Tax Credit Investments (Tables)

12 Months Ended

Dec. 31, 2021

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 December 31, 2021 and 2020:

	December 31,
	2021		2020
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	15,343	$	20,074
Other tax credit investments, net	57,006		47,301
Total tax credit investments, net	$	72,349	$	67,375
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	1,360	$	1,379
Total unfunded tax credit commitments	$	1,360	$	1,379

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, 2021, 2020 and 2019:

	2021		2020		2019
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	3,525	$	5,414	$	6,757
Other tax credit investment credits and tax benefits	9,320		8,065		10,205
Total reduction in income tax expense	$	12,845	$	13,479	$	16,962
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	1,895	$	2,714	$	2,184
Affordable housing tax credit investment impairment losses	1,416		2,209		3,295
Other tax credit investment losses	811		2,234		5,668
Other tax credit investment impairment losses	6,788		6,178		9,245
Total amortization of tax credit investments recorded in non-interest expense	$	10,910	$	13,335	$	20,392