Tax Credit Investments (Tables)

6 Months Ended

Jun. 30, 2016

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, 2016 and December 31, 2015.

	June 30, 2016		December 31, 2015
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	30,536	$	32,094
Other tax credit investments, net	57,329		70,681
Total tax credit investments, net	$	87,865	$	102,775
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	6,760	$	7,330
Unfunded other tax credit commitments	655		12,545
Total unfunded tax credit commitments	$	7,415	$	19,875

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, 2016 and 2015: 

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	1,065	$	1,383	$	2,130	$	3,114
Other tax credit investment credits and tax benefits	3,268		4,903		6,536		8,521
Total reduction in income tax expense	$	4,333	$	6,286	$	8,666	$	11,635
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	775	$	296	$	1,359	$	973
Affordable housing tax credit investment impairment losses	60		40		200		528
Other tax credit investment losses	594		493		668		790
Other tax credit investment impairment losses	6,217		3,682		12,683		6,716
Total amortization of tax credit investments recorded in non-interest expense	$	7,646	$	4,511	$	14,910	$	9,007