SUBSEQUENT EVENTS |
9 Months Ended |
|---|---|
Sep. 30, 2015 | |
| SUBSEQUENT EVENTS [Abstract] | |
| SUBSEQUENT EVENTS |
13. SUBSEQUENT EVENTS
Sale of Credit Card Portfolio
During the third quarter of 2015, the Company concluded that it met the pertinent criteria for transferring the credit card portfolio from loans held for investment to loans held for sale.
On October 16, 2015, the Company entered into an agreement to sell the credit card portfolio, approximately $26.4 million in outstanding balances, and enter into an outsourced partnership solution with Elan Financial Services. The company sold these loans at a premium which is not expected to have a material impact on the Company’s Consolidated Statements of Income. As part of the agreement, the Company will continue to share in interchange fee income and finance charges.
Share Repurchase Authorization
On October 29, 2015, the Company’s Board of Directors authorized a share repurchase program to purchase up to $25.0 million worth of the Company’s common stock on the open market or in privately negotiated transactions. The repurchase program is authorized through December 31, 2016.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
|