PREMISES AND EQUIPMENT
|12 Months Ended|
Dec. 31, 2022
|Property, Plant and Equipment [Abstract]|
|PREMISES AND EQUIPMENT||
4. PREMISES AND EQUIPMENT
The Company’s premises and equipment as of December 31, 2022 and 2021 are as follows (dollars in thousands):
Depreciation expense for the years ended December 31, 2022, 2021, and 2020 was $14.2 million, $15.9 million, and $15.2 million, respectively. Refer to Note 6 “Leases” for further discussion regarding the Company’s leasing arrangements.
In 2021, the Company determined it would close its operations center in March 2022, classifying it as held for sale at December 31, 2021, which resulted in an impairment expense of $11.7 million during the year ended December 31, 2021. The sale of the operations center was completed during the third quarter of 2022. The Company incurred no significant impairment expense during the year ended December 31, 2022. Refer to Note 13 “Fair Value Measurements” for further discussion regarding the Company’s fair value methodology. Write downs are included in “Other Expenses” within noninterest expense on the Company’s Consolidated Statements of Income.
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.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef