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Note 16 - Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended
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Dec. 31, 2020
Notes Tables |
Condensed Balance Sheet [Table Text Block] |
(Dollars in thousands) |  | December 31, |
|  | 2020 |  |  | 2019 |
Assets |  |  |  |  |  |  |  |
Cash |  | $ | 11,939 |  |  | $ | 991 |
Equity securities at fair value |  |  | 1,884 |  |  |  | 1,840 |
Securities available for sale |  |  | - |  |  |  | 959 |
Other assets |  |  | 292 |  |  |  | 468 |
Investment in subsidiaries |  |  | 228,895 |  |  |  | 189,578 |
Total assets |  | $ | 243,010 |  |  | $ | 193,836 |
Liabilities |  |  |  |  |  |  |  |
Term loan |  | $ | 9,167 |  |  | $ | - |
Trust preferred securities |  |  | 3,089 |  |  |  | - |
Other liabilities |  |  | 3,486 |  |  |  | 1,697 |
Total liabilities |  |  | 15,742 |  |  |  | 1,697 |
Shareholders' equity |  |  | 227,268 |  |  |  | 192,139 |
Total liabilities and shareholders’ equity |  | $ | 243,010 |  |  | $ | 193,836 |
Condensed Income Statement [Table Text Block] |
(Dollars in thousands) |  | Years Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Interest income |  |  |  |  |  |  |  |  |  |  |  |
Interest and dividends from ChoiceOne Bank |  | $ | 12,942 |  |  | $ | 4,011 |  |  | $ | 2,800 |
Interest and dividends from other securities |  |  | 13 |  |  |  | 50 |  |  |  | 47 |
Total interest income |  |  | 12,955 |  |  |  | 4,061 |  |  |  | 2,847 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |
Borrowings |  |  | 239 |  |  |  | - |  |  |  | - |
Net interest income |  |  | 12,716 |  |  |  | 4,061 |  |  |  | 2,847 |
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |
Gains on sales of securities |  |  | 26 |  |  |  | 8 |  |  |  | 9 |
Change in market value of equity securities |  |  | (155 | ) |  |  | (114 | ) |  |  | 184 |
Total noninterest income |  |  | (129 | ) |  |  | (106 | ) |  |  | 193 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |
Salaries and benefits |  |  | 1,201 |  |  |  | 339 |  |  |  | - |
Professional fees |  |  | 1,093 |  |  |  | 1,517 |  |  |  | - |
Other |  |  | 217 |  |  |  | 492 |  |  |  | 144 |
Total noninterest expense |  |  | 2,511 |  |  |  | 2,348 |  |  |  | 144 |
Income before income tax and equity in undistributed net income of subsidiary |  |  | 10,076 |  |  |  | 1,607 |  |  |  | 2,896 |
Income tax (expense)/benefit |  |  | 431 |  |  |  | 261 |  |  |  | (14 | )
Income before equity in undistributed net income of subsidiary |  |  | 10,507 |  |  |  | 1,868 |  |  |  | 2,882 |
Equity in undistributed net income of subsidiary |  |  | 5,106 |  |  |  | 5,303 |  |  |  | 4,451 |
Net income |  | $ | 15,613 |  |  | $ | 7,171 |  |  | $ | 7,333 |
Condensed Cash Flow Statement [Table Text Block] |
(Dollars in thousands) |  | Years Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 15,613 |  |  | $ | 7,171 |  |  | $ | 7,333 |
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed net income of subsidiary |  |  | (5,106 | ) |  |  | (5,303 | ) |  |  | (4,451 | )
Amortization |  |  | 51 |  |  |  | 14 |  |  |  | 18 |
Compensation expense on employee and director stock purchases, stock options, and restricted stock units |  |  | 488 |  |  |  | 359 |  |  |  | 331 |
Net gain on sale of securities |  |  | (26 | ) |  |  | (8 | ) |  |  | (9 | )
Change in market value of equity securities |  |  | 155 |  |  |  | 114 |  |  |  | (184 | )
Changes in other assets |  |  | 582 |  |  |  | (344 | ) |  |  | 66 |
Changes in other liabilities |  |  | 551 |  |  |  | 1,485 |  |  |  | (19 | )
Net cash from operating activities |  |  | 12,308 |  |  |  | 3,488 |  |  |  | 3,085 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Sales of securities |  |  | 958 |  |  |  | 1,102 |  |  |  | 91 |
Purchases of securities |  |  | (200 | ) |  |  | - |  |  |  | - |
Cash acquired from mergers with Community Shores Bank Corporation and County Bank Corp. |  |  | 142 |  |  |  | 1,038 |  |  |  | - |
Net cash from investing activities |  |  | 900 |  |  |  | 2,140 |  |  |  | 91 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Issuance of common stock |  |  | 134 |  |  |  | 142 |  |  |  | 77 |
Repurchase of common stock |  |  | - |  |  |  | (67 | ) |  |  | (523 | )
Proceeds from borrowings |  |  | 10,000 |  |  |  | - |  |  |  | - |
Payments on borrowings |  |  | (833 | ) |  |  | - |  |  |  | - |
Cash used as part of equity issuance for merger |  |  | (5,387 | ) |  |  | (297 | ) |  |  | - |
Cash dividends paid |  |  | (6,174 | ) |  |  | (5,815 | ) |  |  | (2,579 | )
Net cash from financing activities |  |  | (2,260 | ) |  |  | (6,037 | ) |  |  | (3,025 | )
Net change in cash |  |  | 10,948 |  |  |  | (409 | ) |  |  | 151 |
Beginning cash |  |  | 991 |  |  |  | 1,400 |  |  |  | 1,249 |
Ending cash |  | $ | 11,939 |  |  | $ | 991 |  |  | $ | 1,400 |

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