2017 Q1 Form 10-Q Financial Statement

#000073746817000073 Filed on May 05, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $43.19M $32.97M
YoY Change 31.0% 5.54%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.178M $1.211M
YoY Change -2.73% 16.78%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $6.985M $5.234M
YoY Change 33.45% -5.44%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $17.50M $16.42M
YoY Change 6.6% 1.41%
Income Tax $5.721M $5.484M
% Of Pretax Income 32.69% 33.4%
Net Earnings $11.78M $10.94M
YoY Change 7.75% -0.68%
Net Earnings / Revenue 27.28% 33.17%
Basic Earnings Per Share $0.68 $0.64
Diluted Earnings Per Share $0.68 $0.64
COMMON SHARES
Basic Shares Outstanding 17.19M shares 17.02M shares
Diluted Shares Outstanding 17.29M shares 17.16M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $883.4M $525.3M
YoY Change 68.18% 15.7%
Cash & Equivalents $114.0M $94.90M
Short-Term Investments $769.4M $430.4M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $28.85M $29.88M
YoY Change -3.44% 7.34%
Goodwill $64.06M $64.06M
YoY Change 0.0% 10.23%
Intangibles $9.898M $11.14M
YoY Change -11.13% 137.26%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $4.389B $3.838B
YoY Change 14.34% 6.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $22.70M $22.70M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $54.00M $67.40M
YoY Change -19.88% 18.66%
Total Long-Term Liabilities $76.70M $90.10M
YoY Change -14.87% 13.33%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $76.70M $90.10M
Total Liabilities $3.991B $3.457B
YoY Change 15.45% 6.41%
SHAREHOLDERS EQUITY
Retained Earnings $299.6M $277.8M
YoY Change 7.83% 7.65%
Common Stock $117.3M $112.7M
YoY Change 4.05% 8.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $397.8M $381.3M
YoY Change
Total Liabilities & Shareholders Equity $4.389B $3.838B
YoY Change 14.34% 6.54%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $11.78M $10.94M
YoY Change 7.75% -0.68%
Depreciation, Depletion And Amortization $1.178M $1.211M
YoY Change -2.73% 16.78%
Cash From Operating Activities $16.88M $23.12M
YoY Change -26.99% 148.94%
INVESTING ACTIVITIES
Capital Expenditures $733.0K $1.177M
YoY Change -37.72% -4.0%
Acquisitions
YoY Change
Other Investing Activities -$5.500M -$72.60M
YoY Change -92.42% 2492.86%
Cash From Investing Activities -$6.230M -$73.74M
YoY Change -91.55% 1722.42%
FINANCING ACTIVITIES
Cash Dividend Paid $6.372M $5.803M
YoY Change 9.81% 7.84%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$4.465M $47.88M
YoY Change -109.32% 1290.76%
NET CHANGE
Cash From Operating Activities $16.88M $23.12M
Cash From Investing Activities -$6.230M -$73.74M
Cash From Financing Activities -$4.465M $47.88M
Net Change In Cash $6.183M -$2.734M
YoY Change -326.15% -131.49%
FREE CASH FLOW
Cash From Operating Activities $16.88M $23.12M
Capital Expenditures $733.0K $1.177M
Free Cash Flow $16.15M $21.94M
YoY Change -26.41% 172.21%

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CY2017Q1 us-gaap Held To Maturity Securities Debt Maturities After Ten Years Fair Value
HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsFairValue
2178000 USD
CY2017Q1 us-gaap Held To Maturity Securities Debt Maturities After Ten Years Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsNetCarryingAmount
2142000 USD
CY2017Q1 us-gaap Held To Maturity Securities Debt Maturities Within One Year Fair Value
HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearFairValue
1881000 USD
CY2017Q1 us-gaap Held To Maturity Securities Debt Maturities Within One Year Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearNetCarryingAmount
1851000 USD
CY2016Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
15920000 USD
CY2017Q1 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
14965000 USD
CY2016Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
31600000 USD
CY2017Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
34097000 USD
CY2016Q1 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
190000 USD
CY2017Q1 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
238000 USD
CY2016Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
33851000 USD
CY2017Q1 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
33812000 USD
CY2016Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
606000 USD
CY2017Q1 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
861000 USD
CY2016Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
39556000 USD
CY2017Q1 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
39522000 USD
CY2016Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
26772000 USD
CY2017Q1 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
26065000 USD
CY2016Q4 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
31431000 USD
CY2017Q1 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
30707000 USD
CY2016Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
7079000 USD
CY2017Q1 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
7747000 USD
CY2016Q4 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
8125000 USD
CY2017Q1 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
8815000 USD
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
16419000 USD
CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
17503000 USD
CY2016Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-88000 USD
CY2017Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-88000 USD
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5484000 USD
CY2017Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5721000 USD
CY2016Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
706000 USD
CY2017Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
566000 USD
CY2016Q1 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
