shares issuable upon the assumed vesting or exercise, if applicable, of performance-based restricted stock units, common stock options and warrants to purchase Valley’s common shares. Common stock options and warrants with exercise prices that exceed the average market price of Valley’s common stock during the periods presented have an anti-dilutive effect on the diluted earnings per common share calculation and therefore are excluded from the diluted earnings per share calculation. Anti-dilutive common stock options and warrants totaled approximately 5.0 million shares for both the three and nine months ended September 30, 2015 and 6.6 million shares for the three and nine months ended September 30, 2014 . Restricted stock units not included in common stock equivalents for both the three and nine months ended September 30, 2015 and 2014 were immaterial.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the three and nine months ended September 30, 2015 . Components of Accumulated Other Comprehensive Loss Total Accumulated Other Comprehensive Loss Unrealized Gains and (Losses) on Available for Sale (AFS) Securities Non-credit Impairment Losses on AFS Securities Unrealized Gains and (Losses) on Derivatives Defined Benefit Pension Plan (in thousands) Balance at June 30, 2015 $ (5,153 ) $ (411 ) $ (16,718 ) $ (25,978 ) $ (48,260 ) Other comprehensive income (loss) before reclassifications 4,586 252 (6,163 ) — (1,325 ) Amounts reclassified from other comprehensive income (loss) (91 ) (267 ) 772 119 533 Other comprehensive income (loss), net 4,495 (15 ) (5,391 ) 119 (792 ) Balance at September 30, 2015 $ (658 ) $ (426 ) $ (22,109 ) $ (25,859 ) $ (49,052 ) Balance at December 31, 2014 $ (1,890 ) $ 145 $ (14,532 ) $ (26,218 ) $ (42,495 ) Other comprehensive income (loss) before reclassifications 2,677 (200 ) (10,291 ) — (7,814 ) Amounts reclassified from other comprehensive income (loss) (1,445 ) (371 ) 2,714 359 1,257 Other comprehensive income (loss), net 1,232 (571 ) (7,577 ) 359 (6,557 ) Balance at September 30, 2015 $ (658 ) $ (426 ) $ (22,109 ) $ (25,859 ) $ (49,052 ) The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three and nine months ended September 30, 2015 and 2014 . Amounts Reclassified from Accumulated Other Comprehensive Loss Three Months Ended Nine Months Ended Components of Accumulated Other Comprehensive Loss 2015 2014 2015 2014 Income Statement Line Item (in thousands) Unrealized gains (losses) on AFS securities before tax $ 157 $ 103 $ 2,481 $ 102 Gains on securities transactions, net Tax effect (66 ) (43 ) (1,036 ) (43 ) Total net of tax 91 60 1,445 59 Non-credit impairment losses on AFS securities before tax: Accretion of credit loss impairment due to an increase in expected cash flows 458 198 636 506 Interest and dividends on investment securities (taxable) Tax effect (191 ) (83 ) (265 ) (212 ) Total net of tax 267 115 371 294 Unrealized losses on derivatives (cash flow hedges) before tax (1,323 ) (1,674 ) (4,651 ) (4,986 ) Interest expense Tax effect 551 701 1,937 2,075 Total net of tax (772 ) (973 ) (2,714 ) (2,911 ) Defined benefit pension plan: Amortization of net loss (205 ) (63 ) (616 ) (187 ) * Tax effect 86 27 257 77 Total net of tax (119 ) (36 ) (359 ) (110 ) Total reclassifications, net of tax $ (533 ) $ (834 ) $ (1,257 ) $ (2,668 ) * Amortization of net loss is included in the computation of net periodic pension cost.

New Authoritative Accounting Gu

New Authoritative Accounting Guidance	9 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
New Authoritative Accounting Guidance	New Authoritative Accounting Guidance Accounting Standards Update (ASU) No. 2015-12, "Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient" simplifies accounting for employee benefit plans as follows: (i) fully benefit-responsive investment contracts are now to be measured, presented and disclosed at contract value, (ii) the requirement to disclose investments that represent 5 percent or more of net assets available for benefits has been eliminated, (iii) the net appreciation or depreciation in investments for the period should be presented in the aggregate, but is no longer required to be disaggregated and disclosed by general type, (iv) if an investment is measured using the net asset value per share (or its equivalent) practical expedient in Topic 820, and that investment is in a fund that files a U.S. Department of Labor Form 5500, Annual Return/Report of Employee Benefit Plan, as a direct filing entity, disclosure of that investment’s strategy is no longer required, and (v) allows employers to measure (as a practical expedient) benefit plan assets on a month-end date nearest to the employer’s fiscal year end when the fiscal period does not coincide with a month end. ASU No. 2015-12 will be effective for fiscal years beginning after December 15, 2015 and is not expected to have a significant impact on Valley's consolidated financial statements. ASU No. 2015-07, "Fair Value Measurement (Topic 820) - Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)", which removes the requirement to categorize within the fair value hierarchy all investments for which the fair value is measured using the net asset value per share practical expedient. ASU No. 2015-07 also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. ASU No. 2015-07 will be effective for Valley for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years with early adoption permitted. Management is currently evaluating the impact of adopting this new ASU on Valley's consolidated financial statements. ASU No. 2015-03, "Interest—Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs" requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU No. 2015-03. ASU No. 2015-03 will become effective for Valley for reporting periods (including interim periods) beginning after December 15, 2015 and is not expected to have a significant impact on Valley's consolidated financial statements. ASU No. 2014-14, "Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure" requires that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. ASU No. 2014-14 became effective for Valley on January 1, 2015 and did not have a significant impact on its consolidated financial statements. ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period" requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU No. 2014-12 became effective for Valley on January 1, 2015 and did not have a significant impact on its consolidated financial statements. ASU No. 2014-11, "Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures" r equires entities to account for repurchase-to-maturity transactions as secured borrowings rather than as sales with forward repurchase agreements and expands disclosure requirements related to certain transfers of financial assets that are accounted for as sales and certain transfers (specifically, repos, securities lending transactions, and repurchase-to-maturity transactions) accounted for as secured borrowings. The accounting-related changes became effective for the first interim or annual period beginning after December 15, 2014. The disclosures for certain transactions accounted for as sales are required for interim and annual periods beginning after December 15, 2014. The disclosures for repos, securities lending transactions, and repos-to-maturity accounted for as secured borrowings are required for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Valley's repurchase agreements are typical in nature (i.e., not repurchase-to-maturity transactions or repurchase agreements executed as a repurchase financing) and are accounted for as secured borrowings. As such, Valley's adoption of ASU No. 2014-11 on January 1, 2015 did not have a significant impact on its consolidated financial statements. ASU No. 2014-04, “Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” clarifies that an in-substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, this ASU requires interim and annual disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU No. 2014-04 became effective for Valley on January 1, 2015 and did not to have a significant impact on its consolidated financial statements. See Note 8 for related disclosures. ASU No. 2014-01, “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects,” amends existing guidance to permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense or benefit. For those investments in qualified affordable housing projects not accounted for using the proportional amortization method, the investment should be accounted for as an equity method investment or a cost method investment in accordance with Subtopic 970-323. ASU No. 2014-01 became effective for Valley on January 1, 2015 and did not have a significant impact on its consolidated financial statements. See Note 15 for related disclosures.

Fair Value Measurement of Asset

Fair Value Measurement of Assets and Liabilities	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurement of Assets and Liabilities	Fair Value Measurement of Assets and Liabilities Accounting Standards Codification (ASC) Topic 820, “Fair Value Measurements and Disclosures,” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted exchange quoted prices in active markets for identical assets or liabilities, or identical liabilities traded as assets that the reporting entity has the ability to access at the measurement date. Level 2 Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly (i.e., quoted prices on similar assets), for substantially the full term of the asset or liability. Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis The following tables present the assets and liabilities that are measured at fair value on a recurring and nonrecurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at September 30, 2015 and December 31, 2014 . The assets presented under “nonrecurring fair value measurements” in the table below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized). September 30, Fair Value Measurements at Reporting Date Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Recurring fair value measurements: Assets Investment securities: Available for sale: U.S. Treasury securities $ 50,468 $ 50,468 $ — $ — U.S. government agency securities 25,513 — 25,513 — Obligations of states and political subdivisions 43,469 — 43,469 — Residential mortgage-backed securities 569,650 — 557,486 12,164 Trust preferred securities 8,593 — 6,411 2,182 Corporate and other debt securities 79,017 17,903 61,114 — Equity securities 20,679 1,465 19,214 — Total available for sale 797,389 69,836 713,207 14,346 Loans held for sale (1)(2) 18,184 — 18,184 — Other assets (3) 34,114 — 34,114 — Total assets $ 849,687 $ 69,836 $ 765,505 $ 14,346 Liabilities Other liabilities (3) $ 57,344 $ — $ 57,344 $ — Total liabilities $ 57,344 $ — $ 57,344 $ — Non-recurring fair value measurements: Collateral dependent impaired loans (4) $ 9,173 $ — $ — $ 9,173 Loan servicing rights 2,922 — — 2,922 Foreclosed assets (5) 10,058 — — 10,058 Total $ 22,153 $ — $ — $ 22,153 Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Recurring fair value measurements: Assets Investment securities: Available for sale: U.S. Treasury securities $ 49,443 $ 49,443 $ — $ — U.S. government agency securities 33,825 — 33,825 — Obligations of states and political subdivisions 44,051 — 44,051 — Residential mortgage-backed securities 644,276 — 629,696 14,580 Trust preferred securities 20,537 — 15,808 4,729 Corporate and other debt securities 74,012 18,241 55,771 — Equity securities 20,826 1,337 19,489 — Total available for sale 886,970 69,021 798,640 19,309 Trading securities 14,233 — 14,233 — Loans held for sale (1) 17,165 — 17,165 — Other assets (3) 20,987 — 20,987 — Total assets $ 939,355 $ 69,021 $ 851,025 $ 19,309 Liabilities Other liabilities (3) $ 33,330 $ — $ 33,330 $ — Total liabilities $ 33,330 $ — $ 33,330 $ — Non-recurring fair value measurements: Non-performing loans held for sale $ 7,130 $ — $ — $ 7,130 Collateral dependent impaired loans (4) 13,985 — — 13,985 Loan servicing rights 3,987 — — 3,987 Foreclosed assets (5) 18,098 — — 18,098 Total $ 43,200 $ — $ — $ 43,200 (1) Loans held for sale carried at fair value (which consist of residential mortgages) had contractual unpaid principal balances totaling approximately $17.5 million and $16.9 million at September 30, 2015 and December 31, 2014 , respectively. (2) Gains and losses related to the change in the fair value of loans held for sale are included in net gains on sales of loans within the non-interest income category of our consolidated statements of income and totaled to net gains of $660 thousand and $81 thousand for the three months ended September 30, 2015 and 2014, respectively, and $813 thousand and $453 thousand for the nine months ended September 30, 2015 and 2014, respectively. (3) Derivative financial instruments are included in this category. (4) Excludes PCI loans. (5) Includes covered other real estate owned totaling $1.3 million and $3.2 million at September 30, 2015 and December 31, 2014 , respectively. The changes in Level 3 assets measured at fair value on a recurring basis for the three and nine months ended September 30, 2015 and 2014 are summarized below: Available for Sale Securities Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Balance, beginning of the period $ 14,712 $ 26,029 $ 19,309 $ 28,523 Total net (losses) gains included in other comprehensive income for the period (26 ) 341 (908 ) 563 Sales — — (2,675 ) — Settlements (340 ) (669 ) (1,380 ) (3,385 ) Balance, end of the period $ 14,346 $ 25,701 $ 14,346 $ 25,701 No changes in unrealized gains or losses on Level 3 securities held at September 30, 2015 and 2014 were included in earnings during the three and nine months ended September 30, 2015 and 2014 . There were no transfers of assets into and out of Level 3, or between Level 1 and Level 2, during the three and nine months ended September 30, 2015 and 2014 . There have been no material changes in the valuation methodologies used at September 30, 2015 from December 31, 2014 . Assets and Liabilities Measured at Fair Value on a Recurring Basis The following valuation techniques were used for financial instruments measured at fair value on a recurring basis. All the valuation techniques described below apply to the unpaid principal balance excluding any accrued interest or dividends at the measurement date. Interest income and expense are recorded within the consolidated statements of income depending on the nature of the instrument using the effective interest method based on acquired discount or premium. Available for sale and trading securities. All U.S. Treasury securities, certain corporate and other debt securities, and certain common and preferred equity securities (including certain trust preferred securities) are reported at fair value utilizing Level 1 inputs. The majority of other investment securities are reported at fair value utilizing Level 2 inputs. The prices for these instruments are obtained through an independent pricing service or dealer market participants with whom Valley has historically transacted both purchases and sales of investment securities. Prices obtained from these sources include prices derived from market quotations and matrix pricing. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Management reviews the data and assumptions used in pricing the securities by its third party provider to ensure the highest level of significant inputs are derived from market observable data. For certain securities, the inputs used by either dealer market participants or an independent pricing service may be derived from unobservable market information (Level 3 inputs). In these instances, Valley evaluates the appropriateness and quality of the assumption and the resulting price. In addition, Valley reviews the volume and level of activity for all available for sale and trading securities and attempts to identify transactions which may not be orderly or reflective of a significant level of activity and volume. For securities meeting these criteria, the quoted prices received from either market participants or an independent pricing service may be adjusted, as necessary, to estimate fair value and this results in fair values based on Level 3 inputs. In determining fair value, Valley utilizes unobservable inputs which reflect Valley’s own assumptions about the inputs that market participants would use in pricing each security. In developing its assertion of market participant assumptions, Valley utilizes the best information that is both reasonable and available without undue cost and effort. In calculating the fair value for the available for sale securities under Level 3, Valley prepared present value cash flow models for certain private label mortgage-backed securities. The cash flows for the residential mortgage-backed securities incorporated the expected cash flow of each security adjusted for default rates, loss severities and prepayments of the individual loans collateralizing the security. The following table presents quantitative information about Level 3 inputs used to measure the fair value of these securities at September 30, 2015 : Security Type Valuation Technique Unobservable Input Range Weighted Average Private label mortgage-backed securities Discounted cash flow Prepayment rate 4.7 - 21.9% 14.7 % Default rate 3.5 - 20.4 8.5 Loss severity 39.2 - 64.2 57.7 Significant increases or decreases in any of the unobservable inputs in the table above in isolation would result in a significantly lower or higher fair value measurement of the securities. Generally, a change in the assumption used for the default rate is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. For the Level 3 available for sale private label mortgage-backed securities (consisting of 4 securities), cash flow assumptions incorporated independent third party market participant data based on vintage year for each security. The discount rate utilized in determining the present value of cash flows for the mortgage-backed securities was arrived at by combining the yield on orderly transactions for similar maturity government sponsored mortgage-backed securities with (i) the historical average risk premium of similar structured private label securities, (ii) a risk premium reflecting current market conditions, including liquidity risk, and (iii) if applicable, a forecasted loss premium derived from the expected cash flows of each security. The estimated cash flows for each private label mortgage-backed security were then discounted at the aforementioned effective rate to determine the fair value. The quoted prices received from either market participants or independent pricing services are weighted with the internal price estimate to determine the fair value of each instrument. For the Level 3 available for sale pooled trust preferred securities (consisting of 1 security at September 30, 2015 and 2 securities at December 31, 2014 ), the resulting estimated future cash flows were discounted at a yield determined by reference to similarly structured securities for which observable orderly transactions occurred. The discount rate for each security was applied using a pricing matrix based on credit, security type and maturity characteristics to determine the fair value. The fair value calculation is received from an independent valuation adviser. In validating the fair value calculation from an independent valuation adviser, Valley reviews the accuracy of the inputs and the appropriateness of the unobservable inputs utilized in the valuation to ensure the fair value calculation is reasonable from a market participant perspective. Loans held for sale. The conforming residential mortgage loans originated for sale are reported at fair value using Level 2 inputs. The fair values were calculated utilizing quoted prices for similar assets in active markets. To determine these fair values, the mortgages held for sale are put into multiple tranches, or pools, based on the coupon rate and maturity of each mortgage. The market prices for each tranche are obtained from both Fannie Mae and Freddie Mac. The market prices represent a delivery price, which reflects the underlying price each institution would pay Valley for an immediate sale of an aggregate pool of mortgages. The market prices received from Fannie Mae and Freddie Mac are then averaged and interpolated or extrapolated, where required, to calculate the fair value of each tranche. Depending upon the time elapsed since the origination of each loan held for sale, non-performance risk and changes therein were addressed in the estimate of fair value based upon the delinquency data provided to both Fannie Mae and Freddie Mac for market pricing and changes in market credit spreads. Non-performance risk did not materially impact the fair value of mortgage loans held for sale at September 30, 2015 and December 31, 2014 based on the short duration these assets were held, and the high credit quality of these loans. Derivatives. Derivatives are reported at fair value utilizing Level 2 inputs. The fair value of Valley’s derivatives are determined using third party prices that are based on discounted cash flow analysis using observed market inputs, such as the LIBOR and Overnight Index Swap rate curves. The fair value of mortgage banking derivatives, consisting of interest rate lock commitments to fund residential mortgage loans and forward commitments for the future delivery of such loans (including certain loans held for sale at September 30, 2015 ), is determined based on the current market prices for similar instruments provided by Freddie Mac and Fannie Mae. The fair values of most of the derivatives incorporate credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, to account for potential nonperformance risk of Valley and its counterparties. The credit valuation adjustments were not significant to the overall valuation of Valley’s derivatives at September 30, 2015 and December 31, 2014 . Assets and Liabilities Measured at Fair Value on a Non-recurring Basis The following valuation techniques were used for certain non-financial assets measured at fair value on a nonrecurring basis, including non-performing loans held for sale carried at estimated fair value (less selling costs) when less than the unamortized cost, impaired loans reported at the fair value of the underlying collateral, loan servicing rights, other real estate owned and other repossessed assets, which are reported at fair value upon initial recognition or subsequent impairment as described below. Non-performing loans held for sale. At December 31, 2014 , non-performing loans held for sale consisted of one commercial real estate loan that was transferred to the loans held for sale account during the first quarter of 2014. At December 31, 2014 , the loan was re-measured and reported at fair value based upon a non-binding sale agreement. This sale transaction was completed during the first quarter of 2015. Impaired loans . Certain impaired loans are reported at the fair value of the underlying collateral if repayment is expected solely from the collateral and are commonly referred to as “collateral dependent impaired loans.” Collateral values are estimated using Level 3 inputs, consisting of individual appraisals that are significantly adjusted based on certain discounting criteria. At September 30, 2015 , appraisals were discounted up to 13.5 percent based on specific market data by location and property type. During the quarter ended September 30, 2015 , collateral dependent impaired loans were individually re-measured and reported at fair value through direct loan charge-offs to the allowance for loan losses and/or a specific valuation allowance allocation based on the fair value of the underlying collateral. The collateral dependent loan charge-offs to the allowance for loan losses totaled $366 thousand and $495 thousand for the three months ended September 30, 2015 and 2014 , respectively, and $3.0 million and $3.7 million for the nine months ended September 30, 2015 and 2014 , respectively. At September 30, 2015 , collateral dependent impaired loans with a total recorded investment of $11.2 million were reduced by specific valuation allowance allocations totaling $2.0 million to a reported total net carrying amount of $9.2 million . Loan servicing rights. Fair values for each risk-stratified group of loan servicing rights are calculated using a fair value model from a third party vendor that requires inputs that are both significant to the fair value measurement and unobservable (Level 3). The fair value model is based on various assumptions, including but not limited to, prepayment speeds, internal rate of return (“discount rate”), servicing cost, ancillary income, float rate, tax rate, and inflation. The prepayment speed and the discount rate are considered two of the most significant inputs in the model. At September 30, 2015 , the fair value model used prepayment speeds (stated as constant prepayment rates) from 0 percent up to 23 percent and a discount rate of 8.0 percent for the valuation of the loan servicing rights. A significant degree of judgment is involved in valuing the loan servicing rights using Level 3 inputs. The use of different assumptions could have a significant positive or negative effect on the fair value estimate. Impairment charges are recognized on loan servicing rights when the amortized cost of a risk-stratified group of loan servicing rights exceeds the estimated fair value. Valley recorded net recoveries of impairment charges on its loan servicing rights totaling $48 thousand and $131 thousand for the three months ended September 30, 2015 and 2014 , respectively, and $209 thousand and $273 thousand for the nine months ended September 30, 2015 and 2014 , respectively. Foreclosed assets . Certain foreclosed assets (consisting of other real estate owned and other repossessed assets), upon initial recognition and transfer from loans, are re-measured and reported at fair value through a charge-off to the allowance for loan losses based upon the fair value of the foreclosed assets. The fair value of a foreclosed asset, upon initial recognition, is typically estimated using Level 3 inputs, consisting of an appraisal that is adjusted based on certain discounting criteria, similar to the criteria used for impaired loans described above. The appraisals of foreclosed assets were discounted up to 13.4 percent at September 30, 2015 . At September 30, 2015 , foreclosed assets included $10.1 million of assets that were measured at fair value upon initial recognition or subsequently re-measured during the quarter ended September 30, 2015 . The foreclosed assets charge-offs to the allowance for loan losses totaled $629 thousand and $1.7 million for the three months ended September 30, 2015 and 2014 , respectively, and $1.5 million and $3.7 million for the nine months ended September 30, 2015 and 2014 , respectively. The re-measurement of foreclosed assets at fair value subsequent to their initial recognition resulted in net loss within non-interest expense of $1.3 million and $799 thousand for the three months ended September 30, 2015 and 2014 , respectively, and $1.8 million and $2.7 million for the nine months ended September 30, 2015 and 2014 , respectively. Other Fair Value Disclosures ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The fair value estimates presented in the following table were based on pertinent market data and relevant information on the financial instruments available as of the valuation date. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire portfolio of financial instruments. Because no market exists for a portion of the financial instruments, fair value estimates may be based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For instance, Valley has certain fee-generating business lines (e.g., its mortgage servicing operation, trust and investment management departments) that were not considered in these estimates since these activities are not financial instruments. In addition, the tax implications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at September 30, 2015 and December 31, 2014 were as follows: Fair Value Hierarchy September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 220,023 $ 220,023 $ 462,569 $ 462,569 Interest bearing deposits with banks Level 1 71,756 71,756 367,838 367,838 Investment securities held to maturity: U.S. Treasury securities Level 1 139,014 152,513 139,121 151,300 U.S. government agency securities Level 2 12,973 13,400 14,081 14,385 Obligations of states and political subdivisions Level 2 511,788 531,616 500,018 519,693 Residential mortgage-backed securities Level 2 889,146 899,776 986,992 998,981 Trust preferred securities Level 2 59,780 46,811 98,456 86,243 Corporate and other debt securities Level 2 24,609 26,835 39,648 45,374 Total investment securities held to maturity 1,637,310 1,670,951 1,778,316 1,815,976 Net loans Level 3 14,912,263 14,633,265 13,371,560 13,085,830 Accrued interest receivable Level 1 57,532 57,532 57,333 57,333 Federal Reserve Bank and Federal Home Loan Bank stock (1) Level 1 137,229 137,229 133,117 133,117 Financial liabilities Deposits without stated maturities Level 1 11,345,222 11,345,222 11,291,648 11,291,648 Deposits with stated maturities Level 2 3,154,641 3,202,590 2,742,468 2,807,522 Short-term borrowings Level 1 302,941 302,941 146,781 146,781 Long-term borrowings Level 2 2,529,326 2,696,964 2,526,408 2,738,122 Junior subordinated debentures issued to capital trusts Level 2 41,374 43,950 41,252 44,584 Accrued interest payable (2) Level 1 12,825 12,825 15,526 15,526 (1) Included in other assets. (2) Included in accrued expenses and other liabilities. The following methods and assumptions were used to estimate the fair value of other financial assets and financial liabilities in the table above: Cash and due from banks and interest bearing deposits with banks. The carrying amount is considered to be a reasonable estimate of fair value because of the short maturity of these items. Investment securities held to maturity . Fair values are based on prices obtained through an independent pricing service or dealer market participants with whom Valley has historically transacted both purchases and sales of investment securities. Prices obtained from these sources include prices derived from market quotations and matrix pricing. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things (Level 2 inputs). Additionally, Valley reviews the volume and level of activity for all classes of held to maturity securities and attempts to identify transactions which may not be orderly or reflective of a significant level of activity and volume. For securities meeting these criteria, the quoted prices received from either market participants or an independent pricing service may be adjusted, as necessary. If applicable, the adjustment to fair value is derived based on present value cash flow model projections prepared by Valley utilizing assumptions similar to those incorporated by market participants. Loans . Fair values of loans are estimated by discounting the projected future cash flows using market discount rates that reflect the credit and interest-rate risk inherent in the loan. The discount rate is a product of both the applicable index and credit spread, subject to the estimated current new loan interest rates. The credit spread component is static for all maturities and may not necessarily reflect the value of estimating all actual cash flows re-pricing. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Fair values estimated in this manner do not fully incorporate an exit-price approach to fair value, but instead are based on a comparison to current market rates for comparable loans. Accrued interest receivable and payable. The carrying amounts of accrued interest approximate their fair value due to the short-term nature of these items. Federal Reserve Bank and Federal Home Loan Bank stock. Federal Reserve Bank and FHLB stock are non-marketable equity securities and are reported at their redeemable carrying amounts, which approximate fair value. Deposits. The carrying amounts of deposits without stated maturities (i.e., non-interest bearing, savings, NOW, and money market deposits) approximate their estimated fair value. The fair value of time deposits is based on the discounted value of contractual cash flows using estimated rates currently offered for alternative funding sources of similar remaining maturity. Short-term and long-term borrowings. The carrying amounts of certain short-term borrowings, including securities sold under agreements to repurchase (and from time to time, federal funds purchased and FHLB borrowings) approximate their fair values because they frequently re-price to a market rate. The fair values of other short-term and long-term borrowings are estimated by obtaining quoted market prices of the identical or similar financial instruments when available. When quoted prices are unavailable, the fair values of the borrowings are estimated by discounting the estimated future cash flows using current market discount rates of financial instruments with similar characteristics, terms and remaining maturity. Junior subordinated debentures issued to capital trusts. The fair value of debentures issued to capital trusts is estimated utilizing the income approach, whereby the expected cash flows, over the remaining estimated life of the security, are discounted using Valley’s credit spread over the current yield on a similar maturity of U.S. Treasury security or the three-month LIBOR for the variable rate indexed debentures (Level 2 inputs). The credit spread used to discount the expected cash flows was calculated based on the median current spreads for all fixed and variable publicly traded trust preferred securities issued by banks.

