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SALES OF SUBSIDIARY AND BUSINESS UNITS SALES OF SUBSIDIARY AND BUSINESS UNITS (Tables) | 9 Months Ended
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Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of disposal groups and discontinued operations | The following table summarizes the calculation of the gain on sale of The Palisades Group:
| Three Months Ended June 30, 2016
| (In thousands)
Consideration received (paid) |
Liabilities forgiven by The Palisades Group | $ | 1,862 |
Liabilities assumed by the Company | (1,078 | )
The Note | 2,370 |
Aggregate fair value of consideration received | 3,154 |
Less: net assets sold (carrying amount of The Palisades Group) | (540 | )
Gain on sale of The Palisades Group | $ | 3,694 |
The following table summarizes the calculation of the net gain on disposal of discontinued operations:
| Nine Months Ended September 30, 2017
| (In thousands)
Proceeds from the transaction | $ | 63,054 |
Compensation expense related to the transaction | (3,500 | )
Other transaction costs | (3,478 | )
Net cash proceeds | 56,076 |
Book value of certain assets sold | (2,455 | )
Book value of MSRs sold | (37,772 | )
Goodwill | (2,100 | )
Net gain on disposal | $ | 13,749 |
The following tables present the financial information of discontinued operations as of the dates or for the periods indicated: Statements of Financial Condition of Discontinued Operations
| September 30, 2017 |  | December 31, 2016
| (In thousands)
ASSETS |  |  |
Loans held-for-sale, carried at fair value (1) | $ | 58,954 |  |  | $ | 406,338 |
Loans held-for-sale, carried at lower of cost or fair value | — |  |  | 295 |
Servicing rights carried at fair value | — |  |  | 37,681 |
Premises, equipment, and capital leases, net | — |  |  | 2,700 |
Goodwill | — |  |  | 2,100 |
Other assets | 621 |  |  | 33,380 |
Assets of discontinued operations | $ | 59,575 |  |  | $ | 482,494 |
LIABILITIES |  |  |
Accrued expenses and other liabilities (1) | $ | 12,500 |  |  | $ | 34,480 |
Liabilities of discontinued operations | $ | 12,500 |  |  | $ | 34,480 |
(1) | Includes $8.4 million and $16.5 million of GNMA loans, respectively, that are delinquent more than 90 days and subject to a repurchase option by the Company at September 30, 2017 and December 31, 2016. As such, the Company is deemed to have regained control over those previously transferred assets and has re-recognized them with an offsetting liability recognized in Accrued Expenses and Other Liabilities in the Statements of Financial Condition of Discontinued Operations, as a secured borrowing. Because the Company intends to exercise its option to repurchase and sell them within one year, they have been classified as part of discontinued operations.
Statements of Operations of Discontinued Operations
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
| (In thousands)
Interest income |  |  |  |  |  |  |
Loans, including fees | $ | 917 |  |  | $ | 4,113 |  |  | $ | 6,979 |  |  | $ | 11,002 |
Total interest income | 917 |  |  | 4,113 |  |  | 6,979 |  |  | 11,002 |
Noninterest income |  |  |  |  |  |  |
Net gain on disposal | 211 |  |  | — |  |  | 13,749 |  |  | — |
Loan servicing income (loss) | — |  |  | 2,022 |  |  | 1,551 |  |  | (2,473 | )
Net revenue on mortgage banking activities | 13 |  |  | 50,159 |  |  | 43,083 |  |  | 127,638 |
Loan brokerage income | 6 |  |  | 86 |  |  | 164 |  |  | 97 |
All other income | 232 |  |  | 333 |  |  | 826 |  |  | 805 |
Total noninterest income | 462 |  |  | 52,600 |  |  | 59,373 |  |  | 126,067 |
Noninterest expense |  |  |  |  |  |  |
Salaries and employee benefits | 416 |  |  | 30,900 |  |  | 38,384 |  |  | 82,891 |
Occupancy and equipment | 359 |  |  | 2,692 |  |  | 3,754 |  |  | 8,377 |
Professional fees | 270 |  |  | 250 |  |  | 2,462 |  |  | 896 |
Outside Service Fees | 567 |  |  | 1,517 |  |  | 6,180 |  |  | 4,121 |
Data processing | 141 |  |  | 725 |  |  | 668 |  |  | 1,915 |
Advertising | 75 |  |  | 958 |  |  | 1,357 |  |  | 2,976 |
Restructuring expense | 279 |  |  | — |  |  | 3,794 |  |  | — |
All other expenses | 1,230 |  |  | 1,097 |  |  | 3,354 |  |  | 1,941 |
Total noninterest expense | 3,337 |  |  | 38,139 |  |  | 59,953 |  |  | 103,117 |
Income (loss) from discontinued operations before income taxes | (1,958 | ) |  | 18,574 |  |  | 6,399 |  |  | 33,952 |
Income tax (benefit) expense | (799 | ) |  | 7,816 |  |  | 2,614 |  |  | 14,045 |
Income (loss) from discontinued operations | $ | (1,159 | ) |  | $ | 10,758 |  |  | $ | 3,785 |  |  | $ | 19,907 |
Statements of Cash Flows of Discontinued Operations
| Nine Months Ended September 30,
| 2017 |  | 2016
| (In thousands)
Net cash provided by (used in) operating activities | $ | 348,648 |  |  | $ | (111,263 | )
Net cash provided by investing activities | 56,076 |  |  | — |
Net cash provided by (used in) discontinued operations | $ | 404,724 |  |  | $ | (111,263 | )

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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760 + Details
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