PREMISES AND EQUIPMENT

3 Months Ended

Mar. 31, 2012

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

NOTE 9 — PREMISES AND EQUIPMENT

At March 31, 2012, total premises and equipment was $178.9 million with accumulated depreciation and amortization of $62.6 million and a net value of $116.3 million. At December 31, 2011, total premises and equipment was $178.6 million with accumulated depreciation and amortization of $59.7 million and a net value of $118.9 million.

Capitalized assets are depreciated or amortized on a straight-line basis in accordance with the estimated useful life for each fixed asset class. The estimated useful life for furniture and fixtures is seven years, office equipment is for five years, and twenty-five years for buildings and improvements. Leasehold improvements are amortized over the shorter of the term of the lease or useful life.