Quarterly report pursuant to Section 13 or 15(d)

REVENUE

v3.20.2
REVENUE
 9 Months Ended
Sep. 30, 2020
Revenue from Contract with Customer [Abstract]  
REVENUE

12. 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.

Noninterest income disaggregated by major source, for the three and nine months ended September 30, 2020 and 2019, consisted of the following (dollars in thousands):

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Three Months Ended

 

Nine Months Ended

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September 30, 

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September 30, 

 

September 30, 

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September 30, 

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2020

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2019

 

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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$

4,231

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$

6,021

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$

13,240

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$

17,847

Maintenance fees & other

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1,810

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1,654

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5,309

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4,484

Other service charges, commissions, and fees (1)

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1,621

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1,513

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4,600

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4,879

Interchange fees(1)

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1,979

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2,108

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5,300

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12,765

Fiduciary and asset management fees (1):

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​

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Trust asset management fees

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2,729

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2,661

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8,026

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5,977

Registered advisor management fees

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2,224

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2,219

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6,402

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7,919

Brokerage management fees

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1,092

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1,202

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3,115

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2,938

Mortgage banking income

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8,897

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3,374

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16,744

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7,614

Gains on securities transactions

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18

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7,104

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12,293

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7,306

Bank owned life insurance income

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3,421

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2,062

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7,498

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6,191

Loan-related interest rate swap fees

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3,170

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5,480

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12,602

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10,656

Other operating income (2)(3)

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3,215

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12,708

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4,116

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15,045

Total noninterest income (4)

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$

34,407

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$

48,106

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$

99,245

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$

103,621

(1)    Income within scope of Topic 606.

(2)    Includes income within the scope of Topic 606 of $1.2 million and $343,000 for the three months ended September 30, 2020 and 2019, respectively, and $2.4 million and $2.2 million for the nine months ended September 30, 2020 and 2019, respectively. The remaining balance is outside the scope of Topic 606.

(3) For the three and nine months ended September 30, 2019, the remaining balance outside the scope of Topic 606 includes $9.3 million from life insurance proceeds received during that period related to a Xenith acquired loan that had been charged off prior to the Company’s acquisition of Xenith.

(4)   Noninterest income for the discontinued mortgage segment is reported in Note 14 "Segment Reporting & Discontinued Operations."

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