Premises and equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment

Premises and Equipment

Note 11 - Premises and equipment

Premises and equipment are stated at cost less accumulated depreciation and amortization as follows:

(In thousands)		Useful life in years		2020		2019
Premises and equipment:
	Land		$	109,780	$	114,481
	Buildings	10-50		512,131		535,602
	Equipment	2-10		350,014		362,543
	Leasehold improvements	3-10		87,289		92,923
				949,434		991,068
	Less - Accumulated depreciation and amortization			574,835		561,742
	Subtotal			374,599		429,326
	Construction in progress			25,862		12,843
Premises and equipment, net			$	510,241	$	556,650

Depreciation and amortization of premises and equipment for the year 2020 was $58.4 million (2019 -$58.1 million; 2018 - $52.5 million), of which $27.2 million (2019 - $27.3 million; 2018 - $24.3 million) was charged to occupancy expense and $31.2 million (2019 - $30.8 million; 2018 - $28.2 million) was charged to equipment, communications and other operating expenses. Occupancy expense of premises and equipment is net of rental income of $15.5 million (2019 - $19.3 million; 2018 - $28.2 million). For information related to the amortization expense of finance leases, refer to Note 32 - Leases.