REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2023

REVENUE RECOGNITION

REVENUE RECOGNITION

NOTE 18 REVENUE RECOGNITION

The majority of the Company’s noninterest income is generated from short-term contracts for fees on deposit accounts, ATM and check cards, and annuity and insurance commissions that is accounted for in accordance with ASC Topic 606, Revenue from Contracts with Customers.

Service charges on deposit accounts consist of account maintenance charges and overdrawn account fees. The Company’s performance obligation is generally satisfied, and the related revenue recognized, immediately, when the transaction occurs, or by month-end. Investment services and insurance income consists primarily of commissions received on mutual funds and other investment sales that are recognized on the trade date, which is when the Company has satisfied its performance obligation. Title insurance and real estate settlement services revenue is recognized at the time the real estate transaction is completed. ATM and Check Card Fees are primarily comprised of debit and credit card income, ATM fees, merchant services income, and other service charges. The Company’s performance obligation is generally satisfied, and the related revenue recognized, immediately, when the transaction occurs, or by month-end. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized no less than monthly.

Noninterest income, segregated by revenue streams in-scope and out-of-scope of ASC 606, for December 31, 2023 and 2022 consisted of the following (dollars in thousands). 

	Twelve Months Ended December 31,
	2023		2022
Noninterest income
Service Charges on Deposits	$	1,029	$	1,062
Investment Services and Insurance Income		1,732		1,472
Title Insurance Income		1,334		1,578
ATM and check card fees		2,636		2,462
Other		783		815
Within scope of ASC 606		7,514		7,389
Not within scope of ASC 606		2,640		3,903
Total noninterest income	$	10,154	$	11,292