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PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023:

			2024						2023
Cost at December 31:
Land			$	24,785					$	25,655
Buildings and Leasehold Improvements			185,741						186,444
Equipment			153,011						148,258
Total Cost			363,537						360,357
Accumulated Depreciation and Amortization			(233,794)						(226,461)
Net			$	129,743					$	133,896

First Merchants Corporation sold five Illinois branches in the fourth quarter of 2024 which resulted in reductions to premises and equipment of $3.2 million. Details regarding the branch sale are discussed in NOTE 2. ACQUISITIONS AND DIVESTITURES of these Notes to Consolidated Financial Statements.

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 8. 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

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