Valley National Bancorp (VLY) 10-Q 8 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 03, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	VLY
Entity Registrant Name	VALLEY NATIONAL BANCORP
Entity Central Index Key	714,310
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		254,529,715

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Cash and due from banks	$ 238,664	$ 243,575
Interest bearing deposits with banks	160,462	170,225
Investment securities:
Held to maturity (fair value of $1,891,982 at September 30, 2016 and $1,621,039 at December 31, 2015)	1,845,151	1,596,385
Available for sale	1,276,709	1,506,861
Total investment securities	3,121,860	3,103,246
Loans held for sale (includes fair value of $27,868 at September 30, 2016 and $16,832 at December 31, 2015 for loans originated for sale)	202,369	16,382
Loans	16,634,135	16,043,107
Less: Allowance for loan losses	(110,697)	(106,178)
Net loans	16,523,438	15,936,929
Premises and equipment, net	294,165	298,943
Bank owned life insurance	390,600	387,542
Accrued interest receivable	63,815	63,554
Goodwill	689,589	686,339
Other intangible assets, net	44,038	48,882
Other assets	639,453	656,999
Total Assets	22,368,453	21,612,616
Liabilities
Deposits: Non-interest bearing	5,092,740	4,914,285
Deposits: Interest bearing:
Savings, NOW and money market	8,759,562	8,181,362
Time	3,119,881	3,157,904
Total deposits	16,972,183	16,253,551
Short-term borrowings	1,433,356	1,076,991
Long-term borrowings	1,450,818	1,810,728
Junior subordinated debentures issued to capital trusts	41,536	41,414
Accrued expenses and other liabilities	213,487	222,841
Total Liabilities	20,111,380	19,405,525
Shareholders’ Equity
Preferred stock (no par value, authorized 30,000,000 shares; issued 4,600,000 shares at September 30, 2016 and December 31, 2015)	111,590	111,590
Common stock (no par value, authorized 332,023,233 shares; issued 254,492,480 shares at September 30, 2016 and 253,787,561 shares at December 31, 2015)	89,007	88,626
Surplus	1,937,572	1,927,399
Retained earnings	153,531	125,171
Accumulated other comprehensive loss	(34,343)	(45,695)
Treasury stock, at cost (30,574 common shares at September 30, 2016)	(284)	0
Total Shareholders’ Equity	2,257,073	2,207,091
Total Liabilities and Shareholders’ Equity	$ 22,368,453	$ 21,612,616

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Held to maturity, fair value	$ 1,891,982	$ 1,621,039
Loans held for sale, fair value	$ 27,868	$ 16,832
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)	254,492,480	253,787,561
Treasury stock, shares (in shares)	30,574	0

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Interest Income
Interest and fees on loans	$ 171,143	$ 157,141	$ 506,640	$ 465,787
Interest and dividends on investment securities:
Taxable	14,232	12,148	42,487	39,313
Tax-exempt	4,023	3,593	11,447	10,800
Dividends	1,612	1,658	4,408	5,013
Interest on federal funds sold and other short-term investments	193	150	846	516
Total interest income	191,203	174,690	565,828	521,429
Interest Expense
Savings, NOW and money market	10,165	5,587	29,369	17,493
Time	9,412	9,535	28,220	25,637
Interest on short-term borrowings	3,545	126	8,537	427
Interest on long-term borrowings and junior subordinated debentures	13,935	25,482	45,948	75,649
Total interest expense	37,057	40,730	112,074	119,206
Net Interest Income	154,146	133,960	453,754	402,223
Provision for credit losses	5,840	94	8,069	4,594
Net Interest Income After Provision for Credit Losses	148,306	133,866	445,685	397,629
Non-Interest Income
Trust and investment services	2,628	2,450	7,612	7,520
Insurance commissions	4,580	4,119	14,133	12,454
Service charges on deposit accounts	5,263	5,241	15,460	15,794
(Losses) gains on securities transactions, net	(10)	157	258	2,481
Fees from loan servicing	1,598	1,703	4,753	4,948
Gains on sales of loans, net	4,823	2,014	9,723	3,034
Gains (losses) on sales of assets, net	310	(558)	1,009	(77)
Bank owned life insurance	1,683	1,806	5,464	5,188
Change in FDIC loss-share receivable	(313)	(55)	(872)	(3,380)
Other	4,291	4,042	13,025	11,802
Total non-interest income	24,853	20,919	70,565	59,764
Non-Interest Expense
Salary and employee benefits expense	58,107	54,315	174,438	165,601
Net occupancy and equipment expense	20,658	21,526	65,615	65,858
FDIC insurance assessment	4,804	4,168	14,998	11,972
Amortization of other intangible assets	2,675	2,232	8,452	6,721
Professional and legal fees	4,031	4,643	13,398	12,043
Amortization of tax credit investments	6,450	5,224	21,360	14,231
Telecommunication expense	2,459	2,050	7,139	6,101
Other	14,084	14,494	45,896	41,655
Total non-interest expense	113,268	108,652	351,296	324,182
Income Before Income Taxes	59,891	46,133	164,954	133,211
Income tax expense	17,049	10,179	46,898	34,925
Net Income	42,842	35,954	118,056	98,286
Dividends on preferred stock	1,797	2,017	5,391	2,017
Net Income Available to Common Shareholders	$ 41,045	$ 33,937	$ 112,665	$ 96,269
Earnings Per Common Share:
Basic (in usd per share)	$ 0.16	$ 0.15	$ 0.44	$ 0.41
Diluted (in usd per share)	0.16	0.15	0.44	0.41
Cash Dividends Declared per Common Share (in usd per share)	$ 0.11	$ 0.11	$ 0.33	$ 0.33
Weighted Average Number of Common Shares Outstanding:
Basic (in shares)	254,473,994	232,737,953	254,310,769	232,548,840
Diluted (in shares)	254,940,307	232,780,219	254,698,593	232,565,695

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 42,842	$ 35,954	$ 118,056	$ 98,286
Other comprehensive income (loss), net of tax:
Net gains arising during the period	4,902	4,586	12,550	2,677
Less reclassification adjustment for net losses (gains) included in net income	6	(91)	(162)	(1,445)
Total	4,908	4,495	12,388	1,232
Non-credit impairment losses on available for sale securities
Net change in non-credit impairment losses on securities	(74)	252	168	(200)
Less reclassification adjustment for accretion of credit impairment losses included in net income	(50)	(267)	(336)	(371)
Total	(124)	(15)	(168)	(571)
Unrealized gains and losses on derivatives (cash flow hedges)
Net gains (losses) on derivatives arising during the period	1,735	(6,163)	(6,939)	(10,291)
Less reclassification adjustment for net losses included in net income	2,095	772	5,943	2,714
Total	3,830	(5,391)	(996)	(7,577)
Defined benefit pension plan
Amortization of net loss	42	119	128	359
Total other comprehensive income (loss)	8,656	(792)	11,352	(6,557)
Total comprehensive income	$ 51,498	$ 35,162	$ 129,408	$ 91,729

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 118,056	$ 98,286
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,593	15,213
Stock-based compensation	7,382	6,512
Provision for credit losses	8,069	4,594
Net amortization of premiums and accretion of discounts on securities and borrowings	14,152	17,595
Amortization of other intangible assets	8,452	6,721
Gains on securities transactions, net	(258)	(2,481)
Proceeds from sales of loans held for sale	337,069	94,342
Gains on sales of loans, net	(9,723)	(3,034)
Originations of loans held for sale	(342,989)	(86,274)
(Gains) losses on sales of assets, net	(1,009)	77
FDIC loss-share receivable (excluding reimbursements)	872	3,380
Net change in:
Trading securities	0	14,233
Fair value of borrowings hedged by derivative transactions	6,646	3,270
Cash surrender value of bank owned life insurance	(5,464)	(5,188)
Accrued interest receivable	(261)	(199)
Other assets	(2,170)	(33,555)
Accrued expenses and other liabilities	(9,888)	12,490
Net cash provided by operating activities	147,529	145,982
Cash flows from investing activities:
Net loan originations	(182,893)	(486,862)
Loans purchased	(593,769)	(1,066,934)
Investment securities held to maturity:
Purchases	(502,833)	(201,681)
Sales	0	11,666
Maturities, calls and principal repayments	243,764	321,771
Investment securities available for sale:
Purchases	(557,978)	(38,819)
Sales	2,081	14,022
Maturities, calls and principal repayments	800,967	115,397
Death benefit proceeds from bank owned life insurance	2,406	0
Proceeds from sales of real estate property and equipment	18,243	10,510
Purchases of real estate property and equipment	(17,155)	(23,139)
Reimbursements from the FDIC	269	2,835
Net cash used in investing activities	(786,898)	(1,341,234)
Cash flows from financing activities:
Net change in deposits	718,632	465,747
Net change in short-term borrowings	356,365	156,160
Proceeds from issuance of long-term borrowings, net	385,000	98,930
Repayments of long-term borrowings	(749,000)	(100,000)
Proceeds from issuance of preferred stock, net	0	111,590
Cash dividends paid to preferred shareholders	(5,391)	(2,017)
Cash dividends paid to common shareholders	(83,821)	(76,671)
Purchase of common shares to treasury	(1,700)	(2,108)
Common stock issued, net	4,610	4,993
Net cash provided by financing activities	624,695	656,624
Net change in cash and cash equivalents	(14,674)	(538,628)
Cash and cash equivalents at beginning of year	413,800	830,407
Cash and cash equivalents at end of period	399,126	291,779
Supplemental disclosures of cash flow information:
Interest on deposits and borrowings	115,253	121,907
Federal and state income taxes	24,464	49,932
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned	7,611	8,711
Transfer of loans to loans held for sale	$ 174,501	$ 0

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 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 September 30, 2016 and for all periods presented have been made. The results of operations for the three and nine months ended September 30, 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 . In August 2016, we elected to prepay $405 million of FHLB borrowings with various maturity dates in 2018. The prepaid borrowings with a total average cost of 3.69 percent were funded with a new fixed-rate five-year FHLB advance totaling $405 million . The transaction was accounted for as a debt modification under U.S. GAAP. As a result, the new advance has an adjusted annual interest rate of 2.51 percent , after amortization of prepayment penalties totaling $20 million paid to the FHLB.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Business Combinations	Business Combinations 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 first quarter of 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2016 and 2015 . Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands, except for share data) Net income available to common shareholders $ 41,045 $ 33,937 $ 112,665 $ 96,269 Basic weighted average number of common shares outstanding 254,473,994 232,737,953 254,310,769 232,548,840 Plus: Common stock equivalents 466,313 42,266 387,824 16,855 Diluted weighted average number of common shares outstanding 254,940,307 232,780,219 254,698,593 232,565,695 Earnings per common share: Basic $ 0.16 $ 0.15 $ 0.44 $ 0.41 Diluted 0.16 0.15 0.44 0.41 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 for both the three and nine months ended September 30, 2016 and 5.0 million shares for both the three and nine months ended September 30, 2015 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 June 30, 2016 $ 2,144 $ (564 ) $ (22,470 ) $ (22,109 ) $ (42,999 ) Other comprehensive income (loss) before reclassifications 4,902 (74 ) 1,735 — 6,563 Amounts reclassified from other comprehensive income (loss) 6 (50 ) 2,095 42 2,093 Other comprehensive income (loss), net 4,908 (124 ) 3,830 42 8,656 Balance at September 30, 2016 $ 7,052 $ (688 ) $ (18,640 ) $ (22,067 ) $ (34,343 ) 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 12,550 168 (6,939 ) — 5,779 Amounts reclassified from other comprehensive income (loss) (162 ) (336 ) 5,943 128 5,573 Other comprehensive income (loss), net 12,388 (168 ) (996 ) 128 11,352 Balance at September 30, 2016 $ 7,052 $ (688 ) $ (18,640 ) $ (22,067 ) $ (34,343 ) The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three and nine months ended September 30, 2016 and 2015 . Amounts Reclassified from Accumulated Other Comprehensive Loss Three Months Ended Nine Months Ended Components of Accumulated Other Comprehensive Loss 2016 2015 2016 2015 Income Statement Line Item (in thousands) Unrealized gains (losses) on AFS securities before tax $ (10 ) $ 157 $ 258 $ 2,481 (Losses) gains on securities transactions, net Tax effect 4 (66 ) (96 ) (1,036 ) Total net of tax (6 ) 91 162 1,445 Non-credit impairment losses on AFS securities before tax: Accretion of credit loss impairment due to an increase in expected cash flows 87 458 576 636 Interest and dividends on investment securities (taxable) Tax effect (37 ) (191 ) (240 ) (265 ) Total net of tax 50 267 336 371 Unrealized losses on derivatives (cash flow hedges) before tax (3,578 ) (1,323 ) (10,146 ) (4,651 ) Interest expense Tax effect 1,483 551 4,203 1,937 Total net of tax (2,095 ) (772 ) (5,943 ) (2,714 ) Defined benefit pension plan: Amortization of net loss (71 ) (205 ) (215 ) (616 ) * Tax effect 29 86 87 257 Total net of tax (42 ) (119 ) (128 ) (359 ) Total reclassifications, net of tax $ (2,093 ) $ (533 ) $ (5,573 ) $ (1,257 ) * Amortization of net loss is included in the computation of net periodic pension cost.

New Authoritative Accounting Gu

New Authoritative Accounting Guidance	9 Months Ended
	Sep. 30, 2016
Accounting Changes and Error Corrections [Abstract]
New Authoritative Accounting Guidance	New Authoritative Accounting Guidance Accounting Standards Update (ASU) No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" clarifies on how certain cash receipts and cash payments should be classified and presented in the statement of cash flow. The ASU No. 2016-15 includes guidance on eight cash flow classification issues. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017 and is not expected to have a significant impact on Valley's consolidated financial statements. ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" amends the accounting guidance on the impairment of financial instruments. The ASU No. 2016-13 adds to U.S. GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity is required to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU No. 2016-13 is effective for Valley for reporting periods beginning January 1, 2020. Management is currently evaluating the impact of the ASU No. 2016-13 on Valley’s consolidated financial statements. 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. ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)" implements a common revenue standard that clarifies the principles for recognizing revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In 2016, the Financial Accounting Standards Board issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” and ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing,” to further clarify the new guidance under Topic 606. ASU No. 2014-09 and its aforementioned amendments are effective on January 1, 2018. Management is currently evaluating the new revenue guidance but does not expect it to have a significant impact on Valley’s consolidated financial statements.

