Tax Credit Investments (Tables)

12 Months Ended

Dec. 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 December 31, 2017 and 2016:



	December 31,
	2017		2016
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	22,135	$	29,567
Other tax credit investments, net	42,015		44,763
Total tax credit investments, net	$	64,150	$	74,330
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	3,690	$	4,850
Unfunded other tax credit commitments	15,020		7,276
Total unfunded tax credit commitments	$	18,710	$	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 years ended December 31, 2017, 2016 and 2015:



	2017		2016		2014
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	7,383	$	5,013	$	4,709
Other tax credit investment credits and tax benefits	35,530		33,294		23,877
Total reduction in income tax expense	$	42,913	$	38,307	$	28,586
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	2,748	$	2,077	$	2,594
Affordable housing tax credit investment impairment losses*	4,684		450		1,321
Other tax credit investment losses	2,866		790		1,079
Other tax credit investment impairment losses*	31,449		31,427		22,318
Total amortization of tax credit investments recorded in non-interest expense	$	41,747	$	34,744	$	27,312


*	As a result of the Tax Act, Valley incurred additional impairment of $2.2 million and $2.1 million related to affordable housing tax credit investments and other tax credit investments, respectively, during the fourth quarter of 2017.