Valley National Bancorp (VLY) 10-Q 7 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 05, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	1-11277
Entity Registrant Name	Valley National Bancorp
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-2477875
Entity Address, Address Line One	One Penn Plaza
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10119
City Area Code	973
Local Phone Number	305-8800
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		403,797,596
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Period Period Focus	Q2
Entity Central Index Key	0000714310
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	VLY
Security Exchange Name	NASDAQ
Non-Cumulative Perpetual Preferred Stock, Series A
Entity Information [Line Items]
Title of 12(b) Security	Non-Cumulative Perpetual Preferred Stock, Series A, no par value
Trading Symbol	VLYPP
Security Exchange Name	NASDAQ
Non-Cumulative Perpetual Preferred Stock, Series B
Entity Information [Line Items]
Title of 12(b) Security	Non-Cumulative Perpetual Preferred Stock, Series B, no par value
Trading Symbol	VLYPO
Security Exchange Name	NASDAQ

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and due from banks	$ 388,753	$ 256,264
Interest bearing deposits with banks	1,521,572	178,423
Investment securities:
Equity securities	54,379	41,410
Available for sale debt securities	1,689,388	1,566,801
Held to maturity debt securities (net of allowance for credit losses of $1,593 at June 30, 2020)	2,131,834
Held to maturity debt securities (net of allowance for credit losses of $1,593 at June 30, 2020)	2,133,427	2,336,095
Total investment securities	3,875,601	3,944,306
Loans held for sale, at fair value	120,599	76,113
Loans	32,314,611	29,699,208
Less: Allowance for loan losses	(309,614)	(161,759)
Net loans	32,004,997	29,537,449
Premises and equipment, net	329,889	334,533
Lease right of use assets	273,811	285,129
Bank owned life insurance	535,383	540,169
Accrued interest receivable	122,807	105,637
Goodwill	1,375,409	1,373,625
Other intangible assets, net	77,921	86,772
Other assets	1,090,523	717,600
Total Assets	41,717,265	37,436,020
Deposits:
Non-interest bearing	8,989,818	6,710,408
Interest bearing:
Savings, NOW and money market	14,165,415	12,757,484
Time	8,272,772	9,717,945
Total deposits	31,428,005	29,185,837
Short-term borrowings	2,082,880	1,093,280
Long-term borrowings	2,907,535	2,122,426
Junior subordinated debentures issued to capital trusts	55,891	55,718
Lease liabilities	299,260	309,849
Accrued expenses and other liabilities	469,206	284,722
Total Liabilities	37,242,777	33,051,832
Shareholders’ Equity
Common stock (no par value, authorized 650,000,000 shares; issued 403,823,728 shares at June 30, 2020 and 403,322,773 shares at December 31, 2019)	141,667	141,423
Surplus	3,628,792	3,622,208
Retained earnings	499,511	443,559
Accumulated other comprehensive loss	(4,938)	(32,214)
Treasury stock, at cost (28,029 common shares at June 30, 2020 and 44,383 common shares at December 31, 2019)	(235)	(479)
Total Shareholders’ Equity	4,474,488	4,384,188
Total Liabilities and Shareholders’ Equity	41,717,265	37,436,020
Series A
Shareholders’ Equity
Preferred stock, no par value; authorized 50,000,000 shares	111,590	111,590
Series B
Shareholders’ Equity
Preferred stock, no par value; authorized 50,000,000 shares	$ 98,101	$ 98,101

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Allowance for credit losses	$ 1,593
Preferred stock, par value (usd per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (usd per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	650,000,000	650,000,000
Common stock, shares issued (in shares)	403,823,728	403,322,773
Treasury stock, shares (in shares)	28,029	44,383
Series A
Preferred stock, shares issued (in shares)	4,600,000	4,600,000
Series B
Preferred stock, shares issued (in shares)	4,000,000	4,000,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest Income
Interest and fees on loans	$ 321,883	$ 296,934	$ 654,951	$ 585,211
Interest and dividends on investment securities:
Taxable	19,447	22,489	41,380	45,365
Tax-exempt	3,692	4,356	7,618	9,160
Dividends	3,092	2,795	6,493	5,969
Interest on federal funds sold and other short-term investments	411	1,168	1,876	2,261
Total interest income	348,525	327,742	712,318	647,966
Interest on deposits:
Savings, NOW and money market	16,627	38,020	51,140	74,303
Time	29,857	40,331	72,671	78,502
Interest on short-term borrowings	1,980	14,860	6,687	27,409
Interest on long-term borrowings and junior subordinated debentures	17,502	14,297	33,922	28,870
Total interest expense	65,966	107,508	164,420	209,084
Net Interest Income	282,559	220,234	547,898	438,882
Provision for credit losses for held to maturity securities	41	0	800	0
Provision for credit losses for loans	41,115	2,100	75,039	10,100
Net Interest Income After Provision for Credit Losses	241,403	218,134	472,059	428,782
Non-Interest Income
Insurance commissions	1,659	2,649	3,610	5,174
(Losses) gains on securities transactions, net	(41)	11	(81)	(21)
Other-than-temporary impairment losses on securities	0	(2,928)	0	(2,928)
Portion recognized in other comprehensive income (before taxes)	0	0	0	0
Net impairment losses on securities recognized in earnings	0	(2,928)	0	(2,928)
Fees from loan servicing	2,227	2,367	4,975	4,797
Gains on sales of loans, net	8,337	3,930	12,887	8,506
(Losses) gains on sales of assets, net	(299)	(564)	(178)	77,156
Bank owned life insurance	5,823	2,205	8,965	4,092
Other	20,741	11,010	40,573	20,770
Total non-interest income	44,830	27,603	86,227	135,276
Non-Interest Expense
Salary and employee benefits expense	78,532	76,183	164,260	159,288
Net occupancy and equipment expense	33,217	29,700	65,658	57,586
FDIC insurance assessment	6,135	4,931	10,011	11,052
Amortization of other intangible assets	6,681	4,170	12,151	8,481
Professional and legal fees	7,797	4,145	13,884	9,416
Amortization of tax credit investments	3,416	4,863	6,644	12,036
Telecommunication expense	2,866	2,351	5,153	4,619
Other	18,522	15,394	35,061	27,054
Total non-interest expense	157,166	141,737	312,822	289,532
Income Before Income Taxes	129,067	104,000	245,464	274,526
Income tax expense	33,466	27,532	62,595	84,728
Net Income	95,601	76,468	182,869	189,798
Dividends on preferred stock	3,172	3,172	6,344	6,344
Net Income Available to Common Shareholders	$ 92,429	$ 73,296	$ 176,525	$ 183,454
Earnings Per Common Share:
Basic (usd per share)	$ 0.23	$ 0.22	$ 0.44	$ 0.55
Diluted (usd per share)	0.23	0.22	0.44	0.55
Cash Dividends Declared per Common Share (usd per share)	$ 0.11	$ 0.11	$ 0.22	$ 0.22
Weighted Average Number of Common Shares Outstanding:
Basic (in shares)	403,790,242	331,748,552	403,654,665	331,675,313
Diluted (in shares)	404,631,845	332,959,802	405,043,183	332,929,359
Trust and investment services
Non-Interest Income
Revenue from contracts with customer	$ 2,826	$ 3,096	$ 6,239	$ 6,000
Service charges on deposit accounts
Non-Interest Income
Revenue from contracts with customer	$ 3,557	$ 5,827	$ 9,237	$ 11,730

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 95,601	$ 76,468	$ 182,869	$ 189,798
Unrealized gains and losses on available for sale securities
Net gains arising during the period	3,013	18,488	29,081	34,755
Less reclassification adjustment for net losses (gains) included in net income	31	(8)	58	18
Total	3,044	18,480	29,139	34,773
Unrealized gains and losses on derivatives (cash flow hedges)
Net losses on derivatives arising during the period	(1,280)	(683)	(2,337)	(1,065)
Less reclassification adjustment for net (gains) losses included in net income	(308)	274	130	482
Total	(1,588)	(409)	(2,207)	(583)
Defined benefit pension plan
Amortization of actuarial net loss	172	55	344	110
Total other comprehensive income	1,628	18,126	27,276	34,300
Total comprehensive income	$ 97,229	$ 94,594	$ 210,145	$ 224,098

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Series A	Preferred Series B	Common stock	Preferred Stock	Common stock	Surplus	Retained Earnings	Retained EarningsPreferred Series A	Retained EarningsPreferred Series B	Retained EarningsCommon stock	Accumulated Other Comprehensive Loss	Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment due to adoption of ASUs | ASU 2016-02	$ 4,414							$ 4,414
Adjustment due to adoption of ASUs | ASU 2017-08	(1,446)							(1,446)
Beginning Balance, adjusted	3,353,422				$ 209,691	$ 116,240	$ 2,796,499	302,610				$ (69,431)	$ (2,187)
Beginning balance at Dec. 31, 2018	3,350,454				209,691	$ 116,240	2,796,499	299,642				(69,431)	(2,187)
Beginning balance (in shares) at Dec. 31, 2018						331,431
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	113,330							113,330
Other comprehensive income, net of tax	16,174											16,174
Cash dividends declared:
Cash dividends declared on preferred stock		$ (1,797)	$ (1,375)						$ (1,797)	$ (1,375)
Cash dividends declared on common stock				$ (36,686)							$ (36,686)
Effect of stock incentive plan, net (in shares)						302
Effect of stock incentive plan, net	1,811					$ 226	2,935	(99)					(1,251)
Ending balance at Mar. 31, 2019	3,444,879				209,691	$ 116,466	2,799,434	375,983				(53,257)	(3,438)
Ending balance (in shares) at Mar. 31, 2019						331,733
Beginning balance at Dec. 31, 2018	3,350,454				209,691	$ 116,240	2,796,499	299,642				(69,431)	(2,187)
Beginning balance (in shares) at Dec. 31, 2018						331,431
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	189,798
Ending balance at Jun. 30, 2019	3,504,118				209,691	$ 116,571	2,804,059	412,190				(35,131)	(3,262)
Ending balance (in shares) at Jun. 30, 2019						331,788
Beginning balance at Mar. 31, 2019	3,444,879				209,691	$ 116,466	2,799,434	375,983				(53,257)	(3,438)
Beginning balance (in shares) at Mar. 31, 2019						331,733
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	76,468							76,468
Other comprehensive income, net of tax	18,126											18,126
Cash dividends declared:
Cash dividends declared on preferred stock		(1,797)	(1,375)						(1,797)	(1,375)
Cash dividends declared on common stock				(36,712)							(36,712)
Effect of stock incentive plan, net (in shares)						55
Effect of stock incentive plan, net	4,529					$ 105	4,625	(377)					176
Ending balance at Jun. 30, 2019	3,504,118				209,691	$ 116,571	2,804,059	412,190				(35,131)	(3,262)
Ending balance (in shares) at Jun. 30, 2019						331,788
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment due to adoption of ASUs | ASU 2016-13	(28,187)							(28,187)
Beginning Balance, adjusted	4,356,001				209,691	$ 141,423	3,622,208	415,372				(32,214)	(479)
Beginning balance at Dec. 31, 2019	4,384,188				209,691	$ 141,423	3,622,208	443,559				(32,214)	(479)
Beginning balance (in shares) at Dec. 31, 2019						403,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	87,268							87,268
Other comprehensive income, net of tax	25,648											25,648
Cash dividends declared:
Cash dividends declared on preferred stock		(1,797)	(1,375)						(1,797)	(1,375)
Cash dividends declared on common stock				(44,979)							(44,979)
Effect of stock incentive plan, net (in shares)						466
Effect of stock incentive plan, net	232					$ 190	1,828	(2,065)					279
Ending balance at Mar. 31, 2020	4,420,998				209,691	$ 141,613	3,624,036	452,424				(6,566)	(200)
Ending balance (in shares) at Mar. 31, 2020						403,744
Beginning balance at Dec. 31, 2019	4,384,188				209,691	$ 141,423	3,622,208	443,559				(32,214)	(479)
Beginning balance (in shares) at Dec. 31, 2019						403,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	182,869
Ending balance at Jun. 30, 2020	4,474,488				209,691	$ 141,667	3,628,792	499,511				(4,938)	(235)
Ending balance (in shares) at Jun. 30, 2020						403,796
Beginning balance at Mar. 31, 2020	4,420,998				209,691	$ 141,613	3,624,036	452,424				(6,566)	(200)
Beginning balance (in shares) at Mar. 31, 2020						403,744
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	95,601							95,601
Other comprehensive income, net of tax	1,628											1,628
Cash dividends declared:
Cash dividends declared on preferred stock		$ (1,797)	$ (1,375)						$ (1,797)	$ (1,375)
Cash dividends declared on common stock				$ (44,750)							$ (44,750)
Effect of stock incentive plan, net (in shares)						52
Effect of stock incentive plan, net	4,183					$ 54	4,756	(592)					(35)
Ending balance at Jun. 30, 2020	$ 4,474,488				$ 209,691	$ 141,667	$ 3,628,792	$ 499,511				$ (4,938)	$ (235)
Ending balance (in shares) at Jun. 30, 2020						403,796

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Cash dividends declared (usd per share)	$ 0.11		$ 0.11
Preferred Series A
Cash dividends declared (usd per share)	0.39	$ 0.39	0.39	$ 0.39
Preferred Series B
Cash dividends declared (usd per share)	0.34	0.34	0.34	0.34
Common stock
Cash dividends declared (usd per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.11

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 182,869	$ 189,798
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	29,608	25,240
Stock-based compensation	8,199	8,282
Provision for credit losses	75,839	10,100
Net amortization of premiums and accretion of discounts on securities and borrowings	15,305	14,287
Amortization of other intangible assets	12,151	8,481
Losses on securities transactions, net	81	21
Proceeds from sales of loans held for sale	408,785	205,429
Gains on sales of loans, net	(12,887)	(8,506)
Net impairment losses on securities, recognized in earnings	0	2,928
Originations of loans held for sale	(443,684)	(200,877)
Losses (gains) on sales of assets, net	178	(77,156)
Net change in:
Cash surrender value of bank owned life insurance	(8,965)	(4,092)
Accrued interest receivable	(17,170)	(3,769)
Other assets	(426,776)	(186,674)
Accrued expenses and other liabilities	166,490	65,970
Net cash (used in) provided by operating activities	(9,977)	49,462
Cash flows from investing activities:
Net loan originations and purchases	(2,568,893)	(992,236)
Equity securities:
Purchases	(5,365)	0
Held to maturity debt securities:
Purchases	(107,136)	(261,446)
Maturities, calls and principal repayments	301,004	155,002
Available for sale debt securities:
Purchases	(302,071)	0
Maturities, calls and principal repayments	213,348	109,045
Death benefit proceeds from bank owned life insurance	13,751	1,350
Proceeds from sales of real estate property and equipment	8,202	102,500
Proceeds from sales of loans held for investment	30,020	216,301
Purchases of real estate property and equipment	(14,469)	(9,336)
Net cash used in investing activities	(2,431,609)	(678,820)
Cash flows from financing activities:
Net change in deposits	2,242,168	320,955
Net change in short-term borrowings	989,600	268,870
Proceeds from issuance of long-term borrowings, net	838,388	400,000
Repayments of long-term borrowings	(53,418)	(255,000)
Cash dividends paid to preferred shareholders	(6,344)	(3,172)
Cash dividends paid to common shareholders	(89,122)	(73,546)
Purchase of common shares to treasury	(4,924)	(1,462)
Common stock issued, net	1,140	(480)
Other, net	(264)	(240)
Net cash provided by financing activities	3,917,224	655,925
Net change in cash and cash equivalents	1,475,638	26,567
Cash and cash equivalents at beginning of year	434,687	428,629
Cash and cash equivalents at end of period	1,910,325	455,196
Cash payments for:
Interest on deposits and borrowings	178,337	198,815
Federal and state income taxes	14,731	80,116
Supplemental schedule of non-cash investing activities:
Transfer of loans to other real estate owned	2,750	1,016
Transfer of loans to loans held for sale	30,020	216,301
Lease right of use assets obtained in exchange for operating lease liabilities	$ 6,407	$ 296,064

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
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. Certain prior period amounts have been reclassified to conform to the current presentation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly Valley’s financial position, results of operations, changes in shareholders' equity and cash flows at June 30, 2020 and for all periods presented have been made. The results of operations for the three and six months ended on June 30, 2020 are not necessarily indicative of the results to be expected for the entire fiscal year or any subsequent interim period. 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, 2019 . Significant Estimates. 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 require application of management’s most difficult, subjective or complex judgment and are particularly susceptible to change include: the allowance for credit losses, the evaluation of goodwill and other intangible assets for impairment, 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. Actual amounts as of the balance sheet dates may be materially different than the amounts and values reported due to the inherent uncertainty in the estimation process. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date. Impact of COVID-19. During the first half of 2020, economies throughout the world were severely disrupted by the effects of quarantines, business closures, and the reluctance of individuals to leave their homes as a result of the outbreak of the novel coronavirus (COVID-19). Our primary market areas within New Jersey, New York, Florida and Alabama have all experienced significant outbreaks and disruptions during the COVID-19 pandemic. The full impact of COVID-19 is unknown and still evolving. The outbreak and any preventative or protective actions that Valley or its customers have taken or may take in respect of this virus have resulted and may continue to result in extended periods of disruption to Valley, its customers, service providers, and third parties. Any future financial impact cannot be reasonably estimated at this time but may materially affect the business and Valley’s financial condition and results of operations. The extent to which COVID-19 impacts Valley’s results will depend on future developments, which are highly uncertain and cannot be predicted. Banking and financial services have been designated essential businesses; therefore, Valley’s operations are continuing, subject to certain modifications to business practices imposed to safeguard the health and wellness of Valley’s customers and employees, and to comply with applicable government directives.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Business Combinations	Business Combinations On December 1, 2019, Valley completed its acquisition of Oritani Financial Corp. (Oritani) and its wholly-owned subsidiary, Oritani Bank. Oritani had approximately $4.3 billion in assets, $3.4 billion in net loans and $2.9 billion in deposits, after purchase accounting adjustments, and a branch network of 26 locations. The acquisition represents a significant addition to Valley's New Jersey franchise, and meaningfully enhanced its presence in the Bergen County market. The common shareholders of Oritani received 1.60 shares of Valley common stock for each Oritani share that they owned prior to the merger. The total consideration for the acquisition was approximately $835.3 million , consisting of 71.1 million shares of Valley common stock and the outstanding Oritani stock-based awards. Merger expenses totaled $366 thousand and $1.7 million for the three and six months ended June 30, 2020 , respectively, which primarily related to professional and legal expenses and other expenses included in non-interest expense on the consolidated statements of income. During the first quarter 2020, Valley revised the estimated fair values of the acquired assets as of the Oritani acquisition date due to additional information obtained that existed as of December 1, 2019. The adjustments mostly related to the fair value of certain loans and deferred tax assets as of the acquisition date and resulted in a $1.8 million increase in goodwill (see Note 9 for amount of goodwill as allocated to Valley's business segments). If additional information (that existed as of the acquisition date) becomes available, the fair value estimates for acquired assets and assumed liabilities are subject to change for up to one year after the acquisition date.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020 and 2019 : Three Months Ended Six Months Ended 2020 2019 2020 2019 (in thousands, except for share data) Net income available to common shareholders $ 92,429 $ 73,296 $ 176,525 $ 183,454 Basic weighted average number of common shares outstanding 403,790,242 331,748,552 403,654,665 331,675,313 Plus: Common stock equivalents 841,603 1,211,250 1,388,518 1,254,046 Diluted weighted average number of common shares outstanding 404,631,845 332,959,802 405,043,183 332,929,359 Earnings per common share: Basic $ 0.23 $ 0.22 $ 0.44 $ 0.55 Diluted 0.23 0.22 0.44 0.55 Common stock equivalents represent the dilutive effect of additional common shares issuable upon the assumed vesting or exercise, if applicable, of restricted stock units and common stock options to purchase Valley’s common shares. Common stock options with exercise prices that exceed the average market price per share 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 equaled approximately 2.7 million shares and 2.3 million shares for the three and six months ended June 30, 2020 , respectively, and 482 thousand shares and 494 thousand shares for the three and six months ended June 30, 2019 , respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020 : Components of Accumulated Other Comprehensive Loss Total Accumulated Other Comprehensive Loss Unrealized Gains and Losses on Available for Sale (AFS) Securities Unrealized Gains and Losses on Derivatives Defined Benefit Pension Plan (in thousands) Balance at March 31, 2020 $ 31,917 $ (4,348 ) $ (34,135 ) $ (6,566 ) Other comprehensive income (loss) before reclassification 3,013 (1,280 ) — 1,733 Amounts reclassified from other comprehensive income 31 (308 ) 172 (105 ) Other comprehensive income (loss), net 3,044 (1,588 ) 172 1,628 Balance at June 30, 2020 $ 34,961 $ (5,936 ) $ (33,963 ) $ (4,938 ) Components of Accumulated Other Comprehensive Loss Total Accumulated Other Comprehensive Loss Unrealized Gains and Losses on Available for Sale (AFS) Securities Unrealized Gains and Losses on Derivatives Defined Benefit Pension Plan (in thousands) Balance at December 31, 2019 $ 5,822 $ (3,729 ) $ (34,307 ) $ (32,214 ) Other comprehensive income (loss) before reclassification 29,081 (2,337 ) — 26,744 Amounts reclassified from other comprehensive income 58 130 344 532 Other comprehensive income (loss), net 29,139 (2,207 ) 344 27,276 Balance at June 30, 2020 $ 34,961 $ (5,936 ) $ (33,963 ) $ (4,938 ) 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 six months ended June 30, 2020 and 2019 : Amounts Reclassified from Accumulated Other Comprehensive Loss Three Months Ended Six Months Ended June 30, Components of Accumulated Other Comprehensive Loss 2020 2019 2020 2019 Income Statement Line Item (in thousands) Unrealized (losses) gains on AFS securities before tax $ (41 ) $ 11 $ (81 ) $ (21 ) (Losses) gains on securities transactions, net Tax effect 10 (3 ) 23 3 Total net of tax (31 ) 8 (58 ) (18 ) Unrealized gains (losses) on derivatives (cash flow hedges) before tax 438 (383 ) (177 ) (673 ) Interest expense Tax effect (130 ) 109 47 191 Total net of tax 308 (274 ) (130 ) (482 ) Defined benefit pension plan: Amortization of actuarial net loss (229 ) (78 ) (465 ) (156 ) * Tax effect 57 23 121 46 Total net of tax (172 ) (55 ) (344 ) (110 ) Total reclassifications, net of tax $ 105 $ (321 ) $ (532 ) $ (610 ) * Amortization of net loss is included in the computation of net periodic pension cost recognized within other non-interest expense.

New Authoritative Accounting Gu

New Authoritative Accounting Guidance	6 Months Ended
	Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]
New Authoritative Accounting Guidance	New Authoritative Accounting Guidance New Accounting Guidance Adopted in 2020 Accounting Standards Update (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 FASB issued an amendment to replace the incurred loss impairment methodology under prior accounting guidance with a new current expected credit loss (CECL) model. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Valley utilizes a two-year reasonable and supportable forecast period followed by a one-year period over which estimated losses revert to historical loss experience for the remaining life of the loan. The measurement of expected credit loss under the CECL methodology is applicable to financial assets measured at amortized cost, including loans, held to maturity investments and purchased financial assets with credit deterioration (PCD) assets. It also applies to certain off-balance sheet credit exposures. Valley adopted ASU No. 2016-13 on January 1, 2020 using the modified retrospective approach for all financial assets measured at amortized cost (except for PCD loans) and off-balance sheet credit exposures. Valley has established a governance structure to implement the CECL accounting guidance and has developed a methodology and set of models to be used. At adoption, Valley recorded a $100.4 million increase to its allowance for credit losses, including reserves of $92.5 million , $7.1 million and $793 thousand related to loans, unfunded credit commitments and held to maturity debt securities, respectively. Of the $92.5 million in loan reserves, $61.6 million represents PCD loan related reserves which were recognized through a gross-up that increases the amortized cost basis of loans with a corresponding increase to the allowance for credit losses, and therefore results in no impact to shareholders' equity. The remaining non-credit discount of $97.7 million related to PCD loans is accreted into interest income over the life of the loans at the effective interest rate effective January 1, 2020. The non-PCD loan related increase to the allowance for credit losses of $38.8 million , including the reserves for unfunded loan commitments and held to maturity debt securities, was offset in shareholders' equity and deferred tax assets. For regulatory capital purposes, in connection with the Federal Reserve Board’s final interim rule as of April 3, 2020, 100 percent of the CECL Day 1 impact to shareholders' equity equaling $28.2 million after-tax will be deferred over a two-year period ending January 1, 2022, at which time it will be phased in on a pro-rata basis over a three-year period ending January 1, 2025. Additionally, 25 percent of the reserve build (i.e., provision for credit losses less net charge-offs) net of taxes will be phased in over the same time frame. ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" eliminates the requirement to calculate the implied fair value of goodwill (i.e., Step 2 of the current goodwill impairment test guidance) to measure a goodwill impairment charge. Instead, an entity will be required to record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (i.e., measure the charge based on Step 1 of the current guidance). In addition, ASU No. 2017-04 eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. However, an entity will be required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU No. 2017-04 was effective for Valley on January 1, 2020 and Valley applied this new guidance in its annual goodwill impairment test performed during the second quarter 2020. New Accounting Guidance issued in 2020 ASU No. 2020-04, "Reference Rate Reform (Topic 848)" provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued, subject to meeting certain criteria. Under the new guidance, an entity can elect by accounting topic or industry subtopic to account for the modification of a contract affected by reference rate reform as a continuation of the existing contract, if certain conditions are met. In addition, the new guidance allows an entity to elect on a hedge-by-hedge basis to continue to apply hedge accounting for hedging relationships in which the critical terms change due to reference rate reform, if certain conditions are met. A one-time election to sell and/or transfer held-to-maturity debt securities that reference a rate affected by reference rate reform is also allowed. ASU No. 2020-04 became effective for all entities as of March 12, 2020 and will apply to all LIBOR reference rate modifications through December 31, 2022.

