Tax Credit Investments (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31, 2019 and December 31, 2018:



	March 31, 2019		December 31, 2018
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	35,278	$	36,961
Other tax credit investments, net	55,669		68,052
Total tax credit investments, net	$	90,947	$	105,013
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	2,781	$	4,520
Unfunded other tax credit commitments	8,756		8,756
Total unfunded tax credit commitments	$	11,537	$	13,276

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 months ended March 31, 2019 and 2018:



	Three Months Ended March 31,
	2019		2018
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	1,713	$	1,821
Other tax credit investment credits and tax benefits	2,803		5,485
Total reduction in income tax expense	$	4,516	$	7,306
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	673	$	986
Affordable housing tax credit investment impairment losses	730		587
Other tax credit investment losses	987		537
Other tax credit investment impairment losses	4,783		3,164
Total amortization of tax credit investments recorded in non-interest expense	$	7,173	$	5,274