Investment Securities

Investment Securities	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities Held to Maturity The amortized cost, gross unrealized gains and losses and fair value of securities held to maturity at September 30, 2015 and December 31, 2014 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) September 30, 2015 U.S. Treasury securities $ 139,014 $ 13,499 $ — $ 152,513 U.S. government agency securities 12,973 427 — 13,400 Obligations of states and political subdivisions: Obligations of states and state agencies 195,143 9,471 (12 ) 204,602 Municipal bonds 316,645 10,678 (309 ) 327,014 Total obligations of states and political subdivisions 511,788 20,149 (321 ) 531,616 Residential mortgage-backed securities 889,146 15,530 (4,900 ) 899,776 Trust preferred securities 59,780 48 (13,017 ) 46,811 Corporate and other debt securities 24,609 2,226 — 26,835 Total investment securities held to maturity $ 1,637,310 $ 51,879 $ (18,238 ) $ 1,670,951 December 31, 2014 U.S. Treasury securities $ 139,121 $ 12,179 $ — $ 151,300 U.S. government agency securities 14,081 304 — 14,385 Obligations of states and political subdivisions: Obligations of states and state agencies 197,440 9,410 (412 ) 206,438 Municipal bonds 302,578 10,955 (278 ) 313,255 Total obligations of states and political subdivisions 500,018 20,365 (690 ) 519,693 Residential mortgage-backed securities 986,992 18,233 (6,244 ) 998,981 Trust preferred securities 98,456 167 (12,380 ) 86,243 Corporate and other debt securities 39,648 5,726 — 45,374 Total investment securities held to maturity $ 1,778,316 $ 56,974 $ (19,314 ) $ 1,815,976 The age of unrealized losses and fair value of related securities held to maturity at September 30, 2015 and December 31, 2014 were as follows: Less than Twelve Months More than Twelve Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) September 30, 2015 Obligations of states and political subdivisions: Obligations of states and state agencies $ — $ — $ 1,957 $ (12 ) $ 1,957 $ (12 ) Municipal bonds 19,027 (241 ) 10,159 (68 ) 29,186 (309 ) Total obligations of states and political subdivisions 19,027 (241 ) 12,116 (80 ) 31,143 (321 ) Residential mortgage-backed securities 223,653 (1,665 ) 160,149 (3,235 ) 383,802 (4,900 ) Trust preferred securities — — 45,409 (13,017 ) 45,409 (13,017 ) Total $ 242,680 $ (1,906 ) $ 217,674 $ (16,332 ) $ 460,354 $ (18,238 ) December 31, 2014 Obligations of states and political subdivisions: Obligations of states and state agencies $ 4,927 $ (50 ) $ 19,050 $ (362 ) $ 23,977 $ (412 ) Municipal bonds — — 28,815 (278 ) 28,815 (278 ) Total obligations of states and political subdivisions 4,927 (50 ) 47,865 (640 ) 52,792 (690 ) Residential mortgage-backed securities 107,357 (563 ) 276,580 (5,681 ) 383,937 (6,244 ) Trust preferred securities — — 66,194 (12,380 ) 66,194 (12,380 ) Total $ 112,284 $ (613 ) $ 390,639 $ (18,701 ) $ 502,923 $ (19,314 ) The unrealized losses on investment securities held to maturity are primarily due to changes in interest rates (including, in certain cases, changes in credit spreads) and, in some cases, lack of liquidity in the marketplace. The total number of security positions in the securities held to maturity portfolio in an unrealized loss position at September 30, 2015 was 79 as compared to 57 at December 31, 2014 . The unrealized losses within the residential mortgage-backed securities category of the available for sale portfolio at September 30, 2015 largely related to several investment grade securities mainly issued by Fannie Mae. The unrealized losses existing for more than twelve months for trust preferred securities at September 30, 2015 primarily related to four non-rated single-issuer trust preferred securities issued by bank holding companies. All single-issuer trust preferred securities classified as held to maturity are paying in accordance with their terms, have no deferrals of interest or defaults and, if applicable, the issuers meet the regulatory capital requirements to be considered “well-capitalized institutions” at September 30, 2015 . Management does not believe that any individual unrealized loss as of September 30, 2015 included in the table above represents other-than-temporary impairment as management mainly attributes the declines in fair value to changes in interest rates and market volatility, not credit quality or other factors. Based on a comparison of the present value of expected cash flows to the amortized cost, management believes there are no credit losses on these securities. Valley does not have the intent to sell, nor is it more likely than not that Valley will be required to sell, the securities contained in the table above before the recovery of their amortized cost basis or maturity. During the first quarter of 2015, Valley sold one corporate debt security classified as held to maturity with amortized costs of $9.8 million . See "Realized Gains and Losses" section below for further details regarding this transaction. As of September 30, 2015 , the fair value of investments held to maturity that were pledged to secure public deposits, repurchase agreements, lines of credit, and for other purposes required by law, was $1.0 billion . The contractual maturities of investments in debt securities held to maturity at September 30, 2015 are set forth in the table below. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary. September 30, 2015 Amortized Cost Fair Value (in thousands) Due in one year $ 81,860 $ 81,866 Due after one year through five years 71,354 75,970 Due after five years through ten years 374,915 400,050 Due after ten years 220,035 213,289 Residential mortgage-backed securities 889,146 899,776 Total investment securities held to maturity $ 1,637,310 $ 1,670,951 Actual maturities of debt securities may differ from those presented above since certain obligations provide the issuer the right to call or prepay the obligation prior to scheduled maturity without penalty. The weighted-average remaining expected life for residential mortgage-backed securities held to maturity was 5.9 years at September 30, 2015 . Available for Sale The amortized cost, gross unrealized gains and losses and fair value of securities available for sale at September 30, 2015 and December 31, 2014 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) September 30, 2015 U.S. Treasury securities $ 51,047 $ 20 $ (599 ) $ 50,468 U.S. government agency securities 24,738 779 (4 ) 25,513 Obligations of states and political subdivisions: Obligations of states and state agencies 10,980 22 — 11,002 Municipal bonds 33,215 60 (808 ) 32,467 Total obligations of states and political subdivisions 44,195 82 (808 ) 43,469 Residential mortgage-backed securities 569,182 5,865 (5,397 ) 569,650 Trust preferred securities* 10,530 — (1,937 ) 8,593 Corporate and other debt securities 78,550 1,413 (946 ) 79,017 Equity securities 21,022 815 (1,158 ) 20,679 Total investment securities available for sale $ 799,264 $ 8,974 $ (10,849 ) $ 797,389 December 31, 2014 U.S. Treasury securities $ 51,063 $ 2 $ (1,622 ) $ 49,443 U.S. government agency securities 33,163 748 (86 ) 33,825 Obligations of states and political subdivisions: Obligations of states and state agencies 11,160 — (24 ) 11,136 Municipal bonds 33,340 127 (552 ) 32,915 Total obligations of states and political subdivisions 44,500 127 (576 ) 44,051 Residential mortgage-backed securities 643,382 5,854 (4,960 ) 644,276 Trust preferred securities* 23,194 296 (2,953 ) 20,537 Corporate and other debt securities 73,585 1,645 (1,218 ) 74,012 Equity securities 21,071 671 (916 ) 20,826 Total investment securities available for sale $ 889,958 $ 9,343 $ (12,331 ) $ 886,970 * Includes two and three pooled trust preferred securities, principally collateralized by securities issued by banks and insurance companies, at September 30, 2015 and December 31, 2014, respectively. The age of unrealized losses and fair value of related securities available for sale at September 30, 2015 and December 31, 2014 were as follows: Less than Twelve Months More than Twelve Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) September 30, 2015 U.S. Treasury securities $ 49,516 $ (599 ) $ — $ — $ 49,516 $ (599 ) U.S. government agency securities — — 4,857 (4 ) 4,857 (4 ) Obligations of states and political subdivisions: Municipal bonds 19,764 (232 ) 10,721 (576 ) 30,485 (808 ) Total obligations of states and political subdivisions 19,764 (232 ) 10,721 (576 ) 30,485 (808 ) Residential mortgage-backed securities 107,912 (1,601 ) 168,049 (3,796 ) 275,961 (5,397 ) Trust preferred securities — — 8,593 (1,937 ) 8,593 (1,937 ) Corporate and other debt securities 15,190 (131 ) 36,908 (815 ) 52,098 (946 ) Equity securities — — 14,486 (1,158 ) 14,486 (1,158 ) Total $ 192,382 $ (2,563 ) $ 243,614 $ (8,286 ) $ 435,996 $ (10,849 ) December 31, 2014 U.S. Treasury securities $ — $ — $ 48,504 $ (1,622 ) $ 48,504 $ (1,622 ) U.S. government agency securities — — 5,442 (86 ) 5,442 (86 ) Obligations of states and political subdivisions: Obligations of states and state agencies — — 11,136 (24 ) 11,136 (24 ) Municipal bonds 13,337 (426 ) 14,637 (126 ) 27,974 (552 ) Total obligations of states and political subdivisions 13,337 (426 ) 25,773 (150 ) 39,110 (576 ) Residential mortgage-backed securities 57,543 (121 ) 244,910 (4,839 ) 302,453 (4,960 ) Trust preferred securities 2,210 (117 ) 12,085 (2,836 ) 14,295 (2,953 ) Corporate and other debt securities 27,500 (294 ) 28,269 (924 ) 55,769 (1,218 ) Equity securities 158 (41 ) 14,769 (875 ) 14,927 (916 ) Total $ 100,748 $ (999 ) $ 379,752 $ (11,332 ) $ 480,500 $ (12,331 ) The unrealized losses on investment securities available for sale are primarily due to changes in interest rates (including, in certain cases, changes in credit spreads) and, in some cases, lack of liquidity in the marketplace. The total number of security positions in the securities available for sale portfolio in an unrealized loss position at September 30, 2015 was 94 as compared to 96 at December 31, 2014 . The unrealized losses within the residential mortgage-backed securities category of the available for sale portfolio at September 30, 2015 largely related to several investment grade residential mortgage-backed securities mainly issued by Ginnie Mae. The unrealized losses for trust preferred securities at September 30, 2015 for more than twelve months in the table above largely relate to 2 pooled trust preferred securities with an amortized cost of $10.5 million and a fair value of $8.6 million . One of the two pooled trust preferred securities had a unrealized loss of $1.4 million and an investment grade rating at September 30, 2015 . The second pooled trust preferred security had a non-investment grade rating and was initially other-than-temporarily impaired in 2008 with additional estimated credit losses recognized in 2009 and 2011, and is not accruing interest. Management does not believe that any individual unrealized loss as of September 30, 2015 represents an other-than-temporary impairment, as management mainly attributes the declines in value to changes in interest rates and market volatility, not credit quality or other factors. Based on a comparison of the present value of expected cash flows to the amortized cost, management believes there are no credit losses on these securities. Valley has no intent to sell, nor is it more likely than not that Valley will be required to sell, the securities contained in the table above before the recovery of their amortized cost basis or, if necessary, maturity. As of September 30, 2015 , the fair value of securities available for sale that were pledged to secure public deposits, repurchase agreements, lines of credit, and for other purposes required by law, was $242.5 million . The contractual maturities of investment securities available for sale at September 30, 2015 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary. September 30, 2015 Amortized Cost Fair Value (in thousands) Due in one year $ 600 $ 602 Due after one year through five years 70,286 71,237 Due after five years through ten years 71,953 70,566 Due after ten years 66,221 64,655 Residential mortgage-backed securities 569,182 569,650 Equity securities 21,022 20,679 Total investment securities available for sale $ 799,264 $ 797,389 Actual maturities of debt securities may differ from those presented above since certain obligations provide the issuer the right to call or prepay the obligation prior to scheduled maturity without penalty. The weighted average remaining expected life for residential mortgage-backed securities available for sale at September 30, 2015 was 4.8 years . Other-Than-Temporary Impairment Analysis Valley records impairment charges on its investment securities when the decline in fair value is considered other-than-temporary. Numerous factors, including lack of liquidity for re-sales of certain investment securities; decline in the creditworthiness of the issuer; absence of reliable pricing information for investment securities; adverse changes in business climate; adverse actions by regulators; prolonged decline in value of equity investments; or unanticipated changes in the competitive environment could have a negative effect on Valley’s investment portfolio and may result in other-than-temporary impairment on certain investment securities in future periods. Valley’s investment portfolios include private label mortgage-backed securities, trust preferred securities principally issued by bank holding companies (including two pooled trust preferred securities), corporate bonds, and perpetual preferred and common equity securities issued by banks. These investments may pose a higher risk of future impairment charges by Valley as a result of the unpredictable nature of the U.S. economy and its potential negative effect on the future performance of the security issuers and, if applicable, the underlying mortgage loan collateral of the security. There were no other-than-temporary impairment losses on securities recognized in earnings for the three and nine months ended September 30, 2015 and 2014. At September 30, 2015 , four previously impaired private label mortgage-backed securities (prior to December 31, 2012) had a combined amortized cost and fair value of $12.3 million and $12.2 million , respectively, while one previously impaired pooled trust preferred security had an amortized cost and fair value of $2.8 million and $2.2 million , respectively. The previously impaired pooled trust preferred security was not accruing interest during the three and nine months ended September 30, 2015 and 2014. Additionally, one previously impaired pooled trust preferred security was sold during the first quarter of 2015 for an immaterial gain. See the table and discussion below for additional information. The following table presents the changes in the credit loss component of cumulative other-than-temporary impairment losses on debt securities classified as either held to maturity or available for sale that Valley has previously recognized in earnings, for which a portion of the impairment loss (non-credit factors) was recognized in other comprehensive income for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Balance, beginning of period $ 6,387 $ 9,682 $ 8,947 $ 9,990 Accretion of credit loss impairment due to an increase in expected cash flows (458 ) (198 ) (636 ) (506 ) Sales — — (2,382 ) — Balance, end of period $ 5,929 $ 9,484 $ 5,929 $ 9,484 The credit loss component of the impairment loss represents the difference between the present value of expected future cash flows and the amortized cost basis of the security prior to considering credit losses. The beginning balance represents the credit loss component for debt securities for which other-than-temporary impairment occurred prior to each period presented. Other-than-temporary impairments recognized in earnings for credit impaired debt securities are presented as additions in two components based upon whether the current period is the first time the debt security was credit impaired (initial credit impairment) or is not the first time the debt security was credit impaired (subsequent credit impairment). The credit loss component is reduced if Valley sells, intends to sell or believes it will be required to sell previously credit impaired debt securities. Additionally, the credit loss component is reduced if (i) Valley receives cash flows in excess of what it expected to receive over the remaining life of the credit impaired debt security, (ii) the security matures, or (iii) the security is fully written down. Realized Gains and Losses Gross gains (losses) realized on sales, maturities and other securities transactions related to investment securities included in earnings for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Sales transactions: Gross gains $ — $ 103 $ 3,274 $ 103 Gross losses — — (947 ) — $ — $ 103 $ 2,327 $ 103 Maturities and other securities transactions: Gross gains $ 158 $ — $ 287 $ 8 Gross losses (1 ) — (133 ) (9 ) $ 157 $ — $ 154 $ (1 ) Total gains on securities transactions, net $ 157 $ 103 $ 2,481 $ 102 Valley recognized gross gains from sales transactions of investment securities totaling $3.3 million for the nine months ended September 30, 2015 due to the sale of corporate debt securities and trust preferred securities with amortized cost totaling $25.9 million . These transactions included a corporate debt security classified as held to maturity and a previously impaired pooled trust preferred security with amortized costs of $9.8 million and $2.6 million , respectively. Additionally, Valley recognized $947 thousand of gross losses during the nine months ended September 30, 2015 due to the sale of mostly trust preferred securities with a total amortized cost of $8.3 million . The vast majority of the sales of investment securities were due to a investment portfolio re-balancing during the first quarter due to changes in our regulatory capital calculation under the new Basel III regulatory capital reform (effective for Valley on January 1, 2015). Under ASC Topic 320, “Investments - Debt and Equity Securities,” the sale of held to maturity securities based upon the change in capital requirements is permitted without tainting the remaining held to maturity investment portfolio. Trading Securities The fair value of trading securities (consisting of 2 single-issuer bank trust preferred securities) was $14.2 million at December 31, 2014 . During the first quarter of 2015, one of the two securities was redeemed by the issuer and the other security was sold prior to its issuer's call date in April 2015. Both of the securities transactions resulted in an immaterial aggregate net trading loss for the nine months ended September 30, 2015 which was included in the other non-interest income category of our consolidated statements of income. Net trading losses were also immaterial for the three and nine months ended September 30, 2014 . Interest income on trading securities totaled $213 thousand for the nine months ended September 30, 2015 and $290 thousand and $871 thousand for the three and nine months ended September 30, 2014 , respectively.

