Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

Revenue is recognized as the obligation to the customer is satisfied. The following is detail of the Company’s revenue from contracts with clients.

Processing fees – The Company earns fees on a per-item or monthly basis for the invoice processing services rendered on behalf of customers. Per-item fees are recognized at the point in time when the performance obligation is satisfied. Monthly fees are earned over the course of a month, representing the period over which the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components.

Financial fees – The Company earns fees on a transaction level basis for invoice payment services when making customer payments. Fees are recognized at the point in time when the payment transactions are made, which is when the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components.

Bank service fees – Revenue from service fees consists of service charges and fees on deposit accounts under depository agreements with customers to provide access to deposited funds. Service charges on deposit accounts are transaction-based fees that are recognized at the point in time when the performance obligation is satisfied. The contracts have no significant impact of variable consideration and no significant financing components.

The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope for the years ended December 31, 2023, 2022 and 2021.

	For the Years Ended December 31,
(In thousands)	2023		2022		2021
Fee revenue and other income
In-scope of ASC 606
Processing fees	$	79,566	$	76,470	$	74,589
Financial fees	45,985		43,757		32,733
Information services payment and processing revenue	125,551		120,227		107,322
Bank service fees	1,063		1,430		1,369
Fee revenue (in-scope of ASC 606)	126,614		121,657		108,691
Other income (out-of-scope of ASC 606)	3,853		3,325		1,000
Total fee revenue and other income	$	130,467	$	124,982	$	109,691