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Note 16 - Condensed Financial Statements of Parent Company | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 16 – Condensed Financial Statements of Parent Company Condensed Balance Sheets
(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 Statements of Income
(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 Statements of Cash Flows
(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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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