Tax Credit Investments (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30, 2015 and December 31, 2014 .

	June 30, 2015		December 31, 2014
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	34,508	$	36,009
Other tax credit investments, net	58,517		66,023
Total tax credit investments, net	$	93,025	$	102,032
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	8,080	$	8,800
Unfunded other tax credit commitments	418		418
Total unfunded tax credit commitments	$	8,498	$	9,218

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, 2015 and 2014: 

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	1,383		2,591		3,114		3,984
Other tax credit investment credits and tax benefits	4,903		3,496		8,521		6,684
Total reduction in income tax expense	$	6,286	$	6,087	$	11,635	$	10,668
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	296	$	778	973		1,218
Affordable housing tax credit investment impairment losses	40		2,514		528		2,514
Other tax credit investment losses	493		684		790		1,082
Other tax credit investment impairment losses	3,682		1,826		6,716		4,704
Total amortization of tax credit investments recorded in non-interest expense	$	4,511	$	5,802	$	9,007	$	9,518