SALE OF SUBSIDIARY (Table)

12 Months Ended

Dec. 31, 2018

SALE OF SUBSIDIARY [Abstract]

Net gain on disposal of discontinued operations

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

Financial information of discontinued operations

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