Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 210

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 210
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Tax credit investments and other partnerships(2,310)(785)Unrealized gains on hedges(1,505)(3,202)Deferred loan origination fees— (2,361)Other, net(2,315)(2,803)Total deferred tax liabilities(85,923)(87,046)Net deferred tax assets$456,447 $423,260 The Company’s retained earnings at December 31, 2024 included an appropriation for acquired thrifts’ tax bad debt allowances totaling $58.6 million for which no provision for federal or state income taxes has been made. If in the future, this portion of retained earnings were distributed as a result of the liquidation of the Company or its subsidiaries, federal and state income taxes would be imposed at the then applicable rates.No valuation allowance was required on the Company’s deferred tax assets at December 31, 2024 or 2023. Old National has federal net operating loss carryforwards totaling $60.2 million at December 31, 2024 and $63.6 million at December 31, 2023. This federal net operating loss was acquired from the acquisition of Anchor BanCorp Wisconsin Inc. in 2016, First Midwest in 2022, and CapStar in 2024. If not used, the federal net operating loss carryforwards will begin expiring in 2032 and later. Old National has recorded state net operating loss carryforwards totaling $106.0 million at December 31, 2024 and $116.9 million at December 31, 2023. If not used, the state net operating loss carryforwards will expire from 2028 to 2036. The federal and recorded state net operating loss carryforwards are subject to an annual limitation under Internal Revenue Code section 382. Old National believes that all of the federal and recorded state net operating loss carryforwards will be used prior to expiration.

118

Unrecognized Tax BenefitsOld National has unrecognized tax benefits due to the merger with First Midwest. The following table presents the changes in the carrying amount of unrecognized tax benefits:Years Ended December 31,(dollars in thousands)202420232022Balance at beginning of period$9,955 $11,007 $— Additions for acquired uncertain tax positions— — 14,897 Additions based on tax positions related to prior years— 60 — Reductions for tax positions