2018 Q1 Form 10-Q Financial Statement

#000073746818000082 Filed on May 03, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $47.60M $43.19M
YoY Change 10.2% 31.0%
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 $1.075M $1.178M
YoY Change -8.74% -2.73%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $8.588M $6.985M
YoY Change 22.95% 33.45%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $20.47M $17.50M
YoY Change 16.92% 6.6%
Income Tax $4.254M $5.721M
% Of Pretax Income 20.79% 32.69%
Net Earnings $16.21M $11.78M
YoY Change 37.59% 7.75%
Net Earnings / Revenue 34.06% 27.28%
Basic Earnings Per Share $0.94 $0.68
Diluted Earnings Per Share $0.93 $0.68
COMMON SHARES
Basic Shares Outstanding 17.23M shares 17.19M shares
Diluted Shares Outstanding 17.35M shares 17.29M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $887.8M $883.4M
YoY Change 0.5% 68.18%
Cash & Equivalents $88.00M $114.0M
Short-Term Investments $799.8M $769.4M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $28.32M $28.85M
YoY Change -1.86% -3.44%
Goodwill $63.91M $64.06M
YoY Change -0.23% 0.0%
Intangibles $8.893M $9.898M
YoY Change -10.15% -11.13%
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 $4.566B $4.389B
YoY Change 4.05% 14.34%
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 $65.50M $54.00M
YoY Change 21.3% -19.88%
Total Long-Term Liabilities $88.20M $76.70M
YoY Change 14.99% -14.87%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $88.20M $76.70M
Total Liabilities $4.153B $3.991B
YoY Change 4.07% 15.45%
SHAREHOLDERS EQUITY
Retained Earnings $326.5M $299.6M
YoY Change 9.0% 7.83%
Common Stock $119.3M $117.3M
YoY Change 1.68% 4.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $413.1M $397.8M
YoY Change
Total Liabilities & Shareholders Equity $4.566B $4.389B
YoY Change 4.05% 14.34%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $16.21M $11.78M
YoY Change 37.59% 7.75%
Depreciation, Depletion And Amortization $1.075M $1.178M
YoY Change -8.74% -2.73%
Cash From Operating Activities $21.54M $16.88M
YoY Change 27.6% -26.99%
INVESTING ACTIVITIES
Capital Expenditures $811.0K $733.0K
YoY Change 10.64% -37.72%
Acquisitions
YoY Change
Other Investing Activities -$38.30M -$5.500M
YoY Change 596.36% -92.42%
Cash From Investing Activities -$39.09M -$6.230M
YoY Change 527.5% -91.55%
FINANCING ACTIVITIES
Cash Dividend Paid $6.739M $6.372M
YoY Change 5.76% 9.81%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $22.64M -$4.465M
YoY Change -606.97% -109.32%
NET CHANGE
Cash From Operating Activities $21.54M $16.88M
Cash From Investing Activities -$39.09M -$6.230M
Cash From Financing Activities $22.64M -$4.465M
Net Change In Cash $5.079M $6.183M
YoY Change -17.86% -326.15%
FREE CASH FLOW
Cash From Operating Activities $21.54M $16.88M
Capital Expenditures $811.0K $733.0K
Free Cash Flow $20.73M $16.15M
YoY Change 28.37% -26.41%

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HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsNetCarryingAmount
5192000 USD
CY2018Q1 us-gaap Held To Maturity Securities Debt Maturities After Ten Years Fair Value
HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsFairValue
1280000 USD
CY2018Q1 us-gaap Held To Maturity Securities Debt Maturities After Ten Years Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsNetCarryingAmount
1278000 USD
CY2018Q1 us-gaap Held To Maturity Securities Debt Maturities Within One Year Fair Value
HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearFairValue
1666000 USD
CY2018Q1 us-gaap Held To Maturity Securities Debt Maturities Within One Year Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearNetCarryingAmount
1663000 USD
CY2017Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
12721000 USD
CY2018Q1 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
11995000 USD
CY2017Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
34097000 USD
CY2018Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
20253000 USD
CY2017Q1 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
238000 USD
CY2018Q1 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
190000 USD
CY2017Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
20619000 USD
CY2018Q1 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
16517000 USD
CY2017Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
1129000 USD
CY2018Q1 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
278000 USD
CY2017Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
25903000 USD
CY2018Q1 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
17611000 USD
CY2017Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
14626000 USD
CY2018Q1 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
14389000 USD
CY2017Q4 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
14908000 USD
CY2018Q1 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
15387000 USD
CY2017Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
5993000 USD
CY2018Q1 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
2128000 USD
CY2017Q4 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
10995000 USD
CY2018Q1 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
2224000 USD
CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
17503000 USD
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
20465000 USD
CY2017Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5721000 USD
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4254000 USD
CY2017Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
566000 USD
CY2018Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
908000 USD
CY2017Q1 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
51819000 USD
CY2018Q1 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
13727000 USD
CY2017Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
724000 USD
CY2018Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
