Premises and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

The following table summarizes the Company’s premises and equipment:


	As of December 31,				Estimated
	2021		2020		Useful Life
	(In thousands)				(In years)
Premises and equipment used in operations:
Land	$	12,814	$	7,410	N/A
Buildings	71,415		58,112		5-30
Equipment	48,035		55,919		3-5
Leasehold improvements	42,156		34,561		5-25
Total cost	174,420		156,002
Accumulated depreciation	(108,564)		(107,334)
Premises and equipment used in operations, net	65,856		48,668
Premises and equipment held for sale	15,128		730
Net premises and equipment (1)	$	80,984	$	49,398

(1)In connection with the Company’s acquisition of Century, the Company acquired $64.5 million in premises and equipment.

The Company recorded depreciation expense related to premises and equipment of $12.0 million, $13.0 million, and $15.9 million during the years ended December 31, 2021, 2020, and 2019, respectively.

Properties transferred to held for sale during the year ended December 31, 2021 amounted to $37.6 million and included five branch locations, of which four were acquired from Century. The company recorded a $1.2 million loss, representing estimated costs to sell, on properties transferred to held for sale during the year ended December 31, 2021. In addition, proceeds from sales of premises and equipment were $22.0 million during the year ended December 31, 2021, which included the premises held for sale as of December 31, 2020. In connection with these sales, the Company recognized no significant gain or loss. No premises and equipment was transferred to held for sale or sold during the year ended December 31, 2020.