PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

The following table summarizes the Corporation’s premises and equipment as of December 31, 2023 and 2022:

	2023		2022
Cost at December 31:
Land	$	25,655	$	25,299
Buildings and Leasehold Improvements	186,444		174,895
Equipment	148,258		144,524
Total Cost	360,357		344,718
Accumulated Depreciation and Amortization	(226,461)		(227,600)
Net	$	133,896	$	117,118

First Merchants Corporation purchased a new regional headquarters in Indianapolis in the third quarter of 2023 which resulted in additions to premises and equipment of $16.7 million.

The Corporation is committed under various non-cancelable lease contracts for certain subsidiary office facilities and equipment. Details regarding the lease contracts are discussed in NOTE 9. LEASES of these Notes to Consolidated Financial Statements.