Fair Value Measurement of Asset

Fair Value Measurement of Assets and Liabilities	9 Months Ended
	Sep. 30, 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 September 30, 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). September 30, Fair Value Measurements at Reporting Date Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Recurring fair value measurements: Assets Investment securities: Available for sale: U.S. Treasury securities $ 51,791 $ 51,791 $ — $ — U.S. government agency securities 24,097 — 24,097 — Obligations of states and political subdivisions 125,290 — 125,290 — Residential mortgage-backed securities 966,638 — 956,266 10,372 Trust preferred securities 8,156 — 6,131 2,025 Corporate and other debt securities 80,567 17,579 62,988 — Equity securities 20,170 536 19,634 — Total available for sale 1,276,709 69,906 1,194,406 12,397 Loans held for sale (1) 27,868 — 27,868 — Other assets (2) 46,019 — 46,019 — Total assets $ 1,350,596 $ 69,906 $ 1,268,293 $ 12,397 Liabilities Other liabilities (2) $ 72,672 $ — $ 72,672 $ — Total liabilities $ 72,672 $ — $ 72,672 $ — Non-recurring fair value measurements: Collateral dependent impaired loans (3) $ 2,214 $ — $ — $ 2,214 Loan servicing rights 7,358 — — 7,358 Foreclosed assets (4) 1,711 — — 1,711 Total $ 11,283 $ — $ — $ 11,283 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 $27.0 million and $16.1 million at September 30, 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 $200 thousand and $4.2 million at September 30, 2016 and December 31, 2015 , respectively. The changes in Level 3 assets measured at fair value on a recurring basis for the three and nine months ended September 30, 2016 and 2015 are summarized below: Available for Sale Securities Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands) Balance, beginning of the period $ 13,101 $ 14,712 $ 13,793 $ 19,309 Total net losses included in other comprehensive income for the period (212 ) (26 ) (283 ) (908 ) Sales — — — (2,675 ) Settlements (492 ) (340 ) (1,113 ) (1,380 ) Balance, end of the period $ 12,397 $ 14,346 $ 12,397 $ 14,346 No changes in unrealized gains or losses on Level 3 securities were included in earnings during the three and nine months ended September 30, 2016 and 2015 . There were no transfers of assets into or out of Level 3, or between Level 1 and Level 2, during the three and nine months ended September 30, 2016 and 2015 . There have been no material changes in the valuation methodologies used at September 30, 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 securities. All U.S. Treasury securities, certain corporate and other debt securities, and certain common and preferred equity securities are reported at fair value utilizing Level 1 inputs. The majority of other investment securities are reported at fair value utilizing Level 2 inputs. The prices for these instruments are obtained through an independent pricing service or dealer market participants with whom Valley has historically transacted both purchases and sales of investment securities. Prices obtained from these sources include prices derived from market quotations and matrix pricing. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Management reviews the data and assumptions used in pricing the securities by its third party provider to ensure the highest level of significant inputs are derived from market observable data. For certain securities, the inputs used by either dealer market participants or an independent pricing service may be derived from unobservable market information (Level 3 inputs). In these instances, Valley evaluates the appropriateness and quality of the assumption and the resulting price. In addition, Valley reviews the volume and level of activity for all available for sale and trading securities and attempts to identify transactions which may not be orderly or reflective of a significant level of activity and volume. For securities meeting these criteria, the quoted prices received from either market participants or an independent pricing service may be adjusted, as necessary, to estimate fair value and this results in fair values based on Level 3 inputs. In determining fair value, Valley utilizes unobservable inputs which reflect Valley’s own assumptions about the inputs that market participants would use in pricing each security. In developing its assertion of market participant assumptions, Valley utilizes the best information that is both reasonable and available without undue cost and effort. In calculating the fair value for the available for sale securities under Level 3, Valley prepared present value cash flow models for certain private label mortgage-backed securities. The cash flows for the residential mortgage-backed securities incorporated the expected cash flow of each security adjusted for default rates, loss severities and prepayments of the individual loans collateralizing the security. The following table presents quantitative information about Level 3 inputs used to measure the fair value of these securities at September 30, 2016 : Security Type Valuation Technique Unobservable Input Range Weighted Average Private label mortgage-backed securities Discounted cash flow Prepayment rate 4.8-20.9% 12.3 % Default rate 3.8-27.0 9.1 Loss severity 45.3-66.7 60.6 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 one pooled trust preferred 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 September 30, 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 September 30, 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 September 30, 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 September 30, 2016 , appraisals were discounted based on specific market data by location and property type. During the quarter ended September 30, 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 $3.7 million and $366 thousand for the three months ended September 30, 2016 and 2015 , respectively, and $4.7 million and $3.0 million for the nine months ended September 30, 2016 and 2015 , respectively. At September 30, 2016 , collateral dependent impaired loans with a total recorded investment of $2.6 million were reduced by specific valuation allowance allocations totaling $350 thousand to a reported total net carrying amount of $2.2 million . Loan servicing rights. Fair values for each risk-stratified group of loan servicing rights are calculated using a fair value model from a third party vendor that requires inputs that are both significant to the fair value measurement and unobservable (Level 3). The fair value model is based on various assumptions, including but not limited to, prepayment speeds, internal rate of return (“discount rate”), servicing cost, ancillary income, float rate, tax rate, and inflation. The prepayment speed and the discount rate are considered two of the most significant inputs in the model. At September 30, 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 no net impairment charges on its loan servicing rights for the three months ended September 30, 2016 and net impairment charges totaling $457 thousand for the nine months ended September 30, 2016 . Valley recorded net recoveries of impairment charges totaling $48 thousand and $209 thousand for three and nine months ended September 30, 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 4.8 percent at September 30, 2016 . At September 30, 2016 , foreclosed assets included $1.7 million of assets that were measured at fair value upon initial recognition or subsequently re-measured during the quarter ended September 30, 2016 . The foreclosed assets charge-offs to the allowance for loan losses totaled $245 thousand and $629 thousand for the three months ended September 30, 2016 and 2015 , respectively and $1.2 million and $1.5 million for nine months ended September 30, 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 $34 thousand and $1.3 million for the three months ended September 30, 2016 and 2015 , respectively and $946 thousand and $1.8 million for nine months ended September 30, 2016 and 2015 , respectively. Other Fair Value Disclosures ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The fair value estimates presented in the following table were based on pertinent market data and relevant information on the financial instruments available as of the valuation date. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire portfolio of financial instruments. Because no market exists for a portion of the financial instruments, fair value estimates may be based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For instance, Valley has certain fee-generating business lines (e.g., its mortgage servicing operation, trust and investment management departments) that were not considered in these estimates since these activities are not financial instruments. In addition, the tax implications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at September 30, 2016 and December 31, 2015 were as follows: Fair Value Hierarchy September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 238,664 $ 238,664 $ 243,575 $ 243,575 Interest bearing deposits with banks Level 1 160,462 160,462 170,225 170,225 Investment securities held to maturity: U.S. Treasury securities Level 1 138,866 154,042 138,978 149,483 U.S. government agency securities Level 2 11,549 12,106 12,859 13,130 Obligations of states and political subdivisions Level 2 568,212 595,525 504,865 527,263 Residential mortgage-backed securities Level 2 1,030,165 1,046,387 852,289 855,272 Trust preferred securities Level 2 59,800 45,726 59,785 46,437 Corporate and other debt securities Level 2 36,559 38,196 27,609 29,454 Total investment securities held to maturity 1,845,151 1,891,982 1,596,385 1,621,039 Net loans Level 3 16,523,438 16,511,137 15,936,929 15,824,475 Accrued interest receivable Level 1 63,815 63,815 63,554 63,554 Federal Reserve Bank and Federal Home Loan Bank stock (1) Level 1 162,584 162,584 145,068 145,068 Financial liabilities Deposits without stated maturities Level 1 13,852,302 13,852,302 13,095,647 13,095,647 Deposits with stated maturities Level 2 3,119,881 3,148,902 3,157,904 3,203,389 Short-term borrowings Level 1 1,433,356 1,433,356 1,076,991 1,076,991 Long-term borrowings Level 2 1,450,818 1,612,654 1,810,728 1,945,741 Junior subordinated debentures issued to capital trusts Level 2 41,536 43,751 41,414 44,127 Accrued interest payable (2) Level 1 9,931 9,931 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 FHLB borrowings (and from time to time, federal funds purchased) approximate their fair values because they frequently re-price to a market rate. The fair values of other short-term and long-term borrowings are estimated by obtaining quoted market prices of the identical or similar financial instruments when available. When quoted prices are unavailable, the fair values of the borrowings are estimated by discounting the estimated future cash flows using current market discount rates of financial instruments with similar characteristics, terms and remaining maturity. Junior subordinated debentures issued to capital trusts. The fair value of debentures issued to capital trusts is estimated utilizing the income approach, whereby the expected cash flows, over the remaining estimated life of the security, are discounted using Valley’s credit spread over the current yield on a similar maturity of U.S. Treasury security or the three-month LIBOR for the variable rate indexed debentures (Level 2 inputs). The credit spread used to discount the expected cash flows was calculated based on the median current spreads for all fixed and variable publicly traded trust preferred securities issued by banks.

Investment Securities

Investment Securities	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) September 30, 2016 U.S. Treasury securities $ 138,866 $ 15,176 $ — $ 154,042 U.S. government agency securities 11,549 557 — 12,106 Obligations of states and political subdivisions: Obligations of states and state agencies 192,735 13,353 — 206,088 Municipal bonds 375,477 13,960 — 389,437 Total obligations of states and political subdivisions 568,212 27,313 — 595,525 Residential mortgage-backed securities 1,030,165 17,642 (1,420 ) 1,046,387 Trust preferred securities 59,800 28 (14,102 ) 45,726 Corporate and other debt securities 36,559 1,637 — 38,196 Total investment securities held to maturity $ 1,845,151 $ 62,353 $ (15,522 ) $ 1,891,982 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 September 30, 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) September 30, 2016 Residential mortgage-backed securities $ 185,774 $ (867 ) $ 128,211 $ (553 ) $ 313,985 $ (1,420 ) Trust preferred securities — — 44,344 (14,102 ) 44,344 (14,102 ) Total $ 185,774 $ (867 ) $ 172,555 $ (14,655 ) $ 358,329 $ (15,522 ) 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. Within the held to maturity portfolio, the total number of security positions in an unrealized loss position was 52 at September 30, 2016 and 74 at December 31, 2015 . The unrealized losses within the residential mortgage-backed securities category of the held to maturity portfolio at September 30, 2016 mainly related to certain investment grade securities issued by Ginnie Mae. The unrealized losses existing for more than twelve months for trust preferred securities at September 30, 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 September 30, 2016 . Management does not believe that any individual unrealized loss as of September 30, 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 September 30, 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 $860.6 million . The contractual maturities of investments in debt securities held to maturity at September 30, 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. September 30, 2016 Amortized Cost Fair Value (in thousands) Due in one year $ 85,384 $ 85,388 Due after one year through five years 181,107 192,968 Due after five years through ten years 369,454 398,494 Due after ten years 179,041 168,745 Residential mortgage-backed securities 1,030,165 1,046,387 Total investment securities held to maturity $ 1,845,151 $ 1,891,982 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 6.5 years at September 30, 2016 . Available for Sale The amortized cost, gross unrealized gains and losses and fair value of securities available for sale at September 30, 2016 and December 31, 2015 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) September 30, 2016 U.S. Treasury securities $ 51,025 $ 766 $ — $ 51,791 U.S. government agency securities 23,764 339 (6 ) 24,097 Obligations of states and political subdivisions: Obligations of states and state agencies 42,466 1,091 (40 ) 43,517 Municipal bonds 80,155 1,939 (321 ) 81,773 Total obligations of states and political subdivisions 122,621 3,030 (361 ) 125,290 Residential mortgage-backed securities 958,531 11,021 (2,914 ) 966,638 Trust preferred securities* 10,231 — (2,075 ) 8,156 Corporate and other debt securities 79,148 1,623 (204 ) 80,567 Equity securities 20,522 445 (797 ) 20,170 Total investment securities available for sale $ 1,265,842 $ 17,224 $ (6,357 ) $ 1,276,709 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 September 30, 2016 and December 31, 2015. The age of unrealized losses and fair value of related securities available for sale at September 30, 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) September 30, 2016 U.S. government agency securities $ — $ — $ 4,197 $ (6 ) $ 4,197 $ (6 ) Obligations of states and political subdivisions: Obligations of states and state agencies 2,607 (40 ) — — 2,607 (40 ) Municipal bonds — — 11,012 (321 ) 11,012 (321 ) Total obligations of states and political subdivisions 2,607 (40 ) 11,012 (321 ) 13,619 (361 ) Residential mortgage-backed securities 145,631 (566 ) 138,425 (2,348 ) 284,056 (2,914 ) Trust preferred securities — — 8,155 (2,075 ) 8,155 (2,075 ) Corporate and other debt securities 20,814 (7 ) 15,329 (197 ) 36,143 (204 ) Equity securities — — 14,998 (797 ) 14,998 (797 ) Total $ 169,052 $ (613 ) $ 192,116 $ (5,744 ) $ 361,168 $ (6,357 ) 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 September 30, 2016 was 102 as compared to 291 at December 31, 2015 . The unrealized losses more than twelve months for the residential mortgage-backed securities category of the available for sale portfolio at September 30, 2016 largely related to several investment grade residential mortgage-backed securities mainly issued by Ginnie Mae and three non-investment grade private label mortgage-backed securities that were previously impaired. The unrealized losses more than twelve months for trust preferred securities at September 30, 2016 in the table above largely relate to 2 pooled trust preferred securities with an amortized cost of $10.2 million and a fair value of $8.2 million . One of the two pooled trust preferred securities had unrealized loss of $1.3 million and an investment grade rating at September 30, 2016 . As of September 30, 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 $461.5 million . The contractual maturities of investment securities available for sale at September 30, 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. September 30, 2016 Amortized Cost Fair Value (in thousands) Due in one year $ 10,549 $ 10,578 Due after one year through five years 93,945 95,479 Due after five years through ten years 122,929 125,488 Due after ten years 59,366 58,356 Residential mortgage-backed securities 958,531 966,638 Equity securities 20,522 20,170 Total investment securities available for sale $ 1,265,842 $ 1,276,709 Actual maturities of debt securities may differ from those presented above since certain obligations provide the issuer the right to call or prepay the obligation prior to scheduled maturity without penalty. The weighted average remaining expected life for residential mortgage-backed securities available for sale at September 30, 2016 was 9.3 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 nine months ended September 30, 2016 and 2015 . At September 30, 2016 , four previously impaired private label mortgage-backed securities (prior to December 31, 2012) had a combined amortized cost and fair value of $10.8 million and $10.4 million , respectively, while one previously impaired pooled trust preferred security had an amortized cost and fair value of $2.8 million and $2.0 million , respectively. The previously impaired pooled trust preferred security was not accruing interest during the three and nine months ended September 30, 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 and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands) Balance, beginning of period $ 5,348 $ 6,387 $ 5,837 $ 8,947 Accretion of credit loss impairment due to an increase in expected cash flows (87 ) (458 ) (576 ) (636 ) Sales — — — (2,382 ) Balance, end of period $ 5,261 $ 5,929 $ 5,261 $ 5,929 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. The credit loss component increases if other-than-temporary impairments (initial and subsequent) are recognized in earnings for credit impaired debt securities. 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, (iii) the security is fully written down, or (iv) Valley sells, intends to sell or believes it will be required to sell previously credit impaired debt securities. Realized Gains and Losses Gross gains (losses) realized on sales, maturities and other securities transactions related to investment securities included in earnings for the three and nine months ended September 30, 2016 and 2015 were as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands) Sales transactions: Gross gains $ — $ — $ 271 $ 3,274 Gross losses — — — (947 ) — — 271 2,327 Maturities and other securities transactions: Gross gains 2 158 2 287 Gross losses (12 ) (1 ) (15 ) (133 ) (10 ) 157 (13 ) 154 Total (losses) gains on securities transactions, net $ (10 ) $ 157 $ 258 $ 2,481 Valley recognized gross gains from sales transactions of investment securities totaling $3.3 million for the nine months ended September 30, 2015 due to the sale of corporate debt securities and trust preferred securities with amortized cost totaling $25.9 million . These transactions included a corporate debt security classified as held to maturity and a previously impaired pooled trust preferred security with amortized costs of $9.8 million and $2.6 million , respectively. Additionally, Valley recognized $947 thousand of gross losses during the nine months ended September 30, 2015 primarily 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 third 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	9 Months Ended
	Sep. 30, 2016
Receivables [Abstract]
Loans	Loans The detail of the loan portfolio as of September 30, 2016 and December 31, 2015 was as follows: September 30, 2016 December 31, 2015 Non-PCI Loans PCI Loans* Total Non-PCI Loans PCI Loans* Total (in thousands) Loans: Commercial and industrial $ 2,266,420 $ 292,548 $ 2,558,968 $ 2,156,549 $ 383,942 $ 2,540,491 Commercial real estate: Commercial real estate 7,178,836 1,135,019 8,313,855 6,069,532 1,355,104 7,424,636 Construction 670,801 131,767 802,568 607,694 147,253 754,947 Total commercial real estate loans 7,849,637 1,266,786 9,116,423 6,677,226 1,502,357 8,179,583 Residential mortgage 2,637,311 188,819 2,826,130 2,912,079 218,462 3,130,541 Consumer: Home equity 377,682 99,138 476,820 391,809 119,394 511,203 Automobile 1,121,430 176 1,121,606 1,238,826 487 1,239,313 Other consumer 524,540 9,648 534,188 426,147 15,829 441,976 Total consumer loans 2,023,652 108,962 2,132,614 2,056,782 135,710 2,192,492 Total loans $ 14,777,020 $ 1,857,115 $ 16,634,135 $ 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 $76.0 million and $122.3 million at September 30, 2016 and December 31, 2015 , respectively. Total non-covered loans include net unearned premiums and deferred loan costs of $10.5 million and $3.5 million at September 30, 2016 and December 31, 2015 , respectively. The outstanding balances (representing contractual balances owed to Valley) for PCI loans totaled $2.0 billion and $2.4 billion at September 30, 2016 and December 31, 2015 , respectively. Valley transferred $174.5 million of residential mortgage loans from the loan portfolio to loans held for sale during the three months ended September 30, 2016 . Exclusive of such transfers, there were no sales of loans from the held for investment portfolio during the three and nine months ended September 30, 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 $76.0 million and $122.3 million at September 30, 2016 and December 31, 2015 , respectively. The following table presents changes in the accretable yield for PCI loans during the three and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands) Balance, beginning of period $ 355,601 $ 282,101 $ 415,179 $ 336,208 Accretion (26,730 ) (24,814 ) (86,308 ) (78,921 ) Balance, end of period $ 328,871 $ 257,287 $ 328,871 $ 257,287 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 $7.7 million and $8.3 million at September 30, 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 $313 thousand and $55 thousand for the three months ended September 30, 2016 and 2015, respectively, and $872 thousand and $3.4 million for the nine months ended September 30, 2016 and 2015, respectively. The larger net reduction during the nine months ended September 30, 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. Credit Risk Management For all of its loan types, 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. Valley closely monitors economic conditions and loan performance trends to manage and evaluate its exposure to credit risk. A reporting system supplements the management review process by providing management with frequent reports concerning loan production, loan quality, internal loan classification, 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. Credit Quality The following table presents past due, non-accrual and current loans (excluding PCI loans, which are accounted for on a pool basis, and non-performing loans held for sale) by loan portfolio class at September 30, 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) September 30, 2016 Commercial and industrial $ 4,306 $ 788 $ 145 $ 7,875 $ 13,114 $ 2,253,306 $ 2,266,420 Commercial real estate: Commercial real estate 9,385 4,291 478 14,452 28,606 7,150,230 7,178,836 Construction — — 1,881 1,136 3,017 667,784 670,801 Total commercial real estate loans 9,385 4,291 2,359 15,588 31,623 7,818,014 7,849,637 Residential mortgage 9,982 2,733 590 14,013 27,318 2,609,993 2,637,311 Consumer loans: Home equity 693 527 — 820 2,040 375,642 377,682 Automobile 2,110 619 226 145 3,100 1,118,330 1,121,430 Other consumer 343 88 — — 431 524,109 524,540 Total consumer loans 3,146 1,234 226 965 5,571 2,018,081 2,023,652 Total $ 26,819 $ 9,046 $ 3,320 $ 38,441 $ 77,626 $ 14,699,394 $ 14,777,020 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 September 30, 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) September 30, 2016 Commercial and industrial $ 4,312 $ 22,816 $ 27,128 $ 34,156 $ 3,506 Commercial real estate: Commercial real estate 20,428 42,363 62,791 65,076 4,152 Construction 1,972 4,326 6,298 6,298 423 Total commercial real estate loans 22,400 46,689 69,089 71,374 4,575 Residential mortgage 8,706 9,802 18,508 19,983 708 Consumer loans: Home equity 214 1,509 1,723 1,820 210 Total consumer loans 214 1,509 1,723 1,820 210 Total $ 35,632 $ 80,816 $ 116,448 $ 127,333 $ 8,999 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 tables present by loan portfolio class, the average recorded investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) Commercial and industrial $ 31,499 $ 293 $ 28,892 $ 232 Commercial real estate: Commercial real estate 58,117 513 76,509 538 Construction 6,635 37 20,007 139 Total commercial real estate loans 64,752 550 96,516 677 Residential mortgage 20,193 225 25,336 208 Consumer loans: Home equity 2,253 25 4,275 43 Total consumer loans 2,253 25 4,275 43 Total $ 118,697 $ 1,093 $ 155,019 $ 1,160 Nine Months Ended September 30, 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) Commercial and industrial $ 28,008 $ 727 $ 27,570 $ 689 Commercial real estate: Commercial real estate 66,871 1,627 76,900 1,918 Construction 8,814 138 16,066 415 Total commercial real estate loans 75,685 1,765 92,966 2,333 Residential mortgage 22,232 660 23,261 707 Consumer loans: Home equity 2,560 68 4,125 111 Total consumer loans 2,560 68 4,125 111 Total $ 128,485 $ 3,220 $ 147,922 $ 3,840 Interest income recognized on a cash basis (included in the table above) was immaterial for the three and nine months ended September 30, 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 of the loan 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 $81.1 million and $77.6 million as of September 30, 2016 and December 31, 2015 , respectively. Non-performing TDRs totaled $13.0 million and $21.0 million as of September 30, 2016 and December 31, 2015 , respectively. The following tables present loans by loan portfolio class modified as TDRs during the three and nine months ended September 30, 2016 and 2015 . The pre-modification and post-modification outstanding recorded investments disclosed in the table below represent the loan carrying amounts immediately prior to the modification and the carrying amounts at September 30, 2016 and 2015 , respectively. Three Months Ended Three Months Ended Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Commercial and industrial 7 $ 6,389 $ 6,248 2 $ 1,530 $ 1,530 Commercial real estate: Commercial real estate 1 1,667 1,870 — — — Construction 2 2,078 2,078 2 4,974 3,451 Total commercial real estate 3 3,745 3,948 2 4,974 3,451 Residential mortgage 1 78 77 3 1,080 1,050 Consumer 1 23 18 — — — Total 12 $ 10,235 $ 10,291 7 $ 7,584 $ 6,031 Nine Months Ended Nine Months Ended Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Commercial and industrial 12 $ 11,700 $ 11,088 12 $ 4,621 $ 4,081 Commercial real estate: Commercial real estate 4 8,325 8,174 4 6,562 6,444 Construction 2 2,079 2,078 3 5,474 4,635 Total commercial real estate 6 10,404 10,252 7 12,036 11,079 Residential mortgage 8 2,300 2,271 6 2,458 2,420 Consumer 2 77 69 1 1,081 1,072 Total 28 $ 24,481 $ 23,680 26 $ 20,196 $ 18,652 The TDR concessions made during the three and nine months ended September 30, 2016 and 2015 were mainly extensions of the loan terms. The total TDRs presented in the above table had allocated specific reserves for loan losses totaling $2.4 million and $602 thousand at September 30, 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 nine months ended September 30, 2016 . There were no charge-offs related to TDR modifications during the third quarters of 2016 and 2015 and the nine months ended September 30, 2015 . We had four of residential non-PCI loans modified as TDRs within the previous 12 months for which there was a payment default ( 90 days or more past due) totaling $1.1 million during the three and nine months ended September 30, 2016 and none for the three and nine months ended September 30, 2015 . Credit quality indicators . Valley utilizes an internal loan classification system as a means of reporting problem loans within commercial and industrial, commercial real estate, and construction loan portfolio classes. Under Valley’s internal risk rating system, loan relationships could be classified as “Pass,” “Special Mention,” “Substandard,” “Doubtful,” and “Loss.” Substandard loans include loans that exhibit well-defined weakness and are characterized by the distinct possibility that Valley will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. Loans classified as Loss are those considered uncollectible with insignificant value and are charged-off immediately to the allowance for loan losses, 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 September 30, 2016 and December 31, 2015 . Credit exposure - by internally assigned risk rating Pass Special Mention Substandard Doubtful Total Non-PCI Loans (in thousands) September 30, 2016 Commercial and industrial $ 2,158,585 $ 46,209 $ 59,972 $ 1,654 $ 2,266,420 Commercial real estate 7,015,861 79,331 83,644 — 7,178,836 Construction 667,008 100 3,693 — 670,801 Total $ 9,841,454 $ 125,640 $ 147,309 $ 1,654 $ 10,116,057 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 September 30, 2016 and December 31, 2015 : Credit exposure - by payment activity Performing Loans Non-Performing Loans Total Non-PCI Loans (in thousands) September 30, 2016 Residential mortgage $ 2,623,298 $ 14,013 $ 2,637,311 Home equity 376,862 820 377,682 Automobile 1,121,285 145 1,121,430 Other consumer 524,540 — 524,540 Total $ 4,645,985 $ 14,978 $ 4,660,963 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 September 30, 2016 and December 31, 2015 . Credit exposure - by payment activity Performing Loans Non-Performing Loans Total PCI Loans (in thousands) September 30, 2016 Commercial and industrial $ 283,759 $ 8,789 $ 292,548 Commercial real estate 1,123,123 11,896 1,135,019 Construction 130,442 1,325 131,767 Residential mortgage 185,790 3,029 188,819 Consumer 103,946 5,016 108,962 Total $ 1,827,060 $ 30,055 $ 1,857,115 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 $11.3 million and $19.0 million (including $1.0 million and $5.0 million of OREO properties which are subject to loss-sharing agreements with the FDIC) at September 30, 2016 and December 31, 2015 , respectively. OREO included foreclosed residential real estate properties totaling $7.4 million and $7.0 million at September 30, 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 $7.7 million and $12.3 million at September 30, 2016 and December 31, 2015 , respectively.

