Revenue from Contracts with Customers

12 Months Ended

Sep. 30, 2022

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)	2022		2021
Loan servicing and fee income(1)	$	2,885	$	1,207
Service charges on deposit accounts		232		127
Net gain on sale of loans held-for-sale(1)		5,143		1,307
Net gain on sale of investments available-for-sale(1)		105		240
Other income(2)		507		468
Total non-interest income	$	8,872	$	3,349

(1) Not included within the scope of ASC 606

(2) Other income includes merchant card processing fees of $33 and $9 for the year ended September 30, 2022 and 2021, respectively, which are included in the scope of ASC 606 and loan related fee income, recoveries on acquired loans and miscellaneous income totaling $474 and $459 for 2022 and 2021, respectively, 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 Service charges on customer accounts are withdrawn from the customer’s account balance.