Premises and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Premises and Equipment

Premises and Equipment

The information presented within this Note excludes discontinued operations with respect to information pertaining to the years ended December 31, 2023 and 2022. Refer to Note 23, “Discontinued Operations” for further discussion regarding discontinued operations.

The following table summarizes the Company’s premises and equipment as of the dates indicated:

	As of December 31,				Estimated
	2024		2023		Useful Life
	(In thousands)				(In years)
Premises and equipment used in operations:
Land	$	13,133	$	12,585	N/A
Buildings	52,205		70,597		5-30
Equipment	42,769		37,756		3-5
Leasehold improvements	44,262		34,790		5-25
Total cost	152,369		155,728
Accumulated depreciation	(87,816)		(95,595)
Premises and equipment used in operations, net	64,553		60,133
Premises and equipment held for sale	2,088		—
Net premises and equipment	$	66,641	$	60,133

The Company recorded depreciation expense related to premises and equipment of $12.5 million, $10.5 million, and $10.7 million during the years ended December 31, 2024, 2023, and 2022, respectively.

During the year ended December 31, 2024, four properties were transferred to held for sale with an aggregate book value of $17.1 million, one of which is located in Lynn, Massachusetts, housed Company offices and was comprised of an office building, and land and two of which were acquired in the merger with Cambridge. In connection with the transfer of properties to held for sale, the Company recorded an aggregate write-down of $3.0 million, which includes estimated costs to sell. In addition, during the year ended December 31, 2024, the Company sold three properties at an aggregate sale price of $15.1 million, two of which were acquired in the merger with Cambridge and one of which was the previously mentioned property located in Lynn, Massachusetts. In connection with such sales, the Company recorded a net gain on sale of $0.4 million.

During the year ended December 31, 2023, no properties were transferred to held for sale and no properties were sold.

During the year ended December 31, 2022, no properties were transferred to held for sale. During the year ended December 31, 2022, the Company sold five properties, four of which were acquired in connection with the Company’s acquisition of Century Bancorp, Inc. (“Century”). The properties sold during the year ended December 31, 2022 were included in premises and equipment held for sale as of December 31, 2021. The aggregate proceeds from such sales of premises and equipment were $17.3 million. In connection with these sales, the Company recognized a gain on sale of $1.4 million, which is included in other noninterest income in the Consolidated Statements of Income.