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Other assets and gain on sale of merchant services business | 6 Months Ended
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Jun. 30, 2017
Other assets and gain on sale of merchant services business. |
Other assets and gain on sale of merchant services business | 6. Other assets and gain on sale of merchant services business: The components of other assets at June 30, 2017, and December 31, 2016 are summarized as follows:
|  | June 30, 2017 |  | December 31, 2016 |
Other real estate owned |  | $ | 384 |  | $ | 393 |
Investment in residential housing program |  |  | 8,077 |  |  | 8,312 |
Mortgage servicing rights |  |  | 707 |  |  | 698 |
Bank owned life insurance |  |  | 33,454 |  |  | 33,073 |
Restricted equity securities |  |  | 7,754 |  |  | 7,051 |
Other assets |  |  | 17,626 |  |  | 15,974 |
Total |  | $ | 68,002 |  | $ | 65,501 |
In the second quarter of 2017, the Company entered into and executed a merchant asset sales agreement with a third party to sell and transfer the Company’s merchant business. Proceeds from the sale were received on June 30, 2017 in the amount of $2,300. In connection with the sale, merchant related equipment in the amount of $22 previously included in other assets above were sold, resulting in a net gain of $2,278 to the Company which is included in noninterest income in the accompanying consolidated statements of income for the three and six months ended June 30, 2017. The sale represents the entirety of the Company’s merchant services business and the Company will no longer originate any proprietary merchant service relationships. The Company did not receive an ownership interest in the unrelated purchaser of the merchant business. The $2,300 represents the entire consideration received by the Company under the merchant asset sales agreement and there is no form of contingent consideration. Separate from the merchant asset sales agreement, the Company entered into a marketing and sales agreement with the merchant business purchaser to share in future revenue generated from the sold merchant portfolio, and from new merchant referrals.

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