Tax Credit Investments (Tables)

9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Affordable Housing Tax Credit Investments, Other Tax Credit Investments, and Related Unfunded Commitments

The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at September 30, 2015 and December 31, 2014.

	September 30, 2015		December 31, 2014
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	33,514	$	36,009
Other tax credit investments, net	54,872		66,023
Total tax credit investments, net	$	88,386	$	102,032
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	8,080	$	8,800
Unfunded other tax credit commitments	418		418
Total unfunded tax credit commitments	$	8,498	$	9,218

Affordable Housing Tax Credit Investments and Other Tax Credit Investments

The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three and nine months ended September 30, 2015 and 2014: 

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	1,660	$	2,164	$	4,774	$	6,148
Other tax credit investment credits and tax benefits	7,510		3,269		16,031		9,953
Total reduction in income tax expense	$	9,170	$	5,433	$	20,805	$	16,101
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	543	$	1,073	$	1,516	$	2,291
Affordable housing tax credit investment impairment losses	451		375		979		2,889
Other tax credit investment losses	144		747		934		1,829
Other tax credit investment impairment losses	4,086		2,435		10,802		7,139
Total amortization of tax credit investments recorded in non-interest expense	$	5,224	$	4,630	$	14,231	$	14,148