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
|
|