Company: ONBPP
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000707179-25-000009
Chunk: 140

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 8
Chunk 140
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 and losses on   available-for-sale securities$(76)$(16)Debt securities gains (losses), net 20 4 Income tax (expense) benefit $(56)$(12)Net incomeAmortization of unrecognized losses on   held-to-maturity securities transferred   from available-for-sale$(3,915)$(4,318)Interest income (expense) 994 1,097 Income tax (expense) benefit $(2,921)$(3,221)Net incomeGains and losses on hedges   Interest rate contracts$(1,196)$(4,877)Interest income (expense) 309 1,261 Income tax (expense) benefit $(887)$(3,616)Net incomeTotal reclassifications for the period$(3,864)$(6,849)Net income

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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 EndedMarch 31,(dollars in thousands)20252024Provision at statutory rate of 21%$38,128 $32,082 Tax-exempt income:Tax-exempt interest(4,252)(4,958)Section 291/265 interest disallowance669 885 Company-owned life insurance income(1,135)(694)Tax-exempt income(4,718)(4,767)State income taxes6,901 5,147 Interim period effective rate adjustment(147)944 Tax credit investments - federal(4,102)(3,055)Officer compensation limitation372 765 Non-deductible FDIC premiums2,037 1,747 Other, net(1,567)(375)Income tax expense$36,904 $32,488 Effective tax rate20.3 %21.3 %Net Deferred Tax AssetsNet deferred tax assets are included in other assets on the balance sheet. At March 31, 2025, net deferred tax assets totaled $394.5 million, compared to $456.4 million at December 31, 2024. No valuation allowance was required on the Company’s deferred tax assets at March 31, 2025 or December 31, 2024.The Company’s retained earnings at March 31, 2025 included an appropriation for acquired thrifts’ tax bad debt allowances totaling $58