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Qualified Affordable Housing Projects and Other Tax Credit Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Qualified Affordable Housing Projects and Other Tax Credit Investments [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)December 31, 2025December 31, 2024
InvestmentAccounting MethodInvestment
Unfunded
Commitment (1)
InvestmentUnfunded Commitment
Low Income Housing Tax Credit (“LIHTC”)Proportional amortization$257,752 $135,776 $199,350 $115,345 
Federal Historic Tax Credit (“FHTC”)Proportional amortization23,964 16,505 30,835 24,869 
New Markets Tax Credit (“NMTC”)Consolidation128,325 — 60,462 — 
Renewable EnergyEquity4 — 4 — 
Total$410,045 $152,281 $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)
Year Ended December 31, 2025
LIHTC$15,188 $(20,274)
FHTC4,879 (5,662)
NMTC26,066 (31,565)
Total$46,133 $(57,501)
Year Ended December 31, 2024
LIHTC$10,819 $(14,551)
FHTC2,624 (2,733)
NMTC12,636 (15,720)
Renewable Energy197 — 
Total$26,276 $(33,004)
Year Ended December 31, 2023
LIHTC$9,343 $(10,980)
FHTC5,487 (6,186)
NMTC8,982 (11,195)
Renewable Energy898 — 
Total$24,710 $(28,361)
(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 on January 1, 2024, 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).