Tax Credit Investments (Tables)

9 Months Ended

Sep. 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 September 30, 2018 and December 31, 2017:



	September 30, 2018		December 31, 2017
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	38,807	$	22,135
Other tax credit investments, net	33,440		42,015
Total tax credit investments, net	$	72,247	$	64,150
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	4,628	$	3,690
Unfunded other tax credit commitments	9,071		15,020
Total unfunded tax credit commitments	$	13,699	$	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 nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	1,761	$	1,965	$	5,011	$	4,520
Other tax credit investment credits and tax benefits	5,817		7,859		16,982		22,825
Total reduction in income tax expense	$	7,578	$	9,824	$	21,993	$	27,345
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	708	$	1,183	$	1,375	$	1,937
Affordable housing tax credit investment impairment losses	558		979		1,660		1,233
Other tax credit investment losses	1,103		307		2,893		2,134
Other tax credit investment impairment losses	3,043		5,920		9,228		16,141
Total amortization of tax credit investments recorded in non-interest expense	$	5,412	$	8,389	$	15,156	$	21,445