ASSETS AND OTHER LIABILITIES CLASSIFIED AS HELD FOR SALE

6 Months Ended

Jun. 30, 2020

ASSETS AND OTHER LIABILITIES CLASSIFIED AS HELD FOR SALE

ASSETS AND OTHER LIABILITIES CLASSIFIED AS HELD FOR SALE

NOTE 15 – ASSETS AND OTHER LIABILITIES CLASSIFIED AS HELD FOR SALE

In 2019, the Company committed to a plan to sell its Los Angeles-based fixed income portfolio management team and certain advisory and sub-advisory arrangements. Management is continuing to evaluate opportunities to divest the Los Angeles-based fixed income portfolio management team and, therefore, these assets and liabilities are classified as goodwill in a disposal group held for sale and are presented separately in the consolidated balance sheet.

During the three months ended June 30, 2020, the Company completed a branch purchase and assumption agreement. See Note 2 – Acquisitions for more information. The assets purchased included two ATMs which the Company did not put into service and is actively working to find a buyer, therefore, these assets are included as premises and equipment in a disposal group held for sale and are presented separately in the consolidated balance sheet.

The Company performed a review of the fair value of assets held for sale as of the three months ended June 30, 2020 and determined that the value of the assets held for sale was reasonable and no adjustment was needed during the period. The Company recorded a loss on the assets held for sale of $0.6 million during the period ending March 31, 2020, the loss has been applied to reduce the carrying amount of the goodwill within the disposal group.

Assets and other liabilities in disposal groups held for sale are as follows at the dates noted (in thousands):

	June 30,						December 31,
	2020						2019
	Wealth		Capital				Wealth		Capital
	Management		Management		Consolidated		Management		Management		Consolidated
ASSETS
Goodwill	$	—	$	3,000	$	3,000	$	—	$	3,553	$	3,553
Premises and equipment		10		—		10		—		—		—
Assets in disposal groups held for sale	$	10	$	3,000	$	3,010	$	—	$	3,553	$	3,553
LIABILITIES
Other liabilities	$	—	$	135	$	135	$	—	$	117	$	117
Liabilities in disposal groups held for sale	$	—	$	135	$	135	$	—	$	117	$	117