Tax Credit Investments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2019 and December 31, 2018:



	June 30, 2019		December 31, 2018
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	27,738	$	36,961
Other tax credit investments, net	58,215		68,052
Total tax credit investments, net	$	85,953	$	105,013
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	2,696	$	4,520
Unfunded other tax credit commitments	5,139		8,756
Total unfunded tax credit commitments	$	7,835	$	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 and six months ended June 30, 2019 and 2018:



	Three Months Ended June 30,					Six Months Ended June 30,
	2019		2018			2019		2018
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	1,708	$	1,429		$	3,421	$	3,250
Other tax credit investment credits and tax benefits	2,158		5,680			4,961		11,165
Total reduction in income tax expense	$	3,866	$	7,109		$	8,382	$	14,415
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	593	$	(319	)	$	1,266	$	667
Affordable housing tax credit investment impairment losses	794		515			1,524		1,102
Other tax credit investment losses	2,509		1,253			3,496		1,790
Other tax credit investment impairment losses	967		3,021			5,750		6,185
Total amortization of tax credit investments recorded in non-interest expense	$	4,863	$	4,470		$	12,036	$	9,744