Company: ONBPP
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0000707179-25-000064
Chunk: 164

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 8
Chunk 164
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 amortized primarily on an accelerated basis over their estimated useful lives, generally over a period of 5 to 15 years. During the nine months ended September 30, 2025, Old National recorded $397.1 million of core deposit intangibles and $43.0 million of customer relationship intangibles associated with the acquisition of Bremer. See Note 3 to the consolidated financial statements for additional detail regarding this transaction.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 nine months ended September 30, 2025 or 2024. Total amortization expense associated with intangible assets was $26.2 million and $52.6 million for the three and nine months ended September 30, 2025, respectively, compared to $7.4 million and $20.3 million for the three and nine months ended September 30, 2024, respectively.Estimated amortization expense for future years is as follows:(dollars in thousands) 2025 remaining$26,016 202696,109 202784,810 202873,689 202962,983 Thereafter164,695 Total$508,302 

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 September 30, 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) September 30, 2025December 31, 2024InvestmentAccounting MethodInvestmentUnfundedCommitment (1)InvestmentUnfundedCommitmentLow Income Housing Tax Credit (“LIHTC”)Proportional amortization$249,522 $128,465 $199,350 $115,345 Federal Historic Tax Credit (“FHTC”)Proportional amortization26,043 19,043 30,835