Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

The following tables summarize total revenues as presented in the Unaudited Consolidated Statements of Income and the related amounts which are from contracts with customers within the scope of Topic 606. As shown below, a substantial portion of our revenues are specifically excluded from the scope of Topic 606.



For the three months ended September 30,	2019				2018
(Dollars in thousands)	As reported in Consolidated Statements of Income		Revenue from contracts in scope of Topic 606		As reported in Consolidated Statements of Income		Revenue from contracts in scope of Topic 606
Net interest income		$32,978		$—		$33,449		$—
Noninterest income:
Asset-based wealth management revenues	9,013		9,013		9,322		9,322
Transaction-based wealth management revenues	140		140		132		132
Total wealth management revenues	9,153		9,153		9,454		9,454
Mortgage banking revenues	4,840		—		2,624		—
Card interchange fees	1,099		1,099		983		983
Service charges on deposit accounts	939		939		885		885
Loan related derivative income	1,407		—		278		—
Income from bank-owned life insurance	569		—		572		—
Net realized losses on securities	—		—		—		—
Other income	335		323		419		419
Total noninterest income	18,342		11,514		15,215		11,741
Total revenues		$51,320		$11,514		$48,664		$11,741



For the nine months ended September 30,	2019					2018
(Dollars in thousands)	As reported in Consolidated Statements of Income			Revenue from contracts in scope of Topic 606		As reported in Consolidated Statements of Income		Revenue from contracts in scope of Topic 606
Net interest income		$101,420			$—		$98,412		$—
Noninterest income:
Asset-based wealth management revenues	27,075			27,075		28,413		28,413
Transaction-based wealth management revenues	879			879		916		916
Total wealth management revenues	27,954			27,954		29,329		29,329
Mortgage banking revenues	11,126			—		8,403		—
Card interchange fees	3,114			3,114		2,791		2,791
Service charges on deposit accounts	2,743			2,743		2,651		2,651
Loan related derivative income	2,877			—		1,087		—
Income from bank-owned life insurance	1,784			—		1,624		—
Net realized losses on securities	(80		)	—		—		—
Other income	944			917		1,066		1,051
Total noninterest income	50,462			34,728		46,951		35,822
Total revenues		$151,882			$34,728		$145,363		$35,822

The following table presents revenue from contracts with customers based on the timing of revenue recognition:



(Dollars in thousands)	Three Months				Nine Months
Periods ended September 30,	2019		2018		2019		2018
Revenue recognized at a point in time:
Card interchange fees		$1,099		$983		$3,114		$2,791
Service charges on deposit accounts	728		670		2,109		2,045
Other income	268		258		771		732
Revenue recognized over time:
Wealth management revenues	9,153		9,454		27,954		29,329
Service charges on deposit accounts	211		215		634		606
Other income	55		161		146		319
Total revenues from contracts in scope of Topic 606		$11,514		$11,741		$34,728		$35,822

Receivables primarily consist of amounts due from customers for wealth management services performed for which the Corporation’s performance obligations have been fully satisfied. Receivables amounted to $4.8 million at both September 30, 2019 and December 31, 2018 and were included in other assets in the Unaudited Consolidated Balance Sheets.

Deferred revenues, which are considered contract liabilities under Topic 606, represent advance consideration received from customers for which the Corporation has a remaining performance obligation to fulfill. Contract liabilities are recognized as revenue over the life of the contract as the performance obligations are satisfied. The balances of contract liabilities were insignificant at both September 30, 2019 and December 31, 2018 and were included in other liabilities in the Unaudited Consolidated Balance Sheets.

For commissions and incentives that are in-scope of Topic 606, such as those paid to employees in our wealth management services and commercial banking segments in order to obtain customer contracts, contract cost assets are established. The contract cost assets are capitalized and amortized over the estimated useful life that the asset is expected to generate benefits. The carrying value of contract cost assets amounted to $683 thousand at September 30, 2019, compared to $458 thousand at December 31, 2018 and were included in other assets in the Unaudited Consolidated Balance Sheets.