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Tax Credit Investments (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024 and December 31, 2023:
June 30,
2024		December 31,
2023
(in thousands)
Other Assets:
Affordable housing tax credit investments, net$20,161 $22,158 
Other tax credit investments, net206,941 117,659 
Total tax credit investments, net
$227,102 $139,817 
Other Liabilities:
Unfunded affordable housing tax credit commitments$— $1,305 
    Total unfunded tax credit commitments$— $1,305 
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, 2024 and 2023: 
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits$1,263 $1,460 $2,659 $2,919 
Other tax credit investment credits and tax benefits6,684 3,430 13,029 6,651 
Total reduction in income tax expense
$7,947 $4,890 $15,688 $9,570 
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses$876 $938 $1,751 $1,875 
Affordable housing tax credit investment impairment losses
10 448 491 896 
Other tax credit investment losses1,680 719 2,280 725 
Other tax credit investment impairment losses3,225 2,913 6,831 5,775 
Total amortization of tax credit investments recorded in non-interest expense$5,791 $5,018 $11,353 $9,271