Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 218

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 218
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 type of property, age of appraisal, current status of the property, and other related factors to estimate the current value of the collateral. These commercial and commercial real estate loans had a principal amount of $213.8 million, with a valuation allowance of $58.7 million at December 31, 2024. Old National recorded provision expense associated with commercial and commercial real estate loans that were deemed collateral dependent totaling $49.0 million in 2024.Other real estate owned and other repossessed property is measured at fair value less costs to sell on a non-recurring basis and had a net carrying amount of $1.2 million at December 31, 2024. There were write-downs of other real estate owned of $0.5 million in 2024.Assets measured at fair value on a non-recurring basis at December 31, 2023 are summarized below:Fair Value Measurements at December 31, 2023 Using(dollars in thousands)CarryingValueQuoted Prices inActive Markets forIdentical Assets(Level 1)SignificantOtherObservableInputs(Level 2)SignificantUnobservableInputs(Level 3)Collateral Dependent Loans:Commercial loans$11,017 $— $— $11,017 Commercial real estate loans95,457 — — 95,457 Foreclosed Assets:Commercial real estate1,669 — — 1,669 At December 31, 2023, commercial and commercial real estate loans that were deemed collateral dependent had a principal amount of $134.3 million, with a valuation allowance of $27.9 million. Old National recorded provision expense associated with these loans totaling $20.5 million in 2023.The net carrying amount of other real estate owned and other repossessed property totaled $1.7 million at December 31, 2023. There were write-downs of other real estate owned of $0.1 million in 2023.The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 of the fair value hierarchy:(dollars in thousands)FairValueValuationTechniquesUnobservableInputRange (WeightedAverage)(1)December 31, 2024Collateral Dependent LoansCommercial loans$33,658 Discountedcash flowDiscount for type of property,age of appraisal, and current status9% - 49% (31%)Commercial real estate loans121