WBS » Topics » NOTE 8: Premises and Equipment, Net

These excerpts taken from the WBS 10-K filed Mar 2, 2009.

NOTE 8: Premises and Equipment, Net

A summary of premises and equipment, net follows:

 

(In thousands)

   At December 31,  
   2008     2007  

Land

   $ 16,805     $ 16,330  

Buildings and improvements

     100,673       113,695  

Leasehold improvements

     66,645       51,707  

Equipment and software

     192,000       180,214  
                  

Total premises and equipment

     376,123       361,946  

Less accumulated depreciation and amortization

     (190,195 )     (168,883 )
                  

Premises and equipment, net

   $ 185,928     $ 193,063  
                  

At December 31, 2008, Webster was obligated under various non-cancelable operating leases for properties used as banking offices and other office facilities. The leases contain renewal options and escalation clauses which provide for increased rental expense based primarily upon increases in real estate taxes over a base year. Rental expense under leases was $18.8 million, $19.2 million and $17.9 million in 2008, 2007 and 2006, respectively. Webster is also entitled to rental income under various non-cancelable operating leases for properties owned. Rental income was $1.2 million, $1.2 million and $1.1 million in 2008, 2007 and 2006, respectively.

The following is a schedule of future minimum rental payments and receipts required under these leases as of December 31, 2008:

 

(In thousands)    Rental
Payments
   Rental
Receipts

For years ending December 31,

     

2009

   $ 18,699    $ 1,971

2010

     17,719      1,691

2011

     16,537      1,461

2012

     14,899      1,315

2013

     13,095      1,298

Thereafter

     85,009      3,377
               

Total

   $ 165,958    $ 11,113
               

During 2008 there were $8.8 million in transfers from buildings and improvements, $8.3 million to leasehold improvements and $0.5 million to equipment and software. $7.4 million of assets related to buildings were transferred to assets held for disposition in 2008, comprised of $5.9 million for an office complex in Swansea, MA and $1.5 million for a branch in New Bedford, MA. A write-down of $1.2 million was charged against the Swansea, MA office complex and a write-down of $0.6 million was charged against the New Bedford building. At December 31, 2008 assets held for disposition totaled $5.6 million.

 

96


Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 8: Premises and Equipment, Net

FACE="Times New Roman" SIZE="2">A summary of premises and equipment, net follows:

 






























































































































(In thousands)

  At December 31, 
  2008  2007 

Land

  $16,805  $16,330 

Buildings and improvements

   100,673   113,695 

Leasehold improvements

   66,645   51,707 

Equipment and software

   192,000   180,214 
          

Total premises and equipment

   376,123   361,946 

Less accumulated depreciation and amortization

   (190,195)  (168,883)
          

Premises and equipment, net

  $185,928  $193,063 
          

At December 31, 2008, Webster was obligated under various non-cancelable operating leases for properties used
as banking offices and other office facilities. The leases contain renewal options and escalation clauses which provide for increased rental expense based primarily upon increases in real estate taxes over a base year. Rental expense under leases
was $18.8 million, $19.2 million and $17.9 million in 2008, 2007 and 2006, respectively. Webster is also entitled to rental income under various non-cancelable operating leases for properties owned. Rental income was $1.2 million, $1.2 million and
$1.1 million in 2008, 2007 and 2006, respectively.

The following is a schedule of future minimum rental payments and receipts required under these leases
as of December 31, 2008:

 


































































































(In thousands)  Rental
Payments
  Rental
Receipts

For years ending December 31,

    

2009

  $18,699  $1,971

2010

   17,719   1,691

2011

   16,537   1,461

2012

   14,899   1,315

2013

   13,095   1,298

Thereafter

   85,009   3,377
         

Total

  $165,958  $11,113
         

During 2008 there were $8.8 million in transfers from buildings and improvements, $8.3 million to leasehold
improvements and $0.5 million to equipment and software. $7.4 million of assets related to buildings were transferred to assets held for disposition in 2008, comprised of $5.9 million for an office complex in Swansea, MA and $1.5 million for a
branch in New Bedford, MA. A write-down of $1.2 million was charged against the Swansea, MA office complex and a write-down of $0.6 million was charged against the New Bedford building. At December 31, 2008 assets held for disposition totaled
$5.6 million.

 


96







Table of Contents



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

STYLE="margin-top:0px;margin-bottom:0px"> 


These excerpts taken from the WBS 10-K filed Feb 28, 2008.

NOTE 8: Premises and Equipment, Net

A summary of premises and equipment, net follows:

 

 

     At December 31,  
(In thousands)    2007     2006  

Land

   $ 16,330     $ 16,330  

Buildings and improvements

     113,695       113,355  

Leasehold improvements

     51,707       43,763  

Equipment and software

     180,214       165,966  
                  

Total premises and equipment

     361,946       339,414  

Less accumulated depreciation and amortization

     (168,883 )     (147,922 )
                  

Premises and equipment, net

   $ 193,063     $ 191,492  
                  

At December 31, 2007, Webster was obligated under various non-cancelable operating leases for properties used as banking offices and other office facilities. The leases contain renewal options and escalation clauses which provide for increased rental expense based primarily upon increases in real estate taxes over a base year. Rental expense under leases was $19.2 million, $17.9 million and $15.1 million in 2007, 2006 and 2005, respectively. Webster is also entitled to rental income under various non-cancelable operating leases for properties owned. Rental income was $1.2 million, $1.1 million and $1.1 million in 2007, 2006 and 2005, respectively.

 

82


Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

The following is a schedule of future minimum rental payments and receipts required under these leases as of December 31, 2007:

 

 

(In thousands)    Rental
Payments
   Rental
Receipts

For years ending December 31,

2008

   $ 15,653    $ 1,180

2009

     14,852      858

2010

     13,897      664

2011

     12,569      424

2012

     11,050      294

Thereafter

     73,423      715
               

Total

   $ 141,444    $ 4,135
               

NOTE 8: Premises and Equipment, Net

FACE="Times New Roman" SIZE="2">A summary of premises and equipment, net follows:

 

STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000"> 































































































































   At December 31, 
(In thousands)  2007  2006 

Land

  $16,330  $16,330 

Buildings and improvements

   113,695   113,355 

Leasehold improvements

   51,707   43,763 

Equipment and software

   180,214   165,966 
          

Total premises and equipment

   361,946   339,414 

Less accumulated depreciation and amortization

   (168,883)  (147,922)
          

Premises and equipment, net

  $193,063  $191,492 
          

At December 31, 2007, Webster was obligated under various non-cancelable operating leases for properties used
as banking offices and other office facilities. The leases contain renewal options and escalation clauses which provide for increased rental expense based primarily upon increases in real estate taxes over a base year. Rental expense under leases
was $19.2 million, $17.9 million and $15.1 million in 2007, 2006 and 2005, respectively. Webster is also entitled to rental income under various non-cancelable operating leases for properties owned. Rental income was $1.2 million, $1.1 million and
$1.1 million in 2007, 2006 and 2005, respectively.

 


82







Table of Contents



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

STYLE="margin-top:0px;margin-bottom:0px"> 


The following is a schedule of future minimum rental payments and receipts required under these leases as of
December 31, 2007:

 

 




























































































(In thousands)  Rental
Payments
  Rental
Receipts

For years ending December 31,

2008

  $15,653  $1,180

2009

   14,852   858

2010

   13,897   664

2011

   12,569   424

2012

   11,050   294

Thereafter

   73,423   715
         

Total

  $141,444  $4,135
         

"NOTE 8: Premises and Equipment, Net" elsewhere:

IBERIABANK (IBKC)
Valley National Bancorp (VLY)
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki