Company: ONBPP
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000707179-25-000009
Chunk: 135

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 8
Chunk 135
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 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)Three Months Ended March 31, 2025LIHTC$3,205 $(4,299)FHTC555 (695)NMTC3,424 (4,260)Total$7,184 $(9,254)Three Months Ended March 31, 2024LIHTC$2,486 $(3,331)FHTC534 (663)NMTC2,546 (3,175)Renewable Energy186 — Total$5,752 $(7,169)(1)The amortization expense for the LIHTC and FHTC investments is included in our income tax expense. NMTC amortization is recognized in noninterest expense in correlation to the recognition of tax credits on our tax return. Amortization expense for the Renewable Energy tax credits is included in noninterest expense.(2)All of the tax benefits recognized are included in our income tax expense. The tax benefit recognized for the NMTC investments primarily reflects the tax credits generated from the investments and excludes the net tax expense (benefit) and deferred tax liability of the investments’ income (loss).

NOTE 10 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase are secured borrowings. Old National pledges investment securities to secure these borrowings. The following table presents securities sold under agreements to repurchase and related weighted-average interest rates:At or for the Three MonthsEnded March 31,(dollars in thousands)20252024Outstanding at period end$290,256 $274,493 Average amount outstanding during the period272,961 296,236 Maximum amount outstanding at any month-end during the period290,256 319,423 Weighted-average interest rate:During the period0.82 %1.25 %At period end0.88 %3.61 %At December 31, 2024, securities sold under agreements to repurchase totaled $269.0 million with a weighted-average interest rate of 0.86%.The following table presents the contractual maturity of our secured borrowings and class of collateral pledged: At March 31, 2025 Remaining Contractual Maturity of the Agreements(doll