Company: ONBPP
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000707179-25-000009
Chunk: 41

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 41
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 end of period$2,175,251 $1,998,716 Old National performed the required annual goodwill impairment test as of August 31, 2024 and there was no impairment. No events or circumstances since the August 31, 2024 annual impairment test were noted that would indicate it was more likely than not a goodwill impairment exists.The gross carrying amounts and accumulated amortization of other intangible assets were as follows: (dollars in thousands)GrossCarryingAmountAccumulatedAmortizationand ImpairmentNetCarryingAmountMarch 31, 2025   Core deposit$189,636 $(101,756)$87,880 Customer trust relationships50,892 (24,755)26,137 Total other intangible assets$240,528 $(126,511)$114,017 December 31, 2024Core deposit$189,636 $(95,950)$93,686 Customer trust relationships50,892 (23,731)27,161 Total other intangible assets$240,528 $(119,681)$120,847 Other intangible assets consist of core deposit intangibles and customer relationship intangibles and are being amortized primarily on an accelerated 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