Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 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 June 30,	2021		2020
(Dollars in thousands)	Revenue (1)	ASC 606 Revenue (2)	Revenue (1)	ASC 606 Revenue (2)
Net interest income	$34,754	$—	$30,945	$—
Noninterest income:
Asset-based wealth management revenues	9,991	9,991	8,156	8,156
Transaction-based wealth management revenues	437	437	449	449
Total wealth management revenues	10,428	10,428	8,605	8,605
Mortgage banking revenues	5,994	—	14,851	—
Card interchange fees	1,316	1,316	1,031	1,031
Service charges on deposit accounts	635	635	517	517
Loan related derivative income	1,175	—	99	—
Income from bank-owned life insurance	607	—	791	—
Other income	438	279	426	288
Total noninterest income	20,593	12,658	26,320	10,441
Total revenues	$55,347	$12,658	$57,265	$10,441

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

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

For the six months ended June 30,	2021		2020
(Dollars in thousands)	Revenue (1)	ASC 606 Revenue (2)	Revenue (1)	ASC 606 Revenue (2)
Net interest income	$67,625	$—	$63,547	$—
Noninterest income:
Asset-based wealth management revenues	19,574	19,574	16,511	16,511
Transaction-based wealth management revenues	749	749	783	783
Total wealth management revenues	20,323	20,323	17,294	17,294
Mortgage banking revenues	17,921	—	20,947	—
Card interchange fees	2,449	2,449	1,978	1,978
Service charges on deposit accounts	1,244	1,244	1,377	1,377
Loan related derivative income	1,642	—	2,554	—
Income from bank-owned life insurance	1,163	—	1,355	—
Other income	1,825	1,524	742	535
Total noninterest income	46,567	25,540	46,247	21,184
Total revenues	$114,192	$25,540	$109,794	$21,184

(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		Six Months
Periods ended June 30,	2021	2020	2021	2020
Revenue recognized at a point in time:
Card interchange fees	$1,316	$1,031	$2,449	$1,978
Service charges on deposit accounts	504	374	985	1,041
Other income	228	254	1,431	454
Revenue recognized over time:
Wealth management revenues	10,428	8,605	20,323	17,294
Service charges on deposit accounts	131	143	259	336
Other income	51	34	93	81
Total revenues from contracts in scope of Topic 606	$12,658	$10,441	$25,540	$21,184