PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT

8. PREMISES AND EQUIPMENT

The following table shows the components of premises and equipment, at cost, summarized by major classifications:

	December 31,
(Dollars in thousands)	2024		2023
Land	$	23,685	$	33,919
Buildings	36,508		49,262
Leasehold improvements	76,685		70,431
Furniture and equipment	63,994		57,555
Gross premises and equipment	200,872		211,167
Less: Accumulated depreciation	114,844		106,683
Net premises and equipment	$	86,028	$	104,484

The Company recognized depreciation expense of $13.4 million, $17.9 million and $20.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

During the year, the Company transferred $18.8 million of land and building assets to held for sale as part of an optimization plan of WSFS-owned real estate properties. The Company recognized a $2.2 million loss on the transfer, which is reflected in restructuring expense on the Company's Consolidated Statements of Income. The Company is actively working to dispose of the assets.