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PREMISES AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2024
PREMISES AND EQUIPMENT [Abstract] |
PREMISES AND EQUIPMENT | NOTE 6 – PREMISES AND EQUIPMENT Premises and equipment comprise: Useful Life Range In Years As of December 31, Minimum Maximum 2024 2023 (Dollars in thousands) Buildings and improvements 10 35 $ 144,935 $ 143,470 Leasehold improvements 2 10 79,498 77,702 Furniture, equipment and software 2 10 152,588 161,886 377,021 383,058 Accumulated depreciation and amortization (274,731) (277,853) 102,290 105,205 Land 29,965 29,965 Projects in progress 1,182 6,846 Total premises and equipment, net $ 133,437 $ 142,016 Depreciation and amortization expense amounted to $ 18.6 million, $ 20.5 million, and $ 22.3 million for the years ended December 31, 2024, 2023, and 2022, respectively. During the year ended December 31, 2024, the Corporation recognized $ 0.1 million in net gains from sales of fixed assets; compared to $ 3.5 million for the same period of 2023, of which $ 3.0 million was related to the sale of a banking premise in the Florida region; and $ 0.9 million for the same period in 2022. These amounts are included as part of other non-interest income in the consolidated statements of income. During the years ended December 31, 2024 and 2023, the Corporation received insurance proceeds of $ 1.5 million and $ 0.7 million, respectively, of which $ 0.7 million and $ 0.2 million, respectively, were related to collections of insurance claims associated with property damage caused by Hurricane Fiona. These amounts are included as part of other non-interest income in the consolidated statements of income. See Note 23 – “Fair Value” for information on write-downs recorded on long-lived assets held for sale.

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