Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 209

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 209
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)(19,315)(17,116)State income taxes19,619 31,164 20,837 Tax credit investments - federal(14,829)(12,190)(9,140)Officer compensation limitation4,154 4,685 5,903 Non-deductible FDIC premiums8,754 7,912 3,805 Other, net907 (720)(2,237)Income tax expense$141,250 $169,310 $116,446 Effective tax rate20.8 %22.5 %21.4 %The provision for income taxes consisted of the following components:Years Ended December 31,(dollars in thousands)202420232022Current expense:Federal$99,532 $121,428 $106,918 State21,317 37,331 32,898 Deferred expense:Federal14,956 7,941 (16,216)State5,445 2,610 (7,154)Deferred income tax expense20,401 10,551 (23,370)Income tax expense$141,250 $169,310 $116,446 

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Net Deferred Tax AssetsNet deferred tax assets are included in other assets on the balance sheet. Significant components of net deferred tax assets (liabilities) were as follows:December 31,(dollars in thousands)20242023Deferred Tax Assets  Unrealized losses on available-for-sale investment securities$222,467 $217,018 Allowance for credit losses on loans, net of recapture105,475 86,224 Operating lease liabilities57,495 57,996 Acquired loans49,093 32,011 Benefit plan accruals40,089 31,679 Unrealized losses on held-to-maturity investment securities27,664 32,150 Net operating loss carryforwards19,601 21,004 Purchase accounting10,062 22,473 FDIC deductible premiums3,766 4,891 Other, net6,658 4,860 Total deferred tax assets542,370 510,306 Deferred Tax LiabilitiesOperating lease right-of-use assets(52,441)(52,710)Premises and equipment(13,358)(12,141)Loan servicing rights(10,012)(9,188)Prepaid expenses(3,982)(3,856)