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Restructuring Charges | 12 Months Ended
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Dec. 31, 2022
Restructuring and Related Activities [Abstract] |
Restructuring Charges | (3.) RESTRUCTURING CHARGES On July 17, 2020, the Bank announced management’s decision to adopt a full-service branch model that streamlines retail branches to better align with shifting customer needs and preferences. The transformation resulted in six branch closures and a reduction in staffing. The announcement was the result of a nine-month comprehensive assessment of all lines of business and functional areas, conducted in partnership with a leading process improvement organization. The data-driven analysis identified, among other things, overlapping service areas, automation opportunities and streamlining of processes and operations that would enhance customer experiences and facilitate the long-term sustainability of current and future branches. The announced consolidations represented about ten percent of the branch network and impacted approximately six percent of the total Company workforce. Where possible, those impacted were offered alternative roles or the opportunity to apply for open positions in other areas of the Company. Separated associates received a comprehensive severance package based on tenure. In October 2020, the Company announced the planned closure of one additional branch in January 2021. This location was not included in the branch consolidations announced in July 2020, as alternative options were being considered and consolidation was not possible given its significant distance from other Bank branches. The Company incurred total pre-tax expense related to the branch closures of approximately $1.7 million, including approximately $0.2 million in employee severance, $0.5 million in lease termination costs and $1.0 million in valuation adjustments on branch facilities during 2020. Additional related restructuring charges of $1.6 million and $111 thousand were incurred in 2022 and 2021, respectively, as a result of property valuation adjustments to write-down certain real estate assets to fair market value based on existing purchase offers and current market conditions. The following table represents the consolidated statements of income classification of the Company’s restructuring charges (in thousands):
|  | Income Statement Location |  | 2022 |  |  | 2021 |  |  | 2020 |
Severance costs |  | Salaries and employee benefits |  | $ | - |  |  | $ | - |  |  | $ | 242 |
Lease termination costs |  | Restructuring charges |  |  | - |  |  |  | - |  |  |  | 454 |
Valuation adjustments |  | Restructuring charges |  |  | 1,619 |  |  |  | 111 |  |  |  | 1,038 |
Valuation adjustments |  | Net loss on other assets |  |  | — |  |  |  | 11 |  |  |  | - |
Total |  |  |  | $ | 1,619 |  |  | $ | 122 |  |  | $ | 1,734 |
The following table represents the changes in the restructuring reserve (in thousands):
Balance, December 31, 2019 |  |  |  |  |  | $ | - |
Restructuring charges |  |  |  |  |  |  | 1,734 |
Cash payments |  |  |  |  |  |  | (287 | )
Charges against assets |  |  |  |  |  |  | (202 | )
Balance, December 31, 2020 |  |  |  |  |  |  | 1,245 |
Restructuring charges |  |  |  |  |  |  | 122 |
Cash payments |  |  |  |  |  |  | (192 | )
Charges against assets |  |  |  |  |  |  | (730 | )
Balance, December 31, 2021 |  |  |  |  |  |  | 445 |
Restructuring charges |  |  |  |  |  |  | 1,619 |
Cash payments |  |  |  |  |  |  | (59 | )
Charges against assets |  |  |  |  |  |  | (1,703 | )
Balance, December 31, 2022 |  |  |  |  |  | $ | 302 |
In contemplation of the transactions noted above, certain long-lived assets had met the held for sale criteria as of December 31, 2022 and 2021. Long lived assets held for sale totaled $1.5 million and $3.2 million as of December 31, 2022 and 2021, respectively. For the year ended December 31, 2022 the Company recognized no gain or loss on the sale of long-lived assets held for sale.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI https://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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