Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Note 9 — Property and Equipment, Net

As of December 31, 2023 and 2022, property and equipment consisted of the following (in thousands):


	December 31,
	2023			2022
Furniture	$	930		$	927
Computer equipment		986			986
Office equipment		409			409
Leasehold improvements		609			578
Capitalized software		6,784			6,671
Building		685			685
		10,403			10,256
Accumulated depreciation and amortization		(7,618	)		(6,900	)
Ending balance	$	2,785		$	3,356

During the years ended December 31, 2023, 2022 and 2021, depreciation and amortization expense was $0.8 million, $0.8 million, and $1.1 million, respectively.

The Company engaged a third-party consulting firm to assist in the building and implementation of a data warehouse and loan origination systems. The data warehouse was placed into service in 2017 and the loan origination system was placed into service in 2018. The total capitalized costs for the data warehouse and loan origination systems (LOS) were $5.7 million as of December 31, 2023 and 2022. Total accumulated depreciation and amortization included accumulated amortization on the data warehouse and the LOS of $4.4 million and $4.1 million as of December 31, 2023 and 2022, respectively. The estimated aggregate amortization expense related to capitalized software for each of the next five years is $0.4 million for 2024, 2025, 2026, $0.2 million for 2027, and $0.1 million for 2028.