Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 5 – 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)	2023			2022
Land	$	11,244			11,244
Buildings		54,630			54,454
Leasehold improvements		5,762			5,545
Furniture and equipment		21,863			20,422
Software		409			409
Construction in process		130			742
Accumulated depreciation and amortization		(21,907	)		(17,219	)
Property and equipment, excluding ROU assets		72,131			75,597
ROU assets		22,170			23,586
Total property and equipment	$	94,301			99,183

Construction in process at December 31, 2023 consisted primarily of costs associated with information technology projects that will be complete in 2024. Construction in process at December 31, 2022 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. The loss is reported in other noninterest income on the consolidated statements of income. Depreciation and amortization expense for the years ended December 31, 2023 and 2022 was $4.8 million and $3.7 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