Premises and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

The following table summarizes the components of premises and equipment:


	At December 31,
(In thousands)	2022		2021
Land	$	73,916	$	9,436
Buildings and improvements	106,180		67,501
Leasehold improvements	84,477		65,606
Furniture, fixtures, and equipment	71,542		64,890
Data processing equipment and software	128,153		105,516
Property and equipment	464,268		312,949
Less: Accumulated depreciation and amortization	(225,152)		(228,318)
Property and equipment, net	239,116		84,631
ROU lease assets, net	191,068		119,926
Premises and equipment, net	$	430,184	$	204,557

Depreciation and amortization of property and equipment was $41.7 million, $31.4 million, and $32.5 million for the
years ended December 31, 2022, 2021, and 2020, respectively, and is included in both Occupancy and Technology and equipment expense on the accompanying Consolidated Statements of Income. Additional information regarding ROU lease assets can be found within Note 7: Leasing.

During the year ended December 31, 2022, the Company launched and completed a corporate real estate consolidation strategy in which the Company closed 14 locations in order to reduce its corporate real estate facility square footage by approximately 45%. In connection with this corporate real estate consolidation plan, the Company had arranged to sell its New Britain, Connecticut facility, which is comprised of land, buildings, and improvements, within the next twelve months. This resulted in a $1.8 million write-down to the fair market value of the property and the subsequent transfer of the property to assets held for disposition. The sale of the New Britain property is expected to close during the second quarter of 2023.

The Company also recorded a $6.3 million loss on disposals of property and equipment during the year ended
December 31, 2022, which primarily comprised internal use software and construction in progress that were acquired from Sterling in the merger, due to the Company's decision to stop further project development later in 2022.

The following table summarizes the activity in assets held for disposition:


	Years ended December 31,
(In thousands)	2022		2021		2020
Balance, beginning of period	$	490	$	2,654	$	—

Transfers from (to) property and equipment	4,800		(38)		2,654
Write-downs	(190)		—		—
Sales	(300)		(2,126)		—
Balance, end of period	$	4,800	$	490	$	2,654

Assets held for disposition are included in Accrued interest receivable and other assets on the accompanying Consolidated Balance Sheets.