v3.26.1
Tax Credit Investments (Tables)
 6 Months Ended
Jun. 30, 2026
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 and other tax credit investments at June 30, 2026 and December 31, 2025:
June 30,
2026		December 31,
2025
(in thousands)
Other assets:
Affordable housing tax credit investments, net$26,812 $28,665 
Other tax credit investments, net515,528 471,961 
Total tax credit investments, net$542,340 $500,626 
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, 2026 and 2025: 
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(in thousands)
Components of income tax expense:
Affordable housing tax credits and other tax benefits$1,644 $2,151 $3,360 $3,376 
Other tax credit investment credits and tax benefits18,058 10,120 35,642 21,009 
Total reduction in income tax expense$19,702 $12,271 $39,002 $24,385 
Amortization of tax credit investments:
Affordable housing tax credit investment losses$996 $1,050 $2,255 $1,750 
Affordable housing tax credit investment impairment losses171 374 339 739 
Other tax credit investment losses4,333 3,622 6,547 4,394 
Other tax credit investment impairment losses10,657 4,088 23,030 11,571 
Total amortization of tax credit investments recorded in non-interest expense$16,157 $9,134 $32,171 $18,454