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Noninterest Income
 3 Months Ended
Mar. 31, 2025
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, 2025

 

 

March 31, 2024

 

Service charges on deposit accounts

 

 

 

 

 

 

Insufficient funds fees

 

$

208

 

 

$

179

 

Deposit related fees

 

 

148

 

 

 

109

 

ATM fees

 

 

18

 

 

 

21

 

Total service charges on deposit accounts

 

 

374

 

 

 

309

 

Fee Income

 

 

 

 

 

 

Insurance agency revenue

 

 

-

 

 

 

397

 

Investment services revenue

 

 

101

 

 

 

142

 

ATM fees surcharge

 

 

73

 

 

 

50

 

Banking house rents collected

 

 

61

 

 

 

55

 

    Total fee income

 

 

235

 

 

 

644

 

Card income

 

 

 

 

 

 

Debit card interchange fees

 

 

1

 

 

 

119

 

Merchant card fees

 

 

11

 

 

 

12

 

    Total card income

 

 

12

 

 

 

131

 

Mortgage fee income and realized gains on sales of loans
  and foreclosed real estate

 

 

 

 

 

 

Loan servicing fees

 

 

101

 

 

 

88

 

Net gains on sales of loans and foreclosed real estate

 

 

65

 

 

 

18

 

Total mortgage fee income and realized gains on sales of
   loans and foreclosed real estate

 

 

166

 

 

 

106

 

Total

 

 

787

 

 

 

1,190

 

Earnings and gains on bank owned life insurance

 

 

162

 

 

 

157

 

Net realized losses on sales and redemptions of investment securities

 

 

(8

)

 

 

(148

)

Net realized gains on sales of marketable equity securities

 

 

218

 

 

 

108

 

Non-recurring gain on lease renegotiations

 

 

-

 

 

 

245

 

Other miscellaneous income

 

 

38

 

 

 

185

 

Total noninterest income

 

$

1,197

 

 

$

1,737

 

 

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.