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Qualified Affordable Housing Projects and Other Tax Credit Investments (Tables) | 3 Months Ended
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Mar. 31, 2021
Investments in Affordable Housing Projects [Abstract] |
Schedule of Qualified Affordable Housing Projects and Other Tax Credit Investments | The following table summarizes Old National’s investments in qualified affordable housing projects and other tax credit investments:
(dollars in thousands) |  | March 31, 2021 |  | December 31, 2020
Investment | Accounting Method | Investment |  | Unfunded Commitment (1) |  | Investment |  | Unfunded Commitment
LIHTC | Proportional amortization | $ | 32,702 |  |  | $ | 5,899 |  |  | $ | 33,609 |  |  | $ | 6,845 |
FHTC | Equity | 18,530 |  |  | 20,672 |  |  | 18,660 |  |  | 22,398 |
NMTC | Equity | 10,425 |  |  | — |  |  | 6,120 |  |  | — |
Renewable Energy | Equity | 2,714 |  |  | — |  |  | 3,611 |  |  | 862 |
Total |  | $ | 64,371 |  |  | $ | 26,571 |  |  | $ | 62,000 |  |  | $ | 30,105 |
(1)All commitments will be paid by Old National by 2027. 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) | Amortization Expense (1) |  | Tax Expense (Benefit) Recognized (2)
Three Months Ended March 31, 2021 |  |  |
LIHTC | $ | 862 |  |  | $ | (1,136) |
FHTC | 130 |  |  | (682) |
NMTC | 375 |  |  | (463) |
Renewable Energy | 697 |  |  | (562) |
Total | $ | 2,064 |  |  | $ | (2,843) |
Three Months Ended March 31, 2020 |  |  |
LIHTC | $ | 776 |  |  | $ | (1,019) |
FHTC | 5,143 |  |  | (1,356) |
Renewable Energy | 372 |  |  | (400) |
Total | $ | 6,291 |  |  | $ | (2,775) |
(1)The amortization expense for the LIHTC investments is included in our income tax expense. The amortization expense for the FHTC, NMTC, and 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 FHTC, NMTC, and Renewable Energy 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).

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