Fair Value Measurement of Asset

Fair Value Measurement of Assets and Liabilities	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurement of Assets and Liabilities	Fair Value Measurement of Assets and Liabilities ASC Topic 820, “Fair Value Measurements” 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 June 30, 2020 and December 31, 2019 . The assets presented under “nonrecurring fair value measurements” in the tables 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). June 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: Equity securities (1) $ 54,379 $ 46,897 $ — $ — Available for sale: U.S. Treasury securities 52,621 52,621 — — U.S. government agency securities 27,924 — 27,924 — Obligations of states and political subdivisions 147,505 — 146,140 1,365 Residential mortgage-backed securities 1,382,726 — 1,382,726 — Corporate and other debt securities 78,612 — 78,612 — Total available for sale debt securities 1,689,388 52,621 1,635,402 1,365 Loans held for sale (2) 120,599 — 120,599 — Other assets (3) 468,275 — 468,275 — Total assets $ 2,332,641 $ 99,518 $ 2,224,276 $ 1,365 Liabilities Other liabilities (3) $ 170,273 $ — $ 170,273 $ — Total liabilities $ 170,273 $ — $ 170,273 $ — Non-recurring fair value measurements: Collateral dependent loans $ 42,807 $ — $ — $ 42,807 Loan servicing rights 14,373 — — 14,373 Foreclosed assets 6,679 — — 6,679 Total $ 63,859 $ — $ — $ 63,859 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: Equity securities at fair value $ 41,410 $ 41,410 $ — $ — Available for sale: U.S. Treasury securities 50,943 50,943 — — U.S. government agency securities 29,243 — 29,243 — Obligations of states and political subdivisions 170,051 — 169,371 680 Residential mortgage-backed securities 1,254,786 — 1,254,786 — Corporate and other debt securities 61,778 — 61,778 — Total available for sale 1,566,801 50,943 1,515,178 680 Loans held for sale (2) 76,113 — 76,113 — Other assets (3) 158,532 — 158,532 — Total assets $ 1,842,856 $ 92,353 $ 1,749,823 $ 680 Liabilities Other liabilities (3) $ 43,926 $ — $ 43,926 $ — Total liabilities $ 43,926 $ — $ 43,926 $ — Non-recurring fair value measurements: Collateral dependent impaired loans $ 39,075 $ — $ — $ 39,075 Loan servicing rights 1,591 — — 1,591 Foreclosed assets 10,807 — — 10,807 Total $ 51,473 $ — $ — $ 51,473 (1) Includes equity securities measured at net asset value (NAV) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy totaling $7.5 million at June 30, 2020 . (2) Represents residential mortgage loans originated for sale that are carried at fair value and had contractual unpaid principal balances totaling approximately $115.0 million and $74.5 million at June 30, 2020 and December 31, 2019 , respectively. (3) Derivative financial instruments are included in this category. 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. Equity securities. The fair value of equity securities, primarily consists of one publicly traded mutual fund, is derived from quoted market prices in active markets. Equity securities also include Community Reinvestment Act (CRA) investment funds carried at quoted market prices if publicly traded, and at NAV if privately held. Available for sale securities. U.S. Treasury 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. In addition, Valley reviews the volume and level of activity for all available for securities and attempts to identify transactions which may not be orderly or reflective of a significant level of activity and volume. In calculating the fair value of one impaired special revenue bond (within obligations of states and political subdivisions in the table above) under Level 3, Valley prepared its best estimate of the present value of the cash flows to determine an internal price estimate. In determining the internal price, Valley utilized recent financial information and developments provided by the issuer, as well as other unobservable inputs which reflect Valley’s own assumptions about the inputs that market participants would use in pricing of the defaulted security. A quoted price received from an independent pricing service was weighted with the internal price estimate to determine the fair value of the instrument at June 30, 2020 and December 31, 2019 . Loans held for sale. 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. 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. Non-performance risk did not materially impact the fair value of mortgage loans held for sale at June 30, 2020 and December 31, 2019 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 values 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 June 30, 2020 and December 31, 2019 ), is determined based on the current market prices for similar instruments. 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 June 30, 2020 and December 31, 2019 . 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 impaired loans reported at the fair value of the underlying collateral, loan servicing rights and foreclosed assets, which are reported at fair value upon initial recognition or subsequent impairment as described below. Collateral Dependent Loans . Collateral dependent loans are loans when foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and substantially all of the repayment is expected from the collateral. Collateral dependent loans are reported at the fair value of the underlying collateral. Collateral values are estimated using Level 3 inputs, consisting of individual third-party appraisals that may be adjusted based on certain discounting criteria. Certain real estate appraisals may be discounted based on specific market data by location and property type. At June 30, 2020 , collateral dependent loans were individually re-measured and reported at fair value through direct loan charge-offs to the allowance for credit loan losses and/or a specific valuation allowance allocation based on the fair value of the underlying collateral. At June 30, 2020 , collateral dependent loans, primarily consisting of taxi medallion loans, with a total amortized cost of $110.9 million were reduced by specific valuation allowance allocations totaling $68.1 million to a reported total net carrying amount of $42.8 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 June 30, 2020 , the fair value model used a blended prepayment speed (stated as constant prepayment rates) of 17.0 percent and a discount rate of 9.6 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. At June 30, 2020 , certain loan servicing rights were re-measured at fair value totaling $14.4 million . See Note 9 for additional information. 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 using Level 3 inputs, consisting of a third-party appraisal adjusted to the lower of cost or estimated fair value, less estimated cost to sell. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for loan losses. If further declines in the estimated fair value of the asset occur, an asset is re-measured and reported at fair value through a write-down recorded in non-interest expense. There were no discount adjustments of the appraisals of foreclosed assets at June 30, 2020 . 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 June 30, 2020 and December 31, 2019 were as follows: Fair Value Hierarchy June 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 388,753 $ 388,753 $ 256,264 $ 256,264 Interest bearing deposits with banks Level 1 1,521,572 1,521,572 178,423 178,423 Investment securities held to maturity: U.S. Treasury securities Level 1 138,268 147,415 138,352 144,113 U.S. government agency securities Level 2 6,657 6,921 7,345 7,362 Obligations of states and political subdivisions Level 2 466,836 481,736 500,705 513,607 Residential mortgage-backed securities Level 2 1,451,581 1,495,599 1,620,119 1,629,572 Trust preferred securities Level 2 37,335 29,900 37,324 31,382 Corporate and other debt securities Level 2 32,750 33,305 32,250 32,684 Total investment securities held to maturity (1) 2,133,427 2,194,876 2,336,095 2,358,720 Net loans Level 3 32,004,997 31,815,938 29,537,449 28,964,396 Accrued interest receivable Level 1 122,807 122,807 105,637 105,637 Federal Reserve Bank and Federal Home Loan Bank stock (2) Level 2 282,755 282,755 214,421 214,421 Financial liabilities Deposits without stated maturities Level 1 23,155,233 23,155,233 19,467,892 19,467,892 Deposits with stated maturities Level 2 8,272,772 8,335,442 9,717,945 9,747,867 Short-term borrowings Level 2 2,082,880 2,083,500 1,093,280 1,081,879 Long-term borrowings Level 2 2,907,535 3,023,213 2,122,426 2,181,401 Junior subordinated debentures issued to capital trusts Level 2 55,891 44,231 55,718 53,889 Accrued interest payable (3) Level 1 19,148 19,148 33,066 33,066 (1) The carrying amount is presented gross without the allowance for credit losses. (2) Included in other assets. (3) Included in accrued expenses and other liabilities.

Investment Securities

Investment Securities	6 Months Ended
	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities Equity Securities Equity securities carried at fair value totaled $54.4 million and $41.4 million at June 30, 2020 and December 31, 2019 , respectively. Valley's equity securities consist mainly of one publicly traded money market mutual fund totaling $41.8 million and $41.4 million at June 30, 2020 and December 31, 2019 , respectively. The remainder of the balance at June 30, 2020 represents investments made for CRA purposes. Available for Sale Debt Securities The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at June 30, 2020 and December 31, 2019 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) June 30, 2020 U.S. Treasury securities $ 50,940 $ 1,681 $ — $ 52,621 U.S. government agency securities 26,778 1,174 (28 ) 27,924 Obligations of states and political subdivisions: Obligations of states and state agencies 65,620 1,477 (54 ) 67,043 Municipal bonds 79,100 1,363 (1 ) 80,462 Total obligations of states and political subdivisions 144,720 2,840 (55 ) 147,505 Residential mortgage-backed securities 1,340,614 43,039 (927 ) 1,382,726 Corporate and other debt securities 78,225 1,251 (864 ) 78,612 Total investment securities available for sale $ 1,641,277 $ 49,985 $ (1,874 ) $ 1,689,388 December 31, 2019 U.S. Treasury securities $ 50,952 $ 12 $ (21 ) $ 50,943 U.S. government agency securities 28,982 280 (19 ) 29,243 Obligations of states and political subdivisions: Obligations of states and state agencies 78,116 540 (83 ) 78,573 Municipal bonds 90,662 902 (86 ) 91,478 Total obligations of states and political subdivisions 168,778 1,442 (169 ) 170,051 Residential mortgage-backed securities 1,248,814 11,234 (5,262 ) 1,254,786 Corporate and other debt securities 61,261 628 (111 ) 61,778 Total investment securities available for sale $ 1,558,787 $ 13,596 $ (5,582 ) $ 1,566,801 The age of unrealized losses and fair value of related securities available for sale at June 30, 2020 and December 31, 2019 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) June 30, 2020 U.S. government agency securities $ — $ — $ 1,627 $ (28 ) $ 1,627 $ (28 ) Obligations of states and political subdivisions: Obligations of states and state agencies 24,913 (37 ) 1,036 (17 ) 25,949 (54 ) Municipal bonds 210 (1 ) — — 210 (1 ) Total obligations of states and political subdivisions 25,123 (38 ) 1,036 (17 ) 26,159 (55 ) Residential mortgage-backed securities 101,162 (458 ) 49,368 (469 ) 150,530 (927 ) Corporate and other debt securities 27,194 (864 ) — — 27,194 (864 ) Total $ 153,479 $ (1,360 ) $ 52,031 $ (514 ) $ 205,510 $ (1,874 ) December 31, 2019 U.S. Treasury securities $ 25,019 $ (21 ) $ — $ — $ 25,019 $ (21 ) U.S. government agency securities — — 1,783 (19 ) 1,783 (19 ) Obligations of states and political subdivisions: Obligations of states and state agencies 18,540 (21 ) 8,755 (62 ) 27,295 (83 ) Municipal bonds — — 13,177 (86 ) 13,177 (86 ) Total obligations of states and political subdivisions 18,540 (21 ) 21,932 (148 ) 40,472 (169 ) Residential mortgage-backed securities 240,412 (1,194 ) 282,798 (4,068 ) 523,210 (5,262 ) Corporate and other debt securities 5,139 (111 ) — — 5,139 (111 ) Total $ 289,110 $ (1,347 ) $ 306,513 $ (4,235 ) $ 595,623 $ (5,582 ) Within the available for sale debt securities portfolio, the total number of security positions in an unrealized loss position was 95 and 182 at June 30, 2020 and December 31, 2019 , respectively. As of June 30, 2020 , the fair value of available for sale debt securities that were pledged to secure public deposits, repurchase agreements, lines of credit, and for other purposes required by law, was $1.1 billion . The contractual maturities of available for sale debt securities at June 30, 2020 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. June 30, 2020 Amortized Cost Fair Value (in thousands) Due in one year $ 26,643 $ 26,742 Due after one year through five years 97,248 99,501 Due after five years through ten years 104,076 106,154 Due after ten years 72,696 74,265 Residential mortgage-backed securities 1,340,614 1,382,726 Total investment securities available for sale $ 1,641,277 $ 1,689,388 Actual maturities of available for sale 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 was 4.8 years at June 30, 2020 . Impairment Analysis of Available For Sale Debt Securities Valley's available for sale debt securities portfolio includes corporate bonds and special revenue bonds, among other securities, which 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, including due to the economic effects of COVID-19. Available for sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. In performing an assessment of whether any decline in fair value is due to a credit loss, Valley considers the extent to which the fair value is less than the amortized cost, changes in credit ratings, any adverse economic conditions, as well as all relevant information at the individual security level such as credit deterioration of the issuer or collateral underlying the security. In assessing the impairment, Valley compares the present value of cash flows expected to be collected with the amortized cost basis of the security. If it is determined that the decline in fair value was due to credit losses, an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. The non-credit related decrease in the fair value, such as a decline due to changes in market interest rates, is recorded in other comprehensive income, net of tax. Valley also assesses the intent to sell the securities (as well as the likelihood of a near-term recovery). If Valley intends to sell an available for sale debt security or it is more likely than not that Valley will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. The obligations of states and political subdivisions classified as available for sale include special revenue bonds which had an aggregate amortized cost and fair value of $80.2 million and $81.8 million , respectively, at June 30, 2020 . There were $56 thousand in gross unrealized losses associated with the special revenue bonds as of June 30, 2020 . Approximately 54 percent of the special revenue bonds were issued by the states of (or municipalities within) Utah, Illinois, North Carolina and Florida. As part of Valley’s pre-purchase analysis and on-going quarterly assessment of impairment of the obligations of states and political subdivisions, our Credit Risk Management Department conducts a financial analysis and risk rating assessment of each security issuer based on the issuer’s most recently issued financial statements and other publicly available information. These investments are a mix of municipal bonds with investment grade ratings or non-rated revenue bonds paying in accordance with their contractual terms. The vast majority of the bonds not rated by the rating agencies are state housing finance agency revenue bonds secured by Ginnie Mae securities that are commonly referred to as Tax Exempt Mortgage Securities (TEMS). Valley continues to monitor the special revenue bond portfolio as part of its quarterly impairment analysis. Valley has evaluated available for sale debt securities that are in an unrealized loss position as of June 30, 2020 included in the table above and has determined that the declines in fair value are mainly attributable to 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 recognized no impairment during the three and six months ended June 30, 2020 and, as a result, there is no allowance for credit losses for available for sale debt securities at June 30, 2020 . During the three months ended June 30, 2019, Valley recognized a $2.9 million other-than-temporary credit impairment charge on one special revenue bond classified as available for sale (within the obligations of states and state agencies in the tables above). The credit impairment was due to severe credit deterioration disclosed by the issuer in the second quarter of 2019, as well as the issuer's default on its contractual payment. At June 30, 2020 , the impaired security had an adjusted amortized cost and fair value of $680 thousand and $1.4 million , respectively. Valley discontinues the recognition of interest on debt securities if the securities meet both of the following criteria: (i) regularly scheduled interest payments have not been paid or have been deferred by the issuer, and (ii) full collection of all contractual principal and interest payments is not deemed to be the most likely outcome, resulting in the recognition of other-than-temporary impairment of the security. Held to Maturity Debt Securities The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at June 30, 2020 and December 31, 2019 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) June 30, 2020 U.S. Treasury securities $ 138,268 $ 9,147 $ — $ 147,415 U.S. government agency securities 6,657 264 — 6,921 Obligations of states and political subdivisions: Obligations of states and state agencies 280,187 8,569 (545 ) 288,211 Municipal bonds 186,649 6,876 — 193,525 Total obligations of states and political subdivisions 466,836 15,445 (545 ) 481,736 Residential mortgage-backed securities 1,451,581 44,327 (309 ) 1,495,599 Trust preferred securities 37,335 48 (7,483 ) 29,900 Corporate and other debt securities 32,750 556 (1 ) 33,305 Total investment securities held to maturity $ 2,133,427 $ 69,787 $ (8,338 ) $ 2,194,876 December 31, 2019 U.S. Treasury securities $ 138,352 $ 5,761 $ — $ 144,113 U.S. government agency securities 7,345 58 (41 ) 7,362 Obligations of states and political subdivisions: Obligations of states and state agencies 297,454 7,745 (529 ) 304,670 Municipal bonds 203,251 5,696 (10 ) 208,937 Total obligations of states and political subdivisions 500,705 13,441 (539 ) 513,607 Residential mortgage-backed securities 1,620,119 14,803 (5,350 ) 1,629,572 Trust preferred securities 37,324 39 (5,981 ) 31,382 Corporate and other debt securities 32,250 454 (20 ) 32,684 Total investment securities held to maturity $ 2,336,095 $ 34,556 $ (11,931 ) $ 2,358,720 The age of unrealized losses and fair value of related debt securities held to maturity at June 30, 2020 and December 31, 2019 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) June 30, 2020 Obligations of states and political subdivisions: Obligations of states and state agencies $ 10,544 $ (266 ) $ 20,022 $ (279 ) $ 30,566 $ (545 ) Total obligations of states and political subdivisions 10,544 (266 ) 20,022 (279 ) 30,566 (545 ) Residential mortgage-backed securities 37,394 (305 ) 2,710 (4 ) 40,104 (309 ) Trust preferred securities — — 28,499 (7,483 ) 28,499 (7,483 ) Corporate and other debt securities 17,749 (1 ) — — 17,749 (1 ) Total $ 65,687 $ (572 ) $ 51,231 $ (7,766 ) $ 116,918 $ (8,338 ) December 31, 2019 U.S. government agency securities $ 5,183 $ (41 ) $ — $ — $ 5,183 $ (41 ) Obligations of states and political subdivisions: Obligations of states and state agencies 11,178 (55 ) 32,397 (474 ) 43,575 (529 ) Municipal bonds — — 798 (10 ) 798 (10 ) Total obligations of states and political subdivisions 11,178 (55 ) 33,195 (484 ) 44,373 (539 ) Residential mortgage-backed securities 307,885 (1,387 ) 254,915 (3,963 ) 562,800 (5,350 ) Trust preferred securities — — 29,990 (5,981 ) 29,990 (5,981 ) Corporate and other debt securities — — 4,980 (20 ) 4,980 (20 ) Total $ 324,246 $ (1,483 ) $ 323,080 $ (10,448 ) $ 647,326 $ (11,931 ) Within the held to maturity portfolio, the total number of security positions in an unrealized loss position was 26 and 82 at June 30, 2020 and December 31, 2019 , respectively. As of June 30, 2020 , the fair value of debt securities held to maturity that were pledged to secure public deposits, repurchase agreements, lines of credit, and for other purposes required by law, was $1.3 billion . The contractual maturities of investments in debt securities held to maturity at June 30, 2020 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. June 30, 2020 Amortized Cost Fair Value (in thousands) Due in one year $ 92,432 $ 93,313 Due after one year through five years 171,778 179,833 Due after five years through ten years 203,555 215,200 Due after ten years 214,081 210,931 Residential mortgage-backed securities 1,451,581 1,495,599 Total investment securities held to maturity $ 2,133,427 $ 2,194,876 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 3.9 years at June 30, 2020 . Credit Quality Indicators Valley monitors the credit quality of the held to maturity debt securities through the use of the most current credit ratings from external rating agencies. The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at June 30, 2020 and December 31, 2019 . AAA/AA/A Rated BBB rated Non-investment grade rated Non-rated Total (in thousands) June 30, 2020 U.S. Treasury securities $ 138,268 $ — $ — $ — $ 138,268 U.S. government agency securities 6,657 — — — 6,657 Obligations of states and political subdivisions: Obligations of states and state agencies 239,811 — 5,686 34,690 280,187 Municipal bonds 182,140 — — 4,509 186,649 Total obligations of states and political subdivisions 421,951 — 5,686 39,199 466,836 Residential mortgage-backed securities 1,451,581 — — — 1,451,581 Trust preferred securities — — — 37,335 37,335 Corporate and other debt securities — 5,000 — 27,750 32,750 Total investment securities held to maturity $ 2,018,457 $ 5,000 $ 5,686 $ 104,284 $ 2,133,427 December 31, 2019 U.S. Treasury securities $ 138,352 $ — $ — $ — $ 138,352 U.S. government agency securities 7,345 — — — 7,345 Obligations of states and political subdivisions: Obligations of states and state agencies 248,533 5,722 — 43,199 297,454 Municipal bonds 202,642 — — 609 203,251 Total obligations of states and political subdivisions 451,175 5,722 — 43,808 500,705 Residential mortgage-backed securities 1,620,119 — — — 1,620,119 Trust preferred securities — — — 37,324 37,324 Corporate and other debt securities — 5,000 — 27,250 32,250 Total investment securities held to maturity $ 2,216,991 $ 10,722 $ — $ 108,382 $ 2,336,095 Obligations of states and political subdivisions include municipal bonds and revenue bonds issued by various municipal corporations. At June 30, 2020 , most of the obligations of states and political subdivisions were rated investment grade and the "non-rated" category included mostly TEMS securities secured by Ginnie Mae securities. Trust preferred securities consist of non-rated single-issuer securities, issued by bank holding companies. Corporate bonds consist of debt primarily issued by banks. Allowance for Credit Losses for Held to Maturity Debt Securities Valley has a zero loss expectation for certain securities within the held to maturity portfolio, and therefore it is not required to estimate an allowance for credit losses related to these securities under the CECL standard. After an evaluation of qualitative factors, Valley identified the following securities types which it believes qualify for this exclusion: U.S. Treasury securities, U.S. agency securities, residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, and collateralized municipal bonds called TEMS. To measure the expected credit losses on held to maturity debt securities that have loss expectations, Valley estimates the expected credit losses using a discounted cash flow model developed by a third-party. Assumptions used in the model for pools of securities with common risk characteristics include the historical lifetime probability of default and severity of loss in the event of default, with the model incorporating several economic cycles of loss history data to calculate expected credit losses given default at the individual security level. The model is adjusted for a probability weighted multi-scenario economic forecast to estimate future credit losses. Valley uses a two-year reasonable and supportable forecast period followed by a one-year period over which estimated losses revert to historical loss experience for the remaining life of the investment security. The economic forecast methodology and governance for debt securities is aligned with Valley's economic forecast used for the loan portfolio discussed in more detail in Note 8. Accrued interest receivable is excluded from the estimate of credit losses. At June 30, 2020 , held to maturity debt securities were carried net of allowance for credit losses totaling $1.6 million . The provision was not material during three and six months ended June 30, 2020 , respectively, and there were no net charge-offs of debt securities in the respective periods.

