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REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS

9. REVENUE FROM CONTRACTS WITH CUSTOMERS

All of the Company’s revenue from contracts with customers within the scope of ASC 606 is recognized within noninterest income.

The following tables present the sources of noninterest income for the periods indicated:

 

 

 

For the Three Months Ended June 30,

 

(In thousands)

 

2026

 

 

2025

 

Service charges on deposits

 

 

 

 

 

 

Overdraft fees

 

$

109

 

 

$

109

 

Interchange income

 

 

299

 

 

 

265

 

Other

 

 

982

 

 

 

820

 

Wealth management fees (A)

 

 

17,220

 

 

 

15,943

 

Loss on sale of property

 

 

—

 

 

 

(6

)

Gain on lease termination

 

 

—

 

 

 

875

 

Corporate advisory fee income

 

 

34

 

 

 

30

 

Other (B)

 

 

3,487

 

 

 

3,415

 

Total noninterest other income

$

22,131

 

 

$

21,451

 

 

 

 

For the Six Months Ended June 30,

 

(In thousands)

 

2026

 

 

2025

 

Service charges on deposits

 

 

 

 

 

 

Overdraft fees

 

$

206

 

 

$

215

 

Interchange income

 

 

557

 

 

 

500

 

Other

 

 

1,986

 

 

 

1,591

 

Wealth management fees (A)

 

 

33,723

 

 

 

31,378

 

Loss on sale of property

 

 

—

 

 

 

(6

)

Gain on lease termination

 

 

—

 

 

 

875

 

Corporate advisory fee income

 

 

103

 

 

 

120

 

Other (B)

 

 

8,153

 

 

 

5,632

 

Total noninterest other income

$

44,728

 

 

$

40,305

 

 

(A)
Includes investment brokerage fees.
(B)
All of the other category is outside the scope of ASC 606.

The following tables present the sources of noninterest income by operating segment for the periods indicated:

 

 

 

For the Three Months Ended
 June 30,

 

 

For the Three Months Ended
 June 30,

 

 

 

2026

 

 

2025

 

(In thousands)

 

 

 

 

Wealth

 

 

 

 

 

 

 

 

Wealth

 

 

 

 

Revenue by Operating Segment

 

Banking

 

 

Management

 

 

Total

 

 

Banking

 

 

Management

 

 

Total

 

Service charges on deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overdraft fees

 

$

109

 

 

$

—

 

 

$

109

 

 

$

109

 

 

$

—

 

 

$

109

 

Interchange income

 

 

299

 

 

 

—

 

 

 

299

 

 

 

265

 

 

 

—

 

 

 

265

 

Other

 

 

982

 

 

 

—

 

 

 

982

 

 

 

820

 

 

 

—

 

 

 

820

 

Wealth management fees (A)

 

 

—

 

 

 

17,220

 

 

 

17,220

 

 

 

—

 

 

 

15,943

 

 

 

15,943

 

Loss on sale of property

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(6

)

 

 

—

 

 

 

(6

)

Gain on lease termination

 

 

—

 

 

 

—

 

 

 

—

 

 

 

875

 

 

 

—

 

 

 

875

 

Corporate advisory fee income

 

 

34

 

 

 

—

 

 

 

34

 

 

 

30

 

 

 

—

 

 

 

30

 

Other (B)

 

 

3,434

 

 

 

53

 

 

 

3,487

 

 

 

3,254

 

 

 

161

 

 

 

3,415

 

Total noninterest income

 

$

4,858

 

 

$

17,273

 

 

$

22,131

 

 

$

5,347

 

 

$

16,104

 

 

$

21,451

 

 

 

 

For the Six Months Ended
June 30,

 

 

For the Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

(In thousands)

 

 

 

 

Wealth

 

 

 

 

 

 

 

 

Wealth

 

 

 

 

Revenue by Operating Segment

 

Banking

 

 

Management

 

 

Total

 

 

Banking

 

 

Management

 

 

Total

 

Service charges on deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overdraft fees

 

$

206

 

 

$

—

 

 

$

206

 

 

$

215

 

 

$

—

 

 

$

215

 

Interchange income

 

 

557

 

 

 

—

 

 

 

557

 

 

 

500

 

 

 

—

 

 

 

500

 

Other

 

 

1,986

 

 

 

—

 

 

 

1,986

 

 

 

1,591

 

 

 

—

 

 

 

1,591

 

Wealth management fees (A)

 

 

—

 

 

 

33,723

 

 

 

33,723

 

 

 

—

 

 

 

31,378

 

 

 

31,378

 

Loss on sale of property

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(6

)

 

 

—

 

 

 

(6

)

Gain on lease termination

 

 

—

 

 

 

—

 

 

 

—

 

 

 

875

 

 

 

—

 

 

 

875

 

Corporate advisory fee income

 

 

103

 

 

 

—

 

 

 

103

 

 

 

120

 

 

 

—

 

 

 

120

 

Other (B)

 

 

8,038

 

 

 

115

 

 

 

8,153

 

 

 

5,322

 

 

 

310

 

 

 

5,632

 

Total noninterest income

 

$

10,890

 

 

$

33,838

 

 

$

44,728

 

 

$

8,617

 

 

$

31,688

 

 

$

40,305

 

 

(A)
Includes investment brokerage fees.
(B)
All of the other category is outside the scope of ASC 606.

 

A description of the Company’s revenue streams accounted for under ASC 606 follows:

Service charges on deposit accounts: The Company earns fees from its deposit customers for certain transaction account maintenance, and overdraft fees. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance.

Interchange income: The Company earns interchange fees from debit cardholder transactions conducted through the Visa payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Interchange income is presented gross of cardholder rewards. Cardholder rewards are included in other expenses in the statement of income. Cardholder rewards reduced interchange income for the second quarter of 2026 by $20,000 and by $13,000 for the same quarter in 2025. Cardholder rewards reduced interchange income for the six months ended June 30, 2026 by $36,000 and by $24,000 for the same period in 2025.

Wealth management fees (gross): The Company earns wealth management fees from its contracts with wealth management clients to manage assets for investment. These fees are charged on a monthly or quarterly basis in accordance with its investment advisory agreements. Fees are generally assessed based on a tiered scale, based on the market value of AUM at month or quarter end. Other non-AUM based fees are charged on a fixed basis or as services are rendered.

Investment brokerage fees (net): The Company earns fees from investment brokerage services provided to its customers by a third-party service provider. The Company receives commissions from the third-party service provider twice a month based upon customer activity for the month. The fees are recognized monthly, and a receivable is recorded until commissions are generally paid by the 15th of the following month. Because the Company (i) acts as an agent in arranging the relationship between the customer and the third-party service provider and (ii) does not control the services rendered to the customers, investment brokerage fees are presented net of related costs.

Corporate advisory fee income: The Company provides our clients with financial advisory and underwriting services. Investment banking revenues, which includes mergers and acquisition advisory fees and private placement fees, are recorded when the performance obligation for the transaction is satisfied under the terms of each engagement. Reimbursed expenses are reported in other revenue on the statement of operations. Expenses related to investment banking are recognized as non-compensation expenses on the statement of operations. Amounts received and unearned are included on the statement of financial condition. Expenses related to investment banking deals not completed are recognized in non-compensation expenses on the statement of operations.

The Company’s mergers and acquisition advisory fees generally consist of a nonrefundable up-front fee and success fee. The nonrefundable fee is recorded as deferred revenue upon receipt and recognized at a point in time when the performance obligation is satisfied, or when the transaction is deemed by management to be terminated. Management’s judgment is required in determining when a transaction is considered to be terminated.

Other: All of the other income items are outside the scope of ASC 606.