Allowance for Credit Losses

Allowance for Credit Losses	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 : September 30, December 31, (in thousands) Components of allowance for credit losses: Allowance for loan losses $ 110,697 $ 106,178 Allowance for unfunded letters of credit 2,217 2,189 Total allowance for credit losses $ 112,914 $ 108,367 The following table summarizes the provision for credit losses for the periods indicated: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands) Components of provision for credit losses: Provision for loan losses $ 5,949 $ — $ 8,041 $ 4,382 Provision for unfunded letters of credit (109 ) 94 28 212 Total provision for credit losses $ 5,840 $ 94 $ 8,069 $ 4,594 The following tables detail activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 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 $ 48,025 $ 51,877 $ 3,495 $ 4,691 $ — $ 108,088 Loans charged-off (3,763 ) — (518 ) (782 ) — (5,063 ) Charged-off loans recovered 902 44 495 282 — 1,723 Net (charge-offs) recoveries (2,861 ) 44 (23 ) (500 ) — (3,340 ) Provision for loan losses 5,588 539 (94 ) (84 ) 5,949 Ending balance $ 50,752 $ 52,460 $ 3,378 $ 4,107 $ — $ 110,697 Three Months Ended Allowance for loan losses: Beginning balance $ 41,714 $ 44,185 $ 5,055 $ 5,542 $ 6,339 $ 102,835 Loans charged-off (1,124 ) (40 ) (111 ) (734 ) — (2,009 ) Charged-off loans recovered 2,550 536 151 488 — 3,725 Net recoveries (charge-offs) 1,426 496 40 (246 ) — 1,716 Provision for loan losses 4,397 (2,403 ) (546 ) (829 ) (619 ) — Ending balance $ 47,537 $ 42,278 $ 4,549 $ 4,467 $ 5,720 $ 104,551 Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Unallocated Total (in thousands) Nine Months Ended Allowance for loan losses: Beginning balance $ 48,767 $ 48,006 $ 4,625 $ 4,780 $ — $ 106,178 Loans charged-off (5,507 ) (519 ) (750 ) (2,553 ) — (9,329 ) Charged-off loans recovered 2,418 1,591 604 1,194 — 5,807 Net (charge-offs) recoveries (3,089 ) 1,072 (146 ) (1,359 ) — (3,522 ) Provision for loan losses 5,074 3,382 (1,101 ) 686 — 8,041 Ending balance $ 50,752 $ 52,460 $ 3,378 $ 4,107 $ — $ 110,697 Nine Months Ended Allowance for loan losses: Beginning balance $ 43,676 $ 42,840 $ 5,093 $ 5,179 $ 5,565 $ 102,353 Loans charged-off (5,103 ) (2,780 ) (499 ) (2,642 ) — (11,024 ) Charged-off loans recovered 5,587 1,686 395 1,172 — 8,840 Net (charge-offs) recoveries 484 (1,094 ) (104 ) (1,470 ) — (2,184 ) Provision for loan losses 3,377 532 (440 ) 758 155 4,382 Ending balance $ 47,537 $ 42,278 $ 4,549 $ 4,467 $ 5,720 $ 104,551 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 tables above) at September 30, 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 September 30, 2016 and December 31, 2015 . Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Total (in thousands) September 30, 2016 Allowance for loan losses: Individually evaluated for impairment $ 3,506 $ 4,575 $ 708 $ 210 $ 8,999 Collectively evaluated for impairment 47,246 47,885 2,670 3,897 101,698 Total $ 50,752 $ 52,460 $ 3,378 $ 4,107 $ 110,697 Loans: Individually evaluated for impairment $ 27,128 $ 69,089 $ 18,508 $ 1,723 $ 116,448 Collectively evaluated for impairment 2,239,292 7,780,548 2,618,803 2,021,929 14,660,572 Loans acquired with discounts related to credit quality 292,548 1,266,786 188,819 108,962 1,857,115 Total $ 2,558,968 $ 9,116,423 $ 2,826,130 $ 2,132,614 $ 16,634,135 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	9 Months Ended
	Sep. 30, 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 September 30, 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 and nine months ended September 30, 2016 and 2015 . The following table summarizes other intangible assets as of September 30, 2016 and December 31, 2015 : Gross Intangible Assets Accumulated Amortization Valuation Allowance Net Intangible Assets (in thousands) September 30, 2016 Loan servicing rights $ 68,662 $ (51,301 ) $ (746 ) $ 16,615 Core deposits 61,504 (36,230 ) — 25,274 Other 4,087 (1,938 ) — 2,149 Total other intangible assets $ 134,253 $ (89,469 ) $ (746 ) $ 44,038 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 and nine months ended September 30, 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 $ 1,308 $ 1,332 $ 74 2017 4,262 4,842 280 2018 3,361 4,215 249 2019 2,554 3,671 235 2020 1,952 3,127 220 Valley recognized amortization expense on other intangible assets, including net impairment charges on loan servicing rights, totaling approximately $ 2.7 million and $ 2.2 million for the three months ended September 30, 2016 and 2015 , respectively, and $8.5 million and $6.7 million for the nine months ended September 30, 2016 and 2015 , respectively.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 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 shares of common stock in the form of stock appreciation rights, both incentive and non-qualified stock options, restricted stock and restricted stock units (RSUs). As of September 30, 2016 , up to 8.3 million shares of common stock were available for issuance under the 2016 Stock Plan. 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 534 thousand shares and 492 thousand shares during the nine months ended September 30, 2016 and 2015 , respectively, to both executive officers and key employees of Valley. Time-based restricted stock issued during the three months ended September 30, 2016 and 2015 were immaterial. Valley also awarded 431 thousand and 313 thousand shares of performance-based RSUs under the 2016 Stock Plan during the nine months ended September 30, 2016 , respectively, to certain executive officers. There were no awards of the performance-based RSUs during the three months ended September 30, 2016 and 2015 . The RSUs earn dividend equivalents (equal to cash dividends paid on Valley's common stock) over the applicable performance period. Dividend equivalents and accrued interest, per the terms of the agreements, are accumulated and paid to the grantee at the vesting date, or forfeited if the performance conditions are not met. The performance-based awards vest based on (i) growth in tangible book value per share plus dividends ( 75 percent of performance shares) and (ii) total shareholder return as compared to our peer group ( 25 percent of performance shares). The majority of the performance-based awards "cliff" vest after three years based on the cumulative performance of Valley during that time period. The non-performance based awards have vesting periods ranging from three to six years . Generally, the restrictions on such awards lapse at an annual or bi-annual rate of one-third of the total award commencing with the first or second anniversary of the date of grant, respectively. The average grant date fair value of non-performance and performance-based restricted stock awarded during the nine months ended September 30, 2016 was $8.58 . Valley recorded stock-based compensation expense of $2.2 million and $2.0 million for the three months ended September 30, 2016 and 2015 , respectively, and $7.4 million and $6.5 million for the nine months ended September 30, 2016 and 2015 , respectively. The fair values of stock awards are expensed over the shorter of the vesting or required service period. As of September 30, 2016 , the unrecognized amortization expense for all stock-based employee compensation totaled approximately $16.9 million and will be recognized over an average remaining vesting period of approximately 3 years.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 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. Valley terminated an interest rate swap with a notional amount of $125 million in August 2016. The terminated swap, originally maturing in September 2023, was used to hedge the change in the fair value of Valley’s $125 million of 5.125 percent subordinated notes issued in September 2013. The transaction resulted in an adjusted annual interest rate of 3.32 percent on the subordinated notes, after amortization of the derivative valuation adjustment recorded at the termination date. The subordinated notes had a net carrying value of $137.1 million at September 30, 2016 . 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 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: September 30, 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 $ 286 $ 25,636 $ 907,000 $ 1,284 $ 24,823 $ 907,000 Fair value hedge interest rate swaps — 1,273 8,053 7,658 1,306 133,209 Total derivatives designated as hedging instruments $ 286 $ 26,909 $ 915,053 $ 8,942 $ 26,129 $ 1,040,209 Derivatives not designated as hedging instruments: Interest rate swaps and embedded derivatives $ 45,013 $ 44,980 $ 824,736 $ 24,628 $ 24,623 $ 654,134 Mortgage banking derivatives 720 783 451,901 204 92 73,438 Total derivatives not designated as hedging instruments $ 45,733 $ 45,763 $ 1,276,637 $ 24,832 $ 24,715 $ 727,572 Gains (losses) included in the consolidated statements of income and in other comprehensive income, on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands) Amount of loss reclassified from accumulated other comprehensive loss to interest expense $ (3,578 ) $ (1,323 ) $ (10,146 ) $ (4,651 ) Amount of gain (loss) recognized in other comprehensive income 2,962 (10,588 ) (11,695 ) (17,604 ) The net gains or losses related to cash flow hedge ineffectiveness were immaterial during the three and nine months ended September 30, 2016 and 2015 . The accumulated net after-tax losses related to effective cash flow hedges included in accumulated other comprehensive loss were $18.6 million and $17.6 million at September 30, 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 $10.4 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 Nine Months Ended 2016 2015 2016 2015 (in thousands) Derivative - interest rate swaps: Interest income $ 129 $ (93 ) $ 32 $ 10 Interest expense (127 ) 4,302 6,670 3,211 Hedged item - loans and borrowings: Interest income $ (129 ) $ 93 $ (32 ) $ (10 ) Interest expense 133 (4,329 ) (6,646 ) (3,270 ) The amounts recognized in non-interest expense related to ineffectiveness of fair value hedges were immaterial for the three and nine months ended September 30, 2016 and 2015 . The net gains (losses) included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands) Non-designated hedge interest rate derivatives Other non-interest expense $ 171 $ (263 ) $ (218 ) $ (155 ) Credit Risk Related Contingent Features. By using derivatives, Valley is exposed to credit risk if counterparties to the derivative contracts do not perform as expected. Management attempts to minimize counterparty credit risk through credit approvals, limits, monitoring procedures and obtaining collateral where appropriate. Credit risk exposure associated with derivative contracts is managed at Valley in conjunction with Valley’s consolidated counterparty risk management process. Valley’s counterparties and the risk limits monitored by management are periodically reviewed and approved by the Board of Directors. Valley has agreements with its derivative counterparties providing that if Valley defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Valley could also be declared in default on its derivative counterparty agreements. Additionally, Valley has an agreement with several of its derivative counterparties that contains provisions that require Valley’s debt to maintain an investment grade credit rating from each of the major credit rating agencies, from which it receives a credit rating. If Valley’s credit rating is reduced below investment grade or such rating is withdrawn or suspended, then the counterparty could terminate the derivative positions, and Valley would be required to settle its obligations under the agreements. As of September 30, 2016 , Valley was in compliance with all of the provisions of its derivative counterparty agreements. As of September 30, 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 $69.3 million . Valley has derivative counterparty agreements that require minimum collateral posting thresholds for certain counterparties. At September 30, 2016 , Valley had $92.1 million in collateral posted with its counterparties.

