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DISCONTINUED OPERATIONS (Tables) | 12 Months Ended
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Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Discontinued Operations | The following table summarizes the calculation of the net gain (loss) on disposal of discontinued operations for 2019:
(in thousands) |  |
Proceeds from asset sales |  | $ | 186,692 |
Book value of assets sold |  | 181,243 |
Gain on assets sold |  | 5,449 |
Transaction costs |  | 8,770 |
Compensation expense related to the transactions |  | 4,636 |
Facility and IT related costs |  | 13,660 |
Total costs |  | 27,066 |
Net loss on disposal |  | $ | (21,617) |
The carrying amount of major classes of assets and liabilities related to discontinued operations consisted of the following at December 31, 2019:
(in thousands) |  |  |
Assets of discontinued operations |  |  |
LHFS at fair value |  |  | $ | 26,123 |
Other assets |  |  | 2,505 |
Total |  |  | $ | 28,628 |
Liabilities of discontinued operations |  |  |
Account payable and other liabilities |  |  | $ | 2,603 |
Income Statement of Discontinued Operations for 2019:
(in thousands) |  |
Net interest income |  | $ | 5,858 |
Noninterest income |  | 63,713 |
Noninterest expense |  | 97,856 |
Loss before income taxes |  | (28,285) |
Income tax (benefit) expense |  | (5,077) |
Loss from discontinued operations |  | $ | (23,208) |
Cash Flows from Discontinued Operations for 2019:
(in thousands) |  |  |
Net cash provided by operating activities |  | $ | 238,212 |  |
Net cash provided by investing activities |  | 185,458 |  |

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