BANK PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Bank premises and equipment at December 31, were as follows:


	2022		2021		Estimated Useful Life
	(Dollars in thousands)				(In years)
Cost
Land	$	52,844	$	54,295	n/a
Bank premises	97,760		96,887		5-40
Leasehold improvements	47,098		45,263		1-15
Furniture and equipment	93,450		89,029		1-10
Leased equipment	32,792		21,660		5
Total cost	323,944		307,134
Accumulated depreciation	(127,440)		(111,544)
Net bank premises and equipment	$	196,504	$	195,590

Depreciation expense related to bank premises and equipment was $18.4 million, $12.5 million, and $12.8 million for the years ended December 31, 2022, 2021 and 2020, respectively, and is primarily reflected in occupancy and equipment expenses.

Leased equipment held by the Company totaled $32.8 million and $21.7 million at December 31, 2022 and 2021, respectively. The leased equipment is subject to a master lease agreement entered into during 2021 with a third party lessee and the Company assumes the role of lessor in the transaction, which is deemed an operating lease for accounting purposes. The Company recognized rental income of $6.1 million, $890,000 and $1.5 million for the years ended December 31, 2022, 2021 and 2020, respectively.