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Property and Equipment | 12 Months Ended
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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:
Schedule of components of property and equipment |  |  |
|  | December 31, |
(dollars in thousands) |  | 2023 |  |  | 2022 |
Land |  | $ | 11,244 |  |  |  | 11,244 |
Buildings Buildings [Member] |  |  | 54,630 |  |  |  | 54,454 |
Leasehold improvements Leasehold improvements [Member] |  |  | 5,762 |  |  |  | 5,545 |
Furniture and equipment Furniture and equipment [Member] |  |  | 21,863 |  |  |  | 20,422 |
Software |  |  | 409 |  |  |  | 409 |
Construction in process Construction in process [Member] |  |  | 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:
Schedule of estimated useful lives of property and equipment |  |  |
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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