Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 202

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 202
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Accounting MethodInvestmentUnfundedCommitment (1)InvestmentUnfunded CommitmentLow Income Housing Tax Credit (“LIHTC”)Proportional amortization$199,350 $115,345 $114,991 $75,981 Federal Historic Tax Credit (“FHTC”)Proportional amortization (2)30,835 24,869 34,220 27,421 New Markets Tax Credit (“NMTC”)Consolidation60,462 — 47,727 — Renewable EnergyEquity4 — 201 — Total$290,651 $140,214 $197,139 $103,402 (1)All commitments will be paid by Old National by December 31, 2035.(2)Old National’s FHTC investments were previously accounted for under the Equity method of accounting prior to the adoption of ASU 2023-02 on January 1, 2024.

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The following table summarizes the amortization expense and tax benefit recognized for Old National’s qualified affordable housing projects and other tax credit investments:(dollars in thousands)AmortizationExpense (1)Tax Expense(Benefit)Recognized (2)Year Ended December 31, 2024LIHTC$10,819 $(14,551)FHTC2,624 (2,733)NMTC12,636 (15,720)Renewable Energy197 — Total$26,276 $(33,004)Year Ended December 31, 2023LIHTC$9,343 $(10,980)FHTC5,487 (6,186)NMTC8,982 (11,195)Renewable Energy898 — Total$24,710 $(28,361)Year Ended December 31, 2022LIHTC$4,974 $(6,613)FHTC1,925 (2,227)NMTC8,197 (10,225)Renewable Energy839 — Total$15,935 $(19,065)(1)The amortization expense for the LIHTC and FHTC investments is included in our income tax expense. Prior to the adoption of ASU 2023-02 on January 1, 2024, FHTC amortization expense was included in noninterest expense. NMTC amortization