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PREMISES AND EQUIPMENT | 12 Months Ended
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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.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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