BANK PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Bank premises and equipment at December 31, were as follows:


	2023		2022		Estimated Useful Life
	(Dollars in thousands)				(In years)
Cost
Land	$	52,844	$	52,844	n/a
Bank premises	99,973		97,760		5-40
Leasehold improvements	50,682		47,098		1-15
Furniture and equipment	102,251		93,450		1-10
Leased equipment	32,654		32,792		5
Total cost	338,404		323,944
Accumulated depreciation	(145,355)		(127,440)
Net bank premises and equipment	$	193,049	$	196,504

Depreciation expense related to bank premises and equipment was $18.9 million, $18.4 million, and $12.5 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is primarily reflected in occupancy and equipment expenses.

Leased equipment held by the Company totaled $32.7 million and $32.8 million at December 31, 2023 and 2022, respectively. The leased equipment is subject to a master lease agreement entered into during 2021 with a third party lessee and the Company assumes the role of lessor in the transaction, which is deemed an operating lease for accounting purposes. The Company recognized rental income of $6.4 million, $6.1 million and $890,000 for the years ended December 31, 2023, 2022 and 2021, respectively.