Qualified Affordable Housing Projects and Other Tax Credit Investments (Tables)

9 Months Ended

Sep. 30, 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)		September 30, 2025				December 31, 2024
Investment	Accounting Method	Investment		Unfunded Commitment (1)		Investment		Unfunded Commitment
Low Income Housing Tax Credit (“LIHTC”)	Proportional amortization	$	249,522	$	128,465	$	199,350	$	115,345
Federal Historic Tax Credit (“FHTC”)	Proportional amortization	26,043		19,043		30,835		24,869
New Markets Tax Credit (“NMTC”)	Consolidation	112,773		—		60,462		—
Renewable Energy	Equity	4		—		4		—
Total		$	388,342	$	147,508	$	290,651	$	140,214

(1)All commitments will be paid by Old National by December 31, 2040.

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 September 30, 2025
LIHTC	$	3,699	$	(4,731)
FHTC	2,432		(2,760)
NMTC	7,057		(8,471)

Total	$	13,188	$	(15,962)

Three Months Ended September 30, 2024
LIHTC	$	2,777	$	(3,739)
FHTC	738		(690)
NMTC	3,076		(3,825)

Total	$	6,591	$	(8,254)

Nine Months Ended September 30, 2025
LIHTC	$	10,108	$	(13,547)
FHTC	3,602		(4,178)
NMTC	16,296		(19,780)

Total	$	30,006	$	(37,505)

Nine Months Ended September 30, 2024
LIHTC	$	8,042	$	(10,813)
FHTC	2,000		(2,043)
NMTC	8,168		(10,175)
Renewable Energy	197		—
Total	$	18,407	$	(23,031)

(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).