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BANK PREMISES AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2021
Property, Plant and Equipment [Abstract] |
BANK PREMISES AND EQUIPMENT | BANK PREMISES AND EQUIPMENT Bank premises and equipment at December 31, were as follows:
| 2021 |  | 2020 |  | Estimated Useful Life
| (Dollars in thousands) |  | (In years)
Cost |  |  |  |  |
Land | $ | 54,295 |  |  | $ | 32,450 |  |  | n/a
Bank premises | 96,887 |  |  | 63,544 |  |  | 5-40
Leasehold improvements | 45,263 |  |  | 38,667 |  |  | 1-27
Furniture and equipment | 89,029 |  |  | 81,815 |  |  | 2-12
Leased equipment | 21,660 |  |  | — |  |  | 5
Total cost | 307,134 |  |  | 216,476 |  |  |
Accumulated depreciation | (111,544) |  |  | (100,083) |  |  |
Net bank premises and equipment | $ | 195,590 |  |  | $ | 116,393 |  |  |
Depreciation expense related to bank premises and equipment was $12.5 million, $12.8 million, and $11.4 million for the years ended December 31, 2021, 2020 and 2019, respectively, and is primarily reflected in occupancy and equipment expenses. In 2021 the Company purchased a total of $21.7 million in equipment that was subject to a master lease agreement with a third party lessee and recognized rental income of $890,000 for the year ended December 31, 2021, as the Company assumed the role of lessor in conjunction with the purchase. This arrangement was deemed to be an operating lease for accounting purposes. Previously, the Company had purchased $10.6 million in equipment that was subject to a similar agreement and recognized rental income of $1.5 million for the year ended December 31, 2020. This arrangement was originally deemed to be an operating lease for accounting purposes but was subsequently modified and as a result the transaction was reflected as a direct financing beginning in the fourth quarter of 2020 and no additional rental income was recognized by the Company.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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