PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

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

2024

2023

(Dollars in thousands)

Buildings and improvements

10

35

$

144,935

$

143,470

Leasehold improvements

2

10

79,498

77,702

Furniture, equipment and software

2

10

152,588

161,886

377,021

383,058

Accumulated depreciation and amortization

(274,731)

(277,853)

102,290

105,205

Land

29,965

29,965

Projects in progress

1,182

6,846

 Total premises and equipment, net

$

133,437

$

142,016

Depreciation and amortization expense amounted to $

18.6

 million, $

20.5

 million, and $

22.3

 million for the years ended December

31, 2024, 2023, and 2022, respectively.

During the year ended December 31, 2024, the Corporation recognized $

0.1

 million in net gains from sales of fixed assets;

compared to $

3.5

 million for the same period of 2023, of which $

3.0

 million was related to the sale of a banking premise in the Florida

region; and $

0.9

 million for the same period in 2022. These amounts are included as part of other non-interest income in the

consolidated statements of income.

During the years ended December 31, 2024 and 2023, the Corporation received insurance proceeds of $

1.5

 million and $

0.7

million, respectively, of which $

0.7

 million and $

0.2

 million, respectively, were related to collections of insurance claims associated

with property damage caused by Hurricane Fiona. These amounts are included as part of other non-interest income in the consolidated

statements of income.

See Note 23 – “Fair Value” for information on write-downs recorded on long-lived assets held for sale.