Tax Credit Investments (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020:


	March 31, 2021		December 31, 2020
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	19,190	$	20,074
Other tax credit investments, net	45,275		47,301
Total tax credit investments, net	$	64,465	$	67,375
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	1,379	$	1,379
Unfunded other tax credit commitments	—		—
Total unfunded tax credit commitments	$	1,379	$	1,379

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 months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
	2021		2020
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	897	$	1,234
Other tax credit investment credits and tax benefits	2,685		1,300
Total reduction in income tax expense	$	3,582	$	2,534
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	543	$	554
Affordable housing tax credit investment impairment losses	341		418
Other tax credit investment losses	173		544
Other tax credit investment impairment losses	1,687		1,712
Total amortization of tax credit investments recorded in non-interest expense	$	2,744	$	3,228