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Qualified Affordable Housing Projects and Other Tax Credit Investments
 12 Months Ended
Dec. 31, 2023
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 December 31, 2023, 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)December 31, 2023December 31, 2022
InvestmentAccounting MethodInvestmentUnfunded Commitment (1)InvestmentUnfunded Commitment
LIHTCProportional amortization$114,991 $75,981 $84,428 $55,754 
FHTCEquity34,220 27,421 19,316 9,588 
NMTCConsolidation47,727 — 51,912 — 
Renewable EnergyEquity201 — 1,099 — 
Total$197,139 $103,402 $156,755 $65,342 
(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)
Year Ended December 31, 2023
LIHTC$9,343 $(10,980)
FHTC5,487 (6,186)
NMTC8,982 (11,195)
Renewable Energy898 — 
Total$24,710 $(28,361)
Year Ended December 31, 2022
LIHTC$4,974 $(6,613)
FHTC1,925 (2,227)
NMTC8,197 (10,225)
Renewable Energy839 — 
Total$15,935 $(19,065)
Year Ended December 31, 2021
LIHTC$3,450 $(4,543)
FHTC2,557 (2,884)
NMTC2,887 (3,625)
Renewable Energy1,326 (562)
Total$10,220 $(11,614)
(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).