10973000 USD
CY2017Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-530000 USD
CY2018Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
6483000 USD
CY2017Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
9140000 USD
CY2018Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
8893000 USD
CY2017Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
35664000 USD
CY2018Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
40440000 USD
CY2017Q1 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
30352000 USD
CY2018Q1 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
34578000 USD
CY2017Q4 us-gaap Interest Bearing Deposit Liabilities
InterestBearingDepositLiabilities
2664297000 USD
CY2018Q1 us-gaap Interest Bearing Deposit Liabilities
InterestBearingDepositLiabilities
2654956000 USD
CY2017Q4 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
31900000 USD
CY2018Q1 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
28900000 USD
CY2017Q1 us-gaap Interest Expense
InterestExpense
6985000 USD
CY2018Q1 us-gaap Interest Expense
InterestExpense
8588000 USD
CY2017Q1 us-gaap Interest Expense Deposits
InterestExpenseDeposits
3502000 USD
CY2018Q1 us-gaap Interest Expense Deposits
InterestExpenseDeposits
4422000 USD
CY2017Q1 us-gaap Interest Expense Junior Subordinated Debentures
InterestExpenseJuniorSubordinatedDebentures
138000 USD
CY2018Q1 us-gaap Interest Expense Junior Subordinated Debentures
InterestExpenseJuniorSubordinatedDebentures
183000 USD
CY2017Q1 us-gaap Interest Expense Other
InterestExpenseOther
1000 USD
CY2018Q1 us-gaap Interest Expense Other
InterestExpenseOther
0 USD
CY2017Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
28279000 USD
CY2018Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
31852000 USD
CY2017Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
28679000 USD
CY2018Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
31852000 USD
CY2017Q1 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
112000 USD
CY2018Q1 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
23000 USD
CY2017Q1 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
4709000 USD
CY2018Q1 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
5118000 USD
CY2017Q1 us-gaap Interest Paid
InterestPaid
6985000 USD
CY2018Q1 us-gaap Interest Paid
InterestPaid
8047000 USD
CY2017Q1 us-gaap Investment Advisory Management And Administrative Fees
InvestmentAdvisoryManagementAndAdministrativeFees
9477000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
11755000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
16173000 USD
CY2017Q4 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
578410000 USD
CY2018Q1 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
601478000 USD
CY2017Q1 us-gaap Noninterest Expense
NoninterestExpense
25286000 USD
CY2018Q1 us-gaap Investment Advisory Management And Administrative Fees
InvestmentAdvisoryManagementAndAdministrativeFees
10273000 USD
CY2017Q4 us-gaap Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust
JuniorSubordinatedDebentureOwedToUnconsolidatedSubsidiaryTrust
22681000 USD
CY2018Q1 us-gaap Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust
JuniorSubordinatedDebentureOwedToUnconsolidatedSubsidiaryTrust
22681000 USD
CY2017Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
16917000 USD
CY2018Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
17772000 USD
CY2017Q4 us-gaap Liabilities
Liabilities
4116566000 USD
CY2018Q1 us-gaap Liabilities
Liabilities
4153245000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4529850000 USD
CY2018Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4566326000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
26004000 USD
CY2017Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
26446000 USD
CY2017Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
26488000 USD
CY2018Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
25864000 USD
CY2017Q4 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
3374071000 USD
CY2018Q1 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
3387406000 USD
CY2017Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
3347583000 USD
CY2018Q1 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
3361542000 USD
CY2017Q4 us-gaap Loans Held For Sale Fair Value Disclosure
LoansHeldForSaleFairValueDisclosure
26943000 USD
CY2017Q4 us-gaap Loans Held For Sale Fair Value Disclosure
LoansHeldForSaleFairValueDisclosure
26900000 USD
CY2018Q1 us-gaap Loans Held For Sale Fair Value Disclosure
LoansHeldForSaleFairValueDisclosure
17494000 USD
CY2018Q1 us-gaap Loans Held For Sale Fair Value Disclosure
LoansHeldForSaleFairValueDisclosure
17500000 USD
CY2017Q4 us-gaap Loans Pledged As Collateral
LoansPledgedAsCollateral
1600000000 USD
CY2018Q1 us-gaap Loans Pledged As Collateral
LoansPledgedAsCollateral
1900000000 USD
CY2017Q4 us-gaap Loans Receivable Held For Sale Amount
LoansReceivableHeldForSaleAmount
26400000 USD
CY2018Q1 us-gaap Loans Receivable Held For Sale Amount
LoansReceivableHeldForSaleAmount
17300000 USD
CY2017Q4 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group Mortgage
LoansReceivableHeldForSaleNetNotPartOfDisposalGroupMortgage
26943000 USD
CY2018Q1 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group Mortgage
LoansReceivableHeldForSaleNetNotPartOfDisposalGroupMortgage
19269000 USD
CY2017Q4 us-gaap Marketable Securities
MarketableSecurities
793495000 USD
CY2018Q1 us-gaap Marketable Securities
MarketableSecurities
799815000 USD
CY2017Q1 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
237000 USD
CY2018Q1 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
177000 USD
CY2017Q4 us-gaap Mortgage Loans In Process Of Foreclosure Amount
MortgageLoansInProcessOfForeclosureAmount
4400000 USD
CY2018Q1 us-gaap Mortgage Loans In Process Of Foreclosure Amount
