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Condensed Financial Statements of Parent Company
 12 Months Ended
Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Statements of Parent Company

Note 16 – Condensed Financial Statements of Parent Company

 

Condensed Balance Sheets
(Dollars in thousands)  December 31, 
   2018   2017 
Assets        
Cash  $1,400   $1,249 
Equity securities at fair value   1,960    — 
Securities available for sale   1,692    3,607 
Other assets   122    188 
Investment in ChoiceOne Bank   75,313    71,570 
Total assets  $80,487   $76,614 
           
Liabilities          
Other liabilities  $10   $64 
 Total liabilities   10    64 
           
Shareholders’ equity   80,477    76,550 
Total liabilities and shareholders’ equity  $80,487   $76,614 

 

Condensed Statements of Income
(Dollars in thousands)  Years Ended December 31, 
   2018   2017   2016 
Interest and dividends from ChoiceOne Bank  $2,800   $3,042   $3,161 
Interest and dividends from other securities   47    55    52 
Gains on sales of securities   9    1    — 
Change in market value of equity securities   184    —    — 
Total income   3,040    3,098    3,213 
Other expenses   144    123    133 
Income before income tax and equity in undistributed net income of subsidiary   2,896    2,975    3,080 
Income tax (expense)/benefit   (14)   73    39 
Income before equity in undistributed net income of subsidiary   2,882    3,048    3,119 
Equity in undistributed net income of subsidiary   4,451    3,120    2,971 
Net income  $7,333   $6,168   $6,090 

 

Condensed Statements of Cash Flows
(Dollars in thousands)  Years Ended December 31, 
   2018   2017   2016 
Cash flows from operating activities:               
Net income  $7,333   $6,168   $6,090 
Adjustments to reconcile net income to net cash from operating activities:               
Equity in undistributed net income of subsidiary   (4,451)   (3,120)   (2,971)
Amortization   18    19    20 
Compensation expense on employee and director stock purchases, stock options, and restricted stock units   331    304    367 
Net gain on sale of securities   (9)   (1)   — 
Change in market value of equity securities   (184)   —    — 
Changes in other assets   66    (37)   (68)
Changes in other liabilities   (19)   (39)   (1)
Net cash from operating activities   3,085    3,294    3,437 
                
Cash flows from investing activities:               
Sales of securities   91    334    — 
Purchases of securities   —    (466)   (1,126)
Net cash from investing activities   91    (132)   (1,126)
                
Cash flows from financing activities:               
Issuance of common stock   77    98    85 
Repurchase of common stock   (523)   (203)   (794)
Cash dividends paid   (2,579)   (2,324)   (2,231)
Net cash from financing activities   (3,025)   (2,429)   (2,940)
                
Net change in cash   151    733    (629)
Beginning cash   1,249    516    1,145 
Ending cash  $1,400   $1,249   $516