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REVENUE RECOGNITION | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
REVENUE RECOGNITION | Note 17—REVENUE RECOGNITION In accordance with Topic 606, revenues are recognized when control of promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services that are promised within each contract and identifies those that contain performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Deposit Service Charges: The Bank earns fees from its deposit customers for account maintenance, transaction-based and overdraft services. Account maintenance fees consist primarily of account fees and analyzed account fees charged on deposit accounts on a monthly basis. The performance obligation is satisfied and the fees are recognized on a monthly basis as the service period is completed. Transaction-based fees on deposits accounts are charged to deposit customers for specific services provided to the customer, such as non-sufficient funds fees, overdraft fees, and wire fees. The performance obligation is completed as the transaction occurs and the fees are recognized at the time each specific service is provided to the customer. Check Card Fee Income: Check card fee income represents fees earned when a debit card issued by the Bank is used. The Bank earns interchange fees from debit cardholder transactions through the Mastercard 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. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the card. Certain expenses directly associated with the debit card are recorded on a net basis with the fee income. This income is recognized within “Other” below. Gains/Losses on OREO Sales: Gains/losses on the sale of OREO are included in non-interest income and are generally recognized when the performance obligation is complete. This is typically at delivery of control over the property to the buyer at the time of each real estate closing.
(Dollars in thousands) |  | December 31, |  |  | December 31, |
Non-Interest Income |  | 2019 |  |  | 2018 |
Deposit service charges |  | $ | 1.649 |  |  | $ | 1,769 |
Mortgage banking income (1) |  |  | 4,555 |  |  |  | 3,895 |
Investment advisory fees and non-deposit commissions (1) |  |  | 2,021 |  |  |  | 1,683 |
Gain (loss) on sale of securities (1) |  |  | 136 |  |  |  | (342 | )
Gain (loss) on sale of other assets |  |  | (3 | ) |  |  | 24 |
Write-down of premises held for sale (1) |  |  | (282 | ) |  |  | — |
Other (2) |  |  | 3,660 |  |  |  | 3,615 |
Total non-interest income |  |  | 11,736 |  |  |  | 10,644 |
| (1) | Not within the scope of ASC 606
| (2) | Includes Check Card Fee income discussed above. No other items are within the scope of ASC 606

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