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SALES OF BRANCH, SUBSIDIARY AND BUSINESS UNITS
 12 Months Ended
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]  
SALES OF BRANCH, SUBSIDIARY AND BUSINESS UNITS SALES OF BRANCH, SUBSIDIARY AND BUSINESS UNITS
Banc Home Loans Sale
On March 30, 2017, we completed the sale of specific assets and activities related to our Banc Home Loans division to Caliber Home Loans, Inc. (Caliber). The Banc Home Loans division largely represented our Mortgage Banking segment, the activities of which related to originating, servicing, underwriting, funding and selling single family residential (SFR) mortgage loans. We received a $25.0 million cash premium payment, in addition to the net book value of certain assets acquired by Caliber, totaling $2.5 million, upon the closing of the transaction. Additionally, we were entitled to receive an earn-out, payable quarterly, based on future performance over the 38 months following completion of the transaction, with the final payment received in the second quarter of 2020.
During the years ended December 31, 2020, 2019 and 2018, we recorded $0, $0 and $1.4 million to net gain on disposal of discontinued operations. Since the completion of the transaction, we have recognized a net gain on disposal of $15.2 million.
The following table summarizes the calculation of the net gain on disposal of discontinued operations:
Year Ended December 31,
($ in thousands)202020192018Total Net Gain on Disposal After Completion of Sale
Proceeds from the transaction$— $— $— $63,054 
Compensation expense related to the transaction— — 1,003 (2,497)
Other transaction costs— — 436 (2,995)
Net cash proceeds— — 1,439 57,562 
Book value of certain assets sold— — — (2,455)
Book value of MSRs sold— — — (37,772)
Goodwill— — — (2,100)
Net gain on disposal$— $— $1,439 $15,235 
The following tables present the financial information of discontinued operations as of the dates and for the periods indicated:
Statements of Financial Condition of Discontinued Operations
There were no assets or liabilities of discontinued operations as of December 31, 2020 or 2019.
Statements of Operations of Discontinued Operations
Year Ended December 31,
($ in thousands)202020192018
Interest income
Loans, including fees$— $— $665 
Total interest income— — 665 
Noninterest income
Net gain on disposal— — 1,439 
Net revenue on mortgage banking activities— — 428 
All other income— — 2,200 
Total noninterest income— — 4,067 
Noninterest expense
Salaries and employee benefits— — 20 
Data processing— — 8 
All other expenses— — 108 
Total noninterest expense— — 136 
Income from discontinued operations before income taxes— — 4,596 
Income tax expense— — 1,271 
Income from discontinued operations$— $— $3,325 

Statements of Cash Flows of Discontinued Operations
Year Ended December 31,
($ in thousands)202020192018
Net cash provided by operating activities$— $— $14,916 
Net cash provided by discontinued operations$— $— $14,916