Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2022

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,	2022		2021		2020
(Dollars in thousands)	Revenue (1)	ASC 606 Revenue (2)	Revenue (1)	ASC 606 Revenue (2)	Revenue (1)	ASC 606 Revenue (2)
Net interest income	$155,990	$—	$141,435	$—	$127,444	$—
Noninterest income:
Wealth management revenues	38,746	38,746	41,282	41,282	35,454	35,454
Mortgage banking revenues	8,733	—	28,626	—	47,377	—
Card interchange fees	4,996	4,996	4,996	4,996	4,287	4,287
Service charges on deposit accounts	3,192	3,192	2,683	2,683	2,742	2,742
Loan related derivative income	2,756	—	4,342	—	3,991	—
Income from bank-owned life insurance	2,591	—	2,925	—	2,491	—
Other income	1,588	1,219	2,540	2,148	3,100	2,669
Total noninterest income	62,602	48,153	87,394	51,109	99,442	45,152
Total revenues	$218,592	$48,153	$228,829	$51,109	$226,886	$45,152

(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,	2022	2021	2020
Revenue recognized at a point in time:
Card interchange fees	$4,996	$4,996	$4,287
Service charges on deposit accounts	2,512	2,136	2,103
Other income	967	1,931	2,494
Revenue recognized over time:
Wealth management revenues	38,746	41,282	35,454
Service charges on deposit accounts	680	547	639
Other income	252	217	175
Total revenues from contracts with customers in scope of ASC 606	$48,153	$51,109	$45,152

Receivables for revenue from contracts with customers consist primarily of amounts due for wealth management services performed for which the Corporation’s performance obligations have been fully satisfied. Receivables amounted to $5.1 million and $6.6 million, respectively, at December 31, 2022 and 2021 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, 2022 and 2021 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 $2.1 million and $1.9 million, respectively, at December 31, 2022 and 2021 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.