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SALES OF BRANCH, SUBSIDIARY AND BUSINESS UNITS (Tables) | 12 Months Ended
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Dec. 31, 2018
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:
|  | Year Ended December, 31 |  |
($ in thousands) |  | 2018 |  | 2017 |  | Total Net Gain on Disposal After Completion of Sale
Proceeds from the transaction |  | $ | — |  |  | $ | 63,054 |  |  | $ | 63,054 |
Compensation expense related to the transaction |  | 1,003 |  |  | (3,500 | ) |  | (2,497 | )
Other transaction costs |  | 436 |  |  | (3,431 | ) |  | (2,995 | )
Net cash proceeds |  | 1,439 |  |  | 56,123 |  |  | 57,562 |
Book value of certain assets sold |  | — |  |  | (2,455 | ) |  | (2,455 | )
Book value of MSRs sold |  | — |  |  | (37,772 | ) |  | (37,772 | )
Goodwill |  | — |  |  | (2,100 | ) |  | (2,100 | )
Net gain on disposal |  | $ | 1,439 |  |  | $ | 13,796 |  |  | $ | 15,235 |
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) |  | 2018 |  | 2017
ASSETS |  |  |  |
Loans held-for-sale, carried at fair value (1) |  | $ | 19,490 |  |  | $ | 38,696 |
Loans held-for-sale, carried at lower of cost or fair value |  | — |  |  | — |
Servicing rights carried at fair value |  | — |  |  | — |
Premises, equipment, and capital leases, net |  | — |  |  | — |
Goodwill |  | — |  |  | — |
Other assets |  | — |  |  | 204 |
Assets of discontinued operations |  | $ | 19,490 |  |  | $ | 38,900 |
LIABILITIES |  |  |  |
Accrued expenses and other liabilities (1) |  | $ | — |  |  | $ | 7,819 |
Liabilities of discontinued operations |  | $ | — |  |  | $ | 7,819 |
(1) | Includes $0 and $7.1 million of GNMA loans, respectively, that were delinquent more than 90 days and subject to a repurchase option by the Company at December 31, 2018 and 2017, respectively. As such, the Company is deemed to have regained control over those previously transferred assets and has re-recognized them with an offsetting liability recognized in Accrued Expenses and Other Liabilities in the Statements of Financial Condition of Discontinued Operations, as a secured borrowing. Because the Company intends to exercise its option to repurchase and sell them within one year, they have been classified as part of discontinued operations.
Statements of Operations of Discontinued Operations
|  | Year Ended December 31,
($ in thousands) |  | 2018 |  | 2017 |  | 2016
Interest income |  |  |  |  |  |
Loans, including fees |  | $ | 665 |  |  | $ | 7,052 |  |  | $ | 15,128 |
Total interest income |  | 665 |  |  | 7,052 |  |  | 15,128 |
Noninterest income |  |  |  |  |  |
Net gain on disposal |  | 1,439 |  |  | 13,796 |  |  | — |
Loan servicing income |  | — |  |  | 1,551 |  |  | 4,752 |
Net revenue on mortgage banking activities |  | 428 |  |  | 42,889 |  |  | 167,024 |
All other income |  | 2,200 |  |  | 1,871 |  |  | 1,474 |
Total noninterest income |  | 4,067 |  |  | 60,107 |  |  | 173,250 |
Noninterest expense |  |  |  |  |  |
Salaries and employee benefits |  | 20 |  |  | 38,374 |  |  | 111,771 |
Occupancy and equipment |  | — |  |  | 3,964 |  |  | 10,972 |
Professional fees |  | — |  |  | 2,546 |  |  | 920 |
Outside Service Fees |  | — |  |  | 5,625 |  |  | 6,063 |
Data processing |  | 8 |  |  | 687 |  |  | 2,522 |
Advertising |  | — |  |  | 1,357 |  |  | 3,846 |
Restructuring expense |  | — |  |  | 3,794 |  |  | — |
All other expenses |  | 108 |  |  | 3,648 |  |  | 3,367 |
Total noninterest expense |  | 136 |  |  | 59,995 |  |  | 139,461 |
Income from discontinued operations before income taxes |  | 4,596 |  |  | 7,164 |  |  | 48,917 |
Income tax expense |  | 1,271 |  |  | 2,929 |  |  | 20,241 |
Income from discontinued operations |  | $ | 3,325 |  |  | $ | 4,235 |  |  | $ | 28,676 |
Statements of Cash Flows of Discontinued Operations
|  | Year Ended December 31,
($ in thousands) |  | 2018 |  | 2017 |  | 2016
Net cash provided by (used in) operating activities |  | $ | 14,916 |  |  | $ | 365,045 |  |  | $ | (19,757 | )
Net cash provided by investing activities |  | — |  |  | 56,123 |  |  | — |
Net cash provided by (used in) discontinued operations |  | $ | 14,916 |  |  | $ | 421,168 |  |  | $ | (19,757 | )
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 |

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