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Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
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, 20222021
(Dollars in thousands)
Revenue (1)
ASC 606 Revenue (2)
Revenue (1)
ASC 606 Revenue (2)
Net interest income$37,515 $— $34,754 $— 
Noninterest income:
Asset-based wealth management revenues
9,641 9,641 9,991 9,991 
Transaction-based wealth management revenues
425 425 437 437 
Total wealth management revenues
10,066 10,066 10,428 10,428 
Mortgage banking revenues
2,082 — 5,994 — 
Card interchange fees
1,303 1,303 1,316 1,316 
Service charges on deposit accounts
763 763 635 635 
Loan related derivative income
669 — 1,175 — 
Income from bank-owned life insurance
615 — 607 — 
Other income
354 278 438 279 
Total noninterest income15,852 12,410 20,593 12,658 
Total revenues$53,367 $12,410 $55,347 $12,658 
(1)As reported in the Unaudited Consolidated Statements of Income.
(2)Revenue from contracts with customers in scope of ASC 606.
For the six months ended June 30, 20222021
(Dollars in thousands)Revenue (1)
ASC 606 Revenue (2)
Revenue (1)
ASC 606 Revenue (2)
Net interest income$72,606 $— $67,625 $— 
Noninterest income:
Asset-based wealth management revenues
19,852 19,852 19,574 19,574 
Transaction-based wealth management revenues
745 745 749 749 
Total wealth management revenues
20,597 20,597 20,323 20,323 
Mortgage banking revenues
5,583 — 17,921 — 
Card interchange fees
2,467 2,467 2,449 2,449 
Service charges on deposit accounts
1,431 1,431 1,244 1,244 
Loan related derivative income
970 — 1,642 — 
Income from bank-owned life insurance
1,216 — 1,163 — 
Other income
747 564 1,825 1,524 
Total noninterest income33,011 25,059 46,567 25,540 
Total revenues$105,617 $25,059 $114,192 $25,540 
(1)As reported in the Unaudited 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), 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 MonthsSix Months
Periods ended June 30, 2022202120222021
Revenue recognized at a point in time:
Card interchange fees$1,303 $1,316 $2,467 $2,449 
Service charges on deposit accounts605 504 1,154 985 
Other income214 228 443 1,431 
Revenue recognized over time:
Wealth management revenues
10,066 10,428 20,597 20,323 
Service charges on deposit accounts
158 131 277 259 
Other income
64 51 121 93 
Total revenues from contracts in scope of Topic 606$12,410 $12,658 $25,059 $25,540 

Receivables for revenue from contracts with customers primarily consist of amounts due for wealth management services performed for which the Corporation’s performance obligations have been fully satisfied. Receivables amounted to $4.6 million and $6.6 million, respectively, at June 30, 2022 and December 31, 2021 and were included in other assets in the Unaudited 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 June 30, 2022 and December 31, 2021 and were included in other liabilities in the Unaudited 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 at both June 30, 2022 and December 31, 2021 and were included in other assets in the Unaudited Consolidated Balance Sheets. The amortization of contract cost assets is recorded within salaries and employee benefits expense in the Unaudited Consolidated Statements of Income.