MortgageLoansInProcessOfForeclosureAmount
4000000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4465000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
22636000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6230000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-39093000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
16878000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
21536000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
11782000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
16211000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11755000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
16173000 USD
CY2017Q4 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1100000 USD
CY2018Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1000000 USD
CY2017Q4 us-gaap Other Assets
OtherAssets
63740000 USD
CY2018Q1 us-gaap Other Assets
OtherAssets
81671000 USD
CY2017Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
0 USD
CY2018Q1 us-gaap Noninterest Expense
NoninterestExpense
27130000 USD
CY2017Q1 us-gaap Noninterest Income
NoninterestIncome
14510000 USD
CY2018Q1 us-gaap Noninterest Income
NoninterestIncome
15743000 USD
CY2017Q1 us-gaap Noninterest Income Other
NoninterestIncomeOther
324000 USD
CY2018Q1 us-gaap Noninterest Income Other
NoninterestIncomeOther
266000 USD
CY2017Q1 us-gaap Occupancy Net
OccupancyNet
1967000 USD
CY2018Q1 us-gaap Occupancy Net
OccupancyNet
2002000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
38400000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
2609000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2158000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2532000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2866000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3545000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
24651000 USD
CY2018Q1 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 Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
0 USD
CY2018Q1 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 Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
6000 USD
CY2018Q1 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
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
CY2018Q1 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
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
CY2018Q1 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
CY2017Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
636000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
-13613000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
401000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-10414000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
235000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
-3199000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
413000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-9702000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
1136000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-12109000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
162000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
1034000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
98000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
889000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
64000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
145000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
712000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-9165000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
338000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
470000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
213000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
360000 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
CY2018Q1 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 Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
125000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
110000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
0 USD
CY2018Q1 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 Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
0 USD
CY2018Q1 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 Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
0 USD
CY2018Q1 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 On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-136000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-231000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-86000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-177000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
-50000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
-54000 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
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
-476000 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
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-364000 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
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
-112000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
