Valley National Bancorp (VLY) 10-Q 9 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 06, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		254,383,833

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and due from banks	$ 243,265	$ 243,575
Interest bearing deposits with banks	233,228	170,225
Investment securities:
Held to maturity (fair value of $1,660,224 at March 31, 2016 and $1,621,039 at December 31, 2015)	1,618,466	1,596,385
Available for sale	1,452,489	1,506,861
Total investment securities	3,070,955	3,103,246
Loans held for sale, at fair value	15,347	16,382
Loans	16,135,987	16,043,107
Less: Allowance for loan losses	(105,415)	(106,178)
Net loans	16,030,572	15,936,929
Premises and equipment, net	300,072	298,943
Bank owned life insurance	389,500	387,542
Accrued interest receivable	62,973	63,554
Goodwill	689,589	686,339
Other intangible assets, net	46,155	48,882
Other assets	645,867	656,999
Total Assets	21,727,523	21,612,616
Liabilities
Deposits: Non-interest bearing	5,053,478	4,914,285
Deposits: Interest bearing:
Savings, NOW and money market	8,273,936	8,181,362
Time	3,081,012	3,157,904
Total deposits	16,408,426	16,253,551
Short-term borrowings	1,170,623	1,076,991
Long-term borrowings	1,660,284	1,810,728
Junior subordinated debentures issued to capital trusts	41,455	41,414
Accrued expenses and other liabilities	227,133	222,841
Total Liabilities	19,507,921	19,405,525
Shareholders’ Equity
Preferred stock (no par value, authorized 30,000,000 shares; issued 4,600,000 shares at March 31, 2016 and December 31, 2015)	111,590	111,590
Common stock (no par value, authorized 332,023,233 shares; issued 254,326,257 shares at March 31, 2016 and 253,787,561 shares at December 31, 2015)	88,735	88,626
Surplus	1,930,844	1,927,399
Retained earnings	131,494	125,171
Accumulated other comprehensive loss	(42,695)	(45,695)
Treasury stock, at cost (40,823 common shares at March 31, 2016)	(366)	0
Total Shareholders’ Equity	2,219,602	2,207,091
Total Liabilities and Shareholders’ Equity	$ 21,727,523	$ 21,612,616

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Held to maturity, fair value	$ 1,660,224	$ 1,621,039
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	4,600,000
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)	254,326,257	253,787,561
Treasury stock, shares (in shares)	40,823	0

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest Income
Interest and fees on loans	$ 166,071	$ 150,482
Interest and dividends on investment securities:
Taxable	13,999	14,932
Tax-exempt	3,690	3,612
Dividends	1,480	1,739
Interest on federal funds sold and other short-term investments	357	220
Total interest income	185,597	170,985
Interest Expense
Savings, NOW and money market	9,243	5,995
Time	9,585	7,974
Interest on short-term borrowings	1,872	94
Interest on long-term borrowings and junior subordinated debentures	16,744	24,836
Total interest expense	37,444	38,899
Net Interest Income	148,153	132,086
Provision for credit losses	800	0
Net Interest Income After Provision for Credit Losses	147,353	132,086
Non-Interest Income
Trust and investment services	2,440	2,494
Insurance commissions	4,708	4,205
Service charges on deposit accounts	5,103	5,290
Gains on securities transactions, net	271	2,416
Fees from loan servicing	1,594	1,603
Gains on sales of loans, net	1,795	598
(Losses) gains on sales of assets, net	(10)	281
Bank owned life insurance	1,963	1,764
Change in FDIC loss-share receivable	(560)	(3,920)
Other	4,144	3,914
Total non-interest income	21,448	18,645
Non-Interest Expense
Salary and employee benefits expense	60,259	56,712
Net occupancy and equipment expense	22,789	22,200
FDIC insurance assessment	5,099	3,792
Amortization of other intangible assets	2,849	2,393
Professional and legal fees	3,895	3,341
Amortization of tax credit investments	7,264	4,496
Telecommunication expense	2,386	2,006
Other	13,684	13,178
Total non-interest expense	118,225	108,118
Income Before Income Taxes	50,576	42,613
Income tax expense	14,389	12,272
Net Income	36,187	30,341
Dividends on preferred stock	1,797	0
Net Income Available to Common Shareholders	$ 34,390	$ 30,341
Earnings Per Common Share:
Basic (in usd per share)	$ 0.14	$ 0.13
Diluted (in usd per share)	0.14	0.13
Cash Dividends Declared per Common Share (in usd per share)	$ 0.11	$ 0.11
Weighted Average Number of Common Shares Outstanding:
Basic (in shares)	254,075,349	232,338,775
Diluted (in shares)	254,347,420	232,341,921

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 36,187	$ 30,341
Other comprehensive income (loss), net of tax:
Net gains arising during the period	8,283	3,936
Less reclassification adjustment for net gains included in net income	(170)	(1,409)
Total	8,113	2,527
Non-credit impairment losses on available for sale securities
Net change in non-credit impairment losses on securities	(59)	(421)
Less reclassification adjustment for accretion of credit impairment losses included in net income	(286)	(84)
Total	(345)	(505)
Unrealized gains and losses on derivatives (cash flow hedges)
Net losses on derivatives arising during the period	(6,552)	(5,259)
Less reclassification adjustment for net losses included in net income	1,741	951
Total	(4,811)	(4,308)
Defined benefit pension plan
Amortization of net loss	43	119
Total other comprehensive income (loss)	3,000	(2,167)
Total comprehensive income	$ 39,187	$ 28,174

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 36,187	$ 30,341
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,417	5,078
Stock-based compensation	2,369	2,479
Provision for credit losses	800	0
Net amortization of premiums and accretion of discounts on securities and borrowings	4,198	8,371
Amortization of other intangible assets	2,849	2,393
Gains on securities transactions, net	(271)	(2,416)
Proceeds from sales of loans held for sale	54,907	38,568
Gains on sales of loans, net	(1,795)	(598)
Originations of loans held for sale	(52,749)	(17,716)
Losses (gains) on sales of assets, net	10	(281)
FDIC loss-share receivable (excluding reimbursements)	560	3,920
Net change in:
Trading securities	0	14,233
Fair value of borrowings hedged by derivative transactions	4,719	2,781
Cash surrender value of bank owned life insurance	(1,963)	(1,764)
Accrued interest receivable	581	743
Other assets	(6,079)	(40,365)
Accrued expenses and other liabilities	3,993	8,104
Net cash provided by operating activities	54,733	53,871
Cash flows from investing activities:
Net loan repayments (originations)	95,706	(122,279)
Loans purchased	(190,741)	(139,935)
Investment securities held to maturity:
Purchases	(83,955)	(145,973)
Sales	0	11,666
Maturities, calls and principal repayments	58,907	85,798
Investment securities available for sale:
Purchases	(302,321)	(8,034)
Sales	2,081	13,974
Maturities, calls and principal repayments	366,882	38,678
Proceeds from sales of real estate property and equipment	3,919	4,551
Purchases of real estate property and equipment	(7,578)	(3,216)
Reimbursements from the FDIC	370	1,954
Net cash used in investing activities	(56,730)	(262,816)
Cash flows from financing activities:
Net change in deposits	154,875	182,627
Net change in short-term borrowings	93,632	(12,915)
Repayments of long-term borrowings	(155,000)	0
Cash dividends paid to preferred shareholders	(1,797)	0
Cash dividends paid to common shareholders	(27,916)	(25,512)
Purchase of common shares to treasury	(1,496)	0
Common stock issued, net	2,392	(948)
Net cash provided by financing activities	64,690	143,252
Net change in cash and cash equivalents	62,693	(65,693)
Cash and cash equivalents at beginning of year	413,800	830,407
Cash and cash equivalents at end of period	476,493	764,714
Supplemental disclosures of cash flow information:
Interest on deposits and borrowings	38,766	41,978
Federal and state income taxes	67	29,550
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned	$ 663	$ 1,944

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and for all periods presented have been made. The results of operations for the three months ended March 31, 2016 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, 2015 .

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Business Combinations	Business Combinations Acquisitions O n January 4, 2016, Masters Coverage Corp., an all-line insurance agency that is a wholly-owned subsidiary of the Bank, acquired certain assets of an independent insurance agency located in New York. The purchase price totaled approximately $1.4 million in cash and future cash consideration. The transaction generated goodwill and other intangible assets totaling $701 thousand and $660 thousand , respectively. On December 1, 2015, Valley completed its acquisition of CNLBancshares, Inc. (CNL) and its wholly-owned subsidiary, CNLBank, headquartered in Orlando, Florida, a commercial bank with approximately $1.6 billion in assets, $825 million in loans and $1.2 billion in deposits and 16 branch offices on the date of its acquisition by Valley. The common shareholders of CNL received 0.705 of a share of Valley common stock for each CNL share they owned prior to the merger. The total consideration for the acquisition was approximately $230 million , consisting of 20.6 million shares of Valley's common stock. During the quarter ended March 31, 2016 , 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 time deposits which, on a combined basis, resulted in a $2.5 million increase in goodwill (see Note 10 for amount of goodwill as allocated to Valley's business segments). If additional information (that existed at the date of close) becomes available, the fair value estimates for acquired assets and assumed liabilities are subject to change for up to one year after the closing date of the CNL acquisition.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 . Three Months Ended 2016 2015 (in thousands, except for share data) Net income available to common shareholders $ 34,390 $ 30,341 Basic weighted average number of common shares outstanding 254,075,349 232,338,775 Plus: Common stock equivalents 272,071 3,146 Diluted weighted average number of common shares outstanding 254,347,420 232,341,921 Earnings per common share: Basic $ 0.14 $ 0.13 Diluted 0.14 0.13 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 equaled approximately 4.6 million shares and 6.2 million for the three months ended March 31, 2016 and 2015 , respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 . 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 December 31, 2015 $ (5,336 ) $ (520 ) $ (17,644 ) $ (22,195 ) $ (45,695 ) Other comprehensive income (loss) before reclassifications 8,283 (59 ) (6,552 ) — 1,672 Amounts reclassified from other comprehensive income (loss) (170 ) (286 ) 1,741 43 1,328 Other comprehensive income (loss), net 8,113 (345 ) (4,811 ) 43 3,000 Balance at March 31, 2016 $ 2,777 $ (865 ) $ (22,455 ) $ (22,152 ) $ (42,695 ) 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 months ended March 31, 2016 and 2015 . Amounts Reclassified from Accumulated Other Comprehensive Loss Three Months Ended Components of Accumulated Other Comprehensive Loss 2016 2015 Income Statement Line Item (in thousands) Unrealized gains on AFS securities before tax $ 271 $ 2,416 Gains on securities transactions, net Tax effect (101 ) (1,007 ) Total net of tax 170 1,409 Non-credit impairment losses on AFS securities before tax: Accretion of credit loss impairment due to an increase in expected cash flows 489 144 Interest and dividends on investment securities (taxable) Tax effect (203 ) (60 ) Total net of tax 286 84 Unrealized losses on derivatives (cash flow hedges) before tax (2,971 ) (1,629 ) Interest expense Tax effect 1,230 678 Total net of tax (1,741 ) (951 ) Defined benefit pension plan: Amortization of net loss (72 ) (205 ) * Tax effect 29 86 Total net of tax (43 ) (119 ) Total reclassifications, net of tax $ (1,328 ) $ 423 * Amortization of net loss is included in the computation of net periodic pension cost.

New Authoritative Accounting Gu

New Authoritative Accounting Guidance	3 Months Ended
	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
New Authoritative Accounting Guidance	New Authoritative Accounting Guidance Accounting Standards Update (ASU) No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" simplifies several aspects of the stock compensation guidance in Topic 718 and other related guidance. The amendments focus on income tax accounting upon vesting or exercise of share-based payments, award classification, liability classification exception for statutory tax withholding requirements, estimating forfeitures, and cash flow presentation. ASU No. 2016-09 is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018 with an early adoption permitted. ASU No. 2016-09 is not expected to have a significant impact on Valley's consolidated financial statements. ASU No. 2016-02, “Leases (Topic 842)” requires the recognition of a right of use asset and related lease liability by lessees for leases classified as operating leases under current GAAP. Topic 842, which replaces the current guidance under Topic 840, retains a distinction between finance leases and operating leases. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee also will not significantly change from current GAAP. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize right of use assets and lease liabilities. Topic 842 will be effective for Valley for reporting periods beginning January 1, 2019, with an early adoption permitted. Valley must apply a modified retrospective transition approach for the applicable leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Management is currently evaluating the impact of Topic 842 on Valley’s consolidated financial statements. ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities” requires that: (i) equity investments with readily determinable fair values must be measured at fair value with changes in fair value recognized in net income, (2) equity investments without readily determinable fair values must be measured at either fair value or at cost adjusted for changes in observable prices minus impairment. Changes in value under either of these methods would be recognized in net income, (3) entities that record financial liabilities at fair value due to a fair value option election must recognize changes in fair value in other comprehensive income if it is related to instrument-specific credit risk, and (4) entities must assess whether a valuation allowance is required for deferred tax assets related to available-for-sale debt securities. ASU No. 2016-01 is effective for Valley for reporting periods beginning January 1, 2018 and is not expected to have a material effect 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 began effective for Valley for reporting periods after January 1, 2016 and did not have an impact on Valley's fair value measurement disclosures at Note 6.