Loans

Loans	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Loans	Loans The detail of the loan portfolio as of September 30, 2015 and December 31, 2014 was as follows: September 30, 2015 December 31, 2014 Non-PCI Loans PCI Loans Total Non-PCI Loans PCI Loans Total (in thousands) Non-covered loans: Commercial and industrial $ 2,152,638 $ 246,813 $ 2,399,451 $ 1,959,927 $ 277,371 $ 2,237,298 Commercial real estate: Commercial real estate 6,009,760 880,597 6,890,357 5,053,742 978,448 6,032,190 Construction 521,543 46,083 567,626 476,094 53,869 529,963 Total commercial real estate loans 6,531,303 926,680 7,457,983 5,529,836 1,032,317 6,562,153 Residential mortgage 2,863,402 83,294 2,946,696 2,419,044 96,631 2,515,675 Consumer: Home equity 392,658 82,072 474,730 400,136 91,609 491,745 Automobile 1,219,734 24 1,219,758 1,144,780 51 1,144,831 Other consumer 379,291 9,414 388,705 298,389 11,931 310,320 Total consumer loans 1,991,683 91,510 2,083,193 1,843,305 103,591 1,946,896 Total non-covered loans 13,539,026 1,348,297 14,887,323 11,752,112 1,509,910 13,262,022 Covered loans: Commercial and industrial — 1,167 1,167 — 13,813 13,813 Commercial real estate — 70,320 70,320 — 128,691 128,691 Construction — 2,027 2,027 — 3,171 3,171 Residential mortgage — 52,566 52,566 — 60,697 60,697 Consumer — 3,411 3,411 — 5,519 5,519 Total covered loans — 129,491 129,491 — 211,891 211,891 Total loans $ 13,539,026 $ 1,477,788 $ 15,016,814 $ 11,752,112 $ 1,721,801 $ 13,473,913 Total non-covered loans include net unearned premiums and deferred loan costs of $106 thousand at September 30, 2015 as compared to net unearned discounts and deferred loan fees of $9.0 million at December 31, 2014 . The outstanding balances (representing contractual balances owed to Valley) for non-covered PCI loans and covered loans totaled $1.4 billion and $149.3 million at September 30, 2015 , respectively, and $1.6 billion and $253.7 million at December 31, 2014 , respectively. There were no sales of loans from the held for investment portfolio during the three and nine months ended September 30, 2015 and 2014 . Purchased Credit-Impaired Loans (Including Covered Loans) PCI loans, which include loans acquired in FDIC-assisted transactions ("covered loans"), are accounted for in accordance with ASC Subtopic 310-30 and are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance (i.e., the allowance for loan losses), and aggregated and accounted for as pools of loans based on common risk characteristics. The difference between the undiscounted cash flows expected at acquisition and the initial carrying amount (fair value) of the PCI loans, or the “accretable yield,” is recognized as interest income utilizing the level-yield method over the life of each pool. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non-accretable difference,” are not recognized as a yield adjustment, as a loss accrual or a valuation allowance. Reclassifications of the non-accretable difference to the accretable yield may occur subsequent to the loan acquisition dates due to increases in expected cash flows of the loan pools. The following table presents changes in the accretable yield for PCI loans during the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Balance, beginning of period $ 282,101 $ 122,342 $ 336,208 $ 223,799 Accretion (24,814 ) (15,538 ) (78,921 ) (46,981 ) Net decrease in expected cash flows — — — (70,014 ) Balance, end of period $ 257,287 $ 106,804 $ 257,287 $ 106,804 The net decrease in expected cash flows for certain pools of loans (included in the table above) is recognized prospectively as an adjustment to the yield over the life of the individual pools. The net decrease during the nine months ended September 30, 2014 was mainly due to an increase in the expected repayment speeds for certain pools of non-covered PCI loans during the second quarter of 2014. FDIC Loss-Share Receivable The receivable arising from the loss-sharing agreements (referred to as the “FDIC loss-share receivable” on our consolidated statements of financial condition) is measured separately from the covered loan portfolio because the agreements are not contractually part of the covered loans and are not transferable should the Bank choose to dispose of the covered loans. Changes in the FDIC loss-share receivable for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Balance, beginning of the period $ 8,404 $ 20,687 $ 13,848 $ 32,757 Discount accretion of the present value at the acquisition dates 43 12 130 35 Effect of additional cash flows on covered loans (prospective recognition) — (4,500 ) (4,072 ) (8,460 ) Decrease in the provision for losses on covered loans — — — (4,417 ) Net (recovered) reimbursable expenses (238 ) 745 174 2,248 Reimbursements from the FDIC (1,082 ) (684 ) (2,835 ) (4,967 ) Other 140 (80 ) 22 (1,016 ) Balance, end of the period $ 7,267 $ 16,180 $ 7,267 $ 16,180 The aggregate effect of changes in the FDIC loss-share receivable was a net reduction in non-interest income of $55 thousand and $3.8 million for the three months ended September 30, 2015 and 2014, respectively, and $3.4 million and $11.6 million for nine months ended September 30, 2015 and 2014 , respectively. The reduction (in both the receivable and non-interest income) during the nine months ended September 30, 2015 was mainly caused by the increase in our prospective recognition of the effect of additional cash flows from certain pooled loans during the first quarter of 2015. There were no additional cash flows on pooled loans during the second and third quarter of 2015, as the receivable was prospectively reduced for such additional cash flows over the shorter term of the commercial loan loss-sharing agreements (related to Valley's 2010 FDIC-assisted transactions) that expired in March 2015. Loan Portfolio Risk Elements and Credit Risk Management Credit risk management. For all of its loan types discussed below, Valley adheres to a credit policy designed to minimize credit risk while generating the maximum income given the level of risk. Management reviews and approves these policies and procedures on a regular basis with subsequent approval by the Board of Directors annually. Credit authority relating to a significant dollar percentage of the overall portfolio is centralized and controlled by the Credit Risk Management Division and by the Credit Committee. A reporting system supplements the management review process by providing management with frequent reports concerning loan production, loan quality, concentrations of credit, loan delinquencies, non-performing, and potential problem loans. Loan portfolio diversification is an important factor utilized by Valley to manage its risk across business sectors and through cyclical economic circumstances. Commercial and industrial loans. A significant proportion of Valley’s commercial and industrial loan portfolio is granted to long-standing customers of proven ability and strong repayment performance. Underwriting standards are designed to assess the borrower’s ability to generate recurring cash flow sufficient to meet the debt service requirements of loans granted. While such recurring cash flow serves as the primary source of repayment, a significant number of the loans are collateralized by borrower assets intended to serve as a secondary source of repayment should the need arise. Anticipated cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value, or in the case of loans secured by accounts receivable, the ability of the borrower to collect all amounts due from its customers. Short-term loans may be made on an unsecured basis based on a borrower’s financial strength and past performance. Valley, in most cases, will obtain the personal guarantee of the borrower’s principals to mitigate the risk. Unsecured loans, when made, are generally granted to the Bank’s most credit worthy borrowers. Unsecured commercial and industrial loans totaled $360.8 million and $345.1 million at September 30, 2015 and December 31, 2014 , respectively. Commercial real estate loans. Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans. Both Valley originated and purchased commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real property. Commercial real estate loans generally involve larger principal balances and longer repayment periods as compared to commercial and industrial loans. Repayment of most commercial real estate loans is dependent upon the cash flow generated from the property securing the loan or the business that occupies the property. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy and accordingly conservative loan to value ratios are required at origination, as well as stress tested to evaluate the impact of market changes relating to key underwriting elements. The properties securing the commercial real estate portfolio represent diverse types, with most properties located within Valley’s primary markets. Construction loans . With respect to loans to developers and builders, Valley originates and manages construction loans structured on either a revolving or non-revolving basis, depending on the nature of the underlying development project. These loans are generally secured by the real estate to be developed and may also be secured by additional real estate to mitigate the risk. Non-revolving construction loans often involve the disbursement of substantially all committed funds with repayment substantially dependent on the successful completion and sale, or lease, of the project. Sources of repayment for these types of loans may be from pre-committed permanent loans from other lenders, sales of developed property, or an interim loan commitment from Valley until permanent financing is obtained elsewhere. Revolving construction loans (generally relating to single-family residential construction) are controlled with loan advances dependent upon the pre-sale of housing units financed. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions and the availability of long-term financing. Residential mortgages. Valley originates residential, first mortgage loans based on underwriting standards that generally comply with Fannie Mae and/or Freddie Mac requirements. Appraisals and valuations of real estate collateral are contracted directly with independent appraisers or from valuation services and not through appraisal management companies. The Bank’s appraisal management policy and procedure is in accordance with regulatory requirements and guidance issued by the Bank’s primary regulator. Credit scoring, using FICO® and other proprietary credit scoring models, is employed in the ultimate, judgmental credit decision by Valley’s underwriting staff. Valley does not use third party contract underwriting services. Residential mortgage loans include fixed and variable interest rate loans secured by one to four family homes generally located in northern and central New Jersey, the New York City metropolitan area, eastern Pennsylvania, and to a much lesser extent, central and southeast Florida. Valley’s ability to be repaid on such loans is closely linked to the economic and real estate market conditions in these regions. In deciding whether to originate each residential mortgage loan, Valley considers the qualifications of the borrower as well as the value of the underlying property. Home equity loans . Home equity lending consists of both fixed and variable interest rate products. Valley mainly provides home equity loans to its residential mortgage customers within the footprint of its primary lending territory. Valley generally will not exceed a combined (i.e., first and second mortgage) loan-to-value ratio of 75 percent when originating a home equity loan. Automobile loans. Valley uses both judgmental and scoring systems in the credit decision process for automobile loans. Automobile originations (including light truck and sport utility vehicles) are largely produced via indirect channels, originated through approved automobile dealers. Automotive collateral is generally a depreciating asset and there are times in the life of an automobile loan where the amount owed on a vehicle may exceed its collateral value. Additionally, automobile charge-offs will vary based on strength or weakness in the used vehicle market, original advance rate, when in the life cycle of a loan a default occurs and the condition of the collateral being liquidated. Where permitted by law, and subject to the limitations of the bankruptcy code, deficiency judgments are sought and acted upon to ultimately collect all money owed, even when a default resulted in a loss at collateral liquidation. Valley uses a third party to actively track collision and comprehensive risk insurance required of the borrower on the automobile and this third party provides coverage to Valley in the event of an uninsured collateral loss. Other consumer loans . Valley’s other consumer loan portfolio includes direct consumer term loans, both secured and unsecured. The other consumer loan portfolio includes exposures in credit card loans, personal lines of credit, personal loans and loans secured by cash surrender value of life insurance. Valley believes the aggregate risk exposure of these loans and lines of credit was not significant at September 30, 2015 . Unsecured consumer loans totaled approximately $17.4 million and $31.4 million , including $7.0 million and $7.6 million of credit card loans, at September 30, 2015 and December 31, 2014 , respectively. Credit Quality The following table presents past due, non-accrual and current loans (excluding PCI loans, which are accounted for on a pool basis, and non-performing loans held for sale) by loan portfolio class at September 30, 2015 and December 31, 2014 : Past Due and Non-Accrual Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans Accruing Loans 90 Days or More Past Due Non-Accrual Loans Total Past Due Loans Current Non-PCI Loans Total Non-PCI Loans (in thousands) September 30, 2015 Commercial and industrial $ 2,081 $ 1,996 $ 224 $ 12,845 $ 17,146 $ 2,135,492 $ 2,152,638 Commercial real estate: Commercial real estate 2,950 1,415 245 22,129 26,739 5,983,021 6,009,760 Construction 4,707 — — 5,959 10,666 510,877 521,543 Total commercial real estate loans 7,657 1,415 245 28,088 37,405 6,493,898 6,531,303 Residential mortgage 5,617 1,977 3,468 16,657 27,719 2,835,683 2,863,402 Consumer loans: Home equity 1,285 218 — 1,576 3,079 389,579 392,658 Automobile 1,904 480 164 — 2,548 1,217,186 1,219,734 Other consumer 302 24 2 58 386 378,905 379,291 Total consumer loans 3,491 722 166 1,634 6,013 1,985,670 1,991,683 Total $ 18,846 $ 6,110 $ 4,103 $ 59,224 $ 88,283 $ 13,450,743 $ 13,539,026 December 31, 2014 Commercial and industrial $ 1,630 $ 1,102 $ 226 $ 8,467 $ 11,425 $ 1,948,502 $ 1,959,927 Commercial real estate: Commercial real estate 8,938 113 49 22,098 31,198 5,022,544 5,053,742 Construction 448 — 3,988 5,223 9,659 466,435 476,094 Total commercial real estate loans 9,386 113 4,037 27,321 40,857 5,488,979 5,529,836 Residential mortgage 6,200 3,575 1,063 17,760 28,598 2,390,446 2,419,044 Consumer loans: Home equity 761 282 — 2,022 3,065 397,071 400,136 Automobile 1,902 391 126 90 2,509 1,142,271 1,144,780 Other consumer 319 91 26 97 533 297,856 298,389 Total consumer loans 2,982 764 152 2,209 6,107 1,837,198 1,843,305 Total $ 20,198 $ 5,554 $ 5,478 $ 55,757 $ 86,987 $ 11,665,125 $ 11,752,112 Impaired loans. Impaired loans, consisting of non-accrual commercial and industrial loans and commercial real estate loans over $250 thousand and all loans which were modified in troubled debt restructuring, are individually evaluated for impairment. PCI loans are not classified as impaired loans because they are accounted for on a pool basis. The following table presents the information about impaired loans by loan portfolio class at September 30, 2015 and December 31, 2014 : Recorded Investment With No Related Allowance Recorded Investment With Related Allowance Total Recorded Investment Unpaid Contractual Principal Balance Related Allowance (in thousands) September 30, 2015 Commercial and industrial $ 6,624 $ 20,760 $ 27,384 $ 32,070 $ 4,446 Commercial real estate: Commercial real estate 28,833 42,947 71,780 75,489 4,187 Construction 12,901 4,753 17,654 17,654 349 Total commercial real estate loans 41,734 47,700 89,434 93,143 4,536 Residential mortgage 7,269 16,155 23,424 16,166 1,632 Consumer loans: Home equity 413 2,684 3,097 3,175 463 Total consumer loans 413 2,684 3,097 3,175 463 Total $ 56,040 $ 87,299 $ 143,339 $ 144,554 $ 11,077 December 31, 2014 Commercial and industrial $ 6,579 $ 21,645 $ 28,224 $ 33,677 $ 4,929 Commercial real estate: Commercial real estate 29,784 44,713 74,497 77,007 5,342 Construction 14,502 2,299 16,801 20,694 160 Total commercial real estate loans 44,286 47,012 91,298 97,701 5,502 Residential mortgage 6,509 15,831 22,340 24,311 1,629 Consumer loans: Home equity 235 2,911 3,146 3,247 465 Total consumer loans 235 2,911 3,146 3,247 465 Total $ 57,609 $ 87,399 $ 145,008 $ 158,936 $ 12,525 The following tables present by loan portfolio class, the average recorded investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, 2015 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) Commercial and industrial $ 28,892 $ 232 $ 30,387 $ 172 Commercial real estate: Commercial real estate 76,509 538 83,045 604 Construction 20,007 139 16,954 147 Total commercial real estate loans 96,516 677 99,999 751 Residential mortgage 25,336 208 25,382 227 Consumer loans: Home equity 4,275 43 3,039 18 Total consumer loans 4,275 43 3,039 18 Total $ 155,019 $ 1,160 $ 158,807 $ 1,168 Nine Months Ended September 30, 2015 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) Commercial and industrial $ 27,570 $ 689 $ 37,229 $ 831 Commercial real estate: Commercial real estate 76,900 1,918 91,184 2,173 Construction 16,066 415 18,541 445 Total commercial real estate loans 92,966 2,333 109,725 2,618 Residential mortgage 23,261 707 26,447 709 Consumer loans: Home equity 4,125 111 1,855 47 Total consumer loans 4,125 111 1,855 47 Total $ 147,922 $ 3,840 $ 175,256 $ 4,205 Interest income recognized on a cash basis (included in the table above) was immaterial for the three and nine months ended September 30, 2015 and 2014 . Troubled debt restructured loans . From time to time, Valley may extend, restructure, or otherwise modify the terms of existing loans, on a case-by-case basis, to remain competitive and retain certain customers, as well as assist other customers who may be experiencing financial difficulties. If the borrower is experiencing financial difficulties and a concession has been made at the time of such modification, the loan is classified as a troubled debt restructured loan (TDR). Valley’s PCI loans are excluded from the TDR disclosures below because they are evaluated for impairment on a pool by pool basis. When an individual PCI loan within a pool is modified as a TDR, it is not removed from its pool. All TDRs are classified as impaired loans and are included in the impaired loan disclosures above. The majority of the concessions made for TDRs involve lowering the monthly payments on loans through either a reduction in interest rate below a market rate, an extension of the term of the loan without a corresponding adjustment to the risk premium reflected in the interest rate, or a combination of these two methods. The concessions rarely result in the forgiveness of principal or accrued interest. In addition, Valley frequently obtains additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms and Valley’s underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. Performing TDRs (not reported as non-accrual loans) totaled $91.2 million and $97.7 million as of September 30, 2015 and December 31, 2014 , respectively. Non-performing TDRs totaled $14.8 million and $19.4 million as of September 30, 2015 and December 31, 2014 , respectively. The following tables present loans by loan portfolio class modified as TDRs during the three and nine months ended September 30, 2015 and 2014 . The pre-modification and post-modification outstanding recorded investments disclosed in the table below represent the loan carrying amounts immediately prior to the modification and the carrying amounts at September 30, 2015 and 2014 , respectively. Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Commercial and industrial 2 $ 1,530 $ 1,530 1 $ 3,159 $ 3,159 Commercial real estate: Commercial real estate — — — 4 6,111 2,865 Construction 2 4,974 3,451 1 403 500 Total commercial real estate 2 4,974 3,451 5 6,514 3,365 Residential mortgage 3 1,080 1,050 3 568 557 Consumer — — — 2 1,803 1,803 Total 7 $ 7,584 $ 6,031 11 $ 12,044 $ 8,884 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Commercial and industrial 12 $ 4,621 $ 4,081 9 $ 11,340 $ 10,361 Commercial real estate: Commercial real estate 4 6,562 6,444 12 22,282 18,011 Construction 3 5,474 4,635 3 5,731 4,232 Total commercial real estate 7 12,036 11,079 15 28,013 22,243 Residential mortgage 6 2,458 2,420 7 2,893 2,640 Consumer 1 1,081 1,072 3 1,935 1,935 Total 26 $ 20,196 $ 18,652 34 $ 44,181 $ 37,179 The majority of the TDR concessions made during the three and nine months ended September 30, 2015 and 2014 involved an extension of the loan term. The total TDRs presented in the above table had allocated specific reserves for loan losses totaling $602 thousand and $3.8 million at September 30, 2015 and 2014 , respectively. These specific reserves are included in the allowance for loan losses for loans individually evaluated for impairment disclosed in Note 9. Partial loan charge-offs related to loans modified as TDRs in the table above totaled $861 thousand during the nine months ended September 30, 2014 . There were no charge-offs related to TDR modifications during the three and nine months ended September 30, 2015 and the third quarter of 2014 . There were no non-PCI loans modified as TDRs within the previous 12 months for which there was a payment default ( 90 days or more past due) during the three and nine months ended September 30, 2015 . Credit quality indicators . Valley utilizes an internal loan classification system as a means of reporting problem loans within commercial and industrial, commercial real estate, and construction loan portfolio classes. Under Valley’s internal risk rating system, loan relationships could be classified as “Pass,” “Special Mention,” “Substandard,” “Doubtful,” and “Loss.” Substandard loans include loans that exhibit well-defined weakness and are characterized by the distinct possibility that Valley will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. Loans classified as Loss are those considered uncollectible with insignificant value and are charged-off immediately to the allowance for loan losses. Loans that do not currently pose a sufficient risk to warrant classification in one of the aforementioned categories, but pose weaknesses that deserve management’s close attention are deemed Special Mention. Loans rated as Pass do not currently pose any identified risk and can range from the highest to average quality, depending on the degree of potential risk. Risk ratings are updated any time the situation warrants. The following table presents the risk category of loans (excluding PCI loans) by class of loans based on the most recent analysis performed at September 30, 2015 and December 31, 2014 . Credit exposure - by internally assigned risk rating Pass Special Mention Substandard Doubtful Total Non-PCI Loans (in thousands) September 30, 2015 Commercial and industrial $ 2,045,297 $ 66,354 $ 39,152 $ 1,835 $ 2,152,638 Commercial real estate 5,842,344 61,842 105,574 — 6,009,760 Construction 507,223 982 13,338 — 521,543 Total $ 8,394,864 $ 129,178 $ 158,064 $ 1,835 $ 8,683,941 December 31, 2014 Commercial and industrial $ 1,865,472 $ 50,453 $ 44,002 $ — $ 1,959,927 Commercial real estate 4,903,185 40,232 110,325 — 5,053,742 Construction 455,145 1,923 16,482 2,544 476,094 Total $ 7,223,802 $ 92,608 $ 170,809 $ 2,544 $ 7,489,763 For residential mortgages, automobile, home equity and other consumer loan portfolio classes (excluding PCI loans), Valley also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in those loan classes based on payment activity as of September 30, 2015 and December 31, 2014 : Credit exposure - by payment activity Performing Loans Non-Performing Loans Total Non-PCI Loans (in thousands) September 30, 2015 Residential mortgage $ 2,846,745 $ 16,657 $ 2,863,402 Home equity 391,082 1,576 392,658 Automobile 1,219,734 — 1,219,734 Other consumer 379,233 58 379,291 Total $ 4,836,794 $ 18,291 $ 4,855,085 December 31, 2014 Residential mortgage $ 2,401,284 $ 17,760 $ 2,419,044 Home equity 398,114 2,022 400,136 Automobile 1,144,690 90 1,144,780 Other consumer 298,292 97 298,389 Total $ 4,242,380 $ 19,969 $ 4,262,349 Valley evaluates the credit quality of its PCI loan pools based on the expectation of the underlying cash flows of each pool, derived from the aging status and by payment activity of individual loans within the pool. The following table presents the recorded investment in PCI loans by class based on individual loan payment activity as of September 30, 2015 and December 31, 2014 . Credit exposure - by payment activity Performing Loans Non-Performing Loans Total PCI Loans (in thousands) September 30, 2015 Commercial and industrial $ 244,445 $ 3,535 $ 247,980 Commercial real estate 940,668 10,249 950,917 Construction 47,216 894 48,110 Residential mortgage 132,649 3,211 135,860 Consumer 90,582 4,339 94,921 Total $ 1,455,560 $ 22,228 $ 1,477,788 December 31, 2014 Commercial and industrial $ 272,027 $ 19,157 $ 291,184 Commercial real estate 1,091,784 15,355 1,107,139 Construction 52,802 4,238 57,040 Residential mortgage 153,789 3,539 157,328 Consumer 103,686 5,424 109,110 Total $ 1,674,088 $ 47,713 $ 1,721,801 Other real estate owned totaled $20.1 million at September 30, 2015 and included foreclosed residential real estate properties totaling $5.8 million . Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $12.3 million at September 30, 2015 .

Allowance for Credit Losses

Allowance for Credit Losses	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Allowance for Credit Losses	Allowance for Credit Losses The allowance for credit losses consists of the allowance for losses on non-covered loans and allowance for losses on covered loans related to credit impairment of certain covered loan pools subsequent to acquisition, as well as the allowance for unfunded letters of credit. Management maintains the allowance for credit losses at a level estimated to absorb probable loan losses of the loan portfolio and unfunded letter of credit commitments at the balance sheet date. The allowance for losses on non-covered loans is based on ongoing evaluations of the probable estimated losses inherent in the non-covered loan portfolio, including unexpected credit impairment or reduction in the provision of non-covered PCI loan pools subsequent to the acquisition date. The following table summarizes the allowance for credit losses at September 30, 2015 and December 31, 2014 : September 30, December 31, (in thousands) Components of allowance for credit losses: Allowance for non-covered loans $ 104,351 $ 102,153 Allowance for covered loans 200 200 Total allowance for loan losses 104,551 102,353 Allowance for unfunded letters of credit 2,146 1,934 Total allowance for credit losses $ 106,697 $ 104,287 The following table summarizes the provision for credit losses for the periods indicated: Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Components of provision for credit losses: Provision for non-covered loans $ — $ — $ 4,382 $ 4,949 Provision for covered loans — — — (5,671 ) Total provision for loan losses — — 4,382 (722 ) Provision for unfunded letters of credit 94 (423 ) 212 (1,374 ) Total provision for credit losses $ 94 $ (423 ) $ 4,594 $ (2,096 ) The following table details activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2015 and 2014 : Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Unallocated Total (in thousands) Three Months Ended Allowance for loan losses: Beginning balance $ 41,714 $ 44,185 $ 5,055 $ 5,542 $ 6,339 $ 102,835 Loans charged-off (1,124 ) (40 ) (111 ) (734 ) — (2,009 ) Charged-off loans recovered 2,550 536 151 488 — 3,725 Net recoveries (charge-offs) 1,426 496 40 (246 ) — 1,716 Provision for loan losses 4,397 (2,403 ) (546 ) (829 ) (619 ) — Ending balance $ 47,537 $ 42,278 $ 4,549 $ 4,467 $ 5,720 $ 104,551 Three Months Ended Allowance for loan losses: Beginning balance $ 48,421 $ 35,267 $ 7,018 $ 5,368 $ 6,979 $ 103,053 Loans charged-off (1) (1,852 ) (181 ) (240 ) (72 ) — (2,345 ) Charged-off loans recovered 1,190 26 8 506 — 1,730 Net (charge-offs) recoveries (662 ) (155 ) (232 ) 434 — (615 ) Provision for loan losses (1,388 ) 1,954 (610 ) (22 ) 66 — Ending balance $ 46,371 $ 37,066 $ 6,176 $ 5,780 $ 7,045 $ 102,438 Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Unallocated Total (in thousands) Nine Months Ended Allowance for loan losses: Beginning balance $ 43,676 $ 42,840 $ 5,093 $ 5,179 $ 5,565 $ 102,353 Loans charged-off (5,103 ) (2,780 ) (499 ) (2,642 ) — (11,024 ) Charged-off loans recovered 5,587 1,686 395 1,172 — 8,840 Net recoveries (charge-offs) 484 (1,094 ) (104 ) (1,470 ) — (2,184 ) Provision for loan losses 3,377 532 (440 ) 758 155 4,382 Ending balance $ 47,537 $ 42,278 $ 4,549 $ 4,467 $ 5,720 $ 104,551 Nine Months Ended Allowance for loan losses: Beginning balance $ 51,551 $ 42,343 $ 7,786 $ 4,359 $ 7,578 $ 113,617 Loans charged-off (1) (11,806 ) (6,703 ) (515 ) (2,311 ) — (21,335 ) Charged-off loans recovered (2) 6,154 2,831 244 1,649 — 10,878 Net charge-offs (5,652 ) (3,872 ) (271 ) (662 ) — (10,457 ) Provision for loan losses 472 (1,405 ) (1,339 ) 2,083 (533 ) (722 ) Ending balance $ 46,371 $ 37,066 $ 6,176 $ 5,780 $ 7,045 $ 102,438 (1) Includes covered loans charge-offs totaling $433 thousand and $1.2 million for three and nine months ended September 30, 2014 , respectively. There were no covered loan charge-offs during 2015. (2) Included covered loans recoveries totaling $462 thousand for nine months ended September 30, 2014 . There were no covered loan recoveries for the third quarter s of 2014 and 2015, and the nine months ended September 30, 2015 . The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the impairment methodology at September 30, 2015 and December 31, 2014 . Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Unallocated Total (in thousands) September 30, 2015 Allowance for loan losses: Individually evaluated for impairment $ 4,446 $ 4,536 $ 1,632 $ 463 $ — $ 11,077 Collectively evaluated for impairment 42,921 37,742 2,917 3,974 5,720 93,274 Loans acquired with discounts related to credit quality 170 — — 30 — 200 Total $ 47,537 $ 42,278 $ 4,549 $ 4,467 $ 5,720 $ 104,551 Loans: Individually evaluated for impairment $ 27,384 $ 89,434 $ 23,424 $ 3,097 $ — $ 143,339 Collectively evaluated for impairment 2,125,254 6,441,869 2,839,978 1,988,586 — 13,395,687 Loans acquired with discounts related to credit quality 247,980 999,027 135,860 94,921 — 1,477,788 Total $ 2,400,618 $ 7,530,330 $ 2,999,262 $ 2,086,604 $ — $ 15,016,814 December 31, 2014 Allowance for loan losses: Individually evaluated for impairment $ 4,929 $ 5,502 $ 1,629 $ 465 $ — $ 12,525 Collectively evaluated for impairment 38,577 37,338 3,434 4,714 5,565 89,628 Loans acquired with discounts related to credit quality 170 — 30 — — 200 Total $ 43,676 $ 42,840 $ 5,093 $ 5,179 $ 5,565 $ 102,353 Loans: Individually evaluated for impairment $ 28,224 $ 91,298 $ 22,340 $ 3,146 $ — $ 145,008 Collectively evaluated for impairment 1,931,703 5,438,538 2,396,704 1,840,159 — 11,607,104 Loans acquired with discounts related to credit quality 291,184 1,164,179 157,328 109,110 — 1,721,801 Total $ 2,251,111 $ 6,694,015 $ 2,576,372 $ 1,952,415 $ — $ 13,473,913

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill as allocated to Valley's business segments, or reporting units thereof, for goodwill impairment analysis were: Business Segment / Reporting Unit* Wealth Management Consumer Lending Commercial Lending Investment Management Total (in thousands) Balance at December 31, 2014 $ 20,517 $ 168,922 $ 252,900 $ 133,553 $ 575,892 Goodwill from business combinations — 450 869 323 1,642 Balance at September 30, 2015 $ 20,517 $ 169,372 $ 253,769 $ 133,876 $ 577,534 * Valley’s Wealth Management Division is comprised of trust, asset management, and insurance services. This reporting unit is included in the Consumer Lending segment for financial reporting purposes. Goodwill from business combinations, in the table above, represents the effect of the combined adjustments to the estimated fair values of the acquired assets (including core deposits presented in the table below) and liabilities as of the acquisition date related to the acquisition of the 1st United (see Note 2 for further details). There was no impairment of goodwill during the three and nine months ended September 30, 2015 and 2014 . The following table summarizes other intangible assets as of September 30, 2015 and December 31, 2014 : Gross Intangible Assets Accumulated Amortization Valuation Allowance Net Intangible Assets (in thousands) September 30, 2015 Loan servicing rights $ 75,477 $ (58,027 ) $ (383 ) $ 17,067 Core deposits 43,384 (30,888 ) — 12,496 Other 4,374 (2,555 ) — 1,819 Total other intangible assets $ 123,235 $ (91,470 ) $ (383 ) $ 31,382 December 31, 2014 Loan servicing rights $ 72,154 $ (51,708 ) $ (592 ) $ 19,854 Core deposits 46,694 (29,916 ) — 16,778 Other 4,591 (2,448 ) — 2,143 Total other intangible assets $ 123,439 $ (84,072 ) $ (592 ) $ 38,775 Loan servicing rights are accounted for using the amortization method. Under this method, Valley amortizes the loan servicing assets in proportion to, and over the period of estimated net servicing revenues. On a quarterly basis, Valley stratifies its loan servicing assets into groupings based on risk characteristics and assesses each group for impairment based on fair value. Impairment charges on loan servicing rights are recognized in earnings when the book value of a stratified group of loan servicing rights exceeds its estimated fair value. See the "Assets and Liabilities Measured at Fair Value on a Non-recurring Basis" section of Note 6 for additional information regarding the fair valuation and impairment of loan servicing rights. Core deposits are amortized using an accelerated method and have a weighted average amortization period of 11 years . The line item labeled “Other” included in the table above primarily consists of customer lists and covenants not to compete, which are amortized over their expected lives generally using a straight-line method and have a weighted average amortization period of approximately 19 years . Valley evaluates core deposits and other intangibles for impairment when an indication of impairment exists. No impairment was recognized during the three and nine months ended September 30, 2015 and 2014 . The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2015 through 2019 : Loan Servicing Rights Core Deposits Other (in thousands) 2015 $ 1,373 $ 777 $ 108 2016 4,336 2,648 233 2017 3,404 2,120 220 2018 2,601 1,767 193 2019 1,915 1,497 181 Valley recognized amortization expense on other intangible assets, including net recoveries of impairment charges on loan servicing rights, totaling approximately $ 2.2 million and $ 2.2 million for the three months ended September 30, 2015 and 2014 , respectively, and $6.7 million and $6.9 million for nine months ended September 30, 2015 and 2014 , respectively.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock–Based Compensation Valley has one active employee equity plan, the 2009 Long-Term Stock Incentive Plan (as amended, the “Employee Stock Incentive Plan”), administered by the Compensation and Human Resources Committee (the “Committee”) appointed by Valley’s Board of Directors. The Committee can grant incentive awards to officers and key employees of Valley, whose substantial contributions are essential to the continued growth and success of Valley. As of September 30, 2015 , 2.6 million shares of common stock were available for issuance under the Employee Stock Incentive Plan. Under the Employee Stock Incentive Plan, Valley may award shares to its employees in the form of stock appreciation rights, incentive stock options, non-qualified stock options, restricted stock and restricted stock units (RSUs). The essential features of each award are described in the award agreement relating to that award. The grant, exercise, vesting, settlement or payment of an award may be based upon the fair value of Valley’s common stock on the last sale price reported for Valley’s common stock on such date or the last sale price reported preceding such date, except for performance-based restricted stock and RSUs with a market condition. The grant date fair values of performance-based awards that vest based on a market condition are determined by a third party specialist using a Monte Carlo valuation model. Valley awarded time-based restricted stock totaling 492 thousand shares and 539 thousand shares during the nine months ended September 30, 2015 and 2014 , respectively, to both executive officers and key employees of Valley. Valley also awarded 313 thousand shares of performance-based RSUs and 240 thousand shares of performance-based restricted stock during the nine months ended September 30, 2015 and 2014 , respectively, to certain executive officers. The RSUs earn dividend equivalents (equal to cash dividends paid on Valley's common share) over the applicable performance period. Dividend equivalents and accrued interest, per the terms of the agreements, are accumulated and paid to the grantee at the vesting date, or forfeited if the performance conditions are not met. The performance-based awards vest based on (i) growth in tangible book value per share plus dividends ( 75 percent of performance shares) and (ii) total shareholder return as compared to our peer group ( 25 percent of performance shares). The majority of the performance-based awards "cliff" vest after three years based on the cumulative performance of Valley during that time period. The non-performance based awards have vesting periods ranging from three to six years . Generally, the restrictions on such awards lapse at an annual or bi-annual rate of one-third of the total award commencing with the first or second anniversary of the date of grant, respectively. The average grant date fair value of non-performance and performance-based restricted stock awarded during the nine months ended September 30, 2015 was $9.25 and $8.98 per share, respectively. Valley recorded stock-based compensation expense of $2.0 million and $1.8 million for the three months ended September 30, 2015 and 2014 , respectively and $6.5 million and $5.6 million for the nine months ended September 30, 2015 and 2014 , respectively. The fair values of stock awards are expensed over the shorter of the vesting or required service period. As of September 30, 2015 , the unrecognized amortization expense for all stock-based employee compensation totaled approximately $15.1 million and will be recognized over an average remaining vesting period of approximately 4 years.

