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Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2023
Revenue Recognition [Abstract]  
Summary of Revenue Recognition

The following table summarizes the point of revenue recognition and the income recognized for each of the revenue streams for the three and nine months ended September 30, 2023 and 2022, respectively:

 

 

 

Point of Revenue

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

(unaudited, in thousands)

 

Recognition

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue Streams

 

 

 

 

 

 

 

 

 

 

Trust fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust account fees

 

Over time

 

$

4,751

 

 

$

4,456

 

 

$

15,365

 

 

$

14,413

 

WesMark fees

 

Over time

 

 

1,954

 

 

 

2,061

 

 

 

5,751

 

 

 

6,466

 

Total trust fees

 

 

 

 

6,705

 

 

 

6,517

 

 

 

21,116

 

 

 

20,879

 

Service charges on deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial banking fees

 

Over time

 

 

756

 

 

 

606

 

 

 

2,015

 

 

 

1,776

 

Personal service charges

 

At a point in time and over time

 

 

5,970

 

 

 

6,336

 

 

 

17,113

 

 

 

17,744

 

Total service charges on deposits

 

 

 

 

6,726

 

 

 

6,942

 

 

 

19,128

 

 

 

19,520

 

Net securities brokerage revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annuity commissions

 

At a point in time

 

 

1,804

 

 

 

1,932

 

 

 

5,689

 

 

 

5,193

 

Equity and debt security trades

 

At a point in time

 

 

54

 

 

 

29

 

 

 

203

 

 

 

94

 

Managed money

 

Over time

 

 

275

 

 

 

290

 

 

 

842

 

 

 

944

 

Trail commissions

 

Over time

 

 

261

 

 

 

240

 

 

 

758

 

 

 

738

 

Total net securities brokerage revenue

 

 

 

 

2,394

 

 

2,491

 

 

 

7,492

 

 

 

6,969

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment processing fees (1)

 

At a point in time and over time

 

 

939

 

 

 

818

 

 

 

2,761

 

 

 

2,436

 

Electronic banking fees

 

At a point in time

 

 

4,949

 

 

 

4,808

 

 

 

14,564

 

 

 

15,307

 

Net swap fee and valuation income (2)

 

At a point in time

 

 

3,845

 

 

 

2,430

 

 

 

7,257

 

 

 

6,053

 

Mortgage banking income

 

At a point in time

 

 

975

 

 

 

1,257

 

 

 

2,002

 

 

 

4,508

 

Net (loss) gain on other real estate owned and other assets (3)

 

At a point in time and over time

 

 

(28

)

 

 

2,040

 

 

 

1,075

 

 

 

(68

)

 

(1)
Included in other non-interest income.
(2)
The portion of this line item relating to the change in the fair value of the underlying swaps is not within the scope of ASC 606, and totaled gains of $1.4 million and $0.8 million for the three months ended September 30, 2023 and 2022, respectively, and gains of $0.5 million and $3.4 million for the nine months ended September 30, 2023 and 2022, respectively.
(3)
The portion of this line item relating to the change in the fair value of the underlying investments funded by Wesbanco CDC is not within the scope of ASC 606, and totaled gains of $0.1 million and $1.5 million for the three months ended September 30, 2023 and 2022, respectively, and gains (losses) of $0.1 million and ($1.0) million for the nine months ended September 30, 2023 and 2022, respectively.