Tax Credit Investments (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019 and December 31, 2018:



	September 30, 2019		December 31, 2018
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	26,352	$	36,961
Other tax credit investments, net	50,174		68,052
Total tax credit investments, net	$	76,526	$	105,013
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	1,556	$	4,520
Unfunded other tax credit commitments	4,911		8,756
Total unfunded tax credit commitments	$	6,467	$	13,276

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, 2019 and 2018:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	1,666	$	1,761	$	5,087	$	5,011
Other tax credit investment credits and tax benefits	1,902		5,817		6,863		16,982
Total reduction in income tax expense	$	3,568	$	7,578	$	11,950	$	21,993
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	530	$	708	$	1,796	$	1,375
Affordable housing tax credit investment impairment losses	857		558		2,381		1,660
Other tax credit investment losses	1,093		1,103		4,589		2,893
Other tax credit investment impairment losses	1,905		3,043		7,655		9,228
Total amortization of tax credit investments recorded in non-interest expense	$	4,385	$	5,412	$	16,421	$	15,156