Guarantees

Guarantees	9 Months Ended
	Sep. 30, 2015
Guarantees [Abstract]
Guarantees	Guarantees Guarantees that have been entered into by Valley include standby letters of credit of $191.1 million as of September 30, 2015 . Standby letters of credit represent the guarantee by Valley of the obligations or performance of a customer in the event the customer is unable to meet or perform its obligations to a third party. Of the total standby letters of credit, $129.6 million , or 67.8 percent , are secured and, in the event of non-performance by the customer, Valley has rights to the underlying collateral, which include commercial real estate, business assets (physical plant or property, inventory or receivables), marketable securities and cash in the form of bank savings accounts and certificates of deposit. As of September 30, 2015 , Valley had a $725 thousand liability related to the standby letters of credit.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Valley enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Cash Flow Hedges of Interest Rate Risk . Valley’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, Valley uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the payment of either fixed or variable-rate amounts in exchange for the receipt of variable or fixed-rate amounts from a counterparty. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. Fair Value Hedges of Fixed Rate Assets and Liabilities . Valley is exposed to changes in the fair value of certain of its fixed rate assets or liabilities due to changes in benchmark interest rates based on one-month LIBOR. From time to time, Valley uses interest rate swaps to manage its exposure to changes in fair value. Interest rate swaps designated as fair value hedges involve the receipt of variable rate payments from a counterparty in exchange for Valley making fixed rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives that are designated and qualify as fair value hedges, the gain or loss on the derivative as well as the loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. Valley includes the gain or loss on the hedged items in the same income statement line item as the loss or gain on the related derivatives. Non-designated Hedges. Derivatives not designated as hedges may be used to manage Valley’s exposure to interest rate movements or to provide service to customers but do not meet the requirements for hedge accounting under U.S. GAAP. Derivatives not designated as hedges are not entered into for speculative purposes. Under a program, Valley executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that Valley executes with a third party, such that Valley minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. Valley regularly enters into mortgage banking derivatives which are non-designated hedges. These derivatives include interest rate lock commitments provided to customers to fund certain residential mortgage loans to be sold into the secondary market and forward commitments for the future delivery of such loans. Valley enters into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in order to economically hedge the effect of future changes in interest rates on Valley’s commitments to fund the loans as well as on its portfolio of mortgage loans held for sale. In 2014, Valley issued $25 million of market linked certificates of deposit through a broker dealer. The rate paid on these hybrid instruments is based on a formula derived from the spread between the long and short ends of the constant maturity swap (CMS) rate curve. This type of instrument is referred to as a "steepener" since it derives its value from the slope of the CMS curve. Valley has determined that these hybrid instruments contain an embedded swap contract which has been bifurcated from the host contract. Valley entered into a swap (with a total notional amount of $25 million ) almost simultaneously with the deposit issuance where the receive rate on the swap mirrors the pay rate on the brokered deposits. The bifurcated derivative and the stand alone swap are both marked to market through other non-interest expense. Although these instruments do not meet the hedge accounting requirements, the change in fair value of both the bifurcated derivative and the stand alone swap tend to move in opposite directions with changes in 90 day LIBOR rate and therefore provide an effective economic hedge. Amounts included in the consolidated statements of financial condition related to the fair value of Valley’s derivative financial instruments were as follows: September 30, 2015 December 31, 2014 Fair Value Fair Value Other Assets Other Liabilities Notional Amount Other Assets Other Liabilities Notional Amount (in thousands) Derivatives designated as hedging instruments: Cash flow hedge interest rate caps and swaps $ 1,253 $ 32,281 $ 907,000 $ 2,229 $ 19,302 $ 1,007,000 Fair value hedge interest rate swaps 9,469 1,471 133,260 6,257 1,482 133,406 Total derivatives designated as hedging instruments $ 10,722 $ 33,752 $ 1,040,260 $ 8,486 $ 20,784 $ 1,140,406 Derivatives not designated as hedging instruments: Interest rate swaps and embedded derivatives $ 23,278 $ 23,274 $ 528,767 $ 12,464 $ 12,455 $ 378,849 Mortgage banking derivatives 114 318 61,658 37 91 40,857 Total derivatives not designated as hedging instruments $ 23,392 $ 23,592 $ 590,425 $ 12,501 $ 12,546 $ 419,706 Gains (losses) included in the consolidated statements of income and in other comprehensive income, on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Amount of loss reclassified from accumulated other comprehensive loss to interest expense $ (1,323 ) $ (1,674 ) $ (4,651 ) $ (4,986 ) Amount of (loss) gain recognized in other comprehensive income (10,588 ) 2,155 (17,604 ) (12,511 ) The net gains or losses related to cash flow hedge ineffectiveness were immaterial during the three and nine months ended September 30, 2015 and 2014 . The accumulated net after-tax losses related to effective cash flow hedges included in accumulated other comprehensive loss were $22.1 million and $14.5 million at September 30, 2015 and December 31, 2014 , respectively. Amounts reported in accumulated other comprehensive loss related to cash flow interest rate derivatives are reclassified to interest expense as interest payments are made on the hedged variable interest rate liabilities. Valley estimates that $12.8 million will be reclassified as an increase to interest expense over the next twelve months. Gains (losses) included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Derivative - interest rate swaps: Interest income $ (93 ) $ 116 $ 10 $ 43 Interest expense 4,302 (84 ) 3,211 5,748 Hedged item - loans, deposits and long-term borrowings: Interest income $ 93 $ (116 ) $ (10 ) $ (43 ) Interest expense (4,329 ) 45 (3,270 ) (5,755 ) During the three and nine months ended September 30, 2015 and 2014 , the amounts recognized in non-interest expense related to ineffectiveness of fair value hedges were immaterial. Valley recognized a net reduction to interest expense of $100 thousand for the nine months ended September 30, 2014 related to Valley’s fair value hedges on brokered time deposits, which include net settlements on the derivatives. The fair value hedges on brokered time deposits expired in March 2014. The net (losses) gains included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Non-designated hedge interest rate derivatives Other non-interest expense $ (263 ) $ 44 $ (155 ) $ (172 ) Credit Risk Related Contingent Features. By using derivatives, Valley is exposed to credit risk if counterparties to the derivative contracts do not perform as expected. Management attempts to minimize counterparty credit risk through credit approvals, limits, monitoring procedures and obtaining collateral where appropriate. Credit risk exposure associated with derivative contracts is managed at Valley in conjunction with Valley’s consolidated counterparty risk management process. Valley’s counterparties and the risk limits monitored by management are periodically reviewed and approved by the Board of Directors. Valley has agreements with its derivative counterparties providing that if Valley defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Valley could also be declared in default on its derivative counterparty agreements. Additionally, Valley has an agreement with several of its derivative counterparties that contains provisions that require Valley’s debt to maintain an investment grade credit rating from each of the major credit rating agencies, from which it receives a credit rating. If Valley’s credit rating is reduced below investment grade or such rating is withdrawn or suspended, then the counterparty could terminate the derivative positions, and Valley would be required to settle its obligations under the agreements. As of September 30, 2015 , Valley was in compliance with all of the provisions of its derivative counterparty agreements. As of September 30, 2015 , the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements was $12.1 million . Valley has derivative counterparty agreements that require minimum collateral posting thresholds for certain counterparties. At September 30, 2015 , Valley had $56.8 million in collateral posted with its counterparties.

Balance Sheet Offsetting

Balance Sheet Offsetting	9 Months Ended
	Sep. 30, 2015
Offsetting [Abstract]
Balance Sheet Offsetting	Balance Sheet Offsetting Certain financial instruments, including derivatives (consisting of interest rate caps and swaps) and repurchase agreements (accounted for as secured long-term borrowings), may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements or similar agreements. Valley is party to master netting arrangements with its financial institution counterparties; however, Valley does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral, usually in the form of cash or marketable investment securities, is posted by the counterparty with net liability positions in accordance with contract thresholds. Master repurchase agreements which include “right of set-off” provisions generally have a legally enforceable right to offset recognized amounts. In such cases, the collateral would be used to settle the fair value of the repurchase agreement should Valley be in default. The table below presents information about Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of September 30, 2015 and December 31, 2014 . Gross Amounts Not Offset Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Net Amount (in thousands) September 30, 2015 Assets: Interest rate caps and swaps $ 34,000 $ — $ 34,000 $ (10,721 ) $ — $ 23,279 Liabilities: Interest rate caps and swaps $ 57,026 $ — $ 57,026 $ (10,721 ) $ (46,305 ) $ — Repurchase agreements 395,000 — 395,000 — (395,000 ) * — Total $ 452,026 $ — $ 452,026 $ (10,721 ) $ (441,305 ) $ — December 31, 2014 Assets: Interest rate caps and swaps $ 20,950 $ — $ 20,950 $ (8,504 ) $ — $ 12,446 Liabilities: Interest rate caps and swaps $ 33,239 $ — $ 33,239 $ (8,504 ) $ (24,735 ) $ — Repurchase agreements 395,000 — 395,000 — (395,000 ) * — Total $ 428,239 $ — $ 428,239 $ (8,504 ) $ (419,735 ) $ — * Represents fair value of non-cash pledged investment securities.

Tax Credit Investments

Tax Credit Investments	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Tax Credit Investments	Tax Credit Investments Valley’s tax credit investments are primarily related to investments promoting qualified affordable housing projects, and other investments related to community development and renewable energy sources. Some of these tax-advantaged investments support Valley’s regulatory compliance with the Community Reinvestment Act. Valley’s investments in these entities generate a return primarily through the realization of federal income tax credits, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These tax credits and deductions are recognized as a reduction of income tax expense. Valley’s tax credit investments are carried in other assets on the consolidated statements of financial condition. Valley’s unfunded capital and other commitments related to the tax credit investments are carried in accrued expenses and other liabilities on the consolidated statements of financial condition. Valley recognizes amortization of tax credit investments, including impairment losses, within non-interest expense of the consolidated statements of income using the equity method of accounting. An impairment loss is recognized when the fair value of the tax credit investment is less than its carrying value. The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at September 30, 2015 and December 31, 2014 . September 30, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 33,514 $ 36,009 Other tax credit investments, net 54,872 66,023 Total tax credit investments, net $ 88,386 $ 102,032 Other Liabilities: Unfunded affordable housing tax credit commitments $ 8,080 $ 8,800 Unfunded other tax credit commitments 418 418 Total unfunded tax credit commitments $ 8,498 $ 9,218 The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 1,660 $ 2,164 $ 4,774 $ 6,148 Other tax credit investment credits and tax benefits 7,510 3,269 16,031 9,953 Total reduction in income tax expense $ 9,170 $ 5,433 $ 20,805 $ 16,101 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 543 $ 1,073 $ 1,516 $ 2,291 Affordable housing tax credit investment impairment losses 451 375 979 2,889 Other tax credit investment losses 144 747 934 1,829 Other tax credit investment impairment losses 4,086 2,435 10,802 7,139 Total amortization of tax credit investments recorded in non-interest expense $ 5,224 $ 4,630 $ 14,231 $ 14,148

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Business Segments	Business Segments The information under the caption “Business Segments” in Management’s Discussion and Analysis of Financial Condition and Results of Operations is incorporated herein by reference.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event During October 2015, Valley elected to prepay $795 million of its long-term borrowings with maturities in 2017 at an average cost of 3.78 percent . The settlement of such borrowings will result in the recognition of pre-tax prepayment penalty charges totaling $50.3 million during the fourth quarter of 2015. Funding for the entire transaction was obtained from new sources consisting of both brokered money market deposits and securities sold under agreements to repurchase (repos) totaling $800 million . The new fixed rate instruments have a weighted average duration of approximately one year and an average interest cost of 0.56 percent .

New Authoritative Accounting 24

New Authoritative Accounting Guidance (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
New Authoritative Accounting Guidance	New Authoritative Accounting Guidance Accounting Standards Update (ASU) No. 2015-12, "Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient" simplifies accounting for employee benefit plans as follows: (i) fully benefit-responsive investment contracts are now to be measured, presented and disclosed at contract value, (ii) the requirement to disclose investments that represent 5 percent or more of net assets available for benefits has been eliminated, (iii) the net appreciation or depreciation in investments for the period should be presented in the aggregate, but is no longer required to be disaggregated and disclosed by general type, (iv) if an investment is measured using the net asset value per share (or its equivalent) practical expedient in Topic 820, and that investment is in a fund that files a U.S. Department of Labor Form 5500, Annual Return/Report of Employee Benefit Plan, as a direct filing entity, disclosure of that investment’s strategy is no longer required, and (v) allows employers to measure (as a practical expedient) benefit plan assets on a month-end date nearest to the employer’s fiscal year end when the fiscal period does not coincide with a month end. ASU No. 2015-12 will be effective for fiscal years beginning after December 15, 2015 and is not expected to have a significant impact on Valley's consolidated financial statements. ASU No. 2015-07, "Fair Value Measurement (Topic 820) - Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)", which removes the requirement to categorize within the fair value hierarchy all investments for which the fair value is measured using the net asset value per share practical expedient. ASU No. 2015-07 also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. ASU No. 2015-07 will be effective for Valley for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years with early adoption permitted. Management is currently evaluating the impact of adopting this new ASU on Valley's consolidated financial statements. ASU No. 2015-03, "Interest—Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs" requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU No. 2015-03. ASU No. 2015-03 will become effective for Valley for reporting periods (including interim periods) beginning after December 15, 2015 and is not expected to have a significant impact on Valley's consolidated financial statements. ASU No. 2014-14, "Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure" requires that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. ASU No. 2014-14 became effective for Valley on January 1, 2015 and did not have a significant impact on its consolidated financial statements. ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period" requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU No. 2014-12 became effective for Valley on January 1, 2015 and did not have a significant impact on its consolidated financial statements. ASU No. 2014-11, "Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures" r equires entities to account for repurchase-to-maturity transactions as secured borrowings rather than as sales with forward repurchase agreements and expands disclosure requirements related to certain transfers of financial assets that are accounted for as sales and certain transfers (specifically, repos, securities lending transactions, and repurchase-to-maturity transactions) accounted for as secured borrowings. The accounting-related changes became effective for the first interim or annual period beginning after December 15, 2014. The disclosures for certain transactions accounted for as sales are required for interim and annual periods beginning after December 15, 2014. The disclosures for repos, securities lending transactions, and repos-to-maturity accounted for as secured borrowings are required for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Valley's repurchase agreements are typical in nature (i.e., not repurchase-to-maturity transactions or repurchase agreements executed as a repurchase financing) and are accounted for as secured borrowings. As such, Valley's adoption of ASU No. 2014-11 on January 1, 2015 did not have a significant impact on its consolidated financial statements. ASU No. 2014-04, “Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” clarifies that an in-substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, this ASU requires interim and annual disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU No. 2014-04 became effective for Valley on January 1, 2015 and did not to have a significant impact on its consolidated financial statements. See Note 8 for related disclosures. ASU No. 2014-01, “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects,” amends existing guidance to permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense or benefit. For those investments in qualified affordable housing projects not accounted for using the proportional amortization method, the investment should be accounted for as an equity method investment or a cost method investment in accordance with Subtopic 970-323. ASU No. 2014-01 became effective for Valley on January 1, 2015 and did not have a significant impact on its consolidated financial statements. See Note 15 for related disclosures.

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table shows the calculation of both basic and diluted earnings per common share for the three and nine months ended September 30, 2015 and 2014 . Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands, except for share data) Net income available to common shareholders $ 33,937 $ 27,682 $ 96,269 $ 91,037 Basic weighted average number of common shares outstanding 232,737,953 200,614,091 232,548,840 200,406,801 Plus: Common stock equivalents 42,266 — 16,855 — Diluted weighted average number of common shares outstanding 232,780,219 200,614,091 232,565,695 200,406,801 Earnings per common share: Basic $ 0.15 $ 0.14 $ 0.41 $ 0.45 Diluted 0.15 0.14 0.41 0.45

Accumulated Other Comprehensi26

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Loss After Tax	The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the three and nine months ended September 30, 2015 . Components of Accumulated Other Comprehensive Loss Total Accumulated Other Comprehensive Loss Unrealized Gains and (Losses) on Available for Sale (AFS) Securities Non-credit Impairment Losses on AFS Securities Unrealized Gains and (Losses) on Derivatives Defined Benefit Pension Plan (in thousands) Balance at June 30, 2015 $ (5,153 ) $ (411 ) $ (16,718 ) $ (25,978 ) $ (48,260 ) Other comprehensive income (loss) before reclassifications 4,586 252 (6,163 ) — (1,325 ) Amounts reclassified from other comprehensive income (loss) (91 ) (267 ) 772 119 533 Other comprehensive income (loss), net 4,495 (15 ) (5,391 ) 119 (792 ) Balance at September 30, 2015 $ (658 ) $ (426 ) $ (22,109 ) $ (25,859 ) $ (49,052 ) Balance at December 31, 2014 $ (1,890 ) $ 145 $ (14,532 ) $ (26,218 ) $ (42,495 ) Other comprehensive income (loss) before reclassifications 2,677 (200 ) (10,291 ) — (7,814 ) Amounts reclassified from other comprehensive income (loss) (1,445 ) (371 ) 2,714 359 1,257 Other comprehensive income (loss), net 1,232 (571 ) (7,577 ) 359 (6,557 ) Balance at September 30, 2015 $ (658 ) $ (426 ) $ (22,109 ) $ (25,859 ) $ (49,052 )
Schedule of Accumulated Other Comprehensive Loss	The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three and nine months ended September 30, 2015 and 2014 . Amounts Reclassified from Accumulated Other Comprehensive Loss Three Months Ended Nine Months Ended Components of Accumulated Other Comprehensive Loss 2015 2014 2015 2014 Income Statement Line Item (in thousands) Unrealized gains (losses) on AFS securities before tax $ 157 $ 103 $ 2,481 $ 102 Gains on securities transactions, net Tax effect (66 ) (43 ) (1,036 ) (43 ) Total net of tax 91 60 1,445 59 Non-credit impairment losses on AFS securities before tax: Accretion of credit loss impairment due to an increase in expected cash flows 458 198 636 506 Interest and dividends on investment securities (taxable) Tax effect (191 ) (83 ) (265 ) (212 ) Total net of tax 267 115 371 294 Unrealized losses on derivatives (cash flow hedges) before tax (1,323 ) (1,674 ) (4,651 ) (4,986 ) Interest expense Tax effect 551 701 1,937 2,075 Total net of tax (772 ) (973 ) (2,714 ) (2,911 ) Defined benefit pension plan: Amortization of net loss (205 ) (63 ) (616 ) (187 ) * Tax effect 86 27 257 77 Total net of tax (119 ) (36 ) (359 ) (110 ) Total reclassifications, net of tax $ (533 ) $ (834 ) $ (1,257 ) $ (2,668 ) * Amortization of net loss is included in the computation of net periodic pension cost.

Fair Value Measurement of Ass27

Fair Value Measurement of Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring and Non-Recurring Basis	The following tables present the assets and liabilities that are measured at fair value on a recurring and nonrecurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at September 30, 2015 and December 31, 2014 . The assets presented under “nonrecurring fair value measurements” in the table below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized). September 30, Fair Value Measurements at Reporting Date Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Recurring fair value measurements: Assets Investment securities: Available for sale: U.S. Treasury securities $ 50,468 $ 50,468 $ — $ — U.S. government agency securities 25,513 — 25,513 — Obligations of states and political subdivisions 43,469 — 43,469 — Residential mortgage-backed securities 569,650 — 557,486 12,164 Trust preferred securities 8,593 — 6,411 2,182 Corporate and other debt securities 79,017 17,903 61,114 — Equity securities 20,679 1,465 19,214 — Total available for sale 797,389 69,836 713,207 14,346 Loans held for sale (1)(2) 18,184 — 18,184 — Other assets (3) 34,114 — 34,114 — Total assets $ 849,687 $ 69,836 $ 765,505 $ 14,346 Liabilities Other liabilities (3) $ 57,344 $ — $ 57,344 $ — Total liabilities $ 57,344 $ — $ 57,344 $ — Non-recurring fair value measurements: Collateral dependent impaired loans (4) $ 9,173 $ — $ — $ 9,173 Loan servicing rights 2,922 — — 2,922 Foreclosed assets (5) 10,058 — — 10,058 Total $ 22,153 $ — $ — $ 22,153 Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Recurring fair value measurements: Assets Investment securities: Available for sale: U.S. Treasury securities $ 49,443 $ 49,443 $ — $ — U.S. government agency securities 33,825 — 33,825 — Obligations of states and political subdivisions 44,051 — 44,051 — Residential mortgage-backed securities 644,276 — 629,696 14,580 Trust preferred securities 20,537 — 15,808 4,729 Corporate and other debt securities 74,012 18,241 55,771 — Equity securities 20,826 1,337 19,489 — Total available for sale 886,970 69,021 798,640 19,309 Trading securities 14,233 — 14,233 — Loans held for sale (1) 17,165 — 17,165 — Other assets (3) 20,987 — 20,987 — Total assets $ 939,355 $ 69,021 $ 851,025 $ 19,309 Liabilities Other liabilities (3) $ 33,330 $ — $ 33,330 $ — Total liabilities $ 33,330 $ — $ 33,330 $ — Non-recurring fair value measurements: Non-performing loans held for sale $ 7,130 $ — $ — $ 7,130 Collateral dependent impaired loans (4) 13,985 — — 13,985 Loan servicing rights 3,987 — — 3,987 Foreclosed assets (5) 18,098 — — 18,098 Total $ 43,200 $ — $ — $ 43,200 (1) Loans held for sale carried at fair value (which consist of residential mortgages) had contractual unpaid principal balances totaling approximately $17.5 million and $16.9 million at September 30, 2015 and December 31, 2014 , respectively. (2) Gains and losses related to the change in the fair value of loans held for sale are included in net gains on sales of loans within the non-interest income category of our consolidated statements of income and totaled to net gains of $660 thousand and $81 thousand for the three months ended September 30, 2015 and 2014, respectively, and $813 thousand and $453 thousand for the nine months ended September 30, 2015 and 2014, respectively. (3) Derivative financial instruments are included in this category. (4) Excludes PCI loans. (5) Includes covered other real estate owned totaling $1.3 million and $3.2 million at September 30, 2015 and December 31, 2014 , respectively.
Changes in Level 3 Assets Measured at Fair Value on Recurring Basis	The changes in Level 3 assets measured at fair value on a recurring basis for the three and nine months ended September 30, 2015 and 2014 are summarized below: Available for Sale Securities Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Balance, beginning of the period $ 14,712 $ 26,029 $ 19,309 $ 28,523 Total net (losses) gains included in other comprehensive income for the period (26 ) 341 (908 ) 563 Sales — — (2,675 ) — Settlements (340 ) (669 ) (1,380 ) (3,385 ) Balance, end of the period $ 14,346 $ 25,701 $ 14,346 $ 25,701
Schedule of Quantitative Information about Level 3 Inputs Used to Measure Fair Value of Available for Sale Securities	The following table presents quantitative information about Level 3 inputs used to measure the fair value of these securities at September 30, 2015 : Security Type Valuation Technique Unobservable Input Range Weighted Average Private label mortgage-backed securities Discounted cash flow Prepayment rate 4.7 - 21.9% 14.7 % Default rate 3.5 - 20.4 8.5 Loss severity 39.2 - 64.2 57.7
Carrying Amounts and Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at September 30, 2015 and December 31, 2014 were as follows: Fair Value Hierarchy September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 220,023 $ 220,023 $ 462,569 $ 462,569 Interest bearing deposits with banks Level 1 71,756 71,756 367,838 367,838 Investment securities held to maturity: U.S. Treasury securities Level 1 139,014 152,513 139,121 151,300 U.S. government agency securities Level 2 12,973 13,400 14,081 14,385 Obligations of states and political subdivisions Level 2 511,788 531,616 500,018 519,693 Residential mortgage-backed securities Level 2 889,146 899,776 986,992 998,981 Trust preferred securities Level 2 59,780 46,811 98,456 86,243 Corporate and other debt securities Level 2 24,609 26,835 39,648 45,374 Total investment securities held to maturity 1,637,310 1,670,951 1,778,316 1,815,976 Net loans Level 3 14,912,263 14,633,265 13,371,560 13,085,830 Accrued interest receivable Level 1 57,532 57,532 57,333 57,333 Federal Reserve Bank and Federal Home Loan Bank stock (1) Level 1 137,229 137,229 133,117 133,117 Financial liabilities Deposits without stated maturities Level 1 11,345,222 11,345,222 11,291,648 11,291,648 Deposits with stated maturities Level 2 3,154,641 3,202,590 2,742,468 2,807,522 Short-term borrowings Level 1 302,941 302,941 146,781 146,781 Long-term borrowings Level 2 2,529,326 2,696,964 2,526,408 2,738,122 Junior subordinated debentures issued to capital trusts Level 2 41,374 43,950 41,252 44,584 Accrued interest payable (2) Level 1 12,825 12,825 15,526 15,526 (1) Included in other assets. (2) Included in accrued expenses and other liabilities.

