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SALE OF SUBSIDIARY | 12 Months Ended
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Dec. 31, 2018
SALE OF SUBSIDIARY [Abstract] |
Discontinued Operations | ﻿ NOTE 2. SALE OF SUBSIDIARY ﻿ Avon-Dixon Agency Sale ﻿ On December 31, 2018, the Company completed the sale of specific assets and activities related to its Insurance Agency, Avon Dixon, LLC (“Avon”) to Alera Group Agency, LLC (“Alera”). Also, on this date the Company discontinued its operations of its Premium Finance Company, Mubell Finance, LLC (“Mubell”). Together, these companies are referred to as the “Insurance Subsidiaries”. The Insurance subsidiaries represented the Company's insurance products and services segment, the activities of which related to originating, servicing and underwriting retail insurance policies. Assets sold to Alera included various intangible assets and a 40% interest in a segregated portfolio of Eastern Re. Ltd., a specialty reinsurance company. The Mubell Company, along with certain other assets and liabilities that will be sold or settled separately within one year, is classified as discontinued operations in the accompanying Consolidated Balance Sheets and Consolidated Statements of Income. ﻿ The specific assets acquired by Alera include, among other things, the insurance origination offices, insurance expirations, workforce and system procedures, trade names and goodwill. Alera has assumed certain obligations and liabilities of the Company under the acquired leases, and with respect to the employment of transferred employees. The Company received $25.2 million cash payment, upon the closing of the transaction. ﻿ The following table summarizes the calculation of the net gain on disposal of discontinued operations: ﻿ ﻿ ﻿ ﻿
﻿ |  |  |
﻿($ in thousands) |  | Year Ended December 31, 2018
﻿Proceeds from the transaction |  | $ | 29,276
﻿Compensation expense related to the transaction |  |  | 2,588
﻿Broker fees |  |  | 935
﻿Other transaction costs |  |  | 594
﻿ Net cash proceeds |  |  | 25,159
﻿Net assets sold |  |  | (12,423)
﻿ Net gain on disposal |  | $ | 12,736
﻿ ﻿ The following tables present the financial information of discontinued operations as of the dates and for the periods indicated: ﻿ Balance Sheets of Discontinued Operations ﻿ ﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  | December 31,
﻿($ in thousands) |  |  | 2018 |  |  | 2017
﻿ASSETS |  |  |  |  |  |
﻿Premises and equipment, net |  | $ | - |  | $ | 424
﻿Goodwill |  |  | 8 |  |  | 10,100
﻿Other assets |  |  | 625 |  |  | 717
﻿Assets of discontinued operations |  | $ | 633 |  | $ | 11,241
﻿ |  |  |  |  |  |
﻿LIABILITIES |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿Accrued expenses and other liabilities |  | $ | 3,323 |  | $ | 1,065
﻿Liabilities of discontinued operations |  | $ | 3,323 |  | $ | 1,065
﻿ ﻿ Statements of Income of Discontinued Operations ﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  | For the Years Ended
﻿ |  | December 31,
﻿($ in thousands) |  |  | 2018 |  |  | 2017
﻿Noninterest income |  |  |  |  |  |
﻿ Net gain on disposal |  | $ | 12,736 |  | $ | -
﻿ Insurance agency commissions |  |  | 9,006 |  |  | 8,837
﻿ All other income |  |  | 335 |  |  | 551
﻿ Total noninterest income |  |  | 22,077 |  |  | 9,388
﻿Noninterest expense |  |  |  |  |  |
﻿ Salaries and wages |  |  | 5,156 |  |  | 4,931
﻿ Employee benefits |  |  | 1,173 |  |  | 1,094
﻿ Occupancy expense |  |  | 428 |  |  | 361
﻿ Amortization of intangible assets |  |  | 47 |  |  | 84
﻿ Legal and professional fees |  |  | 77 |  |  | 54
﻿ Other noninterest expenses |  |  | 1,039 |  |  | 1,038
﻿ Total noninterest expense |  |  | 7,920 |  |  | 7,562
﻿Income from discontinued operations before income taxes |  |  | 14,157 |  |  | 1,826
﻿Income tax expense (benefit) |  |  | 4,923 |  |  | (211)
﻿ Income from discontinued operations |  | $ | 9,234 |  | $ | 2,037
﻿ ﻿ ﻿ Statements of Cash Flows of Discontinued Operations ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  | For the Years Ended
﻿ |  | December 31,
﻿($ in thousands) |  |  | 2018 |  |  | 2017
﻿Cash flows from operating activities: |  |  |  |  |  |
﻿ Net income |  | $ | 9,234 |  | $ | 2,037
﻿ Adjustments to reconcile net income to cash |  |  |  |  |  |
﻿ provided by operating activities: |  |  |  |  |  |
﻿ Depreciation and amortization |  |  | 107 |  |  | 142
﻿ Stock-based compensation expense |  |  | - |  |  | 12
﻿ Net decrease (increase) in other assets |  |  | (1,919) |  |  | (1,844)
﻿ Net increase in other liabilities |  |  | 2,258 |  |  | 404
﻿ Losses on disposal of premises and equipment |  |  | - |  |  | 2
﻿ Net (gain) on sale of insurance agency |  |  | (12,736) |  |  | -
﻿ Net cash (used in) operating activities |  |  | (3,056) |  |  | 753
﻿Cash flows from investing activities: |  |  |  |  |  |
﻿ Purchases of premises and equipment |  |  | 3 |  |  | (345)
﻿ Proceeds from sale of insurance agency |  |  | 25,159 |  |  | -
﻿ Net cash provided by (used in) investing activities |  |  | 25,162 |  |  | (345)
﻿ Net cash provided by discontinued operations |  | $ | 22,106 |  | $ | 408
﻿ ﻿

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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