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Note 17 - Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended
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Dec. 31, 2022
Notes Tables |
Condensed Balance Sheet [Table Text Block] |
(Dollars in thousands) |  | December 31, |
|  | 2022 |  |  | 2021 |
Assets |  |  |  |  |  |  |  |
Cash |  | $ | 8,310 |  |  | $ | 17,622 |
Equity securities at fair value |  |  | 3,199 |  |  |  | 2,555 |
Other assets |  |  | 586 |  |  |  | 553 |
Investment in subsidiaries |  |  | 192,540 |  |  |  | 236,462 |
Total assets |  | $ | 204,635 |  |  | $ | 257,192 |
Liabilities |  |  |  |  |  |  |  |
Subordinated debentures |  | $ | 31,971 |  |  | $ | 31,827 |
Trust preferred securities |  |  | 3,291 |  |  |  | 3,190 |
Other liabilities |  |  | 499 |  |  |  | 506 |
Total liabilities |  |  | 35,761 |  |  |  | 35,523 |
Shareholders' equity |  |  | 168,874 |  |  |  | 221,669 |
Total liabilities and shareholders’ equity |  | $ | 204,635 |  |  | $ | 257,192 |
Condensed Income Statement [Table Text Block] |
(Dollars in thousands) |  | Years Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Interest income |  |  |  |  |  |  |  |  |  |  |  |
Interest and dividends from ChoiceOne Bank |  | $ | - |  |  | $ | 6,125 |  |  | $ | 12,942 |
Interest and dividends from other securities |  |  | 27 |  |  |  | 10 |  |  |  | 13 |
Total interest income |  |  | 27 |  |  |  | 6,135 |  |  |  | 12,955 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |
Borrowings |  |  | 1,491 |  |  |  | 645 |  |  |  | 239 |
Net interest income |  |  | (1,464 | ) |  |  | 5,490 |  |  |  | 12,716 |
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |
Gains on sales of securities |  |  | - |  |  |  | - |  |  |  | 26 |
Change in market value of equity securities |  |  | (385 | ) |  |  | 554 |  |  |  | (155 | )
Other |  |  | 2 |  |  |  | 4 |  |  |  | - |
Total noninterest income |  |  | (383 | ) |  |  | 558 |  |  |  | (129 | )
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |
Salaries and benefits |  |  | - |  |  |  | - |  |  |  | 1,201 |
Professional fees |  |  | 40 |  |  |  | 15 |  |  |  | 1,093 |
Other |  |  | 174 |  |  |  | 203 |  |  |  | 217 |
Total noninterest expense |  |  | 214 |  |  |  | 218 |  |  |  | 2,511 |
Income before income tax and equity in undistributed net income of subsidiary |  |  | (2,061 | ) |  |  | 5,830 |  |  |  | 10,076 |
Income tax (expense)/benefit |  |  | 433 |  |  |  | 64 |  |  |  | 431 |
Income before equity in undistributed net income of subsidiary |  |  | (1,628 | ) |  |  | 5,894 |  |  |  | 10,507 |
Equity in undistributed net income of subsidiary |  |  | 25,268 |  |  |  | 16,148 |  |  |  | 5,106 |
Net income |  | $ | 23,640 |  |  | $ | 22,042 |  |  | $ | 15,613 |
Condensed Cash Flow Statement [Table Text Block] |
(Dollars in thousands) |  | Years Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 23,640 |  |  | $ | 22,042 |  |  | $ | 15,613 |
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed net income of subsidiary |  |  | (25,268 | ) |  |  | (16,148 | ) |  |  | (5,106 | )
Amortization |  |  | 245 |  |  |  | 101 |  |  |  | 51 |
Compensation expense on employee and director stock purchases, stock options, and restricted stock units |  |  | 928 |  |  |  | 787 |  |  |  | 488 |
Net gain on sale of securities |  |  | - |  |  |  | - |  |  |  | (26 | )
Change in market value of equity securities |  |  | 385 |  |  |  | (554 | ) |  |  | 155 |
Changes in other assets |  |  | (33 | ) |  |  | (260 | ) |  |  | 582 |
Changes in other liabilities |  |  | (7 | ) |  |  | (2,982 | ) |  |  | 551 |
Net cash from operating activities |  |  | (110 | ) |  |  | 2,986 |  |  |  | 12,308 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Sales of securities |  |  | - |  |  |  | - |  |  |  | 958 |
Purchases of securities |  |  | (1,029 | ) |  |  | (117 | ) |  |  | (200 | )
Investment in Subsidiary |  |  | - |  |  |  | (5,000 | ) |  |  | - |
Cash acquired from mergers with Community Shores Bank Corporation |  |  | - |  |  |  | - |  |  |  | 142 |
Net cash from investing activities |  |  | (1,029 | ) |  |  | (5,117 | ) |  |  | 900 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Issuance of common stock |  |  | 172 |  |  |  | 139 |  |  |  | 134 |
Repurchase of common stock |  |  | (767 | ) |  |  | (7,786 | ) |  |  | - |
Proceeds from borrowings |  |  | - |  |  |  | 36,827 |  |  |  | 10,000 |
Payments on borrowings |  |  | - |  |  |  | (14,166 | ) |  |  | (833 | )
Cash used as part of equity issuance for merger |  |  | - |  |  |  | - |  |  |  | (5,387 | )
Cash dividends paid |  |  | (7,578 | ) |  |  | (7,200 | ) |  |  | (6,174 | )
Net cash from financing activities |  |  | (8,173 | ) |  |  | 7,814 |  |  |  | (2,260 | )
Net change in cash |  |  | (9,312 | ) |  |  | 5,683 |  |  |  | 10,948 |
Beginning cash |  |  | 17,622 |  |  |  | 11,939 |  |  |  | 991 |
Ending cash |  | $ | 8,310 |  |  | $ | 17,622 |  |  | $ | 11,939 |

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