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Sale of Subsidiary | 6 Months Ended
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Jun. 30, 2019
Sale of Subsidiary [Abstract] |
Sale of Subsidiary | Note 2 – Sale of Subsidiary Avon-Dixon Agency Sale On December 31, 2018, the Company completed the sale of the specific assets and activities related to its insurance agency, Avon-Dixon Agency, LLC (“Avon-Dixon”) to Avon-Dixon, an Alera Group Agency, LLC (“Alera”). Also, on this date the Company discontinued the operations of its premium finance company, Mubell Finance, LLC (“Mubell”). Together, Avon-Dixon and Mubell 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 segregated portfolio of Eastern Re. LTD., a specialty reinsurance company. Mubell, 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 a $25.2 million cash payment, upon the closing of the transaction. The following table summarizes the calculation of the net gain on disposal of discontinued operations.
($ 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:
|  | June 30, |  | December 31,
($ in thousands) |  | 2019 |  | 2018
ASSETS |  |  |  |  |  |
Goodwill |  | $ | — |  | $ | 8
Other assets |  |  | — |  |  | 625
Assets of discontinued operations |  | $ | — |  | $ | 633
LIABILITIES |  |  |  |  |  |
Accrued expenses and other liabilities |  | $ | — |  | $ | 3,323
Liabilities of discontinued operations |  | $ | — |  | $ | 3,323
|  | For the Three Months Ended |  | For the Six Months Ended
|  | June 30, |  | June 30,
($ in thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |
Insurance agency commissions |  | $ | — |  | $ | 2,151 |  | $ | — |  | $ | 4,845
All other income |  |  | 1 |  |  | 93 |  |  | 15 |  |  | 188
Total noninterest income |  |  | 1 |  |  | 2,244 |  |  | 15 |  |  | 5,033
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |
Salaries and wages |  |  | (3) |  |  | 1,282 |  |  | 28 |  |  | 2,529
Employee benefits |  |  | — |  |  | 324 |  |  | 7 |  |  | 665
Occupancy expense |  |  | (4) |  |  | 105 |  |  | 14 |  |  | 209
Furniture and equipment |  |  | — |  |  | 28 |  |  | 1 |  |  | 60
Amortization of intangible assets |  |  | — |  |  | 11 |  |  | — |  |  | 23
Legal and professional fees |  |  | 7 |  |  | 18 |  |  | 71 |  |  | 34
Other noninterest expenses |  |  | 5 |  |  | 207 |  |  | (3) |  |  | 465
Total noninterest expense |  |  | 5 |  |  | 1,975 |  |  | 118 |  |  | 3,985
(Loss) income from discontinued operations before income taxes |  |  | (4) |  |  | 269 |  |  | (103) |  |  | 1,048
Income tax (benefit) expense |  |  | — |  |  | 70 |  |  | (25) |  |  | 253
(Loss) income from discontinued operations |  | $ | (4) |  | $ | 199 |  | $ | (78) |  | $ | 795

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