Tax Credit Investments (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023:

	March 31, 2024		December 31, 2023
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	20,801	$	22,158
Other tax credit investments, net	209,136		117,659
Total tax credit investments, net	$	229,937	$	139,817
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	871	$	1,305
Total unfunded tax credit commitments	$	871	$	1,305

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, 2024 and 2023: 

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	1,396	$	1,459
Other tax credit investment credits and tax benefits	6,345		3,221
Total reduction in income tax expense	$	7,741	$	4,680
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	875	$	937
Affordable housing tax credit investment impairment losses	481		448
Other tax credit investment losses	600		6
Other tax credit investment impairment losses	3,606		2,862
Total amortization of tax credit investments recorded in non-interest expense	$	5,562	$	4,253