Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 178

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 178
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, 2024 and December 31, 2023. Accrued interest receivable on securities portfolio is excluded from the estimate of credit losses and totaled $55.3 million at December 31, 2024 and $50.3 million at December 31, 2023.At December 31, 2024, Old National’s securities portfolio consisted of 3,006 securities, 2,639 of which were in an unrealized loss position. The unrealized losses attributable to our U.S. Treasury, U.S. government-sponsored entities and agencies, agency mortgage-backed securities, states and political subdivisions, and other securities are the result of fluctuations in interest rates and market movements. Old National’s pooled trust preferred securities are evaluated using collateral-specific assumptions to estimate the expected future interest and principal cash flows. At December 31, 2024, we had no intent to sell any securities that were in an unrealized loss position nor is it expected that we would be required to sell the securities prior to their anticipated recovery.Old National’s pooled trust preferred securities have experienced credit defaults. However, we believe that the value of the instruments lies in the full and timely interest payments that will be received through maturity, the steady amortization that will be experienced until maturity, and the full return of principal by the final maturity of the collateralized debt obligations. Old National did not recognize any losses on these securities for the years ended December 31, 2024 or December 31, 2023.Equity SecuritiesEquity securities consist of mutual funds for Community Reinvestment Act qualified investments and diversified investment securities held in a grantor trust for participants in the Company’s nonqualified deferred compensation plan. Old National’s equity securities with readily determinable fair values totaled $92.0 million at December 31, 2024 and $80.4 million at December 31, 2023. There were gains on equity securities of $0.9 million during 2024, gains on equity securities of $21.5 million during 2023, and losses on equity securities of $4.9 million during 2022 recorded in noninterest income.Alternative InvestmentsOld National has alternative investments without readily determinable fair values that are included in other assets totaling $609.2 million at December 31, 2024 and $449.3 million at December 31, 2023. These investments consisted of $318.5 million of illiquid investments of partnerships, limited liability