Premises and equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment

Premises and Equipment

Note 11 - Premises and equipment

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

(In thousands)

Useful life in years

2024

2023

Premises and equipment:

Land

$

89,519

$

90,275

Buildings

10

-

50

497,631

487,053

Equipment

2

-

10

365,716

421,513

Leasehold improvements

3

-

10

96,521

90,333

959,868

998,899

 Less - Accumulated depreciation and amortization

606,187

605,178

Subtotal

353,681

393,721

Construction in progress

158,587

81,288

Premises and equipment, net

$

601,787

$

565,284

Depreciation and amortization of premises and equipment for the year 2024 was $

57.1

 million (2023 - $

58.5

 million; 2022 - $

55.1

million), of which $

26.4

 million (2023 - $

26.5

 million; 2022 - $

24.8

 million) was charged to occupancy expense and $

30.7

 million

(2023 - $

32.0

 million; 2022 - $

30.3

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

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

11.5

 million (2023 - $

13.1

 million; 2022 - $

13.1

 million).

For information related to the amortization expense of finance leases, refer to Note 32 - Leases.