Loans and Allowance for Credit

Loans and Allowance for Credit Losses for Loans	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Loans and Allowance for Credit Losses for Loans	Loans and Allowance for Credit Losses for Loans The detail of the loan portfolio as of June 30, 2020 and December 31, 2019 was as follows: June 30, 2020 December 31, 2019 (in thousands) Loans: Commercial and industrial * $ 6,884,689 $ 4,825,997 Commercial real estate: Commercial real estate 16,571,877 15,996,741 Construction 1,721,352 1,647,018 Total commercial real estate loans 18,293,229 17,643,759 Residential mortgage 4,405,147 4,377,111 Consumer: Home equity 471,115 487,272 Automobile 1,369,489 1,451,623 Other consumer 890,942 913,446 Total consumer loans 2,731,546 2,852,341 Total loans $ 32,314,611 $ 29,699,208 * Includes $2.2 billion of loans originated under the SBA Paycheck Protection Program (PPP), net of unearned fees totaling $62.1 million at June 30, 2020. Total loans includes net unearned discounts and deferred loan fees of $131.3 million at June 30, 2020 and net unearned premiums and deferred loan costs of $12.6 million at December 31, 2019 . Net unearned discounts and deferred loan fees at June 30, 2020 include the non-credit discount on PCD loans and net unearned fees related to SBA PPP loans. Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $104.2 million and $86.3 million at June 30, 2020 and December 31, 2019 , respectively, and is presented separately in the consolidated statements of financial condition . Valley transferred and sold approximately $30.0 million and $216.3 million of residential mortgage loans from the loan portfolio to loans held for sale during the six months ended June 30, 2020 and 2019 , respectively. Excluding the loan transfers, there were no sales of loans from the held for investment portfolio during the six months ended June 30, 2020 and 2019 . 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 appetite. Management reviews and approves these policies and procedures on a regular basis with subsequent approval by the Board of Directors annually. Credit authority relating to a significant dollar percentage of the overall portfolio is centralized and controlled by the Credit Risk Management Division and by the Credit Committee. A reporting system supplements the management review process by providing management with frequent reports concerning loan production, loan quality, 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. See Valley’s Annual Report on Form 10-K for the year ended December 31, 2019 for further details. Credit Quality Loans are deemed to be past due when the contractually required principal and interest payments have not been received as they become due. Loans are placed on non-accrual status generally, when they become 90 days past due and the full and timely collection of principal and interest becomes uncertain. When a loan is placed on non-accrual status, interest accruals cease and uncollected accrued interest is reversed and charged against current income. Cash collections from non-accrual loans are generally applied against principal, and no interest income is recognized on these loans until the principal balance has been determined to be fully collectible. A loan in which the borrowers’ obligation has not been released in bankruptcy courts may be restored to an accruing basis when it becomes well secured and is in the process of collection, or all past due amounts become current under the loan agreement and collectability is no longer doubtful. The following table presents past due, current and non-accrual loans without an allowance for credit losses by loan portfolio class (including PCD loans) at June 30, 2020 . Past Due and Non-Accrual Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 Days or More Past Due Loans Non-Accrual Loans Total Past Due Loans Current Loans Total Loans Non-Accrual Loans Without Allowance for Credit Losses (in thousands) June 30, 2020 Commercial and industrial $ 6,206 $ 4,178 $ 5,220 $ 130,876 $ 146,480 $ 6,738,209 $ 6,884,689 $ 13,501 Commercial real estate: Commercial real estate 13,912 1,543 — 43,678 59,133 16,512,744 16,571,877 40,476 Construction — — — 3,308 3,308 1,718,044 1,721,352 2,830 Total commercial real estate loans 13,912 1,543 — 46,986 62,441 18,230,788 18,293,229 43,306 Residential mortgage 35,263 4,169 3,812 25,776 69,020 4,336,127 4,405,147 13,717 Consumer loans: Home equity 3,236 864 363 5,326 9,789 461,326 471,115 145 Automobile 8,254 2,171 1,173 1,621 13,219 1,356,270 1,369,489 — Other consumer 1,472 751 546 — 2,769 888,173 890,942 — Total consumer loans 12,962 3,786 2,082 6,947 25,777 2,705,769 2,731,546 145 Total $ 68,343 $ 13,676 $ 11,114 $ 210,585 $ 303,718 $ 32,010,893 $ 32,314,611 $ 70,669 The following table presents past due, non-accrual and current loans by loan portfolio class at December 31, 2019 . At December 31, 2019 , purchased credit-impaired (PCI) loans were excluded from past due and non-accrual loans reported because they continued to earn interest income from the accretable yield at the pool level. The PCI loan pools are accounted for as PCD loans (on a loan level basis with a related allowance for credit losses) under the CECL standard adopted at January 1, 2020 and reported in the past due loans and non-accrual loans in the tables above at June 30, 2020 . Past Due and Non-Accrual Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 Days or More Past Due Loans Non-Accrual Loans Total Past Due Loans Current Non-PCI Loans PCI Loans (in thousands) December 31, 2019 Commercial and industrial $ 11,700 $ 2,227 $ 3,986 $ 68,636 $ 86,549 $ 4,057,434 $ 682,014 Commercial real estate: Commercial real estate 2,560 4,026 579 9,004 16,169 10,886,724 5,093,848 Construction 1,486 1,343 — 356 3,185 1,492,532 151,301 Total commercial real estate loans 4,046 5,369 579 9,360 19,354 12,379,256 5,245,149 Residential mortgage 17,143 4,192 2,042 12,858 36,235 3,760,707 580,169 Consumer loans: Home equity 1,051 80 — 1,646 2,777 373,243 111,252 Automobile 11,482 1,581 681 334 14,078 1,437,274 271 Other consumer 1,171 866 30 224 2,291 900,411 10,744 Total consumer loans 13,704 2,527 711 2,204 19,146 2,710,928 122,267 Total $ 46,593 $ 14,315 $ 7,318 $ 93,058 $ 161,284 $ 22,908,325 $ 6,629,599 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 internal loan classification risk by loan portfolio class by origination year (including PCD loans) based on the most recent analysis performed at June 30, 2020 : Term Loans Amortized Cost Basis by Origination Year June 30, 2020 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Commercial and industrial Risk Rating: Pass $ 2,680,515 $ 697,134 $ 644,080 $ 306,259 $ 169,439 $ 422,608 $ 1,705,273 $ 466 $ 6,625,774 Special Mention 77 9,522 1,408 10,669 11,138 15,595 45,635 88 94,132 Substandard 5,963 7,356 1,269 2,155 3,331 13,704 13,040 57 46,875 Doubtful — 1,340 — 17,577 — 97,769 1,222 — 117,908 Total commercial and industrial $ 2,686,555 $ 715,352 $ 646,757 $ 336,660 $ 183,908 $ 549,676 $ 1,765,170 $ 611 $ 6,884,689 Commercial real estate Risk Rating: Pass $ 1,589,407 $ 3,175,366 $ 2,480,315 $ 2,059,141 $ 1,957,684 $ 4,775,400 $ 198,836 $ 12,031 $ 16,248,180 Special Mention — 18,913 31,799 18,620 32,853 73,609 3,496 — 179,290 Substandard 4,783 100 10,855 18,186 5,636 102,424 — — 141,984 Doubtful — — — 811 — 1,612 — — 2,423 Total commercial real estate $ 1,594,190 $ 3,194,379 $ 2,522,969 $ 2,096,758 $ 1,996,173 $ 4,953,045 $ 202,332 $ 12,031 $ 16,571,877 Construction Risk Rating: Pass $ 43,118 $ 135,181 $ 160,452 $ 28,928 $ 49,000 $ 99,014 $ 1,186,010 $ — $ 1,701,703 Special Mention — — — — 9,774 435 6,114 — 16,323 Substandard — — — — 2,405 921 — — 3,326 Total construction $ 43,118 $ 135,181 $ 160,452 $ 28,928 $ 61,179 $ 100,370 $ 1,192,124 $ — $ 1,721,352 For residential mortgages, automobile, home equity and other consumer loan portfolio classes, 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 amortized cost in those loan classes (including PCD loans) based on payment activity by origination year as of June 30, 2020 . Term Loans Amortized Cost Basis by Origination Year June 30, 2020 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Residential mortgage Performing $ 414,014 $ 827,300 $ 851,792 $ 701,366 $ 426,897 $ 1,097,287 $ 73,757 $ — $ 4,392,413 90 days or more past due — 1,316 2,973 3,880 4,565 — — — 12,734 Total residential mortgage $ 414,014 $ 828,616 $ 854,765 $ 705,246 $ 431,462 $ 1,097,287 $ 73,757 $ — $ 4,405,147 Consumer loans Home equity Performing $ 3,816 $ 12,678 $ 15,090 $ 11,387 $ 6,941 $ 18,823 $ 347,142 $ 53,086 $ 468,963 90 days or more past due — — — — 25 321 1,046 760 2,152 Total home equity 3,816 12,678 15,090 11,387 6,966 19,144 348,188 53,846 471,115 Automobile Performing 184,095 524,849 338,665 200,947 75,553 42,550 — — 1,366,659 90 days or more past due 49 921 824 620 197 219 — — 2,830 Total automobile 184,144 525,770 339,489 201,567 75,750 42,769 — — 1,369,489 Other Consumer Performing 910 6,286 13,232 1,306 1,723 12,179 854,340 408 890,384 90 days or more past due — 15 — — — 4 539 — 558 Total other consumer 910 6,301 13,232 1,306 1,723 12,183 854,879 408 890,942 Total Consumer $ 188,870 $ 544,749 $ 367,811 $ 214,260 $ 84,439 $ 74,096 $ 1,203,067 $ 54,254 $ 2,731,546 The following table presents the credit exposure by internally assigned risk rating by class of loans (excluding PCI loans) based on the most recent analysis performed at December 31, 2019 : Credit exposure— by internally assigned risk rating Special Total Non-PCI Pass Mention Substandard Doubtful Loans (in thousands) December 31, 2019 Commercial and industrial $ 3,982,453 $ 33,718 $ 66,511 $ 61,301 $ 4,143,983 Commercial real estate 10,781,587 77,884 42,560 862 10,902,893 Construction 1,487,877 7,486 354 — 1,495,717 Total $ 16,251,917 $ 119,088 $ 109,425 $ 62,163 $ 16,542,593 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 is presented above, and by payment activity. The following table presents the recorded investment in those loan classes based on payment activity as of December 31, 2019 : Credit exposure— by payment activity Performing Loans Non-Performing Loans Total Non-PCI Loans (in thousands) December 31, 2019 Residential mortgage $ 3,784,084 $ 12,858 $ 3,796,942 Home equity 374,374 1,646 376,020 Automobile 1,451,018 334 1,451,352 Other consumer 902,478 224 902,702 Total $ 6,511,954 $ 15,062 $ 6,527,016 The following table summarizes information pertaining to loans that were identified as PCI loans by class based on individual loan payment activity as of December 31, 2019 : Credit exposure— by payment activity Performing Loans Non-Performing Loans Total Non-PCI Loans (in thousands) December 31, 2019 Commercial and industrial $ 653,997 $ 28,017 $ 682,014 Commercial real estate 5,065,388 28,460 5,093,848 Construction 148,692 2,609 151,301 Residential mortgage 571,006 9,163 580,169 Consumer 120,356 1,911 122,267 Total $ 6,559,439 $ 70,160 $ 6,629,599 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). At the adoption of ASU 2016-13, Valley was not required to reassess whether modifications to individual PCI loans prior to January 1, 2020 met the TDR loan criteria. 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 $53.9 million and $73.0 million as of June 30, 2020 and December 31, 2019 , respectively. Non-performing TDRs totaled $85.6 million and $65.1 million as of June 30, 2020 and December 31, 2019 , respectively. The following table presents the pre- and post-modification amortized cost of loans by loan class modified as TDRs (excluding PCI loans prior to the adoption of ASU 2016-13) during the three and six months ended June 30, 2020 and 2019 . Post-modification amounts are presented as of June 30, 2020 and 2019 . Three Months Ended June 30, 2020 2019 Troubled Debt Restructurings Number of Contracts Pre-Modification Amortized Carrying Amount Post-Modification Amortized Carrying Amount Number of Contracts Pre-Modification Amortized Carrying Amount Post-Modification Amortized Carrying Amount ($ in thousands) Commercial and industrial 4 $ 9,052 $ 7,047 17 $ 14,663 $ 14,187 Commercial real estate: Commercial real estate 1 885 900 1 3,067 3,067 Construction 2 435 218 — — — Total commercial real estate 3 1,320 1,118 1 3,067 3,067 Residential mortgage — — — 1 155 155 Total 7 $ 10,372 $ 8,165 19 $ 17,885 $ 17,409 Six Months Ended June 30, 2020 2019 Troubled Debt Restructurings Number of Contracts Pre-Modification Amortized Carrying Amount Post-Modification Amortized Carrying Amount Number of Contracts Pre-Modification Amortized Carrying Amount Post-Modification Amortized Carrying Amount ($ in thousands) Commercial and industrial 20 $ 22,196 $ 19,674 53 $ 38,216 $ 37,248 Commercial real estate: Commercial real estate 2 4,748 4,762 2 4,665 4,665 Construction 2 435 218 — — — Total commercial real estate 4 5,183 4,980 2 4,665 4,665 Residential mortgage — — — 1 155 155 Total 24 $ 27,379 $ 24,654 56 $ 43,036 $ 42,068 The total TDRs presented in the above table had allocated reserves for loan losses of $8.4 million and $11.7 million at June 30, 2020 and 2019 , respectively. There were $2.9 million and $3.7 million of partial charge-offs related to TDRs for the three and six months ended June 30, 2020 , respectively. There were $1.1 million and $2.0 million of partial charge-offs related to TDRs for the three and six months ended June 30, 2019 , respectively. Valley did not extend any commitments to lend additional funds to borrowers whose loans have been modified as TDRs during the three and six months ended June 30, 2020 and 2019 . Loans modified as TDRs (excluding PCI loan modifications prior to the adoption of ASU 2016-13) within the previous 12 months and for which there was a payment default ( 90 or more days past due) for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, 2020 2019 Troubled Debt Restructurings Subsequently Defaulted Number of Contracts Amortized Cost Number of Contracts Recorded Investment ($ in thousands) Commercial and industrial 20 $ 14,986 18 $ 12,322 Commercial real estate — — 1 383 Residential mortgage 1 220 — — Consumer 2 204 — — Total 23 $ 15,410 19 $ 12,705 Six Months Ended June 30, 2020 2019 Troubled Debt Restructurings Subsequently Defaulted Number of Contracts Amortized Cost Number of Contracts Recorded Investment ($ in thousands) Commercial and industrial 20 $ 14,986 18 $ 12,322 Commercial real estate — — 1 383 Residential mortgage 1 220 2 215 Consumer 2 204 1 18 Total 23 $ 15,410 22 $ 12,938 In response to the COVID-19 pandemic and its economic impact to certain customers, Valley implemented short-term loan modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that were insignificant, when requested by customers. These modifications complied with the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide temporary payment relief to those borrowers directly impacted by COVID-19 who were not more than 30 days past due as of December 31, 2019. Generally, the modification terms allow for a deferral of payments for up to 90 days, which Valley may extend for an additional 90 days, for a maximum of 180 days on a cumulative and successive basis. As of June 30, 2020 , Valley had approximately 7,000 loans totaling approximately $3.1 billion in their contractual deferred payment period in accordance with short-term modification terms. Under the applicable guidance, none of these loans were considered TDRs as of June 30, 2020 . Loans in Process of Foreclosure. Other real estate owned (OREO) totaled $8.3 million and $9.4 million at June 30, 2020 and December 31, 2019 , respectively. OREO included foreclosed residential real estate properties totaling $2.5 million and $2.1 million at June 30, 2020 and December 31, 2019 , respectively. Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $1.8 million and $2.8 million at June 30, 2020 and December 31, 2019 , respectively. Allowance for Credit Losses for Loans The allowance for credit losses for loans under the new CECL standard adopted on January 1, 2020, consisted of: (1) the allowance for loan losses and (2) the allowance for unfunded credit commitments. Prior periods reflect the allowance for credit losses for loans under the incurred loss model. The following table summarizes the allowance for credit losses for loans at June 30, 2020 and December 31, 2019 : June 30, December 31, (in thousands) Components of allowance for credit losses for loans: Allowance for loan losses $ 309,614 $ 161,759 Allowance for unfunded credit commitments 10,109 2,845 Total allowance for credit losses for loans $ 319,723 $ 164,604 The following table summarizes the provision for credit losses for loans for the periods indicated: Three Months Ended Six Months Ended 2020 2019 2020 2019 (in thousands) Components of provision for credit losses for loans: Provision for loan losses $ 41,025 $ 3,706 $ 74,876 $ 11,562 Provision for unfunded credit commitments 90 (1,606 ) 163 (1,462 ) Total provision for credit losses for loans $ 41,115 $ 2,100 $ 75,039 $ 10,100 Allowance for Loan Losses The allowance for loan losses is a valuation account that is deducted from loans' amortized cost basis to present the net amount expected to be collected on loans. Valley's methodology to establish the allowance for loan losses has two basic components: (1) a collective (pooled) reserve component for estimated lifetime expected credit losses for pools of loans that share similar risk characteristics and (2) an individual reserve component for loans that do not share common risk characteristics. Reserves for loans that share common risk characteristics. In estimating the component of the allowance on a collective basis, Valley uses a transition matrix model which calculates an expected life of loan loss percentage for each loan pool by generating probability of default and loss given default metrics. The metrics are based on the migration of loans from performing to loss by credit quality rating or delinquency categories using historical life-of-loan analysis periods for each loan portfolio pool, and the severity of loss, based on the aggregate net lifetime losses incurred. The model's expected losses based on loss history are adjusted for qualitative factors. Among other things, these adjustments include and account for differences in: (i) lending policies and procedures, (ii) current business conditions and economic developments that affect the loan collectability, (iii) concentration risks by size, type, and geography, (iv) the potential volume and migration of loan forbearances to non-performing status, and (v) the effect of external factors such as legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. Valley utilizes a two-year reasonable and supportable forecast period followed by a one-year period over which estimated losses revert to historical loss experience for the remaining life of the loan. The forecasts consist of a multi-scenario economic forecast model to estimate future credit losses that is governed by a cross-functional committee. The committee meets each quarter to determine which economic scenarios developed by Moody's will be incorporated into the model, as well as the relative probability weightings of the selected scenarios, based upon all readily available information. The model projects economic variables under each scenario based on detailed statistical analyses. Valley has identified and selected key variables that most closely correlated to our historical credit performance, which include: GDP, unemployment and the Case-Shiller Home Price Index. Reserves for loans that that do not share common risk characteristics. Valley measures specific reserves for individual loans that do not share common risk characteristics with other loans, consisting of collateral dependent, TDR, and expected TDR loans, based on the amount of lifetime expected credit losses calculated on those loans and charge-offs of those amounts determined to be uncollectible. Factors considered by Valley in measuring the extent of expected credit loss include payment status, collateral value, borrower financial condition, guarantor support and the probability of collecting scheduled principal and interest payments when due. If repayment is based upon future expected cash flows, the present value of the expected future cash flows discounted at the loan’s original effective interest rate is compared to the carrying value of the loan, and any shortfall is recorded as the allowance for credit losses. The effective interest rate used to discount expected cash flows is adjusted to incorporate expected prepayments, if applicable . When Valley determines that foreclosure is probable, collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) of each loan’s underlying collateral resulting in an immediate charge-off to the allowance, excluding any consideration for personal guarantees that may be pursued in the Bank’s collection process. Valley elected a practical expedient to use the estimated current fair value (less estimated selling costs) of the collateral to measure expected credit losses on collateral dependent loans when foreclosure is not probable. The following table presents collateral dependent loans by class as of June 30, 2020 : June 30, (in thousands) Commercial and industrial $ 124,323 Commercial real estate: Commercial real estate 51,386 Construction 2,830 Total commercial real estate loans 54,216 Residential mortgage 15,581 Home equity 276 Total $ 194,396 Commercial and industrial loans are primarily collateralized by taxi medallions in the table above. Commercial real estate loans are collateralized by real estate and construction loans are generally secured by the real estate to be developed and may also be secured by additional real estate to mitigate the risk. Residential and home equity loans are collateralized by residential real estate. Allowance for Unfunded Credit Commitments The allowance for unfunded credit commitments generally consists of undisbursed non-cancellable lines of credit, new loan commitments and commercial letters of credit valued using a similar methodology as used for loans. Management's estimate of expected losses inherent in these off-balance sheet credit exposures also incorporates estimated usage factors over the commitment's contractual period or an expected pull-through rate for new loan commitments. The allowance for unfunded credit commitments totaling $10.1 million at June 30, 2020 is included in accrued expenses and other liabilities on the consolidated statements of financial condition. The following table details the activity in the allowance for loan losses by loan portfolio segment for three and six months ended June 30, 2020 and 2019 : Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Total (in thousands) Three Months Ended Allowance for loan losses: Beginning balance $ 127,437 $ 111,585 $ 29,456 $ 14,864 $ 283,342 Loans charged-off (14,024 ) (27 ) (5 ) (2,601 ) (16,657 ) Charged-off loans recovered 799 51 545 509 1,904 Net (charge-offs) recoveries (13,225 ) 24 540 (2,092 ) (14,753 ) Provision for loan losses 17,827 20,093 (366 ) 3,471 41,025 Ending balance $ 132,039 $ 131,702 $ 29,630 $ 16,243 $ 309,614 Three Months Ended Allowance for losses: Beginning balance $ 94,630 $ 47,762 $ 5,139 $ 6,850 $ 154,381 Loans charged-off (3,073 ) — — (1,752 ) (4,825 ) Charged-off loans recovered 1,195 22 9 617 1,843 Net (charge-offs) recoveries (1,878 ) 22 9 (1,135 ) (2,982 ) Provision for loan losses 1,632 1,194 71 809 3,706 Ending balance $ 94,384 $ 48,978 $ 5,219 $ 6,524 $ 155,105 Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Total (in thousands) Six Months Ended Allowance for loan losses: Beginning balance $ 104,059 $ 45,673 $ 5,060 $ 6,967 $ 161,759 Impact of ASU 2016-13 adoption* 15,169 49,797 20,575 6,990 92,531 Loans charged-off (17,384 ) (71 ) (341 ) (5,166 ) (22,962 ) Charged-off loans recovered 1,368 144 595 1,303 3,410 Net (charge-offs) recoveries (16,016 ) 73 254 (3,863 ) (19,552 ) Provision for loan losses 28,827 36,159 3,741 6,149 74,876 Ending balance $ 132,039 $ 131,702 $ 29,630 $ 16,243 $ 309,614 Six Months Ended Allowance for losses: Beginning balance $ 90,956 $ 49,650 $ 5,041 $ 6,212 $ 151,859 Loans charged-off (7,355 ) — (15 ) (3,780 ) (11,150 ) Charged-off loans recovered 1,678 43 10 1,103 2,834 Net (charge-offs) recoveries (5,677 ) 43 (5 ) (2,677 ) (8,316 ) Provision for loan losses 9,105 (715 ) 183 2,989 11,562 Ending balance $ 94,384 $ 48,978 $ 5,219 $ 6,524 $ 155,105 * Includes a $61.6 million reclassification adjustment representing the estimated expected credit losses for PCD loans. The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology at June 30, 2020 and December 31, 2019 . Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Total (in thousands) June 30, 2020 Allowance for loan losses: Individually evaluated for credit losses $ 69,333 $ 1,237 $ 430 $ 498 $ 71,498 Collectively evaluated for credit losses 62,706 130,465 29,200 15,745 238,116 Total $ 132,039 $ 131,702 $ 29,630 $ 16,243 $ 309,614 Loans: Individually evaluated for credit losses $ 138,120 $ 77,914 $ 22,148 $ 3,096 $ 241,278 Collectively evaluated for credit losses 6,746,569 18,215,315 4,382,999 2,728,450 32,073,333 Total $ 6,884,689 $ 18,293,229 $ 4,405,147 $ 2,731,546 $ 32,314,611 December 31, 2019 Allowance for loan losses: Individually evaluated for credit losses $ 36,662 $ 1,338 $ 518 $ 58 $ 38,576 Collectively evaluated for credit losses 67,397 44,335 4,542 6,909 123,183 Total $ 104,059 $ 45,673 $ 5,060 $ 6,967 $ 161,759 Loans: Individually evaluated for credit losses $ 100,860 $ 51,242 $ 10,689 $ 853 $ 163,644 Collectively evaluated for credit losses 4,043,123 12,347,368 3,786,253 2,729,221 22,905,965 Loans acquired with discounts related to credit quality 682,014 5,245,149 580,169 122,267 6,629,599 Total $ 4,825,997 $ 17,643,759 $ 4,377,111 $ 2,852,341 $ 29,699,208 Impaired loans . Impaired loans disclosures presented below as of December 31, 2019 represent requirements prior to the adoption of ASU No. 2016-13 on January 1, 2020. Impaired loans, consisting of non-accrual commercial and industrial loans, commercial real estate loans over $250 thousand and all loans which were modified in troubled debt restructurings, were individually evaluated for impairment. PCI loans were not classified as impaired loans because they are accounted for on a pool basis. The following table presents information about impaired loans by loan portfolio class at December 31, 2019 : Recorded Investment With No Related Allowance Recorded Investment With Related Allowance Total Recorded Investment Unpaid Contractual Principal Balance Related Allowance (in thousands) December 31, 2019 Commercial and industrial $ 14,617 $ 86,243 $ 100,860 $ 114,875 $ 36,662 Commercial real estate: Commercial real estate 26,046 24,842 50,888 51,258 1,338 Construction 354 — 354 354 — Total commercial real estate loans 26,400 24,842 51,242 51,612 1,338 Residential mortgage 5,836 4,853 10,689 11,800 518 Consumer loans: Home equity 366 487 853 956 58 Total consumer loans 366 487 853 956 58 Total $ 47,219 $ 116,425 $ 163,644 $ 179,243 $ 38,576 Purchased Credit-Impaired Loans The table below includes disclosure requirements prior to the adoption of ASU No. 2016-13 on January 1, 2020, and presents the changes in the accretable yield for PCI loans during the three and six months ended June 30, 2019: Three Months Ended Six Months Ended (in thousands) Balance, beginning of period $ 890,771 $ 875,958 Accretion (55,014 ) (108,506 ) Net increase in expected cash flows 18,130 86,435 Balance, end of period $ 853,887 $ 853,887

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2020
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 our business segments, or reporting units thereof, for goodwill impairment analysis were: Business Segment / Reporting Unit* Wealth Consumer Commercial Investment Total (in thousands) Balance at December 31, 2019 $ 21,218 $ 306,572 $ 825,767 $ 220,068 $ 1,373,625 Goodwill from business combinations — 121 1,654 9 1,784 Balance at June 30, 2020 $ 21,218 $ 306,693 $ 827,421 $ 220,077 $ 1,375,409 * 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. During the six months ended June 30, 2020 , Valley recorded additional goodwill as set forth in the table above related to the Oritani acquisition, reflecting the effect of the combined adjustments to the fair value of certain loans and deferred tax assets as of the acquisition date. Certain estimates for acquired assets and assumed liabilities are subject to change for up to one year after the acquisition date. See Note 2 for details. During the second quarter 2020 , Valley performed the annual goodwill impairment test at its normal assessment date. As a result, there was no charge for impairment of goodwill during the three and six months ended June 30, 2020 and 2019 . The following table summarizes other intangible assets as of June 30, 2020 and December 31, 2019 : Gross Intangible Assets Accumulated Amortization Valuation Allowance Net Intangible Assets (in thousands) June 30, 2020 Loan servicing rights $ 98,127 $ (74,624 ) $ (825 ) $ 22,678 Core deposits 101,160 (47,118 ) — 54,042 Other 3,945 (2,744 ) — 1,201 Total other intangible assets $ 203,232 $ (124,486 ) $ (825 ) $ 77,921 December 31, 2019 Loan servicing rights $ 94,827 $ (70,095 ) $ (47 ) $ 24,685 Core deposits 101,160 (40,384 ) — 60,776 Other 3,945 (2,634 ) — 1,311 Total other intangible assets $ 199,932 $ (113,113 ) $ (47 ) $ 86,772 Loan servicing rights are accounted for using the amortization method. Under this method, Valley amortizes the loan servicing assets over the period of the economic life of the assets arising from 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. Valley recorded net impairment charges on its loan servicing rights totaling $669 thousand and $778 thousand for the three and six months ended June 30, 2020 , respectively. Valley recorded net recoveries of impairment charges on its loan servicing rights totaling $107 thousand and $83 thousand for the three and six months ended June 30, 2019 , respectively. 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. Core deposits are amortized using an accelerated method and have a weighted average amortization period of 8.9 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 7.6 years . Valley evaluates core deposits and other intangibles for impairment when an indication of impairment exists. No impairment was recognized during the three and six months ended June 30, 2020 and 2019 . The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2020 through 2024 : Loan Servicing Rights Core Deposits Other (in thousands) 2020 $ 5,161 $ 6,629 $ 110 2021 4,179 11,607 206 2022 3,226 9,876 191 2023 2,483 8,146 131 2024 1,931 6,537 117 Valley recognized amortization expense on other intangible assets, including net impairment (or recovery of impairment) charges on loan servicing rights, totaling approximately $6.7 million and $4.2 million for the three months ended June 30, 2020 and 2019 , respectively, and $12.2 million and $8.5 million for the six months ended June 30, 2020 and 2019 , respectively.

Borrowed Funds

Borrowed Funds	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Borrowed Funds	Borrowed Funds Short-Term Borrowings Short-term borrowings at June 30, 2020 and December 31, 2019 consisted of the following: June 30, December 31, (in thousands) FHLB advances $ 1,235,000 $ 940,000 Federal funds purchased 678,900 — Securities sold under agreements to repurchase 168,980 153,280 Total short-term borrowings $ 2,082,880 $ 1,093,280 The contractual weighted average interest rate for short-term borrowings was 0.37 percent and 1.68 percent at June 30, 2020 and December 31, 2019 , respectively. Short-term FHLB advances totaling $500 million were hedged with cash flow interest rate swaps during the six months ended June 30, 2020 . See Note 12 for additional details. Long-Term Borrowings Long-term borrowings at June 30, 2020 and December 31, 2019 consisted of the following: June 30, December 31, (in thousands) FHLB advances, net (1) $ 2,153,052 $ 1,480,012 Subordinated debt, net (2) 404,455 292,414 Securities sold under agreements to repurchase 350,000 350,000 Other 28 — Total long-term borrowings $ 2,907,535 $ 2,122,426 (1) FHLB advances are presented net of unamortized prepayment penalties and other purchase accounting adjustments totaling $1.2 million and $2.8 million at June 30, 2020 and December 31, 2019, respectively. (2) Subordinated debt is presented net of unamortized debt issuance costs totaling $2.9 million and $1.2 million at June 30, 2020 and December 31, 2019, respectively. FHLB advances. Long-term FHLB advances had a weighted average interest rate of 2.13 percent and 2.23 percent at June 30, 2020 and December 31, 2019 , respectively. FHLB advances are secured by pledges of certain eligible collateral, including but not limited to, U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgage and commercial real estate loans. The long-term FHLB advances at June 30, 2020 are scheduled for contractual balance repayments as follows: Year Amount (in thousands) 2020 $ 30,000 2021 994,769 2022 121,420 2023 428,164 2024 300,000 Thereafter 279,931 Total long-term FHLB advances $ 2,154,284 There are no FHLB advances with scheduled repayments in years 2020 and thereafter, reported in the table above, which are callable for early redemption by the FHLB during 2020. Securities sold under agreements to repurchase (repos). The long-term repos had a weighted average interest rate of 2.88 percent and 1.94 percent at June 30, 2020 and December 31, 2019 , respectively. The long-term repos at June 30, 2020 are scheduled for contractual balance repayments as follows: Year Amount (in thousands) 2021 $ 300,000 2022 50,000 Total long-term securities sold under agreements to repurchase $ 350,000 Subordinated debt. On June 5, 2020, Valley issued $115.0 million of 5.25 percent Fixed-to-Floating Rate subordinated notes due June 15, 2030. Interest on the subordinated notes during the initial five year term through June 15, 2025 is payable semi-annually on June 15 and December 15. Thereafter, interest is expected to be set based on Three-Month Term SOFR plus 514 basis points and paid quarterly through maturity of the notes. The subordinated notes had a carrying value of $113.1 million at June 30, 2020 , net of debt issuance costs. Valley also had the following subordinated debt outstanding at June 30, 2020 : • $100 million of 4.55 percent subordinated notes due July 30, 2025 with no call dates or prepayments allowed unless certain conditions exist; • $125 million of 5.125 percent subordinated notes due September 27, 2023 with no call dates or prepayments allowed, unless certain conditions exist; and • $60 million of 6.25 percent subordinated notes due April 1, 2026 and callable beginning April 1, 2021. See Note 11 in Valley’s Annual Report on Form 10-K for the year ended December 31, 2019 for further details.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock–Based Compensation Valley currently has one active employee stock plan, the 2016 Long-Term Stock Incentive Plan (the 2016 Stock Plan), adopted by Valley’s Board of Directors on January 29, 2016 and approved by its shareholders on April 28, 2016. The 2016 Stock Plan is administered by the Compensation and Human Resources Committee (the Committee) appointed by Valley's Board of Directors. The Committee can grant awards to officers and key employees of Valley. The primary purpose of the 2016 Stock Plan is to provide additional incentive to officers and key employees of Valley and its subsidiaries, whose substantial contributions are essential to the continued growth and success of Valley, and to attract and retain competent and dedicated officers and other key employees whose efforts will result in the continued and long-term growth of Valley’s business. Under the 2016 Stock Plan, Valley may award 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) to its employees and non-employee directors (for acting in their roles as board members). As of June 30, 2020 , 2.5 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. Restricted Stock Units (RSUs). Valley granted 142 thousand and 92 thousand of time-based RSUs during the three months ended June 30, 2020 and 2019 , respectively, and 1.2 million and 826 thousand during the six months ended June 30, 2020 and 2019 , respectively. Generally, time-based RSUs vest ratably one-third each year over a three-year vesting period. The average grant date fair value of the RSUs granted during the six months ended June 30, 2020 and 2019 was $10.48 per share and $10.40 per share, respectively. Valley granted 589 thousand and 532 thousand of performance-based RSUs to certain executive officers for the six months ended June 30, 2020 and 2019 , respectively. The performance-based RSU awards include RSUs with vesting conditions based upon certain levels of growth in Valley's tangible book value per share plus dividends and RSUs with vesting conditions based upon Valley's total shareholder return as compared to our peer group. The RSUs “cliff” vest after three years based on the cumulative performance of Valley during that time period. The RSUs earn dividend equivalents (equal to cash dividends paid on Valley's common stock) over the applicable performance period. Dividend equivalents are accumulated and paid to the grantee at the vesting date or forfeited if the performance conditions are not met. The grant date fair value of the RSUs granted during the six months ended June 30, 2020 and 2019 was $10.82 per share and $10.43 per share, respectively. Valley recorded total stock-based compensation expense of $4.2 million for both the three months ended June 30, 2020 and 2019 , and $8.2 million and $8.3 million for the six months ended June 30, 2020 and 2019 , respectively. The fair values of stock awards are expensed over the shorter of the vesting or required service period. As of June 30, 2020 , the unrecognized amortization expense for all stock-based employee compensation totaled approximately $25.4 million and will be recognized over an average remaining vesting period of 2.0 years

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2020
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 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, respectively. During the six months ended June 30, 2020 , Valley entered into new interest rate swap agreements designated as cash flow hedges with a total notional amount of $900 million . The swaps are intended to hedge the changes in cash flows associated with certain FHLB advances and brokered deposits. Valley is required to pay fixed-rates of interest ranging from 0.46 percent to 0.67 percent and receives variable rates of interest that reset quarterly based on three-month LIBOR. Expiration dates for the swaps range from April 2021 to March 2022. 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 has used interest rate swaps to manage its exposure to changes in fair value. Interest rate swaps designated as fair value hedges involve the receipt of variable rate payments from a counterparty in exchange for Valley making fixed rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives that are designated and qualify as fair value hedges, the gain or loss on the derivative as well as the loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. Valley includes the gain or loss on the hedged items in the same income statement line item as the loss or gain on the related derivatives. Non-designated Hedges. Derivatives not designated as hedges may be used to manage Valley’s exposure to interest rate movements or to provide service to customers but do not meet the requirements for hedge accounting under U.S. GAAP. Derivatives not designated as hedges are not entered into for speculative purposes. Under a program, Valley executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that Valley executes with a third party, such that Valley minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. Valley sometimes enters into risk participation agreements with external lenders where the banks are sharing their risk of default on the interest rate swaps on participated loans. Valley either pays or receives a fee depending on the participation type. Risk participation agreements are credit derivatives not designated as hedges. Credit derivatives are not speculative and are not used to manage interest rate risk in assets or liabilities. Changes in the fair value in credit derivatives are recognized directly in earnings. At June 30, 2020 , Valley had 22 credit swaps with an aggregate notional amount of $166.4 million related to risk participation agreements. At June 30, 2020 , Valley had two “steepener” swaps, each with a current notional amount of $10.4 million where the receive rate on the swap mirrors the pay rate on the brokered deposits and the rates paid on these types of hybrid instruments are based on a formula derived from the spread between the long and short ends of the constant maturity swap (CMS) rate curve. Although these types of 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 the 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 rate 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: June 30, 2020 December 31, 2019 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 swaps $ — $ 4,722 $ 1,030,000 $ — $ 1,484 $ 180,000 Fair value hedge interest rate swaps — 147 7,147 — 229 7,281 Total derivatives designated as hedging instruments $ — $ 4,869 $ 1,037,147 $ — $ 1,713 $ 187,281 Derivatives not designated as hedging instruments: Interest rate swaps and embedded derivatives $ 467,606 $ 161,997 $ 7,293,947 $ 158,382 $ 42,020 $ 4,113,106 Mortgage banking derivatives 669 3,407 558,379 150 193 142,760 Total derivatives not designated as hedging instruments $ 468,275 $ 165,404 $ 7,852,326 $ 158,532 $ 42,213 $ 4,255,866 The Chicago Mercantile Exchange and London Clearing House variation margins are classified as a single-unit of account with the fair value of certain cash flow and non-designated derivative instruments. As a result, the fair value of the designated cash flow interest rate swaps assets and designated and non-designated interest rate swaps liabilities were offset by variation margins posted by (with) the applicable counterparties and reported in the table above on a net basis at June 30, 2020 and December 31, 2019 . Gains (losses) included in the consolidated statements of income and 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 Six Months Ended 2020 2019 2020 2019 (in thousands) Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest expense $ 438 $ (383 ) $ (177 ) $ (673 ) Amount of loss recognized in other comprehensive income (1,773 ) (962 ) (3,253 ) (1,512 ) The accumulated net after-tax losses related to effective cash flow hedges included in accumulated other comprehensive loss were $5.9 million and $3.7 million at June 30, 2020 and December 31, 2019 , 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 $4.5 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 Six Months Ended 2020 2019 2020 2019 (in thousands) Derivative - interest rate swaps: Interest income $ 71 $ 49 $ 82 $ 73 Hedged item - loans: Interest income $ (71 ) $ (49 ) $ (82 ) $ (73 ) The following table presents the hedged items related to interest rate derivatives designated as hedges of fair value and the cumulative basis fair value adjustment included in the net carrying amount of the hedged items at June 30, 2020 and December 31, 2019 . Line Item in the Statement of Financial Condition in Which the Hedged Item is Included Carrying Amount of the Hedged Asset Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 (in thousands) Loans $ 7,294 $ 7,510 $ 147 $ 229 The net losses (gains) included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (in thousands) Non-designated hedge interest rate swaps and credit derivatives Other non-interest expense $ 1,416 $ (347 ) $ 1,505 $ (757 ) Other non-interest income included fee income related to non-designated hedge derivative interest rate swaps (not designated as hedging instruments) executed with commercial loan customers totaling $14.7 million and $5.4 million for the three months ended June 30, 2020 and 2019 , respectively, and $28.9 million and $9.5 million for the six months ended June 30, 2020 and 2019 , respectively. 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 June 30, 2020 , Valley was in compliance with all of the provisions of its derivative counterparty agreements. As of June 30, 2020 , 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 $176.7 million

Balance Sheet Offsetting

Balance Sheet Offsetting	6 Months Ended
	Jun. 30, 2020
Offsetting [Abstract]
Balance Sheet Offsetting	Balance Sheet Offsetting Certain financial instruments, including interest rate swap derivatives 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 (i.e., the threshold for posting collateral is reduced to zero, subject to certain minimum transfer amounts). 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 June 30, 2020 and December 31, 2019 . Gross Amounts Not Offset Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Net Amount (in thousands) June 30, 2020 Assets: Interest rate swaps $ 467,606 $ — $ 467,606 $ — $ — $ 467,606 Liabilities: Interest rate swaps $ 166,866 $ — $ 166,866 $ — $ (166,866 ) $ — Repurchase agreements 350,000 — 350,000 (350,000 ) * — — Total $ 516,866 $ — $ 516,866 $ (350,000 ) $ (166,866 ) $ — December 31, 2019 Assets: Interest rate swaps $ 158,382 $ — $ 158,382 $ (118 ) $ — $ 158,264 Liabilities: Interest rate swaps $ 43,733 $ — $ 43,733 $ (118 ) $ (16,881 ) $ 26,734 Repurchase agreements 350,000 — 350,000 (350,000 ) * — * — Total $ 393,733 $ — $ 393,733 $ (350,118 ) $ (16,881 ) $ 26,734 * Represents the fair value of non-cash pledged investment securities.

