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Revenue Recognition (Tables)
 6 Months Ended
Jun. 30, 2024
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 six months ended June 30, 2024 and 2023, respectively:

 

 

 

Point of Revenue

 

For the Three Months
Ended June 30,

 

 

For the Six Months
Ended June 30,

 

(unaudited, in thousands)

 

Recognition

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue Streams

 

 

 

 

 

 

 

 

 

 

Trust fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust account fees

 

Over time

 

$

5,305

 

 

$

5,009

 

 

$

11,405

 

 

$

10,614

 

WesMark fees

 

Over time

 

 

1,998

 

 

 

1,909

 

 

 

3,980

 

 

 

3,798

 

Total trust fees

 

 

 

 

7,303

 

 

 

6,918

 

 

 

15,385

 

 

 

14,412

 

Service charges on deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial banking fees

 

Over time

 

 

1,297

 

 

 

650

 

 

 

2,485

 

 

 

1,259

 

Personal service charges

 

At a point in time and over time

 

 

5,814

 

 

 

5,582

 

 

 

11,410

 

 

 

11,142

 

Total service charges on deposits

 

 

 

 

7,111

 

 

 

6,232

 

 

 

13,895

 

 

 

12,401

 

Net securities brokerage revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annuity commissions

 

At a point in time

 

 

1,978

 

 

 

1,840

 

 

 

3,950

 

 

 

3,885

 

Equity and debt security trades

 

At a point in time

 

 

70

 

 

 

149

 

 

 

150

 

 

 

149

 

Managed money

 

Over time

 

 

272

 

 

 

284

 

 

 

526

 

 

 

567

 

Trail commissions

 

Over time

 

 

281

 

 

 

250

 

 

 

523

 

 

 

497

 

Total net securities brokerage revenue

 

 

 

 

2,601

 

 

2,523

 

 

 

5,149

 

 

 

5,098

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment processing fees (1)

 

At a point in time and over time

 

 

906

 

 

 

951

 

 

 

1,734

 

 

 

1,822

 

Digital banking income

 

At a point in time

 

 

5,040

 

 

 

5,010

 

 

 

9,745

 

 

 

9,615

 

Net swap fee and valuation income (2)

 

At a point in time

 

 

1,776

 

 

 

2,612

 

 

 

3,339

 

 

 

3,411

 

Mortgage banking income

 

At a point in time

 

 

1,069

 

 

 

601

 

 

 

1,762

 

 

 

1,027

 

Net gain on other real estate owned and other assets

 

At a point in time and over time

 

 

34

 

 

 

871

 

 

 

188

 

 

 

1,104

 

 

(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. Fair value adjustments were immaterial for the three months ended June 30, 2024 and $0.2 million for the three months ended June 30, 2023. Fair value adjustments were $0.8 million and ($0.9) million for the six months ended June 30, 2024 and 2023, respectively.