| DISCONTINUED OPERATIONS |
DISCONTINUED OPERATIONS
On June 30, 2016, the Company entered into an Asset Purchase Agreement with USI Insurance Services ("USI"), in which USI purchased substantially all of the assets and assumed certain liabilities of MVB Insurance, which resulted in a pre-tax gain of $6.9 million. MVB Insurance retained the assets related to, and continues to operate, its title insurance business. The title insurance business is immaterial in terms of revenue and the Company has reorganized MVB Insurance as a subsidiary of the Bank. The Company retained approximately $424 thousand in liabilities and received proceeds totaling $7.0 million related to this transaction.
Assets and liabilities of discontinued operations at the dates indicated were as follows:
| | | | | | | | | | (Dollars in thousands) | | 2016 | | 2015 | ASSETS | | | | | Cash and cash equivalents: | |
|
| |
|
| Cash and due from banks | | $ | — |
| | $ | 2,245 |
| Total cash and cash equivalents | | — |
| | 2,245 |
| Premises and equipment | | — |
| | 618 |
| Accrued interest receivable and other assets | | — |
| | 2,154 |
| TOTAL ASSETS | | $ | — |
| | $ | 5,017 |
|
| | | | | LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | Accrued interest payable and other liabilities | | — |
| | 2,834 |
| Total liabilities | | — |
| | 2,834 |
|
| | | | | STOCKHOLDERS’ EQUITY | | | | | Retained earnings | | — |
| | 2,183 |
| Total stockholders’ equity | | — |
| | 2,183 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $ | — |
| | $ | 5,017 |
|
Net income (losses) from discontinued operations, net of tax, for the years ended December 31, 2016, 2015, and 2014, were as follows: | | | | | | | | | | | | | | (Dollars in thousands) | | 2016 | | 2015 | | 2014 | NONINTEREST INCOME | | | | | | | Insurance and investment services income | | $ | 1,887 |
| | $ | 4,733 |
| | $ | 3,523 |
| Gain on sale of subsidiary | | 6,926 |
| | — |
| | — |
| Other operating income | | 2 |
| | 6 |
| | — |
| Total noninterest income | | 8,815 |
| | 4,739 |
| | 3,523 |
| | | | | | | | NONINTEREST EXPENSES | |
|
| |
|
| |
|
| Salary and employee benefits | | 1,937 |
| | 3,603 |
| | 3,417 |
| Occupancy expense | | 124 |
| | 281 |
| | 245 |
| Equipment depreciation and maintenance | | 29 |
| | 57 |
| | 56 |
| Data processing and communications | | 79 |
| | 105 |
| | 97 |
| Marketing, contributions and sponsorships | | 7 |
| | 25 |
| | 26 |
| Professional fees | | 2 |
| | 23 |
| | 308 |
| Printing, postage and supplies | | 12 |
| | 19 |
| | 41 |
| Insurance, tax and assessment expense | | 58 |
| | 136 |
| | 96 |
| Travel, entertainment, dues and subscriptions | | 67 |
| | 119 |
| | 132 |
| Other operating expenses | | 154 |
| | 18 |
| | 25 |
| Total noninterest expense | | 2,469 |
| | 4,386 |
| | 4,443 |
| Income (loss) from discontinued operations, before income taxes | | 6,346 |
| | 353 |
| | (920 | ) | Income tax expense (benefit) - discontinued operations | | 2,411 |
| | 140 |
| | (344 | ) | Net Income (loss) from discontinued operations | | $ | 3,935 |
| | $ | 213 |
| | $ | (576 | ) |
|