Fair Value Measurement of Asset

Fair Value Measurement of Assets and Liabilities	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 . 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). March 31, 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 $ 411,335 $ 411,335 $ — $ — U.S. government agency securities 26,922 — 26,922 — Obligations of states and political subdivisions 126,222 — 126,222 — Residential mortgage-backed securities 782,648 — 771,801 10,847 Trust preferred securities 8,259 — 6,157 2,102 Corporate and other debt securities 78,208 17,887 60,321 — Equity securities 18,895 464 18,431 — Total available for sale 1,452,489 429,686 1,009,854 12,949 Loans held for sale (1) 15,347 — 15,347 — Other assets (2) 49,308 — 49,308 — Total assets $ 1,517,144 $ 429,686 $ 1,074,509 $ 12,949 Liabilities Other liabilities (2) $ 70,199 $ — $ 70,199 $ — Total liabilities $ 70,199 $ — $ 70,199 $ — Non-recurring fair value measurements: Collateral dependent impaired loans (3) $ 6,209 $ — $ — $ 6,209 Loan servicing rights 4,142 — — 4,142 Foreclosed assets (4) 2,604 — — 2,604 Total $ 12,955 $ — $ — $ 12,955 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 $ 549,473 $ 549,473 $ — $ — U.S. government agency securities 29,963 — 29,963 — Obligations of states and political subdivisions 124,966 — 124,966 — Residential mortgage-backed securities 696,428 — 684,777 11,651 Trust preferred securities 8,404 — 6,262 2,142 Corporate and other debt securities 77,552 17,710 59,842 — Equity securities 20,075 1,198 18,877 — Total available for sale 1,506,861 568,381 924,687 13,793 Loans held for sale (1) 16,382 — 16,382 — Other assets (2) 33,774 — 33,774 — Total assets $ 1,557,017 $ 568,381 $ 974,843 $ 13,793 Liabilities Other liabilities (2) $ 50,844 $ — $ 50,844 $ — Total liabilities $ 50,844 $ — $ 50,844 $ — Non-recurring fair value measurements: Collateral dependent impaired loans (3) $ 15,427 $ — $ — $ 15,427 Loan servicing rights 2,571 — — 2,571 Foreclosed assets (4) 16,672 — — 16,672 Total $ 34,670 $ — $ — $ 34,670 (1) Loans held for sale carried at fair value (which consist of residential mortgages) had contractual unpaid principal balances totaling approximately $14.8 million and $16.1 million at March 31, 2016 and December 31, 2015 , respectively. (2) Derivative financial instruments are included in this category. (3) Excludes PCI loans. (4) Includes covered (i.e., subject to loss-sharing agreements with the FDIC) other real estate owned totaling $270 thousand and $4.2 million at March 31, 2016 and December 31, 2015 , respectively. The changes in Level 3 assets measured at fair value on a recurring basis for the three months ended March 31, 2016 and 2015 are summarized below: Available for Sale Securities Three Months Ended 2016 2015 (in thousands) Balance, beginning of the period $ 13,793 $ 19,309 Total net losses included in other comprehensive income for the period (585 ) (792 ) Sales — (2,675 ) Settlements (259 ) (374 ) Balance, end of the period $ 12,949 $ 15,468 No changes in unrealized gains or losses on Level 3 securities were included in earnings during the three months ended March 31, 2016 and 2015 . There were no transfers of assets into and out of Level 3, or between Level 1 and Level 2, during the three months ended March 31, 2016 and 2015 . There have been no material changes in the valuation methodologies used at March 31, 2016 from December 31, 2015 . 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 March 31, 2016 : Security Type Valuation Technique Unobservable Input Range Weighted Average Private label mortgage-backed securities Discounted cash flow Prepayment rate 0.1-22.2% 10.8 % Default rate 3.7-20.6 8.4 Loss severity 41.4-64.6 59.5 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), the resulting estimated future cash flow was discounted at a yield determined by reference to similarly structured securities for which observable orderly transactions occurred. The discount rate 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 March 31, 2016 and December 31, 2015 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 March 31, 2016 and December 31, 2015 ), is determined based on the current market prices for similar instruments provided by Fannie Mae and Freddie Mac. 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 March 31, 2016 and December 31, 2015 . 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. 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 March 31, 2016 , appraisals are discounted based on specific market data by location and property type. During the quarter ended March 31, 2016 , 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 $479 thousand and $850 thousand for the three months ended March 31, 2016 and 2015 , respectively. At March 31, 2016 , collateral dependent impaired loans with a total recorded investment of $7.1 million were reduced by specific valuation allowance allocations totaling $872 thousand to a reported total net carrying amount of $6.2 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 March 31, 2016 , the fair value model used prepayment speeds (stated as constant prepayment rates) from 0 percent up to 24 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 impairment charges on its loan servicing rights totaling $192 thousand and $84 thousand for the three months ended March 31, 2016 and 2015 , 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 adjusted up to 3.7 percent at March 31, 2016 . At March 31, 2016 , foreclosed assets included $2.6 million of assets that were measured at fair value upon initial recognition or subsequently re-measured during the quarter ended March 31, 2016 . The foreclosed assets charge-offs to the allowance for loan losses totaled $139 thousand and $457 thousand for the three months ended March 31, 2016 and 2015 , respectively. The re-measurement of foreclosed assets at fair value subsequent to their initial recognition resulted in net loss within non-interest expense of $617 thousand for the three months ended March 31, 2016 and an immaterial net loss for the three months ended March 31, 2015 , 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 March 31, 2016 and December 31, 2015 were as follows: Fair Value Hierarchy March 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 243,265 $ 243,265 $ 243,575 $ 243,575 Interest bearing deposits with banks Level 1 233,228 233,228 170,225 170,225 Investment securities held to maturity: U.S. Treasury securities Level 1 138,942 153,877 138,978 149,483 U.S. government agency securities Level 2 12,225 12,738 12,859 13,130 Obligations of states and political subdivisions Level 2 516,645 543,069 504,865 527,263 Residential mortgage-backed securities Level 2 859,305 870,711 852,289 855,272 Trust preferred securities Level 2 59,790 46,404 59,785 46,437 Corporate and other debt securities Level 2 31,559 33,425 27,609 29,454 Total investment securities held to maturity 1,618,466 1,660,224 1,596,385 1,621,039 Net loans Level 3 16,030,572 16,008,152 15,936,929 15,824,475 Accrued interest receivable Level 1 62,973 62,973 63,554 63,554 Federal Reserve Bank and Federal Home Loan Bank stock (1) Level 1 145,699 145,699 145,068 145,068 Financial liabilities Deposits without stated maturities Level 1 13,327,414 13,327,414 13,095,647 13,095,647 Deposits with stated maturities Level 2 3,081,012 3,122,098 3,157,904 3,203,389 Short-term borrowings Level 1 1,170,623 1,170,623 1,076,991 1,076,991 Long-term borrowings Level 2 1,660,284 1,823,824 1,810,728 1,945,741 Junior subordinated debentures issued to capital trusts Level 2 41,455 43,797 41,414 44,127 Accrued interest payable (2) Level 1 11,789 11,789 13,110 13,110 (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	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) March 31, 2016 U.S. Treasury securities $ 138,942 $ 14,935 $ — $ 153,877 U.S. government agency securities 12,225 513 — 12,738 Obligations of states and political subdivisions: Obligations of states and state agencies 193,947 12,776 — 206,723 Municipal bonds 322,698 13,648 — 336,346 Total obligations of states and political subdivisions 516,645 26,424 — 543,069 Residential mortgage-backed securities 859,305 15,068 (3,662 ) 870,711 Trust preferred securities 59,790 48 (13,434 ) 46,404 Corporate and other debt securities 31,559 1,866 — 33,425 Total investment securities held to maturity $ 1,618,466 $ 58,854 $ (17,096 ) $ 1,660,224 December 31, 2015 U.S. Treasury securities $ 138,978 $ 10,505 $ — $ 149,483 U.S. government agency securities 12,859 271 — 13,130 Obligations of states and political subdivisions: Obligations of states and state agencies 194,547 10,538 (10 ) 205,075 Municipal bonds 310,318 11,955 (85 ) 322,188 Total obligations of states and political subdivisions 504,865 22,493 (95 ) 527,263 Residential mortgage-backed securities 852,289 11,018 (8,035 ) 855,272 Trust preferred securities 59,785 36 (13,384 ) 46,437 Corporate and other debt securities 27,609 1,894 (49 ) 29,454 Total investment securities held to maturity $ 1,596,385 $ 46,217 $ (21,563 ) $ 1,621,039 The age of unrealized losses and fair value of related securities held to maturity at March 31, 2016 and December 31, 2015 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) March 31, 2016 Residential mortgage-backed securities $ 174,784 $ (1,010 ) $ 218,383 $ (2,652 ) $ 393,167 $ (3,662 ) Trust preferred securities — — 45,002 (13,434 ) 45,002 (13,434 ) Total $ 174,784 $ (1,010 ) $ 263,385 $ (16,086 ) $ 438,169 $ (17,096 ) December 31, 2015 Obligations of states and political subdivisions: Obligations of states and state agencies $ 6,837 $ (5 ) $ 1,965 $ (5 ) $ 8,802 $ (10 ) Municipal bonds 8,814 (72 ) 10,198 (13 ) 19,012 (85 ) Total obligations of states and political subdivisions 15,651 (77 ) 12,163 (18 ) 27,814 (95 ) Residential mortgage-backed securities 244,440 (2,916 ) 162,756 (5,119 ) 407,196 (8,035 ) Trust preferred securities — — 45,047 (13,384 ) 45,047 (13,384 ) Corporate and other debt securities 2,951 (49 ) — — 2,951 (49 ) Total $ 263,042 $ (3,042 ) $ 219,966 $ (18,521 ) $ 483,008 $ (21,563 ) 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 March 31, 2016 was 96 as compared to 74 at December 31, 2015 . The unrealized losses within the residential mortgage-backed securities category of the available for sale portfolio at March 31, 2016 mainly related to certain investment grade securities issued by Fannie Mae. The unrealized losses existing for more than twelve months for trust preferred securities at March 31, 2016 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 March 31, 2016 . Management does not believe that any individual unrealized loss as of March 31, 2016 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. As of March 31, 2016 , 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 $937.2 million . The contractual maturities of investments in debt securities held to maturity at March 31, 2016 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. March 31, 2016 Amortized Cost Fair Value (in thousands) Due in one year $ 91,330 $ 91,344 Due after one year through five years 159,946 171,623 Due after five years through ten years 302,843 325,292 Due after ten years 205,042 201,254 Residential mortgage-backed securities 859,305 870,711 Total investment securities held to maturity $ 1,618,466 $ 1,660,224 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 6.6 years at March 31, 2016 . Available for Sale The amortized cost, gross unrealized gains and losses and fair value of securities available for sale at March 31, 2016 and December 31, 2015 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) March 31, 2016 U.S. Treasury securities $ 411,059 $ 295 $ (19 ) $ 411,335 U.S. government agency securities 26,290 645 (13 ) 26,922 Obligations of states and political subdivisions: Obligations of states and state agencies 43,704 839 (6 ) 44,537 Municipal bonds 80,610 1,389 (314 ) 81,685 Total obligations of states and political subdivisions 124,314 2,228 (320 ) 126,222 Residential mortgage-backed securities 778,775 7,852 (3,979 ) 782,648 Trust preferred securities* 10,401 — (2,142 ) 8,259 Corporate and other debt securities 77,852 1,628 (1,272 ) 78,208 Equity securities 20,522 384 (2,011 ) 18,895 Total investment securities available for sale $ 1,449,213 $ 13,032 $ (9,756 ) $ 1,452,489 December 31, 2015 U.S. Treasury securities $ 551,173 $ 4 $ (1,704 ) $ 549,473 U.S. government agency securities 29,316 665 (18 ) 29,963 Obligations of states and political subdivisions: Obligations of states and state agencies 44,285 196 (67 ) 44,414 Municipal bonds 80,717 209 (374 ) 80,552 Total obligations of states and political subdivisions 125,002 405 (441 ) 124,966 Residential mortgage-backed securities 701,764 3,348 (8,684 ) 696,428 Trust preferred securities* 10,458 — (2,054 ) 8,404 Corporate and other debt securities 78,202 1,239 (1,889 ) 77,552 Equity securities 21,022 575 (1,522 ) 20,075 Total investment securities available for sale $ 1,516,937 $ 6,236 $ (16,312 ) $ 1,506,861 * Includes two pooled trust preferred securities, principally collateralized by securities issued by banks and insurance companies, at March 31, 2016 and December 31, 2015. The age of unrealized losses and fair value of related securities available for sale at March 31, 2016 and December 31, 2015 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) March 31, 2016 U.S. Treasury securities $ 360,004 $ (19 ) $ — $ — $ 360,004 $ (19 ) U.S. government agency securities — — 4,517 (13 ) 4,517 (13 ) Obligations of states and political subdivisions: Obligations of states and state agencies 1,576 (6 ) — — 1,576 (6 ) Municipal bonds — — 12,513 (314 ) 12,513 (314 ) Total obligations of states and political subdivisions 1,576 (6 ) 12,513 (314 ) 14,089 (320 ) Residential mortgage-backed securities 141,851 (804 ) 172,436 (3,175 ) 314,287 (3,979 ) Trust preferred securities — — 8,259 (2,142 ) 8,259 (2,142 ) Corporate and other debt securities 14,207 (319 ) 31,566 (953 ) 45,773 (1,272 ) Equity securities — — 13,784 (2,011 ) 13,784 (2,011 ) Total $ 517,638 $ (1,148 ) $ 243,075 $ (8,608 ) $ 760,713 $ (9,756 ) December 31, 2015 U.S. Treasury securities $ 548,538 $ (1,704 ) $ — $ — $ 548,538 $ (1,704 ) U.S. government agency securities 3,489 (5 ) 4,736 (13 ) 8,225 (18 ) Obligations of states and political subdivisions: Obligations of states and state agencies 24,359 (67 ) — — 24,359 (67 ) Municipal bonds 38,207 (128 ) 13,551 (246 ) 51,758 (374 ) Total obligations of states and political subdivisions 62,566 (195 ) 13,551 (246 ) 76,117 (441 ) Residential mortgage-backed securities 293,615 (4,147 ) 164,010 (4,537 ) 457,625 (8,684 ) Trust preferred securities — — 8,404 (2,054 ) 8,404 (2,054 ) Corporate and other debt securities 21,203 (471 ) 36,137 (1,418 ) 57,340 (1,889 ) Equity securities — — 14,273 (1,522 ) 14,273 (1,522 ) Total $ 929,411 $ (6,522 ) $ 241,111 $ (9,790 ) $ 1,170,522 $ (16,312 ) 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 March 31, 2016 was 120 as compared to 291 at December 31, 2015 . At December 31, 2015 the unrealized losses included larger number of small loss position as compared to March 31, 2016 . The unrealized losses within the residential mortgage-backed securities category of the available for sale portfolio at March 31, 2016 largely related to several investment grade residential mortgage-backed securities mainly issued by Ginnie Mae. The unrealized losses for trust preferred securities at March 31, 2016 for more than twelve months in the table above largely relate to 1 pooled trust preferred security with an amortized cost of $7.6 million and a fair value of $6.1 million . This pooled trust preferred security had unrealized loss of $1.5 million and an investment grade rating at March 31, 2016 . As of March 31, 2016 , 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 $497.6 million . The contractual maturities of investment securities available for sale at March 31, 2016 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. March 31, 2016 Amortized Cost Fair Value (in thousands) Due in one year $ 361,613 $ 361,604 Due after one year through five years 91,097 92,129 Due after five years through ten years 118,340 119,037 Due after ten years 78,866 78,176 Residential mortgage-backed securities 778,775 782,648 Equity securities 20,522 18,895 Total investment securities available for sale $ 1,449,213 $ 1,452,489 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 March 31, 2016 was 9.4 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 months ended March 31, 2016 and 2015 . At March 31, 2016 , four previously impaired private label mortgage-backed securities (prior to December 31, 2012) had a combined amortized cost and fair value of $11.7 million and $10.8 million , respectively, while one previously impaired pooled trust preferred security had an amortized cost and fair value of $2.8 million and $2.1 million , respectively. The previously impaired pooled trust preferred security was not accruing interest during the three months ended March 31, 2016 and 2015 . 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 months ended March 31, 2016 and 2015 : Three Months Ended 2016 2015 (in thousands) Balance, beginning of period $ 5,837 $ 8,947 Accretion of credit loss impairment due to an increase in expected cash flows (489 ) (144 ) Sales — (2,382 ) Balance, end of period $ 5,348 $ 6,421 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 months ended March 31, 2016 and 2015 were as follows: Three Months Ended 2016 2015 (in thousands) Sales transactions: Gross gains $ 271 $ 3,274 Gross losses — (947 ) $ 271 $ 2,327 Maturities and other securities transactions: Gross gains $ — $ 89 Total gains on securities transactions, net $ 271 $ 2,416 Valley recognized gross gains from sales transactions of investment securities totaling $3.3 million for the three months ended March 31, 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 three months ended March 31, 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 an investment portfolio re-balancing during the first quarter of 2015 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.

