Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

The following table summarizes total revenues as presented in the 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.

Years ended December 31,	2021		2020		2019
(Dollars in thousands)	Revenue (1)	ASC 606 Revenue (2)	Revenue (1)	ASC 606 Revenue (2)	Revenue (1)	ASC 606 Revenue (2)
Net interest income	$141,435	$—	$127,444	$—	$133,414	$—
Noninterest income:
Asset-based wealth management revenues	40,215	40,215	34,363	34,363	35,806	35,806
Transaction-based wealth management revenues	1,067	1,067	1,091	1,091	1,042	1,042
Total wealth management revenues	41,282	41,282	35,454	35,454	36,848	36,848
Mortgage banking revenues	28,626	—	47,377	—	14,795	—
Card interchange fees	4,996	4,996	4,287	4,287	4,214	4,214
Service charges on deposit accounts	2,683	2,683	2,742	2,742	3,684	3,684
Loan related derivative income	4,342	—	3,991	—	3,993	—
Income from bank-owned life insurance	2,925	—	2,491	—	2,354	—
Net realized losses on securities	—	—	—	—	(53)	—
Other income	2,540	2,148	3,100	2,669	1,245	1,184
Total noninterest income	87,394	51,109	99,442	45,152	67,080	45,930
Total revenues	$228,829	$51,109	$226,886	$45,152	$200,494	$45,930

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

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

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

(Dollars in thousands)
Years ended December 31,	2021	2020	2019
Revenue recognized at a point in time:
Card interchange fees	$4,996	$4,287	$4,214
Service charges on deposit accounts	2,136	2,103	2,850
Other income	1,931	2,494	989
Revenue recognized over time:
Wealth management revenues	41,282	35,454	36,848
Service charges on deposit accounts	547	639	834
Other income	217	175	195
Total revenues from contracts in scope of ASC 606	$51,109	$45,152	$45,930

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 $6.6 million and $4.8 million, respectively, at December 31, 2021 and 2020 and were included in other assets in the Consolidated Balance Sheets.

Deferred revenues, which are considered contract liabilities under ASC 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 December 31, 2021 and 2020 and were included in other liabilities in the Consolidated Balance Sheets.

For commissions and incentives that are in scope of ASC 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 $1.9 million and $1.5 million, respectively, at December 31, 2021 and 2020 and were included in other assets in the Consolidated Balance Sheets. The amortization of contract cost assets is recorded within salaries and employee benefits expense Consolidated Statements of Income.