Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 177

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 177
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FairValueUnrecognizedLossesDecember 31, 2024Held-to-MaturityU.S. government-sponsored entities   and agencies$— $— $664,331 $(168,653)$664,331 $(168,653)Mortgage-backed securities - Agency— — 800,666 (169,546)800,666 (169,546)States and political subdivisions37,007 (430)937,364 (145,431)974,371 (145,861)Total held-to-maturity$37,007 $(430)$2,402,361 $(483,630)$2,439,368 $(484,060)December 31, 2023Held-to-MaturityU.S. government-sponsored entities   and agencies$— $— $671,126 $(154,827)$671,126 $(154,827)Mortgage-backed securities - Agency— — 881,994 (147,137)881,994 (147,137)States and political subdivisions— — 977,154 (112,141)977,154 (112,141)Total held-to-maturity$— $— $2,530,274 $(414,105)$2,530,274 $(414,105)The unrecognized losses on held-to-maturity investment securities presented in the table above do not include unrecognized losses on securities that were transferred from available-for-sale to held-for-maturity totaling $110.0 million at December 31, 2024 and $127.6 million at December 31, 2023. These unrecognized losses are included as a separate component of shareholders’ equity and are being amortized over the remaining term of the securities.No allowance for credit losses for available-for-sale debt securities was needed at December 31, 2024 or December 31, 2023.

95

An allowance on held-to-maturity debt securities is maintained for certain municipal bonds to account for expected lifetime credit losses. Substantially all of the U.S. government-sponsored entities and agencies and agency mortgage-backed securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies, and have a long history of no credit losses. Therefore, for those securities, we do not record expected credit losses. The allowance for credit losses on held-to-maturity debt securities was $0.2 million at December 31