Loans

Loans	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Loans	Loans The detail of the loan portfolio as of March 31, 2016 and December 31, 2015 was as follows: March 31, 2016 December 31, 2015 Non-PCI Loans PCI Loans* Total Non-PCI Loans PCI Loans* Total (in thousands) Loans: Commercial and industrial $ 2,176,942 $ 360,603 $ 2,537,545 $ 2,156,549 $ 383,942 $ 2,540,491 Commercial real estate: Commercial real estate 6,304,974 1,280,165 7,585,139 6,069,532 1,355,104 7,424,636 Construction 633,559 142,498 776,057 607,694 147,253 754,947 Total commercial real estate loans 6,938,533 1,422,663 8,361,196 6,677,226 1,502,357 8,179,583 Residential mortgage 2,892,643 209,171 3,101,814 2,912,079 218,462 3,130,541 Consumer: Home equity 380,459 111,096 491,555 391,809 119,394 511,203 Automobile 1,187,742 321 1,188,063 1,238,826 487 1,239,313 Other consumer 444,247 11,567 455,814 426,147 15,829 441,976 Total consumer loans 2,012,448 122,984 2,135,432 2,056,782 135,710 2,192,492 Total loans $ 14,020,566 $ 2,115,421 $ 16,135,987 $ 13,802,636 $ 2,240,471 $ 16,043,107 ____ * PCI loans include covered loans (mostly consisting of residential mortgage and commercial real estate loans) totaling $86.8 million and $122.3 million at March 31, 2016 and December 31, 2015 , respectively. Total non-covered loans include net unearned premiums and deferred loan costs of $5.6 million and $3.5 million at March 31, 2016 and December 31, 2015 , respectively. The outstanding balances (representing contractual balances owed to Valley) for PCI loans totaled $2.3 billion and $2.4 billion at March 31, 2016 and December 31, 2015 , respectively. There were no sales of loans from the held for investment portfolio during the three months ended March 31, 2016 and 2015 . Purchased Credit-Impaired Loans (Including Covered Loans) PCI 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. Valley's PCI loan portfolio included covered loans (i.e., loans in which the Bank will share losses with the FDIC under loss-sharing agreements) totaling $86.8 million and $122.3 million at March 31, 2016 and December 31, 2015 , respectively. The following table presents changes in the accretable yield for PCI loans during the three months ended March 31, 2016 and 2015 : Three Months Ended 2016 2015 (in thousands) Balance, beginning of period $ 415,179 $ 336,208 Accretion (28,059 ) (26,350 ) Balance, end of period $ 387,120 $ 309,858 FDIC Loss-Share Receivable The receivable arising from the loss-sharing agreements with the FDIC 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. The FDIC loss share receivable (which is included in other assets on Valley's consolidated statements of financial condition) totaled $7.3 million and $8.3 million at March 31, 2016 and December 31, 2015 , respectively. The aggregate effect of changes in the FDIC loss-share receivable was a net reduction in non-interest income of $560 thousand and $3.9 million for the three months ended March 31, 2016 and 2015 , respectively. The larger reduction during the first quarter of 2015 was mainly caused by the prospective recognition of the effect of additional cash flows from certain loan pools which were covered by commercial loan loss-sharing agreements 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 $402.7 million and $386.6 million at March 31, 2016 and December 31, 2015 , 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, Florida, and eastern Pennsylvania. 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 personal lines of credit (including those secured by cash surrender value of life insurance), credit card loans and personal loans. Valley believes the aggregate risk exposure of these lines of credit and loans was not significant at March 31, 2016 . Unsecured consumer loans totaled approximately $20.4 million and $18.8 million , including $6.6 million and $7.1 million of credit card loans, at March 31, 2016 and December 31, 2015 , 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 March 31, 2016 and December 31, 2015 : 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) March 31, 2016 Commercial and industrial $ 8,395 $ 613 $ 221 $ 11,484 $ 20,713 $ 2,156,229 $ 2,176,942 Commercial real estate: Commercial real estate 1,389 120 131 26,604 28,244 6,276,730 6,304,974 Construction 1,326 — — 5,978 7,304 626,255 633,559 Total commercial real estate loans 2,715 120 131 32,582 35,548 6,902,985 6,938,533 Residential mortgage 14,628 3,056 2,613 16,747 37,044 2,855,599 2,892,643 Consumer loans: Home equity 1,262 300 — 1,685 3,247 377,212 380,459 Automobile 1,336 374 65 122 1,897 1,185,845 1,187,742 Other consumer 602 57 1 — 660 443,587 444,247 Total consumer loans 3,200 731 66 1,807 5,804 2,006,644 2,012,448 Total $ 28,938 $ 4,520 $ 3,031 $ 62,620 $ 99,109 $ 13,921,457 $ 14,020,566 December 31, 2015 Commercial and industrial $ 3,920 $ 524 $ 213 $ 10,913 $ 15,570 $ 2,140,979 $ 2,156,549 Commercial real estate: Commercial real estate 2,684 — 131 24,888 27,703 6,041,829 6,069,532 Construction 1,876 2,799 — 6,163 10,838 596,856 607,694 Total commercial real estate loans 4,560 2,799 131 31,051 38,541 6,638,685 6,677,226 Residential mortgage 6,681 1,626 1,504 17,930 27,741 2,884,338 2,912,079 Consumer loans: Home equity 1,308 111 — 2,088 3,507 388,302 391,809 Automobile 1,969 491 164 118 2,742 1,236,084 1,238,826 Other consumer 71 24 44 — 139 426,008 426,147 Total consumer loans 3,348 626 208 2,206 6,388 2,050,394 2,056,782 Total $ 18,509 $ 5,575 $ 2,056 $ 62,100 $ 88,240 $ 13,714,396 $ 13,802,636 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 March 31, 2016 and December 31, 2015 : Recorded Investment With No Related Allowance Recorded Investment With Related Allowance Total Recorded Investment Unpaid Contractual Principal Balance Related Allowance (in thousands) March 31, 2016 Commercial and industrial $ 7,758 $ 19,838 $ 27,596 $ 33,913 $ 3,578 Commercial real estate: Commercial real estate 32,587 42,816 75,403 79,295 4,088 Construction 8,685 1,257 9,942 9,952 37 Total commercial real estate loans 41,272 44,073 85,345 89,247 4,125 Residential mortgage 7,356 14,624 21,980 23,907 1,267 Consumer loans: Home equity 204 2,454 2,658 2,750 407 Total consumer loans 204 2,454 2,658 2,750 407 Total $ 56,590 $ 80,989 $ 137,579 $ 149,817 $ 9,377 December 31, 2015 Commercial and industrial $ 7,863 $ 17,851 $ 25,714 $ 33,071 $ 3,439 Commercial real estate: Commercial real estate 30,113 37,440 67,553 71,263 3,354 Construction 8,847 5,530 14,377 14,387 317 Total commercial real estate loans 38,960 42,970 81,930 85,650 3,671 Residential mortgage 7,842 14,770 22,612 24,528 1,377 Consumer loans: Home equity 263 1,869 2,132 2,224 295 Total consumer loans 263 1,869 2,132 2,224 295 Total $ 54,928 $ 77,460 $ 132,388 $ 145,473 $ 8,782 The following table present by loan portfolio class, the average recorded investment and interest income recognized on impaired loans for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) Commercial and industrial $ 28,331 $ 240 $ 28,282 $ 246 Commercial real estate: Commercial real estate 72,398 639 78,523 486 Construction 9,802 48 16,670 150 Total commercial real estate loans 82,200 687 95,193 636 Residential mortgage 23,603 202 21,843 250 Consumer loans: Home equity 2,359 23 3,485 30 Total consumer loans 2,359 23 3,485 30 Total $ 136,493 $ 1,152 $ 148,803 $ 1,162 Interest income recognized on a cash basis (included in the table above) was immaterial for the three months ended March 31, 2016 and 2015 . 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 $80.5 million and $77.6 million as of March 31, 2016 and December 31, 2015 , respectively. Non-performing TDRs totaled $19.4 million and $21.0 million as of March 31, 2016 and December 31, 2015 , respectively. The following tables present loans by loan portfolio class modified as TDRs during the three months ended March 31, 2016 and 2015 . The pre-modification and post-modification outstanding recorded investments disclosed in the table below represent the loan carrying amounts immediately prior to the modification and the carrying amounts at March 31, 2016 and 2015 , respectively. Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Commercial and industrial 4 $ 4,961 $ 4,887 6 $ 1,584 $ 1,534 Commercial real estate 2 658 404 1 5,000 5,000 Residential mortgage 2 392 381 1 280 278 Consumer 1 54 53 — — — Total 9 $ 6,065 $ 5,725 8 $ 6,864 $ 6,812 The majority of the TDR concessions made during the three months ended March 31, 2016 and 2015 involved an extension of the loan term. The total TDRs presented in the above table had allocated specific reserves for loan losses totaling $1.6 million and $759 thousand at March 31, 2016 and 2015 , respectively. These specific reserves are included in the allowance for loan losses for loans individually evaluated for impairment disclosed in Note 9. One commercial and industrial TDR loan totaling $209 thousand was fully charged-off during the three months ended March 31, 2016 . There were no charge-offs related to TDR modifications during the first quarter of 2015 . The following table presents non-PCI loans modified as TDRs within the previous 12 months for which there was a payment default ( 90 days or more past due) during the three months ended March 31, 2016 . Three Months Ended Troubled Debt Restructurings Subsequently Defaulted Number of Contracts Recorded Investment ($ in thousands) Commercial and industrial 2 $ 372 Commercial real estate 1 81 Residential mortgage 2 267 Consumer 1 30 Total 6 $ 750 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, and, therefore, not presented in the table below. 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 at March 31, 2016 and December 31, 2015 . Credit exposure - by internally assigned risk rating Pass Special Mention Substandard Doubtful Total Non-PCI Loans (in thousands) March 31, 2016 Commercial and industrial $ 2,075,347 $ 57,283 $ 44,312 $ — $ 2,176,942 Commercial real estate 6,136,061 71,897 97,016 — 6,304,974 Construction 622,460 857 10,242 — 633,559 Total $ 8,833,868 $ 130,037 $ 151,570 $ — $ 9,115,475 December 31, 2015 Commercial and industrial $ 2,049,752 $ 68,243 $ 36,254 $ 2,300 $ 2,156,549 Commercial real estate 5,893,354 79,279 96,899 — 6,069,532 Construction 596,530 1,102 10,062 — 607,694 Total $ 8,539,636 $ 148,624 $ 143,215 $ 2,300 $ 8,833,775 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 March 31, 2016 and December 31, 2015 : Credit exposure - by payment activity Performing Loans Non-Performing Loans Total Non-PCI Loans (in thousands) March 31, 2016 Residential mortgage $ 2,875,896 $ 16,747 $ 2,892,643 Home equity 378,774 1,685 380,459 Automobile 1,187,620 122 1,187,742 Other consumer 444,247 — 444,247 Total $ 4,886,537 $ 18,554 $ 4,905,091 December 31, 2015 Residential mortgage $ 2,894,149 $ 17,930 $ 2,912,079 Home equity 389,721 2,088 391,809 Automobile 1,238,708 118 1,238,826 Other consumer 426,147 — 426,147 Total $ 4,948,725 $ 20,136 $ 4,968,861 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 March 31, 2016 and December 31, 2015 . Credit exposure - by payment activity Performing Loans Non-Performing Loans Total PCI Loans (in thousands) March 31, 2016 Commercial and industrial $ 351,442 $ 9,161 $ 360,603 Commercial real estate 1,266,695 13,470 1,280,165 Construction 141,319 1,179 142,498 Residential mortgage 205,928 3,243 209,171 Consumer 117,050 5,934 122,984 Total $ 2,082,434 $ 32,987 $ 2,115,421 December 31, 2015 Commercial and industrial $ 373,665 $ 10,277 $ 383,942 Commercial real estate 1,342,030 13,074 1,355,104 Construction 141,547 5,706 147,253 Residential mortgage 214,713 3,749 218,462 Consumer 129,891 5,819 135,710 Total $ 2,201,846 $ 38,625 $ 2,240,471 Other real estate owned (OREO) totaled $14.7 million and $19.0 million (including $2.4 million and $5.0 million of OREO properties which are subject to loss-sharing agreements with the FDIC) at March 31, 2016 and December 31, 2015 , respectively. OREO included foreclosed residential real estate properties totaling $7.2 million and $7.0 million at March 31, 2016 and December 31, 2015 , respectively. Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $13.3 million and $12.3 million at March 31, 2016 and December 31, 2015 , respectively.

Allowance for Credit Losses

Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Allowance for Credit Losses	Allowance for Credit Losses The allowance for credit losses consists of the allowance for loan losses and 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 loan losses is based on ongoing evaluations of the probable estimated losses inherent in the loan portfolio, including unexpected additional credit impairment of PCI loan pools subsequent to acquisition. The following table summarizes the allowance for credit losses at March 31, 2016 and December 31, 2015 : March 31, December 31, (in thousands) Components of allowance for credit losses: Allowance for loan losses $ 105,415 $ 106,178 Allowance for unfunded letters of credit 2,260 2,189 Total allowance for credit losses $ 107,675 $ 108,367 The following table summarizes the provision for credit losses for the periods indicated: Three Months Ended 2016 2015 (in thousands) Components of provision for credit losses: Provision for loan losses $ 729 $ — Provision for unfunded letters of credit 71 — Total provision for credit losses $ 800 $ — The following table details activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2016 and 2015 : Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Unallocated Total (in thousands) Three Months Ended Allowance for loan losses: Beginning balance $ 48,767 $ 48,006 $ 4,625 $ 4,780 $ — $ 106,178 Loans charged-off (1,251 ) (105 ) (81 ) (1,074 ) — (2,511 ) Charged-off loans recovered 526 89 15 389 — 1,019 Net (charge-offs) recoveries (725 ) (16 ) (66 ) (685 ) — (1,492 ) Provision for loan losses 375 464 (350 ) 240 — 729 Ending balance $ 48,417 $ 48,454 $ 4,209 $ 4,335 $ — $ 105,415 Three Months Ended Allowance for loan losses: Beginning balance $ 43,676 $ 42,840 $ 5,093 $ 5,179 $ 5,565 $ 102,353 Loans charged-off (753 ) (150 ) (49 ) (714 ) — (1,666 ) Charged-off loans recovered 1,051 460 114 319 — 1,944 Net recoveries (charge-offs) 298 310 65 (395 ) — 278 Provision for loan losses 919 (1,494 ) (1,066 ) 188 1,453 — Ending balance $ 44,893 $ 41,656 $ 4,092 $ 4,972 $ 7,018 $ 102,631 At December 31, 2015 , Valley refined and enhanced its assessment of the adequacy of the allowance for loan losses, including both changes to look-back periods for certain portfolios, as well as enhancements to its qualitative factor framework. The enhancements were meant to increase the level of precision in the allowance for credit losses. As a result, Valley no longer has an “unallocated” segment in its allowance for credit losses, as the risks and uncertainties meant to be captured by the unallocated allowance have been included in the qualitative framework for the respective loan portfolio segment (reported in the table above) at March 31, 2016 . As such, the unallocated allowance has in essence been reallocated to the applicable portfolios based on the risks and uncertainties it was meant to capture. 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 March 31, 2016 and December 31, 2015 . Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Total (in thousands) March 31, 2016 Allowance for loan losses: Individually evaluated for impairment $ 3,578 $ 4,125 $ 1,267 $ 407 $ 9,377 Collectively evaluated for impairment 44,839 44,329 2,942 3,928 96,038 Total $ 48,417 $ 48,454 $ 4,209 $ 4,335 $ 105,415 Loans: Individually evaluated for impairment $ 27,596 $ 85,345 $ 21,980 $ 2,658 $ 137,579 Collectively evaluated for impairment 2,149,346 6,853,188 2,870,663 2,009,790 13,882,987 Loans acquired with discounts related to credit quality 360,603 1,422,663 209,171 122,984 2,115,421 Total $ 2,537,545 $ 8,361,196 $ 3,101,814 $ 2,135,432 $ 16,135,987 December 31, 2015 Allowance for loan losses: Individually evaluated for impairment $ 3,439 $ 3,671 $ 1,377 $ 295 $ 8,782 Collectively evaluated for impairment 45,328 44,335 3,248 4,485 97,396 Total $ 48,767 $ 48,006 $ 4,625 $ 4,780 $ 106,178 Loans: Individually evaluated for impairment $ 25,714 $ 81,930 $ 22,612 $ 2,132 $ 132,388 Collectively evaluated for impairment 2,130,835 6,595,296 2,889,467 2,054,650 13,670,248 Loans acquired with discounts related to credit quality 383,942 1,502,357 218,462 135,710 2,240,471 Total $ 2,540,491 $ 8,179,583 $ 3,130,541 $ 2,192,492 $ 16,043,107

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2016
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, 2015 $ 20,517 $ 199,119 $ 314,260 $ 152,443 $ 686,339 Goodwill from business combinations 701 697 1,416 436 3,250 Balance at March 31, 2016 $ 21,218 $ 199,816 $ 315,676 $ 152,879 $ 689,589 * 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, includes 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 of CNL, and goodwill related to the acquisition of certain assets from an independent insurance agency during the first quarter of 2016 (see Note 2 for further details). There was no impairment of goodwill during the three months ended March 31, 2016 and 2015 . The following table summarizes other intangible assets as of March 31, 2016 and December 31, 2015 : Gross Intangible Assets Accumulated Amortization Valuation Allowance Net Intangible Assets (in thousands) March 31, 2016 Loan servicing rights $ 65,176 $ (48,934 ) $ (481 ) $ 15,761 Core deposits 61,504 (33,406 ) — 28,098 Other 4,087 (1,791 ) — 2,296 Total other intangible assets $ 130,767 $ (84,131 ) $ (481 ) $ 46,155 December 31, 2015 Loan servicing rights $ 75,932 $ (59,251 ) $ (289 ) $ 16,392 Core deposits 62,714 (31,934 ) — 30,780 Other 4,374 (2,664 ) — 1,710 Total other intangible assets $ 143,020 $ (93,849 ) $ (289 ) $ 48,882 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 20 years . Valley evaluates core deposits and other intangibles for impairment when an indication of impairment exists. No impairment was recognized during the three months ended March 31, 2016 and 2015 . The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2016 through 2020 : Loan Servicing Rights Core Deposits Other (in thousands) 2016 $ 3,430 $ 4,156 $ 222 2017 3,624 4,842 280 2018 2,793 4,215 249 2019 2,075 3,671 235 2020 1,555 3,127 220 Valley recognized amortization expense on other intangible assets, including net impairment charges on loan servicing rights, totaling approximately $ 2.8 million and $ 2.4 million for the three months ended March 31, 2016 and 2015 , respectively.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock–Based Compensation On April 28, 2016, Valley’s shareholders approved the new 2016 Long-Term Stock Incentive Plan (the "2016 Stock Plan") administered by the Compensation and Human Resources Committee (the “Committee”) appointed by Valley’s Board of Directors. The purpose of the 2016 Stock Plan is to provide incentives to attract, retain and motivate officers and other key employees by providing a direct financial interest in Valley's continued success, and provide the flexibility to grant equity awards to non-employee directors as part of their compensation. The 2016 Stock Plan will also ensure that Valley has sufficient shares to meet its anticipated long-term equity compensation needs. Effective January 1, 2016, the 2.2 million of common shares remaining under Valley's 2009 Long-Term Stock Incentive Plan (the "2009 Stock Plan") became available for future grants under the 2016 Stock Plan. Accordingly, Valley will no longer grant new awards under the 2009 Stock Plan. Under the 2016 Stock Plan Valley may award shares to its employees and non-employee directors up to 9.4 million shares of common stock (less one share for every share granted under the 2009 Stock Plan since December 31, 2015 and inclusive of shares available under the 2009 Stock Plan as of December 31, 2015) in the form of stock appreciation rights, both incentive and 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 awards 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 494 thousand shares and 459 thousand shares during the three months ended March 31, 2016 and 2015 , respectively, to both executive officers and key employees of Valley. Valley also awarded 431 thousand shares of performance-based RSUs under the 2016 Stock Plan and 313 thousand shares of performance-based restricted stock during the three months ended March 31, 2016 and 2015 , respectively, to certain executive officers (subject to shareholder approval of the 2016 Stock Plan). 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 three months ended March 31, 2016 was $8.72 . Valley recorded stock-based compensation expense of $2.4 million and $2.5 million for the three months ended March 31, 2016 and 2015 , respectively. The fair values of stock awards are expensed over the shorter of the vesting or required service period. As of March 31, 2016 , the unrecognized amortization expense for all stock-based employee compensation totaled approximately $18.7 million and will be recognized over an average remaining vesting period of approximately 3 years.

Guarantees

Guarantees	3 Months Ended
	Mar. 31, 2016
Guarantees [Abstract]
Guarantees	Guarantees Guarantees that have been entered into by Valley include standby letters of credit of $205.2 million as of March 31, 2016 . 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, $134.0 million , or 65.3 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 March 31, 2016 , Valley had a $735 thousand liability related to the standby letters of credit.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2016
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. During the second quarter of 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 three-month LIBOR rate and therefore provide an effective economic hedge. 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. Amounts included in the consolidated statements of financial condition related to the fair value of Valley’s derivative financial instruments were as follows: March 31, 2016 December 31, 2015 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 $ 732 $ 32,423 $ 907,000 $ 1,284 $ 24,823 $ 907,000 Fair value hedge interest rate swaps 12,385 1,404 133,158 7,658 1,306 133,209 Total derivatives designated as hedging instruments $ 13,117 $ 33,827 $ 1,040,158 $ 8,942 $ 26,129 $ 1,040,209 Derivatives not designated as hedging instruments: Interest rate swaps and embedded derivatives $ 35,903 $ 35,900 $ 715,043 $ 24,628 $ 24,623 $ 654,134 Mortgage banking derivatives 288 472 198,918 204 92 73,438 Total derivatives not designated as hedging instruments $ 36,191 $ 36,372 $ 913,961 $ 24,832 $ 24,715 $ 727,572 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 2016 2015 (in thousands) Amount of loss reclassified from accumulated other comprehensive loss to interest expense $ (2,971 ) $ (1,629 ) Amount of loss recognized in other comprehensive income (11,032 ) (8,911 ) The net gains or losses related to cash flow hedge ineffectiveness were immaterial during the three months ended March 31, 2016 and 2015 . The accumulated net after-tax losses related to effective cash flow hedges included in accumulated other comprehensive loss were $22.5 million and $17.6 million at March 31, 2016 and December 31, 2015 , 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 12 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 2016 2015 (in thousands) Derivative - interest rate swaps: Interest income $ (99 ) $ (54 ) Interest expense 4,728 2,741 Hedged item - loans and long-term borrowings: Interest income $ 99 $ 54 Interest expense (4,719 ) (2,781 ) The amounts recognized in non-interest expense related to ineffectiveness of fair value hedges were immaterial for the three months ended March 31, 2016 and 2015 . 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 2016 2015 (in thousands) Non-designated hedge interest rate derivatives Other non-interest expense $ (297 ) $ 38 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 March 31, 2016 , Valley was in compliance with all of the provisions of its derivative counterparty agreements. As of March 31, 2016 , 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 $54.2 million . Valley has derivative counterparty agreements that require minimum collateral posting thresholds for certain counterparties. At March 31, 2016 , Valley had $65.0 million in collateral posted with its counterparties.

Balance Sheet Offsetting

Balance Sheet Offsetting	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 . Gross Amounts Not Offset Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Net Amount (in thousands) March 31, 2016 Assets: Interest rate caps and swaps $ 49,020 $ — $ 49,020 $ (13,117 ) $ — $ 35,903 Liabilities: Interest rate caps and swaps $ 69,727 $ — $ 69,727 $ (13,117 ) $ (56,610 ) $ — Repurchase agreements 475,000 — 475,000 — (475,000 ) * — Total $ 544,727 $ — $ 544,727 $ (13,117 ) $ (531,610 ) $ — December 31, 2015 Assets: Interest rate caps and swaps $ 33,570 $ — $ 33,570 $ (8,942 ) $ — $ 24,628 Liabilities: Interest rate caps and swaps $ 50,752 $ — $ 50,752 $ (8,942 ) $ (41,810 ) $ — Repurchase agreements 475,000 — 475,000 — (475,000 ) * — Total $ 525,752 $ — $ 525,752 $ (8,942 ) $ (516,810 ) $ — * Represents fair value of non-cash pledged investment securities.

