Revenue from Contracts with Customers |
Note 8 — Revenue from Contracts with Customers All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within noninterest income. The following table presents the Company’s gross sources of noninterest income for the three and six months ended June 30, 2023 and 2022. | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2023 | | 2022 | | 2023 | | 2022 | | Noninterest Income | | | | | | | | | | | | | | Service charges on deposit accounts | | $ | | | $ | | | | | | | | | Overdraft fees | | | 107 | | | 72 | | $ | 188 | | $ | 146 | | Other | | | 98 | | | 89 | | | 190 | | | 183 | | Trust income | | | 1,265 | | | 1,223 | | | 2,441 | | | 2,393 | | Investment advisory income | | | 1,289 | | | 1,099 | | | 2,486 | | | 2,300 | | Investment securities gains (losses)(a) | | | — | | | — | | | 107 | | | — | | Earnings on bank owned life insurance(a) | | | 244 | | | 236 | | | 482 | | | 469 | | Other(b) | | | 283 | | | 258 | | | 562 | | | 491 | | Total Noninterest Income | | $ | 3,286 | | $ | 2,977 | | $ | 6,456 | | $ | 5,982 | |
(a) | Not within the scope of ASC 606. |
(b) | The Other category includes safe deposit income, checkbook fees, and debit card fee income, totaling $235 and $222 for the three months ended June 30, 2023 and 2022, respectively, and $467 and $413 for the six months ended June 30, 2023 and 2022, that are within the scope of ASC 606 and loan related fee income and miscellaneous income, totaling $48 and $35 for the three months ended June 30, 2023 and 2022, respectively, and the $95 and $78 for the six months ended June 30, 2023 and 2022 which are outside the scope of ASC 606. |
The Company earns wealth management fees, which includes trust income and investment advisory income, from its contracts with trust and brokerage customers to manage assets for investment, and/or to transact on their accounts. These fees are primarily earned over time as the Company provides the contracted services and are generally assessed based on a tiered scale of the market value of the assets under management at month-end or quarter-end.
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