Tax Credit Investments

Tax Credit Investments	6 Months Ended
	Jun. 30, 2020
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 in the consolidated statements of income using the equity method of accounting. After initial measurement, the carrying amounts of tax credit investments with non-readily determinable fair values are increased to reflect Valley's share of income of the investee and are reduced to reflect its share of losses of the investee, dividends received and impairments, if applicable. The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at June 30, 2020 and December 31, 2019 : June 30, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 22,874 $ 25,049 Other tax credit investments, net 51,569 59,081 Total tax credit investments, net $ 74,443 $ 84,130 Other Liabilities: Unfunded affordable housing tax credit commitments $ 1,402 $ 1,539 Unfunded other tax credit commitments 1,139 1,139 Total unfunded tax credit commitments $ 2,541 $ 2,678 The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three and six months ended June 30, 2020 and 2019 : Three Months Ended Six Months Ended 2020 2019 2020 2019 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 1,393 $ 1,708 $ 2,627 $ 3,421 Other tax credit investment credits and tax benefits 2,540 2,158 3,840 4,961 Total reduction in income tax expense $ 3,933 $ 3,866 $ 6,467 $ 8,382 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 537 $ 593 $ 1,091 $ 1,266 Affordable housing tax credit investment impairment losses 665 794 1,083 1,524 Other tax credit investment losses 679 2,509 1,223 3,496 Other tax credit investment impairment losses 1,535 967 3,247 5,750 Total amortization of tax credit investments recorded in non-interest expense $ 3,416 $ 4,863 $ 6,644 $ 12,036

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Business Segments	Business Segments Valley has four business segments that it monitors and reports on to manage Valley’s business operations. These segments are consumer lending, commercial lending, investment management, and corporate and other adjustments. Valley’s reportable segments have been determined based upon its internal structure of operations and lines of business. Each business segment is reviewed routinely for its asset growth, contribution to income before income taxes and return on average interest earning assets and impairment (if events or circumstances indicate a possible inability to realize the carrying amount). Expenses related to the branch network, all other components of retail banking, along with the back office departments of our subsidiary bank are allocated from the corporate and other adjustments segment to each of the other three business segments. Interest expense and internal transfer expense (for general corporate expenses) are allocated to each business segment utilizing a transfer pricing methodology, which involves the allocation of operating and funding costs based on each segment's respective mix of average earning assets and/or liabilities outstanding for the period. The financial reporting for each segment contains allocations and reporting in line with Valley’s operations, which may not necessarily be comparable to any other financial institution. The accounting for each segment includes internal accounting policies designed to measure consistent and reasonable financial reporting and may result in income and expense measurements that differ from amounts under U.S. GAAP. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data. The following tables represent the financial data for Valley’s four business segments for the three and six months ended June 30, 2020 and 2019 : Three Months Ended June 30, 2020 Consumer Lending Commercial Lending Investment Management Corporate and Other Adjustments Total ($ in thousands) Average interest earning assets $ 7,214,368 $ 24,826,832 $ 5,737,187 $ — $ 37,778,387 Interest income $ 66,807 $ 255,152 $ 27,623 $ (1,057 ) $ 348,525 Interest expense 11,469 40,640 9,728 4,129 65,966 Net interest income (loss) 55,338 214,512 17,895 (5,186 ) 282,559 Provision for credit losses 3,106 38,009 41 — 41,156 Net interest income (loss) after provision for credit losses 52,232 176,503 17,854 (5,186 ) 241,403 Non-interest income 17,175 16,172 5,823 5,660 44,830 Non-interest expense 20,440 23,250 642 112,834 157,166 Internal expense transfer 19,406 66,858 15,505 (101,769 ) — Income (loss) before income taxes $ 29,561 $ 102,567 $ 7,530 $ (10,591 ) $ 129,067 Return on average interest earning assets (pre-tax) 1.64 % 1.65 % 0.52 % N/A 1.37 % Three Months Ended June 30, 2019 Consumer Lending Commercial Lending Investment Management Corporate and Other Adjustments Total ($ in thousands) Average interest earning assets $ 6,756,322 $ 18,796,093 $ 4,324,969 $ — $ 29,877,384 Interest income $ 67,617 $ 229,366 $ 31,966 $ (1,207 ) $ 327,742 Interest expense 23,428 65,141 14,994 3,945 107,508 Net interest income (loss) 44,189 164,225 16,972 (5,152 ) 220,234 Provision for credit losses 885 1,215 — — 2,100 Net interest income (loss) after provision for credit losses 43,304 163,010 16,972 (5,152 ) 218,134 Non-interest income 13,037 7,688 2,560 4,318 27,603 Non-interest expense 18,392 26,324 216 96,805 141,737 Internal expense transfer 19,291 53,722 12,399 (85,412 ) — Income (loss) before income taxes $ 18,658 $ 90,652 $ 6,917 $ (12,227 ) $ 104,000 Return on average interest earning assets (pre-tax) 1.10 % 1.93 % 0.64 % N/A 1.39 % Six Months Ended June 30, 2020 Consumer Lending Commercial Lending Investment Management Corporate and Other Adjustments Total ($ in thousands) Average interest earning assets $ 7,215,756 $ 23,804,558 $ 5,205,918 $ — $ 36,226,232 Interest income $ 135,062 $ 520,027 $ 59,392 $ (2,163 ) $ 712,318 Interest expense 31,169 102,826 22,488 7,937 164,420 Net interest income (loss) 103,893 417,201 36,904 (10,100 ) 547,898 Provision for credit losses 9,891 65,148 800 — 75,839 Net interest income (loss) after provision for credit losses 94,002 352,053 36,104 (10,100 ) 472,059 Non-interest income 31,852 31,771 8,965 13,639 86,227 Non-interest expense 40,311 47,408 1,029 224,074 312,822 Internal expense transfer 39,741 131,054 28,680 (199,475 ) — Income (loss) before income taxes $ 45,802 $ 205,362 $ 15,360 $ (21,060 ) $ 245,464 Return on average interest earning assets (pre-tax) 1.27 % 1.73 % 0.59 % N/A 1.36 % Six Months Ended June 30, 2019 Consumer Lending Commercial Lending Investment Management Corporate and Other Adjustments Total ($ in thousands) Average interest earning assets $ 6,788,511 $ 18,615,885 $ 4,316,619 $ — $ 29,721,015 Interest income $ 135,644 $ 449,650 $ 65,190 $ (2,518 ) $ 647,966 Interest expense 45,952 126,012 29,220 7,900 209,084 Net interest income (loss) 89,692 323,638 35,970 (10,418 ) 438,882 Provision for credit losses 2,983 7,117 — — 10,100 Net interest income (loss) after provision for credit losses 86,709 316,521 35,970 (10,418 ) 428,782 Non-interest income 26,819 14,470 4,678 89,309 135,276 Non-interest expense 37,097 51,568 303 200,564 289,532 Internal expense transfer 38,718 106,259 24,686 (169,663 ) — Income (loss) before income taxes $ 37,713 $ 173,164 $ 15,659 $ 47,990 $ 274,526 Return on average interest earning assets (pre-tax) 1.11 % 1.86 % 0.73 % N/A 1.85 %

New Authoritative Accounting _2

New Authoritative Accounting Guidance (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]
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.
Reclassification	Certain prior period amounts have been reclassified to conform to the current presentation.
Significant Estimates	Significant Estimates. 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 require application of management’s most difficult, subjective or complex judgment and are particularly susceptible to change include: the allowance for credit losses, the evaluation of goodwill and other intangible assets for impairment, 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. Actual amounts as of the balance sheet dates may be materially different than the amounts and values reported due to the inherent uncertainty in the estimation process. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date.
New Accounting Guidance Adopted and Not Yet Adopted	New Accounting Guidance Adopted in 2020 Accounting Standards Update (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 FASB issued an amendment to replace the incurred loss impairment methodology under prior accounting guidance with a new current expected credit loss (CECL) model. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Valley utilizes a two-year reasonable and supportable forecast period followed by a one-year period over which estimated losses revert to historical loss experience for the remaining life of the loan. The measurement of expected credit loss under the CECL methodology is applicable to financial assets measured at amortized cost, including loans, held to maturity investments and purchased financial assets with credit deterioration (PCD) assets. It also applies to certain off-balance sheet credit exposures. Valley adopted ASU No. 2016-13 on January 1, 2020 using the modified retrospective approach for all financial assets measured at amortized cost (except for PCD loans) and off-balance sheet credit exposures. Valley has established a governance structure to implement the CECL accounting guidance and has developed a methodology and set of models to be used. At adoption, Valley recorded a $100.4 million increase to its allowance for credit losses, including reserves of $92.5 million , $7.1 million and $793 thousand related to loans, unfunded credit commitments and held to maturity debt securities, respectively. Of the $92.5 million in loan reserves, $61.6 million represents PCD loan related reserves which were recognized through a gross-up that increases the amortized cost basis of loans with a corresponding increase to the allowance for credit losses, and therefore results in no impact to shareholders' equity. The remaining non-credit discount of $97.7 million related to PCD loans is accreted into interest income over the life of the loans at the effective interest rate effective January 1, 2020. The non-PCD loan related increase to the allowance for credit losses of $38.8 million , including the reserves for unfunded loan commitments and held to maturity debt securities, was offset in shareholders' equity and deferred tax assets. For regulatory capital purposes, in connection with the Federal Reserve Board’s final interim rule as of April 3, 2020, 100 percent of the CECL Day 1 impact to shareholders' equity equaling $28.2 million after-tax will be deferred over a two-year period ending January 1, 2022, at which time it will be phased in on a pro-rata basis over a three-year period ending January 1, 2025. Additionally, 25 percent of the reserve build (i.e., provision for credit losses less net charge-offs) net of taxes will be phased in over the same time frame. ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" eliminates the requirement to calculate the implied fair value of goodwill (i.e., Step 2 of the current goodwill impairment test guidance) to measure a goodwill impairment charge. Instead, an entity will be required to record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (i.e., measure the charge based on Step 1 of the current guidance). In addition, ASU No. 2017-04 eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. However, an entity will be required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU No. 2017-04 was effective for Valley on January 1, 2020 and Valley applied this new guidance in its annual goodwill impairment test performed during the second quarter 2020. New Accounting Guidance issued in 2020 ASU No. 2020-04, "Reference Rate Reform (Topic 848)" provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued, subject to meeting certain criteria. Under the new guidance, an entity can elect by accounting topic or industry subtopic to account for the modification of a contract affected by reference rate reform as a continuation of the existing contract, if certain conditions are met. In addition, the new guidance allows an entity to elect on a hedge-by-hedge basis to continue to apply hedge accounting for hedging relationships in which the critical terms change due to reference rate reform, if certain conditions are met. A one-time election to sell and/or transfer held-to-maturity debt securities that reference a rate affected by reference rate reform is also allowed. ASU No. 2020-04 became effective for all entities as of March 12, 2020 and will apply to all LIBOR reference rate modifications through December 31, 2022.
Impairment Analysis of Available For Sale Debt Securities and Allowance for Credit Losses for Held to Maturity Debt Securities	Impairment Analysis of Available For Sale Debt Securities Valley's available for sale debt securities portfolio includes corporate bonds and special revenue bonds, among other securities, which 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, including due to the economic effects of COVID-19. Available for sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. In performing an assessment of whether any decline in fair value is due to a credit loss, Valley considers the extent to which the fair value is less than the amortized cost, changes in credit ratings, any adverse economic conditions, as well as all relevant information at the individual security level such as credit deterioration of the issuer or collateral underlying the security. In assessing the impairment, Valley compares the present value of cash flows expected to be collected with the amortized cost basis of the security. If it is determined that the decline in fair value was due to credit losses, an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. The non-credit related decrease in the fair value, such as a decline due to changes in market interest rates, is recorded in other comprehensive income, net of tax. Valley also assesses the intent to sell the securities (as well as the likelihood of a near-term recovery). If Valley intends to sell an available for sale debt security or it is more likely than not that Valley will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. The obligations of states and political subdivisions classified as available for sale include special revenue bonds which had an aggregate amortized cost and fair value of $80.2 million and $81.8 million , respectively, at June 30, 2020 . There were $56 thousand in gross unrealized losses associated with the special revenue bonds as of June 30, 2020 . Approximately 54 percent of the special revenue bonds were issued by the states of (or municipalities within) Utah, Illinois, North Carolina and Florida. As part of Valley’s pre-purchase analysis and on-going quarterly assessment of impairment of the obligations of states and political subdivisions, our Credit Risk Management Department conducts a financial analysis and risk rating assessment of each security issuer based on the issuer’s most recently issued financial statements and other publicly available information. These investments are a mix of municipal bonds with investment grade ratings or non-rated revenue bonds paying in accordance with their contractual terms. The vast majority of the bonds not rated by the rating agencies are state housing finance agency revenue bonds secured by Ginnie Mae securities that are commonly referred to as Tax Exempt Mortgage Securities (TEMS). Valley continues to monitor the special revenue bond portfolio as part of its quarterly impairment analysis. Valley has evaluated available for sale debt securities that are in an unrealized loss position as of June 30, 2020 included in the table above and has determined that the declines in fair value are mainly attributable to 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 recognized no impairment during the three and six months ended June 30, 2020 and, as a result, there is no allowance for credit losses for available for sale debt securities at June 30, 2020 . During the three months ended June 30, 2019, Valley recognized a $2.9 million other-than-temporary credit impairment charge on one special revenue bond classified as available for sale (within the obligations of states and state agencies in the tables above). The credit impairment was due to severe credit deterioration disclosed by the issuer in the second quarter of 2019, as well as the issuer's default on its contractual payment. At June 30, 2020 , the impaired security had an adjusted amortized cost and fair value of $680 thousand and $1.4 million , respectively. Valley discontinues the recognition of interest on debt securities if the securities meet both of the following criteria: (i) regularly scheduled interest payments have not been paid or have been deferred by the issuer, and (ii) full collection of all contractual principal and interest payments is not deemed to be the most likely outcome, resulting in the recognition of other-than-temporary impairment of the security. Allowance for Credit Losses for Held to Maturity Debt Securities Valley has a zero loss expectation for certain securities within the held to maturity portfolio, and therefore it is not required to estimate an allowance for credit losses related to these securities under the CECL standard. After an evaluation of qualitative factors, Valley identified the following securities types which it believes qualify for this exclusion: U.S. Treasury securities, U.S. agency securities, residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, and collateralized municipal bonds called TEMS. To measure the expected credit losses on held to maturity debt securities that have loss expectations, Valley estimates the expected credit losses using a discounted cash flow model developed by a third-party. Assumptions used in the model for pools of securities with common risk characteristics include the historical lifetime probability of default and severity of loss in the event of default, with the model incorporating several economic cycles of loss history data to calculate expected credit losses given default at the individual security level. The model is adjusted for a probability Allowance for Unfunded Credit Commitments The allowance for unfunded credit commitments generally consists of undisbursed non-cancellable lines of credit, new loan commitments and commercial letters of credit valued using a similar methodology as used for loans. Management's estimate of expected losses inherent in these off-balance sheet credit exposures also incorporates estimated usage factors over the commitment's contractual period or an expected pull-through rate for new loan commitments. The allowance for unfunded credit commitments totaling $10.1 million at June 30, 2020 is included in accrued expenses and other liabilities on the consolidated statements of financial condition. Allowance for Loan Losses The allowance for loan losses is a valuation account that is deducted from loans' amortized cost basis to present the net amount expected to be collected on loans. Valley's methodology to establish the allowance for loan losses has two basic components: (1) a collective (pooled) reserve component for estimated lifetime expected credit losses for pools of loans that share similar risk characteristics and (2) an individual reserve component for loans that do not share common risk characteristics. Reserves for loans that share common risk characteristics. In estimating the component of the allowance on a collective basis, Valley uses a transition matrix model which calculates an expected life of loan loss percentage for each loan pool by generating probability of default and loss given default metrics. The metrics are based on the migration of loans from performing to loss by credit quality rating or delinquency categories using historical life-of-loan analysis periods for each loan portfolio pool, and the severity of loss, based on the aggregate net lifetime losses incurred. The model's expected losses based on loss history are adjusted for qualitative factors. Among other things, these adjustments include and account for differences in: (i) lending policies and procedures, (ii) current business conditions and economic developments that affect the loan collectability, (iii) concentration risks by size, type, and geography, (iv) the potential volume and migration of loan forbearances to non-performing status, and (v) the effect of external factors such as legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. Valley utilizes a two-year reasonable and supportable forecast period followed by a one-year period over which estimated losses revert to historical loss experience for the remaining life of the loan. The forecasts consist of a multi-scenario economic forecast model to estimate future credit losses that is governed by a cross-functional committee. The committee meets each quarter to determine which economic scenarios developed by Moody's will be incorporated into the model, as well as the relative probability weightings of the selected scenarios, based upon all readily available information. The model projects economic variables under each scenario based on detailed statistical analyses. Valley has identified and selected key variables that most closely correlated to our historical credit performance, which include: GDP, unemployment and the Case-Shiller Home Price Index. Reserves for loans that that do not share common risk characteristics. Valley measures specific reserves for individual loans that do not share common risk characteristics with other loans, consisting of collateral dependent, TDR, and expected TDR loans, based on the amount of lifetime expected credit losses calculated on those loans and charge-offs of those amounts determined to be uncollectible. Factors considered by Valley in measuring the extent of expected credit loss include payment status, collateral value, borrower financial condition, guarantor support and the probability of collecting scheduled principal and interest payments when due. If repayment is based upon future expected cash flows, the present value of the expected future cash flows discounted at the loan’s original effective interest rate is compared to the carrying value of the loan, and any shortfall is recorded as the allowance for credit losses. The effective interest rate used to discount expected cash flows is adjusted to incorporate expected prepayments, if applicable . When Valley determines that foreclosure is probable, collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) of each loan’s underlying collateral resulting in an immediate charge-off to the allowance, excluding any consideration for personal guarantees that may be pursued in the Bank’s collection process. Valley elected a practical expedient to use the estimated current fair value (less estimated selling costs) of the collateral to measure expected credit losses on collateral dependent loans when foreclosure is not probable.

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020 and 2019 : Three Months Ended Six Months Ended 2020 2019 2020 2019 (in thousands, except for share data) Net income available to common shareholders $ 92,429 $ 73,296 $ 176,525 $ 183,454 Basic weighted average number of common shares outstanding 403,790,242 331,748,552 403,654,665 331,675,313 Plus: Common stock equivalents 841,603 1,211,250 1,388,518 1,254,046 Diluted weighted average number of common shares outstanding 404,631,845 332,959,802 405,043,183 332,929,359 Earnings per common share: Basic $ 0.23 $ 0.22 $ 0.44 $ 0.55 Diluted 0.23 0.22 0.44 0.55

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020 : Components of Accumulated Other Comprehensive Loss Total Accumulated Other Comprehensive Loss Unrealized Gains and Losses on Available for Sale (AFS) Securities Unrealized Gains and Losses on Derivatives Defined Benefit Pension Plan (in thousands) Balance at March 31, 2020 $ 31,917 $ (4,348 ) $ (34,135 ) $ (6,566 ) Other comprehensive income (loss) before reclassification 3,013 (1,280 ) — 1,733 Amounts reclassified from other comprehensive income 31 (308 ) 172 (105 ) Other comprehensive income (loss), net 3,044 (1,588 ) 172 1,628 Balance at June 30, 2020 $ 34,961 $ (5,936 ) $ (33,963 ) $ (4,938 ) Components of Accumulated Other Comprehensive Loss Total Accumulated Other Comprehensive Loss Unrealized Gains and Losses on Available for Sale (AFS) Securities Unrealized Gains and Losses on Derivatives Defined Benefit Pension Plan (in thousands) Balance at December 31, 2019 $ 5,822 $ (3,729 ) $ (34,307 ) $ (32,214 ) Other comprehensive income (loss) before reclassification 29,081 (2,337 ) — 26,744 Amounts reclassified from other comprehensive income 58 130 344 532 Other comprehensive income (loss), net 29,139 (2,207 ) 344 27,276 Balance at June 30, 2020 $ 34,961 $ (5,936 ) $ (33,963 ) $ (4,938 )
Reclassification from Each Component of Accumulated Other Comprehensive Loss	The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three and six months ended June 30, 2020 and 2019 : Amounts Reclassified from Accumulated Other Comprehensive Loss Three Months Ended Six Months Ended June 30, Components of Accumulated Other Comprehensive Loss 2020 2019 2020 2019 Income Statement Line Item (in thousands) Unrealized (losses) gains on AFS securities before tax $ (41 ) $ 11 $ (81 ) $ (21 ) (Losses) gains on securities transactions, net Tax effect 10 (3 ) 23 3 Total net of tax (31 ) 8 (58 ) (18 ) Unrealized gains (losses) on derivatives (cash flow hedges) before tax 438 (383 ) (177 ) (673 ) Interest expense Tax effect (130 ) 109 47 191 Total net of tax 308 (274 ) (130 ) (482 ) Defined benefit pension plan: Amortization of actuarial net loss (229 ) (78 ) (465 ) (156 ) * Tax effect 57 23 121 46 Total net of tax (172 ) (55 ) (344 ) (110 ) Total reclassifications, net of tax $ 105 $ (321 ) $ (532 ) $ (610 ) * Amortization of net loss is included in the computation of net periodic pension cost recognized within other non-interest expense.

Fair Value Measurement of Ass_2

Fair Value Measurement of Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
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 June 30, 2020 and December 31, 2019 . The assets presented under “nonrecurring fair value measurements” in the tables 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). June 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: Equity securities (1) $ 54,379 $ 46,897 $ — $ — Available for sale: U.S. Treasury securities 52,621 52,621 — — U.S. government agency securities 27,924 — 27,924 — Obligations of states and political subdivisions 147,505 — 146,140 1,365 Residential mortgage-backed securities 1,382,726 — 1,382,726 — Corporate and other debt securities 78,612 — 78,612 — Total available for sale debt securities 1,689,388 52,621 1,635,402 1,365 Loans held for sale (2) 120,599 — 120,599 — Other assets (3) 468,275 — 468,275 — Total assets $ 2,332,641 $ 99,518 $ 2,224,276 $ 1,365 Liabilities Other liabilities (3) $ 170,273 $ — $ 170,273 $ — Total liabilities $ 170,273 $ — $ 170,273 $ — Non-recurring fair value measurements: Collateral dependent loans $ 42,807 $ — $ — $ 42,807 Loan servicing rights 14,373 — — 14,373 Foreclosed assets 6,679 — — 6,679 Total $ 63,859 $ — $ — $ 63,859 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: Equity securities at fair value $ 41,410 $ 41,410 $ — $ — Available for sale: U.S. Treasury securities 50,943 50,943 — — U.S. government agency securities 29,243 — 29,243 — Obligations of states and political subdivisions 170,051 — 169,371 680 Residential mortgage-backed securities 1,254,786 — 1,254,786 — Corporate and other debt securities 61,778 — 61,778 — Total available for sale 1,566,801 50,943 1,515,178 680 Loans held for sale (2) 76,113 — 76,113 — Other assets (3) 158,532 — 158,532 — Total assets $ 1,842,856 $ 92,353 $ 1,749,823 $ 680 Liabilities Other liabilities (3) $ 43,926 $ — $ 43,926 $ — Total liabilities $ 43,926 $ — $ 43,926 $ — Non-recurring fair value measurements: Collateral dependent impaired loans $ 39,075 $ — $ — $ 39,075 Loan servicing rights 1,591 — — 1,591 Foreclosed assets 10,807 — — 10,807 Total $ 51,473 $ — $ — $ 51,473 (1) Includes equity securities measured at net asset value (NAV) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy totaling $7.5 million at June 30, 2020 . (2) Represents residential mortgage loans originated for sale that are carried at fair value and had contractual unpaid principal balances totaling approximately $115.0 million and $74.5 million at June 30, 2020 and December 31, 2019 , respectively. (3) Derivative financial instruments are included in this category.
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 June 30, 2020 and December 31, 2019 were as follows: Fair Value Hierarchy June 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 388,753 $ 388,753 $ 256,264 $ 256,264 Interest bearing deposits with banks Level 1 1,521,572 1,521,572 178,423 178,423 Investment securities held to maturity: U.S. Treasury securities Level 1 138,268 147,415 138,352 144,113 U.S. government agency securities Level 2 6,657 6,921 7,345 7,362 Obligations of states and political subdivisions Level 2 466,836 481,736 500,705 513,607 Residential mortgage-backed securities Level 2 1,451,581 1,495,599 1,620,119 1,629,572 Trust preferred securities Level 2 37,335 29,900 37,324 31,382 Corporate and other debt securities Level 2 32,750 33,305 32,250 32,684 Total investment securities held to maturity (1) 2,133,427 2,194,876 2,336,095 2,358,720 Net loans Level 3 32,004,997 31,815,938 29,537,449 28,964,396 Accrued interest receivable Level 1 122,807 122,807 105,637 105,637 Federal Reserve Bank and Federal Home Loan Bank stock (2) Level 2 282,755 282,755 214,421 214,421 Financial liabilities Deposits without stated maturities Level 1 23,155,233 23,155,233 19,467,892 19,467,892 Deposits with stated maturities Level 2 8,272,772 8,335,442 9,717,945 9,747,867 Short-term borrowings Level 2 2,082,880 2,083,500 1,093,280 1,081,879 Long-term borrowings Level 2 2,907,535 3,023,213 2,122,426 2,181,401 Junior subordinated debentures issued to capital trusts Level 2 55,891 44,231 55,718 53,889 Accrued interest payable (3) Level 1 19,148 19,148 33,066 33,066 (1) The carrying amount is presented gross without the allowance for credit losses. (2) Included in other assets. (3) Included in accrued expenses and other liabilities.

