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Note 2 - Revenue Recognition | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] | NOTE 2 – REVENUE RECOGNITION Following ASC Topic 606, Revenue from Contracts with Customers (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 equity security gains (losses), gains on the sale of loans, rental income, and BOLI income, are not within the scope of ASC 606. For the nine months ended September 30, 2024, these revenue sources cumulatively comprise 94.5% 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 whereby fees are charged if the account balance falls below predetermined levels defined as compensating balances. These agreements can be canceled at any time by either the Company or the deposit customer. Revenue from these transactions is recognized monthly 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 the completion of the requested service/transaction. Revenue from investment services – The Company earns investment services revenue through its referral agreement with LPL Financial. The performance obligation to investment management customers is satisfied over time, and therefore, revenue is recognized over time. The Company generally receives trailing investment services revenue in arrears and recognizes the revenue when the monthly statement with referral revenue is received. Miscellaneous fee income – Fees earned on other services, such as ATM surcharge fees, money order fees, and check fees, are recognized at the time of the event or the applicable billing cycle. 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 |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
(Dollar amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service charges on deposit accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Overdraft fees |  | $ | 249 |  |  | $ | 258 |  |  | $ | 748 |  |  | $ | 734 |
ATM banking fees |  |  | 489 |  |  |  | 484 |  |  |  | 1,419 |  |  |  | 1,447 |
Service charges and other fees |  |  | 221 |  |  |  | 212 |  |  |  | 672 |  |  |  | 699 |
Gain (loss) on equity securities ⁽ª⁾ |  |  | 14 |  |  |  | 48 |  |  |  | (65 | ) |  |  | (157 | )
Gain on sale of other real estate owned ⁽ª⁾ |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |
Earnings on bank-owned life insurance ⁽ª⁾ |  |  | 246 |  |  |  | 207 |  |  |  | 700 |  |  |  | 627 |
Gain on sale of loans ⁽ª⁾ |  |  | 56 |  |  |  | 45 |  |  |  | 135 |  |  |  | 74 |
Revenue from investment services |  |  | 206 |  |  |  | 190 |  |  |  | 679 |  |  |  | 550 |
Miscellaneous fee income |  |  | 106 |  |  |  | 98 |  |  |  | 301 |  |  |  | 285 |
Gross rental income ⁽ª⁾ |  |  | - |  |  |  | 110 |  |  |  | 67 |  |  |  | 290 |
Other income |  |  | 156 |  |  |  | 165 |  |  |  | 643 |  |  |  | 537 |
Total noninterest income |  | $ | 1,743 |  |  | $ | 1,817 |  |  | $ | 5,299 |  |  | $ | 5,088 |
(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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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