Acquisitions & Divestitures
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions & Divestitures | ACQUISITIONS & DIVESTITURES Branch Sale On December 6, 2013 the Company sold two of its Kansas City branches to another financial institution. The agreement calls for the sale of substantially all of the deposits at these branches, as well as specified loans and other assets. The Company recorded a pre-tax gain of $1.0 million upon completion of the transaction primarily attributed to a premium on the deposits that were sold. The following table summarizes the primary balance sheet amounts relative to the branches sold:
In addition to the branch sale discussed above, the Company closed two branches in the Kansas City region. In conjunction with the closure, the Company recorded a liability and corresponding expense for the difference between the net present value of future lease payments and its estimated sublease income at one of the closed branches. As of December 31, 2014, this liability was $0.7 million. The Company recorded expense for the estimated net lease liability of $0.4 million and $0.5 million in 2014 and 2013, respectively. The expense is recorded within other noninterest expense for 2014 and 2013. |