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Securities Held to Maturity	The amortized cost, gross unrealized gains and losses and fair value of securities held to maturity at September 30, 2015 and December 31, 2014 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) September 30, 2015 U.S. Treasury securities $ 139,014 $ 13,499 $ — $ 152,513 U.S. government agency securities 12,973 427 — 13,400 Obligations of states and political subdivisions: Obligations of states and state agencies 195,143 9,471 (12 ) 204,602 Municipal bonds 316,645 10,678 (309 ) 327,014 Total obligations of states and political subdivisions 511,788 20,149 (321 ) 531,616 Residential mortgage-backed securities 889,146 15,530 (4,900 ) 899,776 Trust preferred securities 59,780 48 (13,017 ) 46,811 Corporate and other debt securities 24,609 2,226 — 26,835 Total investment securities held to maturity $ 1,637,310 $ 51,879 $ (18,238 ) $ 1,670,951 December 31, 2014 U.S. Treasury securities $ 139,121 $ 12,179 $ — $ 151,300 U.S. government agency securities 14,081 304 — 14,385 Obligations of states and political subdivisions: Obligations of states and state agencies 197,440 9,410 (412 ) 206,438 Municipal bonds 302,578 10,955 (278 ) 313,255 Total obligations of states and political subdivisions 500,018 20,365 (690 ) 519,693 Residential mortgage-backed securities 986,992 18,233 (6,244 ) 998,981 Trust preferred securities 98,456 167 (12,380 ) 86,243 Corporate and other debt securities 39,648 5,726 — 45,374 Total investment securities held to maturity $ 1,778,316 $ 56,974 $ (19,314 ) $ 1,815,976
Age of Unrealized Losses and Fair Value of Related Securities Held to Maturity	The age of unrealized losses and fair value of related securities held to maturity at September 30, 2015 and December 31, 2014 were as follows: Less than Twelve Months More than Twelve Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) September 30, 2015 Obligations of states and political subdivisions: Obligations of states and state agencies $ — $ — $ 1,957 $ (12 ) $ 1,957 $ (12 ) Municipal bonds 19,027 (241 ) 10,159 (68 ) 29,186 (309 ) Total obligations of states and political subdivisions 19,027 (241 ) 12,116 (80 ) 31,143 (321 ) Residential mortgage-backed securities 223,653 (1,665 ) 160,149 (3,235 ) 383,802 (4,900 ) Trust preferred securities — — 45,409 (13,017 ) 45,409 (13,017 ) Total $ 242,680 $ (1,906 ) $ 217,674 $ (16,332 ) $ 460,354 $ (18,238 ) December 31, 2014 Obligations of states and political subdivisions: Obligations of states and state agencies $ 4,927 $ (50 ) $ 19,050 $ (362 ) $ 23,977 $ (412 ) Municipal bonds — — 28,815 (278 ) 28,815 (278 ) Total obligations of states and political subdivisions 4,927 (50 ) 47,865 (640 ) 52,792 (690 ) Residential mortgage-backed securities 107,357 (563 ) 276,580 (5,681 ) 383,937 (6,244 ) Trust preferred securities — — 66,194 (12,380 ) 66,194 (12,380 ) Total $ 112,284 $ (613 ) $ 390,639 $ (18,701 ) $ 502,923 $ (19,314 )
Contractual Maturities of Debt Securities Held to Maturity	The contractual maturities of investments in debt securities held to maturity at September 30, 2015 are set forth in the table below. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary. September 30, 2015 Amortized Cost Fair Value (in thousands) Due in one year $ 81,860 $ 81,866 Due after one year through five years 71,354 75,970 Due after five years through ten years 374,915 400,050 Due after ten years 220,035 213,289 Residential mortgage-backed securities 889,146 899,776 Total investment securities held to maturity $ 1,637,310 $ 1,670,951
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Securities Available for Sale	The amortized cost, gross unrealized gains and losses and fair value of securities available for sale at September 30, 2015 and December 31, 2014 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) September 30, 2015 U.S. Treasury securities $ 51,047 $ 20 $ (599 ) $ 50,468 U.S. government agency securities 24,738 779 (4 ) 25,513 Obligations of states and political subdivisions: Obligations of states and state agencies 10,980 22 — 11,002 Municipal bonds 33,215 60 (808 ) 32,467 Total obligations of states and political subdivisions 44,195 82 (808 ) 43,469 Residential mortgage-backed securities 569,182 5,865 (5,397 ) 569,650 Trust preferred securities* 10,530 — (1,937 ) 8,593 Corporate and other debt securities 78,550 1,413 (946 ) 79,017 Equity securities 21,022 815 (1,158 ) 20,679 Total investment securities available for sale $ 799,264 $ 8,974 $ (10,849 ) $ 797,389 December 31, 2014 U.S. Treasury securities $ 51,063 $ 2 $ (1,622 ) $ 49,443 U.S. government agency securities 33,163 748 (86 ) 33,825 Obligations of states and political subdivisions: Obligations of states and state agencies 11,160 — (24 ) 11,136 Municipal bonds 33,340 127 (552 ) 32,915 Total obligations of states and political subdivisions 44,500 127 (576 ) 44,051 Residential mortgage-backed securities 643,382 5,854 (4,960 ) 644,276 Trust preferred securities* 23,194 296 (2,953 ) 20,537 Corporate and other debt securities 73,585 1,645 (1,218 ) 74,012 Equity securities 21,071 671 (916 ) 20,826 Total investment securities available for sale $ 889,958 $ 9,343 $ (12,331 ) $ 886,970 * Includes two and three pooled trust preferred securities, principally collateralized by securities issued by banks and insurance companies, at September 30, 2015 and December 31, 2014, respectively.
Age of Unrealized Losses and Fair Value of Related Securities	The age of unrealized losses and fair value of related securities available for sale at September 30, 2015 and December 31, 2014 were as follows: Less than Twelve Months More than Twelve Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) September 30, 2015 U.S. Treasury securities $ 49,516 $ (599 ) $ — $ — $ 49,516 $ (599 ) U.S. government agency securities — — 4,857 (4 ) 4,857 (4 ) Obligations of states and political subdivisions: Municipal bonds 19,764 (232 ) 10,721 (576 ) 30,485 (808 ) Total obligations of states and political subdivisions 19,764 (232 ) 10,721 (576 ) 30,485 (808 ) Residential mortgage-backed securities 107,912 (1,601 ) 168,049 (3,796 ) 275,961 (5,397 ) Trust preferred securities — — 8,593 (1,937 ) 8,593 (1,937 ) Corporate and other debt securities 15,190 (131 ) 36,908 (815 ) 52,098 (946 ) Equity securities — — 14,486 (1,158 ) 14,486 (1,158 ) Total $ 192,382 $ (2,563 ) $ 243,614 $ (8,286 ) $ 435,996 $ (10,849 ) December 31, 2014 U.S. Treasury securities $ — $ — $ 48,504 $ (1,622 ) $ 48,504 $ (1,622 ) U.S. government agency securities — — 5,442 (86 ) 5,442 (86 ) Obligations of states and political subdivisions: Obligations of states and state agencies — — 11,136 (24 ) 11,136 (24 ) Municipal bonds 13,337 (426 ) 14,637 (126 ) 27,974 (552 ) Total obligations of states and political subdivisions 13,337 (426 ) 25,773 (150 ) 39,110 (576 ) Residential mortgage-backed securities 57,543 (121 ) 244,910 (4,839 ) 302,453 (4,960 ) Trust preferred securities 2,210 (117 ) 12,085 (2,836 ) 14,295 (2,953 ) Corporate and other debt securities 27,500 (294 ) 28,269 (924 ) 55,769 (1,218 ) Equity securities 158 (41 ) 14,769 (875 ) 14,927 (916 ) Total $ 100,748 $ (999 ) $ 379,752 $ (11,332 ) $ 480,500 $ (12,331 )
Contractual Maturities of Investment Securities Available for Sale	The contractual maturities of investment securities available for sale at September 30, 2015 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary. September 30, 2015 Amortized Cost Fair Value (in thousands) Due in one year $ 600 $ 602 Due after one year through five years 70,286 71,237 Due after five years through ten years 71,953 70,566 Due after ten years 66,221 64,655 Residential mortgage-backed securities 569,182 569,650 Equity securities 21,022 20,679 Total investment securities available for sale $ 799,264 $ 797,389
Changes in Credit Loss Component of Cumulative Other-than-Temporary Impairment Losses on Debt Securities	The following table presents the changes in the credit loss component of cumulative other-than-temporary impairment losses on debt securities classified as either held to maturity or available for sale that Valley has previously recognized in earnings, for which a portion of the impairment loss (non-credit factors) was recognized in other comprehensive income for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Balance, beginning of period $ 6,387 $ 9,682 $ 8,947 $ 9,990 Accretion of credit loss impairment due to an increase in expected cash flows (458 ) (198 ) (636 ) (506 ) Sales — — (2,382 ) — Balance, end of period $ 5,929 $ 9,484 $ 5,929 $ 9,484
Realized Gains and Losses on Sales of Investment Securities	Gross gains (losses) realized on sales, maturities and other securities transactions related to investment securities included in earnings for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Sales transactions: Gross gains $ — $ 103 $ 3,274 $ 103 Gross losses — — (947 ) — $ — $ 103 $ 2,327 $ 103 Maturities and other securities transactions: Gross gains $ 158 $ — $ 287 $ 8 Gross losses (1 ) — (133 ) (9 ) $ 157 $ — $ 154 $ (1 ) Total gains on securities transactions, net $ 157 $ 103 $ 2,481 $ 102

Loans (Tables)

Loans (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Schedule of Loan Portfolio Non-Covered and Covered PCI Loans and Non-PCI Loans	The detail of the loan portfolio as of September 30, 2015 and December 31, 2014 was as follows: September 30, 2015 December 31, 2014 Non-PCI Loans PCI Loans Total Non-PCI Loans PCI Loans Total (in thousands) Non-covered loans: Commercial and industrial $ 2,152,638 $ 246,813 $ 2,399,451 $ 1,959,927 $ 277,371 $ 2,237,298 Commercial real estate: Commercial real estate 6,009,760 880,597 6,890,357 5,053,742 978,448 6,032,190 Construction 521,543 46,083 567,626 476,094 53,869 529,963 Total commercial real estate loans 6,531,303 926,680 7,457,983 5,529,836 1,032,317 6,562,153 Residential mortgage 2,863,402 83,294 2,946,696 2,419,044 96,631 2,515,675 Consumer: Home equity 392,658 82,072 474,730 400,136 91,609 491,745 Automobile 1,219,734 24 1,219,758 1,144,780 51 1,144,831 Other consumer 379,291 9,414 388,705 298,389 11,931 310,320 Total consumer loans 1,991,683 91,510 2,083,193 1,843,305 103,591 1,946,896 Total non-covered loans 13,539,026 1,348,297 14,887,323 11,752,112 1,509,910 13,262,022 Covered loans: Commercial and industrial — 1,167 1,167 — 13,813 13,813 Commercial real estate — 70,320 70,320 — 128,691 128,691 Construction — 2,027 2,027 — 3,171 3,171 Residential mortgage — 52,566 52,566 — 60,697 60,697 Consumer — 3,411 3,411 — 5,519 5,519 Total covered loans — 129,491 129,491 — 211,891 211,891 Total loans $ 13,539,026 $ 1,477,788 $ 15,016,814 $ 11,752,112 $ 1,721,801 $ 13,473,913
Changes in Accretable Yield for Covered Loans	The following table presents changes in the accretable yield for PCI loans during the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Balance, beginning of period $ 282,101 $ 122,342 $ 336,208 $ 223,799 Accretion (24,814 ) (15,538 ) (78,921 ) (46,981 ) Net decrease in expected cash flows — — — (70,014 ) Balance, end of period $ 257,287 $ 106,804 $ 257,287 $ 106,804
Changes in FDIC Loss-Share Receivable	Changes in the FDIC loss-share receivable for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Balance, beginning of the period $ 8,404 $ 20,687 $ 13,848 $ 32,757 Discount accretion of the present value at the acquisition dates 43 12 130 35 Effect of additional cash flows on covered loans (prospective recognition) — (4,500 ) (4,072 ) (8,460 ) Decrease in the provision for losses on covered loans — — — (4,417 ) Net (recovered) reimbursable expenses (238 ) 745 174 2,248 Reimbursements from the FDIC (1,082 ) (684 ) (2,835 ) (4,967 ) Other 140 (80 ) 22 (1,016 ) Balance, end of the period $ 7,267 $ 16,180 $ 7,267 $ 16,180
Past Due, Non-Accrual and Current Non-Covered Loans by Loan Portfolio Class	The following table presents past due, non-accrual and current loans (excluding PCI loans, which are accounted for on a pool basis, and non-performing loans held for sale) by loan portfolio class at September 30, 2015 and December 31, 2014 : Past Due and Non-Accrual Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans Accruing Loans 90 Days or More Past Due Non-Accrual Loans Total Past Due Loans Current Non-PCI Loans Total Non-PCI Loans (in thousands) September 30, 2015 Commercial and industrial $ 2,081 $ 1,996 $ 224 $ 12,845 $ 17,146 $ 2,135,492 $ 2,152,638 Commercial real estate: Commercial real estate 2,950 1,415 245 22,129 26,739 5,983,021 6,009,760 Construction 4,707 — — 5,959 10,666 510,877 521,543 Total commercial real estate loans 7,657 1,415 245 28,088 37,405 6,493,898 6,531,303 Residential mortgage 5,617 1,977 3,468 16,657 27,719 2,835,683 2,863,402 Consumer loans: Home equity 1,285 218 — 1,576 3,079 389,579 392,658 Automobile 1,904 480 164 — 2,548 1,217,186 1,219,734 Other consumer 302 24 2 58 386 378,905 379,291 Total consumer loans 3,491 722 166 1,634 6,013 1,985,670 1,991,683 Total $ 18,846 $ 6,110 $ 4,103 $ 59,224 $ 88,283 $ 13,450,743 $ 13,539,026 December 31, 2014 Commercial and industrial $ 1,630 $ 1,102 $ 226 $ 8,467 $ 11,425 $ 1,948,502 $ 1,959,927 Commercial real estate: Commercial real estate 8,938 113 49 22,098 31,198 5,022,544 5,053,742 Construction 448 — 3,988 5,223 9,659 466,435 476,094 Total commercial real estate loans 9,386 113 4,037 27,321 40,857 5,488,979 5,529,836 Residential mortgage 6,200 3,575 1,063 17,760 28,598 2,390,446 2,419,044 Consumer loans: Home equity 761 282 — 2,022 3,065 397,071 400,136 Automobile 1,902 391 126 90 2,509 1,142,271 1,144,780 Other consumer 319 91 26 97 533 297,856 298,389 Total consumer loans 2,982 764 152 2,209 6,107 1,837,198 1,843,305 Total $ 20,198 $ 5,554 $ 5,478 $ 55,757 $ 86,987 $ 11,665,125 $ 11,752,112
Impaired Loans	The following table presents the information about impaired loans by loan portfolio class at September 30, 2015 and December 31, 2014 : Recorded Investment With No Related Allowance Recorded Investment With Related Allowance Total Recorded Investment Unpaid Contractual Principal Balance Related Allowance (in thousands) September 30, 2015 Commercial and industrial $ 6,624 $ 20,760 $ 27,384 $ 32,070 $ 4,446 Commercial real estate: Commercial real estate 28,833 42,947 71,780 75,489 4,187 Construction 12,901 4,753 17,654 17,654 349 Total commercial real estate loans 41,734 47,700 89,434 93,143 4,536 Residential mortgage 7,269 16,155 23,424 16,166 1,632 Consumer loans: Home equity 413 2,684 3,097 3,175 463 Total consumer loans 413 2,684 3,097 3,175 463 Total $ 56,040 $ 87,299 $ 143,339 $ 144,554 $ 11,077 December 31, 2014 Commercial and industrial $ 6,579 $ 21,645 $ 28,224 $ 33,677 $ 4,929 Commercial real estate: Commercial real estate 29,784 44,713 74,497 77,007 5,342 Construction 14,502 2,299 16,801 20,694 160 Total commercial real estate loans 44,286 47,012 91,298 97,701 5,502 Residential mortgage 6,509 15,831 22,340 24,311 1,629 Consumer loans: Home equity 235 2,911 3,146 3,247 465 Total consumer loans 235 2,911 3,146 3,247 465 Total $ 57,609 $ 87,399 $ 145,008 $ 158,936 $ 12,525
Average Recorded Investment and Interest Income Recognized on Impaired Loans	The following tables present by loan portfolio class, the average recorded investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, 2015 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) Commercial and industrial $ 28,892 $ 232 $ 30,387 $ 172 Commercial real estate: Commercial real estate 76,509 538 83,045 604 Construction 20,007 139 16,954 147 Total commercial real estate loans 96,516 677 99,999 751 Residential mortgage 25,336 208 25,382 227 Consumer loans: Home equity 4,275 43 3,039 18 Total consumer loans 4,275 43 3,039 18 Total $ 155,019 $ 1,160 $ 158,807 $ 1,168 Nine Months Ended September 30, 2015 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) Commercial and industrial $ 27,570 $ 689 $ 37,229 $ 831 Commercial real estate: Commercial real estate 76,900 1,918 91,184 2,173 Construction 16,066 415 18,541 445 Total commercial real estate loans 92,966 2,333 109,725 2,618 Residential mortgage 23,261 707 26,447 709 Consumer loans: Home equity 4,125 111 1,855 47 Total consumer loans 4,125 111 1,855 47 Total $ 147,922 $ 3,840 $ 175,256 $ 4,205
Pre-Modification and Post-Modification Outstanding Recorded Investments	The following tables present loans by loan portfolio class modified as TDRs during the three and nine months ended September 30, 2015 and 2014 . The pre-modification and post-modification outstanding recorded investments disclosed in the table below represent the loan carrying amounts immediately prior to the modification and the carrying amounts at September 30, 2015 and 2014 , respectively. Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Commercial and industrial 2 $ 1,530 $ 1,530 1 $ 3,159 $ 3,159 Commercial real estate: Commercial real estate — — — 4 6,111 2,865 Construction 2 4,974 3,451 1 403 500 Total commercial real estate 2 4,974 3,451 5 6,514 3,365 Residential mortgage 3 1,080 1,050 3 568 557 Consumer — — — 2 1,803 1,803 Total 7 $ 7,584 $ 6,031 11 $ 12,044 $ 8,884 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Commercial and industrial 12 $ 4,621 $ 4,081 9 $ 11,340 $ 10,361 Commercial real estate: Commercial real estate 4 6,562 6,444 12 22,282 18,011 Construction 3 5,474 4,635 3 5,731 4,232 Total commercial real estate 7 12,036 11,079 15 28,013 22,243 Residential mortgage 6 2,458 2,420 7 2,893 2,640 Consumer 1 1,081 1,072 3 1,935 1,935 Total 26 $ 20,196 $ 18,652 34 $ 44,181 $ 37,179
Risk Category of Loans	The following table presents the risk category of loans (excluding PCI loans) by class of loans based on the most recent analysis performed at September 30, 2015 and December 31, 2014 . Credit exposure - by internally assigned risk rating Pass Special Mention Substandard Doubtful Total Non-PCI Loans (in thousands) September 30, 2015 Commercial and industrial $ 2,045,297 $ 66,354 $ 39,152 $ 1,835 $ 2,152,638 Commercial real estate 5,842,344 61,842 105,574 — 6,009,760 Construction 507,223 982 13,338 — 521,543 Total $ 8,394,864 $ 129,178 $ 158,064 $ 1,835 $ 8,683,941 December 31, 2014 Commercial and industrial $ 1,865,472 $ 50,453 $ 44,002 $ — $ 1,959,927 Commercial real estate 4,903,185 40,232 110,325 — 5,053,742 Construction 455,145 1,923 16,482 2,544 476,094 Total $ 7,223,802 $ 92,608 $ 170,809 $ 2,544 $ 7,489,763
Recorded Investment in Loan Classes Based on Payment Activity	The following table presents the recorded investment in those loan classes based on payment activity as of September 30, 2015 and December 31, 2014 : Credit exposure - by payment activity Performing Loans Non-Performing Loans Total Non-PCI Loans (in thousands) September 30, 2015 Residential mortgage $ 2,846,745 $ 16,657 $ 2,863,402 Home equity 391,082 1,576 392,658 Automobile 1,219,734 — 1,219,734 Other consumer 379,233 58 379,291 Total $ 4,836,794 $ 18,291 $ 4,855,085 December 31, 2014 Residential mortgage $ 2,401,284 $ 17,760 $ 2,419,044 Home equity 398,114 2,022 400,136 Automobile 1,144,690 90 1,144,780 Other consumer 298,292 97 298,389 Total $ 4,242,380 $ 19,969 $ 4,262,349 The following table presents the recorded investment in PCI loans by class based on individual loan payment activity as of September 30, 2015 and December 31, 2014 . Credit exposure - by payment activity Performing Loans Non-Performing Loans Total PCI Loans (in thousands) September 30, 2015 Commercial and industrial $ 244,445 $ 3,535 $ 247,980 Commercial real estate 940,668 10,249 950,917 Construction 47,216 894 48,110 Residential mortgage 132,649 3,211 135,860 Consumer 90,582 4,339 94,921 Total $ 1,455,560 $ 22,228 $ 1,477,788 December 31, 2014 Commercial and industrial $ 272,027 $ 19,157 $ 291,184 Commercial real estate 1,091,784 15,355 1,107,139 Construction 52,802 4,238 57,040 Residential mortgage 153,789 3,539 157,328 Consumer 103,686 5,424 109,110 Total $ 1,674,088 $ 47,713 $ 1,721,801

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Summary of Allowance for Credit Losses	The following table summarizes the allowance for credit losses at September 30, 2015 and December 31, 2014 : September 30, December 31, (in thousands) Components of allowance for credit losses: Allowance for non-covered loans $ 104,351 $ 102,153 Allowance for covered loans 200 200 Total allowance for loan losses 104,551 102,353 Allowance for unfunded letters of credit 2,146 1,934 Total allowance for credit losses $ 106,697 $ 104,287
Summary of Provision for Credit Losses	The following table summarizes the provision for credit losses for the periods indicated: Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Components of provision for credit losses: Provision for non-covered loans $ — $ — $ 4,382 $ 4,949 Provision for covered loans — — — (5,671 ) Total provision for loan losses — — 4,382 (722 ) Provision for unfunded letters of credit 94 (423 ) 212 (1,374 ) Total provision for credit losses $ 94 $ (423 ) $ 4,594 $ (2,096 )
Summary of Activity in Allowance for Loan Losses	The following table details activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2015 and 2014 : Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Unallocated Total (in thousands) Three Months Ended Allowance for loan losses: Beginning balance $ 41,714 $ 44,185 $ 5,055 $ 5,542 $ 6,339 $ 102,835 Loans charged-off (1,124 ) (40 ) (111 ) (734 ) — (2,009 ) Charged-off loans recovered 2,550 536 151 488 — 3,725 Net recoveries (charge-offs) 1,426 496 40 (246 ) — 1,716 Provision for loan losses 4,397 (2,403 ) (546 ) (829 ) (619 ) — Ending balance $ 47,537 $ 42,278 $ 4,549 $ 4,467 $ 5,720 $ 104,551 Three Months Ended Allowance for loan losses: Beginning balance $ 48,421 $ 35,267 $ 7,018 $ 5,368 $ 6,979 $ 103,053 Loans charged-off (1) (1,852 ) (181 ) (240 ) (72 ) — (2,345 ) Charged-off loans recovered 1,190 26 8 506 — 1,730 Net (charge-offs) recoveries (662 ) (155 ) (232 ) 434 — (615 ) Provision for loan losses (1,388 ) 1,954 (610 ) (22 ) 66 — Ending balance $ 46,371 $ 37,066 $ 6,176 $ 5,780 $ 7,045 $ 102,438 Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Unallocated Total (in thousands) Nine Months Ended Allowance for loan losses: Beginning balance $ 43,676 $ 42,840 $ 5,093 $ 5,179 $ 5,565 $ 102,353 Loans charged-off (5,103 ) (2,780 ) (499 ) (2,642 ) — (11,024 ) Charged-off loans recovered 5,587 1,686 395 1,172 — 8,840 Net recoveries (charge-offs) 484 (1,094 ) (104 ) (1,470 ) — (2,184 ) Provision for loan losses 3,377 532 (440 ) 758 155 4,382 Ending balance $ 47,537 $ 42,278 $ 4,549 $ 4,467 $ 5,720 $ 104,551 Nine Months Ended Allowance for loan losses: Beginning balance $ 51,551 $ 42,343 $ 7,786 $ 4,359 $ 7,578 $ 113,617 Loans charged-off (1) (11,806 ) (6,703 ) (515 ) (2,311 ) — (21,335 ) Charged-off loans recovered (2) 6,154 2,831 244 1,649 — 10,878 Net charge-offs (5,652 ) (3,872 ) (271 ) (662 ) — (10,457 ) Provision for loan losses 472 (1,405 ) (1,339 ) 2,083 (533 ) (722 ) Ending balance $ 46,371 $ 37,066 $ 6,176 $ 5,780 $ 7,045 $ 102,438 (1) Includes covered loans charge-offs totaling $433 thousand and $1.2 million for three and nine months ended September 30, 2014 , respectively. There were no covered loan charge-offs during 2015. (2) Included covered loans recoveries totaling $462 thousand for nine months ended September 30, 2014 . There were no covered loan recoveries for the third quarter s of 2014 and 2015, and the nine months ended September 30, 2015 .
Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Impairment Methodology	The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the impairment methodology at September 30, 2015 and December 31, 2014 . Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Unallocated Total (in thousands) September 30, 2015 Allowance for loan losses: Individually evaluated for impairment $ 4,446 $ 4,536 $ 1,632 $ 463 $ — $ 11,077 Collectively evaluated for impairment 42,921 37,742 2,917 3,974 5,720 93,274 Loans acquired with discounts related to credit quality 170 — — 30 — 200 Total $ 47,537 $ 42,278 $ 4,549 $ 4,467 $ 5,720 $ 104,551 Loans: Individually evaluated for impairment $ 27,384 $ 89,434 $ 23,424 $ 3,097 $ — $ 143,339 Collectively evaluated for impairment 2,125,254 6,441,869 2,839,978 1,988,586 — 13,395,687 Loans acquired with discounts related to credit quality 247,980 999,027 135,860 94,921 — 1,477,788 Total $ 2,400,618 $ 7,530,330 $ 2,999,262 $ 2,086,604 $ — $ 15,016,814 December 31, 2014 Allowance for loan losses: Individually evaluated for impairment $ 4,929 $ 5,502 $ 1,629 $ 465 $ — $ 12,525 Collectively evaluated for impairment 38,577 37,338 3,434 4,714 5,565 89,628 Loans acquired with discounts related to credit quality 170 — 30 — — 200 Total $ 43,676 $ 42,840 $ 5,093 $ 5,179 $ 5,565 $ 102,353 Loans: Individually evaluated for impairment $ 28,224 $ 91,298 $ 22,340 $ 3,146 $ — $ 145,008 Collectively evaluated for impairment 1,931,703 5,438,538 2,396,704 1,840,159 — 11,607,104 Loans acquired with discounts related to credit quality 291,184 1,164,179 157,328 109,110 — 1,721,801 Total $ 2,251,111 $ 6,694,015 $ 2,576,372 $ 1,952,415 $ — $ 13,473,913

