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Property and Equipment | 12 Months Ended
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Dec. 31, 2019
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) |  | 2019 |  |  | 2018 |
Land |  | $ | 11,531 |  |  | 6,827 |
Buildings |  |  | 24,136 |  |  | 24,064 |
Leasehold improvements |  |  | 4,486 |  |  | 2,899 |
Furniture and equipment |  |  | 10,219 |  |  | 8,890 |
Software |  |  | 367 |  |  | 329 |
Construction in process |  |  | 939 |  |  | 281 |
Accumulated depreciation and amortization |  |  | (12,705 | ) |  | (10,860 | )
Property and equipment, excluding ROU assets |  |  | 38,973 |  |  | 32,430 |
ROU assets |  |  | 19,505 |  |  | - |
Total property and equipment |  | $ | 58,478 |  |  | 32,430 |
During 2019, the Company purchased property for the construction of a new bank headquarters in Greenville, South Carolina which resulted in a $4.7 million increase in land. Construction in process at December 31, 2019 included costs associated with the new bank headquarters, while the balance at December 31, 2018 included costs associated with the upfit of leased office space in Greensboro, North Carolina. Depreciation and amortization expense for the years ended December 31, 2019 and 2018 was $1.9 million and $1.8 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

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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