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Note 22 - Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Quarterly Financial Information [Text Block]

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
2020
First Quarter		$	12,662			$	11,138			$	3,254			$	0.45			$	0.45
Second Quarter			12,863				11,879				4,430				0.61				0.61
Third Quarter			15,150				14,062				3,829				0.49				0.49
Fourth Quarter			15,040				13,992				4,100				0.53				0.52

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

The growth in interest income and net interest income in the first two quarters of 2020 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 third and fourth quarters of 2020 resulted primarily from the merger with County. The increase that occurred during 2019 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.