Goodwill and Other Intangible31

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the Carrying Amount of Goodwill	The changes in the carrying amount of goodwill as allocated to Valley's business segments, or reporting units thereof, for goodwill impairment analysis were: Business Segment / Reporting Unit* Wealth Management Consumer Lending Commercial Lending Investment Management Total (in thousands) Balance at December 31, 2014 $ 20,517 $ 168,922 $ 252,900 $ 133,553 $ 575,892 Goodwill from business combinations — 450 869 323 1,642 Balance at September 30, 2015 $ 20,517 $ 169,372 $ 253,769 $ 133,876 $ 577,534 * Valley’s Wealth Management Division is comprised of trust, asset management, and insurance services. This reporting unit is included in the Consumer Lending segment for financial reporting purposes.
Other Intangible Assets	The following table summarizes other intangible assets as of September 30, 2015 and December 31, 2014 : Gross Intangible Assets Accumulated Amortization Valuation Allowance Net Intangible Assets (in thousands) September 30, 2015 Loan servicing rights $ 75,477 $ (58,027 ) $ (383 ) $ 17,067 Core deposits 43,384 (30,888 ) — 12,496 Other 4,374 (2,555 ) — 1,819 Total other intangible assets $ 123,235 $ (91,470 ) $ (383 ) $ 31,382 December 31, 2014 Loan servicing rights $ 72,154 $ (51,708 ) $ (592 ) $ 19,854 Core deposits 46,694 (29,916 ) — 16,778 Other 4,591 (2,448 ) — 2,143 Total other intangible assets $ 123,439 $ (84,072 ) $ (592 ) $ 38,775
Estimated Future Amortization Expense	The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2015 through 2019 : Loan Servicing Rights Core Deposits Other (in thousands) 2015 $ 1,373 $ 777 $ 108 2016 4,336 2,648 233 2017 3,404 2,120 220 2018 2,601 1,767 193 2019 1,915 1,497 181

Derivative Instruments and He32

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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: September 30, 2015 December 31, 2014 Fair Value Fair Value Other Assets Other Liabilities Notional Amount Other Assets Other Liabilities Notional Amount (in thousands) Derivatives designated as hedging instruments: Cash flow hedge interest rate caps and swaps $ 1,253 $ 32,281 $ 907,000 $ 2,229 $ 19,302 $ 1,007,000 Fair value hedge interest rate swaps 9,469 1,471 133,260 6,257 1,482 133,406 Total derivatives designated as hedging instruments $ 10,722 $ 33,752 $ 1,040,260 $ 8,486 $ 20,784 $ 1,140,406 Derivatives not designated as hedging instruments: Interest rate swaps and embedded derivatives $ 23,278 $ 23,274 $ 528,767 $ 12,464 $ 12,455 $ 378,849 Mortgage banking derivatives 114 318 61,658 37 91 40,857 Total derivatives not designated as hedging instruments $ 23,392 $ 23,592 $ 590,425 $ 12,501 $ 12,546 $ 419,706
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, on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Amount of loss reclassified from accumulated other comprehensive loss to interest expense $ (1,323 ) $ (1,674 ) $ (4,651 ) $ (4,986 ) Amount of (loss) gain recognized in other comprehensive income (10,588 ) 2,155 (17,604 ) (12,511 )
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: Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Derivative - interest rate swaps: Interest income $ (93 ) $ 116 $ 10 $ 43 Interest expense 4,302 (84 ) 3,211 5,748 Hedged item - loans, deposits and long-term borrowings: Interest income $ 93 $ (116 ) $ (10 ) $ (43 ) Interest expense (4,329 ) 45 (3,270 ) (5,755 )
Gains (Losses) Related to Derivative Instruments Not Designated as Hedging Instruments	The net (losses) gains included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Non-designated hedge interest rate derivatives Other non-interest expense $ (263 ) $ 44 $ (155 ) $ (172 )

Balance Sheet Offsetting (Table

Balance Sheet Offsetting (Tables)	9 Months Ended
	Sep. 30, 2015
Offsetting [Abstract]
Gross Presentation Effects of Offsetting and Net Presentation of Valley's Financial Instruments	The table below presents information about Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of September 30, 2015 and December 31, 2014 . Gross Amounts Not Offset Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Net Amount (in thousands) September 30, 2015 Assets: Interest rate caps and swaps $ 34,000 $ — $ 34,000 $ (10,721 ) $ — $ 23,279 Liabilities: Interest rate caps and swaps $ 57,026 $ — $ 57,026 $ (10,721 ) $ (46,305 ) $ — Repurchase agreements 395,000 — 395,000 — (395,000 ) * — Total $ 452,026 $ — $ 452,026 $ (10,721 ) $ (441,305 ) $ — December 31, 2014 Assets: Interest rate caps and swaps $ 20,950 $ — $ 20,950 $ (8,504 ) $ — $ 12,446 Liabilities: Interest rate caps and swaps $ 33,239 $ — $ 33,239 $ (8,504 ) $ (24,735 ) $ — Repurchase agreements 395,000 — 395,000 — (395,000 ) * — Total $ 428,239 $ — $ 428,239 $ (8,504 ) $ (419,735 ) $ — * Represents fair value of non-cash pledged investment securities.

Tax Credit Investments (Tables)

Tax Credit Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Affordable Housing Tax Credit Investments, Other Tax Credit Investments, and Related Unfunded Commitments	The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at September 30, 2015 and December 31, 2014 . September 30, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 33,514 $ 36,009 Other tax credit investments, net 54,872 66,023 Total tax credit investments, net $ 88,386 $ 102,032 Other Liabilities: Unfunded affordable housing tax credit commitments $ 8,080 $ 8,800 Unfunded other tax credit commitments 418 418 Total unfunded tax credit commitments $ 8,498 $ 9,218
Affordable Housing Tax Credit Investments and Other Tax Credit Investments	The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 1,660 $ 2,164 $ 4,774 $ 6,148 Other tax credit investment credits and tax benefits 7,510 3,269 16,031 9,953 Total reduction in income tax expense $ 9,170 $ 5,433 $ 20,805 $ 16,101 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 543 $ 1,073 $ 1,516 $ 2,291 Affordable housing tax credit investment impairment losses 451 375 979 2,889 Other tax credit investment losses 144 747 934 1,829 Other tax credit investment impairment losses 4,086 2,435 10,802 7,139 Total amortization of tax credit investments recorded in non-interest expense $ 5,224 $ 4,630 $ 14,231 $ 14,148

Basis of Presentation (Details)

Basis of Presentation (Details) - Series A Preferred Stock - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Jun. 19, 2015	Jun. 30, 2025
Class of Stock [Line Items]
Shares issued (shares)	4.6
Liquidation preference per share (usd per share)	$ 25
Dividend rate (as a percent)	6.25%
Net proceeds from issuance of stock	$ 111.6
Forecast | Three-month LIBOR
Class of Stock [Line Items]
Dividend rate, spread on variable rate (as a percent)		3.85%

Business Combinations (Details)

Business Combinations (Details) $ / shares in Units, $ in Millions	May. 27, 2015USD ($)Branch$ / sharesshares	Nov. 01, 2014USD ($)Branchshares	Mar. 31, 2015USD ($)
CNL Bancshares, Inc.
Business Acquisition [Line Items]
Assets acquired	$ 1,400
Loans acquired	843
Deposits acquired	$ 1,100
Number of branches acquired (in branch) | Branch	16
Common stock issued per share held (in shares) | shares	0.75
Value of transaction based on closing stock price	$ 207
Consideration given in stock	$ 16.2
CNL Bancshares, Inc. | Minimum
Business Acquisition [Line Items]
Share price | $ / shares	$ 8.80
CNL Bancshares, Inc. | Maximum
Business Acquisition [Line Items]
Share price | $ / shares	$ 10.13
First United Bancorp, Inc.
Business Acquisition [Line Items]
Assets acquired		$ 1,700
Loans acquired		1,200
Deposits acquired		$ 1,400
Number of branches acquired (in branch) | Branch		20
Common stock issued per share held (in shares) | shares		0.89
Value of transaction based on closing stock price		$ 300
Shares issued in acquisition | shares		30,700,000
Cash consideration paid		$ 8.9
Increase in goodwill			$ 1.6

Earnings Per Common Share (Deta

Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share Reconciliation
Net income available to common shareholders	$ 33,937	$ 27,682	$ 96,269	$ 91,037
Basic weighted average number of common shares outstanding (in shares)	232,737,953	200,614,091	232,548,840	200,406,801
Plus: Common stock equivalents (in shares)	42,266	0	16,855	0
Diluted weighted average number of common shares outstanding (in shares)	232,780,219	200,614,091	232,565,695	200,406,801
Earnings per common share:
Basic (in usd per share)	$ 0.15	$ 0.14	$ 0.41	$ 0.45
Diluted (in usd per share)	$ 0.15	$ 0.14	$ 0.41	$ 0.45
Anti-dilutive common stock options and warrants (in shares)	5,000,000	6,600,000	5,000,000	6,600,000

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Loss After Tax (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss)
Total Accumulated Other Comprehensive Income (Loss), Beginning Balance			$ (42,495)
Total other comprehensive (loss) income	$ (792)	$ 1,910	(6,557)	$ 9,865
Total Accumulated Other Comprehensive Income (Loss), Ending Balance	(49,052)		(49,052)
Unrealized Gains and (Losses) on Available for Sale (AFS) Securities
Accumulated Other Comprehensive Income (Loss)
Total Accumulated Other Comprehensive Income (Loss), Beginning Balance	(5,153)		(1,890)
Other comprehensive income (loss) before reclassifications	4,586		2,677
Amounts reclassified from other comprehensive income (loss)	(91)		(1,445)
Total other comprehensive (loss) income	4,495		1,232
Total Accumulated Other Comprehensive Income (Loss), Ending Balance	(658)		(658)
Non-credit Impairment Losses on AFS Securities
Accumulated Other Comprehensive Income (Loss)
Total Accumulated Other Comprehensive Income (Loss), Beginning Balance	(411)		145
Other comprehensive income (loss) before reclassifications	252		(200)
Amounts reclassified from other comprehensive income (loss)	(267)		(371)
Total other comprehensive (loss) income	(15)		(571)
Total Accumulated Other Comprehensive Income (Loss), Ending Balance	(426)		(426)
Unrealized Gains and (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss)
Total Accumulated Other Comprehensive Income (Loss), Beginning Balance	(16,718)		(14,532)
Other comprehensive income (loss) before reclassifications	(6,163)		(10,291)
Amounts reclassified from other comprehensive income (loss)	772		2,714
Total other comprehensive (loss) income	(5,391)		(7,577)
Total Accumulated Other Comprehensive Income (Loss), Ending Balance	(22,109)		(22,109)
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss)
Total Accumulated Other Comprehensive Income (Loss), Beginning Balance	(48,260)		(42,495)
Other comprehensive income (loss) before reclassifications	(1,325)		(7,814)
Amounts reclassified from other comprehensive income (loss)	533		1,257
Total other comprehensive (loss) income	(792)		(6,557)
Total Accumulated Other Comprehensive Income (Loss), Ending Balance	(49,052)		(49,052)
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss)
Total Accumulated Other Comprehensive Income (Loss), Beginning Balance	(25,978)		(26,218)
Other comprehensive income (loss) before reclassifications	0		0
Amounts reclassified from other comprehensive income (loss)	119		359
Total other comprehensive (loss) income	119		359
Total Accumulated Other Comprehensive Income (Loss), Ending Balance	$ (25,859)		$ (25,859)

Accumulated Other Comprehensi39

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Reclassification Out Of Accumulated Other Comprehensive Loss
Interest and dividends on investment securities (taxable)	$ 458	$ 198	$ 636	$ 506
Interest expense	(40,730)	(40,791)	(119,206)	(119,550)
Amounts Reclassified from Accumulated Other Comprehensive Loss, tax effect	(10,179)	(10,654)	(34,925)	(23,235)
Net Income	35,954	27,682	98,286	91,037
Reclassification Out of Accumulated Other Comprehensive Income (Loss)
Reclassification Out Of Accumulated Other Comprehensive Loss
Interest expense	(1,323)	(1,674)	(4,651)	(4,986)
Net Income	(533)	(834)	(1,257)	(2,668)
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | Unrealized Gains and (Losses) on Available for Sale (AFS) Securities
Reclassification Out Of Accumulated Other Comprehensive Loss
Gains on securities transactions, net	157	103	2,481	102
Amounts Reclassified from Accumulated Other Comprehensive Loss, tax effect	(66)	(43)	(1,036)	(43)
Net Income	91	60	1,445	59
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | Non-credit Impairment Losses on AFS Securities
Reclassification Out Of Accumulated Other Comprehensive Loss
Interest and dividends on investment securities (taxable)	458	198	636	506
Amounts Reclassified from Accumulated Other Comprehensive Loss, tax effect	(191)	(83)	(265)	(212)
Net Income	267	115	371	294
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | Unrealized Losses on Derivatives (Cash Flow Hedges) Before Tax
Reclassification Out Of Accumulated Other Comprehensive Loss
Interest expense	(1,323)	(1,674)	(4,651)	(4,986)
Amounts Reclassified from Accumulated Other Comprehensive Loss, tax effect	551	701	1,937	2,075
Net Income	(772)	(973)	(2,714)	(2,911)
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | Defined Benefit Pension Plans
Reclassification Out Of Accumulated Other Comprehensive Loss
Amortization of net actuarial loss	(205)	(63)	(616)	(187)
Amounts Reclassified from Accumulated Other Comprehensive Loss, tax effect	86	27	257	77
Net Income	$ (119)	$ (36)	$ (359)	$ (110)

Fair Value Measurement of Ass40

Fair Value Measurement of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring and Non-Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	$ 797,389	$ 886,970
Trading securities	0	14,233
U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	50,468	49,443
U.S. government agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	25,513	33,825
Obligations of states and political subdivisions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	43,469	44,051
Residential mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	569,650	644,276
Trust preferred securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	8,593	20,537
Corporate and other debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	79,017	74,012
Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	20,679	20,826
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Fair Value Measurements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	69,836	69,021
Trading securities		0
Loans held for sale	0	0
Other assets	0	0
Total assets	69,836	69,021
Other liabilities	0	0
Total liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Fair Value Measurements | U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	50,468	49,443
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Fair Value Measurements | U.S. government agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Fair Value Measurements | Obligations of states and political subdivisions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Fair Value Measurements | Residential mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Fair Value Measurements | Trust preferred securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Fair Value Measurements | Corporate and other debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	17,903	18,241
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Fair Value Measurements | Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	1,465	1,337
Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-Recurring Fair Value Measurements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non-performing loans held for sale		0
Collateral dependent impaired loans	0	0
Loan servicing rights	0	0
Foreclosed assets	0	0
Total	0	0
Significant Other Observable Inputs (Level 2) | Recurring Fair Value Measurements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	713,207	798,640
Trading securities		14,233
Loans held for sale	18,184	17,165
Other assets	34,114	20,987
Total assets	765,505	851,025
Other liabilities	57,344	33,330
Total liabilities	57,344	33,330
Significant Other Observable Inputs (Level 2) | Recurring Fair Value Measurements | U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	0	0
Significant Other Observable Inputs (Level 2) | Recurring Fair Value Measurements | U.S. government agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	25,513	33,825
Significant Other Observable Inputs (Level 2) | Recurring Fair Value Measurements | Obligations of states and political subdivisions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	43,469	44,051
Significant Other Observable Inputs (Level 2) | Recurring Fair Value Measurements | Residential mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	557,486	629,696
Significant Other Observable Inputs (Level 2) | Recurring Fair Value Measurements | Trust preferred securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	6,411	15,808
Significant Other Observable Inputs (Level 2) | Recurring Fair Value Measurements | Corporate and other debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	61,114	55,771
Significant Other Observable Inputs (Level 2) | Recurring Fair Value Measurements | Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	19,214	19,489
Significant Other Observable Inputs (Level 2) | Non-Recurring Fair Value Measurements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non-performing loans held for sale		0
Collateral dependent impaired loans	0	0
Loan servicing rights	0	0
Foreclosed assets	0	0
Total	0	0
Significant Unobservable Inputs (Level 3) | Recurring Fair Value Measurements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	14,346	19,309
Trading securities		0
Loans held for sale	0	0
Other assets	0	0
Total assets	14,346	19,309
Other liabilities	0	0
Total liabilities	0	0
Significant Unobservable Inputs (Level 3) | Recurring Fair Value Measurements | U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	0	0
Significant Unobservable Inputs (Level 3) | Recurring Fair Value Measurements | U.S. government agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	0	0
Significant Unobservable Inputs (Level 3) | Recurring Fair Value Measurements | Obligations of states and political subdivisions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	0	0
Significant Unobservable Inputs (Level 3) | Recurring Fair Value Measurements | Residential mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	12,164	14,580
Significant Unobservable Inputs (Level 3) | Recurring Fair Value Measurements | Trust preferred securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	2,182	4,729
Significant Unobservable Inputs (Level 3) | Recurring Fair Value Measurements | Corporate and other debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	0	0
Significant Unobservable Inputs (Level 3) | Recurring Fair Value Measurements | Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	0	0
Significant Unobservable Inputs (Level 3) | Non-Recurring Fair Value Measurements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non-performing loans held for sale		7,130
Collateral dependent impaired loans	9,173	13,985
Loan servicing rights	2,922	3,987
Foreclosed assets	10,058	18,098
Total	22,153	43,200
Fair Value | Recurring Fair Value Measurements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	797,389	886,970
Trading securities		14,233
Loans held for sale	18,184	17,165
Other assets	34,114	20,987
Total assets	849,687	939,355
Other liabilities	57,344	33,330
Total liabilities	57,344	33,330
Fair Value | Recurring Fair Value Measurements | U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	50,468	49,443
Fair Value | Recurring Fair Value Measurements | U.S. government agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	25,513	33,825
Fair Value | Recurring Fair Value Measurements | Obligations of states and political subdivisions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	43,469	44,051
Fair Value | Recurring Fair Value Measurements | Residential mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	569,650	644,276
Fair Value | Recurring Fair Value Measurements | Trust preferred securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	8,593	20,537
Fair Value | Recurring Fair Value Measurements | Corporate and other debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	79,017	74,012
Fair Value | Recurring Fair Value Measurements | Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	20,679	20,826
Fair Value | Non-Recurring Fair Value Measurements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non-performing loans held for sale		7,130
Collateral dependent impaired loans	9,173	13,985
Loan servicing rights	2,922	3,987
Foreclosed assets	10,058	18,098
Total	$ 22,153	$ 43,200

Fair Value Measurement of Ass41

Fair Value Measurement of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring and Non-Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Unpaid principal balances of loans held for sale	$ 17,500		$ 17,500		$ 16,900
Change in fair value of loans held for sale	660	$ 81	813	$ 453
Covered real estate owned	$ 1,300		$ 1,300		$ 3,200

Fair Value Measurement of Ass42

Fair Value Measurement of Assets and Liabilities - Changes in Level 3 Assets Measured at Fair Value on Recurring Basis (Detail) - Available-for-sale Securities - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Changes in Level 3 Assets
Balance, beginning of the period	$ 14,712	$ 26,029	$ 19,309	$ 28,523
Total net (losses) gains included in other comprehensive income for the period	(26)	341	(908)	563
Sales	0	0	(2,675)	0
Settlements	(340)	(669)	(1,380)	(3,385)
Balance, end of the period	$ 14,346	$ 25,701	$ 14,346	$ 25,701

Fair Value Measurement of Ass43

Fair Value Measurement of Assets and Liabilities - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value Assets Measured On Recurring Basis
Transfer of loans to loans held for sale			$ 0	$ 27,329,000
Impaired collateral dependent loans, charge-offs	$ 366,000	$ 495,000	3,000,000	3,700,000
Collateral dependent impaired loans, recorded investment	11,200,000		11,200,000
Specific valuation allowance allocations	2,000,000		2,000,000
Reported net carrying amount of impaired loans	9,200,000		$ 9,200,000
Valuation of loan servicing rights, discount rate			8.00%
Net recoveries of impairment charges on its loan servicing rights	48,000	131,000	$ 209,000	273,000
Maximum discount on foreclosed assets			13.40%
Foreclosed assets measured at fair value upon initial recognition	10,100,000
Allowance for loan losses, charge-offs	629,000	1,700,000	$ 1,500,000	3,700,000
Loss due to re-measurement of repossessed assets	1,300,000	799,000	$ 1,800,000	2,700,000
Minimum
Fair Value Assets Measured On Recurring Basis
Valuation of loan servicing rights, prepayment rate			0.00%
Maximum
Fair Value Assets Measured On Recurring Basis
Valuation of loan servicing rights, prepayment rate			23.00%
Significant Unobservable Inputs (Level 3)
Fair Value Assets Measured On Recurring Basis
Discount rate on impaired loans			13.50%
Available-for-sale Securities
Fair Value Assets Measured On Recurring Basis
Changes in unrealized losses on Level 3 securities	$ 0	$ 0	$ 0	$ 0

Fair Value Measurement of Ass44

Fair Value Measurement of Assets and Liabilities - Schedule of Quantitative Information about Level 3 Inputs Used to Measure Fair Value of Available for Sale Securities (Detail) - Significant Unobservable Inputs (Level 3) - Residential mortgage-backed securities	9 Months Ended
	Sep. 30, 2015
Fair Value Assets Measured On Recurring Basis
Valuation technique to measure fair value	Discounted cash flow
Prepayment rate, Weighted Average of unobservable inputs	14.70%
Default rate, Weighted Average of unobservable inputs	8.50%
Loss severity, Weighted Average of unobservable inputs	57.70%
Minimum
Fair Value Assets Measured On Recurring Basis
Prepayment rate, Range of unobservable inputs	4.70%
Default rate, Range of unobservable inputs	3.50%
Loss severity, Range of unobservable inputs	39.20%
Maximum
Fair Value Assets Measured On Recurring Basis
Prepayment rate, Range of unobservable inputs	21.90%
Default rate, Range of unobservable inputs	20.40%
Loss severity, Range of unobservable inputs	64.20%

Fair Value Measurement of Ass45

Fair Value Measurement of Assets and Liabilities - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Interest bearing deposits with banks	$ 71,756	$ 367,838
Total investment securities held to maturity	1,670,951	1,815,976
Accrued interest receivable	57,532	57,333
Deposits with stated maturities	3,154,641	2,742,468
Carrying Amount
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Total investment securities held to maturity	1,637,310	1,778,316
Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Cash and due from banks	220,023	462,569
Interest bearing deposits with banks	71,756	367,838
Accrued interest receivable	57,532	57,333
Federal Reserve Bank and Federal Home Loan Bank stock	137,229	133,117
Deposits without stated maturities	11,345,222	11,291,648
Short-term borrowings	302,941	146,781
Accrued interest payable	12,825	15,526
Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury securities
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Total investment securities held to maturity	139,014	139,121
Carrying Amount | Significant Other Observable Inputs (Level 2)
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Deposits with stated maturities	3,154,641	2,742,468
Long-term borrowings	2,529,326	2,526,408
Junior subordinated debentures issued to capital trusts	41,374	41,252
Carrying Amount | Significant Other Observable Inputs (Level 2) | U.S. government agency securities
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Total investment securities held to maturity	12,973	14,081
Carrying Amount | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Total investment securities held to maturity	511,788	500,018
Carrying Amount | Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Total investment securities held to maturity	889,146	986,992
Carrying Amount | Significant Other Observable Inputs (Level 2) | Trust preferred securities
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Total investment securities held to maturity	59,780	98,456
Carrying Amount | Significant Other Observable Inputs (Level 2) | Corporate and other debt securities
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Total investment securities held to maturity	24,609	39,648
Carrying Amount | Significant Unobservable Inputs (Level 3)
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Net loans	14,912,263	13,371,560
Fair Value
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Total investment securities held to maturity	1,670,951	1,815,976
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Cash and due from banks	220,023	462,569
Interest bearing deposits with banks	71,756	367,838
Accrued interest receivable	57,532	57,333
Federal Reserve Bank and Federal Home Loan Bank stock	137,229	133,117
Deposits without stated maturities	11,345,222	11,291,648
Short-term borrowings	302,941	146,781
Accrued interest payable	12,825	15,526
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury securities
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Total investment securities held to maturity	152,513	151,300
Fair Value | Significant Other Observable Inputs (Level 2)
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Deposits with stated maturities	3,202,590	2,807,522
Long-term borrowings	2,696,964	2,738,122
Junior subordinated debentures issued to capital trusts	43,950	44,584
Fair Value | Significant Other Observable Inputs (Level 2) | U.S. government agency securities
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Total investment securities held to maturity	13,400	14,385
Fair Value | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Total investment securities held to maturity	531,616	519,693
Fair Value | Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Total investment securities held to maturity	899,776	998,981
Fair Value | Significant Other Observable Inputs (Level 2) | Trust preferred securities
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Total investment securities held to maturity	46,811	86,243
Fair Value | Significant Other Observable Inputs (Level 2) | Corporate and other debt securities
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Total investment securities held to maturity	26,835	45,374
Fair Value | Significant Unobservable Inputs (Level 3)
Fair value and carrying amounts of assets and liabilities not measured and not reported at fair value on the consolidated statement of financial condition
Net loans	$ 14,633,265	$ 13,085,830

