Quarterly report pursuant to Section 13 or 15(d)

REVENUE

v3.21.2
REVENUE
6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
REVENUE

11. REVENUE

The majority of the Company’s noninterest income comes from short term contracts associated with fees for services provided on deposit accounts, credit cards, and wealth management accounts, and mortgage banking and is being accounted for in accordance with Topic 606. Typically, the duration of a contract does not extend beyond the services performed; therefore, the Company concluded that discussion regarding contract balances is immaterial.

The Company’s performance obligations on revenue from interchange fees and deposit accounts are generally satisfied immediately, when the transaction occurs, or by month-end. Performance obligations on revenue from fiduciary and asset management fees are generally satisfied monthly or quarterly. For a majority of fee income on deposit accounts, the Company is a principal, controlling the promised good or service before transferring it to the customer. For the majority of income related to wealth management income, the Company is an agent, responsible for arranging for the provision of goods and services by another party. Mortgage banking income is earned when the originated loans are sold to an investor on the secondary market. The loans are classified as loans held for sale prior to being sold. Additionally, the changes in fair value of the loans held for sale, loan commitments, and related derivatives are included in mortgage banking income.

Noninterest income disaggregated by major source for the three and six months ended June 30, 2021 and 2020, consisted of the following (dollars in thousands):

    

Three Months Ended

 

Six Months Ended

June 30, 

June 30, 

 

June 30, 

June 30, 

2021

2020

 

2021

2020

Noninterest income:

 

  

 

  

  

 

  

Deposit Service Charges (1):

 

  

 

  

  

 

  

Overdraft fees

$

4,136

$

3,245

$

7,217

$

9,010

Maintenance fees & other

 

2,471

 

1,685

 

4,899

 

3,498

Other service charges, commissions, and fees (1)

 

1,735

 

1,354

 

3,436

 

2,978

Interchange fees(1)

 

2,203

 

1,697

 

4,050

 

3,321

Fiduciary and asset management fees (1):

 

 

 

 

Trust asset management fees

 

2,985

 

2,470

 

5,893

 

5,298

Registered advisor management fees

 

2,463

 

2,091

 

4,790

 

4,178

Brokerage management fees

 

1,371

 

954

 

2,611

 

2,023

Mortgage banking income

 

4,619

 

5,826

 

12,874

 

7,847

Gains on securities transactions

 

 

10,339

 

78

 

12,275

Bank owned life insurance income

 

3,209

 

2,027

 

5,475

 

4,076

Loan-related interest rate swap fees

 

1,321

 

5,484

 

3,075

 

9,432

Other operating income (2)

 

1,953

 

(1,240)

 

5,053

 

902

Total noninterest income

$

28,466

$

35,932

$

59,451

$

64,838

(1) Income within scope of Topic 606.

(2) For the six months ended June 30, 2020, the remaining balance outside the scope of Topic 606 includes a $1.8 million loss related to the termination of a cash flow hedge.