Tax Credit Investments

Tax Credit Investments	3 Months Ended
	Mar. 31, 2016
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 (CRA). 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 March 31, 2016 and December 31, 2015 . March 31, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 31,370 $ 32,094 Other tax credit investments, net 64,141 70,681 Total tax credit investments, net $ 95,511 $ 102,775 Other Liabilities: Unfunded affordable housing tax credit commitments $ 7,330 $ 7,330 Unfunded other tax credit commitments 6,165 12,545 Total unfunded tax credit commitments $ 13,495 $ 19,875 The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three months ended March 31, 2016 and 2015 : Three Months Ended 2016 2015 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 1,065 $ 1,731 Other tax credit investment credits and tax benefits 3,268 3,618 Total reduction in income tax expense $ 4,333 $ 5,349 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 584 $ 677 Affordable housing tax credit investment impairment losses 140 488 Other tax credit investment losses 74 297 Other tax credit investment impairment losses 6,466 3,034 Total amortization of tax credit investments recorded in non-interest expense $ 7,264 $ 4,496

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2016
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.

New Authoritative Accounting 23

New Authoritative Accounting Guidance (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
New Authoritative Accounting Guidance	New Authoritative Accounting Guidance Accounting Standards Update (ASU) No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" simplifies several aspects of the stock compensation guidance in Topic 718 and other related guidance. The amendments focus on income tax accounting upon vesting or exercise of share-based payments, award classification, liability classification exception for statutory tax withholding requirements, estimating forfeitures, and cash flow presentation. ASU No. 2016-09 is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018 with an early adoption permitted. ASU No. 2016-09 is not expected to have a significant impact on Valley's consolidated financial statements. ASU No. 2016-02, “Leases (Topic 842)” requires the recognition of a right of use asset and related lease liability by lessees for leases classified as operating leases under current GAAP. Topic 842, which replaces the current guidance under Topic 840, retains a distinction between finance leases and operating leases. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee also will not significantly change from current GAAP. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize right of use assets and lease liabilities. Topic 842 will be effective for Valley for reporting periods beginning January 1, 2019, with an early adoption permitted. Valley must apply a modified retrospective transition approach for the applicable leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Management is currently evaluating the impact of Topic 842 on Valley’s consolidated financial statements. ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities” requires that: (i) equity investments with readily determinable fair values must be measured at fair value with changes in fair value recognized in net income, (2) equity investments without readily determinable fair values must be measured at either fair value or at cost adjusted for changes in observable prices minus impairment. Changes in value under either of these methods would be recognized in net income, (3) entities that record financial liabilities at fair value due to a fair value option election must recognize changes in fair value in other comprehensive income if it is related to instrument-specific credit risk, and (4) entities must assess whether a valuation allowance is required for deferred tax assets related to available-for-sale debt securities. ASU No. 2016-01 is effective for Valley for reporting periods beginning January 1, 2018 and is not expected to have a material effect 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 began effective for Valley for reporting periods after January 1, 2016 and did not have an impact on Valley's fair value measurement disclosures at Note 6.

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 . Three Months Ended 2016 2015 (in thousands, except for share data) Net income available to common shareholders $ 34,390 $ 30,341 Basic weighted average number of common shares outstanding 254,075,349 232,338,775 Plus: Common stock equivalents 272,071 3,146 Diluted weighted average number of common shares outstanding 254,347,420 232,341,921 Earnings per common share: Basic $ 0.14 $ 0.13 Diluted 0.14 0.13

Accumulated Other Comprehensi25

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Schedule of 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 months ended March 31, 2016 . 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 December 31, 2015 $ (5,336 ) $ (520 ) $ (17,644 ) $ (22,195 ) $ (45,695 ) Other comprehensive income (loss) before reclassifications 8,283 (59 ) (6,552 ) — 1,672 Amounts reclassified from other comprehensive income (loss) (170 ) (286 ) 1,741 43 1,328 Other comprehensive income (loss), net 8,113 (345 ) (4,811 ) 43 3,000 Balance at March 31, 2016 $ 2,777 $ (865 ) $ (22,455 ) $ (22,152 ) $ (42,695 )
Reclassification out of Accumulated Other Comprehensive Income	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 months ended March 31, 2016 and 2015 . Amounts Reclassified from Accumulated Other Comprehensive Loss Three Months Ended Components of Accumulated Other Comprehensive Loss 2016 2015 Income Statement Line Item (in thousands) Unrealized gains on AFS securities before tax $ 271 $ 2,416 Gains on securities transactions, net Tax effect (101 ) (1,007 ) Total net of tax 170 1,409 Non-credit impairment losses on AFS securities before tax: Accretion of credit loss impairment due to an increase in expected cash flows 489 144 Interest and dividends on investment securities (taxable) Tax effect (203 ) (60 ) Total net of tax 286 84 Unrealized losses on derivatives (cash flow hedges) before tax (2,971 ) (1,629 ) Interest expense Tax effect 1,230 678 Total net of tax (1,741 ) (951 ) Defined benefit pension plan: Amortization of net loss (72 ) (205 ) * Tax effect 29 86 Total net of tax (43 ) (119 ) Total reclassifications, net of tax $ (1,328 ) $ 423 * Amortization of net loss is included in the computation of net periodic pension cost.

Fair Value Measurement of Ass26

Fair Value Measurement of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 . 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). March 31, 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 $ 411,335 $ 411,335 $ — $ — U.S. government agency securities 26,922 — 26,922 — Obligations of states and political subdivisions 126,222 — 126,222 — Residential mortgage-backed securities 782,648 — 771,801 10,847 Trust preferred securities 8,259 — 6,157 2,102 Corporate and other debt securities 78,208 17,887 60,321 — Equity securities 18,895 464 18,431 — Total available for sale 1,452,489 429,686 1,009,854 12,949 Loans held for sale (1) 15,347 — 15,347 — Other assets (2) 49,308 — 49,308 — Total assets $ 1,517,144 $ 429,686 $ 1,074,509 $ 12,949 Liabilities Other liabilities (2) $ 70,199 $ — $ 70,199 $ — Total liabilities $ 70,199 $ — $ 70,199 $ — Non-recurring fair value measurements: Collateral dependent impaired loans (3) $ 6,209 $ — $ — $ 6,209 Loan servicing rights 4,142 — — 4,142 Foreclosed assets (4) 2,604 — — 2,604 Total $ 12,955 $ — $ — $ 12,955 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 $ 549,473 $ 549,473 $ — $ — U.S. government agency securities 29,963 — 29,963 — Obligations of states and political subdivisions 124,966 — 124,966 — Residential mortgage-backed securities 696,428 — 684,777 11,651 Trust preferred securities 8,404 — 6,262 2,142 Corporate and other debt securities 77,552 17,710 59,842 — Equity securities 20,075 1,198 18,877 — Total available for sale 1,506,861 568,381 924,687 13,793 Loans held for sale (1) 16,382 — 16,382 — Other assets (2) 33,774 — 33,774 — Total assets $ 1,557,017 $ 568,381 $ 974,843 $ 13,793 Liabilities Other liabilities (2) $ 50,844 $ — $ 50,844 $ — Total liabilities $ 50,844 $ — $ 50,844 $ — Non-recurring fair value measurements: Collateral dependent impaired loans (3) $ 15,427 $ — $ — $ 15,427 Loan servicing rights 2,571 — — 2,571 Foreclosed assets (4) 16,672 — — 16,672 Total $ 34,670 $ — $ — $ 34,670 (1) Loans held for sale carried at fair value (which consist of residential mortgages) had contractual unpaid principal balances totaling approximately $14.8 million and $16.1 million at March 31, 2016 and December 31, 2015 , respectively. (2) Derivative financial instruments are included in this category. (3) Excludes PCI loans. (4) Includes covered (i.e., subject to loss-sharing agreements with the FDIC) other real estate owned totaling $270 thousand and $4.2 million at March 31, 2016 and December 31, 2015 , 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 months ended March 31, 2016 and 2015 are summarized below: Available for Sale Securities Three Months Ended 2016 2015 (in thousands) Balance, beginning of the period $ 13,793 $ 19,309 Total net losses included in other comprehensive income for the period (585 ) (792 ) Sales — (2,675 ) Settlements (259 ) (374 ) Balance, end of the period $ 12,949 $ 15,468
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 March 31, 2016 : Security Type Valuation Technique Unobservable Input Range Weighted Average Private label mortgage-backed securities Discounted cash flow Prepayment rate 0.1-22.2% 10.8 % Default rate 3.7-20.6 8.4 Loss severity 41.4-64.6 59.5
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 March 31, 2016 and December 31, 2015 were as follows: Fair Value Hierarchy March 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 243,265 $ 243,265 $ 243,575 $ 243,575 Interest bearing deposits with banks Level 1 233,228 233,228 170,225 170,225 Investment securities held to maturity: U.S. Treasury securities Level 1 138,942 153,877 138,978 149,483 U.S. government agency securities Level 2 12,225 12,738 12,859 13,130 Obligations of states and political subdivisions Level 2 516,645 543,069 504,865 527,263 Residential mortgage-backed securities Level 2 859,305 870,711 852,289 855,272 Trust preferred securities Level 2 59,790 46,404 59,785 46,437 Corporate and other debt securities Level 2 31,559 33,425 27,609 29,454 Total investment securities held to maturity 1,618,466 1,660,224 1,596,385 1,621,039 Net loans Level 3 16,030,572 16,008,152 15,936,929 15,824,475 Accrued interest receivable Level 1 62,973 62,973 63,554 63,554 Federal Reserve Bank and Federal Home Loan Bank stock (1) Level 1 145,699 145,699 145,068 145,068 Financial liabilities Deposits without stated maturities Level 1 13,327,414 13,327,414 13,095,647 13,095,647 Deposits with stated maturities Level 2 3,081,012 3,122,098 3,157,904 3,203,389 Short-term borrowings Level 1 1,170,623 1,170,623 1,076,991 1,076,991 Long-term borrowings Level 2 1,660,284 1,823,824 1,810,728 1,945,741 Junior subordinated debentures issued to capital trusts Level 2 41,455 43,797 41,414 44,127 Accrued interest payable (2) Level 1 11,789 11,789 13,110 13,110 (1) Included in other assets. (2) Included in accrued expenses and other liabilities.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) March 31, 2016 U.S. Treasury securities $ 138,942 $ 14,935 $ — $ 153,877 U.S. government agency securities 12,225 513 — 12,738 Obligations of states and political subdivisions: Obligations of states and state agencies 193,947 12,776 — 206,723 Municipal bonds 322,698 13,648 — 336,346 Total obligations of states and political subdivisions 516,645 26,424 — 543,069 Residential mortgage-backed securities 859,305 15,068 (3,662 ) 870,711 Trust preferred securities 59,790 48 (13,434 ) 46,404 Corporate and other debt securities 31,559 1,866 — 33,425 Total investment securities held to maturity $ 1,618,466 $ 58,854 $ (17,096 ) $ 1,660,224 December 31, 2015 U.S. Treasury securities $ 138,978 $ 10,505 $ — $ 149,483 U.S. government agency securities 12,859 271 — 13,130 Obligations of states and political subdivisions: Obligations of states and state agencies 194,547 10,538 (10 ) 205,075 Municipal bonds 310,318 11,955 (85 ) 322,188 Total obligations of states and political subdivisions 504,865 22,493 (95 ) 527,263 Residential mortgage-backed securities 852,289 11,018 (8,035 ) 855,272 Trust preferred securities 59,785 36 (13,384 ) 46,437 Corporate and other debt securities 27,609 1,894 (49 ) 29,454 Total investment securities held to maturity $ 1,596,385 $ 46,217 $ (21,563 ) $ 1,621,039
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 March 31, 2016 and December 31, 2015 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) March 31, 2016 Residential mortgage-backed securities $ 174,784 $ (1,010 ) $ 218,383 $ (2,652 ) $ 393,167 $ (3,662 ) Trust preferred securities — — 45,002 (13,434 ) 45,002 (13,434 ) Total $ 174,784 $ (1,010 ) $ 263,385 $ (16,086 ) $ 438,169 $ (17,096 ) December 31, 2015 Obligations of states and political subdivisions: Obligations of states and state agencies $ 6,837 $ (5 ) $ 1,965 $ (5 ) $ 8,802 $ (10 ) Municipal bonds 8,814 (72 ) 10,198 (13 ) 19,012 (85 ) Total obligations of states and political subdivisions 15,651 (77 ) 12,163 (18 ) 27,814 (95 ) Residential mortgage-backed securities 244,440 (2,916 ) 162,756 (5,119 ) 407,196 (8,035 ) Trust preferred securities — — 45,047 (13,384 ) 45,047 (13,384 ) Corporate and other debt securities 2,951 (49 ) — — 2,951 (49 ) Total $ 263,042 $ (3,042 ) $ 219,966 $ (18,521 ) $ 483,008 $ (21,563 )
Contractual Maturities of Debt Securities Held to Maturity	The contractual maturities of investments in debt securities held to maturity at March 31, 2016 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. March 31, 2016 Amortized Cost Fair Value (in thousands) Due in one year $ 91,330 $ 91,344 Due after one year through five years 159,946 171,623 Due after five years through ten years 302,843 325,292 Due after ten years 205,042 201,254 Residential mortgage-backed securities 859,305 870,711 Total investment securities held to maturity $ 1,618,466 $ 1,660,224
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 March 31, 2016 and December 31, 2015 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) March 31, 2016 U.S. Treasury securities $ 411,059 $ 295 $ (19 ) $ 411,335 U.S. government agency securities 26,290 645 (13 ) 26,922 Obligations of states and political subdivisions: Obligations of states and state agencies 43,704 839 (6 ) 44,537 Municipal bonds 80,610 1,389 (314 ) 81,685 Total obligations of states and political subdivisions 124,314 2,228 (320 ) 126,222 Residential mortgage-backed securities 778,775 7,852 (3,979 ) 782,648 Trust preferred securities* 10,401 — (2,142 ) 8,259 Corporate and other debt securities 77,852 1,628 (1,272 ) 78,208 Equity securities 20,522 384 (2,011 ) 18,895 Total investment securities available for sale $ 1,449,213 $ 13,032 $ (9,756 ) $ 1,452,489 December 31, 2015 U.S. Treasury securities $ 551,173 $ 4 $ (1,704 ) $ 549,473 U.S. government agency securities 29,316 665 (18 ) 29,963 Obligations of states and political subdivisions: Obligations of states and state agencies 44,285 196 (67 ) 44,414 Municipal bonds 80,717 209 (374 ) 80,552 Total obligations of states and political subdivisions 125,002 405 (441 ) 124,966 Residential mortgage-backed securities 701,764 3,348 (8,684 ) 696,428 Trust preferred securities* 10,458 — (2,054 ) 8,404 Corporate and other debt securities 78,202 1,239 (1,889 ) 77,552 Equity securities 21,022 575 (1,522 ) 20,075 Total investment securities available for sale $ 1,516,937 $ 6,236 $ (16,312 ) $ 1,506,861 * Includes two pooled trust preferred securities, principally collateralized by securities issued by banks and insurance companies, at March 31, 2016 and December 31, 2015.
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 March 31, 2016 and December 31, 2015 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) March 31, 2016 U.S. Treasury securities $ 360,004 $ (19 ) $ — $ — $ 360,004 $ (19 ) U.S. government agency securities — — 4,517 (13 ) 4,517 (13 ) Obligations of states and political subdivisions: Obligations of states and state agencies 1,576 (6 ) — — 1,576 (6 ) Municipal bonds — — 12,513 (314 ) 12,513 (314 ) Total obligations of states and political subdivisions 1,576 (6 ) 12,513 (314 ) 14,089 (320 ) Residential mortgage-backed securities 141,851 (804 ) 172,436 (3,175 ) 314,287 (3,979 ) Trust preferred securities — — 8,259 (2,142 ) 8,259 (2,142 ) Corporate and other debt securities 14,207 (319 ) 31,566 (953 ) 45,773 (1,272 ) Equity securities — — 13,784 (2,011 ) 13,784 (2,011 ) Total $ 517,638 $ (1,148 ) $ 243,075 $ (8,608 ) $ 760,713 $ (9,756 ) December 31, 2015 U.S. Treasury securities $ 548,538 $ (1,704 ) $ — $ — $ 548,538 $ (1,704 ) U.S. government agency securities 3,489 (5 ) 4,736 (13 ) 8,225 (18 ) Obligations of states and political subdivisions: Obligations of states and state agencies 24,359 (67 ) — — 24,359 (67 ) Municipal bonds 38,207 (128 ) 13,551 (246 ) 51,758 (374 ) Total obligations of states and political subdivisions 62,566 (195 ) 13,551 (246 ) 76,117 (441 ) Residential mortgage-backed securities 293,615 (4,147 ) 164,010 (4,537 ) 457,625 (8,684 ) Trust preferred securities — — 8,404 (2,054 ) 8,404 (2,054 ) Corporate and other debt securities 21,203 (471 ) 36,137 (1,418 ) 57,340 (1,889 ) Equity securities — — 14,273 (1,522 ) 14,273 (1,522 ) Total $ 929,411 $ (6,522 ) $ 241,111 $ (9,790 ) $ 1,170,522 $ (16,312 )
Contractual Maturities of Investment Securities Available for Sale	The contractual maturities of investment securities available for sale at March 31, 2016 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. March 31, 2016 Amortized Cost Fair Value (in thousands) Due in one year $ 361,613 $ 361,604 Due after one year through five years 91,097 92,129 Due after five years through ten years 118,340 119,037 Due after ten years 78,866 78,176 Residential mortgage-backed securities 778,775 782,648 Equity securities 20,522 18,895 Total investment securities available for sale $ 1,449,213 $ 1,452,489
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 months ended March 31, 2016 and 2015 : Three Months Ended 2016 2015 (in thousands) Balance, beginning of period $ 5,837 $ 8,947 Accretion of credit loss impairment due to an increase in expected cash flows (489 ) (144 ) Sales — (2,382 ) Balance, end of period $ 5,348 $ 6,421
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 months ended March 31, 2016 and 2015 were as follows: Three Months Ended 2016 2015 (in thousands) Sales transactions: Gross gains $ 271 $ 3,274 Gross losses — (947 ) $ 271 $ 2,327 Maturities and other securities transactions: Gross gains $ — $ 89 Total gains on securities transactions, net $ 271 $ 2,416

