Tax Credit Investments (Tables)

3 Months Ended

Mar. 31, 2017

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, 2017 and December 31, 2016.



	March 31, 2017		December 31, 2016
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	29,047	$	29,567
Other tax credit investments, net	39,959		44,763
Total tax credit investments, net	$	69,006	$	74,330
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	4,690	$	4,850
Unfunded other tax credit commitments	7,276		7,276
Total unfunded tax credit commitments	$	11,966	$	12,126

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, 2017 and 2016:



	Three Months Ended March 31,
	2017		2016
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	1,284	$	1,065
Other tax credit investment credits and tax benefits	6,286		3,268
Total reduction in income tax expense	$	7,570	$	4,333
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	396	$	584
Affordable housing tax credit investment impairment losses	124		140
Other tax credit investment losses	767		74
Other tax credit investment impairment losses	4,037		6,466
Total amortization of tax credit investments recorded in non-interest expense	$	5,324	$	7,264