Tax Credit Investments (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022:

	December 31,
	2023		2022
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	22,158	$	24,198
Other tax credit investments, net	117,659		56,551
Total tax credit investments, net	$	139,817	$	80,749
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	1,305	$	1,338
Total unfunded tax credit commitments	$	1,305	$	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 years ended December 31, 2023, 2022 and 2021:

	2023		2022		2021
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	5,872	$	4,748	$	3,525
Other tax credit investment credits and tax benefits	20,069		11,617		9,320
Total reduction in income tax expense	$	25,941	$	16,365	$	12,845
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	3,198	$	2,311	$	1,895
Affordable housing tax credit investment impairment losses	2,466		1,187		1,416
Other tax credit investment losses	1,266		1,254		811
Other tax credit investment impairment losses	11,079		7,655		6,788
Total amortization of tax credit investments recorded in non-interest expense	$	18,009	$	12,407	$	10,910