Balance Sheet Offsetting

Balance Sheet Offsetting	9 Months Ended
	Sep. 30, 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 September 30, 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) September 30, 2016 Assets: Interest rate caps and swaps $ 45,299 $ — $ 45,299 $ — $ — $ 45,299 Liabilities: Interest rate caps and swaps $ 71,889 $ — $ 71,889 $ — $ (71,889 ) $ — Repurchase agreements 265,000 — 265,000 — (265,000 ) * — Total $ 336,889 $ — $ 336,889 $ — $ (336,889 ) $ — 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	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 . September 30, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 30,375 $ 32,094 Other tax credit investments, net 60,062 70,681 Total tax credit investments, net $ 90,437 $ 102,775 Other Liabilities: Unfunded affordable housing tax credit commitments $ 5,330 $ 7,330 Unfunded other tax credit commitments 7,428 12,545 Total unfunded tax credit commitments $ 12,758 $ 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 and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 1,065 $ 1,660 $ 3,195 $ 4,774 Other tax credit investment credits and tax benefits 6,118 7,510 12,654 16,031 Total reduction in income tax expense $ 7,183 $ 9,170 $ 15,849 $ 20,805 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 33 $ 543 $ 1,392 $ 1,516 Affordable housing tax credit investment impairment losses 128 451 328 979 Other tax credit investment losses 107 144 775 934 Other tax credit investment impairment losses 6,182 4,086 18,865 10,802 Total amortization of tax credit investments recorded in non-interest expense $ 6,450 $ 5,224 $ 21,360 $ 14,231

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 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 22

New Authoritative Accounting Guidance (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Changes and Error Corrections [Abstract]
New Authoritative Accounting Guidance	New Authoritative Accounting Guidance Accounting Standards Update (ASU) No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" clarifies on how certain cash receipts and cash payments should be classified and presented in the statement of cash flow. The ASU No. 2016-15 includes guidance on eight cash flow classification issues. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017 and is not expected to have a significant impact on Valley's consolidated financial statements. ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" amends the accounting guidance on the impairment of financial instruments. The ASU No. 2016-13 adds to U.S. GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity is required to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU No. 2016-13 is effective for Valley for reporting periods beginning January 1, 2020. Management is currently evaluating the impact of the ASU No. 2016-13 on Valley’s consolidated financial statements. 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. ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)" implements a common revenue standard that clarifies the principles for recognizing revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In 2016, the Financial Accounting Standards Board issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” and ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing,” to further clarify the new guidance under Topic 606. ASU No. 2014-09 and its aforementioned amendments are effective on January 1, 2018. Management is currently evaluating the new revenue guidance but does not expect it to have a significant impact on Valley’s consolidated financial statements.

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2016 and 2015 . Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands, except for share data) Net income available to common shareholders $ 41,045 $ 33,937 $ 112,665 $ 96,269 Basic weighted average number of common shares outstanding 254,473,994 232,737,953 254,310,769 232,548,840 Plus: Common stock equivalents 466,313 42,266 387,824 16,855 Diluted weighted average number of common shares outstanding 254,940,307 232,780,219 254,698,593 232,565,695 Earnings per common share: Basic $ 0.16 $ 0.15 $ 0.44 $ 0.41 Diluted 0.16 0.15 0.44 0.41

Accumulated Other Comprehensi24

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 June 30, 2016 $ 2,144 $ (564 ) $ (22,470 ) $ (22,109 ) $ (42,999 ) Other comprehensive income (loss) before reclassifications 4,902 (74 ) 1,735 — 6,563 Amounts reclassified from other comprehensive income (loss) 6 (50 ) 2,095 42 2,093 Other comprehensive income (loss), net 4,908 (124 ) 3,830 42 8,656 Balance at September 30, 2016 $ 7,052 $ (688 ) $ (18,640 ) $ (22,067 ) $ (34,343 ) 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 12,550 168 (6,939 ) — 5,779 Amounts reclassified from other comprehensive income (loss) (162 ) (336 ) 5,943 128 5,573 Other comprehensive income (loss), net 12,388 (168 ) (996 ) 128 11,352 Balance at September 30, 2016 $ 7,052 $ (688 ) $ (18,640 ) $ (22,067 ) $ (34,343 )
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 and nine months ended September 30, 2016 and 2015 . Amounts Reclassified from Accumulated Other Comprehensive Loss Three Months Ended Nine Months Ended Components of Accumulated Other Comprehensive Loss 2016 2015 2016 2015 Income Statement Line Item (in thousands) Unrealized gains (losses) on AFS securities before tax $ (10 ) $ 157 $ 258 $ 2,481 (Losses) gains on securities transactions, net Tax effect 4 (66 ) (96 ) (1,036 ) Total net of tax (6 ) 91 162 1,445 Non-credit impairment losses on AFS securities before tax: Accretion of credit loss impairment due to an increase in expected cash flows 87 458 576 636 Interest and dividends on investment securities (taxable) Tax effect (37 ) (191 ) (240 ) (265 ) Total net of tax 50 267 336 371 Unrealized losses on derivatives (cash flow hedges) before tax (3,578 ) (1,323 ) (10,146 ) (4,651 ) Interest expense Tax effect 1,483 551 4,203 1,937 Total net of tax (2,095 ) (772 ) (5,943 ) (2,714 ) Defined benefit pension plan: Amortization of net loss (71 ) (205 ) (215 ) (616 ) * Tax effect 29 86 87 257 Total net of tax (42 ) (119 ) (128 ) (359 ) Total reclassifications, net of tax $ (2,093 ) $ (533 ) $ (5,573 ) $ (1,257 ) * Amortization of net loss is included in the computation of net periodic pension cost.

Fair Value Measurement of Ass25

Fair Value Measurement of Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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). September 30, Fair Value Measurements at Reporting Date Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Recurring fair value measurements: Assets Investment securities: Available for sale: U.S. Treasury securities $ 51,791 $ 51,791 $ — $ — U.S. government agency securities 24,097 — 24,097 — Obligations of states and political subdivisions 125,290 — 125,290 — Residential mortgage-backed securities 966,638 — 956,266 10,372 Trust preferred securities 8,156 — 6,131 2,025 Corporate and other debt securities 80,567 17,579 62,988 — Equity securities 20,170 536 19,634 — Total available for sale 1,276,709 69,906 1,194,406 12,397 Loans held for sale (1) 27,868 — 27,868 — Other assets (2) 46,019 — 46,019 — Total assets $ 1,350,596 $ 69,906 $ 1,268,293 $ 12,397 Liabilities Other liabilities (2) $ 72,672 $ — $ 72,672 $ — Total liabilities $ 72,672 $ — $ 72,672 $ — Non-recurring fair value measurements: Collateral dependent impaired loans (3) $ 2,214 $ — $ — $ 2,214 Loan servicing rights 7,358 — — 7,358 Foreclosed assets (4) 1,711 — — 1,711 Total $ 11,283 $ — $ — $ 11,283 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 $27.0 million and $16.1 million at September 30, 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 $200 thousand and $4.2 million at September 30, 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 and nine months ended September 30, 2016 and 2015 are summarized below: Available for Sale Securities Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands) Balance, beginning of the period $ 13,101 $ 14,712 $ 13,793 $ 19,309 Total net losses included in other comprehensive income for the period (212 ) (26 ) (283 ) (908 ) Sales — — — (2,675 ) Settlements (492 ) (340 ) (1,113 ) (1,380 ) Balance, end of the period $ 12,397 $ 14,346 $ 12,397 $ 14,346
Schedule of Quantitative Information about Level 3 Inputs Used to Measure Fair Value of Available for Sale Securities	The following table presents quantitative information about Level 3 inputs used to measure the fair value of these securities at September 30, 2016 : Security Type Valuation Technique Unobservable Input Range Weighted Average Private label mortgage-backed securities Discounted cash flow Prepayment rate 4.8-20.9% 12.3 % Default rate 3.8-27.0 9.1 Loss severity 45.3-66.7 60.6
Carrying Amounts and Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at September 30, 2016 and December 31, 2015 were as follows: Fair Value Hierarchy September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 238,664 $ 238,664 $ 243,575 $ 243,575 Interest bearing deposits with banks Level 1 160,462 160,462 170,225 170,225 Investment securities held to maturity: U.S. Treasury securities Level 1 138,866 154,042 138,978 149,483 U.S. government agency securities Level 2 11,549 12,106 12,859 13,130 Obligations of states and political subdivisions Level 2 568,212 595,525 504,865 527,263 Residential mortgage-backed securities Level 2 1,030,165 1,046,387 852,289 855,272 Trust preferred securities Level 2 59,800 45,726 59,785 46,437 Corporate and other debt securities Level 2 36,559 38,196 27,609 29,454 Total investment securities held to maturity 1,845,151 1,891,982 1,596,385 1,621,039 Net loans Level 3 16,523,438 16,511,137 15,936,929 15,824,475 Accrued interest receivable Level 1 63,815 63,815 63,554 63,554 Federal Reserve Bank and Federal Home Loan Bank stock (1) Level 1 162,584 162,584 145,068 145,068 Financial liabilities Deposits without stated maturities Level 1 13,852,302 13,852,302 13,095,647 13,095,647 Deposits with stated maturities Level 2 3,119,881 3,148,902 3,157,904 3,203,389 Short-term borrowings Level 1 1,433,356 1,433,356 1,076,991 1,076,991 Long-term borrowings Level 2 1,450,818 1,612,654 1,810,728 1,945,741 Junior subordinated debentures issued to capital trusts Level 2 41,536 43,751 41,414 44,127 Accrued interest payable (2) Level 1 9,931 9,931 13,110 13,110 (1) Included in other assets. (2) Included in accrued expenses and other liabilities.

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) September 30, 2016 U.S. Treasury securities $ 138,866 $ 15,176 $ — $ 154,042 U.S. government agency securities 11,549 557 — 12,106 Obligations of states and political subdivisions: Obligations of states and state agencies 192,735 13,353 — 206,088 Municipal bonds 375,477 13,960 — 389,437 Total obligations of states and political subdivisions 568,212 27,313 — 595,525 Residential mortgage-backed securities 1,030,165 17,642 (1,420 ) 1,046,387 Trust preferred securities 59,800 28 (14,102 ) 45,726 Corporate and other debt securities 36,559 1,637 — 38,196 Total investment securities held to maturity $ 1,845,151 $ 62,353 $ (15,522 ) $ 1,891,982 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 September 30, 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) September 30, 2016 Residential mortgage-backed securities $ 185,774 $ (867 ) $ 128,211 $ (553 ) $ 313,985 $ (1,420 ) Trust preferred securities — — 44,344 (14,102 ) 44,344 (14,102 ) Total $ 185,774 $ (867 ) $ 172,555 $ (14,655 ) $ 358,329 $ (15,522 ) 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 September 30, 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. September 30, 2016 Amortized Cost Fair Value (in thousands) Due in one year $ 85,384 $ 85,388 Due after one year through five years 181,107 192,968 Due after five years through ten years 369,454 398,494 Due after ten years 179,041 168,745 Residential mortgage-backed securities 1,030,165 1,046,387 Total investment securities held to maturity $ 1,845,151 $ 1,891,982
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Securities Available for Sale	The amortized cost, gross unrealized gains and losses and fair value of securities available for sale at September 30, 2016 and December 31, 2015 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) September 30, 2016 U.S. Treasury securities $ 51,025 $ 766 $ — $ 51,791 U.S. government agency securities 23,764 339 (6 ) 24,097 Obligations of states and political subdivisions: Obligations of states and state agencies 42,466 1,091 (40 ) 43,517 Municipal bonds 80,155 1,939 (321 ) 81,773 Total obligations of states and political subdivisions 122,621 3,030 (361 ) 125,290 Residential mortgage-backed securities 958,531 11,021 (2,914 ) 966,638 Trust preferred securities* 10,231 — (2,075 ) 8,156 Corporate and other debt securities 79,148 1,623 (204 ) 80,567 Equity securities 20,522 445 (797 ) 20,170 Total investment securities available for sale $ 1,265,842 $ 17,224 $ (6,357 ) $ 1,276,709 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 September 30, 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 September 30, 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) September 30, 2016 U.S. government agency securities $ — $ — $ 4,197 $ (6 ) $ 4,197 $ (6 ) Obligations of states and political subdivisions: Obligations of states and state agencies 2,607 (40 ) — — 2,607 (40 ) Municipal bonds — — 11,012 (321 ) 11,012 (321 ) Total obligations of states and political subdivisions 2,607 (40 ) 11,012 (321 ) 13,619 (361 ) Residential mortgage-backed securities 145,631 (566 ) 138,425 (2,348 ) 284,056 (2,914 ) Trust preferred securities — — 8,155 (2,075 ) 8,155 (2,075 ) Corporate and other debt securities 20,814 (7 ) 15,329 (197 ) 36,143 (204 ) Equity securities — — 14,998 (797 ) 14,998 (797 ) Total $ 169,052 $ (613 ) $ 192,116 $ (5,744 ) $ 361,168 $ (6,357 ) 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 September 30, 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. September 30, 2016 Amortized Cost Fair Value (in thousands) Due in one year $ 10,549 $ 10,578 Due after one year through five years 93,945 95,479 Due after five years through ten years 122,929 125,488 Due after ten years 59,366 58,356 Residential mortgage-backed securities 958,531 966,638 Equity securities 20,522 20,170 Total investment securities available for sale $ 1,265,842 $ 1,276,709
Changes in Credit Loss Component of Cumulative Other-than-Temporary Impairment Losses on Debt Securities	The following table presents the changes in the credit loss component of cumulative other-than-temporary impairment losses on debt securities classified as either held to maturity or available for sale that Valley has previously recognized in earnings, for which a portion of the impairment loss (non-credit factors) was recognized in other comprehensive income for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands) Balance, beginning of period $ 5,348 $ 6,387 $ 5,837 $ 8,947 Accretion of credit loss impairment due to an increase in expected cash flows (87 ) (458 ) (576 ) (636 ) Sales — — — (2,382 ) Balance, end of period $ 5,261 $ 5,929 $ 5,261 $ 5,929
Realized Gains and Losses on Sales of Investment Securities	Gross gains (losses) realized on sales, maturities and other securities transactions related to investment securities included in earnings for the three and nine months ended September 30, 2016 and 2015 were as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands) Sales transactions: Gross gains $ — $ — $ 271 $ 3,274 Gross losses — — — (947 ) — — 271 2,327 Maturities and other securities transactions: Gross gains 2 158 2 287 Gross losses (12 ) (1 ) (15 ) (133 ) (10 ) 157 (13 ) 154 Total (losses) gains on securities transactions, net $ (10 ) $ 157 $ 258 $ 2,481

Loans (Tables)

