BANK PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

BANK PREMISES AND EQUIPMENT

BANK PREMISES AND EQUIPMENT

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

	2024		2023		Estimated Useful Life
	(Dollars in thousands)				(In years)
Cost
Land	$	52,831	$	52,844	n/a
Bank premises	104,899		99,973		5-40
Leasehold improvements	55,243		50,682		1-15
Furniture and equipment	112,600		102,251		1-10
Leased equipment	32,654		32,654		5
Total cost	358,227		338,404
Accumulated depreciation	(164,907)		(145,355)
Net bank premises and equipment	$	193,320	$	193,049

Depreciation expense related to bank premises and equipment was $19.9 million, $18.9 million, and $18.4 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is primarily reflected in occupancy and equipment expenses.

Leased equipment held by the Company totaled $32.7 million at both December 31, 2024 and 2023. 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 for the years ended December 31, 2024 and 2023, respectively, and $6.1 million for the year ended December 31, 2022.