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Qualified Affordable Housing Projects and Other Tax Credit Investments
 9 Months Ended
Sep. 30, 2021
Investments in Affordable Housing Projects [Abstract]  
Qualified Affordable Housing Projects and Other Tax Credit Investments 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 in other assets on the balance sheet, with any unfunded commitments included with other liabilities. As of September 30, 2021, 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, 2021December 31, 2020
InvestmentAccounting MethodInvestmentUnfunded
Commitment (1)		InvestmentUnfunded
Commitment
LIHTCProportional amortization$41,033 $14,283 $33,609 $6,845 
FHTCEquity21,288 16,850 18,660 22,398 
NMTCEquity9,675 — 6,120 — 
Renewable EnergyEquity2,294 — 3,611 862 
Total $74,290 $31,133 $62,000 $30,105 
(1)All commitments will be paid by Old National by December 31, 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 September 30, 2021  
LIHTC$863 $(1,135)
FHTC1,151 (1,052)
NMTC375 (463)
Renewable Energy210 — 
Total$2,599 $(2,650)
Three Months Ended September 30, 2020
LIHTC$776 $(1,015)
FHTC816 (1,479)
Renewable Energy2,299 (2,262)
Total$3,891 $(4,756)
Nine Months Ended September 30, 2021
LIHTC$2,588 $(3,407)
FHTC2,510 (2,308)
NMTC1,125 (1,388)
Renewable Energy1,116 (562)
Total$7,339 $(7,665)
Nine Months Ended September 30, 2020
LIHTC$2,329 $(3,053)
FHTC5,959 (4,191)
Renewable Energy2,958 (2,970)
Total$11,246 $(10,214)
(1)The amortization expense for the LIHTC investments is included in our income tax expense. The amortization expense for the FHTC, NMTC, 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, 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).