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Note 16 - Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

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