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

12 Months Ended

Dec. 31, 2021

Notes Tables

Condensed Balance Sheet [Table Text Block]

(Dollars in thousands)		December 31,
		2021				2020
Assets
Cash		$	17,622			$	11,939
Equity securities at fair value			2,555				1,884
Securities available for sale			-				-
Other assets			553				292
Investment in subsidiaries			236,462				228,895
Total assets		$	257,192			$	243,010
Liabilities
Term loan		$	-			$	9,167
Subordinated debentures			31,827				-
Trust preferred securities			3,190				3,089
Other liabilities			506				3,486
Total liabilities			35,523				15,742
Shareholders' equity			221,669				227,268
Total liabilities and shareholders’ equity		$	257,192			$	243,010

Condensed Income Statement [Table Text Block]

(Dollars in thousands)		Years Ended December 31,
		2021				2020				2019
Interest income
Interest and dividends from ChoiceOne Bank		$	6,125			$	12,942			$	4,011
Interest and dividends from other securities			10				13				50
Total interest income			6,135				12,955				4,061
Interest expense
Borrowings			645				239				-
Net interest income			5,490				12,716				4,061
Noninterest income
Gains on sales of securities			-				26				8
Change in market value of equity securities			554				(155	)			(114	)
Other			4				-				-
Total noninterest income			558				(129	)			(106	)
Noninterest expense
Salaries and benefits			-				1,201				339
Professional fees			15				1,093				1,517
Other			203				217				492
Total noninterest expense			218				2,511				2,348
Income before income tax and equity in undistributed net income of subsidiary			5,830				10,076				1,607
Income tax (expense)/benefit			64				431				261
Income before equity in undistributed net income of subsidiary			5,894				10,507				1,868
Equity in undistributed net income of subsidiary			16,148				5,106				5,303
Net income		$	22,042			$	15,613			$	7,171

Condensed Cash Flow Statement [Table Text Block]

(Dollars in thousands)		Years Ended December 31,
		2021				2020				2019
Cash flows from operating activities:
Net income		$	22,042			$	15,613			$	7,171
Adjustments to reconcile net income to net cash from operating activities:
Equity in undistributed net income of subsidiary			(16,148	)			(5,106	)			(5,303	)
Amortization			101				51				14
Compensation expense on employee and director stock purchases, stock options, and restricted stock units			787				488				359
Net gain on sale of securities			-				(26	)			(8	)
Change in market value of equity securities			(554	)			155				114
Changes in other assets			(260	)			582				(344	)
Changes in other liabilities			(2,982	)			551				1,485
Net cash from operating activities			2,986				12,308				3,488
Cash flows from investing activities:
Sales of securities			-				958				1,102
Purchases of securities			(117	)			(200	)			-
Investment in Subsidiary			(5,000	)			-				-
Cash acquired from mergers with Community Shores Bank Corporation and County Bank Corp.			-				142				1,038
Net cash from investing activities			(5,117	)			900				2,140
Cash flows from financing activities:
Issuance of common stock			139				134				142
Repurchase of common stock			(7,786	)			-				(67	)
Proceeds from borrowings			36,827				10,000				-
Payments on borrowings			(14,166	)			(833	)			-
Cash used as part of equity issuance for merger			-				(5,387	)			(297	)
Cash dividends paid			(7,200	)			(6,174	)			(5,815	)
Net cash from financing activities			7,814				(2,260	)			(6,037	)
Net change in cash			5,683				10,948				(409	)
Beginning cash			11,939				991				1,400
Ending cash		$	17,622			$	11,939			$	991

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- Definition

Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

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