XML 47 R37.htm IDEA: XBRL DOCUMENT v3.25.3
Tax Credit Investments (Tables)
 9 Months Ended
Sep. 30, 2025
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 at September 30, 2025 and December 31, 2024:
September 30,
2025		December 31,
2024
(in thousands)
Other assets:
Affordable housing tax credit investments, net$29,830 $22,742 
Other tax credit investments, net431,668 278,468 
Total tax credit investments, net$461,498 $301,210 
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, 2025 and 2024: 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
(in thousands)
Components of income tax expense:
Affordable housing tax credits and other tax benefits$2,134 $1,330 $5,510 $3,989 
Other tax credit investment credits and tax benefits12,312 9,376 33,321 22,405 
Total reduction in income tax expense$14,446 $10,706 $38,831 $26,394 
Amortization of tax credit investments:
Affordable housing tax credit investment losses$1,037 $875 $2,787 $2,626 
Affordable housing tax credit investment impairment losses327 246 1,066 737 
Other tax credit investment losses2,176 1,422 6,570 3,702 
Other tax credit investment impairment losses4,607 3,310 16,178 10,141 
Total amortization of tax credit investments recorded in non-interest expense$8,147 $5,853 $26,601 $17,206