Premises and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Note 5 – Premises and Equipment, Net

At December 31, 2023 and 2022, premises and equipment, net consisted of the following ($ in thousands):


	December 31,
	2023		2022
Land	$	56,747	$	54,300
Buildings and leasehold improvements		247,173		237,215
Furniture and equipment		212,625		198,698
Total cost of premises and equipment		516,545		490,213
Less accumulated depreciation and amortization		288,956		282,385
Premises and equipment, net		227,589		207,828
Finance lease right-of-use assets		3,751		4,537
Assets held for sale		1,197		—
Total premises and equipment, net	$	232,537	$	212,365

There were three properties included in assets held for sale at December 31, 2023 compared to no properties at December 31, 2022. These properties were transferred from premises and equipment, net to assets held for sale due to Trustmark’s intent to sell the properties over the subsequent twelve months as a result of its strategic initiatives. Property valuation adjustments of $470 thousand were recognized and included in other expense for 2023 compared to $400 thousand for 2022 and $140 thousand for 2021.

Depreciation and amortization of premises and equipment totaled $17.4 million in 2023, $16.2 million in 2022 and $15.6 million in 2021.