Investment Securities (Tables)

Investment Securities (Tables)	6 Months Ended
	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Available for Sale	The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at June 30, 2020 and December 31, 2019 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) June 30, 2020 U.S. Treasury securities $ 50,940 $ 1,681 $ — $ 52,621 U.S. government agency securities 26,778 1,174 (28 ) 27,924 Obligations of states and political subdivisions: Obligations of states and state agencies 65,620 1,477 (54 ) 67,043 Municipal bonds 79,100 1,363 (1 ) 80,462 Total obligations of states and political subdivisions 144,720 2,840 (55 ) 147,505 Residential mortgage-backed securities 1,340,614 43,039 (927 ) 1,382,726 Corporate and other debt securities 78,225 1,251 (864 ) 78,612 Total investment securities available for sale $ 1,641,277 $ 49,985 $ (1,874 ) $ 1,689,388 December 31, 2019 U.S. Treasury securities $ 50,952 $ 12 $ (21 ) $ 50,943 U.S. government agency securities 28,982 280 (19 ) 29,243 Obligations of states and political subdivisions: Obligations of states and state agencies 78,116 540 (83 ) 78,573 Municipal bonds 90,662 902 (86 ) 91,478 Total obligations of states and political subdivisions 168,778 1,442 (169 ) 170,051 Residential mortgage-backed securities 1,248,814 11,234 (5,262 ) 1,254,786 Corporate and other debt securities 61,261 628 (111 ) 61,778 Total investment securities available for sale $ 1,558,787 $ 13,596 $ (5,582 ) $ 1,566,801
Age of Unrealized Losses and Fair Value of Related Debt Securities Available for Sale	The age of unrealized losses and fair value of related securities available for sale at June 30, 2020 and December 31, 2019 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) June 30, 2020 U.S. government agency securities $ — $ — $ 1,627 $ (28 ) $ 1,627 $ (28 ) Obligations of states and political subdivisions: Obligations of states and state agencies 24,913 (37 ) 1,036 (17 ) 25,949 (54 ) Municipal bonds 210 (1 ) — — 210 (1 ) Total obligations of states and political subdivisions 25,123 (38 ) 1,036 (17 ) 26,159 (55 ) Residential mortgage-backed securities 101,162 (458 ) 49,368 (469 ) 150,530 (927 ) Corporate and other debt securities 27,194 (864 ) — — 27,194 (864 ) Total $ 153,479 $ (1,360 ) $ 52,031 $ (514 ) $ 205,510 $ (1,874 ) December 31, 2019 U.S. Treasury securities $ 25,019 $ (21 ) $ — $ — $ 25,019 $ (21 ) U.S. government agency securities — — 1,783 (19 ) 1,783 (19 ) Obligations of states and political subdivisions: Obligations of states and state agencies 18,540 (21 ) 8,755 (62 ) 27,295 (83 ) Municipal bonds — — 13,177 (86 ) 13,177 (86 ) Total obligations of states and political subdivisions 18,540 (21 ) 21,932 (148 ) 40,472 (169 ) Residential mortgage-backed securities 240,412 (1,194 ) 282,798 (4,068 ) 523,210 (5,262 ) Corporate and other debt securities 5,139 (111 ) — — 5,139 (111 ) Total $ 289,110 $ (1,347 ) $ 306,513 $ (4,235 ) $ 595,623 $ (5,582 )
Contractual Maturities of Debt Securities Available for Sale	The contractual maturities of available for sale debt securities at June 30, 2020 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. June 30, 2020 Amortized Cost Fair Value (in thousands) Due in one year $ 26,643 $ 26,742 Due after one year through five years 97,248 99,501 Due after five years through ten years 104,076 106,154 Due after ten years 72,696 74,265 Residential mortgage-backed securities 1,340,614 1,382,726 Total investment securities available for sale $ 1,641,277 $ 1,689,388
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Held to Maturity	The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at June 30, 2020 and December 31, 2019 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) June 30, 2020 U.S. Treasury securities $ 138,268 $ 9,147 $ — $ 147,415 U.S. government agency securities 6,657 264 — 6,921 Obligations of states and political subdivisions: Obligations of states and state agencies 280,187 8,569 (545 ) 288,211 Municipal bonds 186,649 6,876 — 193,525 Total obligations of states and political subdivisions 466,836 15,445 (545 ) 481,736 Residential mortgage-backed securities 1,451,581 44,327 (309 ) 1,495,599 Trust preferred securities 37,335 48 (7,483 ) 29,900 Corporate and other debt securities 32,750 556 (1 ) 33,305 Total investment securities held to maturity $ 2,133,427 $ 69,787 $ (8,338 ) $ 2,194,876 December 31, 2019 U.S. Treasury securities $ 138,352 $ 5,761 $ — $ 144,113 U.S. government agency securities 7,345 58 (41 ) 7,362 Obligations of states and political subdivisions: Obligations of states and state agencies 297,454 7,745 (529 ) 304,670 Municipal bonds 203,251 5,696 (10 ) 208,937 Total obligations of states and political subdivisions 500,705 13,441 (539 ) 513,607 Residential mortgage-backed securities 1,620,119 14,803 (5,350 ) 1,629,572 Trust preferred securities 37,324 39 (5,981 ) 31,382 Corporate and other debt securities 32,250 454 (20 ) 32,684 Total investment securities held to maturity $ 2,336,095 $ 34,556 $ (11,931 ) $ 2,358,720
Age of Unrealized Losses and Fair Value of Related Debt Securities Held to Maturity	The age of unrealized losses and fair value of related debt securities held to maturity at June 30, 2020 and December 31, 2019 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) June 30, 2020 Obligations of states and political subdivisions: Obligations of states and state agencies $ 10,544 $ (266 ) $ 20,022 $ (279 ) $ 30,566 $ (545 ) Total obligations of states and political subdivisions 10,544 (266 ) 20,022 (279 ) 30,566 (545 ) Residential mortgage-backed securities 37,394 (305 ) 2,710 (4 ) 40,104 (309 ) Trust preferred securities — — 28,499 (7,483 ) 28,499 (7,483 ) Corporate and other debt securities 17,749 (1 ) — — 17,749 (1 ) Total $ 65,687 $ (572 ) $ 51,231 $ (7,766 ) $ 116,918 $ (8,338 ) December 31, 2019 U.S. government agency securities $ 5,183 $ (41 ) $ — $ — $ 5,183 $ (41 ) Obligations of states and political subdivisions: Obligations of states and state agencies 11,178 (55 ) 32,397 (474 ) 43,575 (529 ) Municipal bonds — — 798 (10 ) 798 (10 ) Total obligations of states and political subdivisions 11,178 (55 ) 33,195 (484 ) 44,373 (539 ) Residential mortgage-backed securities 307,885 (1,387 ) 254,915 (3,963 ) 562,800 (5,350 ) Trust preferred securities — — 29,990 (5,981 ) 29,990 (5,981 ) Corporate and other debt securities — — 4,980 (20 ) 4,980 (20 ) Total $ 324,246 $ (1,483 ) $ 323,080 $ (10,448 ) $ 647,326 $ (11,931 )
Contractual Maturities of Debt Securities Held to Maturity	The contractual maturities of investments in debt securities held to maturity at June 30, 2020 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. June 30, 2020 Amortized Cost Fair Value (in thousands) Due in one year $ 92,432 $ 93,313 Due after one year through five years 171,778 179,833 Due after five years through ten years 203,555 215,200 Due after ten years 214,081 210,931 Residential mortgage-backed securities 1,451,581 1,495,599 Total investment securities held to maturity $ 2,133,427 $ 2,194,876
Amortized Cost of Debt Securities Held to Maturity by External Credit Rating	The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at June 30, 2020 and December 31, 2019 . AAA/AA/A Rated BBB rated Non-investment grade rated Non-rated Total (in thousands) June 30, 2020 U.S. Treasury securities $ 138,268 $ — $ — $ — $ 138,268 U.S. government agency securities 6,657 — — — 6,657 Obligations of states and political subdivisions: Obligations of states and state agencies 239,811 — 5,686 34,690 280,187 Municipal bonds 182,140 — — 4,509 186,649 Total obligations of states and political subdivisions 421,951 — 5,686 39,199 466,836 Residential mortgage-backed securities 1,451,581 — — — 1,451,581 Trust preferred securities — — — 37,335 37,335 Corporate and other debt securities — 5,000 — 27,750 32,750 Total investment securities held to maturity $ 2,018,457 $ 5,000 $ 5,686 $ 104,284 $ 2,133,427 December 31, 2019 U.S. Treasury securities $ 138,352 $ — $ — $ — $ 138,352 U.S. government agency securities 7,345 — — — 7,345 Obligations of states and political subdivisions: Obligations of states and state agencies 248,533 5,722 — 43,199 297,454 Municipal bonds 202,642 — — 609 203,251 Total obligations of states and political subdivisions 451,175 5,722 — 43,808 500,705 Residential mortgage-backed securities 1,620,119 — — — 1,620,119 Trust preferred securities — — — 37,324 37,324 Corporate and other debt securities — 5,000 — 27,250 32,250 Total investment securities held to maturity $ 2,216,991 $ 10,722 $ — $ 108,382 $ 2,336,095

Loans and Allowance for Credi_2

Loans and Allowance for Credit Losses for Loans (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Schedule of Loan Portfolio	The detail of the loan portfolio as of June 30, 2020 and December 31, 2019 was as follows: June 30, 2020 December 31, 2019 (in thousands) Loans: Commercial and industrial * $ 6,884,689 $ 4,825,997 Commercial real estate: Commercial real estate 16,571,877 15,996,741 Construction 1,721,352 1,647,018 Total commercial real estate loans 18,293,229 17,643,759 Residential mortgage 4,405,147 4,377,111 Consumer: Home equity 471,115 487,272 Automobile 1,369,489 1,451,623 Other consumer 890,942 913,446 Total consumer loans 2,731,546 2,852,341 Total loans $ 32,314,611 $ 29,699,208 * Includes $2.2 billion of loans originated under the SBA Paycheck Protection Program (PPP), net of unearned fees totaling $62.1 million at June 30, 2020.
Past Due, Non-Accrual and Current Loans by Loan Portfolio Class	The following table presents past due, current and non-accrual loans without an allowance for credit losses by loan portfolio class (including PCD loans) at June 30, 2020 . Past Due and Non-Accrual Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 Days or More Past Due Loans Non-Accrual Loans Total Past Due Loans Current Loans Total Loans Non-Accrual Loans Without Allowance for Credit Losses (in thousands) June 30, 2020 Commercial and industrial $ 6,206 $ 4,178 $ 5,220 $ 130,876 $ 146,480 $ 6,738,209 $ 6,884,689 $ 13,501 Commercial real estate: Commercial real estate 13,912 1,543 — 43,678 59,133 16,512,744 16,571,877 40,476 Construction — — — 3,308 3,308 1,718,044 1,721,352 2,830 Total commercial real estate loans 13,912 1,543 — 46,986 62,441 18,230,788 18,293,229 43,306 Residential mortgage 35,263 4,169 3,812 25,776 69,020 4,336,127 4,405,147 13,717 Consumer loans: Home equity 3,236 864 363 5,326 9,789 461,326 471,115 145 Automobile 8,254 2,171 1,173 1,621 13,219 1,356,270 1,369,489 — Other consumer 1,472 751 546 — 2,769 888,173 890,942 — Total consumer loans 12,962 3,786 2,082 6,947 25,777 2,705,769 2,731,546 145 Total $ 68,343 $ 13,676 $ 11,114 $ 210,585 $ 303,718 $ 32,010,893 $ 32,314,611 $ 70,669 The following table presents past due, non-accrual and current loans by loan portfolio class at December 31, 2019 . At December 31, 2019 , purchased credit-impaired (PCI) loans were excluded from past due and non-accrual loans reported because they continued to earn interest income from the accretable yield at the pool level. The PCI loan pools are accounted for as PCD loans (on a loan level basis with a related allowance for credit losses) under the CECL standard adopted at January 1, 2020 and reported in the past due loans and non-accrual loans in the tables above at June 30, 2020 . Past Due and Non-Accrual Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 Days or More Past Due Loans Non-Accrual Loans Total Past Due Loans Current Non-PCI Loans PCI Loans (in thousands) December 31, 2019 Commercial and industrial $ 11,700 $ 2,227 $ 3,986 $ 68,636 $ 86,549 $ 4,057,434 $ 682,014 Commercial real estate: Commercial real estate 2,560 4,026 579 9,004 16,169 10,886,724 5,093,848 Construction 1,486 1,343 — 356 3,185 1,492,532 151,301 Total commercial real estate loans 4,046 5,369 579 9,360 19,354 12,379,256 5,245,149 Residential mortgage 17,143 4,192 2,042 12,858 36,235 3,760,707 580,169 Consumer loans: Home equity 1,051 80 — 1,646 2,777 373,243 111,252 Automobile 11,482 1,581 681 334 14,078 1,437,274 271 Other consumer 1,171 866 30 224 2,291 900,411 10,744 Total consumer loans 13,704 2,527 711 2,204 19,146 2,710,928 122,267 Total $ 46,593 $ 14,315 $ 7,318 $ 93,058 $ 161,284 $ 22,908,325 $ 6,629,599
Risk Category of Loans	The following table presents the internal loan classification risk by loan portfolio class by origination year (including PCD loans) based on the most recent analysis performed at June 30, 2020 : Term Loans Amortized Cost Basis by Origination Year June 30, 2020 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Commercial and industrial Risk Rating: Pass $ 2,680,515 $ 697,134 $ 644,080 $ 306,259 $ 169,439 $ 422,608 $ 1,705,273 $ 466 $ 6,625,774 Special Mention 77 9,522 1,408 10,669 11,138 15,595 45,635 88 94,132 Substandard 5,963 7,356 1,269 2,155 3,331 13,704 13,040 57 46,875 Doubtful — 1,340 — 17,577 — 97,769 1,222 — 117,908 Total commercial and industrial $ 2,686,555 $ 715,352 $ 646,757 $ 336,660 $ 183,908 $ 549,676 $ 1,765,170 $ 611 $ 6,884,689 Commercial real estate Risk Rating: Pass $ 1,589,407 $ 3,175,366 $ 2,480,315 $ 2,059,141 $ 1,957,684 $ 4,775,400 $ 198,836 $ 12,031 $ 16,248,180 Special Mention — 18,913 31,799 18,620 32,853 73,609 3,496 — 179,290 Substandard 4,783 100 10,855 18,186 5,636 102,424 — — 141,984 Doubtful — — — 811 — 1,612 — — 2,423 Total commercial real estate $ 1,594,190 $ 3,194,379 $ 2,522,969 $ 2,096,758 $ 1,996,173 $ 4,953,045 $ 202,332 $ 12,031 $ 16,571,877 Construction Risk Rating: Pass $ 43,118 $ 135,181 $ 160,452 $ 28,928 $ 49,000 $ 99,014 $ 1,186,010 $ — $ 1,701,703 Special Mention — — — — 9,774 435 6,114 — 16,323 Substandard — — — — 2,405 921 — — 3,326 Total construction $ 43,118 $ 135,181 $ 160,452 $ 28,928 $ 61,179 $ 100,370 $ 1,192,124 $ — $ 1,721,352 June 30, 2020 . Term Loans Amortized Cost Basis by Origination Year June 30, 2020 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Residential mortgage Performing $ 414,014 $ 827,300 $ 851,792 $ 701,366 $ 426,897 $ 1,097,287 $ 73,757 $ — $ 4,392,413 90 days or more past due — 1,316 2,973 3,880 4,565 — — — 12,734 Total residential mortgage $ 414,014 $ 828,616 $ 854,765 $ 705,246 $ 431,462 $ 1,097,287 $ 73,757 $ — $ 4,405,147 Consumer loans Home equity Performing $ 3,816 $ 12,678 $ 15,090 $ 11,387 $ 6,941 $ 18,823 $ 347,142 $ 53,086 $ 468,963 90 days or more past due — — — — 25 321 1,046 760 2,152 Total home equity 3,816 12,678 15,090 11,387 6,966 19,144 348,188 53,846 471,115 Automobile Performing 184,095 524,849 338,665 200,947 75,553 42,550 — — 1,366,659 90 days or more past due 49 921 824 620 197 219 — — 2,830 Total automobile 184,144 525,770 339,489 201,567 75,750 42,769 — — 1,369,489 Other Consumer Performing 910 6,286 13,232 1,306 1,723 12,179 854,340 408 890,384 90 days or more past due — 15 — — — 4 539 — 558 Total other consumer 910 6,301 13,232 1,306 1,723 12,183 854,879 408 890,942 Total Consumer $ 188,870 $ 544,749 $ 367,811 $ 214,260 $ 84,439 $ 74,096 $ 1,203,067 $ 54,254 $ 2,731,546 The following table presents the credit exposure by internally assigned risk rating by class of loans (excluding PCI loans) based on the most recent analysis performed at December 31, 2019 : Credit exposure— by internally assigned risk rating Special Total Non-PCI Pass Mention Substandard Doubtful Loans (in thousands) December 31, 2019 Commercial and industrial $ 3,982,453 $ 33,718 $ 66,511 $ 61,301 $ 4,143,983 Commercial real estate 10,781,587 77,884 42,560 862 10,902,893 Construction 1,487,877 7,486 354 — 1,495,717 Total $ 16,251,917 $ 119,088 $ 109,425 $ 62,163 $ 16,542,593
Schedule Of 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 December 31, 2019 : Credit exposure— by payment activity Performing Loans Non-Performing Loans Total Non-PCI Loans (in thousands) December 31, 2019 Residential mortgage $ 3,784,084 $ 12,858 $ 3,796,942 Home equity 374,374 1,646 376,020 Automobile 1,451,018 334 1,451,352 Other consumer 902,478 224 902,702 Total $ 6,511,954 $ 15,062 $ 6,527,016 The following table summarizes information pertaining to loans that were identified as PCI loans by class based on individual loan payment activity as of December 31, 2019 : Credit exposure— by payment activity Performing Loans Non-Performing Loans Total Non-PCI Loans (in thousands) December 31, 2019 Commercial and industrial $ 653,997 $ 28,017 $ 682,014 Commercial real estate 5,065,388 28,460 5,093,848 Construction 148,692 2,609 151,301 Residential mortgage 571,006 9,163 580,169 Consumer 120,356 1,911 122,267 Total $ 6,559,439 $ 70,160 $ 6,629,599
Pre-Modification and Post-Modification Outstanding Recorded Investments and Non-PCI Loans that Subsequently Defaulted	Loans modified as TDRs (excluding PCI loan modifications prior to the adoption of ASU 2016-13) within the previous 12 months and for which there was a payment default ( 90 or more days past due) for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, 2020 2019 Troubled Debt Restructurings Subsequently Defaulted Number of Contracts Amortized Cost Number of Contracts Recorded Investment ($ in thousands) Commercial and industrial 20 $ 14,986 18 $ 12,322 Commercial real estate — — 1 383 Residential mortgage 1 220 — — Consumer 2 204 — — Total 23 $ 15,410 19 $ 12,705 Six Months Ended June 30, 2020 2019 Troubled Debt Restructurings Subsequently Defaulted Number of Contracts Amortized Cost Number of Contracts Recorded Investment ($ in thousands) Commercial and industrial 20 $ 14,986 18 $ 12,322 Commercial real estate — — 1 383 Residential mortgage 1 220 2 215 Consumer 2 204 1 18 Total 23 $ 15,410 22 $ 12,938 The following table presents the pre- and post-modification amortized cost of loans by loan class modified as TDRs (excluding PCI loans prior to the adoption of ASU 2016-13) during the three and six months ended June 30, 2020 and 2019 . Post-modification amounts are presented as of June 30, 2020 and 2019 . Three Months Ended June 30, 2020 2019 Troubled Debt Restructurings Number of Contracts Pre-Modification Amortized Carrying Amount Post-Modification Amortized Carrying Amount Number of Contracts Pre-Modification Amortized Carrying Amount Post-Modification Amortized Carrying Amount ($ in thousands) Commercial and industrial 4 $ 9,052 $ 7,047 17 $ 14,663 $ 14,187 Commercial real estate: Commercial real estate 1 885 900 1 3,067 3,067 Construction 2 435 218 — — — Total commercial real estate 3 1,320 1,118 1 3,067 3,067 Residential mortgage — — — 1 155 155 Total 7 $ 10,372 $ 8,165 19 $ 17,885 $ 17,409 Six Months Ended June 30, 2020 2019 Troubled Debt Restructurings Number of Contracts Pre-Modification Amortized Carrying Amount Post-Modification Amortized Carrying Amount Number of Contracts Pre-Modification Amortized Carrying Amount Post-Modification Amortized Carrying Amount ($ in thousands) Commercial and industrial 20 $ 22,196 $ 19,674 53 $ 38,216 $ 37,248 Commercial real estate: Commercial real estate 2 4,748 4,762 2 4,665 4,665 Construction 2 435 218 — — — Total commercial real estate 4 5,183 4,980 2 4,665 4,665 Residential mortgage — — — 1 155 155 Total 24 $ 27,379 $ 24,654 56 $ 43,036 $ 42,068
Summary of Allowance for Credit Losses	The following table summarizes the allowance for credit losses for loans at June 30, 2020 and December 31, 2019 : June 30, December 31, (in thousands) Components of allowance for credit losses for loans: Allowance for loan losses $ 309,614 $ 161,759 Allowance for unfunded credit commitments 10,109 2,845 Total allowance for credit losses for loans $ 319,723 $ 164,604
Summary of Provision for Credit Losses	The following table summarizes the provision for credit losses for loans for the periods indicated: Three Months Ended Six Months Ended 2020 2019 2020 2019 (in thousands) Components of provision for credit losses for loans: Provision for loan losses $ 41,025 $ 3,706 $ 74,876 $ 11,562 Provision for unfunded credit commitments 90 (1,606 ) 163 (1,462 ) Total provision for credit losses for loans $ 41,115 $ 2,100 $ 75,039 $ 10,100
Summary of Collateral Dependent Loans	The following table presents collateral dependent loans by class as of June 30, 2020 : June 30, (in thousands) Commercial and industrial $ 124,323 Commercial real estate: Commercial real estate 51,386 Construction 2,830 Total commercial real estate loans 54,216 Residential mortgage 15,581 Home equity 276 Total $ 194,396
Summary of Activity in Allowance for Loan Losses	The following table details the activity in the allowance for loan losses by loan portfolio segment for three and six months ended June 30, 2020 and 2019 : Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Total (in thousands) Three Months Ended Allowance for loan losses: Beginning balance $ 127,437 $ 111,585 $ 29,456 $ 14,864 $ 283,342 Loans charged-off (14,024 ) (27 ) (5 ) (2,601 ) (16,657 ) Charged-off loans recovered 799 51 545 509 1,904 Net (charge-offs) recoveries (13,225 ) 24 540 (2,092 ) (14,753 ) Provision for loan losses 17,827 20,093 (366 ) 3,471 41,025 Ending balance $ 132,039 $ 131,702 $ 29,630 $ 16,243 $ 309,614 Three Months Ended Allowance for losses: Beginning balance $ 94,630 $ 47,762 $ 5,139 $ 6,850 $ 154,381 Loans charged-off (3,073 ) — — (1,752 ) (4,825 ) Charged-off loans recovered 1,195 22 9 617 1,843 Net (charge-offs) recoveries (1,878 ) 22 9 (1,135 ) (2,982 ) Provision for loan losses 1,632 1,194 71 809 3,706 Ending balance $ 94,384 $ 48,978 $ 5,219 $ 6,524 $ 155,105 Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Total (in thousands) Six Months Ended Allowance for loan losses: Beginning balance $ 104,059 $ 45,673 $ 5,060 $ 6,967 $ 161,759 Impact of ASU 2016-13 adoption* 15,169 49,797 20,575 6,990 92,531 Loans charged-off (17,384 ) (71 ) (341 ) (5,166 ) (22,962 ) Charged-off loans recovered 1,368 144 595 1,303 3,410 Net (charge-offs) recoveries (16,016 ) 73 254 (3,863 ) (19,552 ) Provision for loan losses 28,827 36,159 3,741 6,149 74,876 Ending balance $ 132,039 $ 131,702 $ 29,630 $ 16,243 $ 309,614 Six Months Ended Allowance for losses: Beginning balance $ 90,956 $ 49,650 $ 5,041 $ 6,212 $ 151,859 Loans charged-off (7,355 ) — (15 ) (3,780 ) (11,150 ) Charged-off loans recovered 1,678 43 10 1,103 2,834 Net (charge-offs) recoveries (5,677 ) 43 (5 ) (2,677 ) (8,316 ) Provision for loan losses 9,105 (715 ) 183 2,989 11,562 Ending balance $ 94,384 $ 48,978 $ 5,219 $ 6,524 $ 155,105 * Includes a $61.6 million reclassification adjustment representing the estimated expected credit losses for PCD loans.
Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Allowance Measurement 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 allowance measurement methodology at June 30, 2020 and December 31, 2019 . Commercial and Industrial Commercial Real Estate Residential Mortgage Consumer Total (in thousands) June 30, 2020 Allowance for loan losses: Individually evaluated for credit losses $ 69,333 $ 1,237 $ 430 $ 498 $ 71,498 Collectively evaluated for credit losses 62,706 130,465 29,200 15,745 238,116 Total $ 132,039 $ 131,702 $ 29,630 $ 16,243 $ 309,614 Loans: Individually evaluated for credit losses $ 138,120 $ 77,914 $ 22,148 $ 3,096 $ 241,278 Collectively evaluated for credit losses 6,746,569 18,215,315 4,382,999 2,728,450 32,073,333 Total $ 6,884,689 $ 18,293,229 $ 4,405,147 $ 2,731,546 $ 32,314,611 December 31, 2019 Allowance for loan losses: Individually evaluated for credit losses $ 36,662 $ 1,338 $ 518 $ 58 $ 38,576 Collectively evaluated for credit losses 67,397 44,335 4,542 6,909 123,183 Total $ 104,059 $ 45,673 $ 5,060 $ 6,967 $ 161,759 Loans: Individually evaluated for credit losses $ 100,860 $ 51,242 $ 10,689 $ 853 $ 163,644 Collectively evaluated for credit losses 4,043,123 12,347,368 3,786,253 2,729,221 22,905,965 Loans acquired with discounts related to credit quality 682,014 5,245,149 580,169 122,267 6,629,599 Total $ 4,825,997 $ 17,643,759 $ 4,377,111 $ 2,852,341 $ 29,699,208
Schedule of Impaired Loans by Portfolio Class	The following table presents information about impaired loans by loan portfolio class at December 31, 2019 : Recorded Investment With No Related Allowance Recorded Investment With Related Allowance Total Recorded Investment Unpaid Contractual Principal Balance Related Allowance (in thousands) December 31, 2019 Commercial and industrial $ 14,617 $ 86,243 $ 100,860 $ 114,875 $ 36,662 Commercial real estate: Commercial real estate 26,046 24,842 50,888 51,258 1,338 Construction 354 — 354 354 — Total commercial real estate loans 26,400 24,842 51,242 51,612 1,338 Residential mortgage 5,836 4,853 10,689 11,800 518 Consumer loans: Home equity 366 487 853 956 58 Total consumer loans 366 487 853 956 58 Total $ 47,219 $ 116,425 $ 163,644 $ 179,243 $ 38,576
Schedule Of Accretable Yield For PCI Loans	The table below includes disclosure requirements prior to the adoption of ASU No. 2016-13 on January 1, 2020, and presents the changes in the accretable yield for PCI loans during the three and six months ended June 30, 2019: Three Months Ended Six Months Ended (in thousands) Balance, beginning of period $ 890,771 $ 875,958 Accretion (55,014 ) (108,506 ) Net increase in expected cash flows 18,130 86,435 Balance, end of period $ 853,887 $ 853,887

