Premises and Equipment

12 Months Ended

Dec. 31, 2011

PREMISES AND EQUIPMENT

The following table presents premises and equipment and related accumulated depreciation and amortization at December 31, 2011 and 2010:



	Cost		Accumulated depreciation and amortization		Net Book Value
December 31, 2011	(Amounts in thousands)
Land	$	11,626	$	—	$	11,626
Land and leasehold improvements	3,433		2,062		1,371
Buildings	30,936		7,004		23,932
Furniture and equipment	24,104		18,975		5,129
Construction in process	62		—		62
Total	$	70,161	$	28,041	$	42,120

	Cost		Accumulated depreciation and amortization		Net Book Value
December 31, 2010	(Amounts in thousands)
Land	$	12,802	—		$	12,802
Land and leasehold improvements	4,008		2,148		1,860
Buildings	30,808		6,718		24,090
Furniture and equipment	24,547		18,762		5,785
Construction in process	1,433		—		1,433
Total	$	73,598	$	27,628	$	45,970

Depreciation and amortization expense for the years ended December 31, 2011, 2010 and 2009 were $2,896,688, $3,047,164, and $2,764,240, respectively.

During 2011, the Company entered into contracts to sell certain property and equipment in connection with the branch closures announced in late 2010 and 2011. As a result, approximately $2.2 million in buildings and furniture were written down to a fair value of $984,000 based on current appraisals and offers. All of the buildings have been sold as of December 31, 2011 with the exception of a building located in Greenville, NC which is classified as held-for-sale and is included in other assets on the consolidated balance sheet as of December 31, 2011.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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