OLD NATIONAL BANCORP /IN/
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
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Sep 30, 2026 · Filed Oct 28, 2026
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Qualified Affordable Housing Projects and Other Tax Credit Investments
NOTE 9 –QUALIFIED AFFORDABLE HOUSING PROJECTS AND OTHER TAX CREDIT INVESTMENTS
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 inother assets on the balance sheet, with any unfunded commitments included with other liabilities. As of September 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) · September 30, 2026 · December 31, 2025 | |||||
|---|---|---|---|---|---|
| Investment | Accounting Method | Investment | UnfundedCommitment (1) | Investment | UnfundedCommitment |
| Low Income Housing Tax Credit (“LIHTC”) | Proportional amortization | $284,371 | $105,787 | $257,752 | $135,776 |
| Federal Historic Tax Credit (“FHTC”) | Proportional amortization | 24,627 | 14,533 | 23,964 | 16,505 |
| New Markets Tax Credit (“NMTC”) | Consolidation | 126,611 | — | 128,325 | — |
| Renewable Energy | Equity | 2 | — | 4 | — |
| Total | $435,611 | $120,320 | $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) | AmortizationExpense (1) | Tax Expense(Benefit)Recognized (2) |
|---|---|---|
| LIHTC | $6,950 | $(8,230) |
| FHTC | 1,197 | (1,659) |
| NMTC | 8,131 | (10,359) |
| Total | $16,278 | $(20,248) |
| LIHTC | $3,699 | $(4,731) |
| FHTC | 2,432 | (2,760) |
| NMTC | 7,057 | (8,471) |
| Total | $13,188 | $(15,962) |
| LIHTC | $18,476 | $(22,667) |
| FHTC | 3,917 | (5,081) |
| NMTC | 23,049 | (29,420) |
| Total | $45,442 | $(57,168) |
| LIHTC | $10,108 | $(13,547) |
| FHTC | 3,602 | (4,178) |
| NMTC | 16,296 | (19,780) |
| Total | $30,006 | $(37,505) |
(1)The amortization expense for the LIHTC and FHTC investments is included in ourincome 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 ourincome 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).
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