Tax Credit Investments (Tables)

6 Months Ended

Jun. 30, 2018

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, 2018 and December 31, 2017.



	June 30, 2018		December 31, 2017
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	40,226	$	22,135
Other tax credit investments, net	31,129		42,015
Total tax credit investments, net	$	71,355	$	64,150
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	4,978	$	3,690
Unfunded other tax credit commitments	4,773		15,020
Total unfunded tax credit commitments	$	9,751	$	18,710

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, 2018 and 2017:



	Three Months Ended June 30,					Six Months Ended June 30,
	2018			2017		2018		2017
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	1,429		$	1,271	$	3,250	$	2,555
Other tax credit investment credits and tax benefits	5,680			8,680		11,165		14,966
Total reduction in income tax expense	$	7,109		$	9,951	$	14,415	$	17,521
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	(319	)	$	358	$	667	$	754
Affordable housing tax credit investment impairment losses	515			130		1,102		254
Other tax credit investment losses	1,253			1,060		1,790		1,827
Other tax credit investment impairment losses	3,021			6,184		6,185		10,221
Total amortization of tax credit investments recorded in non-interest expense	$	4,470		$	7,732	$	9,744	$	13,056