Loans (Tables)

Loans (Tables)	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Schedule of Loan Portfolio Non-Covered and Covered PCI Loans and Non-PCI Loans	The detail of the loan portfolio as of March 31, 2016 and December 31, 2015 was as follows: March 31, 2016 December 31, 2015 Non-PCI Loans PCI Loans* Total Non-PCI Loans PCI Loans* Total (in thousands) Loans: Commercial and industrial $ 2,176,942 $ 360,603 $ 2,537,545 $ 2,156,549 $ 383,942 $ 2,540,491 Commercial real estate: Commercial real estate 6,304,974 1,280,165 7,585,139 6,069,532 1,355,104 7,424,636 Construction 633,559 142,498 776,057 607,694 147,253 754,947 Total commercial real estate loans 6,938,533 1,422,663 8,361,196 6,677,226 1,502,357 8,179,583 Residential mortgage 2,892,643 209,171 3,101,814 2,912,079 218,462 3,130,541 Consumer: Home equity 380,459 111,096 491,555 391,809 119,394 511,203 Automobile 1,187,742 321 1,188,063 1,238,826 487 1,239,313 Other consumer 444,247 11,567 455,814 426,147 15,829 441,976 Total consumer loans 2,012,448 122,984 2,135,432 2,056,782 135,710 2,192,492 Total loans $ 14,020,566 $ 2,115,421 $ 16,135,987 $ 13,802,636 $ 2,240,471 $ 16,043,107 ____ * PCI loans include covered loans (mostly consisting of residential mortgage and commercial real estate loans) totaling $86.8 million and $122.3 million at March 31, 2016 and December 31, 2015 , respectively.
Changes in Accretable Yield for Covered Loans	The following table presents changes in the accretable yield for PCI loans during the three months ended March 31, 2016 and 2015 : Three Months Ended 2016 2015 (in thousands) Balance, beginning of period $ 415,179 $ 336,208 Accretion (28,059 ) (26,350 ) Balance, end of period $ 387,120 $ 309,858
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 March 31, 2016 and December 31, 2015 : 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) March 31, 2016 Commercial and industrial $ 8,395 $ 613 $ 221 $ 11,484 $ 20,713 $ 2,156,229 $ 2,176,942 Commercial real estate: Commercial real estate 1,389 120 131 26,604 28,244 6,276,730 6,304,974 Construction 1,326 — — 5,978 7,304 626,255 633,559 Total commercial real estate loans 2,715 120 131 32,582 35,548 6,902,985 6,938,533 Residential mortgage 14,628 3,056 2,613 16,747 37,044 2,855,599 2,892,643 Consumer loans: Home equity 1,262 300 — 1,685 3,247 377,212 380,459 Automobile 1,336 374 65 122 1,897 1,185,845 1,187,742 Other consumer 602 57 1 — 660 443,587 444,247 Total consumer loans 3,200 731 66 1,807 5,804 2,006,644 2,012,448 Total $ 28,938 $ 4,520 $ 3,031 $ 62,620 $ 99,109 $ 13,921,457 $ 14,020,566 December 31, 2015 Commercial and industrial $ 3,920 $ 524 $ 213 $ 10,913 $ 15,570 $ 2,140,979 $ 2,156,549 Commercial real estate: Commercial real estate 2,684 — 131 24,888 27,703 6,041,829 6,069,532 Construction 1,876 2,799 — 6,163 10,838 596,856 607,694 Total commercial real estate loans 4,560 2,799 131 31,051 38,541 6,638,685 6,677,226 Residential mortgage 6,681 1,626 1,504 17,930 27,741 2,884,338 2,912,079 Consumer loans: Home equity 1,308 111 — 2,088 3,507 388,302 391,809 Automobile 1,969 491 164 118 2,742 1,236,084 1,238,826 Other consumer 71 24 44 — 139 426,008 426,147 Total consumer loans 3,348 626 208 2,206 6,388 2,050,394 2,056,782 Total $ 18,509 $ 5,575 $ 2,056 $ 62,100 $ 88,240 $ 13,714,396 $ 13,802,636
Impaired Loans	The following table presents the information about impaired loans by loan portfolio class at March 31, 2016 and December 31, 2015 : Recorded Investment With No Related Allowance Recorded Investment With Related Allowance Total Recorded Investment Unpaid Contractual Principal Balance Related Allowance (in thousands) March 31, 2016 Commercial and industrial $ 7,758 $ 19,838 $ 27,596 $ 33,913 $ 3,578 Commercial real estate: Commercial real estate 32,587 42,816 75,403 79,295 4,088 Construction 8,685 1,257 9,942 9,952 37 Total commercial real estate loans 41,272 44,073 85,345 89,247 4,125 Residential mortgage 7,356 14,624 21,980 23,907 1,267 Consumer loans: Home equity 204 2,454 2,658 2,750 407 Total consumer loans 204 2,454 2,658 2,750 407 Total $ 56,590 $ 80,989 $ 137,579 $ 149,817 $ 9,377 December 31, 2015 Commercial and industrial $ 7,863 $ 17,851 $ 25,714 $ 33,071 $ 3,439 Commercial real estate: Commercial real estate 30,113 37,440 67,553 71,263 3,354 Construction 8,847 5,530 14,377 14,387 317 Total commercial real estate loans 38,960 42,970 81,930 85,650 3,671 Residential mortgage 7,842 14,770 22,612 24,528 1,377 Consumer loans: Home equity 263 1,869 2,132 2,224 295 Total consumer loans 263 1,869 2,132 2,224 295 Total $ 54,928 $ 77,460 $ 132,388 $ 145,473 $ 8,782
Average Recorded Investment and Interest Income Recognized on Impaired Loans	The following table present by loan portfolio class, the average recorded investment and interest income recognized on impaired loans for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) Commercial and industrial $ 28,331 $ 240 $ 28,282 $ 246 Commercial real estate: Commercial real estate 72,398 639 78,523 486 Construction 9,802 48 16,670 150 Total commercial real estate loans 82,200 687 95,193 636 Residential mortgage 23,603 202 21,843 250 Consumer loans: Home equity 2,359 23 3,485 30 Total consumer loans 2,359 23 3,485 30 Total $ 136,493 $ 1,152 $ 148,803 $ 1,162
Pre-Modification and Post-Modification Outstanding Recorded Investments and Non-PCI Loans That Subsequently Defaulted	The following tables present loans by loan portfolio class modified as TDRs during the three months ended March 31, 2016 and 2015 . 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 March 31, 2016 and 2015 , respectively. Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 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 4 $ 4,961 $ 4,887 6 $ 1,584 $ 1,534 Commercial real estate 2 658 404 1 5,000 5,000 Residential mortgage 2 392 381 1 280 278 Consumer 1 54 53 — — — Total 9 $ 6,065 $ 5,725 8 $ 6,864 $ 6,812 The following table presents 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 months ended March 31, 2016 . Three Months Ended Troubled Debt Restructurings Subsequently Defaulted Number of Contracts Recorded Investment ($ in thousands) Commercial and industrial 2 $ 372 Commercial real estate 1 81 Residential mortgage 2 267 Consumer 1 30 Total 6 $ 750
Risk Category of Loans	The following table presents the risk category of loans (excluding PCI loans) by class of loans at March 31, 2016 and December 31, 2015 . Credit exposure - by internally assigned risk rating Pass Special Mention Substandard Doubtful Total Non-PCI Loans (in thousands) March 31, 2016 Commercial and industrial $ 2,075,347 $ 57,283 $ 44,312 $ — $ 2,176,942 Commercial real estate 6,136,061 71,897 97,016 — 6,304,974 Construction 622,460 857 10,242 — 633,559 Total $ 8,833,868 $ 130,037 $ 151,570 $ — $ 9,115,475 December 31, 2015 Commercial and industrial $ 2,049,752 $ 68,243 $ 36,254 $ 2,300 $ 2,156,549 Commercial real estate 5,893,354 79,279 96,899 — 6,069,532 Construction 596,530 1,102 10,062 — 607,694 Total $ 8,539,636 $ 148,624 $ 143,215 $ 2,300 $ 8,833,775
Recorded Investment in Loan Classes Based on Payment Activity	The following table presents the recorded investment in PCI loans by class based on individual loan payment activity as of March 31, 2016 and December 31, 2015 . Credit exposure - by payment activity Performing Loans Non-Performing Loans Total PCI Loans (in thousands) March 31, 2016 Commercial and industrial $ 351,442 $ 9,161 $ 360,603 Commercial real estate 1,266,695 13,470 1,280,165 Construction 141,319 1,179 142,498 Residential mortgage 205,928 3,243 209,171 Consumer 117,050 5,934 122,984 Total $ 2,082,434 $ 32,987 $ 2,115,421 December 31, 2015 Commercial and industrial $ 373,665 $ 10,277 $ 383,942 Commercial real estate 1,342,030 13,074 1,355,104 Construction 141,547 5,706 147,253 Residential mortgage 214,713 3,749 218,462 Consumer 129,891 5,819 135,710 Total $ 2,201,846 $ 38,625 $ 2,240,471 The following table presents the recorded investment in those loan classes based on payment activity as of March 31, 2016 and December 31, 2015 : Credit exposure - by payment activity Performing Loans Non-Performing Loans Total Non-PCI Loans (in thousands) March 31, 2016 Residential mortgage $ 2,875,896 $ 16,747 $ 2,892,643 Home equity 378,774 1,685 380,459 Automobile 1,187,620 122 1,187,742 Other consumer 444,247 — 444,247 Total $ 4,886,537 $ 18,554 $ 4,905,091 December 31, 2015 Residential mortgage $ 2,894,149 $ 17,930 $ 2,912,079 Home equity 389,721 2,088 391,809 Automobile 1,238,708 118 1,238,826 Other consumer 426,147 — 426,147 Total $ 4,948,725 $ 20,136 $ 4,968,861

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Summary of Allowance for Credit Losses	The following table summarizes the allowance for credit losses at March 31, 2016 and December 31, 2015 : March 31, December 31, (in thousands) Components of allowance for credit losses: Allowance for loan losses $ 105,415 $ 106,178 Allowance for unfunded letters of credit 2,260 2,189 Total allowance for credit losses $ 107,675 $ 108,367
Summary of Provision for Credit Losses	The following table summarizes the provision for credit losses for the periods indicated: Three Months Ended 2016 2015 (in thousands) Components of provision for credit losses: Provision for loan losses $ 729 $ — Provision for unfunded letters of credit 71 — Total provision for credit losses $ 800 $ —
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 months ended March 31, 2016 and 2015 : Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Unallocated Total (in thousands) Three Months Ended Allowance for loan losses: Beginning balance $ 48,767 $ 48,006 $ 4,625 $ 4,780 $ — $ 106,178 Loans charged-off (1,251 ) (105 ) (81 ) (1,074 ) — (2,511 ) Charged-off loans recovered 526 89 15 389 — 1,019 Net (charge-offs) recoveries (725 ) (16 ) (66 ) (685 ) — (1,492 ) Provision for loan losses 375 464 (350 ) 240 — 729 Ending balance $ 48,417 $ 48,454 $ 4,209 $ 4,335 $ — $ 105,415 Three Months Ended Allowance for loan losses: Beginning balance $ 43,676 $ 42,840 $ 5,093 $ 5,179 $ 5,565 $ 102,353 Loans charged-off (753 ) (150 ) (49 ) (714 ) — (1,666 ) Charged-off loans recovered 1,051 460 114 319 — 1,944 Net recoveries (charge-offs) 298 310 65 (395 ) — 278 Provision for loan losses 919 (1,494 ) (1,066 ) 188 1,453 — Ending balance $ 44,893 $ 41,656 $ 4,092 $ 4,972 $ 7,018 $ 102,631
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 March 31, 2016 and December 31, 2015 . Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Total (in thousands) March 31, 2016 Allowance for loan losses: Individually evaluated for impairment $ 3,578 $ 4,125 $ 1,267 $ 407 $ 9,377 Collectively evaluated for impairment 44,839 44,329 2,942 3,928 96,038 Total $ 48,417 $ 48,454 $ 4,209 $ 4,335 $ 105,415 Loans: Individually evaluated for impairment $ 27,596 $ 85,345 $ 21,980 $ 2,658 $ 137,579 Collectively evaluated for impairment 2,149,346 6,853,188 2,870,663 2,009,790 13,882,987 Loans acquired with discounts related to credit quality 360,603 1,422,663 209,171 122,984 2,115,421 Total $ 2,537,545 $ 8,361,196 $ 3,101,814 $ 2,135,432 $ 16,135,987 December 31, 2015 Allowance for loan losses: Individually evaluated for impairment $ 3,439 $ 3,671 $ 1,377 $ 295 $ 8,782 Collectively evaluated for impairment 45,328 44,335 3,248 4,485 97,396 Total $ 48,767 $ 48,006 $ 4,625 $ 4,780 $ 106,178 Loans: Individually evaluated for impairment $ 25,714 $ 81,930 $ 22,612 $ 2,132 $ 132,388 Collectively evaluated for impairment 2,130,835 6,595,296 2,889,467 2,054,650 13,670,248 Loans acquired with discounts related to credit quality 383,942 1,502,357 218,462 135,710 2,240,471 Total $ 2,540,491 $ 8,179,583 $ 3,130,541 $ 2,192,492 $ 16,043,107

Goodwill and Other Intangible30

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2015 $ 20,517 $ 199,119 $ 314,260 $ 152,443 $ 686,339 Goodwill from business combinations 701 697 1,416 436 3,250 Balance at March 31, 2016 $ 21,218 $ 199,816 $ 315,676 $ 152,879 $ 689,589 * 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 March 31, 2016 and December 31, 2015 : Gross Intangible Assets Accumulated Amortization Valuation Allowance Net Intangible Assets (in thousands) March 31, 2016 Loan servicing rights $ 65,176 $ (48,934 ) $ (481 ) $ 15,761 Core deposits 61,504 (33,406 ) — 28,098 Other 4,087 (1,791 ) — 2,296 Total other intangible assets $ 130,767 $ (84,131 ) $ (481 ) $ 46,155 December 31, 2015 Loan servicing rights $ 75,932 $ (59,251 ) $ (289 ) $ 16,392 Core deposits 62,714 (31,934 ) — 30,780 Other 4,374 (2,664 ) — 1,710 Total other intangible assets $ 143,020 $ (93,849 ) $ (289 ) $ 48,882
Estimated Future Amortization Expense	The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2016 through 2020 : Loan Servicing Rights Core Deposits Other (in thousands) 2016 $ 3,430 $ 4,156 $ 222 2017 3,624 4,842 280 2018 2,793 4,215 249 2019 2,075 3,671 235 2020 1,555 3,127 220

Derivative Instruments and He31

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2016
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: March 31, 2016 December 31, 2015 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 $ 732 $ 32,423 $ 907,000 $ 1,284 $ 24,823 $ 907,000 Fair value hedge interest rate swaps 12,385 1,404 133,158 7,658 1,306 133,209 Total derivatives designated as hedging instruments $ 13,117 $ 33,827 $ 1,040,158 $ 8,942 $ 26,129 $ 1,040,209 Derivatives not designated as hedging instruments: Interest rate swaps and embedded derivatives $ 35,903 $ 35,900 $ 715,043 $ 24,628 $ 24,623 $ 654,134 Mortgage banking derivatives 288 472 198,918 204 92 73,438 Total derivatives not designated as hedging instruments $ 36,191 $ 36,372 $ 913,961 $ 24,832 $ 24,715 $ 727,572
Losses Related to Interest Rate Derivatives Designated as Hedges of Cash Flows	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 2016 2015 (in thousands) Amount of loss reclassified from accumulated other comprehensive loss to interest expense $ (2,971 ) $ (1,629 ) Amount of loss recognized in other comprehensive income (11,032 ) (8,911 )
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 2016 2015 (in thousands) Derivative - interest rate swaps: Interest income $ (99 ) $ (54 ) Interest expense 4,728 2,741 Hedged item - loans and long-term borrowings: Interest income $ 99 $ 54 Interest expense (4,719 ) (2,781 )
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 2016 2015 (in thousands) Non-designated hedge interest rate derivatives Other non-interest expense $ (297 ) $ 38

Balance Sheet Offsetting (Table

Balance Sheet Offsetting (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 . Gross Amounts Not Offset Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Net Amount (in thousands) March 31, 2016 Assets: Interest rate caps and swaps $ 49,020 $ — $ 49,020 $ (13,117 ) $ — $ 35,903 Liabilities: Interest rate caps and swaps $ 69,727 $ — $ 69,727 $ (13,117 ) $ (56,610 ) $ — Repurchase agreements 475,000 — 475,000 — (475,000 ) * — Total $ 544,727 $ — $ 544,727 $ (13,117 ) $ (531,610 ) $ — December 31, 2015 Assets: Interest rate caps and swaps $ 33,570 $ — $ 33,570 $ (8,942 ) $ — $ 24,628 Liabilities: Interest rate caps and swaps $ 50,752 $ — $ 50,752 $ (8,942 ) $ (41,810 ) $ — Repurchase agreements 475,000 — 475,000 — (475,000 ) * — Total $ 525,752 $ — $ 525,752 $ (8,942 ) $ (516,810 ) $ — * Represents fair value of non-cash pledged investment securities.

