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v3.22.4

Property and Equipment | 12 Months Ended
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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 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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