Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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

For the three months ended March 31,	2021		2020
(Dollars in thousands)	Revenue (1)	ASC 606 Revenue (2)	Revenue (1)	ASC 606 Revenue (2)
Net interest income	$32,871	$—	$32,602	$—
Noninterest income:
Asset-based wealth management revenues	9,583	9,583	8,355	8,355
Transaction-based wealth management revenues	312	312	334	334
Total wealth management revenues	9,895	9,895	8,689	8,689
Mortgage banking revenues	11,927	—	6,096	—
Card interchange fees	1,133	1,133	947	947
Service charges on deposit accounts	609	609	860	860
Loan related derivative income	467	—	2,455	—
Income from bank-owned life insurance	556	—	564	—
Other income	1,387	1,245	316	247
Total noninterest income	25,974	12,882	19,927	10,743
Total revenues	$58,845	$12,882	$52,529	$10,743

(1)As reported in the Consolidated Statements of Income.

(2)Revenue from contracts with customers in scope of ASC 606.

The Corporation recognizes revenue that is transactional in nature and such revenue is earned at a point in time. Revenue that is recognized at a point in time includes card interchange fees (fee income related to debit card transactions), automated teller machine (“ATM”) fees, wire transfer fees, overdraft charge fees, and stop-payment and returned check fees. Such revenue is derived from transactional information and is recognized as revenue immediately as the transactions occur or upon providing the service to complete the customer’s transaction.

The Corporation recognizes revenue over a period of time, generally monthly, as services are performed and performance obligations are satisfied. Such revenue includes wealth management revenues and service charges on deposit accounts. Wealth management revenues are categorized as either asset-based revenues or transaction-based revenues. Asset-based revenues include trust and investment management fees that are earned based upon a percentage of asset values under administration. Transaction-based revenues include tax preparation fees, commissions and other service fees. Fee revenue from service charges on deposit accounts represent service charges assessed to customers who hold deposit accounts at the Bank.

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

(Dollars in thousands)
Three months ended March 31,	2021	2020
Revenue recognized at a point in time:
Card interchange fees	$1,133	$947
Service charges on deposit accounts	481	667
Other income	1,203	200
Revenue recognized over time:
Wealth management revenues	9,895	8,689
Service charges on deposit accounts	128	193
Other income	42	47
Total revenues from contracts in scope of Topic 606	$12,882	$10,743