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Revenue from contracts with customers
12 Months Ended
Dec. 31, 2021
Revenue From Contract With Customer [Abstract]  
Revenue from contracts with customers

11.    Revenue from contracts with customers

The Company generally charges customer accounts or otherwise bills customers upon completion of its services.  Typically the Company’s contracts with customers have a duration of one year or less and payment for services is received at least annually, but oftentimes more frequently as services are provided.  At December 31, 2021 and 2020, the Company had $68 million and $67 million, respectively, of amounts receivable related to recognized revenue from the sources in the accompanying tables.  Such amounts are classified in “accrued interest and other assets” in the consolidated balance sheet.  In certain situations the Company is paid in advance of providing services and defers the recognition of revenue until its service obligation is satisfied.  At December 31, 2021 and 2020, the Company had deferred revenue of $45 million and $42 million, respectively, related to the sources in the accompanying tables recorded in “accrued interest and other liabilities” in the consolidated balance sheet.  The following tables summarize sources of the Company’s noninterest income during 2021, 2020, and 2019 that are subject to the revenue recognition guidance.

 

 

 

Business Banking

 

 

Commercial Banking

 

 

Commercial Real Estate

 

 

Discretionary Portfolio

 

 

Residential Mortgage Banking

 

 

Retail Banking

 

 

All Other

 

 

Total

 

Year Ended December 31, 2021

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classification in consolidated

   statement  of income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

$

53,816

 

 

 

98,880

 

 

 

11,853

 

 

 

 

 

 

 

 

 

232,279

 

 

 

5,285

 

 

$

402,113

 

Trust income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

644,716

 

 

 

644,716

 

Brokerage services income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62,791

 

 

 

62,791

 

Other revenues from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchant discount and credit card

    fees

 

 

52,343

 

 

 

55,164

 

 

 

2,661

 

 

 

 

 

 

 

 

 

20,850

 

 

 

387

 

 

 

131,405

 

Other

 

 

 

 

 

5,968

 

 

 

7,304

 

 

 

1,359

 

 

 

6,166

 

 

 

22,878

 

 

 

39,973

 

 

 

83,648

 

 

 

$

106,159

 

 

 

160,012

 

 

 

21,818

 

 

 

1,359

 

 

 

6,166

 

 

 

276,007

 

 

 

753,152

 

 

$

1,324,673

 

Year Ended December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classification in consolidated

   statement of income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

$

50,119

 

 

 

92,720

 

 

 

10,252

 

 

 

 

 

 

 

 

 

211,858

 

 

 

5,839

 

 

$

370,788

 

Trust income

 

 

18

 

 

 

442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

601,424

 

 

 

601,884

 

Brokerage services income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,428

 

 

 

47,428

 

Other revenues from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchant discount and credit card

    fees

 

 

40,475

 

 

 

45,528

 

 

 

2,221

 

 

 

 

 

 

 

 

 

13,481

 

 

 

767

 

 

 

102,472

 

Other

 

 

 

 

 

9,408

 

 

 

6,218

 

 

 

1,625

 

 

 

4,732

 

 

 

20,813

 

 

 

41,815

 

 

 

84,611

 

 

 

$

90,612

 

 

 

148,098

 

 

 

18,691

 

 

 

1,625

 

 

 

4,732

 

 

 

246,152

 

 

 

697,273

 

 

$

1,207,183

 

Year Ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classification in consolidated

   statement of income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

$

60,690

 

 

 

93,044

 

 

 

9,828

 

 

 

 

 

 

4

 

 

 

263,659

 

 

 

5,753

 

 

$

432,978

 

Trust income

 

 

31

 

 

 

963

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

571,614

 

 

 

572,608

 

Brokerage services income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,922

 

 

 

48,922

 

Other revenues from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchant discount and credit card

    fees

 

 

36,844

 

 

 

52,161

 

 

 

2,516

 

 

 

 

 

 

 

 

 

12,140

 

 

 

3,381

 

 

 

107,042

 

Other

 

 

 

 

 

7,498

 

 

 

8,615

 

 

 

1,776

 

 

 

3,492

 

 

 

36,144

 

 

 

34,088

 

 

 

91,613

 

 

 

$

97,565

 

 

 

153,666

 

 

 

20,959

 

 

 

1,776

 

 

 

3,496

 

 

 

311,943

 

 

 

663,758

 

 

$

1,253,163

 

 

 

Service charges on deposit accounts include fees deducted directly from customer account balances, such as account maintenance, insufficient funds and other transactional service charges, and also include debit card interchange revenue resulting from customer initiated transactions.  Account maintenance charges are generally recognized as revenue on a monthly basis, whereas other fees are recognized after the respective service is provided.

Trust income includes fees related to the Institutional Client Services (“ICS”) business and the Wealth Advisory Services (“WAS”) business.  Revenues from the ICS business are largely derived from a variety of trustee, agency, investment, cash management and administrative services, whereas revenues from the WAS business are mainly derived from asset management, fiduciary services, and family office services.  Trust fees may be billed in arrears or in advance and are recognized as revenues as the Company’s performance obligations are satisfied.  Certain fees are based on a percentage of assets invested or under management and are recognized as the service is performed and constraints regarding the uncertainty of the amount of fees are resolved.

 

Brokerage services income includes revenues from the sale of mutual funds and annuities and securities brokerage fees.  Such revenues are generally recognized at the time of transaction execution.  Mutual fund and other distribution fees are recognized upon initial placement of customer funds as well as in future periods as such customers continue to hold amounts in those mutual funds.  

 

Other revenues from operations include merchant discount and credit card fees that are generally recognized when the cardholder’s transaction is approved and settled. Also included in other revenues from operations are insurance commissions, ATM surcharge fees, and advisory fees.  Insurance commissions are recognized at the time the insurance policy is executed with the customer.  Insurance renewal commissions are recognized upon subsequent renewal of the policy.  ATM surcharge fees are included in revenue at the time of the respective ATM transaction.  Advisory fees are generally recognized at the conclusion of the advisory engagement when the Company has satisfied its service obligation.