-54604000 USD
CY2017Q1 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
51819000 USD
CY2016Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
11971000 USD
CY2017Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
812000 USD
CY2016Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
6847000 USD
CY2017Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-530000 USD
CY2016Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
10175000 USD
CY2017Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
9898000 USD
CY2016Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
32969000 USD
CY2017Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
35664000 USD
CY2016Q1 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
29998000 USD
CY2017Q1 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
30352000 USD
CY2016Q4 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
60300000 USD
CY2017Q1 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
63800000 USD
CY2016Q1 us-gaap Interest Expense
InterestExpense
5234000 USD
CY2017Q1 us-gaap Interest Expense
InterestExpense
6985000 USD
CY2016Q1 us-gaap Interest Expense Deposits
InterestExpenseDeposits
2968000 USD
CY2017Q1 us-gaap Interest Expense Deposits
InterestExpenseDeposits
3502000 USD
CY2016Q1 us-gaap Interest Expense Junior Subordinated Debentures
InterestExpenseJuniorSubordinatedDebentures
112000 USD
CY2017Q1 us-gaap Interest Expense Junior Subordinated Debentures
InterestExpenseJuniorSubordinatedDebentures
138000 USD
CY2016Q1 us-gaap Interest Expense Other
InterestExpenseOther
2000 USD
CY2017Q1 us-gaap Interest Expense Other
InterestExpenseOther
1000 USD
CY2016Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
27235000 USD
CY2017Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
28279000 USD
CY2016Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
27735000 USD
CY2017Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
28679000 USD
CY2016Q1 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
327000 USD
CY2017Q1 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
112000 USD
CY2016Q1 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
2370000 USD
CY2017Q1 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
4709000 USD
CY2016Q1 us-gaap Interest Paid
InterestPaid
4986000 USD
CY2017Q1 us-gaap Interest Paid
InterestPaid
6985000 USD
CY2016Q1 us-gaap Investment Banking Advisory Brokerage And Underwriting Fees And Commissions
InvestmentBankingAdvisoryBrokerageAndUnderwritingFeesAndCommissions
9174000 USD
CY2017Q1 us-gaap Investment Banking Advisory Brokerage And Underwriting Fees And Commissions
InvestmentBankingAdvisoryBrokerageAndUnderwritingFeesAndCommissions
9477000 USD
CY2016Q4 us-gaap Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust
JuniorSubordinatedDebentureOwedToUnconsolidatedSubsidiaryTrust
22681000 USD
CY2017Q1 us-gaap Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust
JuniorSubordinatedDebentureOwedToUnconsolidatedSubsidiaryTrust
22681000 USD
CY2016Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
16380000 USD
CY2017Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
16795000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
3990311000 USD
CY2017Q1 us-gaap Liabilities
Liabilities
3990978000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4381115000 USD
CY2017Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4388763000 USD
CY2015Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
27069000 USD
CY2016Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
26137000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
26004000 USD
CY2017Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
26446000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
3234371000 USD
CY2017Q1 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
3224860000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
3208367000 USD
CY2017Q1 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
3198414000 USD
CY2016Q4 us-gaap Loans Held For Sale Fair Value Disclosure
LoansHeldForSaleFairValueDisclosure
29400000 USD
CY2017Q1 us-gaap Loans Held For Sale Fair Value Disclosure
LoansHeldForSaleFairValueDisclosure
25400000 USD
CY2016Q4 us-gaap Loans Pledged As Collateral
LoansPledgedAsCollateral
1400000000 USD
CY2017Q1 us-gaap Loans Pledged As Collateral
LoansPledgedAsCollateral
1500000000 USD
CY2016Q4 us-gaap Loans Receivable Held For Sale Amount
LoansReceivableHeldForSaleAmount
29400000 USD
CY2017Q1 us-gaap Loans Receivable Held For Sale Amount
LoansReceivableHeldForSaleAmount
24900000 USD
CY2016Q4 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group Mortgage
LoansReceivableHeldForSaleNetNotPartOfDisposalGroupMortgage
29434000 USD
CY2017Q1 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group Mortgage
LoansReceivableHeldForSaleNetNotPartOfDisposalGroupMortgage
25414000 USD
CY2016Q4 us-gaap Marketable Securities
MarketableSecurities
755545000 USD
CY2017Q1 us-gaap Marketable Securities
MarketableSecurities
769441000 USD
CY2016Q1 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
265000 USD
CY2017Q1 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
237000 USD
CY2016Q4 us-gaap Mortgage Loans In Process Of Foreclosure Amount
MortgageLoansInProcessOfForeclosureAmount
5700000 USD
CY2017Q1 us-gaap Mortgage Loans In Process Of Foreclosure Amount
MortgageLoansInProcessOfForeclosureAmount
6600000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
47884000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4465000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-73735000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6230000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
23117000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
