Acquisitions & Divestitures

12 Months Ended

Dec. 31, 2015

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 called for the sale of substantially all of the deposits at these branches, or $78.4 million, as well as cash and cash equivalents of $0.4 million, loans of $7.6 million, and other assets of $1.0 million. The Company recorded a pre-tax gain of $1.0 million upon completion of the transaction primarily attributed to a premium on the deposits sold.

As part of this branch sale, the Company also 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, 2015, this liability was $0.7 million. The Company recorded expense for the estimated net lease liability of $0.1 million, $0.4 million, and $0.5 million in 2015, 2014, and 2013, respectively. The expense is recorded within other noninterest expense.