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, 2025				December 31, 2024
Investment	Accounting Method	Investment		Unfunded Commitment (1)		Investment		Unfunded Commitment
Low Income Housing Tax Credit (“LIHTC”)	Proportional amortization	$	257,752	$	135,776	$	199,350	$	115,345
Federal Historic Tax Credit (“FHTC”)	Proportional amortization	23,964		16,505		30,835		24,869
New Markets Tax Credit (“NMTC”)	Consolidation	128,325		—		60,462		—
Renewable Energy	Equity	4		—		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)
FHTC	4,879		(5,662)
NMTC	26,066		(31,565)

Total	$	46,133	$	(57,501)

Year Ended December 31, 2024
LIHTC	$	10,819	$	(14,551)
FHTC	2,624		(2,733)
NMTC	12,636		(15,720)
Renewable Energy	197		—
Total	$	26,276	$	(33,004)

Year Ended December 31, 2023
LIHTC	$	9,343	$	(10,980)
FHTC	5,487		(6,186)
NMTC	8,982		(11,195)
Renewable Energy	898		—
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).

OLD NATIONAL BANCORP /IN/ 10-K