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Premises and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Premises and Equipment Premises and Equipment
The following table summarizes the components of premises and equipment:
  
At December 31,
(In thousands)20242023
Land$73,442 $73,916 
Buildings and improvements102,062 107,794 
Leasehold improvements74,288 88,065 
Furniture, fixtures, and equipment64,651 68,680 
Data processing equipment and software103,811 94,030 
Property and equipment418,254 432,485 
Less: Accumulated depreciation and amortization(175,118)(186,365)
Property and equipment, net243,136 246,120 
ROU lease assets, net163,827 183,441 
Premises and equipment, net$406,963 $429,561 
Depreciation and amortization of property and equipment was $35.4 million, $34.7 million, and $41.7 million for the years ended December 31, 2024, 2023, and 2022, respectively, and is included in both Occupancy and Technology and equipment expense on the accompanying Consolidated Statements of Income.
The Company recognized $1.7 million, $4.6 million, and $6.3 million in losses on disposals of property and equipment for the years ended December 31, 2024, 2023, and 2022, respectively, which primarily pertained to construction in progress as a result of the Company’s decision to stop further project development and retired internal use software.
Additional information regarding ROU lease assets can be found within Note 7: Leasing.
Property and Equipment Held for Sale
Assets held for disposition are included in Accrued interest receivable and other assets on the accompanying Consolidated Balance Sheets. At December 31, 2024, and 2023, the carrying amount of assets held for disposition, which entirely comprised returned finance lease equipment, was $5.1 million and $3.7 million, respectively
When finance lease equipment is returned to the Company, either at the end of the lease term or through repossession, and management’s intent is to sell the equipment, the asset is reclassified from loans and leases to assets held for disposition and recorded at the lower of cost or fair value, less estimated costs to sell. During the years ended December 31, 2024, and 2023, returned finance lease equipment of $5.6 million and $5.1 million, respectively, was transferred to assets held for disposition and experienced subsequent write-downs of $0.3 million, and $0.1 million, respectively, prior to sale. For sales of such equipment that occurred during the years ended December 31, 2024, and 2023, the Company received cash proceeds of $4.4 million, and $2.7 million, respectively, and recognized gains on sale of $0.4 million and $1.1 million, respectively.
During the second quarter of 2024, the Company arranged and sold its Manchester, Connecticut property, which comprised of land, buildings, and improvements with a net book value of $0.7 million. The Company received cash proceeds of $1.6 million and recognized a gain on sale of $0.9 million.
In addition, during the third quarter of 2024, the Company arranged to sell its Yonkers, New York, property, which comprised of land, buildings, and improvements. Upon making the determination to sell, the Company recognized a $0.4 million write-down and then transferred the property to assets held for disposition at its fair market value of $0.8 million less estimated costs to sell of $0.1 million. The sale of the Yonkers property closed during the fourth quarter of 2024. The Company received cash proceeds of $0.7 million and recognized an insignificant gain on sale.
In 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, in the third quarter of 2022, the Company arranged to sell its New Britain, Connecticut, property, which comprised of land, buildings, and improvements. Upon making the determination to sell, the Company recognized a $1.8 million write-down and then transferred the property to assets held for disposition at its fair market value of $4.8 million. The sale of the New Britain property closed during the third quarter of 2023. The Company received cash proceeds of $4.1 million and recognized a loss on sale of $0.7 million.