Loans (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 was as follows: September 30, 2016 December 31, 2015 Non-PCI Loans PCI Loans* Total Non-PCI Loans PCI Loans* Total (in thousands) Loans: Commercial and industrial $ 2,266,420 $ 292,548 $ 2,558,968 $ 2,156,549 $ 383,942 $ 2,540,491 Commercial real estate: Commercial real estate 7,178,836 1,135,019 8,313,855 6,069,532 1,355,104 7,424,636 Construction 670,801 131,767 802,568 607,694 147,253 754,947 Total commercial real estate loans 7,849,637 1,266,786 9,116,423 6,677,226 1,502,357 8,179,583 Residential mortgage 2,637,311 188,819 2,826,130 2,912,079 218,462 3,130,541 Consumer: Home equity 377,682 99,138 476,820 391,809 119,394 511,203 Automobile 1,121,430 176 1,121,606 1,238,826 487 1,239,313 Other consumer 524,540 9,648 534,188 426,147 15,829 441,976 Total consumer loans 2,023,652 108,962 2,132,614 2,056,782 135,710 2,192,492 Total loans $ 14,777,020 $ 1,857,115 $ 16,634,135 $ 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 $76.0 million and $122.3 million at September 30, 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 and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands) Balance, beginning of period $ 355,601 $ 282,101 $ 415,179 $ 336,208 Accretion (26,730 ) (24,814 ) (86,308 ) (78,921 ) Balance, end of period $ 328,871 $ 257,287 $ 328,871 $ 257,287
Past Due, Non-Accrual and Current Non-Covered Loans by Loan Portfolio Class	The following table presents past due, non-accrual and current loans (excluding PCI loans, which are accounted for on a pool basis, and non-performing loans held for sale) by loan portfolio class at September 30, 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) September 30, 2016 Commercial and industrial $ 4,306 $ 788 $ 145 $ 7,875 $ 13,114 $ 2,253,306 $ 2,266,420 Commercial real estate: Commercial real estate 9,385 4,291 478 14,452 28,606 7,150,230 7,178,836 Construction — — 1,881 1,136 3,017 667,784 670,801 Total commercial real estate loans 9,385 4,291 2,359 15,588 31,623 7,818,014 7,849,637 Residential mortgage 9,982 2,733 590 14,013 27,318 2,609,993 2,637,311 Consumer loans: Home equity 693 527 — 820 2,040 375,642 377,682 Automobile 2,110 619 226 145 3,100 1,118,330 1,121,430 Other consumer 343 88 — — 431 524,109 524,540 Total consumer loans 3,146 1,234 226 965 5,571 2,018,081 2,023,652 Total $ 26,819 $ 9,046 $ 3,320 $ 38,441 $ 77,626 $ 14,699,394 $ 14,777,020 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 September 30, 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) September 30, 2016 Commercial and industrial $ 4,312 $ 22,816 $ 27,128 $ 34,156 $ 3,506 Commercial real estate: Commercial real estate 20,428 42,363 62,791 65,076 4,152 Construction 1,972 4,326 6,298 6,298 423 Total commercial real estate loans 22,400 46,689 69,089 71,374 4,575 Residential mortgage 8,706 9,802 18,508 19,983 708 Consumer loans: Home equity 214 1,509 1,723 1,820 210 Total consumer loans 214 1,509 1,723 1,820 210 Total $ 35,632 $ 80,816 $ 116,448 $ 127,333 $ 8,999 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 tables present by loan portfolio class, the average recorded investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) Commercial and industrial $ 31,499 $ 293 $ 28,892 $ 232 Commercial real estate: Commercial real estate 58,117 513 76,509 538 Construction 6,635 37 20,007 139 Total commercial real estate loans 64,752 550 96,516 677 Residential mortgage 20,193 225 25,336 208 Consumer loans: Home equity 2,253 25 4,275 43 Total consumer loans 2,253 25 4,275 43 Total $ 118,697 $ 1,093 $ 155,019 $ 1,160 Nine Months Ended September 30, 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) Commercial and industrial $ 28,008 $ 727 $ 27,570 $ 689 Commercial real estate: Commercial real estate 66,871 1,627 76,900 1,918 Construction 8,814 138 16,066 415 Total commercial real estate loans 75,685 1,765 92,966 2,333 Residential mortgage 22,232 660 23,261 707 Consumer loans: Home equity 2,560 68 4,125 111 Total consumer loans 2,560 68 4,125 111 Total $ 128,485 $ 3,220 $ 147,922 $ 3,840
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 and nine months ended September 30, 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 September 30, 2016 and 2015 , respectively. Three Months Ended Three Months Ended 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 7 $ 6,389 $ 6,248 2 $ 1,530 $ 1,530 Commercial real estate: Commercial real estate 1 1,667 1,870 — — — Construction 2 2,078 2,078 2 4,974 3,451 Total commercial real estate 3 3,745 3,948 2 4,974 3,451 Residential mortgage 1 78 77 3 1,080 1,050 Consumer 1 23 18 — — — Total 12 $ 10,235 $ 10,291 7 $ 7,584 $ 6,031 Nine Months Ended Nine Months Ended Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Commercial and industrial 12 $ 11,700 $ 11,088 12 $ 4,621 $ 4,081 Commercial real estate: Commercial real estate 4 8,325 8,174 4 6,562 6,444 Construction 2 2,079 2,078 3 5,474 4,635 Total commercial real estate 6 10,404 10,252 7 12,036 11,079 Residential mortgage 8 2,300 2,271 6 2,458 2,420 Consumer 2 77 69 1 1,081 1,072 Total 28 $ 24,481 $ 23,680 26 $ 20,196 $ 18,652
Risk Category of Loans	The following table presents the risk category of loans (excluding PCI loans) by class of loans at September 30, 2016 and December 31, 2015 . Credit exposure - by internally assigned risk rating Pass Special Mention Substandard Doubtful Total Non-PCI Loans (in thousands) September 30, 2016 Commercial and industrial $ 2,158,585 $ 46,209 $ 59,972 $ 1,654 $ 2,266,420 Commercial real estate 7,015,861 79,331 83,644 — 7,178,836 Construction 667,008 100 3,693 — 670,801 Total $ 9,841,454 $ 125,640 $ 147,309 $ 1,654 $ 10,116,057 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 those loan classes based on payment activity as of September 30, 2016 and December 31, 2015 : Credit exposure - by payment activity Performing Loans Non-Performing Loans Total Non-PCI Loans (in thousands) September 30, 2016 Residential mortgage $ 2,623,298 $ 14,013 $ 2,637,311 Home equity 376,862 820 377,682 Automobile 1,121,285 145 1,121,430 Other consumer 524,540 — 524,540 Total $ 4,645,985 $ 14,978 $ 4,660,963 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 The following table presents the recorded investment in PCI loans by class based on individual loan payment activity as of September 30, 2016 and December 31, 2015 . Credit exposure - by payment activity Performing Loans Non-Performing Loans Total PCI Loans (in thousands) September 30, 2016 Commercial and industrial $ 283,759 $ 8,789 $ 292,548 Commercial real estate 1,123,123 11,896 1,135,019 Construction 130,442 1,325 131,767 Residential mortgage 185,790 3,029 188,819 Consumer 103,946 5,016 108,962 Total $ 1,827,060 $ 30,055 $ 1,857,115 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

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2016
Receivables [Abstract]
Summary of Allowance for Credit Losses	The following table summarizes the allowance for credit losses at September 30, 2016 and December 31, 2015 : September 30, December 31, (in thousands) Components of allowance for credit losses: Allowance for loan losses $ 110,697 $ 106,178 Allowance for unfunded letters of credit 2,217 2,189 Total allowance for credit losses $ 112,914 $ 108,367
Summary of Provision for Credit Losses	The following table summarizes the provision for credit losses for the periods indicated: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands) Components of provision for credit losses: Provision for loan losses $ 5,949 $ — $ 8,041 $ 4,382 Provision for unfunded letters of credit (109 ) 94 28 212 Total provision for credit losses $ 5,840 $ 94 $ 8,069 $ 4,594
Summary of Activity in Allowance for Loan Losses	The following tables detail activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 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 $ 48,025 $ 51,877 $ 3,495 $ 4,691 $ — $ 108,088 Loans charged-off (3,763 ) — (518 ) (782 ) — (5,063 ) Charged-off loans recovered 902 44 495 282 — 1,723 Net (charge-offs) recoveries (2,861 ) 44 (23 ) (500 ) — (3,340 ) Provision for loan losses 5,588 539 (94 ) (84 ) 5,949 Ending balance $ 50,752 $ 52,460 $ 3,378 $ 4,107 $ — $ 110,697 Three Months Ended Allowance for loan losses: Beginning balance $ 41,714 $ 44,185 $ 5,055 $ 5,542 $ 6,339 $ 102,835 Loans charged-off (1,124 ) (40 ) (111 ) (734 ) — (2,009 ) Charged-off loans recovered 2,550 536 151 488 — 3,725 Net recoveries (charge-offs) 1,426 496 40 (246 ) — 1,716 Provision for loan losses 4,397 (2,403 ) (546 ) (829 ) (619 ) — Ending balance $ 47,537 $ 42,278 $ 4,549 $ 4,467 $ 5,720 $ 104,551 Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Unallocated Total (in thousands) Nine Months Ended Allowance for loan losses: Beginning balance $ 48,767 $ 48,006 $ 4,625 $ 4,780 $ — $ 106,178 Loans charged-off (5,507 ) (519 ) (750 ) (2,553 ) — (9,329 ) Charged-off loans recovered 2,418 1,591 604 1,194 — 5,807 Net (charge-offs) recoveries (3,089 ) 1,072 (146 ) (1,359 ) — (3,522 ) Provision for loan losses 5,074 3,382 (1,101 ) 686 — 8,041 Ending balance $ 50,752 $ 52,460 $ 3,378 $ 4,107 $ — $ 110,697 Nine Months Ended Allowance for loan losses: Beginning balance $ 43,676 $ 42,840 $ 5,093 $ 5,179 $ 5,565 $ 102,353 Loans charged-off (5,103 ) (2,780 ) (499 ) (2,642 ) — (11,024 ) Charged-off loans recovered 5,587 1,686 395 1,172 — 8,840 Net (charge-offs) recoveries 484 (1,094 ) (104 ) (1,470 ) — (2,184 ) Provision for loan losses 3,377 532 (440 ) 758 155 4,382 Ending balance $ 47,537 $ 42,278 $ 4,549 $ 4,467 $ 5,720 $ 104,551
Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Impairment Methodology	The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the impairment methodology at September 30, 2016 and December 31, 2015 . Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Total (in thousands) September 30, 2016 Allowance for loan losses: Individually evaluated for impairment $ 3,506 $ 4,575 $ 708 $ 210 $ 8,999 Collectively evaluated for impairment 47,246 47,885 2,670 3,897 101,698 Total $ 50,752 $ 52,460 $ 3,378 $ 4,107 $ 110,697 Loans: Individually evaluated for impairment $ 27,128 $ 69,089 $ 18,508 $ 1,723 $ 116,448 Collectively evaluated for impairment 2,239,292 7,780,548 2,618,803 2,021,929 14,660,572 Loans acquired with discounts related to credit quality 292,548 1,266,786 188,819 108,962 1,857,115 Total $ 2,558,968 $ 9,116,423 $ 2,826,130 $ 2,132,614 $ 16,634,135 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 Intangible29

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2016 and December 31, 2015 : Gross Intangible Assets Accumulated Amortization Valuation Allowance Net Intangible Assets (in thousands) September 30, 2016 Loan servicing rights $ 68,662 $ (51,301 ) $ (746 ) $ 16,615 Core deposits 61,504 (36,230 ) — 25,274 Other 4,087 (1,938 ) — 2,149 Total other intangible assets $ 134,253 $ (89,469 ) $ (746 ) $ 44,038 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 $ 1,308 $ 1,332 $ 74 2017 4,262 4,842 280 2018 3,361 4,215 249 2019 2,554 3,671 235 2020 1,952 3,127 220

Derivative Instruments and He30

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 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 $ 286 $ 25,636 $ 907,000 $ 1,284 $ 24,823 $ 907,000 Fair value hedge interest rate swaps — 1,273 8,053 7,658 1,306 133,209 Total derivatives designated as hedging instruments $ 286 $ 26,909 $ 915,053 $ 8,942 $ 26,129 $ 1,040,209 Derivatives not designated as hedging instruments: Interest rate swaps and embedded derivatives $ 45,013 $ 44,980 $ 824,736 $ 24,628 $ 24,623 $ 654,134 Mortgage banking derivatives 720 783 451,901 204 92 73,438 Total derivatives not designated as hedging instruments $ 45,733 $ 45,763 $ 1,276,637 $ 24,832 $ 24,715 $ 727,572
Losses Related to Interest Rate Derivatives Designated as Hedges of Cash Flows	Gains (losses) included in the consolidated statements of income and in other comprehensive income, on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands) Amount of loss reclassified from accumulated other comprehensive loss to interest expense $ (3,578 ) $ (1,323 ) $ (10,146 ) $ (4,651 ) Amount of gain (loss) recognized in other comprehensive income 2,962 (10,588 ) (11,695 ) (17,604 )
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Fair Value	Gains (losses) included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands) Derivative - interest rate swaps: Interest income $ 129 $ (93 ) $ 32 $ 10 Interest expense (127 ) 4,302 6,670 3,211 Hedged item - loans and borrowings: Interest income $ (129 ) $ 93 $ (32 ) $ (10 ) Interest expense 133 (4,329 ) (6,646 ) (3,270 )
Gains (Losses) Related to Derivative Instruments Not Designated as Hedging Instruments	The net gains (losses) included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands) Non-designated hedge interest rate derivatives Other non-interest expense $ 171 $ (263 ) $ (218 ) $ (155 )

Balance Sheet Offsetting (Table

Balance Sheet Offsetting (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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) September 30, 2016 Assets: Interest rate caps and swaps $ 45,299 $ — $ 45,299 $ — $ — $ 45,299 Liabilities: Interest rate caps and swaps $ 71,889 $ — $ 71,889 $ — $ (71,889 ) $ — Repurchase agreements 265,000 — 265,000 — (265,000 ) * — Total $ 336,889 $ — $ 336,889 $ — $ (336,889 ) $ — 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)	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 . September 30, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 30,375 $ 32,094 Other tax credit investments, net 60,062 70,681 Total tax credit investments, net $ 90,437 $ 102,775 Other Liabilities: Unfunded affordable housing tax credit commitments $ 5,330 $ 7,330 Unfunded other tax credit commitments 7,428 12,545 Total unfunded tax credit commitments $ 12,758 $ 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 and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 1,065 $ 1,660 $ 3,195 $ 4,774 Other tax credit investment credits and tax benefits 6,118 7,510 12,654 16,031 Total reduction in income tax expense $ 7,183 $ 9,170 $ 15,849 $ 20,805 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 33 $ 543 $ 1,392 $ 1,516 Affordable housing tax credit investment impairment losses 128 451 328 979 Other tax credit investment losses 107 144 775 934 Other tax credit investment impairment losses 6,182 4,086 18,865 10,802 Total amortization of tax credit investments recorded in non-interest expense $ 6,450 $ 5,224 $ 21,360 $ 14,231

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	1 Months Ended
	Aug. 31, 2016USD ($)
Federal Home Loan Bank, Advances [Line Items]
Prepayments of FHLB borrowings	$ 405
New advances from FHLB	405
Prepayment penalties	$ 20
Weighted average
Federal Home Loan Bank, Advances [Line Items]
Interest rate on prepaid borrowings (as a percent)	3.69%
Interest rate on borrowings (as a percent)	2.51%

Business Combinations (Details)

Business Combinations (Details) $ in Thousands	Jan. 04, 2016USD ($)	Dec. 01, 2015USD ($)Branch	Mar. 31, 2016USD ($)	Sep. 30, 2016USD ($)	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		0.705
Consideration given in stock (in shares)		$ 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share Reconciliation
Net income available to common shareholders	$ 41,045	$ 33,937	$ 112,665	$ 96,269
Basic weighted average number of common shares outstanding (in shares)	254,473,994	232,737,953	254,310,769	232,548,840
Plus: Common stock equivalents (in shares)	466,313	42,266	387,824	16,855
Diluted weighted average number of common shares outstanding (in shares)	254,940,307	232,780,219	254,698,593	232,565,695
Earnings per common share:
Basic (in usd per share)	$ 0.16	$ 0.15	$ 0.44	$ 0.41
Diluted (in usd per share)	$ 0.16	$ 0.15	$ 0.44	$ 0.41
Anti-dilutive common stock options and warrants (in shares)	4,600,000	5,000,000	4,600,000	5,000,000

Accumulated Other Comprehensi36

Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Loss After Tax (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss)
Beginning balance			$ 2,207,091
Other comprehensive income (loss) before reclassifications	$ 6,563		5,779
Amounts reclassified from other comprehensive income (loss)	2,093	$ 533	5,573	$ 1,257
Total other comprehensive income (loss)	8,656		11,352
Ending balance	2,257,073		2,257,073
Unrealized Gains and Losses on Available for Sale (AFS) Securities
Accumulated Other Comprehensive Income (Loss)
Beginning balance	2,144		(5,336)
Other comprehensive income (loss) before reclassifications	4,902		12,550
Amounts reclassified from other comprehensive income (loss)	6		(162)
Total other comprehensive income (loss)	4,908		12,388
Ending balance	7,052		7,052
Non-credit Impairment Losses on AFS Securities
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(564)		(520)
Other comprehensive income (loss) before reclassifications	(74)		168
Amounts reclassified from other comprehensive income (loss)	(50)		(336)
Total other comprehensive income (loss)	(124)		(168)
Ending balance	(688)		(688)
Unrealized Gains and (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(22,470)		(17,644)
Other comprehensive income (loss) before reclassifications	1,735		(6,939)
Amounts reclassified from other comprehensive income (loss)	2,095		5,943
Total other comprehensive income (loss)	3,830		(996)
Ending balance	(18,640)		(18,640)
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(42,999)		(45,695)
Ending balance	(34,343)		(34,343)
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(22,109)		(22,195)
Other comprehensive income (loss) before reclassifications	0		0
Amounts reclassified from other comprehensive income (loss)	42	$ 119	128	$ 359
Total other comprehensive income (loss)	42		128
Ending balance	$ (22,067)		$ (22,067)

Accumulated Other Comprehensi37

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reclassification Out Of Accumulated Other Comprehensive Loss
Interest and dividends on investment securities (taxable)	$ 87	$ 458	$ 576	$ 636
Interest expense	(37,057)	(40,730)	(112,074)	(119,206)
Tax effect	(17,049)	(10,179)	(46,898)	(34,925)
Total net of tax	42,842	35,954	118,056	98,286
Total reclassifications, net of tax	(2,093)	(533)	(5,573)	(1,257)
Unrealized gains on AFS securities before tax
Reclassification Out Of Accumulated Other Comprehensive Loss
Total reclassifications, net of tax	(6)		162
Non-credit impairment losses on AFS securities before tax
Reclassification Out Of Accumulated Other Comprehensive Loss
Total reclassifications, net of tax	50		336
Unrealized losses on derivatives (cash flow hedges) before tax
Reclassification Out Of Accumulated Other Comprehensive Loss
Total reclassifications, net of tax	(2,095)		(5,943)
Defined benefit pension plan
Reclassification Out Of Accumulated Other Comprehensive Loss
Amortization of net loss	(71)	(205)	(215)	(616)
Tax effect	29	86	87	257
Total reclassifications, net of tax	(42)	(119)	(128)	(359)
Reclassification Out of Accumulated Other Comprehensive Income (Loss)
Reclassification Out Of Accumulated Other Comprehensive Loss
Interest expense	(3,578)	(1,323)	(10,146)	(4,651)
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | Unrealized gains on AFS securities before tax
Reclassification Out Of Accumulated Other Comprehensive Loss
(Losses) gains on securities transactions, net	(10)	157	258	2,481
Tax effect	4	(66)	(96)	(1,036)
Total net of tax	(6)	91	162	1,445
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | Non-credit impairment losses on AFS securities before tax
Reclassification Out Of Accumulated Other Comprehensive Loss
Interest and dividends on investment securities (taxable)	87	458	576	636
Tax effect	(37)	(191)	(240)	(265)
Total net of tax	50	267	336	371
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	(3,578)	(1,323)	(10,146)	(4,651)
Tax effect	1,483	551	4,203	1,937
Total net of tax	$ (2,095)	$ (772)	$ (5,943)	$ (2,714)

