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SALES OF BRANCH, SUBSIDIARY AND BUSINESS UNITS (Tables)
 12 Months Ended
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