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Discontinued Operations
 6 Months Ended
Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
DISCONTINUED OPERATIONS

In third quarter 2016, Customers announced its intent to sell BankMobile. Customers anticipates a sale to close within one year. Because BankMobile met the criteria to be classified as held for sale at June 30, 2017, the assets and liabilities of BankMobile have been presented as "Assets held for sale," "Non-interest bearing deposits held for sale," and "Other liabilities held for sale" on the consolidated balance sheets at June 30, 2017 and December 31, 2016. BankMobile's operating results and associated cash flows have been presented as "Discontinued operations" within the accompanying consolidated financial statements, and prior period amounts have been reclassified to conform with the current period presentation. BankMobile will continue to be presented as "Discontinued operations" until completion of the sale or at such time that BankMobile no longer meets the held-for-sale criteria.

The following summarized financial information related to BankMobile has been segregated from continuing operations and reported as discontinued operations for the periods presented. The amounts presented below exclude the effect of internal allocations made by management when assessing the performance of the BankMobile operating segment. For more information on the BankMobile operating segment, see NOTE 14 - BUSINESS SEGMENTS.

 
Three Months Ended June 30,
 
Six Months Ended June 30,
(amounts in thousands)
2017
 
2016
 
2017
 
2016
Discontinued operations:
 
 
 
 
 
 
 
Interest income
$
1

 
$
—

 
$
2

 
$
—

Interest expense
11

 
4

 
18

 
9

Net interest income
(10
)
 
(4
)

(16
)
 
(9
)
Non-interest income
11,420

 
2,403

 
28,746

 
2,630

Non-interest expense
19,846

 
6,095

 
39,064

 
8,129

Loss from discontinued operations before income tax benefit
(8,436
)
 
(3,696
)

(10,334
)

(5,508
)
Income tax benefit from discontinued operations
(3,206
)
 
(1,405
)
 
(3,927
)
 
(2,093
)
              Net loss from discontinued operations
$
(5,230
)
 
$
(2,291
)

$
(6,407
)
 
$
(3,415
)

The assets and liabilities held for sale on the consolidated balance sheets as of June 30, 2017 and December 31, 2016 were as follows:
 
June 30,
2017
 
December 31, 2016
(amounts in thousands)
 
ASSETS
 
 
 
Cash and cash equivalents (1)
$
11,552

 
$
20,000

Loans receivable
1,930

 
12,248

Bank premises and equipment, net
968

 
510

Goodwill and other intangibles
13,982

 
13,982

Other assets
39,364

 
32,531

Assets held for sale
$
67,796

 
$
79,271

LIABILITIES
 
 
 
Demand, non-interest bearing deposits
$
447,325

 
$
453,394

Other liabilities:
 
 
 
   Interest bearing deposits
6,116

 
3,401

   Accrued expenses and other liabilities (1)
16,278

 
28,002

   Other liabilities held for sale
22,394

 
31,403

Liabilities held for sale
$
469,719

 
$
484,797


(1) Includes $10 million and $20 million payable to Higher One with matching amounts in restricted cash held in an escrow account with a third party as of June 30, 2017 and December 31, 2016, respectively.

Customers anticipates that cash, securities or loans (or a combination thereof) with a market value equal to approximately the amount of BankMobile deposits outstanding at the time the anticipated sale closes will be included in the net assets transferred.