Restructuring Charges

3 Months Ended

Mar. 31, 2016

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 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 in April 2015, six financial centers were closed in September 2015 that operated in close proximity to other centers. As a result, the Corporation recorded $1.6 million in restructuring charges during the second quarter of 2015 and related to the Banking business segment.

A roll-forward of the accrued restructuring expense for the three months ended March 31, 2016 is as follows:

(Dollars in thousands)	Write-downs and retirements of fixed assets		Lease cancellations			Total
Accrued at January 1, 2016	$	228	$	834		$	1,062
Payments	—		(73		)	(73		)
Accelerated depreciation	—		—			—
Accrued at March 31, 2016	$	228	$	761		$	989