Premises and equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment

Premises and Equipment

Note 12 - Premises and equipment

Premises and equipment are stated at cost less accumulated depreciation and amortization as follows:

(In thousands)		Useful life in years		2021		2020
Premises and equipment:
	Land		$	94,246	$	109,780
	Buildings	10-50		468,293		512,131
	Equipment	2-10		374,192		350,014
	Leasehold improvements	3-10		87,406		87,289
				929,891		949,434
	Less - Accumulated depreciation and amortization			559,234		574,835
	Subtotal			370,657		374,599
	Construction in progress			29,337		25,862
Premises and equipment, net			$	494,240	$	510,241

Depreciation and amortization of premises and equipment for the year 2021 was $55.1 million (2020 -$58.4 million; 2019 - $58.1 million), of which $25.2 million (2020 - $27.2 million; 2019 - $27.3 million) was charged to occupancy expense and $29.8 million (2020 - $31.2 million; 2019 - $30.8 million) was charged to equipment, communications and other operating expenses. Occupancy expense of premises and equipment is net of rental income of $13.4 million (2020 - $15.5 million; 2019 - $19.3 million). For information related to the amortization expense of finance leases, refer to Note 33 - Leases.