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	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	$ 1,276,709	$ 1,506,861
Loans held for sale	27,868	16,832
Unpaid principal balances of loans held for sale	27,000	16,100
Covered real estate owned	1,000	5,000
U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	51,791	549,473
U.S. government agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	24,097	29,963
Obligations of states and political subdivisions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	125,290	124,966
Residential mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	966,638	696,428
Trust preferred securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	8,156	8,404
Corporate and other debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	80,567	77,552
Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	20,170	20,075
Non-Recurring Fair Value Measurements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Covered real estate owned	200	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	69,906	568,381
Loans held for sale	0	0
Other assets	0	0
Total assets	69,906	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	51,791	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	17,579	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	536	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	1,194,406	924,687
Loans held for sale	27,868	16,382
Other assets	46,019	33,774
Total assets	1,268,293	974,843
Other liabilities	72,672	50,844
Total liabilities	72,672	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	24,097	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	125,290	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	956,266	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	6,131	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	62,988	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	19,634	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	12,397	13,793
Loans held for sale	0	0
Other assets	0	0
Total assets	12,397	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	10,372	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	2,025	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	2,214	15,427
Loan servicing rights	7,358	2,571
Foreclosed assets	1,711	16,672
Total	11,283	34,670
Fair Value | Recurring Fair Value Measurements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	1,276,709	1,506,861
Loans held for sale	27,868	16,382
Other assets	46,019	33,774
Total assets	1,350,596	1,557,017
Other liabilities	72,672	50,844
Total liabilities	72,672	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	51,791	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	24,097	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	125,290	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	966,638	696,428
Fair Value | Recurring Fair Value Measurements | Trust preferred securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	8,156	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	80,567	77,552
Fair Value | Recurring Fair Value Measurements | Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale	20,170	20,075
Fair Value | Non-Recurring Fair Value Measurements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateral dependent impaired loans	2,214	15,427
Loan servicing rights	7,358	2,571
Foreclosed assets	1,711	16,672
Total	$ 11,283	$ 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Changes in Level 3 Assets
Balance, beginning of the period	$ 13,101	$ 14,712	$ 13,793	$ 19,309
Total net losses included in other comprehensive income for the period	(212)	(26)	(283)	(908)
Sales	0	0	0	(2,675)
Settlements	(492)	(340)	(1,113)	(1,380)
Balance, end of the period	$ 12,397	$ 14,346	$ 12,397	$ 14,346

Fair Value Measurement of Ass40

Fair Value Measurement of Assets and Liabilities - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fair Value Assets Measured On Recurring Basis
Impaired collateral dependent loans, charge-offs	$ 3,700,000	$ 366,000	$ 4,700,000	$ 3,000,000
Collateral dependent impaired loans, recorded investment	2,600,000		2,600,000
Specific valuation allowance allocations	350,000		350,000
Reported net carrying amount of impaired loans	2,200,000		$ 2,200,000
Valuation of loan servicing rights, discount rate			8.00%
Net impairment charges (recoveries) on its loan servicing rights	0	(48,000)	$ 457,000	(209,000)
Maximum discount on foreclosed assets			4.80%
Foreclosed assets measured at fair value upon initial recognition	1,700,000
Allowance for loan losses, charge-offs	245,000	629,000	$ 1,200,000	1,500,000
Loss due to re-measurement of repossessed assets	34,000	1,300,000	$ 946,000	1,800,000
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	$ 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	9 Months Ended
	Sep. 30, 2016
Fair Value Assets Measured On Recurring Basis
Valuation technique to measure fair value	Discounted cash flow
Prepayment rate, Weighted Average of unobservable inputs	12.30%
Default rate, Weighted Average of unobservable inputs	9.10%
Loss severity, Weighted Average of unobservable inputs	60.60%
Minimum
Fair Value Assets Measured On Recurring Basis
Prepayment rate, Range of unobservable inputs	4.80%
Default rate, Range of unobservable inputs	3.80%
Loss severity, Range of unobservable inputs	45.30%
Maximum
Fair Value Assets Measured On Recurring Basis
Prepayment rate, Range of unobservable inputs	20.90%
Default rate, Range of unobservable inputs	27.00%
Loss severity, Range of unobservable inputs	66.70%

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	Sep. 30, 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	$ 160,462	$ 170,225
Total investment securities held to maturity	1,891,982	1,621,039
Accrued interest receivable	63,815	63,554
Deposits with stated maturities	3,119,881	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	1,845,151	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	238,664	243,575
Interest bearing deposits with banks	160,462	170,225
Accrued interest receivable	63,815	63,554
Federal Reserve Bank and Federal Home Loan Bank stock	162,584	145,068
Deposits without stated maturities	13,852,302	13,095,647
Short-term borrowings	1,433,356	1,076,991
Accrued interest payable	9,931	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	138,866	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	3,119,881	3,157,904
Long-term borrowings	1,450,818	1,810,728
Junior subordinated debentures issued to capital trusts	41,536	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	11,549	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	568,212	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	1,030,165	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	59,800	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	36,559	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	16,523,438	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	1,891,982	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	238,664	243,575
Interest bearing deposits with banks	160,462	170,225
Accrued interest receivable	63,815	63,554
Federal Reserve Bank and Federal Home Loan Bank stock	162,584	145,068
Deposits without stated maturities	13,852,302	13,095,647
Short-term borrowings	1,433,356	1,076,991
Accrued interest payable	9,931	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	154,042	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	3,148,902	3,203,389
Long-term borrowings	1,612,654	1,945,741
Junior subordinated debentures issued to capital trusts	43,751	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	12,106	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	595,525	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	1,046,387	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	45,726	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	38,196	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	$ 16,511,137	$ 15,824,475

Investment Securities - Additio

Investment Securities - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)Security	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)Security	Sep. 30, 2015USD ($)	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	52		52		74
Fair value of investments held to maturity pledged as collateral	$ 860,600,000		$ 860,600,000
Weighted-average remaining expected life of residential mortgage-backed securities held to maturity, years			6 years 6 months
Number of security positions in the securities available for sale portfolio in an unrealized loss position (in security) | Security	102		102		291
Amortized cost	$ 1,265,842,000		$ 1,265,842,000		$ 1,516,937,000
Available for sale	1,276,709,000		1,276,709,000		1,506,861,000
Gross unrealized losses	6,357,000		6,357,000		16,312,000
Fair value of securities available for sale pledged as collateral	461,500,000		$ 461,500,000
Weighted-average remaining expected life of residential mortgage-backed securities available for sale, years			9 years 3 months 12 days
Other than temporary impairment losses recognized in earnings	0	$ 0	$ 0	$ 0
Gross gains from sales transactions	0	0	271,000	3,274,000
Amortized cost				25,900,000
Held to Maturity, Amortized Cost	1,845,151,000		1,845,151,000		$ 1,596,385,000
Loss on sales transactions	0	0	0	(947,000)
Trust Preferred Securities Subject to Mandatory Redemption
Investment Securities [Line Items]
Available for sale		8,300,000		8,300,000
Corporate and other debt securities
Investment Securities [Line Items]
Held to Maturity, Amortized Cost		9,800,000		9,800,000
Previously Other-Than-Temporarily Impaired Securities | Trust Preferred Securities Subject to Mandatory Redemption
Investment Securities [Line Items]
Amortized cost	2,800,000		2,800,000
Available for sale	$ 2,000,000		$ 2,000,000
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	2		2
Amortized cost	$ 10,200,000		$ 10,200,000
Available for sale	8,200,000		8,200,000
Pooled Trust Preferred Securities | Investment Grade
Investment Securities [Line Items]
Gross unrealized losses	1,300,000		1,300,000
Four Private Label Mortgage-Backed Securities
Investment Securities [Line Items]
Amortized cost	10,800,000		10,800,000
Available for sale	$ 10,400,000		$ 10,400,000
Pooled Trust Preferred Securities Sold
Investment Securities [Line Items]
Available for sale		$ 2,600,000		$ 2,600,000
Single Issuer 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		4

Investment Securities - Amortiz

Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Securities Held to Maturity (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Held-to-maturity Securities
Held to Maturity, Amortized Cost	$ 1,845,151	$ 1,596,385
Gross Unrealized Gains	62,353	46,217
Gross Unrealized Losses	(15,522)	(21,563)
Held to maturity, fair value	1,891,982	1,621,039
U.S. Treasury securities
Schedule of Held-to-maturity Securities
Held to Maturity, Amortized Cost	138,866	138,978
Gross Unrealized Gains	15,176	10,505
Gross Unrealized Losses	0	0
Held to maturity, fair value	154,042	149,483
U.S. government agency securities
Schedule of Held-to-maturity Securities
Held to Maturity, Amortized Cost	11,549	12,859
Gross Unrealized Gains	557	271
Gross Unrealized Losses	0	0
Held to maturity, fair value	12,106	13,130
Obligations of states and state agencies
Schedule of Held-to-maturity Securities
Held to Maturity, Amortized Cost	192,735	194,547
Gross Unrealized Gains	13,353	10,538
Gross Unrealized Losses	0	(10)
Held to maturity, fair value	206,088	205,075
Municipal bonds
Schedule of Held-to-maturity Securities
Held to Maturity, Amortized Cost	375,477	310,318
Gross Unrealized Gains	13,960	11,955
Gross Unrealized Losses	0	(85)
Held to maturity, fair value	389,437	322,188
Obligations of states and political subdivisions
Schedule of Held-to-maturity Securities
Held to Maturity, Amortized Cost	568,212	504,865
Gross Unrealized Gains	27,313	22,493
Gross Unrealized Losses	0	(95)
Held to maturity, fair value	595,525	527,263
Residential mortgage-backed securities
Schedule of Held-to-maturity Securities
Held to Maturity, Amortized Cost	1,030,165	852,289
Gross Unrealized Gains	17,642	11,018
Gross Unrealized Losses	(1,420)	(8,035)
Held to maturity, fair value	1,046,387	855,272
Trust preferred securities
Schedule of Held-to-maturity Securities
Held to Maturity, Amortized Cost	59,800	59,785
Gross Unrealized Gains	28	36
Gross Unrealized Losses	(14,102)	(13,384)
Held to maturity, fair value	45,726	46,437
Corporate and other debt securities
Schedule of Held-to-maturity Securities
Held to Maturity, Amortized Cost	36,559	27,609
Gross Unrealized Gains	1,637	1,894
Gross Unrealized Losses	0	(49)
Held to maturity, fair value	$ 38,196	$ 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	Sep. 30, 2016	Dec. 31, 2015
Schedule of Held-to-maturity Securities
Less than Twelve Months, Fair Value	$ 185,774	$ 263,042
Less than Twelve Months, Unrealized Losses	(867)	(3,042)
More than Twelve Months, Fair Value	172,555	219,966
More than Twelve Months, Unrealized Losses	(14,655)	(18,521)
Total, Fair Value	358,329	483,008
Total, Unrealized Losses	(15,522)	(21,563)
Obligations of states and state agencies
Schedule of Held-to-maturity Securities
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 Held-to-maturity Securities
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 Held-to-maturity Securities
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 Held-to-maturity Securities
Less than Twelve Months, Fair Value	185,774	244,440
Less than Twelve Months, Unrealized Losses	(867)	(2,916)
More than Twelve Months, Fair Value	128,211	162,756
More than Twelve Months, Unrealized Losses	(553)	(5,119)
Total, Fair Value	313,985	407,196
Total, Unrealized Losses	(1,420)	(8,035)
Trust preferred securities
Schedule of Held-to-maturity Securities
Less than Twelve Months, Fair Value	0	0
Less than Twelve Months, Unrealized Losses	0	0
More than Twelve Months, Fair Value	44,344	45,047
More than Twelve Months, Unrealized Losses	(14,102)	(13,384)
Total, Fair Value	44,344	45,047
Total, Unrealized Losses	$ (14,102)	(13,384)
Corporate and other debt securities
Schedule of Held-to-maturity Securities
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	Sep. 30, 2016	Dec. 31, 2015
Amortized Cost
Due in one year	$ 85,384
Due after one year through five years	181,107
Due after five years through ten years	369,454
Due after ten years	179,041
Residential mortgage-backed securities	1,030,165
Held to Maturity, Amortized Cost	1,845,151	$ 1,596,385
Fair Value
Due in one year	85,388
Due after one year through five years	192,968
Due after five years through ten years	398,494
Due after ten years	168,745
Residential mortgage-backed securities	1,046,387
Total investment securities held to maturity	$ 1,891,982	$ 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	Sep. 30, 2016USD ($)Security	Dec. 31, 2015USD ($)Security
Schedule of Available-for-sale Securities
Amortized cost	$ 1,265,842	$ 1,516,937
Gross Unrealized Gains	17,224	6,236
Gross Unrealized Losses	(6,357)	(16,312)
Fair Value	1,276,709	1,506,861
U.S. Treasury securities
Schedule of Available-for-sale Securities
Amortized cost	51,025	551,173
Gross Unrealized Gains	766	4
Gross Unrealized Losses	0	(1,704)
Fair Value	51,791	549,473
U.S. government agency securities
Schedule of Available-for-sale Securities
Amortized cost	23,764	29,316
Gross Unrealized Gains	339	665
Gross Unrealized Losses	(6)	(18)
Fair Value	24,097	29,963
Obligations of states and state agencies
Schedule of Available-for-sale Securities
Amortized cost	42,466	44,285
Gross Unrealized Gains	1,091	196
Gross Unrealized Losses	(40)	(67)
Fair Value	43,517	44,414
Municipal bonds
Schedule of Available-for-sale Securities
Amortized cost	80,155	80,717
Gross Unrealized Gains	1,939	209
Gross Unrealized Losses	(321)	(374)
Fair Value	81,773	80,552
Obligations of states and political subdivisions
Schedule of Available-for-sale Securities
Amortized cost	122,621	125,002
Gross Unrealized Gains	3,030	405
Gross Unrealized Losses	(361)	(441)
Fair Value	125,290	124,966
Residential mortgage-backed securities
Schedule of Available-for-sale Securities
Amortized cost	958,531	701,764
Gross Unrealized Gains	11,021	3,348
Gross Unrealized Losses	(2,914)	(8,684)
Fair Value	966,638	696,428
Trust preferred securities
Schedule of Available-for-sale Securities
Amortized cost	10,231	10,458
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(2,075)	(2,054)
Fair Value	8,156	8,404
Corporate and other debt securities
Schedule of Available-for-sale Securities
Amortized cost	79,148	78,202
Gross Unrealized Gains	1,623	1,239
Gross Unrealized Losses	(204)	(1,889)
Fair Value	80,567	77,552
Equity securities
Schedule of Available-for-sale Securities
Amortized cost	20,522	21,022
Gross Unrealized Gains	445	575
Gross Unrealized Losses	(797)	(1,522)
Fair Value	20,170	$ 20,075
Pooled Trust Preferred Securities
Schedule of Available-for-sale Securities
Amortized cost	10,200
Fair Value	$ 8,200
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	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities
Less than Twelve Months, Fair Value	$ 169,052	$ 929,411
Less than Twelve Months, Unrealized Losses	(613)	(6,522)
More than Twelve Months, Fair Value	192,116	241,111
More than Twelve Months, Unrealized Losses	(5,744)	(9,790)
Total, Fair Value	361,168	1,170,522
Total, Unrealized Losses	(6,357)	(16,312)
U.S. Treasury securities
Schedule of Available-for-sale Securities
Less than Twelve Months, Fair Value		548,538
Less than Twelve Months, Unrealized Losses		(1,704)
More than Twelve Months, Fair Value		0
More than Twelve Months, Unrealized Losses		0
Total, Fair Value		548,538
Total, Unrealized Losses		(1,704)
U.S. government agency securities
Schedule of Available-for-sale Securities
Less than Twelve Months, Fair Value	0	3,489
Less than Twelve Months, Unrealized Losses	0	(5)
More than Twelve Months, Fair Value	4,197	4,736
More than Twelve Months, Unrealized Losses	(6)	(13)
Total, Fair Value	4,197	8,225
Total, Unrealized Losses	(6)	(18)
Obligations of states and state agencies
Schedule of Available-for-sale Securities
Less than Twelve Months, Fair Value	2,607	24,359
Less than Twelve Months, Unrealized Losses	(40)	(67)
More than Twelve Months, Fair Value	0	0
More than Twelve Months, Unrealized Losses	0	0
Total, Fair Value	2,607	24,359
Total, Unrealized Losses	(40)	(67)
Municipal bonds
Schedule of Available-for-sale Securities
Less than Twelve Months, Fair Value	0	38,207
Less than Twelve Months, Unrealized Losses	0	(128)
More than Twelve Months, Fair Value	11,012	13,551
More than Twelve Months, Unrealized Losses	(321)	(246)
Total, Fair Value	11,012	51,758
Total, Unrealized Losses	(321)	(374)
Obligations of states and political subdivisions
Schedule of Available-for-sale Securities
Less than Twelve Months, Fair Value	2,607	62,566
Less than Twelve Months, Unrealized Losses	(40)	(195)
More than Twelve Months, Fair Value	11,012	13,551
More than Twelve Months, Unrealized Losses	(321)	(246)
Total, Fair Value	13,619	76,117
Total, Unrealized Losses	(361)	(441)
Residential mortgage-backed securities
Schedule of Available-for-sale Securities
Less than Twelve Months, Fair Value	145,631	293,615
Less than Twelve Months, Unrealized Losses	(566)	(4,147)
More than Twelve Months, Fair Value	138,425	164,010
More than Twelve Months, Unrealized Losses	(2,348)	(4,537)
Total, Fair Value	284,056	457,625
Total, Unrealized Losses	(2,914)	(8,684)
Trust preferred securities
Schedule of Available-for-sale Securities
Less than Twelve Months, Fair Value	0	0
Less than Twelve Months, Unrealized Losses	0	0
More than Twelve Months, Fair Value	8,155	8,404
More than Twelve Months, Unrealized Losses	(2,075)	(2,054)
Total, Fair Value	8,155	8,404
Total, Unrealized Losses	(2,075)	(2,054)
Corporate and other debt securities
Schedule of Available-for-sale Securities
Less than Twelve Months, Fair Value	20,814	21,203
Less than Twelve Months, Unrealized Losses	(7)	(471)
More than Twelve Months, Fair Value	15,329	36,137
More than Twelve Months, Unrealized Losses	(197)	(1,418)
Total, Fair Value	36,143	57,340
Total, Unrealized Losses	(204)	(1,889)
Equity securities
Schedule of Available-for-sale Securities
Less than Twelve Months, Fair Value	0	0
Less than Twelve Months, Unrealized Losses	0	0
More than Twelve Months, Fair Value	14,998	14,273
More than Twelve Months, Unrealized Losses	(797)	(1,522)
Total, Fair Value	14,998	14,273
Total, Unrealized Losses	$ (797)	$ (1,522)

