Premises and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Premises and Equipment, Net

Note 5 – Premises and Equipment, Net

At December 31, 2022 and 2021, premises and equipment, net consisted of the following ($ in thousands):

	December 31,
	2022		2021
Land	$	54,300	$	54,342
Buildings and leasehold improvements		237,215		221,986
Furniture and equipment		198,698		190,907
Total cost of premises and equipment		490,213		467,235
Less accumulated depreciation and amortization		282,385		271,334
Premises and equipment, net		207,828		195,901
Finance lease right-of-use assets		4,537		6,017
Assets held for sale		—		3,726
Total premises and equipment, net	$	212,365	$	205,644

There were no properties included in assets held for sale at December 31, 2022 compared to two properties at December 31, 2021. These properties were transferred from premises and equipment, net to assets held for sale due to Trustmark’s intent to sell the properties over the subsequent twelve months as a result of its strategic initiatives. Property valuation adjustments of $400 thousand were recognized and included in other expense for 2022 compared to $140 thousand for 2021 and $1.7 million for 2020.

Depreciation and amortization of premises and equipment totaled $16.2 million in 2022, $15.6 million in 2021 and $14.8 million in 2020.