Discontinued Operations

3 Months Ended

Mar. 31, 2020

Discontinued Operations [Abstract]

Discontinued Operations

Note 2 – Discontinued Operations

On December 31, 2018, the Company completed the sale of the specific assets and activities related to its insurance agency, Avon-Dixon Agency, LLC (“Avon-Dixon”) to Avon-Dixon, an Alera Group Agency, LLC (“Alera”). Also, on this date the Company discontinued the operations of its premium finance company, Mubell Finance, LLC (“Mubell”). Together, Avon-Dixon and Mubell companies are referred to as the “Insurance Subsidiaries”. The Insurance Subsidiaries represented the Company’s insurance products and services segment, the activities of which related to originating, servicing and underwriting retail insurance policies. Certain other assets and liabilities to be sold or settled separately within one year, were classified as discontinued operations in the Company’s consolidated financial statements. All of the remaining assets and liabilities of discontinued operations were settled prior to December 31, 2019.

There were no assets or liabilities of discontinued operations at March 31, 2020 or December 31, 2019. The following table presents the financial information of discontinued operations for the periods indicated:

	For Three Months Ended
	March 31,
($ in thousands)	2020		2019
Noninterest income
All other income	$	—	$	14
Total noninterest income		—		14
Noninterest expense
Salaries and wages		—		31
Employee benefits		—		7
Occupancy expense		—		18
Furniture and equipment		—		1
Legal and professional fees		—		64
Other noninterest expenses		—		(8)
Total noninterest expense		—		113
Loss from discontinued operations before income taxes		—		(99)
Income tax benefit		—		(25)
Loss from discontinued operations	$	—	$	(74)