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Condensed Financial Statements of Parent Company
 12 Months Ended
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Statements of Parent Company

Note 16 – Condensed Financial Statements of Parent Company

 

Condensed Balance Sheets

 

(Dollars in thousands)   December 31,  
    2015     2014  
Assets                
Cash   $ 1,145     $ 808  
Securities available for sale     2,263       1,059  
Other assets     83       154  
Investment in ChoiceOne Bank     66,539       64,298  
Total assets   $ 70,030     $ 66,319  
                 
Liabilities                
Mandatory redeemable shares under ESOP, at fair value   $ 127     $ 123  
Other liabilities     61       6  
Total liabilities     188       129  
                 
Shareholders’ equity     69,842       66,190  
Total liabilities and shareholders’ equity   $ 70,030     $ 66,319  

 

Condensed Statements of Income 

                   
(Dollars in thousands)   Years Ended December 31,  
    2015     2014     2013  
Interest and dividends from ChoiceOne Bank   $ 3,579     $ 2,731     $ 2,399  
Interest and dividends from other securities     26       16       19  
Other income     —       27       1  
Total income     3,605       2,774       2,419  
Other expenses     137       92       98  
                         
Income before income tax and equity in undistributed net income of subsidiary     3,468       2,682       2,321  
Income tax benefit     44       21       31  
Income before equity in undistributed net income of subsidiary     3,512       2,703       2,352  
Equity in undistributed net income of subsidiary     2,231       2,992       2,742  
Net income   $ 5,743     $ 5,695     $ 5,094  

 

Condensed Statements of Cash Flows
(Dollars in thousands)   Years Ended December 31,  
    2015     2014     2013  
Cash flows from operating activities:                        
Net income   $ 5,743     $ 5,695     $ 5,094  
Adjustments to reconcile net income to net cash from operating activities:                        
Equity in undistributed net income of subsidiary     (2,231 )     (2,992 )     (2,742 )
Amortization     11       3       2  
Net expense of restricted stock units     103       48       11  
Net gain on sale of securities     0       (26 )     (1 )
Changes in other assets     71       (125 )     (1 )
Changes in other liabilities     4       (35 )     36  
Net cash from operating activities     3,701       2,568       2,399  
                         
Cash flows from investing activities:                        
Sales of securities     —       1,184       70  
Purchases of securities     (1,029 )     (1,565 )     (125 )
Net cash from investing activities     (1,029 )     (381 )     (55 )
                         
Cash flows from financing activities:                        
Issuance of common stock     206       132       130  
Repurchase of common stock     (371 )     (203 )     (192 )
Cash dividends paid     (2,170 )     (1,945 )     (1,780 )
Net cash from financing activities     (2,335 )     (2,016 )     (1,842 )
                         
Net change in cash     337       171       502  
Beginning cash     808       637       135  
Ending cash   $ 1,145     $ 808     $ 637