Annual report pursuant to Section 13 and 15(d)

REVENUE

v3.22.0.1
REVENUE
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
REVENUE

15. 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 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 LHFS prior to being sold. Additionally, the changes in fair value of the LHFS, loan commitments, and related derivatives are included in mortgage banking income.

Noninterest income disaggregated by major source for the years ended December 31, 2021, 2020, and 2019 consisted of the following (dollars in thousands):

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2021

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2020

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2019

Noninterest income:

 

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Deposit Service Charges (1):

 

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Overdraft fees

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$

17,126

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$

17,792

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$

24,092

Maintenance fees & other

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9,996

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7,459

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6,110

Other service charges, commissions, and fees (1)

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6,595

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6,292

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6,423

Interchange fees (1)

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8,279

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7,184

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14,619

Fiduciary and asset management fees (1):

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​

​

 

​

​

 

  

Trust asset management fees

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12,571

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10,804

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9,141

Registered advisor management fees

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9,856

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8,657

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10,107

Brokerage management fees

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5,135

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4,189

​

 

4,117

Mortgage banking income

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21,022

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25,857

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10,303

Gains on securities transactions

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87

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12,294

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7,675

Bank owned life insurance income

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11,488

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9,554

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8,311

Loan-related interest rate swap fees

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5,620

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15,306

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14,126

Other operating income (2)(3)(4)

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18,031

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6,098

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17,791

Total noninterest income

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$

125,806

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$

131,486

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$

132,815
(1) Income within scope of Topic 606.
(2) For the year ended December 31, 2019, includes $9.8 million in life insurance proceeds related to a Xenith-acquired loan that had been charged off prior to the Company’s acquisition of Xenith.
(3) For the year ended December 31, 2020, includes a $1.8 million loss related to the termination of a cash flow hedge.
(4) For the year ended December 31, 2021, includes a $5.1 million gain on sale of Visa, Inc. Class B common stock.

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