Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 6 – Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Components of property and equipment included in the consolidated balance sheets are as follows:

	December 31,
(dollars in thousands)	2022			2021
Land	$	11,244			10,678
Buildings		54,454			22,150
Leasehold improvements		5,545			6,860
Furniture and equipment		20,422			11,589
Software		409			389
Construction in process		742			29,942
Accumulated depreciation and amortization		(17,219	)		(15,882	)
Property and equipment, excluding ROU assets		75,597			65,726
ROU assets		23,586			26,644
Total property and equipment	$	99,183			92,370

Construction in process at December 31, 2022 and 2021 consisted primarily of costs associated with the new bank headquarters building located in Greenville, South Carolina which was officially opened in June 2022. The move into the new building, and subsequent disposal of assets, resulted in a $439,000 loss for the twelve months ended December 31,

2022. In addition in October 2020 we sold two of our office locations in Columbia, South Carolina and recognized a gain of $180,000 in the transaction. The loss and gain are reported in other noninterest income on the consolidated statements of income. Depreciation and amortization expense for the years ended December 31, 2022 and 2021 was $3.7 million and $2.2 million, respectively. Depreciation and amortization are charged to operations utilizing a straight-line method over the estimated useful lives of the assets. The estimated useful lives for the principal items follow:

Type of Asset	Life in Years
Software		3
Furniture and equipment		5 to 7
Leasehold improvements		5 to 15
Buildings		40