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Tax Credit Investments (Tables)
 6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
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 June 30, 2022 and December 31, 2021:
June 30,
2022		December 31,
2021
(in thousands)
Other Assets:
Affordable housing tax credit investments, net$26,003 $15,343 
Other tax credit investments, net49,483 57,006 
Total tax credit investments, net
$75,486 $72,349 
Other Liabilities:
Unfunded affordable housing tax credit commitments$1,360 $1,360 
    Total unfunded tax credit commitments$1,360 $1,360 
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 six months ended June 30, 2022 and 2021: 

Three Months Ended
June 30,		Six Months Ended
June 30,
2022202120222021
(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits$1,614 $899 $2,358 $1,796 
Other tax credit investment credits and tax benefits2,539 2,743 5,090 5,428 
Total reduction in income tax expense
$4,153 $3,642 $7,448 $7,224 
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses$653 $460 $1,068 $1,003 
Affordable housing tax credit investment impairment losses
363 431 625 772 
Other tax credit investment losses386 351 695 524 
Other tax credit investment impairment losses1,791 1,730 3,701 3,417 
Total amortization of tax credit investments recorded in non-interest expense$3,193 $2,972 $6,089 $5,716