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DIVESTITURES | 3 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
DIVESTITURES | DIVESTITURES On October 31, 2024, the Company completed the sale of substantially all of the assets and liabilities related to the Bank's commercial insurance premium finance business, a component of the Company's Commercial segment, pursuant to the Asset Purchase and Sale Agreement (the "Purchase Agreement") dated August 28, 2024 with Honor Capital Corporation, a Florida corporation (the "Purchaser"), the successor by assignment to AFS IBEX Financial Services, LLC, and Honor Capital Holdings, LLC as guarantor. The purchase price at closing was based on the net asset value of the assets purchased and liabilities assumed pursuant to the Purchase Agreement plus a $31.2 million premium. The Company has summarized the results of the transaction as follows:
(Dollars in thousands) |
Assets Purchased and Liabilities Assumed |
Cash and cash equivalents | $ | 4,686 |
Loans | 594,541 |
Premises, furniture, and equipment, net | 484 |
Total assets purchased | $ | 599,711 |
Deposits | $ | 16,760 |
Accrued expenses and other liabilities | 1,158 |
Total liabilities assumed | $ | 17,918 |
Net assets purchased | $ | 581,793 |
Consideration paid at close | 603,290 |
Consideration due | 9,703 |
Total purchase price | 612,993 |
Premium on transaction | 31,200 |
Other adjustments: |
Goodwill derecognition | (11,577) |
Intangible derecognition | (631) |
Building lease derecognition | 471 |
Transaction costs | (3,059) |
Total other adjustments | (14,796) |
Gain on divestitures | $ | 16,404 |
The sale resulted in a gain of $16.4 million before tax that was recognized within noninterest income on the Company's Condensed Consolidated Statements of Operations. See Note 8. Goodwill and Intangible Assets and Note 9. Operating Lease Right-of-Use Assets and Liabilities to the Condensed Consolidated Financial Statements for further information on the amounts included in the divestiture.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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