Company: ONBPP
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000707179-25-000009
Chunk: 134

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 8
Chunk 134
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 basis over their estimated useful lives, generally over a period of 5 to 15 years.Old National reviews other intangible assets for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. No impairment charges were recorded during the three months ended March 31, 2025 or 2024. Total amortization expense associated with intangible assets was $6.8 million for the three months ended March 31, 2025, compared to $5.5 million for the three months ended March 31, 2024.

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Estimated amortization expense for future years is as follows:(dollars in thousands) 2025 remaining$19,286 202622,474 202718,947 202815,598 202912,663 Thereafter25,049 Total$114,017 

NOTE 9 – QUALIFIED AFFORDABLE HOUSING PROJECTS AND OTHER TAX CREDIT INVESTMENTS

Old National is a limited partner in several tax-advantaged limited partnerships whose purpose is to invest in approved qualified affordable housing, renewable energy, or other renovation or community revitalization projects. These investments are included in other assets on the balance sheet, with any unfunded commitments included with other liabilities. As of March 31, 2025, Old National expects to recover its remaining investments through the use of the tax credits that are generated by the investments. The following table summarizes Old National’s investments in qualified affordable housing projects and other tax credit investments:(dollars in thousands) March 31, 2025December 31, 2024InvestmentAccounting MethodInvestmentUnfundedCommitment (1)InvestmentUnfundedCommitmentLow Income Housing Tax Credit (“LIHTC”)Proportional amortization$196,049 $109,475 $199,350 $115,345 Federal Historic Tax Credit (“FHTC”)Proportional amortization28,074 22,344 30,835 24,869 New Markets Tax Credit (“NMTC”)Consolidation57,037 — 60,462 — Renewable EnergyEquity4 — 4 — Total $281,164 $131,819 $290,651 $140,214 (1)All commitments will be paid by Old National by December 31, 2035. 

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The following table summarizes the