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Condensed Financial Statements of Parent Company
 12 Months Ended
Dec. 31, 2019
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,  
    2019     2018  
Assets                
Cash   $         991     $    1,400  
Equity securities at fair value     1,840       1,960  
Securities available for sale     959       1,692  
Other assets     468       122  
Investment in Bank subsidiaries     189,578       75,313  
Total assets   $ 193,836     $ 80,487  
                 
Liabilities                
Other liabilities   $      1,697     $         10  
Total liabilities     1,697       10  
                 
Shareholders’ equity     192,139       80,477  
Total liabilities and shareholders’ equity   $ 193,836     $ 80,487  

 

Condensed Statements of Income  
(Dollars in thousands)   Years Ended December 31,  
    2019     2018     2017  
Interest and dividends from ChoiceOne Bank   $      4,011     $      2,800     $    3,042  
Interest and dividends from other securities     50       47       55  
Gains on sales of securities     8       9       1  
Change in market value of equity securities     (114 )     184       —  
Total income     3,955       3,040       3,098  
Other expenses     2,348       144       123  
Income before income tax and equity in undistributed net income of subsidiaries     1,607       2,896       2,975  
Income tax (expense)/benefit     261       (14 )     73  
Income before equity in undistributed net income of subsidiaries     1,868       2,882       3,048  
Equity in undistributed net income of subsidiaries     5,303       4,451       3,120  
Net income   $      7,171     $      7,333     $    6,168  

 

Condensed Statements of Cash Flows  
                   
(Dollars in thousands)   Years Ended December 31,  
    2019     2018     2017  
Cash flows from operating activities:                        
Net income   $      7,171     $      7,333     $    6,168  
Adjustments to reconcile net income to net cash from operating activities:                        
Equity in undistributed net income of subsidiaries     (5,303 )     (4,451 )     (3,120 )
Amortization     14       18       19  
Compensation expense on employee and director stock purchases, stock options, and restricted stock units     359       331       304  
Net gain on sale of securities     (8 )     (9 )     (1 )
Change in market value of equity securities     114       (184 )     —  
Changes in other assets     (344 )     66       (37 )
Changes in other liabilities     1,485       (19 )     (39 )
Net cash from operating activities     3,488       3,085       3,294  
                         
Cash flows from investing activities:                        
Sales of securities     1,102       91       334  
Purchases of securities     —       —       (466 )
Cash acquired from merger with County Bank Corp     1,038       —       —  
Net cash from investing activities     2,140       91       (132 )
                         
Cash flows from financing activities:                        
Issuance of common stock     142       77       98  
Repurchase of common stock     (67 )     (523 )     (203 )
Cash used as part of equity issuance for merger     (297 )     —       —  
Cash dividends and fractional shares from stock dividend and merger     (5,815 )     (2,579 )     (2,324 )
Net cash from financing activities     (6,037 )     (3,025 )     (2,429 )
                         
Net change in cash     (409 )     151       733  
Beginning cash     1,400       1,249       516  
Ending cash   $         991     $      1,400     $    1,249