Premises and Equipment

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Premises and Equipment

PREMISES AND EQUIPMENT

The composition of premises and equipment was as follows:

(dollars in thousands)	March 31, 2022		December 31, 2021
Land	$	94,160	$	71,014
Buildings	446,988		394,400
Furniture, fixtures, and equipment	139,350		118,124
Leasehold improvements	62,401		46,330
Total	742,899		629,868
Accumulated depreciation	(158,786)		(153,682)
Premises and equipment, net	$	584,113	$	476,186

The increase in premises and equipment at March 31, 2022 when compared to December 31, 2021 was primarily due to assets acquired in the merger with First Midwest totaling $108.3 million.

Depreciation expense was $7.8 million for the three months ended March 31, 2022, compared to $7.1 million for the three months ended March 31, 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.