Note 8 - Revenue Recognition

9 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

Note

8

– Revenue Recognition

On

July 1, 2018,

the Corporation adopted ASU

2014

-

09

"Revenue from Contracts with Customers" (Topic

606

) and all subsequent ASUs that modified Topic

606.

Interest income, net securities gains (losses), gains from the sale of mortgage loans and bank-owned life insurance are

not

included within the scope of Topic

606.

For the revenue streams in the scope of Topic

606,

service charges on deposits and electronic banking fees, there are

no

significant judgments related to the amount and timing of revenue recognition. All of the Corporation's revenue from contracts with customers is recognized within noninterest income.

Service charges on deposit

accounts

:

The Corporation 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, statement rendering and other fees, are recognized at the time the transaction is executed as that is the point in time the Corporation 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 Corporation satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer's account balance.

Interchange income:

The Corporation earns interchange income from cardholder transactions conducted through the various payment networks. Interchange income 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. The gross amount of these fees is processed through noninterest income.

The following table presents the Corporation's sources of noninterest income for the

three

and

nine

months ended

March 31, 2020

and

2019.

	For the three months ended March 31,				For the nine months ended March 31,
	2020		2019		2020		2019
Noninterest income
In scope of Topic 606:
Service charges on deposit accounts	$	355	$	298	$	1,088	$	935
Debit card interchange income		367		338		1,142		1,065
Other income		78		66		543		196
Noninterest income (in scope of Topic 606)		800		702		2,773		2,196
Noninterest income (out-of-scope of Topic 606)		307		158		828		1,103
Total noninterest income	$	1,107	$	860	$	3,601	$	3,299