Tax Credit Investments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2019 and 2018:



	December 31,
	2019		2018
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	25,049	$	36,961
Other tax credit investments, net	59,081		68,052
Total tax credit investments, net	$	84,130	$	105,013
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	1,539	$	4,520
Unfunded other tax credit commitments	1,139		8,756
Total unfunded tax credit commitments	$	2,678	$	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 years ended December 31, 2019, 2018 and 2017:



	2019		2018		2017
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	6,757	$	6,713	$	7,383
Other tax credit investment credits and tax benefits	10,205		21,351		35,530
Total reduction in income tax expense	$	16,962	$	28,064	$	42,913
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	2,184	$	1,880	$	2,748
Affordable housing tax credit investment impairment losses	3,295		2,544		4,684
Other tax credit investment losses	5,668		1,970		2,866
Other tax credit investment impairment losses	9,245		17,806		31,449
Total amortization of tax credit investments recorded in non-interest expense	$	20,392	$	24,200	$	41,747