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SALES OF BRANCH, SUBSIDIARY AND BUSINESS UNITS (Tables)
 12 Months Ended
Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]  
Disposal groups including discontinued operations
The following table summarizes the calculation of the net gain on disposal of discontinued operations:
($ in thousands)
 
Year Ended December 31, 2017
Proceeds from the transaction
 
$
63,054

Compensation expense related to the transaction
 
(3,500
)
Other transaction costs
 
(3,431
)
Net cash proceeds
 
56,123

Book value of certain assets sold
 
(2,455
)
Book value of MSRs sold
 
(37,772
)
Goodwill
 
(2,100
)
Net gain on disposal
 
$
13,796

The following tables present the financial information of discontinued operations as of the dates and for the periods indicated:
Statements of Financial Condition of Discontinued Operations
 
 
December 31,
($ in thousands)
 
2017
 
2016
ASSETS
 
 
 
 
Loans held-for-sale, carried at fair value (1)
 
$
38,696

 
$
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
 
204

 
33,380

Assets of discontinued operations
 
$
38,900

 
$
482,494

LIABILITIES
 
 
 
 
Accrued expenses and other liabilities (1)
 
$
7,819

 
$
34,480

Liabilities of discontinued operations
 
$
7,819

 
$
34,480

(1)
Includes $7.1 million and $16.5 million of GNMA loans, respectively, that were delinquent more than 90 days and subject to a repurchase option by the Company at December 31, 2017 and 2016, respectively. 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
 
 
Year Ended December 31,
($ in thousands)
 
2017
 
2016
 
2015
Interest income
 
 
 
 
 
 
Loans, including fees
 
$
7,052

 
$
15,128

 
$
12,531

Total interest income
 
7,052

 
15,128

 
12,531

Noninterest income
 
 
 
 
 
 
Net gain on disposal
 
13,796

 
—

 
—

Loan servicing income
 
1,551

 
4,752

 
1,568

Net revenue on mortgage banking activities
 
42,889

 
167,024

 
144,685

Loan brokerage income
 
164

 
268

 
315

All other income
 
1,707

 
1,206

 
(2,097
)
Total noninterest income
 
60,107

 
173,250

 
144,471

Noninterest expense
 
 
 
 
 
 
Salaries and employee benefits
 
38,374

 
111,771

 
98,269

Occupancy and equipment
 
3,964

 
10,972

 
11,040

Professional fees
 
2,546

 
920

 
693

Outside Service Fees
 
5,625

 
6,063

 
4,383

Data processing
 
687

 
2,522

 
2,173

Advertising
 
1,357

 
3,846

 
2,689

Restructuring expense
 
3,794

 
—

 
—

All other expenses
 
3,648

 
3,367

 
2,655

Total noninterest expense
 
59,995

 
139,461

 
121,902

Income from discontinued operations before income taxes
 
7,164

 
48,917

 
35,100

Income tax expense
 
2,929

 
20,241

 
14,146

Income (loss) from discontinued operations
 
$
4,235

 
$
28,676

 
$
20,954

Statements of Cash Flows of Discontinued Operations
 
 
Year Ended December 31,
($ in thousands)
 
2017
 
2016
 
2015
Net cash provided by (used in) operating activities
 
$
365,045

 
$
(19,757
)
 
$
(80,100
)
Net cash provided by investing activities
 
56,123

 
—

 
—

Net cash provided by (used in) discontinued operations
 
$
421,168

 
$
(19,757
)
 
$
(80,100
)
The following table summarizes the calculation of the gain on sale of The Palisades Group recognized:
($ in thousands)
 
Year Ended December 31, 2016
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