Restructuring Charges Restructuring Charges

6 Months Ended

Jun. 30, 2015

Restructuring and Related Activities [Abstract]

Restructuring Charges

Restructuring Charges

During the first quarter of 2015, the Corporation finalized a new financial center model, which is smaller in size, combines enhanced technology with personal service and provides consultive services and solutions delivered by personal bankers. These efforts have led to the development of a comprehensive financial center optimization plan approved in April 2015 which includes opening new financial centers in growth markets while closing financial centers which operate in close proximity to other centers. As the Corporation announced, it will be closing six financial centers in the third quarter of 2015 that operate in close proximity to other centers. As a result, the Corporation recorded $1.6 million in restructuring charges during the second quarter of 2015. These charges are included in the Banking business segment and are separately classified as a component of non-interest expense, within the consolidated statement of income.

A roll-forward of the accrued restructuring expense is as follows:

(Dollars in thousands)	Severance expenses			Write-downs and retirements of fixed assets			Lease cancellations		Total
Accrued at January 1, 2015	$	—		$	—		$	—	$	—
Restructuring charges	73			607			962		1,642
Payments	(54		)	—			—		(54		)
Other	—			(185		)	—		(185		)
Accrued at June 30, 2015	$	19		$	422		$	962	$	1,403