Premises and equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment

Premises and Equipment

Note 12 - Premises and equipment

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

(In thousands)

Useful life in years

2022

2021

Premises and equipment:

Land

$

90,625

$

94,246

Buildings

10

-

50

482,030

468,293

Equipment

2

-

10

388,911

374,192

Leasehold improvements

3

-

10

89,693

87,406

960,634

929,891

 Less - Accumulated depreciation and amortization

586,479

559,234

Subtotal

374,155

370,657

Construction in progress

33,931

29,337

Premises and equipment, net

$

498,711

$

494,240

Depreciation and amortization of premises and equipment for the year 2022 was $

55.1

 million (2021 - $

55.1

 million; 2020 - $

58.4

million), of which $

24.8

 million (2021 - $

25.2

 million; 2020 - $

27.2

 million) was charged to occupancy expense and $

30.3

 million

(2021 - $

29.8

 million; 2020 - $

31.2

 million) was charged to equipment, technology and software and other operating expenses.

Occupancy expense of premises and equipment is net of rental income of $

13.1

 million (2021 - $

13.4

 million; 2020 - $

15.5

 million).

For information related to the amortization expense of finance leases, refer to Note 33 - Leases.