Premises and Equipment

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

The following table summarizes premises and equipment at September 30, 2021 and December 31, 2020.


(in thousands)	September 30, 2021		December 31, 2020
Land	$	—	$	2,500
Right of use leased asset	256		819
Construction in process	50,466		28,754
Building and improvements	777		5,819
Furniture and equipment	7,692		10,671
Less: accumulated depreciation	(6,491)		(10,973)
Total	$	52,700	$	37,590

In December 2018, the Bank’s subsidiary, SPF15, Inc., entered into a project agreement with the City of Fishers, Indiana, and its Redevelopment Commission, among others, to construct an office building to include the Company’s future headquarters and associated parking garage on property the Bank had acquired in 2018. Construction began on the project in the fourth quarter 2019 and is expected to be substantially complete in the fourth quarter 2021. The Company anticipates fully occupying the new headquarters building by the end of 2021.

On February 16, 2021, the Company entered into an agreement to sell its current headquarters and certain equipment currently located in the building to a third party. The sale was completed on April 16, 2021 and as a part of the sale agreement, the buyer agreed to lease the office building back to the Company through December 31, 2021, with an option to extend up to 90 days beyond that date. The sale price was $8.9 million in cash paid in full at closing. The Company is expected to continue to lease substantially all of the office space for the duration of the primary leaseback period.