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Note 21 - Revenue from Contracts With Customers
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

(21)

REVENUE FROM CONTRACTS WITH CUSTOMERS

 

Substantially all of the Company’s revenue from contracts with customers in the scope of FASB ASC 606 is recognized within noninterest income.  The following table presents the Company’s sources of noninterest income and other income within the scope of FASB ASC 606 for the years ended December 31, 2024, 2023 and 2022:

 

(In thousands)

  

2024

    

2023

    

2022

  
                         

In Scope for ASC 606

                        

Service charges on deposit accounts

   $ 2,402     $ 2,343     $ 2,273  

ATM and debit card fees

     4,467       4,489       4,345  

Investment advisory income

     61       57       427  

Other

     129       120       100  

Revenue from contracts with customers

     7,059       7,009       7,145  
                         

Out of Scope for ASC 606

                        

Net gains on loans and investments

     212       254       419  

Increase in cash value of life insurance

     224       206       201  

Other

     161       163       162  

Other noninterest income

     597       623       782  
                         

Total noninterest income

   $ 7,656     $ 7,632     $ 7,927  

 

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

 

Service Charges on Deposit Accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services.  Transaction-based fees, which include services such as stop payment charges and statement rendering, 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. 

 

ATM and Debit Card Fees:  The Company earns ATM usage fees and interchange fees from debit cardholder transactions conducted through a payment network.  ATM fees are recognized at the point in time the transaction occurs.  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. 

 

Investment Advisory Income: The Company earns trust, insurance commissions, brokerage commissions and annuities income from its contracts with customers to manage assets for investment, and/or to transact on their accounts.  These fees are primarily earned over time as the Company provides the contracted services and are generally assessed based on the market value of assets under management.  Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed.  Other related fees, which are based on a fixed fee schedule, are recognized when the services are rendered.

 

Other Income: Other income from contracts with customers includes safe deposit box fees and ACH origination fees.  This revenue is recognized at the time the transaction is executed or over the period the Company satisfies the performance obligation.