Discontinued Operations

9 Months Ended

Sep. 30, 2013

Discontinued Operations [Abstract]

Discontinued Operations

NOTE 4 – Discontinued Operations

Our Canadian subsidiary, SN Canada has ceased business operations as of September 30, 2013. The results of SN Canada, previously reported in the Institutional Group segment, are classified as discontinued operations for all periods presented. In accordance with the provisions of FASB Accounting Standards Codification Topic 205-20, “Discontinued Operations,” the results from this business, previously reported in the Institutional Group segment, have been classified as discontinued operations for all periods presented.

The components of discontinued operations are as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Net revenues	$	4,696	$	5,923	$	12,930	$	11,990
Restructuring expense		5,516		-		5,516		-
Operating expenses		4,418		5,420		14,341		16,581
Total non-interest expenses		9,934		5,420		19,857		16,581
Income/(loss) from discontinued operations before income tax expense/(benefit)		(5,238)		503		(6,927)		(4,591)
Income tax expense/(benefit)		1		227		110		(1,198)
Income/(loss) from discontinued operations, net of tax	$	(5,239)	$	276	$	(7,037)	$	(3,393)