Old National is a limited partner in several tax-advantaged limited partnerships whose purpose is to invest in approved qualified affordable housing, renewable energy, or other renovation or community revitalization projects. These investments are included in other assets on the balance sheet, with any unfunded commitments included with other liabilities. As of June 30, 2026, Old National expects to recover its remaining investments through the use of the tax credits that are generated by the investments.

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


(dollars in thousands)		June 30, 2026				December 31, 2025
Investment	Accounting Method	Investment		Unfunded Commitment (1)		Investment		Unfunded Commitment
Low Income Housing Tax Credit (“LIHTC”)	Proportional amortization	$	282,008	$	120,312	$	257,752	$	135,776
Federal Historic Tax Credit (“FHTC”)	Proportional amortization	17,199		8,960		23,964		16,505
New Markets Tax Credit (“NMTC”)	Consolidation	129,688		—		128,325		—
Renewable Energy	Equity	2		—		4		—
Total		$	428,897	$	129,272	$	410,045	$	152,281

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 June 30, 2026
LIHTC	$	5,763	$	(7,219)
FHTC	1,177		(1,637)
NMTC	7,807		(9,960)

Total	$	14,747	$	(18,816)

Three Months Ended June 30, 2025
LIHTC	$	3,205	$	(4,516)
FHTC	614		(723)
NMTC	5,815		(7,049)

Total	$	9,634	$	(12,288)

Six Months Ended June 30, 2026
LIHTC	$	11,526	$	(14,437)
FHTC	2,721		(3,421)
NMTC	14,918		(19,061)

Total	$	29,165	$	(36,919)

Six Months Ended June 30, 2025
LIHTC	$	6,409	$	(8,815)
FHTC	1,169		(1,418)
NMTC	9,239		(11,309)

Total	$	16,817	$	(21,542)

(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.

(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).