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Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets | Condensed Balance Sheets
(Dollars in thousands) |  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Assets |  |  |  |  |  |  |  |  |
Cash |  | $ | 12,031 |  |  | $ | 8,310 |  |  | $ | 17,622 |
Equity securities at fair value |  |  | 2,077 |  |  |  | 3,199 |  |  |  | 2,555 |
Other assets |  |  | 474 |  |  |  | 586 |  |  |  | 553 |
Investment in subsidiaries |  |  | 216,975 |  |  |  | 192,540 |  |  |  | 236,462 |
Total assets |  | $ | 231,557 |  |  | $ | 204,635 |  |  | $ | 257,192 |
Liabilities |  |  |  |  |  |  |  |  |
Subordinated debentures |  | $ | 32,115 |  |  | $ | 31,971 |  |  | $ | 31,827 |
Trust preferred securities |  |  | 3,392 |  |  |  | 3,291 |  |  |  | 3,190 |
Other liabilities |  |  | 416 |  |  |  | 499 |  |  |  | 506 |
Total liabilities |  |  | 35,923 |  |  |  | 35,761 |  |  |  | 35,523 |
Shareholders' equity |  |  | 195,634 |  |  |  | 168,874 |  |  |  | 221,669 |
Total liabilities and shareholders’ equity |  | $ | 231,557 |  |  | $ | 204,635 |  |  | $ | 257,192 |
Condensed Statements of Income | Condensed Statements of Income
(Dollars in thousands) |  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Interest income |  |  |  |  |  |  |  |  |
Interest and dividends from ChoiceOne Bank |  | $ | 10,813 |  |  | $ | - |  |  | $ | 6,125 |
Interest and dividends from other securities |  |  | 32 |  |  |  | 27 |  |  |  | 10 |
Total interest income |  |  | 10,845 |  |  |  | 27 |  |  |  | 6,135 |
Interest expense |  |  |  |  |  |  |  |  |
Borrowings |  |  | 1,635 |  |  |  | 1,491 |  |  |  | 645 |
Net interest income |  |  | 9,210 |  |  |  | (1,464 | ) |  |  | 5,490 |
Noninterest income |  |  |  |  |  |  |  |  |
Gains (losses) on sales of securities |  |  | (71 | ) |  |  | - |  |  |  | - |
Change in market value of equity securities |  |  | (307 | ) |  |  | (385 | ) |  |  | 554 |
Other |  |  | - |  |  |  | 2 |  |  |  | 4 |
Total noninterest income |  |  | (378 | ) |  |  | (383 | ) |  |  | 558 |
Noninterest expense |  |  |  |  |  |  |  |  |
Professional fees |  |  | 47 |  |  |  | 40 |  |  |  | 15 |
Other |  |  | 217 |  |  |  | 174 |  |  |  | 203 |
Total noninterest expense |  |  | 264 |  |  |  | 214 |  |  |  | 218 |
Income before income tax and equity in undistributed net income of subsidiary |  |  | 8,568 |  |  |  | (2,061 | ) |  |  | 5,830 |
Income tax (expense)/benefit |  |  | 472 |  |  |  | 433 |  |  |  | 64 |
Income before equity in undistributed net income of subsidiary |  |  | 9,040 |  |  |  | (1,628 | ) |  |  | 5,894 |
Equity in undistributed net income of subsidiary |  |  | 12,221 |  |  |  | 25,268 |  |  |  | 16,148 |
Net income |  | $ | 21,261 |  |  | $ | 23,640 |  |  | $ | 22,042 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
(Dollars in thousands) |  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 21,261 |  |  | $ | 23,640 |  |  | $ | 22,042 |
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed net income of subsidiary |  |  | (12,221 | ) |  |  | (25,268 | ) |  |  | (16,148 | )
Amortization |  |  | 245 |  |  |  | 245 |  |  |  | 101 |
Compensation expense on employee and director stock purchases, stock options, and restricted stock units |  |  | 964 |  |  |  | 928 |  |  |  | 787 |
Net loss on sale of securities |  |  | 71 |  |  |  | - |  |  |  | - |
Change in market value of equity securities |  |  | 307 |  |  |  | 385 |  |  |  | (554 | )
Changes in other assets |  |  | 113 |  |  |  | (33 | ) |  |  | (260 | )
Changes in other liabilities |  |  | (84 | ) |  |  | (7 | ) |  |  | (2,982 | )
Net cash from operating activities |  |  | 10,656 |  |  |  | (110 | ) |  |  | 2,986 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Sales of securities |  |  | 887 |  |  |  | - |  |  |  | - |
Purchases of securities |  |  | (143 | ) |  |  | (1,029 | ) |  |  | (117 | )
Investment in Subsidiary |  |  | - |  |  |  | - |  |  |  | (5,000 | )
Net cash from investing activities |  |  | 744 |  |  |  | (1,029 | ) |  |  | (5,117 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Issuance of common stock |  |  | 231 |  |  |  | 172 |  |  |  | 139 |
Repurchase of common stock |  |  | - |  |  |  | (767 | ) |  |  | (7,786 | )
Proceeds from borrowings |  |  | - |  |  |  | - |  |  |  | 36,827 |
Payments on borrowings |  |  | - |  |  |  | - |  |  |  | (14,166 | )
Cash dividends paid |  |  | (7,910 | ) |  |  | (7,578 | ) |  |  | (7,200 | )
Net cash from financing activities |  |  | (7,679 | ) |  |  | (8,173 | ) |  |  | 7,814 |
Net change in cash |  |  | 3,721 |  |  |  | (9,312 | ) |  |  | 5,683 |
Beginning cash |  |  | 8,310 |  |  |  | 17,622 |  |  |  | 11,939 |
Ending cash |  | $ | 12,031 |  |  | $ | 8,310 |  |  | $ | 17,622 |

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