Qualified Affordable Housing Projects and Other Tax Credit Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investments in Affordable Housing Projects [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)		March 31, 2020				December 31, 2019
Investment	Accounting Method	Investment		Unfunded Commitment (1)		Investment		Unfunded Commitment
LIHTC	Proportional amortization	$	28,909	$	3,907	$	29,735	$	3,911
FHTC	Equity	25,760		22,896		22,403		17,886
Renewable Energy	Equity	7,151		3,669		7,523		4,129
Total		$	61,820	$	30,472	$	59,661	$	25,926

(1)All commitments will be paid by Old National by 2027.

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 March 31, 2020
LIHTC	$	776	$	(1,019)
FHTC	5,143		(1,356)
Renewable Energy	372		(400)
Total	$	6,291	$	(2,775)
Three Months Ended March 31, 2019
LIHTC	$	792	$	(1,042)
Renewable Energy	260		(244)
Total	$	1,052	$	(1,286)

(1)The amortization expense for the LIHTC investments is included in our income tax expense. The amortization expense for the FHTC and 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 FHTC and Renewable Energy investments primarily reflects the tax credits generated from the investments and excludes the net tax expense (benefit) of the investments’ income (loss).