16878000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
10935000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
11782000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10910000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11755000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
10910000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
11755000 USD
CY2016Q1 us-gaap Noninterest Expense
NoninterestExpense
25450000 USD
CY2017Q1 us-gaap Noninterest Expense
NoninterestExpense
25286000 USD
CY2016Q1 us-gaap Noninterest Income
NoninterestIncome
14634000 USD
CY2017Q1 us-gaap Noninterest Income
NoninterestIncome
14510000 USD
CY2016Q1 us-gaap Noninterest Income Other
NoninterestIncomeOther
502000 USD
CY2017Q1 us-gaap Noninterest Income Other
NoninterestIncomeOther
412000 USD
CY2016Q1 us-gaap Occupancy Net
OccupancyNet
1807000 USD
CY2017Q1 us-gaap Occupancy Net
OccupancyNet
1967000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
37850000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
2650000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1933000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2230000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2910000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3216000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
24911000 USD
CY2016Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
973000 USD
CY2017Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1100000 USD
CY2016Q4 us-gaap Other Assets
OtherAssets
62484000 USD
CY2017Q1 us-gaap Other Assets
OtherAssets
63348000 USD
CY2016Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
0 USD
CY2017Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
0 USD
CY2016Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
0 USD
CY2017Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
0 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
-269000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
6000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-170000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
4000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
-99000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
2000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
578000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
636000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
364000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
401000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
214000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
235000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
298000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
413000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
717000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
1136000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
-124000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
162000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-66000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
98000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
-58000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
64000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
464000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
712000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
263000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
338000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
166000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
213000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax
0 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax
0 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
97000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
125000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
0 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
0 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
0 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
0 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
0 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
0 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
0 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-136000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
0 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-86000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
0 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
-50000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
6000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
-344000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
4000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-217000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
2000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
-127000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
253000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
424000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-124000 USD
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
26000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-66000 USD
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47 security
CY2017Q1 wash Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Number
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47 security
CY2016Q4 wash Available For Sale Securities Continuous Unrealized Loss Position Total Number
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57 security
CY2017Q1 wash Available For Sale Securities Continuous Unrealized Loss Position Total Number
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57 security
CY2016Q1 wash Net Proceedsfrom Saleof Portfolio Loans
