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BANK PREMISES AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
BANK PREMISES AND EQUIPMENT | BANK PREMISES AND EQUIPMENT Bank premises and equipment at December 31, were as follows:
| 2024 |  | 2023 |  | Estimated Useful Life
| (Dollars in thousands) |  | (In years)
Cost |  |  |  |  |
Land | $ | 52,831 |  |  | $ | 52,844 |  |  | n/a
Bank premises | 104,899 |  |  | 99,973 |  |  | 5-40
Leasehold improvements | 55,243 |  |  | 50,682 |  |  | 1-15
Furniture and equipment | 112,600 |  |  | 102,251 |  |  | 1-10
Leased equipment | 32,654 |  |  | 32,654 |  |  | 5
Total cost | 358,227 |  |  | 338,404 |  |  |
Accumulated depreciation | (164,907) |  |  | (145,355) |  |  |
Net bank premises and equipment | $ | 193,320 |  |  | $ | 193,049 |  |  |
Depreciation expense related to bank premises and equipment was $19.9 million, $18.9 million, and $18.4 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is primarily reflected in occupancy and equipment expenses. Leased equipment held by the Company totaled $32.7 million at both December 31, 2024 and 2023. 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 $6.4 million for the years ended December 31, 2024 and 2023, respectively, and $6.1 million for the year ended December 31, 2022.

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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