Tax Credit Investments (Tables)

12 Months Ended

Dec. 31, 2016

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 December 31, 2016 and 2015:



	December 31,
	2016		2015
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	29,567	$	32,094
Other tax credit investments, net	44,763		70,681
Total tax credit investments, net	$	74,330	$	102,775
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	4,850	$	7,330
Unfunded other tax credit commitments	7,276		12,545
Total unfunded tax credit commitments	$	12,126	$	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 years ended December 31, 2016, 2015 and 2014:



	2016		2015		2014
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	5,013	$	4,709	$	5,296
Other tax credit investment credits and tax benefits	33,294		23,877		14,357
Total reduction in income tax expense	$	38,307	$	28,586	$	19,653
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	2,077	$	2,594	$	3,184
Affordable housing tax credit investment impairment losses	450		1,321		3,211
Other tax credit investment losses	790		1,079		2,359
Other tax credit investment impairment losses	31,427		22,318		15,442
Total amortization of tax credit investments recorded in non-interest expense	$	34,744	$	27,312	$	24,196