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Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

Note 22 – Quarterly Financial Data (Unaudited)

						Net								Earnings Per Share
(Dollars in thousands, except per share data)		Interest				Interest				Net								Fully
		Income				Income				Income				Basic				Diluted
2019
First Quarter		$	6,477			$	5,496			$	1,637			$	0.45			$	0.45
Second Quarter			6,554				5,501				1,486				0.41				0.41
Third Quarter			6,561				5,570				1,021				0.28				0.28
Fourth Quarter			12,881				11,206				3,027				0.44				0.44

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

Per share amounts have been adjusted for the 5% stock dividend paid on May 31, 2018.

The growth in interest income and net interest income in the first three quarters of 2019 was primarily due to growth in earning assets, which was partially offset by a tightening of ChoiceOne’s net interest spread. The increase in the fourth quarter of 2019 resulted primarily from the merger with County. The increase that occurred during 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. Net income in 2019 was lower than the prior year primarily as a result of merger-related expenses incurred in 2019.