Tax Credit Investments (Tables)

Tax Credit Investments (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 . March 31, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 31,370 $ 32,094 Other tax credit investments, net 64,141 70,681 Total tax credit investments, net $ 95,511 $ 102,775 Other Liabilities: Unfunded affordable housing tax credit commitments $ 7,330 $ 7,330 Unfunded other tax credit commitments 6,165 12,545 Total unfunded tax credit commitments $ 13,495 $ 19,875
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 months ended March 31, 2016 and 2015 : Three Months Ended 2016 2015 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 1,065 $ 1,731 Other tax credit investment credits and tax benefits 3,268 3,618 Total reduction in income tax expense $ 4,333 $ 5,349 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 584 $ 677 Affordable housing tax credit investment impairment losses 140 488 Other tax credit investment losses 74 297 Other tax credit investment impairment losses 6,466 3,034 Total amortization of tax credit investments recorded in non-interest expense $ 7,264 $ 4,496

Business Combinations (Details)

Business Combinations (Details) $ in Thousands	Jan. 04, 2016USD ($)	Dec. 01, 2015USD ($)Branch	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Business Acquisition [Line Items]
Goodwill			$ 689,589	$ 686,339
Masters Coverage Corp.
Business Acquisition [Line Items]
Purchase price	$ 1,400
Goodwill	701
Other intangible assets acquired	$ 660
CNL Bancshares, Inc.
Business Acquisition [Line Items]
Purchase price		$ 230,000
Assets acquired		1,600,000
Loans acquired		825,000
Deposits acquired		$ 1,200,000
Number of branches acquired (in branch) | Branch		16
Common stock issued per share held (in shares)		0.705
Consideration given in stock		$ 20,600
Increase in goodwill			$ 2,500

Earnings Per Common Share (Deta

Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share Reconciliation
Net income available to common shareholders	$ 34,390	$ 30,341
Basic weighted average number of common shares outstanding (in shares)	254,075,349	232,338,775
Plus: Common stock equivalents (in shares)	272,071	3,146
Diluted weighted average number of common shares outstanding (in shares)	254,347,420	232,341,921
Earnings per common share:
Basic (in usd per share)	$ 0.14	$ 0.13
Diluted (in usd per share)	$ 0.14	$ 0.13
Anti-dilutive common stock options and warrants (in shares)	4,600,000	6,200,000

Accumulated Other Comprehensi36

Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Loss After Tax (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss)
Total Accumulated Other Comprehensive Income (Loss), Beginning Balance	$ (45,695)
Other comprehensive income (loss) before reclassifications	1,672
Amounts reclassified from other comprehensive income (loss)	1,328
Total other comprehensive income (loss)	3,000	$ (2,167)
Total Accumulated Other Comprehensive Income (Loss), Ending Balance	(42,695)
Unrealized Gains and Losses on Available for Sale (AFS) Securities
Accumulated Other Comprehensive Income (Loss)
Total Accumulated Other Comprehensive Income (Loss), Beginning Balance	(5,336)
Other comprehensive income (loss) before reclassifications	8,283
Amounts reclassified from other comprehensive income (loss)	(170)
Total other comprehensive income (loss)	8,113
Total Accumulated Other Comprehensive Income (Loss), Ending Balance	2,777
Non-credit Impairment Losses on AFS Securities
Accumulated Other Comprehensive Income (Loss)
Total Accumulated Other Comprehensive Income (Loss), Beginning Balance	(520)
Other comprehensive income (loss) before reclassifications	(59)
Amounts reclassified from other comprehensive income (loss)	(286)
Total other comprehensive income (loss)	(345)
Total Accumulated Other Comprehensive Income (Loss), Ending Balance	(865)
Unrealized Gains and (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss)
Total Accumulated Other Comprehensive Income (Loss), Beginning Balance	(17,644)
Other comprehensive income (loss) before reclassifications	(6,552)
Amounts reclassified from other comprehensive income (loss)	1,741
Total other comprehensive income (loss)	(4,811)
Total Accumulated Other Comprehensive Income (Loss), Ending Balance	(22,455)
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss)
Total Accumulated Other Comprehensive Income (Loss), Beginning Balance	(45,695)
Total Accumulated Other Comprehensive Income (Loss), Ending Balance	(42,695)
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss)
Total Accumulated Other Comprehensive Income (Loss), Beginning Balance	(22,195)
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from other comprehensive income (loss)	43
Total other comprehensive income (loss)	43
Total Accumulated Other Comprehensive Income (Loss), Ending Balance	$ (22,152)

Accumulated Other Comprehensi37

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reclassification Out Of Accumulated Other Comprehensive Loss
Interest and dividends on investment securities (taxable)	$ 489	$ 144
Interest expense	(37,444)	(38,899)
Tax effect	(14,389)	(12,272)
Net Income	36,187	30,341
Reclassification Out of Accumulated Other Comprehensive Income (Loss)
Reclassification Out Of Accumulated Other Comprehensive Loss
Interest expense	(2,971)	(1,629)
Net Income	(1,328)	423
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	271	2,416
Tax effect	(101)	(1,007)
Net Income	170	1,409
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)	489	144
Tax effect	(203)	(60)
Net Income	286	84
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	(2,971)	(1,629)
Tax effect	1,230	678
Net Income	(1,741)	(951)
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | Defined Benefit Pension Plans
Reclassification Out Of Accumulated Other Comprehensive Loss
Amortization of net actuarial loss	(72)	(205)
Tax effect	29	86
Net Income	$ (43)	$ (119)

Fair Value Measurement of Ass38

Fair Value Measurement of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring and Non-Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	$ 1,452,489	$ 1,506,861
Unpaid principal balances of loans held for sale	14,800	16,100
Covered real estate owned	2,400	5,000
U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	411,335	549,473
U.S. government agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	26,922	29,963
Obligations of states and political subdivisions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	126,222	124,966
Residential mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	782,648	696,428
Trust preferred securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	8,259	8,404
Corporate and other debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	78,208	77,552
Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	18,895	20,075
Non-Recurring Fair Value Measurements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Covered real estate owned	270	4,200
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	429,686	568,381
Loans held for sale	0	0
Other assets	0	0
Total assets	429,686	568,381
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	411,335	549,473
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	17,887	17,710
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	464	1,198
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]
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	1,009,854	924,687
Loans held for sale	15,347	16,382
Other assets	49,308	33,774
Total assets	1,074,509	974,843
Other liabilities	70,199	50,844
Total liabilities	70,199	50,844
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	26,922	29,963
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	126,222	124,966
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	771,801	684,777
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	6,157	6,262
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	60,321	59,842
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	18,431	18,877
Significant Other Observable Inputs (Level 2) | Non-Recurring Fair Value Measurements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
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	12,949	13,793
Loans held for sale	0	0
Other assets	0	0
Total assets	12,949	13,793
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	10,847	11,651
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	2,102	2,142
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]
Collateral dependent impaired loans	6,209	15,427
Loan servicing rights	4,142	2,571
Foreclosed assets	2,604	16,672
Total	12,955	34,670
Fair Value | Recurring Fair Value Measurements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	1,452,489	1,506,861
Loans held for sale	15,347	16,382
Other assets	49,308	33,774
Total assets	1,517,144	1,557,017
Other liabilities	70,199	50,844
Total liabilities	70,199	50,844
Fair Value | Recurring Fair Value Measurements | U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	411,335	549,473
Fair Value | Recurring Fair Value Measurements | U.S. government agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	26,922	29,963
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	126,222	124,966
Fair Value | Recurring Fair Value Measurements | Residential mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	782,648	696,428
Fair Value | Recurring Fair Value Measurements | Trust preferred securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	8,259	8,404
Fair Value | Recurring Fair Value Measurements | Corporate and other debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	78,208	77,552
Fair Value | Recurring Fair Value Measurements | Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	18,895	20,075
Fair Value | Non-Recurring Fair Value Measurements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateral dependent impaired loans	6,209	15,427
Loan servicing rights	4,142	2,571
Foreclosed assets	2,604	16,672
Total	$ 12,955	$ 34,670

Fair Value Measurement of Ass39

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
	Mar. 31, 2016	Mar. 31, 2015
Changes in Level 3 Assets
Balance, beginning of the period	$ 13,793	$ 19,309
Total net losses included in other comprehensive income for the period	(585)	(792)
Sales	0	(2,675)
Settlements	(259)	(374)
Balance, end of the period	$ 12,949	$ 15,468

Fair Value Measurement of Ass40

Fair Value Measurement of Assets and Liabilities - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value Assets Measured On Recurring Basis
Impaired collateral dependent loans, charge-offs	$ 479,000	$ 850,000
Collateral dependent impaired loans, recorded investment	7,100,000
Specific valuation allowance allocations	872,000
Reported net carrying amount of impaired loans	$ 6,200,000
Valuation of loan servicing rights, discount rate	8.00%
Net recoveries of impairment charges on its loan servicing rights	$ 192,000	84,000
Maximum discount on foreclosed assets	3.70%
Foreclosed assets measured at fair value upon initial recognition	$ 2,600,000
Allowance for loan losses, charge-offs	139,000	457,000
Loss due to re-measurement of repossessed assets	$ 617,000
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	24.00%
Available-for-sale Securities
Fair Value Assets Measured On Recurring Basis
Changes in unrealized losses on Level 3 securities	$ 0	$ 0

Fair Value Measurement of Ass41

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	3 Months Ended
	Mar. 31, 2016
Fair Value Assets Measured On Recurring Basis
Valuation technique to measure fair value	Discounted cash flow
Prepayment rate, Weighted Average of unobservable inputs	10.80%
Default rate, Weighted Average of unobservable inputs	8.40%
Loss severity, Weighted Average of unobservable inputs	59.50%
Minimum
Fair Value Assets Measured On Recurring Basis
Prepayment rate, Range of unobservable inputs	0.10%
Default rate, Range of unobservable inputs	3.70%
Loss severity, Range of unobservable inputs	41.40%
Maximum
Fair Value Assets Measured On Recurring Basis
Prepayment rate, Range of unobservable inputs	22.20%
Default rate, Range of unobservable inputs	20.60%
Loss severity, Range of unobservable inputs	64.60%

Fair Value Measurement of Ass42

Fair Value Measurement of Assets and Liabilities - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
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	$ 233,228	$ 170,225
Total investment securities held to maturity	1,660,224	1,621,039
Accrued interest receivable	62,973	63,554
Deposits with stated maturities	3,081,012	3,157,904
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	1,618,466	1,596,385
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	243,265	243,575
Interest bearing deposits with banks	233,228	170,225
Accrued interest receivable	62,973	63,554
Federal Reserve Bank and Federal Home Loan Bank stock	145,699	145,068
Deposits without stated maturities	13,327,414	13,095,647
Short-term borrowings	1,170,623	1,076,991
Accrued interest payable	11,789	13,110
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	138,942	138,978
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	3,081,012	3,157,904
Long-term borrowings	1,660,284	1,810,728
Junior subordinated debentures issued to capital trusts	41,455	41,414
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	12,225	12,859
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	516,645	504,865
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	859,305	852,289
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	59,790	59,785
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	31,559	27,609
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	16,030,572	15,936,929
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	1,660,224	1,621,039
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	243,265	243,575
Interest bearing deposits with banks	233,228	170,225
Accrued interest receivable	62,973	63,554
Federal Reserve Bank and Federal Home Loan Bank stock	145,699	145,068
Deposits without stated maturities	13,327,414	13,095,647
Short-term borrowings	1,170,623	1,076,991
Accrued interest payable	11,789	13,110
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	153,877	149,483
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	3,122,098	3,203,389
Long-term borrowings	1,823,824	1,945,741
Junior subordinated debentures issued to capital trusts	43,797	44,127
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	12,738	13,130
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	543,069	527,263
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	870,711	855,272
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	46,404	46,437
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	33,425	29,454
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	$ 16,008,152	$ 15,824,475

Investment Securities - Additio

Investment Securities - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)Security	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)Security
Investment Securities [Line Items]
Number of security positions in the securities held to maturity portfolio in an unrealized loss position (in security) | Security	96		74
Fair value of investments held to maturity pledged as collateral	$ 937,200
Weighted-average remaining expected life of residential mortgage-backed securities held to maturity, years	6 years 7 months
Number of security positions in the securities available for sale portfolio in an unrealized loss position (in security) | Security	120		291
Held to Maturity, Amortized Cost	$ 1,618,466		$ 1,596,385
Amortized cost	1,449,213		1,516,937
Gross unrealized losses	9,756		16,312
Fair value of securities available for sale pledged as collateral	$ 497,600
Weighted-average remaining expected life of residential mortgage-backed securities available for sale, years	9 years 4 months 15 days
Available for sale	$ 1,452,489		1,506,861
Gross gains, Sales transactions	271	$ 3,274
Amortized Cost		25,900
Loss on Sale of Investments	0	(947)
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
Available for sale	$ 2,100
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 (in security) | Security	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 (in security) | Security	1
Amortized cost	$ 7,600
Available for sale	6,100
Pooled Trust Preferred Securities | Investment Grade
Investment Securities [Line Items]
Gross unrealized losses	1,500
Three Private Label Mortgage-Backed Securities
Investment Securities [Line Items]
Amortized cost	11,700
Available for sale	10,800
Obligations of states and political subdivisions
Investment Securities [Line Items]
Held to Maturity, Amortized Cost	516,645		504,865
Amortized cost	124,314		125,002
Gross unrealized losses	320		441
Available for sale	126,222		124,966
Residential mortgage-backed securities
Investment Securities [Line Items]
Held to Maturity, Amortized Cost	859,305		852,289
Amortized cost	778,775		701,764
Gross unrealized losses	3,979		8,684
Available for sale	$ 782,648		$ 696,428
Pooled Trust Preferred Securities Sold
Investment Securities [Line Items]
Available for sale		2,600
Trust Preferred Securities Subject to Mandatory Redemption
Investment Securities [Line Items]
Available for sale		$ 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	Mar. 31, 2016	Dec. 31, 2015
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	$ 1,618,466	$ 1,596,385
Gross Unrealized Gains	58,854	46,217
Gross Unrealized Losses	(17,096)	(21,563)
Held to maturity, fair value	1,660,224	1,621,039
U.S. Treasury securities
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	138,942	138,978
Gross Unrealized Gains	14,935	10,505
Gross Unrealized Losses	0	0
Held to maturity, fair value	153,877	149,483
U.S. government agency securities
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	12,225	12,859
Gross Unrealized Gains	513	271
Gross Unrealized Losses	0	0
Held to maturity, fair value	12,738	13,130
Obligations of states and state agencies
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	193,947	194,547
Gross Unrealized Gains	12,776	10,538
Gross Unrealized Losses	0	(10)
Held to maturity, fair value	206,723	205,075
Municipal bonds
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	322,698	310,318
Gross Unrealized Gains	13,648	11,955
Gross Unrealized Losses	0	(85)
Held to maturity, fair value	336,346	322,188
Obligations of states and political subdivisions
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	516,645	504,865
Gross Unrealized Gains	26,424	22,493
Gross Unrealized Losses	0	(95)
Held to maturity, fair value	543,069	527,263
Residential mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	859,305	852,289
Gross Unrealized Gains	15,068	11,018
Gross Unrealized Losses	(3,662)	(8,035)
Held to maturity, fair value	870,711	855,272
Trust preferred securities
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	59,790	59,785
Gross Unrealized Gains	48	36
Gross Unrealized Losses	(13,434)	(13,384)
Held to maturity, fair value	46,404	46,437
Corporate and other debt securities
Schedule of Held-to-Maturity Securities [Line Items]
Held to Maturity, Amortized Cost	31,559	27,609
Gross Unrealized Gains	1,866	1,894
Gross Unrealized Losses	0	(49)
Held to maturity, fair value	$ 33,425	$ 29,454

Investment Securities - Age of

Investment Securities - Age of Unrealized Losses and Fair Value of Related Securities Held to Maturity (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Fair Value	$ 174,784	$ 263,042
Less than Twelve Months, Unrealized Losses	(1,010)	(3,042)
More than Twelve Months, Fair Value	263,385	219,966
More than Twelve Months, Unrealized Losses	(16,086)	(18,521)
Total, Fair Value	438,169	483,008
Total, Unrealized Losses	(17,096)	(21,563)
Obligations of states and state agencies
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Fair Value		6,837
Less than Twelve Months, Unrealized Losses		(5)
More than Twelve Months, Fair Value		1,965
More than Twelve Months, Unrealized Losses		(5)
Total, Fair Value		8,802
Total, Unrealized Losses		(10)
Municipal bonds
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Fair Value		8,814
Less than Twelve Months, Unrealized Losses		(72)
More than Twelve Months, Fair Value		10,198
More than Twelve Months, Unrealized Losses		(13)
Total, Fair Value		19,012
Total, Unrealized Losses		(85)
Obligations of states and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Fair Value		15,651
Less than Twelve Months, Unrealized Losses		(77)
More than Twelve Months, Fair Value		12,163
More than Twelve Months, Unrealized Losses		(18)
Total, Fair Value		27,814
Total, Unrealized Losses		(95)
Residential mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Fair Value	174,784	244,440
Less than Twelve Months, Unrealized Losses	(1,010)	(2,916)
More than Twelve Months, Fair Value	218,383	162,756
More than Twelve Months, Unrealized Losses	(2,652)	(5,119)
Total, Fair Value	393,167	407,196
Total, Unrealized Losses	(3,662)	(8,035)
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	45,002	45,047
More than Twelve Months, Unrealized Losses	(13,434)	(13,384)
Total, Fair Value	45,002	45,047
Total, Unrealized Losses	$ (13,434)	(13,384)
Corporate and other debt securities
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Fair Value		2,951
Less than Twelve Months, Unrealized Losses		(49)
More than Twelve Months, Fair Value		0
More than Twelve Months, Unrealized Losses		0
Total, Fair Value		2,951
Total, Unrealized Losses		$ (49)

Investment Securities - Contrac

Investment Securities - Contractual Maturities of Debt Securities Held to Maturity (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Due in one year, Amortized Cost	$ 91,330
Due after one year through five years, Amortized Cost	159,946
Due after five years through ten years, Amortized Cost	302,843
Due after ten years, Amortized Cost	205,042
Residential mortgage-backed securities, Amortized Cost	859,305
Held to Maturity, Amortized Cost	1,618,466	$ 1,596,385
Due in one year, Fair Value	91,344
Due after one year through five years, Fair Value	171,623
Due after five years through ten years, Fair Value	325,292
Due after ten years, Fair Value	201,254
Residential mortgage-backed securities, Fair Value	870,711
Fair Value	$ 1,660,224	$ 1,621,039

