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Tax Credit Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Affordable Housing Tax Credit Investments, Other Tax Credit Investments, and Related Unfunded Commitments he following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at September 30, 2023 and December 31, 2022:
September 30,
2023		December 31,
2022
(in thousands)
Other Assets:
Affordable housing tax credit investments, net$23,586 $24,198 
Other tax credit investments, net77,458 56,551 
Total tax credit investments, net
$101,044 $80,749 
Other Liabilities:
Unfunded affordable housing tax credit commitments$1,327 $1,338 
    Total unfunded tax credit commitments$1,327 $1,338 
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 nine months ended September 30, 2023 and 2022: 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits$1,485 $1,184 $4,404 $3,542 
Other tax credit investment credits and tax benefits3,176 2,557 9,827 7,647 
Total reduction in income tax expense
$4,661 $3,741 $14,231 $11,189 
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses$523 $598 $2,398 $1,666 
Affordable housing tax credit investment impairment losses
954 266 1,850 891 
Other tax credit investment losses374 308 1,099 1,003 
Other tax credit investment impairment losses2,340 1,933 8,115 5,634 
Total amortization of tax credit investments recorded in non-interest expense$4,191 $3,105 $13,462 $9,194