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Banking and Finanial Service Revenues | 12 Months Ended
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Dec. 31, 2018
Banking [Abstract] |
Banking and Financial Service Revenues | NOTE 28 – BANKING AND FINANCIAL SERVICE REVENUES The following table presents the major categories of banking and financial service revenues for the years ended December 31, 2018, 2017 and 2016:
|  | Year Ended December 31,
|  | 2018 |  | 2017 |  | 2016
|  | (In thousands)
Banking service revenues: |  |  |  |  |  |  |  |  |
Checking accounts fees |  | $ | 5,878 |  | $ | 6,903 |  | $ | 7,511
Savings accounts fees |  |  | 635 |  |  | 601 |  |  | 548
Electronic banking fees |  |  | 32,431 |  |  | 28,174 |  |  | 30,081
Credit life commissions |  |  | 541 |  |  | 492 |  |  | 636
Branch service commissions |  |  | 1,581 |  |  | 811 |  |  | 620
Servicing and other loan fees |  |  | 1,844 |  |  | 1,758 |  |  | 1,689
International fees |  |  | 718 |  |  | 712 |  |  | 528
Miscellaneous income |  |  | 10 |  |  | 17 |  |  | 34
Total banking service revenues |  |  | 43,638 |  |  | 39,468 |  |  | 41,647
Wealth management revenue: |  |  |  |  |  |  |  |  |
Insurance income |  |  | 6,956 |  |  | 6,652 |  |  | 7,287
Broker fees |  |  | 6,996 |  |  | 7,131 |  |  | 8,385
Trust fees |  |  | 10,878 |  |  | 10,930 |  |  | 10,789
Retirement plan and administration fees |  |  | 1,095 |  |  | 1,048 |  |  | 971
Investment banking fees |  |  | 9 |  |  | 29 |  |  | 1
Total wealth management revenue |  |  | 25,934 |  |  | 25,790 |  |  | 27,433
Mortgage banking activities: |  |  |  |  |  |  |  |  |
Net servicing fees |  |  | 5,024 |  |  | 3,865 |  |  | 6,058
Net gains on sale of mortgage loans and valuation |  |  | 305 |  |  | 923 |  |  | 693
Other |  |  | (562) |  |  | (738) |  |  | (1,730)
Total mortgage banking activities |  |  | 4,767 |  |  | 4,050 |  |  | 5,021
Total banking and financial service revenues |  | $ | 74,339 |  | $ | 69,308 |  | $ | 74,101
In May 2014 issued ASU No. 2014-09 - Revenue from Contracts with Customers (ASC 606) to clarify the principles for recognizing revenue and to develop a common revenue standard that would remove inconsistencies in revenue requirements, provide a more robust framework for addressing the revenue issues, improve comparability in revenue recognition and to simplify the preparation of financial statements by reducing the number of requirements t which an entity must refer. The standard defines revenue (ASC-606-10-20) as inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or other activities that constitute the entity’s ongoing major or centra l operations. Revenue is recognized when (or as) the performance obligation is satisfied by transferring control of a promised good or service to a customer, either at a point in time or over time. Where a performance obligation is satisfied over time, th e related revenue is also recognized over time. Following is a description of the nature and timing of revenue streams from contracts with customers: Banking Revenue Services Electronic banking fees are credit and debit card processing services, use of the Bank’s ATMs by non-customers, debit card interchange income and service charges on deposits accounts. Revenue is recorded once the contracted service has been provided. Service charges on checking and saving accounts as consumer periodic maintenance rev enue is recognized once the service is rendered, while overdraft and late charges revenue are recorded after the contracted service has been provided. Other income as credit life commissions, servicing and other loan fees, international fees, and miscellan eous fees recognized as banking revenue services are out of the scope of the 606 guideline. Wealth Management Revenue Insurance income from commissions and sale of annuities are recorded once the sale has been completed. Brokers fees consist of two categ ories: Wealth management service revenue subject to commission represents sales commissions generated by advisors for their clients’ purchases and sales of securities on exchanges and over-the-counter, as well as purchases of other investment products like mutual funds, and are collected once the stand alone transactions are completed at trade date or as earned. Also, managed account fees which are fees charged to advisors’ clients’ accounts on the Company corporate advisory platform. Fees do not cover futu re services, as a result there is no need to allocate the amount received to any other service. Wealth management service revenue not subject to commission are primarily revenues from transactions related to mutual funds for providing distribution services and, in turn, compensates service provider who entered into agreements with the Company to provide such services netted against revenues, as well as trailer fees (also known as 12-b1 fess). These fees are considered variable and are recognized over time, as the uncertainty of the fees to be received is resolved as NAV is determined and investor activity occurs. Fees do not cover future services, as a result there is no need to allocate the amount received to any other service. Retirement plan and administ ration fees are revenues related to the payment received from the clients of OPC for provide assistance with the planning, design, administration, act as third party administrator, daily record keeping services of retirement plans. Fees are collected once the stand alone transaction was completed at trade date. Fees do not cover future services, as a result there is no need to allocate the amount received to any other service. Trust fees are revenues related to the full fiduciary services of 401k, the divi dend growth IRA, and retirement plans which include investment management, payment of distributions, if any, safekeeping, custodial services of plan assets, servicing of Trust officers, on-going due diligence of the Trust, and recordkeeping of transactions. Fees are billed based on services contracted. Negotiated fees are detailed in the contract. Fees collected in advance, are amortized over the term of the contract. Fees are collected on a monthly basis once the administrative service has been completed. Monthly fee does not include future services. Investment banking fees as compensation fees are out of the scope of the 606 guideline. Mortgage Banking Activities Mortgage banking activities as servicing fees, gain on sale of mortgage loans valuation and other are out of the scope of the 606 guideline.

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