Investment Securities - Amort47

Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Securities Available for Sale (Detail) $ in Thousands	Mar. 31, 2016USD ($)Security	Dec. 31, 2015USD ($)Security
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 1,449,213	$ 1,516,937
Gross Unrealized Gains	13,032	6,236
Gross Unrealized Losses	(9,756)	(16,312)
Fair Value	1,452,489	1,506,861
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	411,059	551,173
Gross Unrealized Gains	295	4
Gross Unrealized Losses	(19)	(1,704)
Fair Value	411,335	549,473
U.S. government agency securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	26,290	29,316
Gross Unrealized Gains	645	665
Gross Unrealized Losses	(13)	(18)
Fair Value	26,922	29,963
Obligations of states and state agencies
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	43,704	44,285
Gross Unrealized Gains	839	196
Gross Unrealized Losses	(6)	(67)
Fair Value	44,537	44,414
Municipal bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	80,610	80,717
Gross Unrealized Gains	1,389	209
Gross Unrealized Losses	(314)	(374)
Fair Value	81,685	80,552
Obligations of states and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	124,314	125,002
Gross Unrealized Gains	2,228	405
Gross Unrealized Losses	(320)	(441)
Fair Value	126,222	124,966
Residential mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	778,775	701,764
Gross Unrealized Gains	7,852	3,348
Gross Unrealized Losses	(3,979)	(8,684)
Fair Value	782,648	696,428
Trust preferred securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	10,401	10,458
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(2,142)	(2,054)
Fair Value	8,259	8,404
Corporate and other debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	77,852	78,202
Gross Unrealized Gains	1,628	1,239
Gross Unrealized Losses	(1,272)	(1,889)
Fair Value	78,208	77,552
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	20,522	21,022
Gross Unrealized Gains	384	575
Gross Unrealized Losses	(2,011)	(1,522)
Fair Value	18,895	$ 20,075
Pooled Trust Preferred Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	7,600
Fair Value	$ 6,100
Number of available for sale securities (in security) | Security	2	2

Investment Securities - Age o48

Investment Securities - Age of Unrealized Losses and Fair Value of Related Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value	$ 517,638	$ 929,411
Less than Twelve Months, Unrealized Losses	(1,148)	(6,522)
More than Twelve Months, Fair Value	243,075	241,111
More than Twelve Months, Unrealized Losses	(8,608)	(9,790)
Total, Fair Value	760,713	1,170,522
Total, Unrealized Losses	(9,756)	(16,312)
U.S. Treasury securities
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value	360,004	548,538
Less than Twelve Months, Unrealized Losses	(19)	(1,704)
More than Twelve Months, Fair Value	0	0
More than Twelve Months, Unrealized Losses	0	0
Total, Fair Value	360,004	548,538
Total, Unrealized Losses	(19)	(1,704)
U.S. government agency securities
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value	0	3,489
Less than Twelve Months, Unrealized Losses	0	(5)
More than Twelve Months, Fair Value	4,517	4,736
More than Twelve Months, Unrealized Losses	(13)	(13)
Total, Fair Value	4,517	8,225
Total, Unrealized Losses	(13)	(18)
Obligations of states and state agencies
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value	1,576	24,359
Less than Twelve Months, Unrealized Losses	(6)	(67)
More than Twelve Months, Fair Value	0	0
More than Twelve Months, Unrealized Losses	0	0
Total, Fair Value	1,576	24,359
Total, Unrealized Losses	(6)	(67)
Municipal bonds
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value	0	38,207
Less than Twelve Months, Unrealized Losses	0	(128)
More than Twelve Months, Fair Value	12,513	13,551
More than Twelve Months, Unrealized Losses	(314)	(246)
Total, Fair Value	12,513	51,758
Total, Unrealized Losses	(314)	(374)
Obligations of states and political subdivisions
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value	1,576	62,566
Less than Twelve Months, Unrealized Losses	(6)	(195)
More than Twelve Months, Fair Value	12,513	13,551
More than Twelve Months, Unrealized Losses	(314)	(246)
Total, Fair Value	14,089	76,117
Total, Unrealized Losses	(320)	(441)
Residential mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value	141,851	293,615
Less than Twelve Months, Unrealized Losses	(804)	(4,147)
More than Twelve Months, Fair Value	172,436	164,010
More than Twelve Months, Unrealized Losses	(3,175)	(4,537)
Total, Fair Value	314,287	457,625
Total, Unrealized Losses	(3,979)	(8,684)
Trust preferred 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	8,259	8,404
More than Twelve Months, Unrealized Losses	(2,142)	(2,054)
Total, Fair Value	8,259	8,404
Total, Unrealized Losses	(2,142)	(2,054)
Corporate and other debt securities
Schedule of Held-to-Maturity Securities [Line Items]
Less than Twelve Months, Fair Value	14,207	21,203
Less than Twelve Months, Unrealized Losses	(319)	(471)
More than Twelve Months, Fair Value	31,566	36,137
More than Twelve Months, Unrealized Losses	(953)	(1,418)
Total, Fair Value	45,773	57,340
Total, Unrealized Losses	(1,272)	(1,889)
Equity 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	13,784	14,273
More than Twelve Months, Unrealized Losses	(2,011)	(1,522)
Total, Fair Value	13,784	14,273
Total, Unrealized Losses	$ (2,011)	$ (1,522)

Investment Securities - Contr49

Investment Securities - Contractual Maturities of Investment Securities Available for Sale (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Schedule of Available-for-sale Securities [Line Items]
Due in one year, Amortized Cost	$ 361,613
Due after one year through five years, Amortized Cost	91,097
Due after five years through ten years, Amortized Cost	118,340
Due after ten years, Amortized Cost	78,866
Total investment securities available for sale, Amortized Cost	1,449,213
Due in one year, Fair Value	361,604
Due after one year through five years, Fair Value	92,129
Due after five years through ten years, Fair Value	119,037
Due after ten years, Fair Value	78,176
Total investment securities available for sale, Fair Value	1,452,489
Residential mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Securities without a single maturity date, Amortized Cost	778,775
Securities without a single maturity date, Fair Value	782,648
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Securities without a single maturity date, Amortized Cost	20,522
Securities without a single maturity date, Fair Value	$ 18,895

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
	Mar. 31, 2016	Mar. 31, 2015
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance, beginning of period	$ 5,837	$ 8,947
Accretion of credit loss impairment due to an increase in expected cash flows	(489)	(144)
Sales	0	(2,382)
Balance, end of period	$ 5,348	$ 6,421

Investment Securities - Realize

Investment Securities - Realized Gains and Losses on Sales of Investment Securities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Gross gains, Sales transactions	$ 271	$ 3,274
Gross losses, sales transactions	0	(947)
Gains (losses) on Sales transactions, net	271	2,327
Gross gains, Maturities and other securities transactions	0	89
Total gains on securities transactions, net	$ 271	$ 2,416

Loans - Schedule of Loan Portfo

Loans - Schedule of Loan Portfolio Non-Covered and Covered PCI Loans and Non-PCI Loans (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable
Loans	$ 16,135,987	$ 16,043,107
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Loans	2,537,545	2,540,491
Commercial real estate loans
Accounts, Notes, Loans and Financing Receivable
Loans	8,361,196	8,179,583
Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Loans	7,585,139	7,424,636
Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Loans	776,057	754,947
Residential mortgage
Accounts, Notes, Loans and Financing Receivable
Loans	3,101,814	3,130,541
Consumer
Accounts, Notes, Loans and Financing Receivable
Loans	2,135,432	2,192,492
Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable
Loans	491,555	511,203
Consumer | Automobile
Accounts, Notes, Loans and Financing Receivable
Loans	1,188,063	1,239,313
Consumer | Other consumer
Accounts, Notes, Loans and Financing Receivable
Loans	455,814	441,976
Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable
Loans	14,020,566	13,802,636
Non-PCI Loans | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Loans	2,176,942	2,156,549
Non-PCI Loans | Commercial real estate loans
Accounts, Notes, Loans and Financing Receivable
Loans	6,938,533	6,677,226
Non-PCI Loans | Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Loans	6,304,974	6,069,532
Non-PCI Loans | Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Loans	633,559	607,694
Non-PCI Loans | Residential mortgage
Accounts, Notes, Loans and Financing Receivable
Loans	2,892,643	2,912,079
Non-PCI Loans | Consumer
Accounts, Notes, Loans and Financing Receivable
Loans	2,012,448	2,056,782
Non-PCI Loans | Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable
Loans	380,459	391,809
Non-PCI Loans | Consumer | Automobile
Accounts, Notes, Loans and Financing Receivable
Loans	1,187,742	1,238,826
Non-PCI Loans | Consumer | Other consumer
Accounts, Notes, Loans and Financing Receivable
Loans	444,247	426,147
PCI Loans
Accounts, Notes, Loans and Financing Receivable
Loans	2,115,421	2,240,471
Covered loans	86,800	122,300
PCI Loans | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Loans	360,603	383,942
PCI Loans | Commercial real estate loans
Accounts, Notes, Loans and Financing Receivable
Loans	1,422,663	1,502,357
PCI Loans | Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Loans	1,280,165	1,355,104
PCI Loans | Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Loans	142,498	147,253
PCI Loans | Residential mortgage
Accounts, Notes, Loans and Financing Receivable
Loans	209,171	218,462
PCI Loans | Consumer
Accounts, Notes, Loans and Financing Receivable
Loans	122,984	135,710
PCI Loans | Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable
Loans	111,096	119,394
PCI Loans | Consumer | Automobile
Accounts, Notes, Loans and Financing Receivable
Loans	321	487
PCI Loans | Consumer | Other consumer
Accounts, Notes, Loans and Financing Receivable
Loans	$ 11,567	$ 15,829

Loans - Additional Information

Loans - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable
Number Of Days Loans Placed On Non Accrual Status	90 days
Non-covered loans net of unearned premiums, discounts and deferred loan fees	$ 5,600,000		$ 3,500,000
Loans	16,135,987,000		16,043,107,000
Sales of loans	0	$ 0
FDIC loss-share receivable	7,300,000		8,300,000
Change in FDIC loss-share receivable	$ (560,000)	(3,920,000)
Combined loan-to-value ratio home equity loan	75.00%
TDRs not reported as non-accrual loans	$ 80,500,000		77,600,000
Non-performing TDRs	19,400,000		21,000,000
Specific reserves for loan losses	1,600,000	759,000
Partial loan charge-offs related to loans modified as TDRs	209,000	$ 0
Repossessed Assets	14,700,000		19,000,000
Repossessed assets covered by loss sharing agreements	2,400,000		5,000,000
Residential real estate properties
Accounts, Notes, Loans and Financing Receivable
Repossessed Assets	7,200,000		7,000,000
In formal foreclosure proceedings
Accounts, Notes, Loans and Financing Receivable
Residential mortgage and consumer loans secured by residential real estate properties	13,300,000		12,300,000
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Unsecured loans	402,700,000		386,600,000
Commercial and industrial | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Impaired loans	250,000
PCI Loans
Accounts, Notes, Loans and Financing Receivable
Loans	2,300,000,000		2,400,000,000
Consumer loans
Accounts, Notes, Loans and Financing Receivable
Unsecured loans	20,400,000		18,800,000
Credit card loans
Accounts, Notes, Loans and Financing Receivable
Unsecured loans	$ 6,600,000		$ 7,100,000

Loans - Changes in Accretable Y

Loans - Changes in Accretable Yield for Covered Loans (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance, beginning of period	$ 415,179	$ 336,208
Accretion	(28,059)	(26,350)
Balance, end of period	$ 387,120	$ 309,858

Loans - Past Due, Non-Accrual a

Loans - Past Due, Non-Accrual and Current Non-Covered Loans by Loan Portfolio Class (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	$ 62,620	$ 62,100
Total Past Due Loans	99,109	88,240
Current Non-PCI Loans	13,921,457	13,714,396
Total Non-PCI Loans	14,020,566	13,802,636
30-59 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	28,938	18,509
60-89 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	4,520	5,575
Accruing Loans 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	3,031	2,056
Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	11,484	10,913
Total Past Due Loans	20,713	15,570
Current Non-PCI Loans	2,156,229	2,140,979
Total Non-PCI Loans	2,176,942	2,156,549
Commercial and industrial | 30-59 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	8,395	3,920
Commercial and industrial | 60-89 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	613	524
Commercial and industrial | Accruing Loans 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	221	213
Commercial real estate loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	32,582	31,051
Total Past Due Loans	35,548	38,541
Current Non-PCI Loans	6,902,985	6,638,685
Total Non-PCI Loans	6,938,533	6,677,226
Commercial real estate loans | Commercial real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	26,604	24,888
Total Past Due Loans	28,244	27,703
Current Non-PCI Loans	6,276,730	6,041,829
Total Non-PCI Loans	6,304,974	6,069,532
Commercial real estate loans | Construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	5,978	6,163
Total Past Due Loans	7,304	10,838
Current Non-PCI Loans	626,255	596,856
Total Non-PCI Loans	633,559	607,694
Commercial real estate loans | 30-59 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	2,715	4,560
Commercial real estate loans | 30-59 Days Past Due Loans | Commercial real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	1,389	2,684
Commercial real estate loans | 30-59 Days Past Due Loans | Construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	1,326	1,876
Commercial real estate loans | 60-89 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	120	2,799
Commercial real estate loans | 60-89 Days Past Due Loans | Commercial real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	120	0
Commercial real estate loans | 60-89 Days Past Due Loans | Construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	0	2,799
Commercial real estate loans | Accruing Loans 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	131	131
Commercial real estate loans | Accruing Loans 90 Days or More Past Due | Commercial real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	131	131
Commercial real estate loans | Accruing Loans 90 Days or More Past Due | Construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	0	0
Residential mortgage
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	16,747	17,930
Total Past Due Loans	37,044	27,741
Current Non-PCI Loans	2,855,599	2,884,338
Total Non-PCI Loans	2,892,643	2,912,079
Residential mortgage | 30-59 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	14,628	6,681
Residential mortgage | 60-89 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	3,056	1,626
Residential mortgage | Accruing Loans 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	2,613	1,504
Consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	1,807	2,206
Total Past Due Loans	5,804	6,388
Current Non-PCI Loans	2,006,644	2,050,394
Total Non-PCI Loans	2,012,448	2,056,782
Consumer | Home equity
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	1,685	2,088
Total Past Due Loans	3,247	3,507
Current Non-PCI Loans	377,212	388,302
Total Non-PCI Loans	380,459	391,809
Consumer | Automobile
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	122	118
Total Past Due Loans	1,897	2,742
Current Non-PCI Loans	1,185,845	1,236,084
Total Non-PCI Loans	1,187,742	1,238,826
Consumer | Other consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	0	0
Total Past Due Loans	660	139
Current Non-PCI Loans	443,587	426,008
Total Non-PCI Loans	444,247	426,147
Consumer | 30-59 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	3,200	3,348
Consumer | 30-59 Days Past Due Loans | Home equity
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	1,262	1,308
Consumer | 30-59 Days Past Due Loans | Automobile
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	1,336	1,969
Consumer | 30-59 Days Past Due Loans | Other consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	602	71
Consumer | 60-89 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	731	626
Consumer | 60-89 Days Past Due Loans | Home equity
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	300	111
Consumer | 60-89 Days Past Due Loans | Automobile
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	374	491
Consumer | 60-89 Days Past Due Loans | Other consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	57	24
Consumer | Accruing Loans 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	66	208
Consumer | Accruing Loans 90 Days or More Past Due | Home equity
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	0	0
Consumer | Accruing Loans 90 Days or More Past Due | Automobile
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	65	164
Consumer | Accruing Loans 90 Days or More Past Due | Other consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	$ 1	$ 44

Loans - Impaired Loans (Detail)

Loans - Impaired Loans (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	$ 56,590	$ 54,928
Recorded Investment With Related Allowance	80,989	77,460
Total Recorded Investment	137,579	132,388
Unpaid Contractual Principal Balance	149,817	145,473
Related Allowance	9,377	8,782
Commercial and industrial
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	7,758	7,863
Recorded Investment With Related Allowance	19,838	17,851
Total Recorded Investment	27,596	25,714
Unpaid Contractual Principal Balance	33,913	33,071
Related Allowance	3,578	3,439
Commercial real estate loans
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	41,272	38,960
Recorded Investment With Related Allowance	44,073	42,970
Total Recorded Investment	85,345	81,930
Unpaid Contractual Principal Balance	89,247	85,650
Related Allowance	4,125	3,671
Commercial real estate loans | Commercial real estate
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	32,587	30,113
Recorded Investment With Related Allowance	42,816	37,440
Total Recorded Investment	75,403	67,553
Unpaid Contractual Principal Balance	79,295	71,263
Related Allowance	4,088	3,354
Commercial real estate loans | Construction
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	8,685	8,847
Recorded Investment With Related Allowance	1,257	5,530
Total Recorded Investment	9,942	14,377
Unpaid Contractual Principal Balance	9,952	14,387
Related Allowance	37	317
Residential mortgage
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	7,356	7,842
Recorded Investment With Related Allowance	14,624	14,770
Total Recorded Investment	21,980	22,612
Unpaid Contractual Principal Balance	23,907	24,528
Related Allowance	1,267	1,377
Consumer
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	204	263
Recorded Investment With Related Allowance	2,454	1,869
Total Recorded Investment	2,658	2,132
Unpaid Contractual Principal Balance	2,750	2,224
Related Allowance	407	295
Consumer | Home equity
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	204	263
Recorded Investment With Related Allowance	2,454	1,869
Total Recorded Investment	2,658	2,132
Unpaid Contractual Principal Balance	2,750	2,224
Related Allowance	$ 407	$ 295

Loans - Average Recorded Invest

Loans - Average Recorded Investment and Interest Income Recognized on Impaired Loans (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	$ 136,493	$ 148,803
Interest Income Recognized	1,152	1,162
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	28,331	28,282
Interest Income Recognized	240	246
Commercial real estate loans
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	82,200	95,193
Interest Income Recognized	687	636
Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	72,398	78,523
Interest Income Recognized	639	486
Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	9,802	16,670
Interest Income Recognized	48	150
Consumer
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	2,359	3,485
Interest Income Recognized	23	30
Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	2,359	3,485
Interest Income Recognized	23	30
Residential mortgage
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	23,603	21,843
Interest Income Recognized	$ 202	$ 250

