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Restructuring Charges | 12 Months Ended
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Dec. 31, 2021
Restructuring And Related Activities [Abstract] |
Restructuring Charges |
3. | RESTRUCTURING CHARGES
| On September 3, 2021, the Company announced that, effective immediately, ALC had ceased new business development and permanently closed its 20 branch lending locations in Alabama and Mississippi to the public. The closure of ALC’s branches eliminated 56 full-time employment positions during the third quarter of 2021. ALC is continuing to service its remaining portfolio of loans from its headquarters in Mobile, Alabama. The cessation of new business and closure of ALC’s branch locations are being undertaken by the Company as part of a long-term strategy to reduce expenses, fortify asset quality, and focus the Company’s loan growth efforts in other areas, including the Bank’s commercial lending and consumer indirect lending efforts. As of December 31, 2021, ALC employed eight full time employees, compared to 81 as of December 31, 2020.
| Total restructuring charges incurred during the year ended December 31, 2021 consisted of the following:
|  | Year Ended |
|  | December 31, 2021 |
|  | (Dollars in Thousands) |
Expense Category |  |  |  |
Severance and personnel expenses |  | $ | 263 |
Lease termination costs |  |  | 224 |
Fixed asset valuation adjustments |  |  | 239 |
Termination of technology contracts |  |  | 85 |
Other expenses |  |  | 93 |
Total expenses |  | $ | 904 |
| In connection with the ALC branch closures, the Company recorded pre-tax charges of approximately $0.9 million during the year ended December 31, 2021. These one-time expenses included severance and related personnel costs, lease termination costs, fixed asset valuation adjustments, termination of technology contracts, and other costs to administer the branch closures. The Company expects to incur approximately $0.1 million in additional one-time charges primarily associated with payments to ALC personnel that continue to manage the remaining loan portfolio. It is expected that the majority of the remaining one-time charges will be incurred during the first quarter of 2022.

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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 http://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 http://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 http://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 http://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 http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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