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PREMISES AND EQUIPMENT
12 Months Ended
Dec. 31, 2023
PREMISES AND EQUIPMENT [Abstract]  
PREMISES AND EQUIPMENT
NOTE 6 – PREMISES AND EQUIPMENT
Premises and equipment comprise:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Useful Life Range In Years
As of December 31,
Minimum
Maximum
2023
2022
(Dollars in thousands)
Buildings and improvements
10
35
$
143,470
$
135,802
Leasehold improvements
1
10
77,702
76,390
Furniture, equipment and software
2
10
161,886
155,567
383,058
367,759
Accumulated depreciation and amortization
(277,853)
(264,233)
105,205
103,526
Land
29,965
24,485
Projects in progress
6,846
14,924
 
Total premises and equipment,
 
net
$
142,016
$
142,935
Depreciation and
 
amortization expense
 
amounted to
 
$
20.5
 
million, $
22.3
 
million, and
 
$
25.0
 
million for
 
the years ended
 
December
31, 2023, 2022, and 2021, respectively.
During the year ended December 31, 2023, the Corporation
 
recognized $
3.5
 
million in net gains from sales of fixed assets, of which
$
3.0
 
million
 
was
 
related
 
to
 
the
 
sale
 
of
 
a
 
banking
 
premise
 
in
 
the
 
Florida
 
region,
 
compared
 
to
 
$
0.9
 
million
 
during
 
the
 
year
 
ended
December 31, 2022.
During the year
 
ended December 31, 2023,
 
the Corporation received insurance
 
proceeds of $
0.7
 
million, of which $
0.2
 
million was
related
 
to
 
the
 
collection
 
of
 
an
 
insurance
 
claim
 
associated
 
with
 
property
 
damage
 
caused
 
by
 
Hurricane
 
Fiona.
 
Also,
 
during
 
the
 
year
ended December
 
31, 2021,
 
the Corporation
 
received insurance
 
proceeds of
 
$
0.6
 
million related
 
to the
 
settlement and
 
collection of
 
an
insurance
 
claim
 
associated
 
with
 
a
 
damaged
 
property.
 
These
 
amounts
 
are
 
included
 
as
 
part
 
of
 
other
 
non-interest
 
income
 
in
 
the
consolidated statements of income.
See Note 25 – “Fair Value”
 
for information on write-downs recorded on long-lived assets held for sale.