The following table summarizes Old National’s investments in qualified affordable housing projects and other tax credit investments:


(dollars in thousands)		March 31, 2024				December 31, 2023
Investment	Accounting Method	Investment		Unfunded Commitment (1)		Investment		Unfunded Commitment
LIHTC	Proportional amortization	$	119,914	$	67,310	$	114,991	$	75,981
FHTC	Proportional amortization (2)	32,757		27,148		34,220		27,421
NMTC	Consolidation	51,421		—		47,727		—
Renewable Energy	Equity	15		—		201		—
Total		$	204,107	$	94,458	$	197,139	$	103,402

(2)Old National’s FHTC investments were previously accounted for under the Equity method of accounting prior to the adoption of ASU 2023-02 on January 1, 2024.

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, 2024
LIHTC	$	2,486	$	(3,331)
FHTC	534		(663)
NMTC	2,546		(3,175)
Renewable Energy	186		—
Total	$	5,752	$	(7,169)

Three Months Ended March 31, 2023
LIHTC	$	1,463	$	(1,908)
FHTC	424		(512)
NMTC	2,091		(2,611)
Renewable Energy	246		—
Total	$	4,224	$	(5,031)

(1)The amortization expense for the LIHTC and FHTC investments is included in our income tax expense. Prior to the adoption of ASU 2023-02, FHTC amortization expense was included in noninterest 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 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).