Tax Credit Investments (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019:


	December 31,
	2020		2019
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	20,074	$	25,049
Other tax credit investments, net	47,301		59,081
Total tax credit investments, net	$	67,375	$	84,130
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	1,379	$	1,539
Unfunded other tax credit commitments	—		1,139
Total unfunded tax credit commitments	$	1,379	$	2,678

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, 2020, 2019 and 2018:


	2020		2019		2018
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	5,414	$	6,757	$	6,713
Other tax credit investment credits and tax benefits	8,065		10,205		21,351
Total reduction in income tax expense	$	13,479	$	16,962	$	28,064
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	2,714	$	2,184	$	1,880
Affordable housing tax credit investment impairment losses	2,209		3,295		2,544
Other tax credit investment losses	2,234		5,668		1,970
Other tax credit investment impairment losses	6,178		9,245		17,806
Total amortization of tax credit investments recorded in non-interest expense	$	13,335	$	20,392	$	24,200