PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2020

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,
	Minimum	Maximum	2020		2019
(Dollars in thousands)
Buildings and improvements	10	35	$	138,686	$	135,263
Leasehold improvements	1	10		82,034		56,530
Furniture and equipment	2	10		224,623		146,835
				445,343		338,628
Accumulated depreciation and amortization				(318,659)		(228,712)
				126,684		109,916
Land				23,873		22,939
Projects in progress				7,652		17,134
Total premises and equipment, net			$	158,209	$	149,989

Depreciation and amortization expense amounted to $20.1 million, $17.6 million, and $15.0 million for the years ended December 31, 2020, 2019, and 2018, respectively.

During 2020, the Corporation received insurance proceeds of $5.0 million resulting from the final settlement of the business interruption insurance claim related to lost profits caused by Hurricanes Irma and Maria. This amount is included as part of Other non-interest income in the consolidated statements of income. In addition, during 2020, the Corporation received insurance proceeds of $1.2 million related to hurricane-related expenses claims recorded as a contra-account of non-interest expenses, primarily consisting of occupancy and equipment costs.

During 2019 and 2018, the Corporation received insurance proceeds of $0.6 million and $2.0 million, respectively, related to casualty losses incurred at some facilities. The insurance proceeds were recorded against impairment losses. Insurance recoveries in excess of losses amounted to $0.1 million and $0.5 million for 2019 and 2018, respectively, and were recorded as a gain from insurance proceeds and reported as part of other non-interest income in the consolidated statements of income.