Tax Credit Investments (Tables)

12 Months Ended

Dec. 31, 2015

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 December 31, 2015 and 2014:



	December 31,
	2015		2014
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	32,094	$	36,009
Other tax credit investments, net	70,681		66,023
Total tax credit investments, net	$	102,775	$	102,032
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	7,330	$	8,800
Unfunded other tax credit commitments	12,545		418
Total unfunded tax credit commitments	$	19,875	$	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 years ended December 31, 2015, 2014 and 2013:



	2015		2014		2013
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	4,709	$	5,296	$	4,722
Other tax credit investment credits and tax benefits	23,877		14,357		12,285
Total reduction in income tax expense	$	28,586	$	19,653	$	17,007
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	2,594	$	3,184	$	1,755
Affordable housing tax credit investment impairment losses	1,321		3,211		913
Other tax credit investment losses	1,079		2,359		1,630
Other tax credit investment impairment losses	22,318		15,442		10,054
Total amortization of tax credit investments recorded in non-interest expense	$	27,312	$	24,196	$	14,352