Premises and equipment

12 Months Ended

Dec. 31, 2023

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

2023

2022

Premises and equipment:

Land

$

90,275

$

90,625

Buildings

10-50

487,053

482,030

Equipment

2-10

421,513

388,911

Leasehold improvements

3-10

90,333

89,693

998,899

960,634

 Less - Accumulated depreciation and amortization

605,178

586,479

Subtotal

393,721

374,155

Construction in progress

81,288

33,931

Premises and equipment, net

$

565,284

$

498,711

Depreciation and amortization of premises and equipment for the year 2023 was $

58.5

 million (2022 - $

55.1

 million; 2021 - $

55.1

million), of which $

26.5

 million (2022 - $

24.8

 million; 2021 - $

25.2

 million) was charged to occupancy expense and $

32.0

 million

(2022 - $

30.3

 million; 2021 - $

29.8

 million) was charged to equipment, technology and software and other operating expenses.

Occupancy expense of premises and equipment is net of rental income of $

13.1

 million (2022 - $

13.1

 million; 2021 - $

13.4

 million).

For information related to the amortization expense of finance leases, refer to Note 33 - Leases.