Investment Securities - Contr49

Investment Securities - Contractual Maturities of Investment Securities Available for Sale (Detail) $ in Thousands	Sep. 30, 2016USD ($)
Amortized Cost
Due in one year	$ 10,549
Due after one year through five years	93,945
Due after five years through ten years	122,929
Due after ten years	59,366
Total investment securities available for sale, Amortized Cost	1,265,842
Fair Value
Due in one year	10,578
Due after one year through five years	95,479
Due after five years through ten years	125,488
Due after ten years	58,356
Total investment securities available for sale, Fair Value	1,276,709
Residential mortgage-backed securities
Amortized Cost
Securities without a single maturity date	958,531
Fair Value
Securities without a single maturity date	966,638
Equity securities
Amortized Cost
Securities without a single maturity date	20,522
Fair Value
Securities without a single maturity date	$ 20,170

Investment Securities - Changes

Investment Securities - Changes in Credit Loss Component of Cumulative Other-than-Temporary Impairment Losses on Debt Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance, beginning of period	$ 5,348	$ 6,387	$ 5,837	$ 8,947
Accretion of credit loss impairment due to an increase in expected cash flows	(87)	(458)	(576)	(636)
Sales	0	0	0	(2,382)
Balance, end of period	$ 5,261	$ 5,929	$ 5,261	$ 5,929

Investment Securities - Realize

Investment Securities - Realized Gains and Losses on Sales of Investment Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Gross gains, Sales transactions	$ 0	$ 0	$ 271	$ 3,274
Gross losses, sales transactions	0	0	0	(947)
Gains (losses) on Sales transactions, net	0	0	271	2,327
Gross gains, Maturities and other securities transactions	2	158	2	287
Gross losses, Maturities and other securities transactions	(12)	(1)	(15)	(133)
Gross gains (losses), Maturities and other securities transactions	(10)	157	(13)	154
Total (losses) gains on securities transactions, net	$ (10)	$ 157	$ 258	$ 2,481

Loans - Schedule of Loan Portfo

Loans - Schedule of Loan Portfolio Non-Covered and Covered PCI Loans and Non-PCI Loans (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable
Loans	$ 16,634,135	$ 16,043,107
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Loans	2,558,968	2,540,491
Commercial real estate loans
Accounts, Notes, Loans and Financing Receivable
Loans	9,116,423	8,179,583
Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Loans	8,313,855	7,424,636
Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Loans	802,568	754,947
Residential mortgage
Accounts, Notes, Loans and Financing Receivable
Loans	2,826,130	3,130,541
Consumer
Accounts, Notes, Loans and Financing Receivable
Loans	2,132,614	2,192,492
Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable
Loans	476,820	511,203
Consumer | Automobile
Accounts, Notes, Loans and Financing Receivable
Loans	1,121,606	1,239,313
Consumer | Other consumer
Accounts, Notes, Loans and Financing Receivable
Loans	534,188	441,976
PCI Loans
Accounts, Notes, Loans and Financing Receivable
Loans	1,857,115	2,240,471
Covered loans	76,000	122,300
PCI Loans | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Loans	292,548	383,942
PCI Loans | Commercial real estate loans
Accounts, Notes, Loans and Financing Receivable
Loans	1,266,786	1,502,357
PCI Loans | Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Loans	1,135,019	1,355,104
PCI Loans | Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Loans	131,767	147,253
PCI Loans | Residential mortgage
Accounts, Notes, Loans and Financing Receivable
Loans	188,819	218,462
PCI Loans | Consumer
Accounts, Notes, Loans and Financing Receivable
Loans	108,962	135,710
PCI Loans | Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable
Loans	99,138	119,394
PCI Loans | Consumer | Automobile
Accounts, Notes, Loans and Financing Receivable
Loans	176	487
PCI Loans | Consumer | Other consumer
Accounts, Notes, Loans and Financing Receivable
Loans	9,648	15,829
Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable
Loans	14,777,020	13,802,636
Non-PCI Loans | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Loans	2,266,420	2,156,549
Non-PCI Loans | Commercial real estate loans
Accounts, Notes, Loans and Financing Receivable
Loans	7,849,637	6,677,226
Non-PCI Loans | Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Loans	7,178,836	6,069,532
Non-PCI Loans | Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Loans	670,801	607,694
Non-PCI Loans | Residential mortgage
Accounts, Notes, Loans and Financing Receivable
Loans	2,637,311	2,912,079
Non-PCI Loans | Consumer
Accounts, Notes, Loans and Financing Receivable
Loans	2,023,652	2,056,782
Non-PCI Loans | Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable
Loans	377,682	391,809
Non-PCI Loans | Consumer | Automobile
Accounts, Notes, Loans and Financing Receivable
Loans	1,121,430	1,238,826
Non-PCI Loans | Consumer | Other consumer
Accounts, Notes, Loans and Financing Receivable
Loans	$ 524,540	$ 426,147

Loans - Additional Information

Loans - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)Contract	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Accounts, Notes, Loans and Financing Receivable
Non-covered loans net of unearned premiums, discounts and deferred loan fees	$ 10,500,000		$ 10,500,000		$ 3,500,000
Outstanding balances for PCI loans	2,000,000,000		2,000,000,000		2,400,000,000
Transfer of loans to loans held for sale			174,501,000	$ 0
Sales of loans	0	$ 0	0	0
FDIC loss-share receivable	7,700,000		7,700,000		8,300,000
Change in FDIC loss-share receivable	(313,000)	(55,000)	$ (872,000)	(3,380,000)
Number of consecutive months for performing restructured loans to be put on accrual status			6 months
TDRs not reported as non-accrual loans	81,100,000		$ 81,100,000		77,600,000
Non-performing TDRs	13,000,000		13,000,000		21,000,000
Specific reserves for loan losses			2,400,000	602,000
Partial loan charge-offs related to loans modified as TDRs	0	0	$ 209,000	0
Number of days past due before placed on nonaccrual status			90 days
Other real estate owned	11,300,000		$ 11,300,000		19,000,000
Other real estate owned covered by loss sharing agreements	1,000,000		1,000,000		5,000,000
Residential real estate properties
Accounts, Notes, Loans and Financing Receivable
Other real estate owned	7,400,000		7,400,000		7,000,000
In formal foreclosure proceedings
Accounts, Notes, Loans and Financing Receivable
Residential mortgage and consumer loans secured by residential real estate properties	7,700,000		7,700,000		12,300,000
Commercial and industrial | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Impaired loans	250,000		250,000
PCI Loans
Accounts, Notes, Loans and Financing Receivable
Total PCI Loans including covered loans	76,000,000		76,000,000		$ 122,300,000
Residential mortgage
Accounts, Notes, Loans and Financing Receivable
Transfer of loans to loans held for sale	$ 174,500,000
Number of Contracts (in contract) | Contract	4
Recorded Investment	$ 1,100,000	$ 0	$ 1,100,000	$ 0

Loans - Changes in Accretable Y

Loans - Changes in Accretable Yield for Covered Loans (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance, beginning of period	$ 355,601	$ 282,101	$ 415,179	$ 336,208
Accretion	(26,730)	(24,814)	(86,308)	(78,921)
Balance, end of period	$ 328,871	$ 257,287	$ 328,871	$ 257,287

Loans - Past Due, Non-Accrual a

Loans - Past Due, Non-Accrual and Current Non-Covered Loans by Loan Portfolio Class (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	$ 38,441	$ 62,100
Total Past Due Loans	77,626	88,240
Current Non-PCI Loans	14,699,394	13,714,396
Total Non-PCI Loans	14,777,020	13,802,636
30-59 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	26,819	18,509
60-89 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	9,046	5,575
Accruing Loans 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	3,320	2,056
Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	7,875	10,913
Total Past Due Loans	13,114	15,570
Current Non-PCI Loans	2,253,306	2,140,979
Total Non-PCI Loans	2,266,420	2,156,549
Commercial and industrial | 30-59 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	4,306	3,920
Commercial and industrial | 60-89 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	788	524
Commercial and industrial | Accruing Loans 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	145	213
Commercial real estate loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	15,588	31,051
Total Past Due Loans	31,623	38,541
Current Non-PCI Loans	7,818,014	6,638,685
Total Non-PCI Loans	7,849,637	6,677,226
Commercial real estate loans | Commercial real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	14,452	24,888
Total Past Due Loans	28,606	27,703
Current Non-PCI Loans	7,150,230	6,041,829
Total Non-PCI Loans	7,178,836	6,069,532
Commercial real estate loans | Construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	1,136	6,163
Total Past Due Loans	3,017	10,838
Current Non-PCI Loans	667,784	596,856
Total Non-PCI Loans	670,801	607,694
Commercial real estate loans | 30-59 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	9,385	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	9,385	2,684
Commercial real estate loans | 30-59 Days Past Due Loans | Construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	0	1,876
Commercial real estate loans | 60-89 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	4,291	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	4,291	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	2,359	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	478	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	1,881	0
Residential mortgage
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	14,013	17,930
Total Past Due Loans	27,318	27,741
Current Non-PCI Loans	2,609,993	2,884,338
Total Non-PCI Loans	2,637,311	2,912,079
Residential mortgage | 30-59 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	9,982	6,681
Residential mortgage | 60-89 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	2,733	1,626
Residential mortgage | Accruing Loans 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	590	1,504
Consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	965	2,206
Total Past Due Loans	5,571	6,388
Current Non-PCI Loans	2,018,081	2,050,394
Total Non-PCI Loans	2,023,652	2,056,782
Consumer | Home equity
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	820	2,088
Total Past Due Loans	2,040	3,507
Current Non-PCI Loans	375,642	388,302
Total Non-PCI Loans	377,682	391,809
Consumer | Automobile
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	145	118
Total Past Due Loans	3,100	2,742
Current Non-PCI Loans	1,118,330	1,236,084
Total Non-PCI Loans	1,121,430	1,238,826
Consumer | Other consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non-Accrual Loans	0	0
Total Past Due Loans	431	139
Current Non-PCI Loans	524,109	426,008
Total Non-PCI Loans	524,540	426,147
Consumer | 30-59 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	3,146	3,348
Consumer | 30-59 Days Past Due Loans | Home equity
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	693	1,308
Consumer | 30-59 Days Past Due Loans | Automobile
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	2,110	1,969
Consumer | 30-59 Days Past Due Loans | Other consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	343	71
Consumer | 60-89 Days Past Due Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	1,234	626
Consumer | 60-89 Days Past Due Loans | Home equity
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	527	111
Consumer | 60-89 Days Past Due Loans | Automobile
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	619	491
Consumer | 60-89 Days Past Due Loans | Other consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	88	24
Consumer | Accruing Loans 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	226	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	226	164
Consumer | Accruing Loans 90 Days or More Past Due | Other consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due Loans	$ 0	$ 44

Loans - Impaired Loans (Detail)

Loans - Impaired Loans (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	$ 35,632	$ 54,928
Recorded Investment With Related Allowance	80,816	77,460
Total Recorded Investment	116,448	132,388
Unpaid Contractual Principal Balance	127,333	145,473
Related Allowance	8,999	8,782
Commercial and industrial
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	4,312	7,863
Recorded Investment With Related Allowance	22,816	17,851
Total Recorded Investment	27,128	25,714
Unpaid Contractual Principal Balance	34,156	33,071
Related Allowance	3,506	3,439
Commercial real estate loans
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	22,400	38,960
Recorded Investment With Related Allowance	46,689	42,970
Total Recorded Investment	69,089	81,930
Unpaid Contractual Principal Balance	71,374	85,650
Related Allowance	4,575	3,671
Commercial real estate loans | Commercial real estate
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	20,428	30,113
Recorded Investment With Related Allowance	42,363	37,440
Total Recorded Investment	62,791	67,553
Unpaid Contractual Principal Balance	65,076	71,263
Related Allowance	4,152	3,354
Commercial real estate loans | Construction
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	1,972	8,847
Recorded Investment With Related Allowance	4,326	5,530
Total Recorded Investment	6,298	14,377
Unpaid Contractual Principal Balance	6,298	14,387
Related Allowance	423	317
Residential mortgage
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	8,706	7,842
Recorded Investment With Related Allowance	9,802	14,770
Total Recorded Investment	18,508	22,612
Unpaid Contractual Principal Balance	19,983	24,528
Related Allowance	708	1,377
Consumer
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	214	263
Recorded Investment With Related Allowance	1,509	1,869
Total Recorded Investment	1,723	2,132
Unpaid Contractual Principal Balance	1,820	2,224
Related Allowance	210	295
Consumer | Home equity
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	214	263
Recorded Investment With Related Allowance	1,509	1,869
Total Recorded Investment	1,723	2,132
Unpaid Contractual Principal Balance	1,820	2,224
Related Allowance	$ 210	$ 295

Loans - Average Recorded Invest

Loans - Average Recorded Investment and Interest Income Recognized on Impaired Loans (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	$ 118,697	$ 155,019	$ 128,485	$ 147,922
Interest Income Recognized	1,093	1,160	3,220	3,840
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	31,499	28,892	28,008	27,570
Interest Income Recognized	293	232	727	689
Commercial real estate loans
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	64,752	96,516	75,685	92,966
Interest Income Recognized	550	677	1,765	2,333
Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	58,117	76,509	66,871	76,900
Interest Income Recognized	513	538	1,627	1,918
Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	6,635	20,007	8,814	16,066
Interest Income Recognized	37	139	138	415
Residential mortgage
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	20,193	25,336	22,232	23,261
Interest Income Recognized	225	208	660	707
Consumer
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	2,253	4,275	2,560	4,125
Interest Income Recognized	25	43	68	111
Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable
Average Recorded Investment	2,253	4,275	2,560	4,125
Interest Income Recognized	$ 25	$ 43	$ 68	$ 111

Loans - Pre-Modification and Po

Loans - Pre-Modification and Post-Modification Outstanding Recorded Investments (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)Contract	Sep. 30, 2015USD ($)Contract	Sep. 30, 2016USD ($)Contract	Sep. 30, 2015USD ($)Contract
Accounts, Notes, Loans and Financing Receivable
Troubled Debt Restructurings, Number of Contracts (in contract) | Contract	12	7	28	26
Troubled Debt Restructurings, Pre-Modification Outstanding Recorded Investment	$ 10,235	$ 7,584	$ 24,481	$ 20,196
Troubled Debt Restructurings, Post-Modification Outstanding Recorded Investment	$ 10,291	$ 6,031	$ 23,680	$ 18,652
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Troubled Debt Restructurings, Number of Contracts (in contract) | Contract	7	2	12	12
Troubled Debt Restructurings, Pre-Modification Outstanding Recorded Investment	$ 6,389	$ 1,530	$ 11,700	$ 4,621
Troubled Debt Restructurings, Post-Modification Outstanding Recorded Investment	$ 6,248	$ 1,530	$ 11,088	$ 4,081
Commercial real estate loans
Accounts, Notes, Loans and Financing Receivable
Troubled Debt Restructurings, Number of Contracts (in contract) | Contract	3	2	6	7
Troubled Debt Restructurings, Pre-Modification Outstanding Recorded Investment	$ 3,745	$ 4,974	$ 10,404	$ 12,036
Troubled Debt Restructurings, Post-Modification Outstanding Recorded Investment	$ 3,948	$ 3,451	$ 10,252	$ 11,079
Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Troubled Debt Restructurings, Number of Contracts (in contract) | Contract	1	0	4	4
Troubled Debt Restructurings, Pre-Modification Outstanding Recorded Investment	$ 1,667	$ 0	$ 8,325	$ 6,562
Troubled Debt Restructurings, Post-Modification Outstanding Recorded Investment	$ 1,870	$ 0	$ 8,174	$ 6,444
Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Troubled Debt Restructurings, Number of Contracts (in contract) | Contract	2	2	2	3
Troubled Debt Restructurings, Pre-Modification Outstanding Recorded Investment	$ 2,078	$ 4,974	$ 2,079	$ 5,474
Troubled Debt Restructurings, Post-Modification Outstanding Recorded Investment	$ 2,078	$ 3,451	$ 2,078	$ 4,635
Residential mortgage
Accounts, Notes, Loans and Financing Receivable
Troubled Debt Restructurings, Number of Contracts (in contract) | Contract	1	3	8	6
Troubled Debt Restructurings, Pre-Modification Outstanding Recorded Investment	$ 78	$ 1,080	$ 2,300	$ 2,458
Troubled Debt Restructurings, Post-Modification Outstanding Recorded Investment	$ 77	$ 1,050	$ 2,271	$ 2,420
Consumer
Accounts, Notes, Loans and Financing Receivable
Troubled Debt Restructurings, Number of Contracts (in contract) | Contract	1	0	2	1
Troubled Debt Restructurings, Pre-Modification Outstanding Recorded Investment	$ 23	$ 0	$ 77	$ 1,081
Troubled Debt Restructurings, Post-Modification Outstanding Recorded Investment	$ 18	$ 0	$ 69	$ 1,072

