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Condensed Financial Statements of Parent Company
 12 Months Ended
Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Statements of Parent Company

Note 16 – Condensed Financial Statements of Parent Company

 

(Dollars in thousands)  December 31,
   2014  2013
Assets      
Cash  $808   $637 
  Securities available for sale   1,059    684 
  Other assets   154    29 
  Investment in ChoiceOne Bank   64,298    60,354 
       Total assets  $66,319   $61,704 
           
Liabilities          
Mandatory redeemable shares under ESOP, at fair value  $123   $91 
Other liabilities   6    55 
Total liabilities   129    146 
           
Shareholders' equity   66,190    61,558 
Total liabilities and shareholders’ equity  $66,319   $61,704 

  

Condensed Statements of Income

 

(Dollars in thousands)  Years Ended December 31,
   2014  2013  2012
Interest and dividends from ChoiceOne Bank  $2,731   $2,399   $1,710 
Interest and dividends from other securities   16    19    16 
Other income   27    1    — 
Total income   2,774    2,419    1,726 
Other expenses   92    98    89 
                
Income before income tax and equity in undistributed net income of subsidiary   2,682    2,321    1,637 
Income tax benefit   21    31    29 
Income before equity in undistributed net income of subsidiary   2,703    2,352    1,666 
Equity in undistributed net income of subsidiary   2,992    2,742    2,596 
Net income  $5,695   $5,094   $4,262 

 

Condensed Statements of Cash Flows

 

(Dollars in thousands)   Years Ended December 31,
    2014   2013   2012
Cash flows from operating activities:            
Net income   $ 5,695     $ 5,094     $ 4,262  
  Adjustments to reconcile net income to net cash from operating activities:                        
Equity in undistributed net income of subsidiary     (2,992 )     (2,742 )     (2,596 )
Amortization     3       2       2  
Net expense of restricted stock units     48       11       —  
Net gain on sale of securities     (26 )     (1 )     —  
Changes in other assets     (125 )     (1 )     (1 )
Changes in other liabilities     (35 )     36       (10 )
Net cash from operating activities     2,568       2,399       1,657  
                         
Cash flows from investing activities:                        
Sales of securities     1,184       70       —  
Purchases of securities     (1,565 )     (125 )     (409 )
Net cash from investing activities     (381 )     (55 )     (409 )
                         
Cash flows from financing activities:                        
Issuance of common stock     132       130       123  
Repurchase of common stock     (203 )     (192 )     (75 )
Cash dividends paid     (1,945 )     (1,780 )     (1,648 )
Net cash from financing activities     (2,016 )     (1,842 )     (1,600 )
                         
Net change in cash     171       502       (352 )
Beginning cash     637       135       487  
Ending cash   $ 808     $ 637     $ 135