PREMISES AND EQUIPMENT

9 Months Ended

Sep. 30, 2011

Property, Plant and Equipment [Abstract]

NOTE 5 - PREMISES AND EQUIPMENT

Property at September 30, 2011 and December 31, 2010 is summarized as follows:

	September 30,	December 31,
	2011	2010
Land and buildings	$ 26,386	$ 26,386
Furniture, fixtures and equipment	9,038	8,897
Construction in progress	209	-
	$ 35,633	$ 35,283
Less accumulated depreciation and amortization	14,188	13,195
	$ 21,445	$ 22,088

Depreciation and amortization of bank premises and equipment charged to operating expense was $1,062 and $1,144 for the nine-month period ended September 30, 2011 and 2010, respectively, and $1,493 for the year ended December 31, 2010. The construction in progress is primarily related to an Automated Teller Machine (ATM) kiosk and equipment replacement program at various branch offices and minor renovation at the Company’s Operations and Administration Center, its branch office located at 309 Main Street, Conway, S.C., and its branch office located at 3591 North Gate Road, Myrtle Beach, S.C. There is approximately $38 of remaining costs associated with the Company’s ATM replacement program. There are no additional remaining costs for the minor Operations and Administration Center renovation. There is approximately $4 of remaining costs associated with the Main Street branch office, and there is approximately $60 of remaining costs associated with the North Gate Road branch office.

- 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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