Loans - Pre-Modification and Po

Loans - Pre-Modification and Post-Modification Outstanding Recorded Investments (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)Contract	Mar. 31, 2015USD ($)Contract
Accounts, Notes, Loans and Financing Receivable
Financing Receivable, Modifications, Number of Contracts | Contract	9	8
Financing Receivable, Modifications, Pre-Modification Recorded Investment	$ 6,065	$ 6,864
Financing Receivable, Modifications, Post-Modification Recorded Investment	$ 5,725	$ 6,812
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Financing Receivable, Modifications, Number of Contracts | Contract	4	6
Financing Receivable, Modifications, Pre-Modification Recorded Investment	$ 4,961	$ 1,584
Financing Receivable, Modifications, Post-Modification Recorded Investment	$ 4,887	$ 1,534
Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Financing Receivable, Modifications, Number of Contracts | Contract	2	1
Financing Receivable, Modifications, Pre-Modification Recorded Investment	$ 658	$ 5,000
Financing Receivable, Modifications, Post-Modification Recorded Investment	$ 404	$ 5,000
Residential mortgage
Accounts, Notes, Loans and Financing Receivable
Financing Receivable, Modifications, Number of Contracts | Contract	2	1
Financing Receivable, Modifications, Pre-Modification Recorded Investment	$ 392	$ 280
Financing Receivable, Modifications, Post-Modification Recorded Investment	$ 381	$ 278
Consumer
Accounts, Notes, Loans and Financing Receivable
Financing Receivable, Modifications, Number of Contracts | Contract	1	0
Financing Receivable, Modifications, Pre-Modification Recorded Investment	$ 54	$ 0
Financing Receivable, Modifications, Post-Modification Recorded Investment	$ 53	$ 0

Loans - Troubled Debt Restructu

Loans - Troubled Debt Restructurings Subsequently Defaulted (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)Contract
Financing Receivable, Modifications [Line Items]
Number of Contracts (in contract) | Contract	6
Recorded Investment | $	$ 750
Commercial and industrial
Financing Receivable, Modifications [Line Items]
Number of Contracts (in contract) | Contract	2
Recorded Investment | $	$ 372
Commercial real estate loans
Financing Receivable, Modifications [Line Items]
Number of Contracts (in contract) | Contract	1
Recorded Investment | $	$ 81
Residential mortgage
Financing Receivable, Modifications [Line Items]
Number of Contracts (in contract) | Contract	2
Recorded Investment | $	$ 267
Consumer
Financing Receivable, Modifications [Line Items]
Number of Contracts (in contract) | Contract	1
Recorded Investment | $	$ 30

Loans - Risk Category of Loans

Loans - Risk Category of Loans (Detail) - Non-PCI Loans - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	$ 9,115,475	$ 8,833,775
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	2,176,942	2,156,549
Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	6,304,974	6,069,532
Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	633,559	607,694
Pass
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	8,833,868	8,539,636
Pass | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	2,075,347	2,049,752
Pass | Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	6,136,061	5,893,354
Pass | Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	622,460	596,530
Special Mention
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	130,037	148,624
Special Mention | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	57,283	68,243
Special Mention | Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	71,897	79,279
Special Mention | Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	857	1,102
Substandard
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	151,570	143,215
Substandard | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	44,312	36,254
Substandard | Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	97,016	96,899
Substandard | Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	10,242	10,062
Doubtful
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	0	2,300
Doubtful | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	0	2,300
Doubtful | Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	0	0
Doubtful | Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	$ 0	$ 0

Loans - Recorded Investment in

Loans - Recorded Investment in Loan Classes Based on Payment Activity (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	$ 4,905,091	$ 4,968,861
PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	2,115,421	2,240,471
Performing Loans | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	4,886,537	4,948,725
Performing Loans | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	2,082,434	2,201,846
Non-Performing Loans | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	18,554	20,136
Non-Performing Loans | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	32,987	38,625
Commercial and industrial | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	360,603	383,942
Commercial and industrial | Performing Loans | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	351,442	373,665
Commercial and industrial | Non-Performing Loans | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	9,161	10,277
Commercial real estate loans | PCI Loans | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,280,165	1,355,104
Commercial real estate loans | PCI Loans | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	142,498	147,253
Commercial real estate loans | Performing Loans | PCI Loans | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,266,695	1,342,030
Commercial real estate loans | Performing Loans | PCI Loans | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	141,319	141,547
Commercial real estate loans | Non-Performing Loans | PCI Loans | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	13,470	13,074
Commercial real estate loans | Non-Performing Loans | PCI Loans | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,179	5,706
Residential mortgage | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	2,892,643	2,912,079
Residential mortgage | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	209,171	218,462
Residential mortgage | Performing Loans | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	2,875,896	2,894,149
Residential mortgage | Performing Loans | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	205,928	214,713
Residential mortgage | Non-Performing Loans | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	16,747	17,930
Residential mortgage | Non-Performing Loans | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	3,243	3,749
Consumer | Non-PCI Loans | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	380,459	391,809
Consumer | Non-PCI Loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,187,742	1,238,826
Consumer | Non-PCI Loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	444,247	426,147
Consumer | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	122,984	135,710
Consumer | Performing Loans | Non-PCI Loans | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	378,774	389,721
Consumer | Performing Loans | Non-PCI Loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,187,620	1,238,708
Consumer | Performing Loans | Non-PCI Loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	444,247	426,147
Consumer | Performing Loans | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	117,050	129,891
Consumer | Non-Performing Loans | Non-PCI Loans | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,685	2,088
Consumer | Non-Performing Loans | Non-PCI Loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	122	118
Consumer | Non-Performing Loans | Non-PCI Loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	0	0
Consumer | Non-Performing Loans | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	$ 5,934	$ 5,819

Allowance for Credit Losses - S

Allowance for Credit Losses - Summary of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Receivables [Abstract]
Allowance for loans	$ 105,415	$ 106,178	$ 102,631	$ 102,353
Allowance for unfunded letters of credit	2,260	2,189
Total allowance for credit losses	$ 107,675	$ 108,367

Allowance for Credit Losses -63

Allowance for Credit Losses - Summary of Provision for Credit Losses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Receivables [Abstract]
Provision for loans	$ 729	$ 0
Provision for unfunded letters of credit	71	0
Total provision for credit losses	$ 800	$ 0

Allowance for Credit Losses -64

Allowance for Credit Losses - Summary of Activity in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 106,178	$ 102,353
Loans charged-off	(2,511)	(1,666)
Charged-off loans recovered	1,019	1,944
Net (charge-offs) recoveries	(1,492)	278
Provision for loan losses	729	0
Ending balance	105,415	102,631
Commercial and industrial
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	48,767	43,676
Loans charged-off	(1,251)	(753)
Charged-off loans recovered	526	1,051
Net (charge-offs) recoveries	(725)	298
Provision for loan losses	375	919
Ending balance	48,417	44,893
Commercial real estate loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	48,006	42,840
Loans charged-off	(105)	(150)
Charged-off loans recovered	89	460
Net (charge-offs) recoveries	(16)	310
Provision for loan losses	464	(1,494)
Ending balance	48,454	41,656
Residential mortgage
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	4,625	5,093
Loans charged-off	(81)	(49)
Charged-off loans recovered	15	114
Net (charge-offs) recoveries	(66)	65
Provision for loan losses	(350)	(1,066)
Ending balance	4,209	4,092
Consumer
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	4,780	5,179
Loans charged-off	(1,074)	(714)
Charged-off loans recovered	389	319
Net (charge-offs) recoveries	(685)	(395)
Provision for loan losses	240	188
Ending balance	4,335	4,972
Unallocated
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	0	5,565
Loans charged-off	0	0
Charged-off loans recovered	0	0
Net (charge-offs) recoveries	0	0
Provision for loan losses	0	1,453
Ending balance	$ 0	$ 7,018

Allowance for Credit Losses -65

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	Mar. 31, 2016	Dec. 31, 2015
Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	$ 9,377	$ 8,782
Collectively evaluated for impairment	96,038	97,396
Total Loans	105,415	106,178
Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	137,579	132,388
Collectively evaluated for impairment	13,882,987	13,670,248
Total Loans	16,135,987	16,043,107
Loans acquired with discounts related to credit quality | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Total Loans	2,115,421	2,240,471
Commercial and industrial | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	3,578	3,439
Collectively evaluated for impairment	44,839	45,328
Total Loans	48,417	48,767
Commercial and industrial | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	27,596	25,714
Collectively evaluated for impairment	2,149,346	2,130,835
Total Loans	2,537,545	2,540,491
Commercial and industrial | Loans acquired with discounts related to credit quality | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Total Loans	360,603	383,942
Commercial real estate loans | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	4,125	3,671
Collectively evaluated for impairment	44,329	44,335
Total Loans	48,454	48,006
Commercial real estate loans | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	85,345	81,930
Collectively evaluated for impairment	6,853,188	6,595,296
Total Loans	8,361,196	8,179,583
Commercial real estate loans | Loans acquired with discounts related to credit quality | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Total Loans	1,422,663	1,502,357
Residential mortgage | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	1,267	1,377
Collectively evaluated for impairment	2,942	3,248
Total Loans	4,209	4,625
Residential mortgage | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	21,980	22,612
Collectively evaluated for impairment	2,870,663	2,889,467
Total Loans	3,101,814	3,130,541
Residential mortgage | Loans acquired with discounts related to credit quality | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Total Loans	209,171	218,462
Consumer | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	407	295
Collectively evaluated for impairment	3,928	4,485
Total Loans	4,335	4,780
Consumer | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	2,658	2,132
Collectively evaluated for impairment	2,009,790	2,054,650
Total Loans	2,135,432	2,192,492
Consumer | Loans acquired with discounts related to credit quality | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Total Loans	$ 122,984	$ 135,710

Goodwill and Other Intangible66

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 0	$ 0
Amortization of other intangible assets	$ 2,849,000	2,393,000
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	20 years
Core Deposits and Other
Finite-Lived Intangible Assets [Line Items]
Impairment of core deposits and intangibles	$ 0	$ 0

Goodwill and Other Intangible67

Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets - Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 686,339
Goodwill from business combinations	3,250
Goodwill, ending balance	689,589
Wealth Management
Goodwill [Roll Forward]
Goodwill, beginning balance	20,517
Goodwill from business combinations	701
Goodwill, ending balance	21,218
Consumer Lending
Goodwill [Roll Forward]
Goodwill, beginning balance	199,119
Goodwill from business combinations	697
Goodwill, ending balance	199,816
Commercial Lending
Goodwill [Roll Forward]
Goodwill, beginning balance	314,260
Goodwill from business combinations	1,416
Goodwill, ending balance	315,676
Investment Management
Goodwill [Roll Forward]
Goodwill, beginning balance	152,443
Goodwill from business combinations	436
Goodwill, ending balance	$ 152,879

Goodwill and Other Intangible68

Goodwill and Other Intangible Assets - Other Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	$ 130,767	$ 143,020
Accumulated Amortization	(84,131)	(93,849)
Valuation Allowance	(481)	(289)
Net Intangible Assets	46,155	48,882
Loan Servicing Rights
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	65,176	75,932
Accumulated Amortization	(48,934)	(59,251)
Valuation Allowance	(481)	(289)
Net Intangible Assets	15,761	16,392
Core Deposits
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	61,504	62,714
Accumulated Amortization	(33,406)	(31,934)
Valuation Allowance	0	0
Net Intangible Assets	28,098	30,780
Other
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	4,087	4,374
Accumulated Amortization	(1,791)	(2,664)
Valuation Allowance	0	0
Net Intangible Assets	$ 2,296	$ 1,710

Goodwill and Other Intangible69

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Loan Servicing Rights
Finite-Lived Intangible Assets [Line Items]
2,016	$ 3,430
2,017	3,624
2,018	2,793
2,019	2,075
2,020	1,555
Core Deposits
Finite-Lived Intangible Assets [Line Items]
2,016	4,156
2,017	4,842
2,018	4,215
2,019	3,671
2,020	3,127
Other
Finite-Lived Intangible Assets [Line Items]
2,016	222
2,017	280
2,018	249
2,019	235
2,020	$ 220

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,369	$ 2,479
Stock-based compensation amortization expense unrecognized	$ 18,700
Average remaining vesting, years	3 years
Non-Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights as a percentage	33.33%
2009 Employee Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, available for grant	2,200
Number of shares, awarded during the period	494	459
Stock-based compensation expense	$ 2,400	$ 2,500
2009 Employee Stock Incentive Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, awarded during the period	431	313
Incentive stock option's maximum term, years	3 years
2009 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%
2009 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%
2009 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)	$ 8.72
2009 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
2009 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
2016 Employee Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, available for grant	9,400

Guarantees - Additional Informa

Guarantees - Additional Information (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Guarantor Obligations [Line Items]
Guarantor obligations, standby letters of credit	$ 205,200
Liability related to standby letters of credit	735
Secured
Guarantor Obligations [Line Items]
Guarantor obligations, standby letters of credit	$ 134,000
Percent of secured letters of credit	65.30%

Derivative Instruments and He72

Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Derivative instruments not designated as hedging instruments, liability	$ 25
Aggregate fair value of net liability position	54.2
Collateral posted with counterparties	65
Interest Rate Swaps
Derivative [Line Items]
Accumulated net after-tax losses related to effective cash flow hedges	22.5	$ 17.6
Estimated amount of interest rate derivatives to be reclassified to interest expense	$ 12.8

Derivative Instruments and He73

Derivative Instruments and Hedging Activities - Consolidated Statements of Financial Condition Related to Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Interest Rate Caps and Swaps
Derivative [Line Items]
Other Assets	$ 0	$ 0
Other Liabilities	69,727	50,752
Derivatives designated as hedging instruments:
Derivative [Line Items]
Other Assets	13,117	8,942
Other Liabilities	33,827	26,129
Notional Amount	1,040,158	1,040,209
Derivatives designated as hedging instruments: | Cash Flow Hedge | Interest Rate Caps and Swaps
Derivative [Line Items]
Other Assets	732	1,284
Other Liabilities	32,423	24,823
Notional Amount	907,000	907,000
Derivatives designated as hedging instruments: | Fair Value Hedge | Interest Rate Swaps
Derivative [Line Items]
Other Assets	12,385	7,658
Other Liabilities	1,404	1,306
Notional Amount	133,158	133,209
Derivatives not designated as hedging instruments:
Derivative [Line Items]
Other Assets	36,191	24,832
Other Liabilities	36,372	24,715
Notional Amount	913,961	727,572
Derivatives not designated as hedging instruments: | Interest Rate Swaps
Derivative [Line Items]
Other Assets	35,903	24,628
Other Liabilities	35,900	24,623
Notional Amount	715,043	654,134
Derivatives not designated as hedging instruments: | Mortgage Banking Derivatives
Derivative [Line Items]
Other Assets	288	204
Other Liabilities	472	92
Notional Amount	$ 198,918	$ 73,438

Derivative Instruments and He74

Derivative Instruments and Hedging Activities - Losses Related to Interest Rate Derivatives Designated as Hedges of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
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	$ (37,444)	$ (38,899)
Amount of loss recognized in other comprehensive income	(11,032)	(8,911)
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	$ (2,971)	$ (1,629)

Derivative Instruments and He75

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
	Mar. 31, 2016	Mar. 31, 2015
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gains (losses) on derivatives	$ (297)	$ 38
Designated as Fair Value Hedge | Interest Income | Interest Rate Swaps
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gains (losses) on derivatives	(99)	(54)
Designated as Fair Value Hedge | Interest Income | Loans and Long-term Borrowings | Derivatives designated as hedging instruments:
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gains (losses) on derivatives	99	54
Designated as Fair Value Hedge | Interest Expense | Interest Rate Swaps
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gains (losses) on derivatives	4,728	2,741
Designated as Fair Value Hedge | Interest Expense | Loans and Long-term Borrowings | Derivatives designated as hedging instruments:
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gains (losses) on derivatives	$ (4,719)	$ (2,781)

Derivative Instruments and He76

Derivative Instruments and Hedging Activities - (Losses) Gains Related to Derivative Instruments Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Non-designated hedge interest rate derivatives
Other non-interest expense	$ (297)	$ 38

Balance Sheet Offsetting - Gros

Balance Sheet Offsetting - Gross Presentation Effects of Offsetting and Net Presentation of Valley's Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Offsetting Liabilities
Gross Amounts Recognized, Total Liabilities	$ 544,727	$ 525,752
Gross Amounts Offset, Total Liabilities	0	0
Net Amounts Presented, Total Liabilities	544,727	525,752
Gross Amounts Not Offset, Financial Instruments	(13,117)	(8,942)
Gross Amounts Not Offset, Cash Collateral	(531,610)	(516,810)
Net Amount, Total	0	0
Repurchase Agreements
Offsetting Liabilities
Gross Amounts Recognized, Liabilities	475,000	475,000
Gross Amounts Offset, Liabilities	0	0
Net Amounts Presented, Liabilities	475,000	475,000
Gross Amounts Not Offset, Liabilities	0	0
Gross Amounts Not Offset, Liabilities	(475,000)	(475,000)
Net Amount, Liabilities	0	0
Interest Rate Caps and Swaps
Offsetting Assets
Gross Amounts Recognized, Assets	49,020	33,570
Gross Amounts Offset, Assets	0	0
Net Amounts Presented, Assets	49,020	33,570
Gross Amounts Not Offset, Financial Instruments	(13,117)	(8,942)
Gross Amounts Not Offset, Cash Collateral	0	0
Net Amount, Assets	35,903	24,628
Offsetting Liabilities
Gross Amounts Recognized, Liabilities	69,727	50,752
Gross Amounts Offset, Liabilities	0	0
Net Amounts Presented, Liabilities	69,727	50,752
Gross Amounts Not Offset, Financial Instruments	(13,117)	(8,942)
Gross Amounts Not Offset, Cash Collateral	(56,610)	(41,810)
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	Mar. 31, 2016	Dec. 31, 2015
Other Assets
Other Assets [Abstract]
Affordable housing tax credit investments, net	$ 31,370	$ 32,094
Other tax credit investments, net	64,141	70,681
Total tax credit investments, net	95,511	102,775
Other Liabilities
Other Liabilities [Abstract]
Unfunded affordable housing tax credit commitments	7,330	7,330
Unfunded other tax credit commitments	6,165	12,545
Total unfunded tax credit commitments	$ 13,495	$ 19,875

Tax Credit Investments Tax Cr79

Tax Credit Investments Tax Credit Investments - Affordable Housing Tax Credit Investments and Other Tax Credit Investments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Equity Method Investments [Line Items]
Affordable housing tax credits and other tax benefits	$ 1,065	$ 1,731
Other tax credit investment credits and tax benefits	3,268	3,618
Total reduction in income tax expense	4,333	5,349
Non-Interest Expenses [Member]
Schedule of Equity Method Investments [Line Items]
Affordable housing tax credit investment losses	584	677
Affordable housing tax credit investment impairment losses	140	488
Other tax credit investment losses	74	297
Other tax credit investment impairment losses	6,466	3,034
Total amortization of tax credit investments recorded in non-interest expense	$ 7,264	$ 4,496