Sale of a Majority Interest of Insurance Business

3 Months Ended

Mar. 31, 2018

Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]

SALE OF A MAJORITY INTEREST OF INSURANCE BUSINESS

SALE OF A MAJORITY INTEREST OF INSURANCE BUSINESS

On November 9, 2017, we entered into an asset purchase agreement to sell a 70 percent ownership interest in the assets of our subsidiary, S&T Evergreen Insurance, LLC. The partial sale was accounted for as the sale of a business. At the date of the sale, January 1, 2018, we ceased to have a controlling financial interest, deconsolidated the subsidiary and recognized a gain of $1.9 million. We transferred our 30 percent share of net assets from S&T Evergreen Insurance, LLC to the new entity for a 30 percent partnership interest in a new insurance entity. We will use the equity-method of accounting to recognize changes in the value of our investment in the new insurance entity for our proportional share of income and losses of the new insurance entity.