Revenue from Contracts with Customers

12 Months Ended

Sep. 30, 2021

Revenue from Contracts with Customers [Abstract]

Revenue from Contracts with Customers

Note 19. Revenue from Contracts with Customers

All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within Non-Interest Income. The following table presents the Company’s sources of non-interest income. Items outside the scope of ASC 606 are noted as such.

	Year Ended September 30,
(in thousands)	2021		2020
Loan fees and service charges(1)	$	703	$	301
Loan servicing income(1)		504		84
Service charges on deposit accounts		127		62
Net gain on sale of investments available-for-sale(1)		240		-
Net gain on sale of loans held-for-sale(1)		1,307		917
Other income(2)		468		-
Total non-interest income	$	3,349	$	1,364

(1) Not included within the scope of ASC 606

(2) Other income for the year ended September 30, 2021 includes $9 of merchant card processing fees, which are included in the scope of ASC 606. The remaining $457 represents recoveries on acquired loans, which are not included in the scope of ASC 606

A description of the Company’s revenue streams included in the scope of ASC 606 is as follows:

Service Charges on Deposit Accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Service-based fees, which include services such as ATM use fees, stop payment charges, wire transfers, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills its performance obligation to the customer. Account maintenance fees, which primarily relate to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies its performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on customer accounts are withdrawn from the customer’s account balance.