Premises and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Premises and Equipment

PREMISES AND EQUIPMENT

The composition of premises and equipment was as follows:

	December 31,
(dollars in thousands)	2023		2022
Land	$	91,568	$	91,568
Buildings	453,234		419,596
Furniture, fixtures, and equipment	148,134		154,719
Leasehold improvements	85,187		69,412
Total	778,123		735,295
Accumulated depreciation	(212,727)		(177,988)
Premises and equipment, net	$	565,396	$	557,307

Depreciation expense was $38.2 million in 2023, $36.4 million in 2022, and $27.3 million in 2021.

Finance Leases

Old National leases certain banking center buildings and equipment under finance leases that are included in premises and equipment. See Notes 6 and 13 to the consolidated financial statements for detail regarding these leases.