Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 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 September 30,	2021		2020
(Dollars in thousands)	Revenue (1)	ASC 606 Revenue (2)	Revenue (1)	ASC 606 Revenue (2)
Net interest income	$36,070	$—	$31,654	$—
Noninterest income:
Asset-based wealth management revenues	10,224	10,224	8,786	8,786
Transaction-based wealth management revenues	231	231	168	168
Total wealth management revenues	10,455	10,455	8,954	8,954
Mortgage banking revenues	6,373	—	12,353	—
Card interchange fees	1,265	1,265	1,161	1,161
Service charges on deposit accounts	673	673	598	598
Loan related derivative income	728	—	1,264	—
Income from bank-owned life insurance	618	—	567	—
Other income	408	310	571	491
Total noninterest income	20,520	12,703	25,468	11,204
Total revenues	$56,590	$12,703	$57,122	$11,204

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

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

For the nine months ended September 30,	2021		2020
(Dollars in thousands)	Revenue (1)	ASC 606 Revenue (2)	Revenue (1)	ASC 606 Revenue (2)
Net interest income	$103,695	$—	$95,201	$—
Noninterest income:
Asset-based wealth management revenues	29,798	29,798	25,297	25,297
Transaction-based wealth management revenues	980	980	951	951
Total wealth management revenues	30,778	30,778	26,248	26,248
Mortgage banking revenues	24,294	—	33,300	—
Card interchange fees	3,714	3,714	3,139	3,139
Service charges on deposit accounts	1,917	1,917	1,975	1,975
Loan related derivative income	2,370	—	3,818	—
Income from bank-owned life insurance	1,781	—	1,922	—
Other income	2,233	1,834	1,313	1,026
Total noninterest income	67,087	38,243	71,715	32,388
Total revenues	$170,782	$38,243	$166,916	$32,388

(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		Nine Months
Periods ended September 30,	2021	2020	2021	2020
Revenue recognized at a point in time:
Card interchange fees	$1,265	$1,161	$3,714	$3,139
Service charges on deposit accounts	531	447	1,516	1,488
Other income	247	441	1,678	895
Revenue recognized over time:
Wealth management revenues	10,455	8,954	30,778	26,248
Service charges on deposit accounts	142	151	401	487
Other income	63	50	156	131
Total revenues from contracts in scope of Topic 606	$12,703	$11,204	$38,243	$32,388