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SALE OF BUSINESS UNIT (DISCONTINUED OPERATIONS)
 9 Months Ended
Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]  
SALE OF BUSINESS UNIT (DISCONTINUED OPERATIONS) SALE OF BUSINESS UNIT (DISCONTINUED OPERATIONS)
Banc Home Loans Sale
On March 30, 2017, the Company completed the sale of specific assets and activities related to its Banc Home Loans division to Caliber Home Loans, Inc. (Caliber). The Banc Home Loans division largely represented the Company's Mortgage Banking segment, the activities of which related to originating, servicing, underwriting, funding and selling single family residential (SFR) mortgage loans. Assets sold to Caliber included mortgage servicing rights (MSRs) on certain conventional agency SFR
mortgage loans. The Banc Home Loans division, along with certain other mortgage banking related assets and liabilities that were sold or settled separately within one year, was classified as discontinued operations in the accompanying Consolidated Statements of Financial Condition and Consolidated Statements of Income at December 31, 2018 and for the three and nine months ended September 30, 2018. Certain components of the Company’s Mortgage Banking segment, including MSRs on certain conventional agency SFR mortgage loans that were not sold as part of the Banc Home Loans sale and repurchase reserves related to previously sold loans, have been classified as continuing operations in the consolidated financial statements as they remain part of the Company’s ongoing operations. Refer to Note 2 of the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 for additional information related to this sale.
There were no gains related to the disposal during the three and nine months ended September 30, 2019. For the three and nine months ended September 30, 2018, the Company recognized gains related to the disposal of $0 thousand and $1.3 million, respectively.
During the three months ended September 30, 2019 and 2018, the Company recognized earn-out income of $881 thousand and $786 thousand, respectively, related to the sale to Caliber, which is included in other noninterest income. During the nine months ended September 30, 2019 and 2018, the Company recognized earn-out income of $2.1 million and $2.2 million, respectively. At September 30, 2019 there were no material assets or liabilities associated with discontinued operations. At December 31, 2018, assets and liabilities of discontinued operations totaled $19.5 million and zero, respectively.