Tax Credit Investments (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021:

	March 31, 2022		December 31, 2021
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	14,666	$	15,343
Other tax credit investments, net	54,687		57,006
Total tax credit investments, net	$	69,353	$	72,349
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	1,360	$	1,360
Total unfunded tax credit commitments	$	1,360	$	1,360

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, 2022 and 2021: 

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	744	$	897
Other tax credit investment credits and tax benefits	2,551		2,685
Total reduction in income tax expense	$	3,295	$	3,582
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	415	$	543
Affordable housing tax credit investment impairment losses	262		341
Other tax credit investment losses	309		173
Other tax credit investment impairment losses	1,910		1,687
Total amortization of tax credit investments recorded in non-interest expense	$	2,896	$	2,744