Business Developments

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

In the fourth quarter of 2020, the Company began implementing certain cost saving measures as part of its previously announced strategic initiatives. These actions include a plan to consolidate 26 banking centers into other nearby banking centers within its network and is expected to be completed by the end of the second quarter of 2021; as well as plans to simplify the organization which will result in reductions across various corporate, support, and other functions.

The following table presents the changes in accrued expenses associated with strategic initiatives for the year ended December 31, 2020:


(In thousands)	Severance		ROU Asset		Other		Total
Beginning balance	$	—	$	—	$	—	$	—
Charged to earnings	17,860		13,000		11,797		42,657
Charges against assets	—		(13,000)		(1,009)		(14,009)
Cash payments	(185)		—		(8,668)		(8,853)
Ending balance	$	17,675	$	—	$	2,120	$	19,795

Reserves for strategic initiatives are included in accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets. Severance cost are recorded as compensation and benefits, ROU asset charges are recorded as occupancy expense, and other is recorded as either occupancy, technology and equipment, professional and outside services, or other expense, in the accompanying Consolidated Statements of Income. These expenses are recorded in the corporate and reconciling category in the segment reporting presentation.