v3.26.1
QUALIFIED AFFORDABLE HOUSING PROJECTS AND OTHER TAX CREDIT INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
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) June 30, 2026December 31, 2025
InvestmentAccounting MethodInvestment
Unfunded
Commitment (1)
InvestmentUnfunded
Commitment
Low Income Housing Tax Credit (“LIHTC”)Proportional amortization$282,008 $120,312 $257,752 $135,776 
Federal Historic Tax Credit (“FHTC”)Proportional amortization17,199 8,960 23,964 16,505 
New Markets Tax Credit (“NMTC”)Consolidation129,688 — 128,325 — 
Renewable EnergyEquity2 — 4 — 
Total $428,897 $129,272 $410,045 $152,281 
(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 June 30, 2026  
LIHTC$5,763 $(7,219)
FHTC1,177 (1,637)
NMTC7,807 (9,960)
Total$14,747 $(18,816)
Three Months Ended June 30, 2025
LIHTC$3,205 $(4,516)
FHTC614 (723)
NMTC5,815 (7,049)
Total$9,634 $(12,288)
Six Months Ended June 30, 2026
LIHTC$11,526 $(14,437)
FHTC2,721 (3,421)
NMTC14,918 (19,061)
Total$29,165 $(36,919)
Six Months Ended June 30, 2025
LIHTC$6,409 $(8,815)
FHTC1,169 (1,418)
NMTC9,239 (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).