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Qualified Affordable Housing Projects and Other Tax Credit Investments (Tables) | 3 Months Ended
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Mar. 31, 2025
Securities Sold under Agreements to Repurchase [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, 2025 |  | December 31, 2024
Investment | Accounting Method | Investment |  | Unfunded Commitment (1) |  | Investment |  | Unfunded Commitment
Low Income Housing Tax Credit (“LIHTC”) | Proportional amortization | $ | 196,049 |  |  | $ | 109,475 |  |  | $ | 199,350 |  |  | $ | 115,345 |
Federal Historic Tax Credit (“FHTC”) | Proportional amortization | 28,074 |  |  | 22,344 |  |  | 30,835 |  |  | 24,869 |
New Markets Tax Credit (“NMTC”) | Consolidation | 57,037 |  |  | — |  |  | 60,462 |  |  | — |
Renewable Energy | Equity | 4 |  |  | — |  |  | 4 |  |  | — |
Total |  | $ | 281,164 |  |  | $ | 131,819 |  |  | $ | 290,651 |  |  | $ | 140,214 |
(1)All commitments will be paid by Old National by December 31, 2035. 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, 2025 |  |  |
LIHTC | $ | 3,205 |  |  | $ | (4,299) |
FHTC | 555 |  |  | (695) |
NMTC | 3,424 |  |  | (4,260) |
Total | $ | 7,184 |  |  | $ | (9,254) |
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) |
(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).

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- Definition Tabular disclosure of data and information required in the supplementary schedule applicable to management investment companies listing holdings of unaffiliated investments. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1 + Details
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