RESTRUCTURING

In the fourth quarter of 2014, the Company incurred restructuring charges related to the acquisition of Banyan Partners, LLC (“Banyan”). The purpose of this restructuring was to realign the management structure within the Wealth Management and Trust segment. The total cost of the restructuring incurred in the fourth quarter of 2014 was $0.7 million. In 2015, the Company incurred additional restructuring charges to further refine the management structure within the Wealth Management and Trust segment. The total cost of the restructuring charges in 2015 was $3.7 million.

In the first and second quarters of 2016, the Company incurred additional costs of $1.1 million and $0.9 million, respectively, in the continued refinement of the management structure within the Wealth Management and Trust segment. The Company does not anticipate any additional restructuring costs related to this plan as of the date of this filing.

Restructuring expenses incurred since the plans of restructuring were first implemented in 2014 totaled $6.4 million, all within the Wealth Management and Trust segment.

The following table presents a summary of the restructuring activity for the years ended December 31, 2016, 2015 and 2014.



	Severance Charges			Other Associated Costs			Total
	(in thousands)
Accrued charges at December 31, 2013	$	33		$	—		$	33
Costs incurred	739			—			739
Costs paid	(33		)	—			(33		)
Accrued charges at December 31, 2014	739			—			739
Costs incurred	3,434			290			3,724
Costs paid	(868		)	(290		)	(1,158		)
Accrued charges at December 31, 2015	3,305			—			3,305
Costs incurred	2,017			—			2,017
Costs paid	(3,345		)	—			(3,345		)
Accrued charges at December 31, 2016	$	1,977		$	—		$	1,977