Investment Securities - Additio

Investment Securities - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)Security	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Security	Sep. 30, 2014USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)Security
Investment Securities [Line Items]
Number of security positions in the securities held to maturity portfolio in an unrealized loss position | Security	79		79			57
Held to Maturity, Amortized Cost	$ 1,637,310		$ 1,637,310			$ 1,778,316
Fair value of investments held to maturity pledged as collateral	$ 1,000,000		$ 1,000,000
Weighted-average remaining expected life of residential mortgage-backed securities held to maturity, years			5 years 10 months 25 days
Number of security positions in the securities available for sale portfolio in an unrealized loss position | Security	94		94			96
Amortized cost	$ 799,264		$ 799,264			$ 889,958
Gross unrealized losses	10,849		10,849			12,331
Fair value of securities available for sale pledged as collateral	242,500		$ 242,500
Weighted-average remaining expected life of residential mortgage-backed securities available for sale, years			4 years 10 months 2 days
Available for sale	797,389		$ 797,389			886,970
Gross gains, Sales transactions	0	$ 103	3,274	$ 103
Amortized Cost			25,900
Loss on Sale of Investments	0	0	(947)	0
Fair value of trading securities	0		0			$ 14,233
Interest income on trading securities		$ 290	213	$ 871
Corporate and other debt securities
Investment Securities [Line Items]
Held to Maturity, Amortized Cost					$ 9,800
Trust Preferred Securities Subject to Mandatory Redemption | Previously Other-Than-Temporarily Impaired Securities
Investment Securities [Line Items]
Amortized cost	2,800		2,800
Available for sale	$ 2,200		$ 2,200
Trust Preferred Securities | Non-Rated
Investment Securities [Line Items]
Number of security positions in the securities held to maturity portfolio in an unrealized loss position | Security	4		4
Pooled Trust Preferred Securities
Investment Securities [Line Items]
Number of security positions in the securities available for sale portfolio in an unrealized loss position | Security	2		2			3
Amortized cost	$ 10,500		$ 10,500
Available for sale	$ 8,600		$ 8,600
Pooled Trust Preferred Securities | Investment Grade
Investment Securities [Line Items]
Number of security positions in the securities available for sale portfolio in an unrealized loss position | Security	1		1
Gross unrealized losses	$ 1,400		$ 1,400
Three Private Label Mortgage-Backed Securities
Investment Securities [Line Items]
Amortized cost	12,300		12,300
Available for sale	12,200		12,200
Obligations of states and political subdivisions
Investment Securities [Line Items]
Held to Maturity, Amortized Cost	511,788		511,788			$ 500,018
Amortized cost	44,195		44,195			44,500
Gross unrealized losses	808		808			576
Available for sale	43,469		43,469			44,051
Residential mortgage-backed securities
Investment Securities [Line Items]
Held to Maturity, Amortized Cost	889,146		889,146			986,992
Amortized cost	569,182		569,182			643,382
Gross unrealized losses	5,397		5,397			4,960
Available for sale	569,650		569,650			$ 644,276
Pooled Trust Preferred Securities Sold
Investment Securities [Line Items]
Available for sale	2,600		2,600
Trust Preferred Securities Subject to Mandatory Redemption
Investment Securities [Line Items]
Available for sale	$ 8,300		$ 8,300

Investment Securities - Amortiz

Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Securities Held to Maturity (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	$ 1,637,310	$ 1,778,316
Gross Unrealized Gains	51,879	56,974
Gross Unrealized Losses	(18,238)	(19,314)
Held to maturity, fair value	1,670,951	1,815,976
U.S. Treasury securities
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	139,014	139,121
Gross Unrealized Gains	13,499	12,179
Gross Unrealized Losses	0	0
Held to maturity, fair value	152,513	151,300
U.S. government agency securities
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	12,973	14,081
Gross Unrealized Gains	427	304
Gross Unrealized Losses	0	0
Held to maturity, fair value	13,400	14,385
Obligations of states and state agencies
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	195,143	197,440
Gross Unrealized Gains	9,471	9,410
Gross Unrealized Losses	(12)	(412)
Held to maturity, fair value	204,602	206,438
Municipal bonds
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	316,645	302,578
Gross Unrealized Gains	10,678	10,955
Gross Unrealized Losses	(309)	(278)
Held to maturity, fair value	327,014	313,255
Obligations of states and political subdivisions
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	511,788	500,018
Gross Unrealized Gains	20,149	20,365
Gross Unrealized Losses	(321)	(690)
Held to maturity, fair value	531,616	519,693
Residential mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	889,146	986,992
Gross Unrealized Gains	15,530	18,233
Gross Unrealized Losses	(4,900)	(6,244)
Held to maturity, fair value	899,776	998,981
Trust preferred securities
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	59,780	98,456
Gross Unrealized Gains	48	167
Gross Unrealized Losses	(13,017)	(12,380)
Held to maturity, fair value	46,811	86,243
Corporate and other debt securities
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	24,609	39,648
Gross Unrealized Gains	2,226	5,726
Gross Unrealized Losses	0	0
Held to maturity, fair value	$ 26,835	$ 45,374

Investment Securities - Age of

Investment Securities - Age of Unrealized Losses and Fair Value of Related Securities Held to Maturity (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Fair Value	$ 242,680	$ 112,284
Less than Twelve Months, Unrealized Losses	(1,906)	(613)
More than Twelve Months, Fair Value	217,674	390,639
More than Twelve Months, Unrealized Losses	(16,332)	(18,701)
Total, Fair Value	460,354	502,923
Total, Unrealized Losses	(18,238)	(19,314)
Obligations of states and state agencies
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Fair Value	0	4,927
Less than Twelve Months, Unrealized Losses	0	(50)
More than Twelve Months, Fair Value	1,957	19,050
More than Twelve Months, Unrealized Losses	(12)	(362)
Total, Fair Value	1,957	23,977
Total, Unrealized Losses	(12)	(412)
Municipal bonds
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Fair Value	19,027	0
Less than Twelve Months, Unrealized Losses	(241)	0
More than Twelve Months, Fair Value	10,159	28,815
More than Twelve Months, Unrealized Losses	(68)	(278)
Total, Fair Value	29,186	28,815
Total, Unrealized Losses	(309)	(278)
Obligations of states and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Fair Value	19,027	4,927
Less than Twelve Months, Unrealized Losses	(241)	(50)
More than Twelve Months, Fair Value	12,116	47,865
More than Twelve Months, Unrealized Losses	(80)	(640)
Total, Fair Value	31,143	52,792
Total, Unrealized Losses	(321)	(690)
Residential mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Fair Value	223,653	107,357
Less than Twelve Months, Unrealized Losses	(1,665)	(563)
More than Twelve Months, Fair Value	160,149	276,580
More than Twelve Months, Unrealized Losses	(3,235)	(5,681)
Total, Fair Value	383,802	383,937
Total, Unrealized Losses	(4,900)	(6,244)
Trust preferred securities
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Fair Value	0	0
Less than Twelve Months, Unrealized Losses	0	0
More than Twelve Months, Fair Value	45,409	66,194
More than Twelve Months, Unrealized Losses	(13,017)	(12,380)
Total, Fair Value	45,409	66,194
Total, Unrealized Losses	$ (13,017)	$ (12,380)

Investment Securities - Contrac

Investment Securities - Contractual Maturities of Debt Securities Held to Maturity (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Due in one year, Amortized Cost	$ 81,860
Due after one year through five years, Amortized Cost	71,354
Due after five years through ten years, Amortized Cost	374,915
Due after ten years, Amortized Cost	220,035
Residential mortgage-backed securities, Amortized Cost	889,146
Held to Maturity, Amortized Cost	1,637,310	$ 1,778,316
Due in one year, Fair Value	81,866
Due after one year through five years, Fair Value	75,970
Due after five years through ten years, Fair Value	400,050
Due after ten years, Fair Value	213,289
Residential mortgage-backed securities, Fair Value	899,776
Fair Value	$ 1,670,951	$ 1,815,976

Investment Securities - Amort50

Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Securities Available for Sale (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 799,264	$ 889,958
Gross Unrealized Gains	8,974	9,343
Gross Unrealized Losses	(10,849)	(12,331)
Fair Value	797,389	886,970
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	51,047	51,063
Gross Unrealized Gains	20	2
Gross Unrealized Losses	(599)	(1,622)
Fair Value	50,468	49,443
U.S. government agency securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	24,738	33,163
Gross Unrealized Gains	779	748
Gross Unrealized Losses	(4)	(86)
Fair Value	25,513	33,825
Obligations of states and state agencies
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	10,980	11,160
Gross Unrealized Gains	22	0
Gross Unrealized Losses	0	(24)
Fair Value	11,002	11,136
Municipal bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	33,215	33,340
Gross Unrealized Gains	60	127
Gross Unrealized Losses	(808)	(552)
Fair Value	32,467	32,915
Obligations of states and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	44,195	44,500
Gross Unrealized Gains	82	127
Gross Unrealized Losses	(808)	(576)
Fair Value	43,469	44,051
Residential mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	569,182	643,382
Gross Unrealized Gains	5,865	5,854
Gross Unrealized Losses	(5,397)	(4,960)
Fair Value	569,650	644,276
Trust preferred securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	10,530	23,194
Gross Unrealized Gains	0	296
Gross Unrealized Losses	(1,937)	(2,953)
Fair Value	8,593	20,537
Corporate and other debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	78,550	73,585
Gross Unrealized Gains	1,413	1,645
Gross Unrealized Losses	(946)	(1,218)
Fair Value	79,017	74,012
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	21,022	21,071
Gross Unrealized Gains	815	671
Gross Unrealized Losses	(1,158)	(916)
Fair Value	$ 20,679	$ 20,826

Investment Securities - Age o51

Investment Securities - Age of Unrealized Losses and Fair Value of Related Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value	$ 192,382	$ 100,748
Less than Twelve Months, Unrealized Losses	(2,563)	(999)
More than Twelve Months, Fair Value	243,614	379,752
More than Twelve Months, Unrealized Losses	(8,286)	(11,332)
Total, Fair Value	435,996	480,500
Total, Unrealized Losses	(10,849)	(12,331)
U.S. Treasury securities
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value	49,516	0
Less than Twelve Months, Unrealized Losses	(599)	0
More than Twelve Months, Fair Value	0	48,504
More than Twelve Months, Unrealized Losses	0	(1,622)
Total, Fair Value	49,516	48,504
Total, Unrealized Losses	(599)	(1,622)
U.S. government agency securities
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value	0	0
Less than Twelve Months, Unrealized Losses	0	0
More than Twelve Months, Fair Value	4,857	5,442
More than Twelve Months, Unrealized Losses	(4)	(86)
Total, Fair Value	4,857	5,442
Total, Unrealized Losses	(4)	(86)
Obligations of states and state agencies
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value		0
Less than Twelve Months, Unrealized Losses		0
More than Twelve Months, Fair Value		11,136
More than Twelve Months, Unrealized Losses		(24)
Total, Fair Value		11,136
Total, Unrealized Losses		(24)
Municipal bonds
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value	19,764	13,337
Less than Twelve Months, Unrealized Losses	(232)	(426)
More than Twelve Months, Fair Value	10,721	14,637
More than Twelve Months, Unrealized Losses	(576)	(126)
Total, Fair Value	30,485	27,974
Total, Unrealized Losses	(808)	(552)
Obligations of states and political subdivisions
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value	19,764	13,337
Less than Twelve Months, Unrealized Losses	(232)	(426)
More than Twelve Months, Fair Value	10,721	25,773
More than Twelve Months, Unrealized Losses	(576)	(150)
Total, Fair Value	30,485	39,110
Total, Unrealized Losses	(808)	(576)
Residential mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value	107,912	57,543
Less than Twelve Months, Unrealized Losses	(1,601)	(121)
More than Twelve Months, Fair Value	168,049	244,910
More than Twelve Months, Unrealized Losses	(3,796)	(4,839)
Total, Fair Value	275,961	302,453
Total, Unrealized Losses	(5,397)	(4,960)
Trust preferred securities
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value	0	2,210
Less than Twelve Months, Unrealized Losses	0	(117)
More than Twelve Months, Fair Value	8,593	12,085
More than Twelve Months, Unrealized Losses	(1,937)	(2,836)
Total, Fair Value	8,593	14,295
Total, Unrealized Losses	(1,937)	(2,953)
Corporate and other debt securities
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value	15,190	27,500
Less than Twelve Months, Unrealized Losses	(131)	(294)
More than Twelve Months, Fair Value	36,908	28,269
More than Twelve Months, Unrealized Losses	(815)	(924)
Total, Fair Value	52,098	55,769
Total, Unrealized Losses	(946)	(1,218)
Equity securities
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value	0	158
Less than Twelve Months, Unrealized Losses	0	(41)
More than Twelve Months, Fair Value	14,486	14,769
More than Twelve Months, Unrealized Losses	(1,158)	(875)
Total, Fair Value	14,486	14,927
Total, Unrealized Losses	$ (1,158)	$ (916)

Investment Securities - Contr52

Investment Securities - Contractual Maturities of Investment Securities Available for Sale (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Schedule of Available-for-sale Securities [Line Items]
Due in one year, Amortized Cost	$ 600
Due after one year through five years, Amortized Cost	70,286
Due after five years through ten years, Amortized Cost	71,953
Due after ten years, Amortized Cost	66,221
Total investment securities available for sale, Amortized Cost	799,264
Due in one year, Fair Value	602
Due after one year through five years, Fair Value	71,237
Due after five years through ten years, Fair Value	70,566
Due after ten years, Fair Value	64,655
Total investment securities available for sale, Fair Value	797,389
Residential mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Securities without a single maturity date, Amortized Cost	569,182
Securities without a single maturity date, Fair Value	569,650
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Securities without a single maturity date, Amortized Cost	21,022
Securities without a single maturity date, Fair Value	$ 20,679

Investment Securities - Changes

Investment Securities - Changes in Credit Loss Component of Cumulative Other-than-Temporary Impairment Losses on Debt Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance, beginning of period	$ 6,387	$ 9,682	$ 8,947	$ 9,990
Accretion of credit loss impairment due to an increase in expected cash flows	(458)	(198)	(636)	(506)
Sales	0	0	(2,382)	0
Balance, end of period	$ 5,929	$ 9,484	$ 5,929	$ 9,484

Investment Securities - Realize

Investment Securities - Realized Gains and Losses on Sales of Investment Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]
Gross gains, Sales transactions	$ 0	$ 103	$ 3,274	$ 103
Gross losses, sales transactions	0	0	(947)	0
Gains (losses) on Sales transactions, net	0	103	2,327	103
Gross gains, Maturities and other securities transactions	158	0	287	8
Gross losses, Maturities and other securities transactions	(1)	0	(133)	(9)
Gains (losses) on Maturities and other securities transactions, net	157	0	154	(1)
Total gains on securities transactions, net	$ 157	$ 103	$ 2,481	$ 102

Loans - Schedule of Loan Portfo

Loans - Schedule of Loan Portfolio Non-Covered and Covered PCI Loans and Non-PCI Loans (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	$ 14,887,323	$ 13,262,022
Covered loans	129,491	211,891
Total loans	15,016,814	13,473,913
Commercial real estate loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	7,457,983	6,562,153
Consumer loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	2,083,193	1,946,896
Covered loans	3,411	5,519
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	2,399,451	2,237,298
Covered loans	1,167	13,813
Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	6,890,357	6,032,190
Covered loans	70,320	128,691
Construction
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	567,626	529,963
Covered loans	2,027	3,171
Residential mortgage
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	2,946,696	2,515,675
Covered loans	52,566	60,697
Home equity | Consumer loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	474,730	491,745
Automobile | Consumer loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	1,219,758	1,144,831
Other consumer | Consumer loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	388,705	310,320
Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	13,539,026	11,752,112
Covered loans	0	0
Total loans	13,539,026	11,752,112
Non-PCI Loans | Commercial real estate loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	6,531,303	5,529,836
Non-PCI Loans | Consumer loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	1,991,683	1,843,305
Covered loans	0	0
Non-PCI Loans | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	2,152,638	1,959,927
Covered loans	0	0
Non-PCI Loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	6,009,760	5,053,742
Covered loans	0	0
Non-PCI Loans | Construction
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	521,543	476,094
Covered loans	0	0
Non-PCI Loans | Residential mortgage
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	2,863,402	2,419,044
Covered loans	0	0
Non-PCI Loans | Home equity | Consumer loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	392,658	400,136
Non-PCI Loans | Automobile | Consumer loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	1,219,734	1,144,780
Non-PCI Loans | Other consumer | Consumer loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	379,291	298,389
PCI Loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	1,348,297	1,509,910
Covered loans	129,491	211,891
Total loans	1,477,788	1,721,801
PCI Loans | Commercial real estate loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	926,680	1,032,317
PCI Loans | Consumer loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	91,510	103,591
Covered loans	3,411	5,519
PCI Loans | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	246,813	277,371
Covered loans	1,167	13,813
PCI Loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	880,597	978,448
Covered loans	70,320	128,691
PCI Loans | Construction
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	46,083	53,869
Covered loans	2,027	3,171
PCI Loans | Residential mortgage
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	83,294	96,631
Covered loans	52,566	60,697
PCI Loans | Home equity | Consumer loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	82,072	91,609
PCI Loans | Automobile
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	24	51
PCI Loans | Other consumer | Consumer loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	$ 9,414	$ 11,931

Loans - Additional Information

Loans - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable
Non-covered loans net of unearned premiums, discounts and deferred loan fees	$ 106,000		$ 106,000		$ 9,000,000
Non-covered loans	14,887,323,000		14,887,323,000		13,262,022,000
Sales of loans	0	$ 0	0	$ 0
Non-interest income, increase (decrease)	$ (55,000)	(3,800,000)	$ (3,400,000)	(11,600,000)
Combined loan-to-value ratio home equity loan	75.00%		75.00%
TDRs not reported as non-accrual loans	$ 91,200,000		$ 91,200,000		97,700,000
Non-performing TDRs	14,800,000		14,800,000		19,400,000
Specific reserves for loan losses	602,000	3,800,000
Partial loan charge-offs related to loans modified as TDRs	0	$ 0	$ 0	$ 861,000
Number of days loans placed on non-accrual status			90 days
Repossessed Assets	20,100,000		$ 20,100,000
Residential real estate properties
Accounts, Notes, Loans and Financing Receivable
Repossessed Assets	5,800,000		5,800,000
In formal foreclosure proceedings
Accounts, Notes, Loans and Financing Receivable
Residential mortgage and consumer loans secured by residential real estate properties	12,300,000		12,300,000
Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Unsecured loans	360,800,000		360,800,000		345,100,000
Commercial real estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Impaired loans	250,000		250,000
PCI Loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	1,400,000,000		1,400,000,000		1,600,000,000
Outstanding contractual principal balances	149,300,000		149,300,000		253,700,000
Consumer loans
Accounts, Notes, Loans and Financing Receivable
Non-covered loans	2,083,193,000		2,083,193,000		1,946,896,000
Unsecured loans	17,400,000		17,400,000		31,400,000
Credit card loans
Accounts, Notes, Loans and Financing Receivable
Unsecured loans	$ 7,000,000		$ 7,000,000		$ 7,600,000

Loans - Changes in Accretable Y

Loans - Changes in Accretable Yield for Covered Loans (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance, beginning of period	$ 282,101	$ 122,342	$ 336,208	$ 223,799
Accretion	(24,814)	(15,538)	(78,921)	(46,981)
Net decrease in expected cash flows	0	0	0	(70,014)
Balance, end of period	$ 257,287	$ 106,804	$ 257,287	$ 106,804

Loans - Changes in FDIC Loss-Sh

Loans - Changes in FDIC Loss-Share Receivable (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
FDIC Indemnification Assets
Balance, beginning of the period	$ 8,404	$ 20,687	$ 13,848	$ 32,757
Discount accretion of the present value at the acquisition dates	43	12	130	35
Effect of additional cash flows on covered loans (prospective recognition)	0	(4,500)	(4,072)	(8,460)
Decrease in the provision for losses on covered loans	0	0	0	(4,417)
Other reimbursable expenses	(238)	745	174	2,248
Reimbursements from the FDIC	(1,082)	(684)	(2,835)	(4,967)
Other	140	(80)	22	(1,016)
Balance, end of the period	$ 7,267	$ 16,180	$ 7,267	$ 16,180

Loans - Past Due, Non-Accrual a

Loans - Past Due, Non-Accrual and Current Non-Covered Loans by Loan Portfolio Class (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing Loans 90 Days Or More Past Due	$ 4,103	$ 5,478
Non-Accrual Loans	59,224	55,757
Past Due Loans	88,283	86,987
Current Non-PCI Loans	13,450,743	11,665,125
Total Non-PCI Loans	13,539,026	11,752,112
Commercial real estate loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing Loans 90 Days Or More Past Due	245	4,037
Non-Accrual Loans	28,088	27,321
Past Due Loans	37,405	40,857
Current Non-PCI Loans	6,493,898	5,488,979
Total Non-PCI Loans	6,531,303	5,529,836
Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing Loans 90 Days Or More Past Due	166	152
Non-Accrual Loans	1,634	2,209
Past Due Loans	6,013	6,107
Current Non-PCI Loans	1,985,670	1,837,198
Total Non-PCI Loans	1,991,683	1,843,305
Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing Loans 90 Days Or More Past Due	224	226
Non-Accrual Loans	12,845	8,467
Past Due Loans	17,146	11,425
Current Non-PCI Loans	2,135,492	1,948,502
Total Non-PCI Loans	2,152,638	1,959,927
Commercial real estate | Commercial real estate loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing Loans 90 Days Or More Past Due	245	49
Non-Accrual Loans	22,129	22,098
Past Due Loans	26,739	31,198
Current Non-PCI Loans	5,983,021	5,022,544
Total Non-PCI Loans	6,009,760	5,053,742
Construction | Commercial real estate loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing Loans 90 Days Or More Past Due	0	3,988
Non-Accrual Loans	5,959	5,223
Past Due Loans	10,666	9,659
Current Non-PCI Loans	510,877	466,435
Total Non-PCI Loans	521,543	476,094
Residential mortgage
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing Loans 90 Days Or More Past Due	3,468	1,063
Non-Accrual Loans	16,657	17,760
Past Due Loans	27,719	28,598
Current Non-PCI Loans	2,835,683	2,390,446
Total Non-PCI Loans	2,863,402	2,419,044
Home equity | Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing Loans 90 Days Or More Past Due	0	0
Non-Accrual Loans	1,576	2,022
Past Due Loans	3,079	3,065
Current Non-PCI Loans	389,579	397,071
Total Non-PCI Loans	392,658	400,136
Automobile | Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing Loans 90 Days Or More Past Due	164	126
Non-Accrual Loans	0	90
Past Due Loans	2,548	2,509
Current Non-PCI Loans	1,217,186	1,142,271
Total Non-PCI Loans	1,219,734	1,144,780
Other consumer | Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing Loans 90 Days Or More Past Due	2	26
Non-Accrual Loans	58	97
Past Due Loans	386	533
Current Non-PCI Loans	378,905	297,856
Total Non-PCI Loans	379,291	298,389
30-59 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	18,846	20,198
30-59 Days Past Due Loans | Commercial real estate loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	7,657	9,386
30-59 Days Past Due Loans | Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	3,491	2,982
30-59 Days Past Due Loans | Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	2,081	1,630
30-59 Days Past Due Loans | Commercial real estate | Commercial real estate loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	2,950	8,938
30-59 Days Past Due Loans | Construction | Commercial real estate loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	4,707	448
30-59 Days Past Due Loans | Residential mortgage
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	5,617	6,200
30-59 Days Past Due Loans | Home equity | Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	1,285	761
30-59 Days Past Due Loans | Automobile | Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	1,904	1,902
30-59 Days Past Due Loans | Other consumer | Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	302	319
60-89 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	6,110	5,554
60-89 Days Past Due Loans | Commercial real estate loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	1,415	113
60-89 Days Past Due Loans | Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	722	764
60-89 Days Past Due Loans | Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	1,996	1,102
60-89 Days Past Due Loans | Commercial real estate | Commercial real estate loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	1,415	113
60-89 Days Past Due Loans | Construction | Commercial real estate loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	0	0
60-89 Days Past Due Loans | Residential mortgage
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	1,977	3,575
60-89 Days Past Due Loans | Home equity | Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	218	282
60-89 Days Past Due Loans | Automobile | Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	480	391
60-89 Days Past Due Loans | Other consumer | Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	$ 24	$ 91

Loans - Impaired Loans (Detail)

Loans - Impaired Loans (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	$ 56,040	$ 57,609
Recorded Investment With Related Allowance	87,299	87,399
Total Recorded Investment	143,339	145,008
Unpaid Contractual Principal Balance	144,554	158,936
Related Allowance	11,077	12,525
Commercial real estate loans
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	41,734	44,286
Recorded Investment With Related Allowance	47,700	47,012
Total Recorded Investment	89,434	91,298
Unpaid Contractual Principal Balance	93,143	97,701
Related Allowance	4,536	5,502
Consumer loans
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	413	235
Recorded Investment With Related Allowance	2,684	2,911
Total Recorded Investment	3,097	3,146
Unpaid Contractual Principal Balance	3,175	3,247
Related Allowance	463	465
Commercial and industrial
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	6,624	6,579
Recorded Investment With Related Allowance	20,760	21,645
Total Recorded Investment	27,384	28,224
Unpaid Contractual Principal Balance	32,070	33,677
Related Allowance	4,446	4,929
Commercial real estate
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	28,833	29,784
Recorded Investment With Related Allowance	42,947	44,713
Total Recorded Investment	71,780	74,497
Unpaid Contractual Principal Balance	75,489	77,007
Related Allowance	4,187	5,342
Construction
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	12,901	14,502
Recorded Investment With Related Allowance	4,753	2,299
Total Recorded Investment	17,654	16,801
Unpaid Contractual Principal Balance	17,654	20,694
Related Allowance	349	160
Residential mortgage
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	7,269	6,509
Recorded Investment With Related Allowance	16,155	15,831
Total Recorded Investment	23,424	22,340
Unpaid Contractual Principal Balance	16,166	24,311
Related Allowance	1,632	1,629
Home equity
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	413	235
Recorded Investment With Related Allowance	2,684	2,911
Total Recorded Investment	3,097	3,146
Unpaid Contractual Principal Balance	3,175	3,247
Related Allowance	$ 463	$ 465

