Discontinued Operations

12 Months Ended

Dec. 31, 2016

Discontinued Operations

Discontinued Operations

2. Discontinued Operations

During the first quarter of 2015, the Company ceased operations of GMB due to increasing regulatory compliance costs and in order to focus on activities that provide recurring revenue.  The net carrying value of the assets and liabilities of GMB was $0.8 million and were transferred to the parent Company at the end of the first quarter of 2015.  The results of operations for GMB have been retrospectively presented as discontinued operations in all periods presented.

The table below presents the results of the discontinued operations of GMB for the years ended December 31, 2015 and 2014.  Net income (loss) before income taxes approximates total cash flows from operating activities of the discontinued operations.  Cash flows from investing activities were not material.

(in thousands)	2015		2014
Noninterest income	$	623	$	4,166
Noninterest expense		736		3,828
Income (loss) before income taxes		(113)		338
Provision (benefit) for income taxes		(42)		129
Net income (loss) from discontinued operations	$	(71)	$	209