Tax Credit Investments (Tables)

9 Months Ended

Sep. 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 September 30, 2016 and December 31, 2015.

	September 30, 2016		December 31, 2015
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	30,375	$	32,094
Other tax credit investments, net	60,062		70,681
Total tax credit investments, net	$	90,437	$	102,775
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	5,330	$	7,330
Unfunded other tax credit commitments	7,428		12,545
Total unfunded tax credit commitments	$	12,758	$	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 nine months ended September 30, 2016 and 2015: 

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	1,065	$	1,660	$	3,195	$	4,774
Other tax credit investment credits and tax benefits	6,118		7,510		12,654		16,031
Total reduction in income tax expense	$	7,183	$	9,170	$	15,849	$	20,805
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	33	$	543	$	1,392	$	1,516
Affordable housing tax credit investment impairment losses	128		451		328		979
Other tax credit investment losses	107		144		775		934
Other tax credit investment impairment losses	6,182		4,086		18,865		10,802
Total amortization of tax credit investments recorded in non-interest expense	$	6,450	$	5,224	$	21,360	$	14,231