PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2018

Property Plant And Equipment [Abstract]

Property Plant And Equipment Disclosure [Text Block]

NOTE 13–PREMISES AND EQUIPMENT

Premises and equipment comprise:

	Useful Life In Years		As of December 31,
			2018		2017
(Dollars in thousands)
Buildings and improvements		10-35	$	131,206	$	132,008
Leasehold improvements		1-10		54,734		53,866
Furniture and equipment		2-10		176,116		166,853
				362,056		352,727
Accumulated depreciation and amortization				(256,355)		(245,777)
				105,701		106,950
Land				24,640		24,640
Projects in progress				17,473		10,305
Total premises and equipment, net			$	147,814	$	141,895

Depreciation and amortization expense amounted to $15.0 million, $16.4 million, and $17.6 million for the years ended December 31, 2018, 2017, and 2016, respectively.

The Corporation identified impairment to several of its facilities and equipment in the areas affected by Hurricanes Irma and Maria. Losses related to the damaged facilities and equipment were charged against earnings in 2018 and 2017, and included as a component of “Other non-interest income” in the consolidated statements of income. The losses were determined with information available as to carrying amounts of impaired assets and the extent of the damage sustained. Management identified asset impairments of approximately $1.3 million and $0.6 million as of December 31, 2018 and 2017, respectively. The Corporation maintains insurance policies for casualty losses that provide for replacement value coverage.

During 2018, the Corporation received insurance proceeds of $2.0million related to losses incurred at some facilities. The insurance proceeds were recorded against impairment losses. Insurance recoveries in excess of losses measured, amounting to $0.5 million for 2018, were recognized as a gain from insurance proceeds and also reported as part of “Other non-interest income” in the consolidated statement of income.