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CY2017Q1 wash Net Proceedsfrom Saleof Portfolio Loans
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CY2016Q1 wash Netgainonsaleofportfolioloans
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CY2017Q1 wash Netgainonsaleofportfolioloans
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CY2017Q1 wash Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Number
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10 security
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15841000 USD
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5295000 USD
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5159000 USD
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15841000 USD
CY2017Q1 wash Availablefor Saleand Heldto Maturity Securities Accumulated Unrecognized Holding Loss
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15112000 USD
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766378000 USD
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CY2017Q1 wash Availablefor Saleand Heldto Maturity Securities Fair Value
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3115000 USD
CY2017Q1 wash Availableforsale Securities Continuous Unrealized Loss Position12 Monthsor Longer Aggregate Loss Accumulated Investments
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CY2016Q4 wash Availableforsale Securities Continuous Unrealized Loss Position Lessthan12 Months Aggregate Loss Accumulated Investments
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CY2017Q1 wash Availableforsale Securities Continuous Unrealized Loss Position Lessthan12 Months Aggregate Loss Accumulated Investments
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12189000 USD
CY2017Q1 wash Callable Debt Securities Amortized Cost
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150300000 USD
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CY2016Q1 wash Card Interchange Fees
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797000 USD
CY2017Q1 wash Card Interchange Fees
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802000 USD
CY2016Q4 wash Cash Reserve Deposited At Federal Reserve Bank
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11500000 USD
CY2017Q1 wash Cash Reserve Deposited At Federal Reserve Bank
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12000000 USD
CY2016Q1 wash Debt Prepayment Penalties
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431000 USD
CY2017Q1 wash Debt Prepayment Penalties
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CY2016Q1 wash Dividends On Corporate Stock And Federal Home Loan Bank Stock
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210000 USD
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387000 USD
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472000 USD
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100000 USD
CY2016Q1 wash Gainlossonmortgageloansheldforsale
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CY2017Q1 wash Gainlossonmortgageloansheldforsale
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451000 USD
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CY2017Q1 wash Impaired Financing Receivable No Related Allowance
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0 USD
CY2016Q1 wash Interest Expense Federal Home Loan Bank Advances
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2152000 USD
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3344000 USD
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3200000 USD
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783000 USD
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907000 USD
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39000 USD
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40000 USD
CY2017Q1 wash Mortgage Loans Held For Sale Difference Between Fair Value And Principal Amount
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491000 USD
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24239000 USD
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CY2017Q1 wash Outsourced Services
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1457000 USD
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1.00
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CY2016Q4 wash Specific Reserveson Troubled Debt Restructurings
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660000 USD
CY2016Q1 wash Tax Benefit From Stock Option Exercises And Issuance Of Other Compensation Related Equity Instruments
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CY2016Q1 wash Transfer Of Loans Net To Foreclosed Properties And Repossessions
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CY2017Q1 wash Transfer Of Loans Net To Foreclosed Properties And Repossessions
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CY2017Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Recently Issued Accounting Pronouncements</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Revenue from Contracts with Customers - Topic 606</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounting Standards Update No. 2014-09, &#8220;Revenue from Contracts with Customers&#8221; (&#8220;ASU 2014-09&#8221;), was issued in May 2014 and provides a revenue recognition framework for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other accounting standards. As issued, ASU 2014-09 was effective for annual periods beginning after December&#160;15, 2016, including interim periods within that reporting period with early adoption not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. In August 2015, Accounting Standards Update No. 2015-14, &#8220;Deferral of the Effective Date&#8221; (&#8220;ASU 2015-14&#8221;) was