424000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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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 did not change the core principle for revenue recognition in Topic 606; instead, the amendments provided more detailed guidance in a few areas and additional implementation guidance and examples 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 were the same as those provided by ASU 2015-14. Management assembled a project team to address the changes pursuant to Topic 606. The project team completed a scope assessment and contract review for in-scope revenue streams. Washington Trust's largest source of revenue is net interest income on financial assets and liabilities, which was explicitly excluded from the scope of this ASU. Revenue streams that were within the scope of Topic 606 include wealth management revenues, service charges on deposit accounts and card interchange fees. Management adopted the provisions of ASU 2014-09 effective January&#160;1, 2018, using the modified retrospective transition method. The adoption did not have a material impact on the Corporation&#8217;s consolidated financial statements. See </font><font style="font-family:inherit;font-size:10pt;">Note 12</font><font style="font-family:inherit;font-size:10pt;"> for further details.</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 - Overall - 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 was effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Management adopted the provisions of ASU 2016-01 effective January&#160;1, 2018. The adoption did not 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. 2018-03, &#8220;Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities&#8221; (&#8220;ASU 2018-03&#8221;), was issued in February 2018 to clarify certain aspects of the guidance issued in ASU 2016-01. Companies, such as Washington Trust, were not required to adopt the provisions of ASU 2018-03 until the interim period beginning after June&#160;15, 2018. However, early adoption was permitted, as long as ASU 2016-01 provisions were adopted. Management early adopted the provisions of ASU 2018-03 effective January&#160;1, 2018. The adoption did not have an 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. In January 2018, Accounting Standards Update No. 2018-01, &#8220;Leases (Topic&#160;842): Land Easement Practical Expedient for Transition to Topic 842 was issued to address concerns about the costs and complexity of complying with the transition provisions of ASU 2016-02. Both ASU 2016-02 and ASU 2018-01 are effective 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 address the changes pursuant to Topic 842. The Corporation rents premises used in business operations under non-cancelable operating leases, which currently are not reflected in its Consolidated Balance Sheets. As disclosed in </font><font style="font-family:inherit;font-size:10pt;">Note 18</font><font style="font-family:inherit;font-size:10pt;">, the Corporation was committed to </font><font style="font-family:inherit;font-size:10pt;">$38.4 million</font><font style="font-family:inherit;font-size:10pt;"> of future minimum lease payments under these non-cancelable operating leases. Upon adoption of ASU 2016-02 on January&#160;1, 2019, the Corporation expects to report increased assets and liabilities as a result of recognizing right-of-use assets and lease liabilities in its Consolidated Balance Sheets. The Corporation does not expect a material change to the timing of expense recognition in the Consolidated Statements of Income.</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 - 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, with early adoption permitted in 2019. Washington Trust is evaluating the effect that this ASU will have on consolidated financial statements and disclosures. Management has assembled a project team that meets regularly to evaluate the provisions of this ASU and to address the additional data requirements necessary and the approach for implementation. The Corporation does not plan to early adopt ASU 2016-13 and it has not yet determined 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 was effective for annual periods, and interim periods within those annual periods, beginning after December&#160;15, 2017. Management adopted the provisions of ASU 2016-15 effective January&#160;1, 2018. The adoption did not 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 was effective for annual periods, and interim periods within those annual periods, beginning after December&#160;15, 2017. Management adopted the provisions of ASU 2016-18 effective January&#160;1, 2018. The adoption did not 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 was effective for annual periods, and interim periods within those annual periods, beginning after December&#160;15, 2017 requiring retrospective application for all periods presented. Management adopted the provisions of ASU 2017-07 effective January 1, 2018, utilizing the practical expedient that permitted employers to use the amounts previously disclosed in notes to financial statements as an estimation basis for applying the retrospective application requirements. The adoption of ASU 2017-07 resulted in an increase in salaries and employee benefits, a decrease</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font><font style="font-family:inherit;font-size:10pt;">in other expenses and no change to net income. The adoption did not have a material impact on the Corporation&#8217;s consolidated financial statements. See </font><font style="font-family:inherit;font-size:10pt;">Note 13</font><font style="font-family:inherit;font-size:10pt;"> for further details.</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 - 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. 2017-09, &#8220;Scope of Modification Accounting&#8221; (&#8220;ASU&#160;2017-09&#8221;), was issued in May 2017 to provide clarity when applying the guidance in Topic 718 to a change to the terms or conditions of a share-based payment award. ASU 2017-09 was effective for annual periods, and interim periods within those annual periods, beginning after December&#160;15,&#160;2017 with provisions applied on a prospective basis.&#160; Management adopted the provisions of ASU 2017-09 effective January&#160;1, 2018. The adoption did not 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;">Derivatives and Hedging - Topic 815</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. 2017-12, &#8220;Targeted Improvements to Accounting for Hedging Activities&#8221; (&#8220;ASU&#160;2017-12&#8221;), was issued in August 2017 to better align financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, with early adoption, including adoption in an interim period, permitted. The provisions of ASU 2017-12 should be applied on a modified retrospective transition method in which the Corporation will recognize the cumulative effect of the change in the opening balance of retained earnings as of the adoption date. The Corporation has not yet determined the impact ASU 2017-12 will have on its consolidated financial statements.</font></div></div>