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill as allocated to our business segments, or reporting units thereof, for goodwill impairment analysis were: Business Segment / Reporting Unit* Wealth Consumer Commercial Investment Total (in thousands) Balance at December 31, 2019 $ 21,218 $ 306,572 $ 825,767 $ 220,068 $ 1,373,625 Goodwill from business combinations — 121 1,654 9 1,784 Balance at June 30, 2020 $ 21,218 $ 306,693 $ 827,421 $ 220,077 $ 1,375,409 * 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 June 30, 2020 and December 31, 2019 : Gross Intangible Assets Accumulated Amortization Valuation Allowance Net Intangible Assets (in thousands) June 30, 2020 Loan servicing rights $ 98,127 $ (74,624 ) $ (825 ) $ 22,678 Core deposits 101,160 (47,118 ) — 54,042 Other 3,945 (2,744 ) — 1,201 Total other intangible assets $ 203,232 $ (124,486 ) $ (825 ) $ 77,921 December 31, 2019 Loan servicing rights $ 94,827 $ (70,095 ) $ (47 ) $ 24,685 Core deposits 101,160 (40,384 ) — 60,776 Other 3,945 (2,634 ) — 1,311 Total other intangible assets $ 199,932 $ (113,113 ) $ (47 ) $ 86,772
Estimated Future Amortization Expense	The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2020 through 2024 : Loan Servicing Rights Core Deposits Other (in thousands) 2020 $ 5,161 $ 6,629 $ 110 2021 4,179 11,607 206 2022 3,226 9,876 191 2023 2,483 8,146 131 2024 1,931 6,537 117

Borrowed Funds (Tables)

Borrowed Funds (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Short-Term Borrowings	Short-term borrowings at June 30, 2020 and December 31, 2019 consisted of the following: June 30, December 31, (in thousands) FHLB advances $ 1,235,000 $ 940,000 Federal funds purchased 678,900 — Securities sold under agreements to repurchase 168,980 153,280 Total short-term borrowings $ 2,082,880 $ 1,093,280
Schedule of Long-Term Borrowings	Long-term borrowings at June 30, 2020 and December 31, 2019 consisted of the following: June 30, December 31, (in thousands) FHLB advances, net (1) $ 2,153,052 $ 1,480,012 Subordinated debt, net (2) 404,455 292,414 Securities sold under agreements to repurchase 350,000 350,000 Other 28 — Total long-term borrowings $ 2,907,535 $ 2,122,426 (1) FHLB advances are presented net of unamortized prepayment penalties and other purchase accounting adjustments totaling $1.2 million and $2.8 million at June 30, 2020 and December 31, 2019, respectively. (2) Subordinated debt is presented net of unamortized debt issuance costs totaling $2.9 million and $1.2 million at June 30, 2020 and December 31, 2019, respectively.
Schedule of FHLB Repayment	The long-term FHLB advances at June 30, 2020 are scheduled for contractual balance repayments as follows: Year Amount (in thousands) 2020 $ 30,000 2021 994,769 2022 121,420 2023 428,164 2024 300,000 Thereafter 279,931 Total long-term FHLB advances $ 2,154,284
Schedule of Repayment of Long-Term Borrowings for Securities Sold Under Agreements to Repurchase	The long-term repos at June 30, 2020 are scheduled for contractual balance repayments as follows: Year Amount (in thousands) 2021 $ 300,000 2022 50,000 Total long-term securities sold under agreements to repurchase $ 350,000

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2020
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: June 30, 2020 December 31, 2019 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 swaps $ — $ 4,722 $ 1,030,000 $ — $ 1,484 $ 180,000 Fair value hedge interest rate swaps — 147 7,147 — 229 7,281 Total derivatives designated as hedging instruments $ — $ 4,869 $ 1,037,147 $ — $ 1,713 $ 187,281 Derivatives not designated as hedging instruments: Interest rate swaps and embedded derivatives $ 467,606 $ 161,997 $ 7,293,947 $ 158,382 $ 42,020 $ 4,113,106 Mortgage banking derivatives 669 3,407 558,379 150 193 142,760 Total derivatives not designated as hedging instruments $ 468,275 $ 165,404 $ 7,852,326 $ 158,532 $ 42,213 $ 4,255,866
(Losses) Gains Related to Interest Rate Derivatives Designated as Hedges of Cash Flows	osses) included in the consolidated statements of income and 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 Six Months Ended 2020 2019 2020 2019 (in thousands) Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest expense $ 438 $ (383 ) $ (177 ) $ (673 ) Amount of loss recognized in other comprehensive income (1,773 ) (962 ) (3,253 ) (1,512 )
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 Six Months Ended 2020 2019 2020 2019 (in thousands) Derivative - interest rate swaps: Interest income $ 71 $ 49 $ 82 $ 73 Hedged item - loans: Interest income $ (71 ) $ (49 ) $ (82 ) $ (73 )
Interest Rate Derivatives Designated as Hedges	The following table presents the hedged items related to interest rate derivatives designated as hedges of fair value and the cumulative basis fair value adjustment included in the net carrying amount of the hedged items at June 30, 2020 and December 31, 2019 . Line Item in the Statement of Financial Condition in Which the Hedged Item is Included Carrying Amount of the Hedged Asset Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 (in thousands) Loans $ 7,294 $ 7,510 $ 147 $ 229
Net Gains (Losses) Related to Derivative Instruments Not Designated as Hedging Instruments	The net losses (gains) included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (in thousands) Non-designated hedge interest rate swaps and credit derivatives Other non-interest expense $ 1,416 $ (347 ) $ 1,505 $ (757 )

Balance Sheet Offsetting (Table

Balance Sheet Offsetting (Tables)	6 Months Ended
	Jun. 30, 2020
Offsetting [Abstract]
Offsetting Assets	The table below presents information about Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of June 30, 2020 and December 31, 2019 . Gross Amounts Not Offset Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Net Amount (in thousands) June 30, 2020 Assets: Interest rate swaps $ 467,606 $ — $ 467,606 $ — $ — $ 467,606 Liabilities: Interest rate swaps $ 166,866 $ — $ 166,866 $ — $ (166,866 ) $ — Repurchase agreements 350,000 — 350,000 (350,000 ) * — — Total $ 516,866 $ — $ 516,866 $ (350,000 ) $ (166,866 ) $ — December 31, 2019 Assets: Interest rate swaps $ 158,382 $ — $ 158,382 $ (118 ) $ — $ 158,264 Liabilities: Interest rate swaps $ 43,733 $ — $ 43,733 $ (118 ) $ (16,881 ) $ 26,734 Repurchase agreements 350,000 — 350,000 (350,000 ) * — * — Total $ 393,733 $ — $ 393,733 $ (350,118 ) $ (16,881 ) $ 26,734 * Represents the fair value of non-cash pledged investment securities.
Offsetting Liabilities	The table below presents information about Valley’s financial instruments that are eligible for offset in the consolidated statements of financial condition as of June 30, 2020 and December 31, 2019 . Gross Amounts Not Offset Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Net Amount (in thousands) June 30, 2020 Assets: Interest rate swaps $ 467,606 $ — $ 467,606 $ — $ — $ 467,606 Liabilities: Interest rate swaps $ 166,866 $ — $ 166,866 $ — $ (166,866 ) $ — Repurchase agreements 350,000 — 350,000 (350,000 ) * — — Total $ 516,866 $ — $ 516,866 $ (350,000 ) $ (166,866 ) $ — December 31, 2019 Assets: Interest rate swaps $ 158,382 $ — $ 158,382 $ (118 ) $ — $ 158,264 Liabilities: Interest rate swaps $ 43,733 $ — $ 43,733 $ (118 ) $ (16,881 ) $ 26,734 Repurchase agreements 350,000 — 350,000 (350,000 ) * — * — Total $ 393,733 $ — $ 393,733 $ (350,118 ) $ (16,881 ) $ 26,734 * Represents the fair value of non-cash pledged investment securities.

Tax Credit Investments (Tables)

Tax Credit Investments (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 : June 30, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 22,874 $ 25,049 Other tax credit investments, net 51,569 59,081 Total tax credit investments, net $ 74,443 $ 84,130 Other Liabilities: Unfunded affordable housing tax credit commitments $ 1,402 $ 1,539 Unfunded other tax credit commitments 1,139 1,139 Total unfunded tax credit commitments $ 2,541 $ 2,678
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 six months ended June 30, 2020 and 2019 : Three Months Ended Six Months Ended 2020 2019 2020 2019 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 1,393 $ 1,708 $ 2,627 $ 3,421 Other tax credit investment credits and tax benefits 2,540 2,158 3,840 4,961 Total reduction in income tax expense $ 3,933 $ 3,866 $ 6,467 $ 8,382 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 537 $ 593 $ 1,091 $ 1,266 Affordable housing tax credit investment impairment losses 665 794 1,083 1,524 Other tax credit investment losses 679 2,509 1,223 3,496 Other tax credit investment impairment losses 1,535 967 3,247 5,750 Total amortization of tax credit investments recorded in non-interest expense $ 3,416 $ 4,863 $ 6,644 $ 12,036

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of Financial Data for Business Segments	The following tables represent the financial data for Valley’s four business segments for the three and six months ended June 30, 2020 and 2019 : Three Months Ended June 30, 2020 Consumer Lending Commercial Lending Investment Management Corporate and Other Adjustments Total ($ in thousands) Average interest earning assets $ 7,214,368 $ 24,826,832 $ 5,737,187 $ — $ 37,778,387 Interest income $ 66,807 $ 255,152 $ 27,623 $ (1,057 ) $ 348,525 Interest expense 11,469 40,640 9,728 4,129 65,966 Net interest income (loss) 55,338 214,512 17,895 (5,186 ) 282,559 Provision for credit losses 3,106 38,009 41 — 41,156 Net interest income (loss) after provision for credit losses 52,232 176,503 17,854 (5,186 ) 241,403 Non-interest income 17,175 16,172 5,823 5,660 44,830 Non-interest expense 20,440 23,250 642 112,834 157,166 Internal expense transfer 19,406 66,858 15,505 (101,769 ) — Income (loss) before income taxes $ 29,561 $ 102,567 $ 7,530 $ (10,591 ) $ 129,067 Return on average interest earning assets (pre-tax) 1.64 % 1.65 % 0.52 % N/A 1.37 % Three Months Ended June 30, 2019 Consumer Lending Commercial Lending Investment Management Corporate and Other Adjustments Total ($ in thousands) Average interest earning assets $ 6,756,322 $ 18,796,093 $ 4,324,969 $ — $ 29,877,384 Interest income $ 67,617 $ 229,366 $ 31,966 $ (1,207 ) $ 327,742 Interest expense 23,428 65,141 14,994 3,945 107,508 Net interest income (loss) 44,189 164,225 16,972 (5,152 ) 220,234 Provision for credit losses 885 1,215 — — 2,100 Net interest income (loss) after provision for credit losses 43,304 163,010 16,972 (5,152 ) 218,134 Non-interest income 13,037 7,688 2,560 4,318 27,603 Non-interest expense 18,392 26,324 216 96,805 141,737 Internal expense transfer 19,291 53,722 12,399 (85,412 ) — Income (loss) before income taxes $ 18,658 $ 90,652 $ 6,917 $ (12,227 ) $ 104,000 Return on average interest earning assets (pre-tax) 1.10 % 1.93 % 0.64 % N/A 1.39 % Six Months Ended June 30, 2020 Consumer Lending Commercial Lending Investment Management Corporate and Other Adjustments Total ($ in thousands) Average interest earning assets $ 7,215,756 $ 23,804,558 $ 5,205,918 $ — $ 36,226,232 Interest income $ 135,062 $ 520,027 $ 59,392 $ (2,163 ) $ 712,318 Interest expense 31,169 102,826 22,488 7,937 164,420 Net interest income (loss) 103,893 417,201 36,904 (10,100 ) 547,898 Provision for credit losses 9,891 65,148 800 — 75,839 Net interest income (loss) after provision for credit losses 94,002 352,053 36,104 (10,100 ) 472,059 Non-interest income 31,852 31,771 8,965 13,639 86,227 Non-interest expense 40,311 47,408 1,029 224,074 312,822 Internal expense transfer 39,741 131,054 28,680 (199,475 ) — Income (loss) before income taxes $ 45,802 $ 205,362 $ 15,360 $ (21,060 ) $ 245,464 Return on average interest earning assets (pre-tax) 1.27 % 1.73 % 0.59 % N/A 1.36 % Six Months Ended June 30, 2019 Consumer Lending Commercial Lending Investment Management Corporate and Other Adjustments Total ($ in thousands) Average interest earning assets $ 6,788,511 $ 18,615,885 $ 4,316,619 $ — $ 29,721,015 Interest income $ 135,644 $ 449,650 $ 65,190 $ (2,518 ) $ 647,966 Interest expense 45,952 126,012 29,220 7,900 209,084 Net interest income (loss) 89,692 323,638 35,970 (10,418 ) 438,882 Provision for credit losses 2,983 7,117 — — 10,100 Net interest income (loss) after provision for credit losses 86,709 316,521 35,970 (10,418 ) 428,782 Non-interest income 26,819 14,470 4,678 89,309 135,276 Non-interest expense 37,097 51,568 303 200,564 289,532 Internal expense transfer 38,718 106,259 24,686 (169,663 ) — Income (loss) before income taxes $ 37,713 $ 173,164 $ 15,659 $ 47,990 $ 274,526 Return on average interest earning assets (pre-tax) 1.11 % 1.86 % 0.73 % N/A 1.85 %

Business Combinations (Details)

Business Combinations (Details) $ in Thousands, shares in Millions	Dec. 01, 2019USD ($)officeshares	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Loans		$ 32,004,997	$ 32,004,997	$ 29,537,449
Oritani
Business Acquisition [Line Items]
Assets	$ 4,300,000
Loans	3,400,000
Deposits	$ 2,900,000
Number of branches | office	26
Conversion ratio for shares issued	1.60
Consideration transferred	$ 835,300
Shares issued in connection with acquisition (in shares) | shares	71.1
Merger expenses		366	$ 1,700
Goodwill increase		$ 1,800

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share Reconciliation
Net income available to common shareholders	$ 92,429	$ 73,296	$ 176,525	$ 183,454
Basic weighted average number of common shares outstanding (in shares)	403,790,242	331,748,552	403,654,665	331,675,313
Plus: Common stock equivalents (in shares)	841,603	1,211,250	1,388,518	1,254,046
Diluted weighted average number of common shares outstanding (in shares)	404,631,845	332,959,802	405,043,183	332,929,359
Earnings per common share:
Basic (usd per share)	$ 0.23	$ 0.22	$ 0.44	$ 0.55
Diluted (usd per share)	$ 0.23	$ 0.22	$ 0.44	$ 0.55
Anti-dilutive common stock options and warrants (in shares)	2,700,000	482,000	2,300,000	494,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ 4,420,998	$ 3,444,879	$ 4,384,188	$ 3,350,454
Other comprehensive income (loss) before reclassification	1,733		26,744
Amounts reclassified from other comprehensive income	(105)	321	532	610
Total other comprehensive income	1,628	18,126	27,276	34,300
Ending balance	4,474,488	3,504,118	4,474,488	3,504,118
Unrealized Gains and Losses on Available for Sale (AFS) Securities
Accumulated Other Comprehensive Income (Loss)
Beginning balance	31,917		5,822
Other comprehensive income (loss) before reclassification	3,013		29,081
Amounts reclassified from other comprehensive income	31		58
Total other comprehensive income	3,044		29,139
Ending balance	34,961		34,961
Unrealized Gains and Losses on Derivatives
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(4,348)		(3,729)
Other comprehensive income (loss) before reclassification	(1,280)		(2,337)
Amounts reclassified from other comprehensive income	(308)		130
Total other comprehensive income	(1,588)		(2,207)
Ending balance	(5,936)		(5,936)
Defined Benefit Pension Plan
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(34,135)		(34,307)
Other comprehensive income (loss) before reclassification	0		0
Amounts reclassified from other comprehensive income	172	55	344	110
Total other comprehensive income	172		344
Ending balance	(33,963)		(33,963)
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(6,566)	(53,257)	(32,214)	(69,431)
Ending balance	$ (4,938)	$ (35,131)	$ (4,938)	$ (35,131)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassifications from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Reclassification Out Of Accumulated Other Comprehensive Loss
(Losses) gains on securities transactions, net	$ (41)		$ 11		$ (81)	$ (21)
Tax effect	(33,466)		(27,532)		(62,595)	(84,728)
Total net of tax	95,601	$ 87,268	76,468	$ 113,330	182,869	189,798
Interest expense	(65,966)		(107,508)		(164,420)	(209,084)
Total reclassifications, net of tax	105		(321)		(532)	(610)
Unrealized (losses) gains on AFS securities before tax
Reclassification Out Of Accumulated Other Comprehensive Loss
Total reclassifications, net of tax	(31)				(58)
Unrealized gains (losses) on derivatives (cash flow hedges) before tax
Reclassification Out Of Accumulated Other Comprehensive Loss
Total reclassifications, net of tax	308				(130)
Defined benefit pension plan
Reclassification Out Of Accumulated Other Comprehensive Loss
Amortization of actuarial net loss	(229)		(78)		(465)	(156)
Tax effect	57		23		121	46
Total reclassifications, net of tax	(172)		(55)		(344)	(110)
Amounts Reclassified from Accumulated Other Comprehensive Loss
Reclassification Out Of Accumulated Other Comprehensive Loss
Interest expense	438		(383)		(177)	(673)
Amounts Reclassified from Accumulated Other Comprehensive Loss | Unrealized (losses) gains on AFS securities before tax
Reclassification Out Of Accumulated Other Comprehensive Loss
(Losses) gains on securities transactions, net	(41)		11		(81)	(21)
Tax effect	10		(3)		23	3
Total net of tax	(31)		8		(58)	(18)
Amounts Reclassified from Accumulated Other Comprehensive Loss | Unrealized gains (losses) on derivatives (cash flow hedges) before tax
Reclassification Out Of Accumulated Other Comprehensive Loss
Tax effect	(130)		109		47	191
Total net of tax	308		(274)		(130)	(482)
Interest expense	$ 438		$ (383)		$ (177)	$ (673)

New Authoritative Accounting _3

New Authoritative Accounting Guidance (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Forecast period	2 years
Historical loss experience period	1 year
Allowance for loan losses	$ 309,614	$ 161,759	$ 283,342	$ 155,105	$ 154,381	$ 151,859
Allowance for unfunded credit commitments	10,109	2,845
Allowance for credit losses	1,593
Stockholders' equity	(4,474,488)	(4,384,188)	(4,420,998)	(3,504,118)	(3,444,879)	(3,350,454)
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ (499,511)	(443,559)	$ (452,424)	$ (412,190)	$ (375,983)	$ (299,642)
Cumulative Effect, Period Of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses		100,400
Allowance for loan losses		92,531
Allowance for unfunded credit commitments		7,100
Allowance for credit losses		793
PCD loans related reserves		61,600
Non-credit discount		97,700
Cumulative Effect, Period Of Adoption, Adjustment | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity		28,200
Cumulative Effect, Period Of Adoption, Adjustment | Non-PCD Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for loan losses		$ 38,800

Fair Value Measurement of Ass_3

Fair Value Measurement of Assets and Liabilities - Recurring and Non-Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investment securities
Equity securities	$ 54,379	$ 41,410
Available for sale
Available for sale debt securities	1,689,388	1,566,801
Non-recurring fair value measurements:
Loan servicing rights	14,400
Unpaid principal balances of loans held for sale	115,000	74,500
U.S. Treasury securities
Available for sale
Available for sale debt securities	52,621	50,943
U.S. government agency securities
Available for sale
Available for sale debt securities	27,924	29,243
Obligations of states and political subdivisions
Available for sale
Available for sale debt securities	147,505	170,051
Residential mortgage-backed securities
Available for sale
Available for sale debt securities	1,382,726	1,254,786
Corporate and other debt securities
Available for sale
Available for sale debt securities	78,612	61,778
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements
Investment securities
Equity securities	46,897	41,410
Available for sale
Available for sale debt securities	52,621	50,943
Loans held for sale	0	0
Other assets	0	0
Total assets	99,518	92,353
Liabilities
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
Available for sale
Available for sale debt securities	52,621	50,943
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | U.S. government agency securities
Available for sale
Available for sale debt securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Obligations of states and political subdivisions
Available for sale
Available for sale debt securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Residential mortgage-backed securities
Available for sale
Available for sale debt securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Corporate and other debt securities
Available for sale
Available for sale debt securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-recurring fair value measurements
Non-recurring fair value measurements:
Collateral dependent 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
Investment securities
Equity securities	0	0
Available for sale
Available for sale debt securities	1,635,402	1,515,178
Loans held for sale	120,599	76,113
Other assets	468,275	158,532
Total assets	2,224,276	1,749,823
Liabilities
Other liabilities	170,273	43,926
Total liabilities	170,273	43,926
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | U.S. Treasury securities
Available for sale
Available for sale debt securities	0	0
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | U.S. government agency securities
Available for sale
Available for sale debt securities	27,924	29,243
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Obligations of states and political subdivisions
Available for sale
Available for sale debt securities	146,140	169,371
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Residential mortgage-backed securities
Available for sale
Available for sale debt securities	1,382,726	1,254,786
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Corporate and other debt securities
Available for sale
Available for sale debt securities	78,612	61,778
Significant Other Observable Inputs (Level 2) | Non-recurring fair value measurements
Non-recurring fair value measurements:
Collateral dependent loans	0	0
Loan servicing rights	0	0
Foreclosed assets	0	0
Total	0	0
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements
Investment securities
Equity securities	0	0
Available for sale
Available for sale debt securities	1,365	680
Loans held for sale	0	0
Other assets	0	0
Total assets	1,365	680
Liabilities
Other liabilities	0	0
Total liabilities	0	0
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | U.S. Treasury securities
Available for sale
Available for sale debt securities	0	0
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | U.S. government agency securities
Available for sale
Available for sale debt securities	0	0
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Obligations of states and political subdivisions
Available for sale
Available for sale debt securities	1,365	680
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Residential mortgage-backed securities
Available for sale
Available for sale debt securities	0	0
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Corporate and other debt securities
Available for sale
Available for sale debt securities	0	0
Significant Unobservable Inputs (Level 3) | Non-recurring fair value measurements
Non-recurring fair value measurements:
Collateral dependent loans	42,807	39,075
Loan servicing rights	14,373	1,591
Foreclosed assets	6,679	10,807
Total	63,859	51,473
Fair Value | Recurring fair value measurements
Investment securities
Equity securities	54,379	41,410
Available for sale
Available for sale debt securities	1,689,388	1,566,801
Loans held for sale	120,599	76,113
Other assets	468,275	158,532
Total assets	2,332,641	1,842,856
Liabilities
Other liabilities	170,273	43,926
Total liabilities	170,273	43,926
Fair Value | Recurring fair value measurements | U.S. Treasury securities
Available for sale
Available for sale debt securities	52,621	50,943
Fair Value | Recurring fair value measurements | U.S. government agency securities
Available for sale
Available for sale debt securities	27,924	29,243
Fair Value | Recurring fair value measurements | Obligations of states and political subdivisions
Available for sale
Available for sale debt securities	147,505	170,051
Fair Value | Recurring fair value measurements | Residential mortgage-backed securities
Available for sale
Available for sale debt securities	1,382,726	1,254,786
Fair Value | Recurring fair value measurements | Corporate and other debt securities
Available for sale
Available for sale debt securities	78,612	61,778
Fair Value | Non-recurring fair value measurements
Non-recurring fair value measurements:
Collateral dependent loans	42,807	39,075
Loan servicing rights	14,373	1,591
Foreclosed assets	6,679	10,807
Total	63,859	$ 51,473
Fair Value | NAV | Recurring fair value measurements
Investment securities
Equity securities	$ 7,500

Fair Value Measurement of Ass_4

Fair Value Measurement of Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Collateral dependent loans, charge-offs		$ 938
Collateral dependent loans amortized cost	$ 110,900
Specific valuation allowance allocations	68,100
Reported net carrying amount of collateral dependent loans	$ 42,800
Valuation of loan servicing rights, prepayment rate	17.00%
Valuation of loan servicing rights, discount rate	9.60%
Loan servicing rights	$ 14,400

Fair Value Measurement of Ass_5

Fair Value Measurement of Assets and Liabilities - Carrying Amounts and Estimated Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest bearing deposits with banks	$ 1,521,572	$ 178,423
Total investment securities held to maturity	2,194,876	2,358,720
Accrued interest receivable	122,807	105,637
Deposits with stated maturities	8,272,772	9,717,945
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investment securities held to maturity	2,133,427	2,336,095
Carrying Amount | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and due from banks	388,753	256,264
Interest bearing deposits with banks	1,521,572	178,423
Accrued interest receivable	122,807	105,637
Deposits without stated maturities	23,155,233	19,467,892
Short-term borrowings	2,082,880	1,093,280
Accrued interest payable	19,148	33,066
Carrying Amount | Level 1 | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investment securities held to maturity	138,268	138,352
Carrying Amount | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Federal Reserve Bank and Federal Home Loan Bank stock	282,755	214,421
Deposits with stated maturities	8,272,772	9,717,945
Long-term borrowings	2,907,535	2,122,426
Junior subordinated debentures issued to capital trusts	55,891	55,718
Carrying Amount | Level 2 | U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investment securities held to maturity	6,657	7,345
Carrying Amount | Level 2 | Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investment securities held to maturity	466,836	500,705
Carrying Amount | Level 2 | Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investment securities held to maturity	1,451,581	1,620,119
Carrying Amount | Level 2 | Trust preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investment securities held to maturity	37,335	37,324
Carrying Amount | Level 2 | Corporate and other debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investment securities held to maturity	32,750	32,250
Carrying Amount | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net loans	32,004,997	29,537,449
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investment securities held to maturity	2,194,876	2,358,720
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and due from banks	388,753	256,264
Interest bearing deposits with banks	1,521,572	178,423
Accrued interest receivable	122,807	105,637
Deposits without stated maturities	23,155,233	19,467,892
Short-term borrowings	2,083,500	1,081,879
Accrued interest payable	19,148	33,066
Fair Value | Level 1 | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investment securities held to maturity	147,415	144,113
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Federal Reserve Bank and Federal Home Loan Bank stock	282,755	214,421
Deposits with stated maturities	8,335,442	9,747,867
Long-term borrowings	3,023,213	2,181,401
Junior subordinated debentures issued to capital trusts	44,231	53,889
Fair Value | Level 2 | U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investment securities held to maturity	6,921	7,362
Fair Value | Level 2 | Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investment securities held to maturity	481,736	513,607
Fair Value | Level 2 | Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investment securities held to maturity	1,495,599	1,629,572
Fair Value | Level 2 | Trust preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investment securities held to maturity	29,900	31,382
Fair Value | Level 2 | Corporate and other debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investment securities held to maturity	33,305	32,684
Fair Value | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net loans	$ 31,815,938	$ 28,964,396

Investment Securities - Additio

Investment Securities - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)security	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)security	Dec. 31, 2019USD ($)security
Investment Securities [Line Items]
Equity securities	$ 54,379,000		$ 54,379,000	$ 41,410,000
Number of security positions in the debt securities available for sale portfolio in an unrealized loss position (in security) | security	95		95	182
Fair value of debt securities available for sale pledged as collateral	$ 1,100,000,000		$ 1,100,000,000
Weighted-average remaining expected life of residential mortgage-backed securities available for sale, years			4 years 9 months 18 days
Amortized cost	1,641,277,000		$ 1,641,277,000	$ 1,558,787,000
Fair Value	1,689,388,000		1,689,388,000	1,566,801,000
Gross unrealized losses	1,874,000		1,874,000	$ 5,582,000
Impairment loss	0	$ 2,900,000	0
Allowance for credit losses	$ 0		$ 0
Number of security positions in the securities held to maturity portfolio in an unrealized loss position (in security) | security	26		26	82
Fair value of investments held to maturity pledged as collateral	$ 1,300,000,000		$ 1,300,000,000
Weighted-average remaining expected life of residential mortgage-backed securities held to maturity, years			3 years 10 months 24 days
Forecast period			2 years
Historical loss experience period			1 year
Allowance for credit losses	1,593,000		$ 1,593,000
Charge-offs of debt securities	0		0
US States and Political Subdivisions Debt Securities, Special Revenue Bonds
Investment Securities [Line Items]
Amortized cost	80,200,000		80,200,000
Fair Value	81,800,000		81,800,000
Gross unrealized losses	56,000		$ 56,000
Investment percentage			54.00%
US States And Political Subdivisions Debt Securities, Special Revenue Bonds, Impaired Securities
Investment Securities [Line Items]
Amortized cost	680,000		$ 680,000
Fair Value	1,400,000		1,400,000
Money market mutual fund
Investment Securities [Line Items]
Equity securities	$ 41,800,000		$ 41,800,000	$ 41,400,000