issued and delayed the effective date of ASU 2014-09 to annual and interim periods in fiscal years beginning after December 15, 2017. In 2016, Accounting Standards Update No. 2016-08, &#8220;Principal versus Agent Considerations&#8221; (&#8220;ASU 2016-08&#8221;), Accounting Standards Update No. 2016-10, &#8220;Identifying Performance Obligations and Licensing&#8221; (&#8220;ASU 2016-10&#8221;) and Accounting Standards Update No. 2016-12, &#8220;Narrow-Scope Improvements and Practical Expedients&#8221; (&#8220;ASU 2016-12&#8221;) were issued. These ASUs do not change the core principle for revenue recognition in Topic 606; instead, the amendments provide more detailed guidance in a few areas and additional implementation guidance and examples, which are expected to reduce the degree of judgment necessary to comply with Topic 606. The effective date and transition requirements for ASU 2016-08, ASU 2016-10 and ASU 2016-12 are the same as those provided by ASU 2015-14. Washington Trust's largest source of revenue is net interest income on financial assets and liabilities, which is explicitly excluded from the scope of this ASU. Management has assembled a project team to address the changes pursuant to Topic 606. The project team has made an initial scope assessment and additional progress is expected to be made in the second quarter of 2017. The Corporation has not yet determined the impact this ASU will have on its consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Financial Instruments - Topic 825</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounting Standards Update No. 2016-01, &#8220;Recognition and Measurement of Financial Assets and Financial Liabilities&#8221; (&#8220;ASU 2016-01&#8221;), was issued in January 2016 and provides revised guidance related to the accounting for and reporting of financial instruments. Some of the main provisions include: requiring most equity securities to be reported at fair value with unrealized gains and losses reported in the income statement; requiring separate presentation of financial assets and liabilities by measurement category and form (i.e. securities or loans); clarifying that entities must assess valuation allowances on a deferred tax asset related to available for sale debt securities in combination with their other deferred tax assets; and eliminating the requirement to disclose the method and significant assumptions used to estimate fair value for financial instruments measured at amortized cost on the balance sheet. ASU 2016-01 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The adoption of ASU 2016-15 is not expected to have a material impact on the Corporation&#8217;s consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Leases - Topic 842</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounting Standards Update No. 2016-02, &#8220;Leases&#8221; (&#8220;ASU 2016-02&#8221;), was issued in February 2016 and provides revised guidance related to the accounting and reporting of leases. ASU 2016-02 requires lessees to recognize most leases on the balance sheet. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. ASU 2016-02 requires a modified retrospective transition, with a number of practical expedients that entities may elect to apply. ASU 2016-02 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. Washington Trust expects to adopt the provisions of ASU 2016-02 effective January 1, 2019. Management is assembling a project team to evaluate the provisions of this ASU, identify additional data requirements necessary and determine an approach for implementation. The Corporation has not yet determined the impact ASU 2016-02 will have on its consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Stock Compensation - Topic 718 </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounting Standards Update No. 2016-09, &#8220;Improvements to Employee Share-Based Payment Accounting&#8221; (&#8220;ASU 2016-09&#8221;), was issued in March 2016. ASU 2016-09 includes multiple provisions intended to simplify several aspects of the accounting for share-based payment transactions, including income tax consequences and the classification of certain tax-related transactions on the statement of cash flows. ASU 2016-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Management adopted the provisions of this ASU on January 1, 2017 using the appropriate transition method as required by ASU 2016-09. For Washington Trust, the most significant provision of this ASU pertained to the accounting of excess tax benefits or tax deficiencies on share based award exercises and vestings. ASU 2016-09 requires that excess tax benefits or tax deficiencies be recognized as income tax benefit or expense in the Consolidated Statements of Income in the period that they occur. Management adopted this specific provision of the ASU on a prospective basis. The ASU also requires that the excess tax benefits or tax deficiencies be reported as an operating activity in the Consolidated Statement of Cash Flows and, in accordance with the ASU, management elected the retrospective transition method in adopting this specific provision. During the first quarter of 2017, the Corporation recognized $195 thousand in excess tax benefits, which was recorded as a reduction to income tax expense. The adoption of ASU 2016-09 did not have a material impact on the consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Credit Losses - Topic 326</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounting Standards Update No. 2016-13, &#8220;Financial Instruments - Credit Losses&#8221; (&#8220;ASU 2016-13&#8221;), was issued in June 2016. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization&#8217;s portfolio. In addition, ASU&#160;2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 provides for a modified retrospective transition, resulting in a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is effective, except for debt securities for which an other-than-temporary impairment has previously been recognized. For these debt securities, a prospective transition approach will be adopted in order to maintain the same amortized cost prior to and subsequent to the effective date of ASU 2016-13. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted, for annual periods and interim periods within those annual periods, beginning after December 15, 2018. Management has assembled a project team that meets regularly to evaluate the provisions of this ASU, identify additional data requirements necessary and determine an approach for implementation. The Corporation has not yet determined if it will early adopt ASU 2016-13 or the impact it will have on its consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Statement of Cash Flows - Topic 230</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounting Standards Update No. 2016-15, &#8220;Classification of Certain Cash Receipts and Cash Payments&#8221; (&#8220;ASU 2016-15&#8221;), was issued in August 2016. ASU 2016-15 provides classification guidance on certain cash receipts and cash payments, including, but not limited to, debt prepayment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of bank-owned life insurance policies and distributions received from equity method investees. The adoption of ASU 2016-15 requires a retrospective transition method applied to each period presented. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December&#160;15, 2017. Early adoption is permitted. The adoption of ASU 2016-15 is not expected to have a material impact on the Corporation&#8217;s consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounting Standards Update No. 2016-18, &#8220;Restricted Cash&#8221; (&#8220;ASU 2016-18&#8221;), was issued in November 2016. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash. Restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The adoption of ASU 2016-18 requires a retrospective transition method applied to each period presented. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December&#160;15, 2017. Early adoption is permitted. The adoption of ASU 2016-18 is not expected to have a material impact on the Corporation&#8217;s consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Intangibles - Goodwill and Other - Topic 350</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounting Standards Update No. 2017-04, &#8220;Simplifying the Test for Goodwill Impairment&#8221; (&#8220;ASU&#160;2017-04&#8221;), was issued in January 2017 and eliminates Step 2 of the annual goodwill impairment test.&#160; Step 2 is a more detailed analysis, which involves measuring the excess of the fair value of the reporting unit, as determined in Step 1, over the aggregate fair value of the individual assets, liabilities, and identifiable intangibles as if the reporting unit was being acquired in a business combination. Under ASU 2017-04, an impairment charge would be recognized for the amount by which the carrying amount exceeded the reporting unit&#8217;s fair value under Step 1.&#160; ASU 2015-16 is effective for annual periods, and interim periods within those annual periods, beginning after December&#160;15,&#160;2019 and the provisions should be applied on a prospective basis.&#160; Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017.&#160; The adoption of ASU 2017-04 is not expected to have a material impact on the Corporation&#8217;s consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Compensation - Retirement Benefits - Topic 715</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounting Standards Update No. 2017-07, &#8220;Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost&#8221; (&#8220;ASU&#160;2017-07&#8221;), was issued in March 2017. ASU 2017-07 requires that employers include the service cost component of net periodic benefit cost in the same line item as other employee compensation costs and all other components of net periodic benefit cost in a separate line item(s) in the statement of income. In addition, the line item in which the components of net periodic benefit cost other than the service cost are included shall be identified as such on the statement of income or in the notes to the financial statements. ASU 2017-07 is effective for annual periods, and interim periods within those annual periods, beginning after December&#160;15, 2017. The adoption of ASU 2017-07 is not expected to have a material impact on the Corporation&#8217;s consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Receivables - Nonrefundable Fees and Other Costs - Subtopic 310-20</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounting Standards Update No. 2017-08, &#8220;Premium Amortization on Purchased Callable Debt Securities&#8221; (&#8220;ASU&#160;2017-08&#8221;), was issued in March 2017. ASU 2017-08 shortens the amortization period for certain callable debt securities purchased at a premium by requiring that the premium be amortized to the earliest call date. Effective January 1, 2017, management early adopted the provisions of this ASU, as permitted. The adoption of ASU 2017-08 did not have a material impact on the Corporation&#8217;s consolidated financial statements.</font></div></div>
CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period.&#160;&#160;Actual results could differ from those estimates.</font></div></div>

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