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Restructuring Charges and Asset Disposals | 9 Months Ended
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Sep. 30, 2013
Restructuring And Related Activities [Abstract] |
Restructuring Charges and Asset Disposals | Note 12. Restructuring Charges and Asset Disposals The Company recorded restructuring charges of $448,000 for the nine months ended September 30, 2013, compared to $503,000 in the same period as last year. These costs are included in restructuring charges and asset disposals in the Consolidated Statements of Operations. During 2011, the Company announced that it would be undertaking a series of initiatives that are designed to transform and enhance its operations in order to strengthen the Company’s competitive position and return it to its goal of restored health and profitability: On March 30, 2012, the Company announced that it would close the NYC branch, effective June 2012. During the first quarter of 2012, the Company also executed a workforce reduction of back office personnel to further reduce operating expenses. There were twelve employees in total affected by this announcement. This initiative resulted in a restructuring charge of $495,207, which was comprised of $445,429 for severance expenses for the branch and back office personnel, asset disposals of $39,445 and $10,333 in lease liabilities. On June 29, 2012, the Company announced that it would be consolidating three more branches in its continued effort to reduce operating expenses. Restructuring charges for the consolidation of these branches of $444,285 were comprised of $247,163 for severance expenses, lease liability charges of $140,292 and $56,830 in asset disposals. On May 29, 2013, the Company purchased a branch location where the cost of the lease exceeded the cost to own. This branch was part of a restructuring initiative in 2011, resulting in a reduction of $120,703 in lease liability costs. On June 13, 2013, the Company executed a workforce reduction of the residential lending group and retail operations to further reduce operating expenses. There were nineteen employees in total affected by this announcement. Restructuring charges for this initiative resulted in $515,161 in severance expenses. During July 2013, there was an additional workforce reduction of back office personnel, resulting in restructuring charges of $53,510 in severance expenses. Restructuring reserves at September 30, 2013 for the restructuring activities taken in connection with these initiatives are comprised of the following:
|  | Balance at December 31, 2012 |  |  | Expenses |  |  | Cash payments |  |  | Non-cash charges |  |  | Balance at September 30, 2013 |
Lease liability costs 2011 |  | $ | 172,999 |  |  | $ | (120,703 | ) |  | $ | — |  |  | $ | (52,296 | ) |  | $ | — |
Lease liability costs 2012 |  |  | 80,220 |  |  |  | — |  |  |  | (22,112 | ) |  |  | (26,149 | ) |  |  | 31,959 |
Severance and benefit costs 2013 |  |  | — |  |  |  | 568,671 |  |  |  | (545,876 | ) |  |  | — |  |  |  | 22,795 |
Total |  | $ | 253,219 |  |  | $ | 447,968 |  |  | $ | (567,988 | ) |  | $ | (78,445 | ) |  | $ | 54,754 |
The restructuring reserves at September 30, 2013 are included in accrued expenses and other liabilities in the Consolidated Balance Sheet.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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