Loans - Risk Category of Loans

Loans - Risk Category of Loans (Detail) - Non-PCI Loans - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	$ 10,116,057	$ 8,833,775
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	2,266,420	2,156,549
Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	7,178,836	6,069,532
Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	670,801	607,694
Pass
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	9,841,454	8,539,636
Pass | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	2,158,585	2,049,752
Pass | Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	7,015,861	5,893,354
Pass | Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	667,008	596,530
Special Mention
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	125,640	148,624
Special Mention | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	46,209	68,243
Special Mention | Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	79,331	79,279
Special Mention | Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	100	1,102
Substandard
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	147,309	143,215
Substandard | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	59,972	36,254
Substandard | Commercial real estate loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	83,644	96,899
Substandard | Commercial real estate loans | Construction
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	3,693	10,062
Doubtful
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	1,654	2,300
Doubtful | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable
Total Non-PCI Loans	1,654	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	Sep. 30, 2016	Dec. 31, 2015
Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	$ 4,660,963	$ 4,968,861
PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,857,115	2,240,471
Performing Loans | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	4,645,985	4,948,725
Performing Loans | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,827,060	2,201,846
Non-Performing Loans | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	14,978	20,136
Non-Performing Loans | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	30,055	38,625
Commercial and industrial | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	292,548	383,942
Commercial and industrial | Performing Loans | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	283,759	373,665
Commercial and industrial | Non-Performing Loans | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	8,789	10,277
Commercial real estate loans | PCI Loans | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,135,019	1,355,104
Commercial real estate loans | PCI Loans | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	131,767	147,253
Commercial real estate loans | Performing Loans | PCI Loans | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,123,123	1,342,030
Commercial real estate loans | Performing Loans | PCI Loans | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	130,442	141,547
Commercial real estate loans | Non-Performing Loans | PCI Loans | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	11,896	13,074
Commercial real estate loans | Non-Performing Loans | PCI Loans | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,325	5,706
Residential mortgage | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	2,637,311	2,912,079
Residential mortgage | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	188,819	218,462
Residential mortgage | Performing Loans | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	2,623,298	2,894,149
Residential mortgage | Performing Loans | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	185,790	214,713
Residential mortgage | Non-Performing Loans | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	14,013	17,930
Residential mortgage | Non-Performing Loans | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	3,029	3,749
Consumer | Non-PCI Loans | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	377,682	391,809
Consumer | Non-PCI Loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,121,430	1,238,826
Consumer | Non-PCI Loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	524,540	426,147
Consumer | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	108,962	135,710
Consumer | Performing Loans | Non-PCI Loans | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	376,862	389,721
Consumer | Performing Loans | Non-PCI Loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,121,285	1,238,708
Consumer | Performing Loans | Non-PCI Loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	524,540	426,147
Consumer | Performing Loans | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	103,946	129,891
Consumer | Non-Performing Loans | Non-PCI Loans | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	820	2,088
Consumer | Non-Performing Loans | Non-PCI Loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	145	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	$ 5,016	$ 5,819

Allowance for Credit Losses - S

Allowance for Credit Losses - Summary of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Receivables [Abstract]
Allowance for loans	$ 110,697	$ 108,088	$ 106,178	$ 104,551	$ 102,835	$ 102,353
Allowance for unfunded letters of credit	2,217		2,189
Total allowance for credit losses	$ 112,914		$ 108,367

Allowance for Credit Losses -62

Allowance for Credit Losses - Summary of Provision for Credit Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Receivables [Abstract]
Provision for loans	$ 5,949	$ 0	$ 8,041	$ 4,382
Provision for unfunded letters of credit	(109)	94	28	212
Total provision for credit losses	$ 5,840	$ 94	$ 8,069	$ 4,594

Allowance for Credit Losses -63

Allowance for Credit Losses - Summary of Activity in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 108,088	$ 102,835	$ 106,178	$ 102,353
Loans charged-off	(5,063)	(2,009)	(9,329)	(11,024)
Charged-off loans recovered	1,723	3,725	5,807	8,840
Net (charge-offs) recoveries	(3,340)	1,716	(3,522)	(2,184)
Provision for loan losses	5,949	0	8,041	4,382
Ending balance	110,697	104,551	110,697	104,551
Commercial and industrial
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	48,025	41,714	48,767	43,676
Loans charged-off	(3,763)	(1,124)	(5,507)	(5,103)
Charged-off loans recovered	902	2,550	2,418	5,587
Net (charge-offs) recoveries	(2,861)	1,426	(3,089)	484
Provision for loan losses	5,588	4,397	5,074	3,377
Ending balance	50,752	47,537	50,752	47,537
Commercial real estate loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	51,877	44,185	48,006	42,840
Loans charged-off	0	(40)	(519)	(2,780)
Charged-off loans recovered	44	536	1,591	1,686
Net (charge-offs) recoveries	44	496	1,072	(1,094)
Provision for loan losses	539	(2,403)	3,382	532
Ending balance	52,460	42,278	52,460	42,278
Residential mortgage
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	3,495	5,055	4,625	5,093
Loans charged-off	(518)	(111)	(750)	(499)
Charged-off loans recovered	495	151	604	395
Net (charge-offs) recoveries	(23)	40	(146)	(104)
Provision for loan losses	(94)	(546)	(1,101)	(440)
Ending balance	3,378	4,549	3,378	4,549
Consumer
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	4,691	5,542	4,780	5,179
Loans charged-off	(782)	(734)	(2,553)	(2,642)
Charged-off loans recovered	282	488	1,194	1,172
Net (charge-offs) recoveries	(500)	(246)	(1,359)	(1,470)
Provision for loan losses	(84)	(829)	686	758
Ending balance	4,107	4,467	4,107	4,467
Unallocated
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	0	6,339	0	5,565
Loans charged-off	0	0	0	0
Charged-off loans recovered	0	0	0	0
Net (charge-offs) recoveries	0	0	0	0
Provision for loan losses		(619)	0	155
Ending balance	$ 0	$ 5,720	$ 0	$ 5,720

Allowance for Credit Losses -64

Allowance for Credit Losses - Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Impairment Methodology (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	$ 8,999	$ 8,782
Collectively evaluated for impairment	101,698	97,396
Total Loans	110,697	106,178
Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	116,448	132,388
Collectively evaluated for impairment	14,660,572	13,670,248
Total Loans	16,634,135	16,043,107
Loans acquired with discounts related to credit quality | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Total Loans	1,857,115	2,240,471
Commercial and industrial | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	3,506	3,439
Collectively evaluated for impairment	47,246	45,328
Total Loans	50,752	48,767
Commercial and industrial | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	27,128	25,714
Collectively evaluated for impairment	2,239,292	2,130,835
Total Loans	2,558,968	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	292,548	383,942
Commercial real estate loans | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	4,575	3,671
Collectively evaluated for impairment	47,885	44,335
Total Loans	52,460	48,006
Commercial real estate loans | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	69,089	81,930
Collectively evaluated for impairment	7,780,548	6,595,296
Total Loans	9,116,423	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	1,266,786	1,502,357
Residential mortgage | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	708	1,377
Collectively evaluated for impairment	2,670	3,248
Total Loans	3,378	4,625
Residential mortgage | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	18,508	22,612
Collectively evaluated for impairment	2,618,803	2,889,467
Total Loans	2,826,130	3,130,541
Residential mortgage | Loans acquired with discounts related to credit quality | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Total Loans	188,819	218,462
Consumer | Allowance for Loan Losses:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	210	295
Collectively evaluated for impairment	3,897	4,485
Total Loans	4,107	4,780
Consumer | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	1,723	2,132
Collectively evaluated for impairment	2,021,929	2,054,650
Total Loans	2,132,614	2,192,492
Consumer | Loans acquired with discounts related to credit quality | Loans:
Financing Receivable, Allowance for Credit Losses [Line Items]
Total Loans	$ 108,962	$ 135,710

Goodwill and Other Intangible65

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 0	$ 0	$ 0	$ 0
Amortization of other intangible assets	2,675,000	2,232,000	$ 8,452,000	6,721,000
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	$ 0	$ 0

Goodwill and Other Intangible66

Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets - Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 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 Intangible67

Goodwill and Other Intangible Assets - Other Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	$ 134,253	$ 143,020
Accumulated Amortization	(89,469)	(93,849)
Valuation Allowance	(746)	(289)
Net Intangible Assets	44,038	48,882
Loan Servicing Rights
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	68,662	75,932
Accumulated Amortization	(51,301)	(59,251)
Valuation Allowance	(746)	(289)
Net Intangible Assets	16,615	16,392
Core Deposits
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	61,504	62,714
Accumulated Amortization	(36,230)	(31,934)
Valuation Allowance	0	0
Net Intangible Assets	25,274	30,780
Other
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	4,087	4,374
Accumulated Amortization	(1,938)	(2,664)
Valuation Allowance	0	0
Net Intangible Assets	$ 2,149	$ 1,710

Goodwill and Other Intangible68

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands	Sep. 30, 2016USD ($)
Loan Servicing Rights
Finite-Lived Intangible Assets [Line Items]
2,016	$ 1,308
2,017	4,262
2,018	3,361
2,019	2,554
2,020	1,952
Core Deposits
Finite-Lived Intangible Assets [Line Items]
2,016	1,332
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	74
2,017	280
2,018	249
2,019	235
2,020	$ 220

Stock-Based Compensation (Detai

Stock-Based Compensation (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average grant date fair value (usd per share)			$ 8.58
Stock-based compensation expense	$ 2.2	$ 2	$ 7.4	$ 6.5
Stock-based compensation amortization expense unrecognized	$ 16.9		$ 16.9
Average remaining vesting, years			3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares awarded during the period	0	0	431,000	313,000
Incentive stock option's maximum term, years			3 years
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%
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%
Non-Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares awarded during the period			534,000	492,000
Award vesting rights as a percentage			33.33%
Non-Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive stock option's maximum term, years			3 years
Non-Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive stock option's maximum term, years			6 years
2009 Employee Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant	2,200,000		2,200,000
2016 Employee Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant	8,300,000		8,300,000

Derivative Instruments and He70

Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($)	1 Months Ended	9 Months Ended
	Aug. 31, 2016	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Net carrying value		$ 1,450,818,000	$ 1,810,728,000
Derivative instruments not designated as hedging instruments, liability				$ 25,000,000
Aggregate fair value of net liability position		69,300,000
Collateral posted with counterparties		92,100,000
Interest Rate Swaps
Derivative [Line Items]
Accumulated net after-tax losses related to effective cash flow hedges		18,600,000	$ 17,600,000
Estimated amount of interest rate derivatives to be reclassified to interest expense		10,400,000
Subordinated debt | Subordinated Notes Due September 2023
Derivative [Line Items]
Face amount of debt		$ 125,000,000
Stated interest rate (as a percent)		5.125%
Effective interest rate (as a percent)		3.32%
Net carrying value		$ 137,100,000
Interest Rate Swaps
Derivative [Line Items]
Notional amount of terminated derivative	$ 125,000,000

Derivative Instruments and He71

Derivative Instruments and Hedging Activities - Consolidated Statements of Financial Condition Related to Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Interest Rate Caps and Swaps
Derivative [Line Items]
Other Assets	$ 0	$ 0
Other Liabilities	71,889	50,752
Derivatives designated as hedging instruments:
Derivative [Line Items]
Other Assets	286	8,942
Other Liabilities	26,909	26,129
Notional Amount	915,053	1,040,209
Derivatives designated as hedging instruments: | Cash Flow Hedge | Interest Rate Caps and Swaps
Derivative [Line Items]
Other Assets	286	1,284
Other Liabilities	25,636	24,823
Notional Amount	907,000	907,000
Derivatives designated as hedging instruments: | Fair Value Hedge | Interest Rate Swaps
Derivative [Line Items]
Other Assets	0	7,658
Other Liabilities	1,273	1,306
Notional Amount	8,053	133,209
Derivatives not designated as hedging instruments:
Derivative [Line Items]
Other Assets	45,733	24,832
Other Liabilities	45,763	24,715
Notional Amount	1,276,637	727,572
Derivatives not designated as hedging instruments: | Interest Rate Swaps
Derivative [Line Items]
Other Assets	45,013	24,628
Other Liabilities	44,980	24,623
Notional Amount	824,736	654,134
Derivatives not designated as hedging instruments: | Mortgage Banking Derivatives
Derivative [Line Items]
Other Assets	720	204
Other Liabilities	783	92
Notional Amount	$ 451,901	$ 73,438

Derivative Instruments and He72

Derivative Instruments and Hedging Activities - Losses Related to Interest Rate Derivatives Designated as Hedges of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 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	$ (37,057)	$ (40,730)	$ (112,074)	$ (119,206)
Amount of gain (loss) recognized in other comprehensive income	2,962	(10,588)	(11,695)	(17,604)
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	$ (3,578)	$ (1,323)	$ (10,146)	$ (4,651)

Derivative Instruments and He73

Derivative Instruments and Hedging Activities - Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Fair Value (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gains (losses) on derivatives	$ 171	$ (263)	$ (218)	$ (155)
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	129	(93)	32	10
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	(129)	93	(32)	(10)
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	(127)	4,302	6,670	3,211
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	$ 133	$ (4,329)	$ (6,646)	$ (3,270)

Derivative Instruments and He74

Derivative Instruments and Hedging Activities - (Losses) Gains Related to Derivative Instruments Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Non-designated hedge interest rate derivatives
Other non-interest expense	$ 171	$ (263)	$ (218)	$ (155)

Balance Sheet Offsetting - Gros

Balance Sheet Offsetting - Gross Presentation Effects of Offsetting and Net Presentation of Valley's Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Offsetting Liabilities
Gross Amounts Recognized, Total Liabilities	$ 336,889	$ 525,752
Gross Amounts Offset, Total Liabilities	0	0
Net Amounts Presented, Total Liabilities	336,889	525,752
Gross Amounts Not Offset, Financial Instruments	0	(8,942)
Gross Amounts Not Offset, Cash Collateral	(336,889)	(516,810)
Net Amount, Total	0	0
Repurchase Agreements
Offsetting Liabilities
Gross Amounts Recognized, Liabilities	265,000	475,000
Gross Amounts Offset, Liabilities	0	0
Net Amounts Presented, Liabilities	265,000	475,000
Gross Amounts Not Offset, Liabilities	0	0
Gross Amounts Not Offset, Liabilities	(265,000)	(475,000)
Net Amount, Liabilities	0	0
Interest Rate Caps and Swaps
Offsetting Assets
Gross Amounts Recognized, Assets	45,299	33,570
Gross Amounts Offset, Assets	0	0
Net Amounts Presented, Assets	45,299	33,570
Gross Amounts Not Offset, Financial Instruments	0	(8,942)
Gross Amounts Not Offset, Cash Collateral	0	0
Net Amount, Assets	45,299	24,628
Offsetting Liabilities
Gross Amounts Recognized, Liabilities	71,889	50,752
Gross Amounts Offset, Liabilities	0	0
Net Amounts Presented, Liabilities	71,889	50,752
Gross Amounts Not Offset, Financial Instruments	0	(8,942)
Gross Amounts Not Offset, Cash Collateral	(71,889)	(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	Sep. 30, 2016	Dec. 31, 2015
Other Assets
Other Assets:
Affordable housing tax credit investments, net	$ 30,375	$ 32,094
Other tax credit investments, net	60,062	70,681
Total tax credit investments, net	90,437	102,775
Other Liabilities
Other Liabilities:
Unfunded affordable housing tax credit commitments	5,330	7,330
Unfunded other tax credit commitments	7,428	12,545
Total unfunded tax credit commitments	$ 12,758	$ 19,875

Tax Credit Investments Tax Cr77

Tax Credit Investments Tax Credit Investments - Affordable Housing Tax Credit Investments and Other Tax Credit Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Affordable housing tax credits and other tax benefits	$ 1,065	$ 1,660	$ 3,195	$ 4,774
Other tax credit investment credits and tax benefits	6,118	7,510	12,654	16,031
Total reduction in income tax expense	7,183	9,170	15,849	20,805
Non-Interest Expenses
Schedule of Equity Method Investments [Line Items]
Affordable housing tax credit investment losses	33	543	1,392	1,516
Affordable housing tax credit investment impairment losses	128	451	328	979
Other tax credit investment losses	107	144	775	934
Other tax credit investment impairment losses	6,182	4,086	18,865	10,802
Total amortization of tax credit investments recorded in non-interest expense	$ 6,450	$ 5,224	$ 21,360	$ 14,231