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Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

Note 21 – Quarterly Financial Data (Unaudited)

						Net								Earnings Per Share
(Dollars in thousands, except per share data)		Interest				Interest				Net								Fully
		Income				Income				Income				Basic				Diluted
2018
First Quarter		$	5,722			$	5,330			$	1,658			$	0.46			$	0.46
Second Quarter			6,141				5,595				1,833				0.51				0.51
Third Quarter			6,212				5,522				2,014				0.55				0.55
Fourth Quarter			6,450				5,617				1,828				0.51				0.50

2017
First Quarter		$	5,161			$	4,855			$	1,446			$	0.40			$	0.40
Second Quarter			5,425				5,077				1,635				0.45				0.45
Third Quarter			5,624				5,238				1,720				0.48				0.48
Fourth Quarter			5,831				5,393				1,367				0.37				0.37

Per share amounts have been adjusted for 5% stock dividends paid on May 31, 2017 and May 31, 2018.

The increase that occurred during 2017 and 2018 in interest income and net interest income was due to growth in earning assets and a widening of ChoiceOne’s net interest spread resulting from rising general market interest rates. Higher net income in 2018 compared to 2017 was primarily due to the lower corporate income tax rate in effect during 2018.