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REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
Jun. 30, 2021
REVENUE FROM CONTRACTS WITH CUSTOMERS  
REVENUE FROM CONTRACTS WITH CUSTOMERS

NOTE 11 – REVENUE FROM CONTRACTS WITH CUSTOMERS

All of the Company’s revenue from contracts with customers that are in the scope of ASU 2014-09, Revenue from Contracts with Customers are recognized in non-interest income. The following table presents the Company’s revenue from contracts with customers for the three and six months ended June 30, 2021 and June 30, 2020 (in thousands):

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Three months ended June 30, 

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Six months ended June 30, 

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2021

    

2020

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2021

    

2020

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Service charges on deposit accounts

$

1,349

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$

803

​

$

2,414

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$

1,883

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Global payment group revenue

 

3,628

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2,108

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6,894

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3,729

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Other service charges and fees

 

566

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411

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868

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1,036

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Total

$

5,543

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$

3,322

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$

10,176

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$

6,648

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A description of the Company’s revenue streams accounted for under the accounting guidance is as follows:

Global payment group revenue: The Bank offers corporate cash management and retail banking services and, through its Global Payments Group (“global payments business”), provides global payments infrastructure to its FinTech partners, which includes serving as an issuing bank for third-party debit card programs nationwide. The Bank earns initial set-up

fees for these programs as well as fees for transactions processed. The Bank receives transaction data at the end of each month for services rendered, at which time revenue is recognized.

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Service charges on deposit accounts: The Bank offers business and personal retail products and services, which include, but are not limited to, online banking, mobile banking, ACH, and remote deposit capture. A standard deposit contract exists between the Bank and all deposit customers. The Bank earns fees from its deposit customers for transaction-based services (such as ATM use fees, stop payment charges, statement rendering, and ACH fees), account maintenance, and overdraft services. Transaction-based fees are recognized at the time the transaction is executed as that is the point in time the Bank 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.

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Other service charges: The primary component of other service charges relates to foreign exchange (“FX”) conversion fees. The Bank outsources FX conversion for foreign currency transactions to correspondent banks. The Bank earns a portion of an FX conversion fee that the customer charges to process an FX conversion transaction. Revenue is recognized at the end of the month, once the customer has remitted the transaction information to the Bank.