Premises and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Premises and Equipment

PREMISES AND EQUIPMENT

The composition of premises and equipment was as follows:

(dollars in thousands)	September 30, 2022		December 31, 2021
Land	$	97,194	$	71,014
Buildings	450,957		394,400
Furniture, fixtures, and equipment	154,945		118,124
Leasehold improvements	62,400		46,330
Total	765,496		629,868
Accumulated depreciation	(177,475)		(153,682)
Premises and equipment, net	$	588,021	$	476,186

The increase in premises and equipment at September 30, 2022 when compared to December 31, 2021 was primarily due to assets acquired in the merger with First Midwest totaling $111.9 million.

Depreciation expense was $9.2 million for the three months ended September 30, 2022 and $26.9 million for the nine months ended September 30, 2022, compared to $6.5 million for the three months ended September 30, 2021 and $20.6 million for the nine months ended September 30, 2021.

Finance Leases

Old National leases certain banking center buildings and equipment under finance leases that are included in premises and equipment.  See Notes 8 and 14 to the consolidated financial statements for detail regarding these leases.