Company: ONBPP
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000707179-25-000018
Chunk: 57

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 1
Chunk 57
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-to-maturity securities transferred   from available-for-sale$(7,984)$(8,694)Interest income (expense) 2,026 2,208 Income tax (expense) benefit $(5,958)$(6,486)Net incomeGains and losses on hedges   Interest rate contracts$(3,729)$(9,624)Interest income (expense) 964 2,489 Income tax (expense) benefit $(2,765)$(7,135)Net incomeTotal reclassifications for the period$(8,810)$(13,631)Net income

39

NOTE 14 – INCOME TAXES

The following is a summary of the major items comprising the differences in taxes from continuing operations computed at the federal statutory rate and as recorded in the consolidated statements of income:Three Months EndedJune 30,Six Months EndedJune 30,(dollars in thousands)2025202420252024Provision at statutory rate of 21%$32,698 $32,861 $70,826 $64,943 Tax-exempt income:Tax-exempt interest(5,599)(5,027)(9,851)(9,985)Section 291/265 interest disallowance1,364 957 2,033 1,841 Company-owned life insurance income(1,397)(1,178)(2,532)(1,872)Tax-exempt income(5,632)(5,248)(10,350)(10,016)State income taxes5,094 6,333 11,995 11,480 Interim period effective rate adjustment(159)(70)(306)873 Tax credit investments - federal(5,156)(3,106)(9,258)(6,160)Officer compensation limitation1,436 1,491 1,808 2,256 Non-deductible FDIC premiums2,816 2,032 4,853 3,779 Other, net(799)957 (2,366)583 Income tax expense$30,298 $35,250 $67,202 $67,738 Effective tax rate19.5 %22.5 %19.9 %21.9 %Net Deferred Tax AssetsNet deferred tax assets are included in other assets on the balance sheet. At June 30, 2025, net deferred tax assets totaled $527.9 million