Investment Securities - Amortiz

Investment Securities - Amortized Cost, Debt Securities Available for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,641,277	$ 1,558,787
Gross Unrealized Gains	49,985	13,596
Gross Unrealized Losses	(1,874)	(5,582)
Fair Value	1,689,388	1,566,801
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	50,940	50,952
Gross Unrealized Gains	1,681	12
Gross Unrealized Losses	0	(21)
Fair Value	52,621	50,943
U.S. government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	26,778	28,982
Gross Unrealized Gains	1,174	280
Gross Unrealized Losses	(28)	(19)
Fair Value	27,924	29,243
Obligations of states and state agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	65,620	78,116
Gross Unrealized Gains	1,477	540
Gross Unrealized Losses	(54)	(83)
Fair Value	67,043	78,573
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	79,100	90,662
Gross Unrealized Gains	1,363	902
Gross Unrealized Losses	(1)	(86)
Fair Value	80,462	91,478
Obligations of states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	144,720	168,778
Gross Unrealized Gains	2,840	1,442
Gross Unrealized Losses	(55)	(169)
Fair Value	147,505	170,051
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,340,614	1,248,814
Gross Unrealized Gains	43,039	11,234
Gross Unrealized Losses	(927)	(5,262)
Fair Value	1,382,726	1,254,786
Corporate and other debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	78,225	61,261
Gross Unrealized Gains	1,251	628
Gross Unrealized Losses	(864)	(111)
Fair Value	$ 78,612	$ 61,778

Investment Securities - Unreali

Investment Securities - Unrealized Losses and Fair Value Debt Securities Available for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value
Less than Twelve Months	$ 153,479	$ 289,110
More than Twelve Months	52,031	306,513
Total	205,510	595,623
Unrealized Losses
Less than Twelve Months	(1,360)	(1,347)
More than Twelve Months	(514)	(4,235)
Total	(1,874)	(5,582)
U.S. Treasury securities
Fair Value
Less than Twelve Months		25,019
More than Twelve Months		0
Total		25,019
Unrealized Losses
Less than Twelve Months		(21)
More than Twelve Months		0
Total		(21)
U.S. government agency securities
Fair Value
Less than Twelve Months	0	0
More than Twelve Months	1,627	1,783
Total	1,627	1,783
Unrealized Losses
Less than Twelve Months	0	0
More than Twelve Months	(28)	(19)
Total	(28)	(19)
Obligations of states and state agencies
Fair Value
Less than Twelve Months	24,913	18,540
More than Twelve Months	1,036	8,755
Total	25,949	27,295
Unrealized Losses
Less than Twelve Months	(37)	(21)
More than Twelve Months	(17)	(62)
Total	(54)	(83)
Municipal bonds
Fair Value
Less than Twelve Months	210	0
More than Twelve Months	0	13,177
Total	210	13,177
Unrealized Losses
Less than Twelve Months	(1)	0
More than Twelve Months	0	(86)
Total	(1)	(86)
Obligations of states and political subdivisions
Fair Value
Less than Twelve Months	25,123	18,540
More than Twelve Months	1,036	21,932
Total	26,159	40,472
Unrealized Losses
Less than Twelve Months	(38)	(21)
More than Twelve Months	(17)	(148)
Total	(55)	(169)
Residential mortgage-backed securities
Fair Value
Less than Twelve Months	101,162	240,412
More than Twelve Months	49,368	282,798
Total	150,530	523,210
Unrealized Losses
Less than Twelve Months	(458)	(1,194)
More than Twelve Months	(469)	(4,068)
Total	(927)	(5,262)
Corporate and other debt securities
Fair Value
Less than Twelve Months	27,194	5,139
More than Twelve Months	0	0
Total	27,194	5,139
Unrealized Losses
Less than Twelve Months	(864)	(111)
More than Twelve Months	0	0
Total	$ (864)	$ (111)

Investment Securities - Contrac

Investment Securities - Contractual Maturities of Debt Securities Available for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Amortized Cost
Due in one year	$ 26,643
Due after one year through five years	97,248
Due after five years through ten years	104,076
Due after ten years	72,696
Residential mortgage-backed securities	1,340,614
Amortized Cost	1,641,277	$ 1,558,787
Fair Value
Due in one year	26,742
Due after one year through five years	99,501
Due after five years through ten years	106,154
Due after ten years	74,265
Residential mortgage-backed securities	1,382,726
Total investment securities available for sale	$ 1,689,388	$ 1,566,801

Investment Securities - Amort_2

Investment Securities - Amortized Cost, Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 2,133,427	$ 2,336,095
Gross Unrealized Gains	69,787	34,556
Gross Unrealized Losses	(8,338)	(11,931)
Fair Value	2,194,876	2,358,720
U.S. Treasury securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	138,268	138,352
Gross Unrealized Gains	9,147	5,761
Gross Unrealized Losses	0	0
Fair Value	147,415	144,113
U.S. government agency securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	6,657	7,345
Gross Unrealized Gains	264	58
Gross Unrealized Losses	0	(41)
Fair Value	6,921	7,362
Obligations of states and state agencies
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	280,187	297,454
Gross Unrealized Gains	8,569	7,745
Gross Unrealized Losses	(545)	(529)
Fair Value	288,211	304,670
Municipal bonds
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	186,649	203,251
Gross Unrealized Gains	6,876	5,696
Gross Unrealized Losses	0	(10)
Fair Value	193,525	208,937
Obligations of states and political subdivisions
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	466,836	500,705
Gross Unrealized Gains	15,445	13,441
Gross Unrealized Losses	(545)	(539)
Fair Value	481,736	513,607
Residential mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	1,451,581	1,620,119
Gross Unrealized Gains	44,327	14,803
Gross Unrealized Losses	(309)	(5,350)
Fair Value	1,495,599	1,629,572
Trust preferred securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	37,335	37,324
Gross Unrealized Gains	48	39
Gross Unrealized Losses	(7,483)	(5,981)
Fair Value	29,900	31,382
Corporate and other debt securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	32,750	32,250
Gross Unrealized Gains	556	454
Gross Unrealized Losses	(1)	(20)
Fair Value	$ 33,305	$ 32,684

Investment Securities - Unrea_2

Investment Securities - Unrealized Losses and Fair Value of Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value
Less than Twelve Months	$ 65,687	$ 324,246
More than Twelve Months	51,231	323,080
Total	116,918	647,326
Unrealized Losses
Less than Twelve Months	(572)	(1,483)
More than Twelve Months	(7,766)	(10,448)
Total	(8,338)	(11,931)
U.S. government agency securities
Fair Value
Less than Twelve Months		5,183
More than Twelve Months		0
Total		5,183
Unrealized Losses
Less than Twelve Months		(41)
More than Twelve Months		0
Total		(41)
Obligations of states and state agencies
Fair Value
Less than Twelve Months	10,544	11,178
More than Twelve Months	20,022	32,397
Total	30,566	43,575
Unrealized Losses
Less than Twelve Months	(266)	(55)
More than Twelve Months	(279)	(474)
Total	(545)	(529)
Municipal bonds
Fair Value
Less than Twelve Months		0
More than Twelve Months		798
Total		798
Unrealized Losses
Less than Twelve Months		0
More than Twelve Months		(10)
Total		(10)
Obligations of states and political subdivisions
Fair Value
Less than Twelve Months	10,544	11,178
More than Twelve Months	20,022	33,195
Total	30,566	44,373
Unrealized Losses
Less than Twelve Months	(266)	(55)
More than Twelve Months	(279)	(484)
Total	(545)	(539)
Residential mortgage-backed securities
Fair Value
Less than Twelve Months	37,394	307,885
More than Twelve Months	2,710	254,915
Total	40,104	562,800
Unrealized Losses
Less than Twelve Months	(305)	(1,387)
More than Twelve Months	(4)	(3,963)
Total	(309)	(5,350)
Trust preferred securities
Fair Value
Less than Twelve Months	0	0
More than Twelve Months	28,499	29,990
Total	28,499	29,990
Unrealized Losses
Less than Twelve Months	0	0
More than Twelve Months	(7,483)	(5,981)
Total	(7,483)	(5,981)
Corporate and other debt securities
Fair Value
Less than Twelve Months	17,749	0
More than Twelve Months	0	4,980
Total	17,749	4,980
Unrealized Losses
Less than Twelve Months	(1)	0
More than Twelve Months	0	(20)
Total	$ (1)	$ (20)

Investment Securities - Contr_2

Investment Securities - Contractual Maturities of Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Amortized Cost
Due in one year	$ 92,432
Due after one year through five years	171,778
Due after five years through ten years	203,555
Due after ten years	214,081
Residential mortgage-backed securities	1,451,581
Amortized Cost	2,133,427	$ 2,336,095
Fair Value
Due in one year	93,313
Due after one year through five years	179,833
Due after five years through ten years	215,200
Due after ten years	210,931
Residential mortgage-backed securities	1,495,599
Total investment securities held to maturity	$ 2,194,876	$ 2,358,720

Investment Securities - Amort_3

Investment Securities - Amortized Cost of Debt Securities Held to Maturity by External Credit Rating (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	$ 2,133,427	$ 2,336,095
U.S. Treasury securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	138,268	138,352
U.S. government agency securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	6,657	7,345
Obligations of states and state agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	280,187	297,454
Municipal bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	186,649	203,251
Obligations of states and political subdivisions
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	466,836	500,705
Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	1,451,581	1,620,119
Trust preferred securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	37,335	37,324
Corporate and other debt securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	32,750	32,250
AAA/AA/A Rated
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	2,018,457	2,216,991
AAA/AA/A Rated | U.S. Treasury securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	138,268	138,352
AAA/AA/A Rated | U.S. government agency securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	6,657	7,345
AAA/AA/A Rated | Obligations of states and state agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	239,811	248,533
AAA/AA/A Rated | Municipal bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	182,140	202,642
AAA/AA/A Rated | Obligations of states and political subdivisions
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	421,951	451,175
AAA/AA/A Rated | Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	1,451,581	1,620,119
AAA/AA/A Rated | Trust preferred securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
AAA/AA/A Rated | Corporate and other debt securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	5,000	10,722
BBB rated | U.S. Treasury securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | U.S. government agency securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Obligations of states and state agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	5,722
BBB rated | Municipal bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Obligations of states and political subdivisions
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	5,722
BBB rated | Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Trust preferred securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
BBB rated | Corporate and other debt securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	5,000	5,000
Non-investment grade rated
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	5,686	0
Non-investment grade rated | U.S. Treasury securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | U.S. government agency securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | Obligations of states and state agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	5,686	0
Non-investment grade rated | Municipal bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | Obligations of states and political subdivisions
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	5,686	0
Non-investment grade rated | Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | Trust preferred securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-investment grade rated | Corporate and other debt securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	104,284	108,382
Non-rated | U.S. Treasury securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated | U.S. government agency securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated | Obligations of states and state agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	34,690	43,199
Non-rated | Municipal bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	4,509	609
Non-rated | Obligations of states and political subdivisions
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	39,199	43,808
Non-rated | Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	0	0
Non-rated | Trust preferred securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	37,335	37,324
Non-rated | Corporate and other debt securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized cost of held to maturity debt securities	$ 27,750	$ 27,250

Loans and Allowance for Credi_3

Loans and Allowance for Credit Losses for Loans - Loans Portfolio (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 32,314,611	$ 29,699,208
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	6,884,689	4,825,997
Loans, PPP	2,200,000
Loans, deferred income, PPP	62,100
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	18,293,229	17,643,759
Commercial real estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	16,571,877	15,996,741
Commercial real estate | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,721,352	1,647,018
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	4,405,147	4,377,111
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,731,546	2,852,341
Consumer loans | Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	471,115	487,272
Consumer loans | Automobile
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,369,489	1,451,623
Consumer loans | Other consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 890,942	$ 913,446

Loans and Allowance for Credi_4

Loans and Allowance for Credit Losses for Loans - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)component	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)componentSecurityLoan	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-covered loans net of unearned premiums and deferred loan fees	$ 131,300,000		$ 131,300,000		$ 12,600,000
Accrued interest	104,200,000		104,200,000		86,300,000
Transfer of loans to loans held for sale			30,020,000	$ 216,301,000
Sales of loans			$ 0	0
Number of consecutive months for performing restructured loans to be put on accrual status			6 months
TDRs not reported as non-accrual loans	53,900,000		$ 53,900,000		73,000,000
Non-performing TDRs	85,600,000		85,600,000		65,100,000
Specific reserves for loan losses			8,400,000	11,700,000
Loan charge-offs related to loans modified as TDRs	2,900,000	$ 1,100,000	$ 3,700,000	2,000,000
Number of modified loans | SecurityLoan			7,000
Amount from modified loans			$ 3,100,000,000
Other real estate owned	$ 8,300,000		$ 8,300,000		9,400,000
Number of basic components | component	2		2
Forecast period			2 years
Historical loss experience period			1 year
Allowance for unfunded credit commitments	$ 10,109,000		$ 10,109,000		2,845,000
Residential real estate properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other real estate owned	2,500,000		2,500,000		2,100,000
In formal foreclosure proceedings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential mortgage and consumer loans secured by residential real estate properties	$ 1,800,000		1,800,000		2,800,000
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Transfer of loans to loans held for sale			$ 30,000,000	$ 216,300,000
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired loans threshold					$ 250,000

Loans and Allowance for Credi_5

Loans and Allowance for Credit Losses for Loans - Past Due, Non-Accrual and Current Non-Covered Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	$ 210,585	$ 93,058
Total Past Due Loans	303,718	161,284
Current Loans	32,010,893	22,908,325
Total Loans	32,314,611
Non-Accrual Loans Without Allowance for Credit Losses	70,669
PCI Loans		6,629,599
30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	68,343	46,593
60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	13,676	14,315
90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	11,114	7,318
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	130,876	68,636
Total Past Due Loans	146,480	86,549
Current Loans	6,738,209	4,057,434
Total Loans	6,884,689
Non-Accrual Loans Without Allowance for Credit Losses	13,501
PCI Loans		682,014
Commercial and industrial | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	6,206	11,700
Commercial and industrial | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	4,178	2,227
Commercial and industrial | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	5,220	3,986
Commercial real estate
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	46,986	9,360
Total Past Due Loans	62,441	19,354
Current Loans	18,230,788	12,379,256
Total Loans	18,293,229
Non-Accrual Loans Without Allowance for Credit Losses	43,306
PCI Loans		5,245,149
Commercial real estate | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	13,912	4,046
Commercial real estate | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	1,543	5,369
Commercial real estate | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	0	579
Commercial real estate | Commercial real estate
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	43,678	9,004
Total Past Due Loans	59,133	16,169
Current Loans	16,512,744	10,886,724
Total Loans	16,571,877
Non-Accrual Loans Without Allowance for Credit Losses	40,476
PCI Loans		5,093,848
Commercial real estate | Commercial real estate | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	13,912	2,560
Commercial real estate | Commercial real estate | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	1,543	4,026
Commercial real estate | Commercial real estate | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	0	579
Commercial real estate | Construction
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	3,308	356
Total Past Due Loans	3,308	3,185
Current Loans	1,718,044	1,492,532
Total Loans	1,721,352
Non-Accrual Loans Without Allowance for Credit Losses	2,830
PCI Loans		151,301
Commercial real estate | Construction | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	0	1,486
Commercial real estate | Construction | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	0	1,343
Commercial real estate | Construction | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	0	0
Residential mortgage
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	25,776	12,858
Total Past Due Loans	69,020	36,235
Current Loans	4,336,127	3,760,707
Total Loans	4,405,147
Non-Accrual Loans Without Allowance for Credit Losses	13,717
PCI Loans		580,169
Residential mortgage | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	35,263	17,143
Residential mortgage | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	4,169	4,192
Residential mortgage | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	3,812	2,042
Consumer loans
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	6,947	2,204
Total Past Due Loans	25,777	19,146
Current Loans	2,705,769	2,710,928
Total Loans	2,731,546
Non-Accrual Loans Without Allowance for Credit Losses	145
PCI Loans		122,267
Consumer loans | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	12,962	13,704
Consumer loans | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	3,786	2,527
Consumer loans | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	2,082	711
Consumer loans | Home equity
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	5,326	1,646
Total Past Due Loans	9,789	2,777
Current Loans	461,326	373,243
Total Loans	471,115
Non-Accrual Loans Without Allowance for Credit Losses	145
PCI Loans		111,252
Consumer loans | Home equity | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	3,236	1,051
Consumer loans | Home equity | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	864	80
Consumer loans | Home equity | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	363	0
Consumer loans | Automobile
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	1,621	334
Total Past Due Loans	13,219	14,078
Current Loans	1,356,270	1,437,274
Total Loans	1,369,489
Non-Accrual Loans Without Allowance for Credit Losses	0
PCI Loans		271
Consumer loans | Automobile | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	8,254	11,482
Consumer loans | Automobile | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	2,171	1,581
Consumer loans | Automobile | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	1,173	681
Consumer loans | Other consumer
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	0	224
Total Past Due Loans	2,769	2,291
Current Loans	888,173	900,411
Total Loans	890,942
Non-Accrual Loans Without Allowance for Credit Losses	0
PCI Loans		10,744
Consumer loans | Other consumer | 30-59 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	1,472	1,171
Consumer loans | Other consumer | 60-89 Days Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	751	866
Consumer loans | Other consumer | 90 Days or More Past Due Loans
Financing Receivable, Past Due [Line Items]
Past Due Loans	$ 546	$ 30

Loans and Allowance for Credi_6

Loans and Allowance for Credit Losses for Loans - Internal Loan Classification Risk by Loan Portfolio Class by Origination Year (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 32,314,611	$ 29,699,208
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2020	2,686,555
2019	715,352
2018	646,757
2017	336,660
2016	183,908
Prior to 2016	549,676
Revolving Loans Amortized Cost Basis	1,765,170
Revolving Loans Converted to Term Loans	611
Total	6,884,689	4,825,997
Commercial and industrial | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2020	2,680,515
2019	697,134
2018	644,080
2017	306,259
2016	169,439
Prior to 2016	422,608
Revolving Loans Amortized Cost Basis	1,705,273
Revolving Loans Converted to Term Loans	466
Total	6,625,774
Commercial and industrial | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2020	77
2019	9,522
2018	1,408
2017	10,669
2016	11,138
Prior to 2016	15,595
Revolving Loans Amortized Cost Basis	45,635
Revolving Loans Converted to Term Loans	88
Total	94,132
Commercial and industrial | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2020	5,963
2019	7,356
2018	1,269
2017	2,155
2016	3,331
Prior to 2016	13,704
Revolving Loans Amortized Cost Basis	13,040
Revolving Loans Converted to Term Loans	57
Total	46,875
Commercial and industrial | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	1,340
2018	0
2017	17,577
2016	0
Prior to 2016	97,769
Revolving Loans Amortized Cost Basis	1,222
Revolving Loans Converted to Term Loans	0
Total	117,908
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total	18,293,229	$ 17,643,759
Commercial real estate | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2020	1,594,190
2019	3,194,379
2018	2,522,969
2017	2,096,758
2016	1,996,173
Prior to 2016	4,953,045
Revolving Loans Amortized Cost Basis	202,332
Revolving Loans Converted to Term Loans	12,031
Total	16,571,877
Commercial real estate | Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2020	1,589,407
2019	3,175,366
2018	2,480,315
2017	2,059,141
2016	1,957,684
Prior to 2016	4,775,400
Revolving Loans Amortized Cost Basis	198,836
Revolving Loans Converted to Term Loans	12,031
Total	16,248,180
Commercial real estate | Commercial real estate | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	18,913
2018	31,799
2017	18,620
2016	32,853
Prior to 2016	73,609
Revolving Loans Amortized Cost Basis	3,496
Revolving Loans Converted to Term Loans	0
Total	179,290
Commercial real estate | Commercial real estate | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2020	4,783
2019	100
2018	10,855
2017	18,186
2016	5,636
Prior to 2016	102,424
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans	0
Total	141,984
Commercial real estate | Commercial real estate | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	0
2017	811
2016	0
Prior to 2016	1,612
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans	0
Total	2,423
Construction | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2020	43,118
2019	135,181
2018	160,452
2017	28,928
2016	61,179
Prior to 2016	100,370
Revolving Loans Amortized Cost Basis	1,192,124
Revolving Loans Converted to Term Loans	0
Total	1,721,352
Construction | Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2020	43,118
2019	135,181
2018	160,452
2017	28,928
2016	49,000
Prior to 2016	99,014
Revolving Loans Amortized Cost Basis	1,186,010
Revolving Loans Converted to Term Loans	0
Total	1,701,703
Construction | Commercial real estate | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	9,774
Prior to 2016	435
Revolving Loans Amortized Cost Basis	6,114
Revolving Loans Converted to Term Loans	0
Total	16,323
Construction | Commercial real estate | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	2,405
Prior to 2016	921
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans	0
Total	$ 3,326

Loans and Allowance for Credi_7

Loans and Allowance for Credit Losses for Loans - Amortized Cost In Those Loan Classes Based on Payment Activity by Origination Year (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 32,314,611	$ 29,699,208
Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
2020	414,014
2019	828,616
2018	854,765
2017	705,246
2016	431,462
Prior to 2016	1,097,287
Revolving Loans Amortized Cost Basis	73,757
Revolving Loans Converted to Term Loans	0
Total	4,405,147	4,377,111
Residential mortgage | Performing Loans
Financing Receivable, Credit Quality Indicator [Line Items]
2020	414,014
2019	827,300
2018	851,792
2017	701,366
2016	426,897
Prior to 2016	1,097,287
Revolving Loans Amortized Cost Basis	73,757
Revolving Loans Converted to Term Loans	0
Total	4,392,413
Consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
2020	188,870
2019	544,749
2018	367,811
2017	214,260
2016	84,439
Prior to 2016	74,096
Revolving Loans Amortized Cost Basis	1,203,067
Revolving Loans Converted to Term Loans	54,254
Total	2,731,546	$ 2,852,341
Consumer loans | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
2020	3,816
2019	12,678
2018	15,090
2017	11,387
2016	6,966
Prior to 2016	19,144
Revolving Loans Amortized Cost Basis	348,188
Revolving Loans Converted to Term Loans	53,846
Total	471,115
Consumer loans | Home equity | Performing Loans
Financing Receivable, Credit Quality Indicator [Line Items]
2020	3,816
2019	12,678
2018	15,090
2017	11,387
2016	6,941
Prior to 2016	18,823
Revolving Loans Amortized Cost Basis	347,142
Revolving Loans Converted to Term Loans	53,086
Total	468,963
Consumer loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
2020	184,144
2019	525,770
2018	339,489
2017	201,567
2016	75,750
Prior to 2016	42,769
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans	0
Total	1,369,489
Consumer loans | Automobile | Performing Loans
Financing Receivable, Credit Quality Indicator [Line Items]
2020	184,095
2019	524,849
2018	338,665
2017	200,947
2016	75,553
Prior to 2016	42,550
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans	0
Total	1,366,659
Consumer loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
2020	910
2019	6,301
2018	13,232
2017	1,306
2016	1,723
Prior to 2016	12,183
Revolving Loans Amortized Cost Basis	854,879
Revolving Loans Converted to Term Loans	408
Total	890,942
Consumer loans | Other consumer | Performing Loans
Financing Receivable, Credit Quality Indicator [Line Items]
2020	910
2019	6,286
2018	13,232
2017	1,306
2016	1,723
Prior to 2016	12,179
Revolving Loans Amortized Cost Basis	854,340
Revolving Loans Converted to Term Loans	408
Total	890,384
90 Days or More Past Due Loans | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	1,316
2018	2,973
2017	3,880
2016	4,565
Prior to 2016	0
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans	0
Total	12,734
90 Days or More Past Due Loans | Consumer loans | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	25
Prior to 2016	321
Revolving Loans Amortized Cost Basis	1,046
Revolving Loans Converted to Term Loans	760
Total	2,152
90 Days or More Past Due Loans | Consumer loans | Automobile
Financing Receivable, Credit Quality Indicator [Line Items]
2020	49
2019	921
2018	824
2017	620
2016	197
Prior to 2016	219
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans	0
Total	2,830
90 Days or More Past Due Loans | Consumer loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	15
2018	0
2017	0
2016	0
Prior to 2016	4
Revolving Loans Amortized Cost Basis	539
Revolving Loans Converted to Term Loans	0
Total	$ 558

Loans and Allowance for Credi_8

Loans and Allowance for Credit Losses for Loans - Credit Exposure by Internally Assigned Risk Rating by Class of Loans (Excluding PCI Loans) (Details) $ in Thousands	Dec. 31, 2019USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	$ 16,542,593
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	16,251,917
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	119,088
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	109,425
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	62,163
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	4,143,983
Commercial and industrial | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	3,982,453
Commercial and industrial | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	33,718
Commercial and industrial | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	66,511
Commercial and industrial | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	61,301
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	10,902,893
Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	10,781,587
Commercial real estate | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	77,884
Commercial real estate | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	42,560
Commercial real estate | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	862
Commercial real estate | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	1,495,717
Commercial real estate | Construction | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	1,487,877
Commercial real estate | Construction | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	7,486
Commercial real estate | Construction | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	354
Commercial real estate | Construction | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable recorded investment non-PCI loans	$ 0

Loans and Allowance for Credi_9

Loans and Allowance for Credit Losses for Loans - Recorded Investment Based on Payment Activity - Non-PCI Loans (Details) - Non-PCI Loans $ in Thousands	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	$ 6,527,016
Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	6,511,954
Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	15,062
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	3,796,942
Residential mortgage | Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	3,784,084
Residential mortgage | Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	12,858
Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	376,020
Consumer | Home equity | Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	374,374
Consumer | Home equity | Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	1,646
Consumer | Automobile
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	1,451,352
Consumer | Automobile | Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	1,451,018
Consumer | Automobile | Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	334
Consumer | Other consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	902,702
Consumer | Other consumer | Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	902,478
Consumer | Other consumer | Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	$ 224

Loans and Allowance for Cred_10

Loans and Allowance for Credit Losses for Loans - Recorded Investment Based on Payment Activity - PCI Loans (Details) - PCI Loans $ in Thousands	Dec. 31, 2019USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	$ 6,629,599
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	682,014
Commercial real estate | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	5,093,848
Commercial real estate | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	151,301
Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	580,169
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	122,267
Performing Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	6,559,439
Performing Loans | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	653,997
Performing Loans | Commercial real estate | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	5,065,388
Performing Loans | Commercial real estate | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	148,692
Performing Loans | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	571,006
Performing Loans | Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	120,356
Non-Performing Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	70,160
Non-Performing Loans | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	28,017
Non-Performing Loans | Commercial real estate | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	28,460
Non-Performing Loans | Commercial real estate | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	2,609
Non-Performing Loans | Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	9,163
Non-Performing Loans | Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	$ 1,911

