Tax Credit Investments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2022 and 2021:

	December 31,
	2022		2021
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	24,198	$	15,343
Other tax credit investments, net	56,551		57,006
Total tax credit investments, net	$	80,749	$	72,349
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	1,338	$	1,360
Total unfunded tax credit commitments	$	1,338	$	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 years ended December 31, 2022, 2021 and 2020:

	2022		2021		2020
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	4,748	$	3,525	$	5,414
Other tax credit investment credits and tax benefits	11,617		9,320		8,065
Total reduction in income tax expense	$	16,365	$	12,845	$	13,479
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	2,311	$	1,895	$	2,714
Affordable housing tax credit investment impairment losses	1,187		1,416		2,209
Other tax credit investment losses	1,254		811		2,234
Other tax credit investment impairment losses	7,655		6,788		6,178
Total amortization of tax credit investments recorded in non-interest expense	$	12,407	$	10,910	$	13,335