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Premises and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Premises and Equipment Premises and Equipment
The following table summarizes the components of premises and equipment:
  
December 31,
(In thousands)20252024
Land$73,442 $73,442 
Buildings and improvements105,163 102,062 
Leasehold improvements75,970 74,288 
Furniture, fixtures, and equipment68,611 64,651 
Data processing equipment and software118,750 103,811 
Property and equipment441,936 418,254 
Less: Accumulated depreciation and amortization(186,573)(175,118)
Property and equipment, net255,363 243,136 
ROU lease assets, net176,672 163,827 
Premises and equipment, net$432,035 $406,963 
Depreciation and amortization of property and equipment was $37.0 million, $35.4 million, and $34.7 million for the years ended December 31, 2025, 2024, and 2023, respectively, and is included in both Occupancy and Technology and equipment expense on the accompanying Consolidated Statements of Income.
The Company recognized $0.3 million, $1.7 million, and $4.6 million in losses on disposals of property and equipment for the years ended December 31, 2025, 2024, and 2023, respectively, which primarily pertained to construction in progress as a result of the Company’s decision to stop further project development and the retirement of internal use software.
Additional information regarding ROU lease assets, net can be found within Note 6: 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, 2025, and 2024, the carrying amount of assets held for disposition, which was comprised entirely of returned finance lease equipment, was $1.8 million and $5.1 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, 2025, 2024, and 2023, returned finance lease equipment of $3.2 million, $5.6 million, and $5.1 million, respectively, was transferred to assets held for disposition and experienced subsequent write-downs of $1.0 million, $0.3 million, and $0.1 million, respectively, prior to sale. For sales of such equipment that occurred during the years ended December 31, 2025, 2024, and 2023, the Company received cash proceeds of $4.3 million, $4.4 million, and $2.7 million, respectively, and recognized (losses) gains on sale of $(1.2) million, $0.4 million, and $1.1 million, respectively.
During the year ended December 31, 2024, the Company arranged and sold its Manchester, Connecticut property, which was comprised of land, buildings, and improvements, and had a net carrying 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 year ended December 31, 2024, the Company arranged and sold its Yonkers, New York, property, which was 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 Company received cash proceeds of $0.7 million and recognized an insignificant gain on sale.
During the year ended December 31, 2023, the Company sold its New Britain, Connecticut, property, which was comprised of land, buildings, and improvements, and had a fair market value of $4.8 million. The Company received cash proceeds of $4.1 million and recognized a loss on sale of $0.7 million.