Tax Credit Investments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2018 and 2017:



	December 31,
	2018		2017
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	36,961	$	22,135
Other tax credit investments, net	68,052		42,015
Total tax credit investments, net	$	105,013	$	64,150
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	4,520	$	3,690
Unfunded other tax credit commitments	8,756		15,020
Total unfunded tax credit commitments	$	13,276	$	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 years ended December 31, 2018, 2017 and 2016:



	2018		2017		2016
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	6,713	$	7,383	$	5,013
Other tax credit investment credits and tax benefits	21,351		35,530		33,294
Total reduction in income tax expense	$	28,064	$	42,913	$	38,307
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	1,880	$	2,748	$	2,077
Affordable housing tax credit investment impairment losses*	2,544		4,684		450
Other tax credit investment losses	1,970		2,866		790
Other tax credit investment impairment losses*	17,806		31,449		31,427
Total amortization of tax credit investments recorded in non-interest expense	$	24,200	$	41,747	$	34,744


*	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.