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Revenue from Contracts with Customers
9 Months Ended
Sep. 30, 2024
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 September 30, 20242023
(Dollars in thousands)
Revenue (1)
ASC 606 Revenue (2)
Revenue (1)
ASC 606 Revenue (2)
Net interest income$32,262 $— $33,751 $— 
Noninterest income:
Wealth management revenues9,989 9,989 8,948 8,948 
Mortgage banking revenues
2,866 — 2,108 — 
Card interchange fees
1,321 1,321 1,267 1,267 
Service charges on deposit accounts
784 784 674 674 
Loan related derivative income
126 — 1,082 — 
Income from bank-owned life insurance
770 — 710 — 
Other income
416 313 437 329 
Total noninterest income16,272 12,407 15,226 11,218 
Total revenues$48,534 $12,407 $48,977 $11,218 
(1)As reported in the Unaudited Consolidated Statements of Income.
(2)Revenue from contracts with customers in scope of ASC 606.

For the nine months ended September 30, 20242023
(Dollars in thousands)Revenue (1)
ASC 606 Revenue (2)
Revenue (1)
ASC 606 Revenue (2)
Net interest income$95,512 $— $104,444 $— 
Noninterest income:
Wealth management revenues29,005 29,005 26,659 26,659 
Mortgage banking revenues8,133 — 5,106 — 
Card interchange fees3,741 3,741 3,667 3,667 
Service charges on deposit accounts2,238 2,238 2,118 2,118 
Loan related derivative income459 — 1,278 — 
Income from bank-owned life insurance2,262 — 2,754 — 
Other income4,257 869 1,252 949 
Total noninterest income50,095 35,853 42,834 33,393 
Total revenues$145,607 $35,853 $147,278 $33,393 
(1)As reported in the Unaudited 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)Three MonthsNine Months
Periods ended September 30, 2024202320242023
Revenue recognized at a point in time:
Card interchange fees$1,321 $1,267 $3,741 $3,667 
Service charges on deposit accounts502 423 1,417 1,406 
Other income253 267 691 764 
Revenue recognized over time:
Wealth management revenues
9,989 8,948 29,005 26,659 
Service charges on deposit accounts
282 251 821 712 
Other income
60 62 178 185 
Total revenues from contracts with customers in scope of ASC 606
$12,407 $11,218 $35,853 $33,393 

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 $5.9 million and $5.5 million, respectively, at September 30, 2024 and December 31, 2023 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 September 30, 2024 and December 31, 2023 and were included in other liabilities in the Unaudited Consolidated Balance Sheets.

For commission and incentive costs 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 $2.0 million at both September 30, 2024 and December 31, 2023 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.