Loans - Average Recorded Invest

Loans - Average Recorded Investment and Interest Income Recognized on Impaired Loans (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	$ 155,019	$ 158,807	$ 147,922	$ 175,256
Interest Income Recognized	1,160	1,168	3,840	4,205
Total commercial real estate loans
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	96,516	99,999	92,966	109,725
Interest Income Recognized	677	751	2,333	2,618
Total consumer loans
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	4,275	3,039	4,125	1,855
Interest Income Recognized	43	18	111	47
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	28,892	30,387	27,570	37,229
Interest Income Recognized	232	172	689	831
Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	76,509	83,045	76,900	91,184
Interest Income Recognized	538	604	1,918	2,173
Construction
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	20,007	16,954	16,066	18,541
Interest Income Recognized	139	147	415	445
Residential mortgage
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	25,336	25,382	23,261	26,447
Interest Income Recognized	208	227	707	709
Home equity
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	4,275	3,039	4,125	1,855
Interest Income Recognized	$ 43	$ 18	$ 111	$ 47

Loans - Pre-Modification and Po

Loans - Pre-Modification and Post-Modification Outstanding Recorded Investments (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)Contract	Sep. 30, 2014USD ($)Contract	Sep. 30, 2015USD ($)Contract	Sep. 30, 2014USD ($)Contract
Accounts, Notes, Loans and Financing Receivable
Number of Contracts | Contract	7	11	26	34
Pre-Modification Outstanding Recorded Investment	$ 7,584	$ 12,044	$ 20,196	$ 44,181
Post-Modification Outstanding Recorded Investment	$ 6,031	$ 8,884	$ 18,652	$ 37,179
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Number of Contracts | Contract	2	1	12	9
Pre-Modification Outstanding Recorded Investment	$ 1,530	$ 3,159	$ 4,621	$ 11,340
Post-Modification Outstanding Recorded Investment	$ 1,530	$ 3,159	$ 4,081	$ 10,361
Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Number of Contracts | Contract	0	4	4	12
Pre-Modification Outstanding Recorded Investment	$ 0	$ 6,111	$ 6,562	$ 22,282
Post-Modification Outstanding Recorded Investment	$ 0	$ 2,865	$ 6,444	$ 18,011
Construction
Accounts, Notes, Loans and Financing Receivable
Number of Contracts | Contract	2	1	3	3
Pre-Modification Outstanding Recorded Investment	$ 4,974	$ 403	$ 5,474	$ 5,731
Post-Modification Outstanding Recorded Investment	$ 3,451	$ 500	$ 4,635	$ 4,232
Total commercial real estate loans
Accounts, Notes, Loans and Financing Receivable
Number of Contracts | Contract	2	5	7	15
Pre-Modification Outstanding Recorded Investment	$ 4,974	$ 6,514	$ 12,036	$ 28,013
Post-Modification Outstanding Recorded Investment	$ 3,451	$ 3,365	$ 11,079	$ 22,243
Residential mortgage
Accounts, Notes, Loans and Financing Receivable
Number of Contracts | Contract	3	3	6	7
Pre-Modification Outstanding Recorded Investment	$ 1,080	$ 568	$ 2,458	$ 2,893
Post-Modification Outstanding Recorded Investment	$ 1,050	$ 557	$ 2,420	$ 2,640
Consumer
Accounts, Notes, Loans and Financing Receivable
Number of Contracts | Contract	0	2	1	3
Pre-Modification Outstanding Recorded Investment	$ 0	$ 1,803	$ 1,081	$ 1,935
Post-Modification Outstanding Recorded Investment	$ 0	$ 1,803	$ 1,072	$ 1,935

Loans - Risk Category of Loans

Loans - Risk Category of Loans (Detail) - Non-PCI Loans - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	$ 8,683,941	$ 7,489,763
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	2,152,638	1,959,927
Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	6,009,760	5,053,742
Construction
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	521,543	476,094
Pass
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	8,394,864	7,223,802
Pass | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	2,045,297	1,865,472
Pass | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	5,842,344	4,903,185
Pass | Construction
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	507,223	455,145
Special Mention
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	129,178	92,608
Special Mention | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	66,354	50,453
Special Mention | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	61,842	40,232
Special Mention | Construction
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	982	1,923
Substandard
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	158,064	170,809
Substandard | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	39,152	44,002
Substandard | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	105,574	110,325
Substandard | Construction
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	13,338	16,482
Doubtful
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	1,835	2,544
Doubtful | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	1,835	0
Doubtful | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	0	0
Doubtful | Construction
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	$ 0	$ 2,544

Loans - Recorded Investment in

Loans - Recorded Investment in Loan Classes Based on Payment Activity (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	$ 4,855,085	$ 4,262,349
Non-PCI Loans | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	2,863,402	2,419,044
Non-PCI Loans | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	392,658	400,136
Non-PCI Loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,219,734	1,144,780
Non-PCI Loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	379,291	298,389
PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,477,788	1,721,801
PCI Loans | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	247,980	291,184
PCI Loans | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	950,917	1,107,139
PCI Loans | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	48,110	57,040
PCI Loans | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	135,860	157,328
PCI Loans | Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	94,921	109,110
Performing Loans | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	4,836,794	4,242,380
Performing Loans | Non-PCI Loans | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	2,846,745	2,401,284
Performing Loans | Non-PCI Loans | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	391,082	398,114
Performing Loans | Non-PCI Loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,219,734	1,144,690
Performing Loans | Non-PCI Loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	379,233	298,292
Performing Loans | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,455,560	1,674,088
Performing Loans | PCI Loans | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	244,445	272,027
Performing Loans | PCI Loans | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	940,668	1,091,784
Performing Loans | PCI Loans | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	47,216	52,802
Performing Loans | PCI Loans | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	132,649	153,789
Performing Loans | PCI Loans | Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	90,582	103,686
Non-Performing Loans | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	18,291	19,969
Non-Performing Loans | Non-PCI Loans | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	16,657	17,760
Non-Performing Loans | Non-PCI Loans | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,576	2,022
Non-Performing Loans | Non-PCI Loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	0	90
Non-Performing Loans | Non-PCI Loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	58	97
Non-Performing Loans | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	22,228	47,713
Non-Performing Loans | PCI Loans | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	3,535	19,157
Non-Performing Loans | PCI Loans | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	10,249	15,355
Non-Performing Loans | PCI Loans | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	894	4,238
Non-Performing Loans | PCI Loans | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	3,211	3,539
Non-Performing Loans | PCI Loans | Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	$ 4,339	$ 5,424

Allowance for Credit Losses - S

Allowance for Credit Losses - Summary of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Receivables [Abstract]
Allowance for non-covered loans	$ 104,351		$ 102,153
Allowance for covered loans	200		200
Total allowance for loan losses	104,551	$ 102,835	102,353	$ 102,438	$ 103,053	$ 113,617
Allowance for unfunded letters of credit	2,146		1,934
Total allowance for credit losses	$ 106,697		$ 104,287

Allowance for Credit Losses -66

Allowance for Credit Losses - Summary of Provision for Credit Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Receivables [Abstract]
Provision for non-covered loans	$ 0	$ 0	$ 4,382	$ 4,949
Provision for covered loans	0	0	0	(5,671)
Total provision for loan losses	0	0	4,382	(722)
Provision for unfunded letters of credit	94	(423)	212	(1,374)
Total provision for credit losses	$ 94	$ (423)	$ 4,594	$ (2,096)

Allowance for Credit Losses -67

Allowance for Credit Losses - Summary of Activity in Allowance for Loan Losses (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 102,835,000	$ 103,053,000	$ 102,353,000	$ 113,617,000
Loans charged-off	(2,009,000)	(2,345,000)	(11,024,000)	(21,335,000)
Charged-off loans recovered	3,725,000	1,730,000	8,840,000	10,878,000
Net (charge-offs) recoveries	1,716,000	(615,000)	(2,184,000)	(10,457,000)
Provision for loan losses	0	0	4,382,000	(722,000)
Ending balance	104,551,000	102,438,000	104,551,000	102,438,000
Covered loans, charge-offs	0	433,000	0	1,200,000
Covered loans, recovered	0	0	0	462,000
Commercial and industrial
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	41,714,000	48,421,000	43,676,000	51,551,000
Loans charged-off	(1,124,000)	(1,852,000)	(5,103,000)	(11,806,000)
Charged-off loans recovered	2,550,000	1,190,000	5,587,000	6,154,000
Net (charge-offs) recoveries	1,426,000	(662,000)	484,000	(5,652,000)
Provision for loan losses	4,397,000	(1,388,000)	3,377,000	472,000
Ending balance	47,537,000	46,371,000	47,537,000	46,371,000
Commercial real estate loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	44,185,000	35,267,000	42,840,000	42,343,000
Loans charged-off	(40,000)	(181,000)	(2,780,000)	(6,703,000)
Charged-off loans recovered	536,000	26,000	1,686,000	2,831,000
Net (charge-offs) recoveries	496,000	(155,000)	(1,094,000)	(3,872,000)
Provision for loan losses	(2,403,000)	1,954,000	532,000	(1,405,000)
Ending balance	42,278,000	37,066,000	42,278,000	37,066,000
Residential mortgage
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	5,055,000	7,018,000	5,093,000	7,786,000
Loans charged-off	(111,000)	(240,000)	(499,000)	(515,000)
Charged-off loans recovered	151,000	8,000	395,000	244,000
Net (charge-offs) recoveries	40,000	(232,000)	(104,000)	(271,000)
Provision for loan losses	(546,000)	(610,000)	(440,000)	(1,339,000)
Ending balance	4,549,000	6,176,000	4,549,000	6,176,000
Consumer
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	5,542,000	5,368,000	5,179,000	4,359,000
Loans charged-off	(734,000)	(72,000)	(2,642,000)	(2,311,000)
Charged-off loans recovered	488,000	506,000	1,172,000	1,649,000
Net (charge-offs) recoveries	(246,000)	434,000	(1,470,000)	(662,000)
Provision for loan losses	(829,000)	(22,000)	758,000	2,083,000
Ending balance	4,467,000	5,780,000	4,467,000	5,780,000
Unallocated
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	6,339,000	6,979,000	5,565,000	7,578,000
Loans charged-off	0	0	0	0
Charged-off loans recovered	0	0	0	0
Net (charge-offs) recoveries	0	0	0	0
Provision for loan losses	(619,000)	66,000	155,000	(533,000)
Ending balance	$ 5,720,000	$ 7,045,000	$ 5,720,000	$ 7,045,000

Allowance for Credit Losses -68

Allowance for Credit Losses - Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Impairment Methodology (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	$ 11,077	$ 12,525
Collectively evaluated for impairment	93,274	89,628
Total	104,551	102,353
Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	143,339	145,008
Collectively evaluated for impairment	13,395,687	11,607,104
Total	15,016,814	13,473,913
Residential mortgage | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	1,632	1,629
Collectively evaluated for impairment	2,917	3,434
Total	4,549	5,093
Residential mortgage | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	23,424	22,340
Collectively evaluated for impairment	2,839,978	2,396,704
Total	2,999,262	2,576,372
Unallocated | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	5,720	5,565
Total	5,720	5,565
Unallocated | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	0	0
Total	0	0
Commercial and industrial | Commercial and industrial | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	4,446	4,929
Collectively evaluated for impairment	42,921	38,577
Total	47,537	43,676
Commercial and industrial | Commercial and industrial | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	27,384	28,224
Collectively evaluated for impairment	2,125,254	1,931,703
Total	2,400,618	2,251,111
Commercial real estate | Commercial real estate loans | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	4,536	5,502
Collectively evaluated for impairment	37,742	37,338
Total	42,278	42,840
Commercial real estate | Commercial real estate loans | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	89,434	91,298
Collectively evaluated for impairment	6,441,869	5,438,538
Total	7,530,330	6,694,015
Consumer | Consumer | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	463	465
Collectively evaluated for impairment	3,974	4,714
Total	4,467	5,179
Consumer | Consumer | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	3,097	3,146
Collectively evaluated for impairment	1,988,586	1,840,159
Total	2,086,604	1,952,415
Loans acquired with discounts related to credit quality | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with discounts related to credit quality	200	200
Loans acquired with discounts related to credit quality | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with discounts related to credit quality	1,477,788	1,721,801
Loans acquired with discounts related to credit quality | Residential mortgage | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with discounts related to credit quality	0	30
Loans acquired with discounts related to credit quality | Residential mortgage | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with discounts related to credit quality	135,860	157,328
Loans acquired with discounts related to credit quality | Unallocated | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with discounts related to credit quality	0	0
Loans acquired with discounts related to credit quality | Unallocated | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with discounts related to credit quality	0	0
Loans acquired with discounts related to credit quality | Commercial and industrial | Commercial and industrial | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with discounts related to credit quality	170	170
Loans acquired with discounts related to credit quality | Commercial and industrial | Commercial and industrial | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with discounts related to credit quality	247,980	291,184
Loans acquired with discounts related to credit quality | Commercial real estate | Commercial real estate loans | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with discounts related to credit quality	0	0
Loans acquired with discounts related to credit quality | Commercial real estate | Commercial real estate loans | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with discounts related to credit quality	999,027	1,164,179
Loans acquired with discounts related to credit quality | Consumer | Consumer | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with discounts related to credit quality	30	0
Loans acquired with discounts related to credit quality | Consumer | Consumer | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with discounts related to credit quality	$ 94,921	$ 109,110

Goodwill and Other Intangible69

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 0	$ 0	$ 0	$ 0
Amortization of other intangible assets	2,232,000	2,201,000	$ 6,721,000	6,898,000
Core Deposits
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, years			11 years
Other
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, years			19 years
Core Deposits and Other
Finite-Lived Intangible Assets [Line Items]
Impairment of core deposits and intangibles	$ 0	$ 0	$ 0	$ 0

Goodwill and Other Intangible70

Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets - Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 575,892
Goodwill from business combinations	1,642
Goodwill, ending balance	577,534
Wealth Management
Goodwill [Roll Forward]
Goodwill, beginning balance	20,517
Goodwill from business combinations	0
Goodwill, ending balance	20,517
Consumer Lending
Goodwill [Roll Forward]
Goodwill, beginning balance	168,922
Goodwill from business combinations	450
Goodwill, ending balance	169,372
Commercial Lending
Goodwill [Roll Forward]
Goodwill, beginning balance	252,900
Goodwill from business combinations	869
Goodwill, ending balance	253,769
Investment Management
Goodwill [Roll Forward]
Goodwill, beginning balance	133,553
Goodwill from business combinations	323
Goodwill, ending balance	$ 133,876

Goodwill and Other Intangible71

Goodwill and Other Intangible Assets - Other Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	$ 123,235	$ 123,439
Accumulated Amortization	(91,470)	(84,072)
Valuation Allowance	(383)	(592)
Net Intangible Assets	31,382	38,775
Loan Servicing Rights
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	75,477	72,154
Accumulated Amortization	(58,027)	(51,708)
Valuation Allowance	(383)	(592)
Net Intangible Assets	17,067	19,854
Core Deposits
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	43,384	46,694
Accumulated Amortization	(30,888)	(29,916)
Valuation Allowance	0	0
Net Intangible Assets	12,496	16,778
Other
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	4,374	4,591
Accumulated Amortization	(2,555)	(2,448)
Valuation Allowance	0	0
Net Intangible Assets	$ 1,819	$ 2,143

Goodwill and Other Intangible72

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Loan Servicing Rights
Finite-Lived Intangible Assets [Line Items]
2,015	$ 1,373
2,016	4,336
2,017	3,404
2,018	2,601
2,019	1,915
Core Deposits
Finite-Lived Intangible Assets [Line Items]
2,015	777
2,016	2,648
2,017	2,120
2,018	1,767
2,019	1,497
Other
Finite-Lived Intangible Assets [Line Items]
2,015	108
2,016	233
2,017	220
2,018	193
2,019	$ 181

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 6,512	$ 5,582
Stock-based compensation amortization expense unrecognized	$ 15,100		$ 15,100
Average remaining vesting, years			4 years
Non-Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights as a percentage			33.33%
Employee Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, available for grant	2,600		2,600
Number of shares, awarded during the period			492	539
Stock-based compensation expense	$ 2,000	$ 1,800	$ 6,500	$ 5,600
Employee Stock Incentive Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, awarded during the period			313	240
Incentive stock option's maximum term, years			3 years
Average grant date fair value (usd per share)			$ 8.98
Employee Stock Incentive Plan | Performance Shares | Growth in Tangible Book Value per Share Plus Dividends
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights as a percentage			75.00%
Employee Stock Incentive Plan | Performance Shares | Total Shareholder Return as Compared to Our Peer Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights as a percentage			25.00%
Employee Stock Incentive Plan | Non-Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average grant date fair value (usd per share)			$ 9.25
Employee Stock Incentive Plan | Non-Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive stock option's maximum term, years			3 years
Employee Stock Incentive Plan | Non-Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive stock option's maximum term, years			6 years

Guarantees - Additional Informa

Guarantees - Additional Information (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Guarantor Obligations [Line Items]
Guarantor obligations, standby letters of credit	$ 191,100
Liability related to standby letters of credit	725
Secured
Guarantor Obligations [Line Items]
Guarantor obligations, standby letters of credit	$ 129,600
Percent of secured letters of credit	67.80%

Derivative Instruments and He75

Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Derivative [Line Items]
Derivative instruments not designated as hedging instruments, liability	$ 25,000
Aggregate fair value of net liability position	12,100
Collateral posted with counterparties	56,800
Interest Rate Swaps
Derivative [Line Items]
Accumulated net after-tax losses related to effective cash flow hedges	22,100		$ 14,500
Estimated amount of interest rate derivatives to be reclassified to interest expense	$ 12,800
Recognized a net reduction to interest expense		$ 100

Derivative Instruments and He76

Derivative Instruments and Hedging Activities - Consolidated Statements of Financial Condition Related to Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Interest Rate Caps and Swaps
Derivative [Line Items]
Asset Derivatives, Fair Value	$ 0	$ 0
Liability Derivatives, Fair Value	57,026	33,239
Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Asset Derivatives, Fair Value	10,722	8,486
Liability Derivatives, Fair Value	33,752	20,784
Notional Amount, Fair Value	1,040,260	1,140,406
Derivatives Designated as Hedging Instruments | Cash Flow Hedge | Interest Rate Caps and Swaps
Derivative [Line Items]
Asset Derivatives, Fair Value	1,253	2,229
Liability Derivatives, Fair Value	32,281	19,302
Notional Amount, Fair Value	907,000	1,007,000
Derivatives Designated as Hedging Instruments | Designated as Fair Value Hedge | Interest Rate Swaps
Derivative [Line Items]
Asset Derivatives, Fair Value	9,469	6,257
Liability Derivatives, Fair Value	1,471	1,482
Notional Amount, Fair Value	133,260	133,406
Derivatives Not Designated as Hedging Instrument
Derivative [Line Items]
Asset Derivatives, Fair Value	23,392	12,501
Liability Derivatives, Fair Value	23,592	12,546
Notional Amount, Fair Value	590,425	419,706
Derivatives Not Designated as Hedging Instrument | Interest Rate Swaps
Derivative [Line Items]
Asset Derivatives, Fair Value	23,278	12,464
Liability Derivatives, Fair Value	23,274	12,455
Notional Amount, Fair Value	528,767	378,849
Derivatives Not Designated as Hedging Instrument | Mortgage Banking Derivatives
Derivative [Line Items]
Asset Derivatives, Fair Value	114	37
Liability Derivatives, Fair Value	318	91
Notional Amount, Fair Value	$ 61,658	$ 40,857

Derivative Instruments and He77

Derivative Instruments and Hedging Activities - Losses Related to Interest Rate Derivatives Designated as Hedges of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Amounts Related To Interest Rate Derivatives Included In Income Designated As Hedges Of Cash Flows [Line Items]
Amount of loss reclassified from accumulated other comprehensive loss to interest expense	$ (40,730)	$ (40,791)	$ (119,206)	$ (119,550)
Amount of (loss) gain recognized in other comprehensive income	(10,588)	2,155	(17,604)	(12,511)
Reclassification Out of Accumulated Other Comprehensive Income (Loss)
Amounts Related To Interest Rate Derivatives Included In Income Designated As Hedges Of Cash Flows [Line Items]
Amount of loss reclassified from accumulated other comprehensive loss to interest expense	$ (1,323)	$ (1,674)	$ (4,651)	$ (4,986)

Derivative Instruments and He78

Derivative Instruments and Hedging Activities - Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Fair Value (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Interest income	$ 157,141	$ 135,108	$ 465,787	$ 402,525
Interest expense	40,730	40,791	119,206	119,550
Derivatives Designated as Hedging Instruments | Designated as Fair Value Hedge
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Interest income	93	(116)	(10)	(43)
Interest expense	(4,329)	45	(3,270)	(5,755)
Interest Rate Swaps | Designated as Fair Value Hedge
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Interest income	(93)	116	10	43
Interest expense	$ 4,302	$ (84)	$ 3,211	$ 5,748

Derivative Instruments and He79

Derivative Instruments and Hedging Activities - (Losses) Gains Related to Derivative Instruments Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Non-designated hedge interest rate derivatives
Other non-interest expense	$ (263)	$ 44	$ (155)	$ (172)

Balance Sheet Offsetting - Gros

Balance Sheet Offsetting - Gross Presentation Effects of Offsetting and Net Presentation of Valley's Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Offsetting Liabilities
Gross Amounts Recognized, Total Liabilities	$ 452,026	$ 428,239
Gross Amounts Offset, Total Liabilities	0	0
Net Amounts Presented, Total Liabilities	452,026	428,239
Gross Amounts Not Offset, Financial Instruments	(10,721)	(8,504)
Gross Amounts Not Offset, Cash Collateral	(441,305)	(419,735)
Net Amount, Total	0	0
Repurchase Agreements
Offsetting Liabilities
Gross Amounts Recognized, Liabilities	395,000	395,000
Gross Amounts Offset, Liabilities	0	0
Net Amounts Presented, Liabilities	395,000	395,000
Gross Amounts Not Offset, Liabilities	0	0
Gross Amounts Not Offset, Liabilities	(395,000)	(395,000)
Net Amount, Liabilities	0	0
Interest Rate Caps and Swaps
Offsetting Assets
Gross Amounts Recognized, Assets	34,000	20,950
Gross Amounts Offset, Assets	0	0
Net Amounts Presented, Assets	34,000	20,950
Gross Amounts Not Offset, Financial Instruments	(10,721)	(8,504)
Gross Amounts Not Offset, Cash Collateral	0	0
Net Amount, Assets	23,279	12,446
Offsetting Liabilities
Gross Amounts Recognized, Liabilities	57,026	33,239
Gross Amounts Offset, Liabilities	0	0
Net Amounts Presented, Liabilities	57,026	33,239
Gross Amounts Not Offset, Financial Instruments	(10,721)	(8,504)
Gross Amounts Not Offset, Cash Collateral	(46,305)	(24,735)
Net Amount, Liabilities	$ 0	$ 0

Tax Credit Investments Tax Cred

Tax Credit Investments Tax Credit Investments - Affordable Housing Tax Credit Investments, Other Tax Credit Investments, and Related Unfunded Commitments (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Other Assets
Other Assets [Abstract]
Affordable housing tax credit investments, net	$ 33,514	$ 36,009
Other tax credit investments, net	54,872	66,023
Total tax credit investments, net	88,386	102,032
Other Liabilities
Other Liabilities [Abstract]
Unfunded affordable housing tax credit commitments	8,080	8,800
Unfunded other tax credit commitments	418	418
Total unfunded tax credit commitments	$ 8,498	$ 9,218

Tax Credit Investments Tax Cr82

Tax Credit Investments Tax Credit Investments - Affordable Housing Tax Credit Investments and Other Tax Credit Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Equity Method Investments [Line Items]
Affordable housing tax credits and other tax benefits	$ 1,660	$ 2,164	$ 4,774	$ 6,148
Other tax credit investment credits and tax benefits	7,510	3,269	16,031	9,953
Total reduction in income tax expense	9,170	5,433	20,805	16,101
Non-Interest Expenses [Member]
Schedule of Equity Method Investments [Line Items]
Affordable housing tax credit investment losses	543	1,073	1,516	2,291
Affordable housing tax credit investment impairment losses	451	375	979	2,889
Other tax credit investment losses	144	747	934	1,829
Other tax credit investment impairment losses	4,086	2,435	10,802	7,139
Total amortization of tax credit investments recorded in non-interest expense	$ 5,224	$ 4,630	$ 14,231	$ 14,148

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Oct. 31, 2015	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Amount of new funding from brokered deposits and repurchase agreements			$ 302,941	$ 146,781
Subsequent Event | Brokered Money Market Deposits and Repurchase Agreements
Subsequent Event [Line Items]
Amount of new funding from brokered deposits and repurchase agreements	$ 800,000
Weighted average duration of brokered deposits and repurchase agreements	0.56%
Subsequent Event | Long-term Debt
Subsequent Event [Line Items]
Prepayment of long-term borrowings	$ 795,000
Average cost of prepayment	3.78%
Subsequent Event | Long-term Debt | Forecast
Subsequent Event [Line Items]
Prepayment penalty charges		$ 50,300