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Noninterest Income
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Noninterest Income

Note 13: Noninterest Income

 

The Company has included the following table regarding the Company’s noninterest income for the periods presented.

 

 

 

For the three months ended

 

 

(In thousands)

 

March 31, 2023

 

 

March 31, 2022

 

 

Service charges on deposit accounts

 

 

 

 

 

 

 

Insufficient funds fees

 

$

144

 

 

$

118

 

 

Deposit related fees

 

 

97

 

 

 

102

 

 

ATM fees

 

 

26

 

 

 

39

 

 

    Total service charges on deposit accounts

 

 

267

 

 

 

259

 

 

Fee Income

 

 

 

 

 

 

 

Insurance agency revenue

 

 

420

 

 

 

299

 

 

Investment services revenue

 

 

135

 

 

 

97

 

 

ATM fees surcharge

 

 

48

 

 

 

48

 

 

Banking house rents collected

 

 

48

 

 

 

55

 

 

    Total fee income

 

 

651

 

 

 

499

 

 

Card income

 

 

 

 

 

 

 

Debit card interchange fees

 

 

321

 

 

 

228

 

 

Merchant card fees

 

 

11

 

 

 

16

 

 

    Total card income

 

 

332

 

 

 

244

 

 

Mortgage fee income and realized gain on sale of loans
  and foreclosed real estate

 

 

 

 

 

 

 

Loan servicing fees

 

 

72

 

 

 

117

 

 

Net gains on sales of loans and foreclosed real estate

 

 

25

 

 

 

63

 

 

Total mortgage fee income and realized gain on sale of
   loans and foreclosed real estate

 

 

97

 

 

 

180

 

 

Total

 

 

1,347

 

 

 

1,182

 

 

Earnings and gain on bank owned life insurance

 

 

158

 

 

 

162

 

 

Net gains (losses) on sale and redemption of investment
   securities

 

 

73

 

 

 

(6

)

 

Gains on marketable equity securities

 

 

-

 

 

 

68

 

 

Other miscellaneous income

 

 

14

 

 

 

197

 

 

Total noninterest income

 

$

1,592

 

 

$

1,603

 

 

 

The following is a discussion of key revenues within the scope of ASC 606 guidance:

•
Service charges on deposit accounts – Revenue is earned through insufficient funds fees, customer initiated activities or passage of time for deposit related fees, and ATM service fees. Transaction-based fees are recognized at the time the transaction is executed, which is the same time the Company’s performance obligation is satisfied. Account maintenance fees are earned over the course of the month as the monthly maintenance performance obligation to the customer is satisfied.
•
Fee income – Revenue is earned through commissions on insurance and securities sales, ATM surcharge fees, and banking house rents collected. The Company earns investment advisory fee income by providing investment management services to customers under investment management contracts. As the direction of investment management accounts is provided over time, the performance obligation to investment management customers is satisfied over time, and therefore, revenue is recognized over time.
•
Card income – Card income consists of interchange fees from consumer debit card networks and other related services. Interchange rates are set by the card networks. Interchange fees are based on purchase volumes and other factors and are recognized as transactions occur.
•
Mortgage fee income and realized gain on sale of loans and foreclosed real estate – Revenue from mortgage fee income and realized gain on sale of loans and foreclosed real estate is earned through the origination of residential and commercial mortgage loans, sales of one-to-four family residential mortgage loans, sales of government guarantees portions of Small Business Administration loans (“SBA loans”), and sales of foreclosed real estate, and is earned as the transaction occurs.