Loans and Allowance for Cred_11

Loans and Allowance for Credit Losses for Loans - Pre-Modification and Post-Modification (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)contract	Jun. 30, 2019USD ($)contract	Jun. 30, 2020USD ($)contract	Jun. 30, 2019USD ($)contract
Troubled Debt Restructurings
Days past due to place on non-accrual status	90 days	90 days	90 days	90 days
Number of contracts, troubled restructurings (in contract) | contract	7	19	24	56
Pre-Modification Outstanding Recorded Investment	$ 10,372	$ 17,885	$ 27,379	$ 43,036
Post-Modification Outstanding Recorded Investment	$ 8,165	$ 17,409	$ 24,654	$ 42,068
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract	23	19	23	22
Amortized Cost	$ 15,410	$ 12,705	$ 15,410	$ 12,938
Commercial and industrial
Troubled Debt Restructurings
Number of contracts, troubled restructurings (in contract) | contract	4	17	20	53
Pre-Modification Outstanding Recorded Investment	$ 9,052	$ 14,663	$ 22,196	$ 38,216
Post-Modification Outstanding Recorded Investment	$ 7,047	$ 14,187	$ 19,674	$ 37,248
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract	20	18	20	18
Amortized Cost	$ 14,986	$ 12,322	$ 14,986	$ 12,322
Commercial real estate
Troubled Debt Restructurings
Number of contracts, troubled restructurings (in contract) | contract	3	1	4	2
Pre-Modification Outstanding Recorded Investment	$ 1,320	$ 3,067	$ 5,183	$ 4,665
Post-Modification Outstanding Recorded Investment	$ 1,118	$ 3,067	$ 4,980	$ 4,665
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract	0	1	0	1
Amortized Cost	$ 0	$ 383	$ 0	$ 383
Commercial real estate | Commercial real estate
Troubled Debt Restructurings
Number of contracts, troubled restructurings (in contract) | contract	1	1	2	2
Pre-Modification Outstanding Recorded Investment	$ 885	$ 3,067	$ 4,748	$ 4,665
Post-Modification Outstanding Recorded Investment	$ 900	$ 3,067	$ 4,762	$ 4,665
Commercial real estate | Construction
Troubled Debt Restructurings
Number of contracts, troubled restructurings (in contract) | contract	2	0	2	0
Pre-Modification Outstanding Recorded Investment	$ 435	$ 0	$ 435	$ 0
Post-Modification Outstanding Recorded Investment	$ 218	$ 0	$ 218	$ 0
Residential mortgage
Troubled Debt Restructurings
Number of contracts, troubled restructurings (in contract) | contract	0	1	0	1
Pre-Modification Outstanding Recorded Investment	$ 0	$ 155	$ 0	$ 155
Post-Modification Outstanding Recorded Investment	$ 0	$ 155	$ 0	$ 155
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract	1	0	1	2
Amortized Cost	$ 220	$ 0	$ 220	$ 215
Consumer
Troubled Debt Restructurings
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract	2	0	2	1
Amortized Cost	$ 204	$ 0	$ 204	$ 18

Loans and Allowance for Cred_12

Loans and Allowance for Credit Losses for Loans - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Allowance for loan losses	$ 309,614	$ 283,342	$ 161,759	$ 155,105	$ 154,381	$ 151,859
Allowance for unfunded credit commitments	10,109		2,845
Total allowance for credit losses	$ 319,723		$ 164,604

Loans and Allowance for Cred_13

Loans and Allowance for Credit Losses for Loans - Summary of Provision for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Receivables [Abstract]
Provision for loan losses	$ 41,025	$ 3,706	$ 74,876	$ 11,562
Provision for unfunded credit commitments	90	(1,606)	163	(1,462)
Total provision for credit losses for loans	$ 41,115	$ 2,100	$ 75,039	$ 10,100

Loans and Allowance for Cred_14

Loans and Allowance for Credit Losses for Loans - Summary of Collateral Dependent Loans (Details) $ in Thousands	Jun. 30, 2020USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral dependent loans	$ 194,396
Commercial and Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral dependent loans	124,323
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral dependent loans	54,216
Commercial real estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral dependent loans	51,386
Commercial real estate | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral dependent loans	2,830
Residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral dependent loans	15,581
Consumer | Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateral dependent loans	$ 276

Loans and Allowance for Cred_15

Loans and Allowance for Credit Losses for Loans - Summary of Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	$ 283,342	$ 154,381	$ 161,759	$ 151,859
Loans charged-off	(16,657)	(4,825)	(22,962)	(11,150)
Charged-off loans recovered	1,904	1,843	3,410	2,834
Net (charge-offs) recoveries	(14,753)	(2,982)	(19,552)	(8,316)
Provision for loan losses	41,025	3,706	74,876	11,562
Ending balance	309,614	155,105	309,614	155,105
Allowance for PCD loans reclassification			61,600
Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance			92,531
Commercial and Industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	127,437	94,630	104,059	90,956
Loans charged-off	(14,024)	(3,073)	(17,384)	(7,355)
Charged-off loans recovered	799	1,195	1,368	1,678
Net (charge-offs) recoveries	(13,225)	(1,878)	(16,016)	(5,677)
Provision for loan losses	17,827	1,632	28,827	9,105
Ending balance	132,039	94,384	132,039	94,384
Commercial and Industrial | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance			15,169
Commercial Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	111,585	47,762	45,673	49,650
Loans charged-off	(27)	0	(71)	0
Charged-off loans recovered	51	22	144	43
Net (charge-offs) recoveries	24	22	73	43
Provision for loan losses	20,093	1,194	36,159	(715)
Ending balance	131,702	48,978	131,702	48,978
Commercial Real Estate | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance			49,797
Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	29,456	5,139	5,060	5,041
Loans charged-off	(5)	0	(341)	(15)
Charged-off loans recovered	545	9	595	10
Net (charge-offs) recoveries	540	9	254	(5)
Provision for loan losses	(366)	71	3,741	183
Ending balance	29,630	5,219	29,630	5,219
Residential Mortgage | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance			20,575
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	14,864	6,850	6,967	6,212
Loans charged-off	(2,601)	(1,752)	(5,166)	(3,780)
Charged-off loans recovered	509	617	1,303	1,103
Net (charge-offs) recoveries	(2,092)	(1,135)	(3,863)	(2,677)
Provision for loan losses	3,471	809	6,149	2,989
Ending balance	$ 16,243	$ 6,524	16,243	$ 6,524
Consumer | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance			$ 6,990

Loans and Allowance for Cred_16

Loans and Allowance for Credit Losses for Loans - Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Allowance Measurement Methodology (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	$ 71,498		$ 38,576
Collectively evaluated for impairment	238,116		123,183
Total	309,614	$ 283,342	161,759	$ 155,105	$ 154,381	$ 151,859
Individually evaluated for impairment	241,278		163,644
Collectively evaluated for impairment	32,073,333		22,905,965
Total	32,314,611		29,699,208
Loans acquired with discounts related to credit quality
Financing Receivable, Allowance for Credit Loss [Line Items]
Total			6,629,599
Commercial and Industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	69,333		36,662
Collectively evaluated for impairment	62,706		67,397
Total	132,039	127,437	104,059	94,384	94,630	90,956
Individually evaluated for impairment	138,120		100,860
Collectively evaluated for impairment	6,746,569		4,043,123
Total	6,884,689		4,825,997
Commercial and Industrial | Loans acquired with discounts related to credit quality
Financing Receivable, Allowance for Credit Loss [Line Items]
Total			682,014
Commercial Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	1,237		1,338
Collectively evaluated for impairment	130,465		44,335
Total	131,702	111,585	45,673	48,978	47,762	49,650
Individually evaluated for impairment	77,914		51,242
Collectively evaluated for impairment	18,215,315		12,347,368
Total	18,293,229		17,643,759
Commercial Real Estate | Loans acquired with discounts related to credit quality
Financing Receivable, Allowance for Credit Loss [Line Items]
Total			5,245,149
Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	430		518
Collectively evaluated for impairment	29,200		4,542
Total	29,630	29,456	5,060	5,219	5,139	5,041
Individually evaluated for impairment	22,148		10,689
Collectively evaluated for impairment	4,382,999		3,786,253
Total	4,405,147		4,377,111
Residential Mortgage | Loans acquired with discounts related to credit quality
Financing Receivable, Allowance for Credit Loss [Line Items]
Total			580,169
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Individually evaluated for impairment	498		58
Collectively evaluated for impairment	15,745		6,909
Total	16,243	$ 14,864	6,967	$ 6,524	$ 6,850	$ 6,212
Individually evaluated for impairment	3,096		853
Collectively evaluated for impairment	2,728,450		2,729,221
Total	$ 2,731,546		2,852,341
Consumer | Loans acquired with discounts related to credit quality
Financing Receivable, Allowance for Credit Loss [Line Items]
Total			$ 122,267

Loans and Allowance for Cred_17

Loans and Allowance for Credit Losses for Loans - Impaired Loans (Details) $ in Thousands	Dec. 31, 2019USD ($)
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	$ 47,219
Recorded Investment With Related Allowance	116,425
Total Recorded Investment	163,644
Unpaid Contractual Principal Balance	179,243
Related Allowance	38,576
Commercial and industrial
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	14,617
Recorded Investment With Related Allowance	86,243
Total Recorded Investment	100,860
Unpaid Contractual Principal Balance	114,875
Related Allowance	36,662
Commercial real estate
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	26,400
Recorded Investment With Related Allowance	24,842
Total Recorded Investment	51,242
Unpaid Contractual Principal Balance	51,612
Related Allowance	1,338
Commercial real estate | Commercial real estate
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	26,046
Recorded Investment With Related Allowance	24,842
Total Recorded Investment	50,888
Unpaid Contractual Principal Balance	51,258
Related Allowance	1,338
Commercial real estate | Construction
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	354
Recorded Investment With Related Allowance	0
Total Recorded Investment	354
Unpaid Contractual Principal Balance	354
Related Allowance	0
Residential mortgage
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	5,836
Recorded Investment With Related Allowance	4,853
Total Recorded Investment	10,689
Unpaid Contractual Principal Balance	11,800
Related Allowance	518
Consumer loans
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	366
Recorded Investment With Related Allowance	487
Total Recorded Investment	853
Unpaid Contractual Principal Balance	956
Related Allowance	58
Consumer loans | Home equity
Financing Receivable, Impaired [Line Items]
Recorded Investment With No Related Allowance	366
Recorded Investment With Related Allowance	487
Total Recorded Investment	853
Unpaid Contractual Principal Balance	956
Related Allowance	$ 58

Loans and Allowance for Cred_18

Loans and Allowance for Credit Losses for Loans - Changes in Accretable Yield (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance, beginning of period	$ 890,771	$ 875,958
Accretion	(55,014)	(108,506)
Net increase in expected cash flows	18,130	86,435
Balance, end of period	$ 853,887	$ 853,887

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,373,625
Goodwill from business combinations	1,784
Goodwill, ending balance	1,375,409
Consumer Lending
Goodwill [Roll Forward]
Goodwill, beginning balance	306,572
Goodwill from business combinations	121
Goodwill, ending balance	306,693
Commercial Lending
Goodwill [Roll Forward]
Goodwill, beginning balance	825,767
Goodwill from business combinations	1,654
Goodwill, ending balance	827,421
Investment Management
Goodwill [Roll Forward]
Goodwill, beginning balance	220,068
Goodwill from business combinations	9
Goodwill, ending balance	220,077
Wealth Management
Goodwill [Roll Forward]
Goodwill, beginning balance	21,218
Goodwill from business combinations	0
Goodwill, ending balance	$ 21,218

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Net impairment (net recovery)	$ 669,000	$ 107,000	$ 778,000	$ 83,000
Goodwill impairment	0	0	0	0
Amortization of other intangible assets	6,681,000	4,170,000	$ 12,151,000	8,481,000
Core Deposits
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, years			8 years 10 months 24 days
Other
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, years			7 years 7 months 6 days
Core Deposits and Other
Finite-Lived Intangible Assets [Line Items]
Impairment of core deposits and other intangibles	$ 0	$ 0	$ 0	$ 0

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	$ 203,232	$ 199,932
Accumulated Amortization	(124,486)	(113,113)
Valuation Allowance	(825)	(47)
Net Intangible Assets	77,921	86,772
Loan servicing rights
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	98,127	94,827
Accumulated Amortization	(74,624)	(70,095)
Valuation Allowance	(825)	(47)
Net Intangible Assets	22,678	24,685
Core deposits
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	101,160	101,160
Accumulated Amortization	(47,118)	(40,384)
Valuation Allowance	0	0
Net Intangible Assets	54,042	60,776
Other
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	3,945	3,945
Accumulated Amortization	(2,744)	(2,634)
Valuation Allowance	0	0
Net Intangible Assets	$ 1,201	$ 1,311

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2020USD ($)
Loan Servicing Rights
Finite-Lived Intangible Assets [Line Items]
2020	$ 5,161
2021	4,179
2022	3,226
2023	2,483
2024	1,931
Core Deposits
Finite-Lived Intangible Assets [Line Items]
2020	6,629
2021	11,607
2022	9,876
2023	8,146
2024	6,537
Other
Finite-Lived Intangible Assets [Line Items]
2020	110
2021	206
2022	191
2023	131
2024	$ 117

Borrowed Funds - Schedule of Sh

Borrowed Funds - Schedule of Short-Term Borrowings (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total short-term borrowings	$ 2,082,880	$ 1,093,280
Short-term borrowings
Debt Instrument [Line Items]
FHLB advances	1,235,000	940,000
Federal funds purchased	678,900	0
Securities sold under agreements to repurchase	168,980	153,280
Total short-term borrowings	$ 2,082,880	$ 1,093,280

Borrowed Funds - Additional Inf

Borrowed Funds - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 05, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted average interest rate for short-term borrowings		0.37%		1.68%
Advances of long-term borrowings		$ 838,388	$ 400,000
Subordinated borrowing interest rate	5.25%
Net subordinated note carrying value		$ 113,100
Federal Home Loan Bank Advances
Debt Instrument [Line Items]
Weighted average interest rate for long-term borrowings		2.13%		2.23%
Federal Home Loan Bank Advances | Minimum
Debt Instrument [Line Items]
Term of debt		3 years
Long-Term Borrowings
Debt Instrument [Line Items]
Weighted average interest rate for long-term borrowings		2.88%		1.94%
Subordinated Debt
Debt Instrument [Line Items]
Subordinated debt, net	$ 115,000
Subordinated debt initial term	5 years
Subordinated debt SOFR term	3 months
Federal Home Loan Bank Advances
Debt Instrument [Line Items]
Amount of hedged debt		$ 500,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subordinated Debt
Debt Instrument [Line Items]
Subordinated debt basis points	514.00%
Subordinated Notes Due July 2025
Debt Instrument [Line Items]
Subordinated borrowing interest rate		4.55%
Subordinated Notes Due July 2025 | Subordinated Debt
Debt Instrument [Line Items]
Subordinated debt, net		$ 100,000
Subordinated Notes Due September 2023
Debt Instrument [Line Items]
Subordinated borrowing interest rate		5.125%
Subordinated Notes Due September 2023 | Subordinated Debt
Debt Instrument [Line Items]
Subordinated debt, net		$ 125,000
Subordinated Notes Due June 2026
Debt Instrument [Line Items]
Subordinated borrowing interest rate		6.25%
Subordinated Notes Due June 2026 | Subordinated Debt
Debt Instrument [Line Items]
Subordinated debt, net		$ 60,000

Borrowed Funds - Schedule of Lo

Borrowed Funds - Schedule of Long-Term Borrowings (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Net subordinated note carrying value	$ 113,100
Long-term borrowings
Debt Instrument [Line Items]
FHLB advances, net	2,153,052	$ 1,480,012
Net subordinated note carrying value	404,455	292,414
Securities sold under agreements to repurchase	350,000	350,000
Other	28	0
Total long-term borrowings	2,907,535	2,122,426
Unamortized prepayment penalties and other purchase accounting adjustments	1,200	2,800
Deferred issuance costs	$ 2,900	$ 1,200

Borrowed Funds - Schedule of FH

Borrowed Funds - Schedule of FHLB Repayment (Detail) - Long-term borrowings $ in Thousands	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
2020	$ 30,000
2021	994,769
2022	121,420
2023	428,164
2024	300,000
Thereafter	279,931
Total long-term FHLB advances	$ 2,154,284

Borrowed Funds - Schedule of Re

Borrowed Funds - Schedule of Repayment of Long-Term Borrowings for Securities Sold Under Agreements to Repurchase (Detail) - Long-Term Borrowings $ in Thousands	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
2021	$ 300,000
2022	50,000
Net Amounts Presented	$ 350,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)shares	Jun. 30, 2020USD ($)employee_stock_plan$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of active employee stock plans | employee_stock_plan			1
Number of shares available for grant (in shares)	2,500,000		2,500,000
Stock-based compensation expense (in USD) | $	$ 4.2	$ 4.2	$ 8.2	$ 8.3
Stock-based compensation amortization expense unrecognized (in USD) | $	$ 25.4		$ 25.4
Average remaining vesting period (in years)			2 years
Time-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted during the period (in shares)	142,000	92,000	1,200,000	826,000
Award vesting rights as a percentage			33.33%
Award vesting period (in years)			3 years
Average grant date fair value (usd per share) | $ / shares			$ 10.48	$ 10.40
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted during the period (in shares)			589,000	532,000
Award vesting period (in years)			3 years
Average grant date fair value (usd per share) | $ / shares			$ 10.82	$ 10.43

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)swap	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)swap	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Derivative [Line Items]
Number of credit swaps | swap	22		22
Aggregate fair value of net liability position	$ 176,700,000		$ 176,700,000
Interest rate swaps
Derivative [Line Items]
Accumulated net after-tax losses related to effective cash flow hedges	5,900,000		5,900,000		$ 3,700,000
Estimated amount of interest rate derivatives to be reclassified to interest expense			4,500,000
Fair value hedge | Noninterest Income | Interest rate swaps
Derivative [Line Items]
Fee income related to derivative interest rate swaps executed with commercial loan customers	14,700,000	$ 5,400,000	28,900,000	$ 9,500,000
Derivatives designated as hedging instruments
Derivative [Line Items]
Notional amount	1,037,147,000		1,037,147,000		187,281,000
Derivatives designated as hedging instruments | Cash flow hedge
Derivative [Line Items]
Notional amount	900,000,000		900,000,000
Derivatives designated as hedging instruments | Fair value hedge | Interest rate swaps
Derivative [Line Items]
Notional amount	7,147,000		7,147,000		7,281,000
Derivatives not designated as hedging instruments
Derivative [Line Items]
Notional amount	7,852,326,000		7,852,326,000		4,255,866,000
Aggregate notional amount of derivative asset	166,400,000		166,400,000
Derivatives not designated as hedging instruments | Interest rate swaps
Derivative [Line Items]
Notional amount	$ 7,293,947,000		$ 7,293,947,000		$ 4,113,106,000
Derivatives not designated as hedging instruments | Fair value hedge | Interest rate swaps
Derivative [Line Items]
Number of instruments held | swap	2		2
Derivatives not designated as hedging instruments | Fair value hedge | Steepener swap, derivative one
Derivative [Line Items]
Notional amount	$ 10,400,000		$ 10,400,000
Derivatives not designated as hedging instruments | Fair value hedge | Steepener swap, derivative two
Derivative [Line Items]
Notional amount	$ 10,400,000		$ 10,400,000
Minimum | Derivatives designated as hedging instruments | Cash flow hedge
Derivative [Line Items]
Fixed interest rate	0.46%		0.46%
Maximum | Derivatives designated as hedging instruments | Cash flow hedge
Derivative [Line Items]
Fixed interest rate	0.67%		0.67%

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Balance Sheet Disclosures (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Interest rate swaps
Derivative [Line Items]
Other Assets	$ 0	$ 0
Other Liabilities	166,866,000	43,733,000
Derivatives designated as hedging instruments
Derivative [Line Items]
Other Assets	0	0
Other Liabilities	4,869,000	1,713,000
Notional Amount	1,037,147,000	187,281,000
Derivatives designated as hedging instruments | Cash flow hedge interest rate swaps
Derivative [Line Items]
Notional Amount	900,000,000
Derivatives designated as hedging instruments | Cash flow hedge interest rate swaps | Interest rate swaps
Derivative [Line Items]
Other Assets	0	0
Other Liabilities	4,722,000	1,484,000
Notional Amount	1,030,000,000	180,000,000
Derivatives designated as hedging instruments | Fair value hedge interest rate swaps | Interest rate swaps
Derivative [Line Items]
Other Assets	0	0
Other Liabilities	147,000	229,000
Notional Amount	7,147,000	7,281,000
Derivatives not designated as hedging instruments
Derivative [Line Items]
Other Assets	468,275,000	158,532,000
Other Liabilities	165,404,000	42,213,000
Notional Amount	7,852,326,000	4,255,866,000
Derivatives not designated as hedging instruments | Interest rate swaps
Derivative [Line Items]
Other Assets	467,606,000	158,382,000
Other Liabilities	161,997,000	42,020,000
Notional Amount	7,293,947,000	4,113,106,000
Derivatives not designated as hedging instruments | Mortgage banking derivatives
Derivative [Line Items]
Other Assets	669,000	150,000
Other Liabilities	3,407,000	193,000
Notional Amount	$ 558,379,000	$ 142,760,000

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Interest Rate Derivatives Designated as Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Amounts Related To Interest Rate Derivatives Included In Income Designated As Hedges Of Cash Flows [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest expense	$ (65,966)	$ (107,508)	$ (164,420)	$ (209,084)
Amount of loss recognized in other comprehensive income	(1,773)	(962)	(3,253)	(1,512)
Amounts Reclassified from Accumulated Other Comprehensive Loss
Amounts Related To Interest Rate Derivatives Included In Income Designated As Hedges Of Cash Flows [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest expense	$ 438	$ (383)	$ (177)	$ (673)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Gains (Losses) on Interest Rate Derivatives Designated as Fair Value Hedges (Details) - Fair value hedge - Interest income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest rate swaps
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gain (loss) related to derivative interest rate swaps	$ 71	$ 49	$ 82	$ 73
Loans | Derivatives designated as hedging instruments
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items]
Gain (loss) related to hedged loans	$ (71)	$ (49)	$ (82)	$ (73)

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Interest Rate Derivatives Designated as Hedges (Details) - Fair value hedge - Derivatives designated as hedging instruments - Interest rate swaps - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Carrying Amount of the Hedged Asset	$ 7,294	$ 7,510
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset	$ 147	$ 229

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Net Losses Related to Derivatives Not Designated as Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Non-designated hedge interest rate swaps and credit derivatives
Other non-interest expense	$ 1,416	$ (347)	$ 1,505	$ (757)

Balance Sheet Offsetting (Detai

Balance Sheet Offsetting (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Offsetting Liabilities
Gross Amounts Recognized	$ 516,866	$ 393,733
Gross Amounts Offset	0	0
Net Amounts Presented	516,866	393,733
Gross Amounts Not Offset, Financial Instruments	(350,000)	(350,118)
Gross Amounts Not Offset, Cash Collateral	(166,866)	(16,881)
Net Amount	0	26,734
Repurchase agreements
Offsetting Repurchase Agreement Liabilities
Gross Amounts Recognized	350,000	350,000
Gross Amounts Offset	0	0
Net Amounts Presented	350,000	350,000
Gross Amounts Not Offset, Financial Instruments	(350,000)	(350,000)
Gross Amounts Not Offset, Cash Collateral	0
Net Amount	0	0
Interest rate swaps
Offsetting Assets
Gross Amounts Recognized	467,606	158,382
Gross Amounts Offset	0	0
Net Amounts Presented	467,606	158,382
Gross Amounts Not Offset, Financial Instruments	0	(118)
Gross Amounts Not Offset, Cash Collateral	0	0
Net Amount	467,606	158,264
Offsetting Liabilities
Gross Amounts Recognized	166,866	43,733
Gross Amounts Offset	0	0
Net Amounts Presented	166,866	43,733
Gross Amounts Not Offset, Financial Instruments	0	(118)
Gross Amounts Not Offset, Cash Collateral	(166,866)	(16,881)
Net Amount	$ 0	$ 26,734

Tax Credit Investments - Balanc

Tax Credit Investments - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Other Assets
Other Assets:
Affordable housing tax credit investments, net	$ 22,874	$ 25,049
Other tax credit investments, net	51,569	59,081
Total tax credit investments, net	74,443	84,130
Other Liabilities
Other Liabilities:
Unfunded affordable housing tax credit commitments	1,402	1,539
Unfunded other tax credit commitments	1,139	1,139
Total unfunded tax credit commitments	$ 2,541	$ 2,678

Tax Credit Investments - Income

Tax Credit Investments - Income Statement Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$ 1,393	$ 1,708	$ 2,627	$ 3,421
Other tax credit investment credits and tax benefits	2,540	2,158	3,840	4,961
Total reduction in income tax expense	3,933	3,866	6,467	8,382
Non-Interest Expenses
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	537	593	1,091	1,266
Affordable housing tax credit investment impairment losses	665	794	1,083	1,524
Other tax credit investment losses	679	2,509	1,223	3,496
Other tax credit investment impairment losses	1,535	967	3,247	5,750
Total amortization of tax credit investments recorded in non-interest expense	$ 3,416	$ 4,863	$ 6,644	$ 12,036

Business Segments - Additional

Business Segments - Additional Information (Detail) - segment	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting [Abstract]
Number of business segments	4	4	4	4

Business Segments - Schedule of

Business Segments - Schedule of Financial Data for Business Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Average interest earning assets	$ 37,778,387	$ 29,877,384	$ 36,226,232	$ 29,721,015
Interest income	348,525	327,742	712,318	647,966
Interest expense	65,966	107,508	164,420	209,084
Net Interest Income	282,559	220,234	547,898	438,882
Provision for credit losses	41,156	2,100	75,839	10,100
Net Interest Income After Provision for Credit Losses	241,403	218,134	472,059	428,782
Non-interest income	44,830	27,603	86,227	135,276
Non-interest expense	157,166	141,737	312,822	289,532
Internal expense transfer	0	0	0	0
Income Before Income Taxes	$ 129,067	$ 104,000	$ 245,464	$ 274,526
Return on average interest earning assets (pre-tax)	1.37%	1.39%	1.36%	1.85%
Consumer Lending
Segment Reporting Information [Line Items]
Average interest earning assets	$ 7,214,368	$ 6,756,322	$ 7,215,756	$ 6,788,511
Interest income	66,807	67,617	135,062	135,644
Interest expense	11,469	23,428	31,169	45,952
Net Interest Income	55,338	44,189	103,893	89,692
Provision for credit losses	3,106	885	9,891	2,983
Net Interest Income After Provision for Credit Losses	52,232	43,304	94,002	86,709
Non-interest income	17,175	13,037	31,852	26,819
Non-interest expense	20,440	18,392	40,311	37,097
Internal expense transfer	19,406	19,291	39,741	38,718
Income Before Income Taxes	$ 29,561	$ 18,658	$ 45,802	$ 37,713
Return on average interest earning assets (pre-tax)	1.64%	1.10%	1.27%	1.11%
Commercial Lending
Segment Reporting Information [Line Items]
Average interest earning assets	$ 24,826,832	$ 18,796,093	$ 23,804,558	$ 18,615,885
Interest income	255,152	229,366	520,027	449,650
Interest expense	40,640	65,141	102,826	126,012
Net Interest Income	214,512	164,225	417,201	323,638
Provision for credit losses	38,009	1,215	65,148	7,117
Net Interest Income After Provision for Credit Losses	176,503	163,010	352,053	316,521
Non-interest income	16,172	7,688	31,771	14,470
Non-interest expense	23,250	26,324	47,408	51,568
Internal expense transfer	66,858	53,722	131,054	106,259
Income Before Income Taxes	$ 102,567	$ 90,652	$ 205,362	$ 173,164
Return on average interest earning assets (pre-tax)	1.65%	1.93%	1.73%	1.86%
Investment Management
Segment Reporting Information [Line Items]
Average interest earning assets	$ 5,737,187	$ 4,324,969	$ 5,205,918	$ 4,316,619
Interest income	27,623	31,966	59,392	65,190
Interest expense	9,728	14,994	22,488	29,220
Net Interest Income	17,895	16,972	36,904	35,970
Provision for credit losses	41	0	800	0
Net Interest Income After Provision for Credit Losses	17,854	16,972	36,104	35,970
Non-interest income	5,823	2,560	8,965	4,678
Non-interest expense	642	216	1,029	303
Internal expense transfer	15,505	12,399	28,680	24,686
Income Before Income Taxes	$ 7,530	$ 6,917	$ 15,360	$ 15,659
Return on average interest earning assets (pre-tax)	0.52%	0.64%	0.59%	0.73%
Corporate and Other Adjustments
Segment Reporting Information [Line Items]
Average interest earning assets	$ 0	$ 0	$ 0	$ 0
Interest income	(1,057)	(1,207)	(2,163)	(2,518)
Interest expense	4,129	3,945	7,937	7,900
Net Interest Income	(5,186)	(5,152)	(10,100)	(10,418)
Provision for credit losses	0	0	0	0
Net Interest Income After Provision for Credit Losses	(5,186)	(5,152)	(10,100)	(10,418)
Non-interest income	5,660	4,318	13,639	89,309
Non-interest expense	112,834	96,805	224,074	200,564
Internal expense transfer	(101,769)	(85,412)	(199,475)	(169,663)
Income Before Income Taxes	$ (10,591)	$ (12,227)	$ (21,060)	$ 47,990