SEGMENT REPORTING & DISCONTINUED OPERATIONS |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT REPORTING & DISCONTINUED OPERATIONS |
SEGMENT REPORTING & DISCONTINUED OPERATIONS
On May 23, 2018, the Bank announced that it had entered into a definitive agreement with a third party mortgage company to allow the third party mortgage company to offer residential mortgages from certain Bank locations. As a result of this arrangement, the Bank began winding down the operations of UMG, the Company's reportable mortgage segment. Effective at the close of business June 1, 2018, UMG was no longer originating mortgages in its name. The decision to exit the mortgage business was based on a number of strategic priorities and other factors, including the additional investment in the business required to achieve the necessary scale to be competitive. As a result of this decision, the community bank segment is the only remaining reportable segment and does not require separate reporting disclosures.
As of June 30, 2018, assets from discontinued operations totaled $43.5 million, which included $40.2 million of loans held for sale, and were reported in assets from discontinued operations on the Company's consolidated balance sheet. The Company also reported $4.4 million as liabilities of discontinued operations on the consolidated balance sheet. Management believes there are no material on-going obligations with respect to the mortgage banking business that have not been recorded in the Company's consolidated financial statements.
The following table presents summarized operating results of the discontinued mortgage segment for the three and six months ended June 30, 2018 and 2017, respectively (dollars in thousands):
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