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Note 2 - Revenue Recognition | 9 Months Ended
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Sep. 30, 2019
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] | NOTE 2 – REVENUE RECOGNITION In accordance with ASC Topic 606, management determined that the primary sources of revenue, which emanate from interest income on loans and investments, along with noninterest revenue resulting from investment security gains, gains on the sale of loans, and BOLI income, are not within the scope of ASC 606. These revenue sources cumulatively comprise 92.2% of the total revenue of the Company. The main types of noninterest income within the scope of the standard are as follows: Service charges on deposit accounts – The Company has contracts with its deposit customers where fees are charged if the account balance falls below predetermined levels defined as compensating balances. These agreements can be cancelled at any time by either the Company or the deposit customer. Revenue from these transactions is recognized on a monthly basis as the Company has an unconditional right to the fee consideration. The Company also has transaction fees related to specific customer requests or activities that include overdraft fees, online banking fees, and other transaction fees. All of these fees are attributable to specific performance obligations of the Company where the revenue is recognized at a defined point in time, which is completion of the requested service/transaction. Gains (losses) on sale of other real estate owned ( “ OREO ” ) – Gains and losses are recognized at the completion of the property sale when the buyer obtains control of the real estate and all of the performance obligations of the Company have been satisfied. Evidence of the buyer obtaining control of the asset include transfer of the property title, physical possession of the asset, and the buyer obtaining control of the risks and rewards related to the asset. In situations where the Company agrees to provide financing to facilitate the sale, additional analysis is performed to ensure that the contract for sale identifies the buyer and seller, the asset to be transferred and the payment terms, that the contract has a true commercial substance and that amounts due from the buyer are reasonable. In situations where financing terms are not reflective of current market terms, the transaction price is discounted, impacting the gain/loss and the carrying value of the asset. The following table depicts the disaggregation of revenue derived from contracts with customers to depict the nature, amount, timing, and uncertainty of revenue and cash flows:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
Noninterest Income |  |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
(Dollar amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service charges on deposit accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Overdraft fees |  | $ | 201 |  |  | $ | 207 |  |  | $ | 639 |  |  | $ | 597 |
ATM banking fees |  |  | 255 |  |  |  | 219 |  |  |  | 690 |  |  |  | 634 |
Service charges and other fees |  |  | 115 |  |  |  | 65 |  |  |  | 280 |  |  |  | 185 |
Investment securities gains on sale, net (a) |  |  | 4 |  |  |  | - |  |  |  | 194 |  |  |  | - |
(Loss) gain on equity securities (a) |  |  | (32 | ) |  |  | 15 |  |  |  | 12 |  |  |  | 46 |
Earnings on bank-owned life insurance (a) |  |  | 109 |  |  |  | 108 |  |  |  | 323 |  |  |  | 318 |
Gain on sale of loans (a) |  |  | 128 |  |  |  | 43 |  |  |  | 285 |  |  |  | 164 |
Other income |  |  | 325 |  |  |  | 291 |  |  |  | 1,113 |  |  |  | 807 |
Total noninterest income |  | $ | 1,105 |  |  | $ | 948 |  |  | $ | 3,536 |  |  | $ | 2,751 |
Net gain (loss) on other real estate owned |  | $ | 17 |  |  | $ | - |  |  | $ | 123 |  |  | $ | (5 | )
(a) Not within scope of ASC 606

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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