CY2018Q1 us-gaap Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
<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;font-weight:bold;">Accounting Policy Updates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Corporation adopted Topic 606 &#8220;Revenue from Contracts with Customers&#8221; effective January 1, 2018 and has applied the guidance to all contracts within the scope of Topic 606 as of that date. As a result, the Corporation has modified its accounting policy for revenue recognition as detailed in this footnote.</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;">As discussed in </font><font style="font-family:inherit;font-size:10pt;">Note 2</font><font style="font-family:inherit;font-size:10pt;">, the Corporation applied Topic 606 using the modified retrospective method, therefore, the prior period comparative information has not been adjusted and continues to be reported under Topic 605. There was no cumulative effect adjustment as of January&#160;1, 2018, and there were no material changes to our consolidated financial statements at or for the three months ended March 31, 2018, as a result of adopting Topic 606.</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;">The Corporation applied the practical expedient pertaining to contracts with original expected duration of one year or less and does not disclose information about remaining performance obligations on such contracts.</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;">The Corporation also applied the practical expedient pertaining to contracts for which, at contract inception, the period between when the entity transfers the services and when the customer pays for those services will be one year or less. As such, the Corporation does not adjust the consideration from customers for the effects of a significant financing component.</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;">A substantial portion of the Corporation&#8217;s revenue is specifically excluded from the scope of Topic 606. For the revenue that is within scope of Topic 606, the following is a description of principal activities from which the Corporation generates its revenue from contracts with customers, separated by the timing of revenue recognition.</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;text-decoration:underline;">Revenue Recognized at a Point in Time</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Corporation recognizes revenue that is transactional in nature and such revenue is earned at a point in time. Revenue that is recognized at a point in time includes card interchange fees (fee income related to debit card transactions), ATM fees, wire transfer fees, overdraft charge fees, and stop-payment and returned check fees. Such revenue is derived from transactional information and is recognized as revenue immediately as the transactions occur or upon providing the service to complete the customer&#8217;s transaction.</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;text-decoration:underline;">Revenue Recognized Over Time</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Corporation recognizes revenue over a period of time, generally monthly, as services are performed and performance obligations are satisfied. Such revenue includes wealth management revenues and service charges on deposit accounts. Wealth management revenues are categorized as either asset-based revenues or transaction-based revenues. Asset-based revenues include trust and investment management fees that are earned based upon a percentage of asset values under administration. Transaction-based revenues include financial planning fees, tax preparation fees, commissions and other service fees. Fee revenue from service charges on deposit accounts represent the service charges assessed to customer who hold deposit accounts at the Bank.</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;text-decoration:underline;">Costs of Obtaining Revenue from Contracts with Customers</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Corporation pays commissions and incentives to its employees in accordance with certain employment arrangements and incentive plans. For commissions and incentives that are excluded from the scope of Topic 606, such as those paid to mortgage originator employees, the Corporation expenses these costs when incurred or applies the guidance in ASC Topic 310. For commissions and incentives that are in-scope of Topic 606, such as those paid to employees in our wealth management services and commercial banking segments in order to obtain customer contracts, contract cost assets are established. The contract cost assets are capitalized and amortized over the estimated useful life that the asset is expected to generate benefits. The amortization of the contract cost asset is recorded within salaries and employee benefits expense.</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>
CY2018Q1 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 style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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