XML 112 R27.htm IDEA: XBRL DOCUMENT v3.3.0.814
Sale of Business Line
9 Months Ended
Sep. 30, 2015
Sale of Business Line [Abstract]  
Sale of Business Line
Sale of Business Line
On March 1, 2014, the Corporation sold its merchant processing service business line to a third party. The sale resulted in a net gain of $6.3 million; after-tax $4.0 million, or 24 cents per diluted share.  In connection with the sale, Washington Trust incurred divestiture related costs of $355 thousand; after-tax $227 thousand, or 1 cent per diluted share, which were also recognized in the first quarter of 2014. The net proceeds received from the sale totaled $7.2 million, including $900 thousand of deferred revenue that can be earned over a 5-year period by providing business referrals to the buyer. As of September 30, 2015, $612 thousand of deferred revenue remained to be earned under this arrangement.