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Restructuring Charges | 3 Months Ended
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Mar. 31, 2022
Restructuring And Related Activities [Abstract] |
Restructuring Charges |
3. | RESTRUCTURING CHARGES
On September 3, 2021, the Company announced that, effective immediately, ALC would cease new business development and permanently close its 20 branch lending locations in Alabama and Mississippi to the public. The closure of ALC’s branches eliminated the majority of ALC’s full-time employment positions during the third quarter of 2021. ALC continues 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 were 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. Total restructuring charges incurred during the three months ended March 31, 2022 and the year ended December 31, 2021 consisted of the following:
|  | Three Months Ended |  |  | Year Ended |  |  |  |  |
|  | March 31, 2022 |  |  | December 31, 2021 |  |  | Total |
|  | (Dollars in Thousands) |
Expense Category |  |  |  |  |  |  |  |  |  |  |  |
Severance and personnel expenses |  | $ | 108 |  |  | $ | 263 |  |  | $ | 371 |
Lease termination costs |  |  | 2 |  |  |  | 224 |  |  |  | 226 |
Fixed asset valuation adjustments |  |  | — |  |  |  | 239 |  |  |  | 239 |
Termination of technology contracts |  |  | 30 |  |  |  | 85 |  |  |  | 115 |
Other expenses |  |  | — |  |  |  | 93 |  |  |  | 93 |
Total expenses |  | $ | 140 |  |  | $ | 904 |  |  | $ | 1,044 |
As of March 31, 2022, the majority of restructuring charges associated with the closure of ALC’s branches have been incurred.

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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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