Tax Credit Investments (Tables)

9 Months Ended

Sep. 30, 2017

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, 2017 and December 31, 2016.

	September 30, 2017		December 31, 2016
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	26,397	$	29,567
Other tax credit investments, net	40,191		44,763
Total tax credit investments, net	$	66,588	$	74,330
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	3,690	$	4,850
Unfunded other tax credit commitments	10,194		7,276
Total unfunded tax credit commitments	$	13,884	$	12,126

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, 2017 and 2016: 

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	1,965	$	1,065	$	4,520	$	3,195
Other tax credit investment credits and tax benefits	7,859		6,118		22,825		12,654
Total reduction in income tax expense	$	9,824	$	7,183	$	27,345	$	15,849
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	1,183	$	33	$	1,937	$	1,392
Affordable housing tax credit investment impairment losses	979		128		1,233		328
Other tax credit investment losses	307		107		2,134		775
Other tax credit investment impairment losses	5,920		6,182		16,141		18,865
Total amortization of tax credit investments recorded in non-interest expense	$	8,389	$	6,450	$	21,445	$	21,360