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Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets | Condensed Balance Sheets
(Dollars in thousands) |  | December 31, |  |  |
|  | 2024 |  |  | 2023 |  |  |
Assets |  |  |  |  |  |  |  |
Cash |  | $ | 37,791 |  |  | $ | 12,031 |  |  |
Equity securities at fair value |  |  | 2,397 |  |  |  | 2,077 |  |  |
Other assets |  |  | 487 |  |  |  | 474 |  |  |
Investment in subsidiaries |  |  | 256,165 |  |  |  | 216,975 |  |  |
Total assets |  | $ | 296,840 |  |  | $ | 231,557 |  |  |
Liabilities |  |  |  |  |  |  |  |
Subordinated debentures |  | $ | 32,260 |  |  | $ | 32,115 |  |  |
Trust preferred securities |  |  | 3,492 |  |  |  | 3,392 |  |  |
Other liabilities |  |  | 673 |  |  |  | 416 |  |  |
Total liabilities |  |  | 36,425 |  |  |  | 35,923 |  |  |
Shareholders' equity |  |  | 260,415 |  |  |  | 195,634 |  |  |
Total liabilities and shareholders’ equity |  | $ | 296,840 |  |  | $ | 231,557 |  |  |
Condensed Statements of Income | Condensed Statements of Income
(Dollars in thousands) |  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Interest income |  |  |  |  |  |  |  |  |
Interest and dividends from ChoiceOne Bank |  | $ | 11,615 |  |  | $ | 10,813 |  |  | $ | - |
Interest and dividends from other securities |  |  | 46 |  |  |  | 32 |  |  |  | 27 |
Total interest income |  |  | 11,661 |  |  |  | 10,845 |  |  |  | 27 |
Interest expense |  |  |  |  |  |  |  |  |
Borrowings |  |  | 1,642 |  |  |  | 1,635 |  |  |  | 1,491 |
Net interest income |  |  | 10,019 |  |  |  | 9,210 |  |  |  | (1,464 | )
Noninterest income |  |  |  |  |  |  |  |  |
Gains (losses) on sales of securities |  |  | - |  |  |  | (71 | ) |  |  | - |
Change in market value of equity securities |  |  | 237 |  |  |  | (307 | ) |  |  | (385 | )
Other |  |  | - |  |  |  | - |  |  |  | 2 |
Total noninterest income |  |  | 237 |  |  |  | (378 | ) |  |  | (383 | )
Noninterest expense |  |  |  |  |  |  |  |  |
Professional fees |  |  | 52 |  |  |  | 47 |  |  |  | 40 |
Other |  |  | 1,201 |  |  |  | 217 |  |  |  | 174 |
Total noninterest expense |  |  | 1,253 |  |  |  | 264 |  |  |  | 214 |
Income before income tax and equity in undistributed net income of subsidiary |  |  | 9,003 |  |  |  | 8,568 |  |  |  | (2,061 | )
Income tax (expense)/benefit |  |  | 374 |  |  |  | 472 |  |  |  | 433 |
Income before equity in undistributed net income of subsidiary |  |  | 9,377 |  |  |  | 9,040 |  |  |  | (1,628 | )
Equity in undistributed net income of subsidiary |  |  | 17,350 |  |  |  | 12,221 |  |  |  | 25,268 |
Net income |  | $ | 26,727 |  |  | $ | 21,261 |  |  | $ | 23,640 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
(Dollars in thousands) |  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 26,727 |  |  | $ | 21,261 |  |  | $ | 23,640 |
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed net income of subsidiary |  |  | (17,350 | ) |  |  | (12,221 | ) |  |  | (25,268 | )
Amortization |  |  | 245 |  |  |  | 245 |  |  |  | 245 |
Compensation expense on employee and director stock purchases, stock options, and restricted stock units |  |  | 678 |  |  |  | 964 |  |  |  | 928 |
Net loss on sale of securities |  |  | - |  |  |  | 71 |  |  |  | - |
Change in market value of equity securities |  |  | (237 | ) |  |  | 307 |  |  |  | 385 |
Changes in other assets |  |  | (15 | ) |  |  | 113 |  |  |  | (33 | )
Changes in other liabilities |  |  | 258 |  |  |  | (84 | ) |  |  | (7 | )
Net cash from operating activities |  |  | 10,307 |  |  |  | 10,656 |  |  |  | (110 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Sales of securities |  |  | - |  |  |  | 887 |  |  |  | - |
Purchases of securities |  |  | (82 | ) |  |  | (143 | ) |  |  | (1,029 | )
Investment in Subsidiary |  |  | (8,000 | ) |  |  | - |  |  |  | - |
Net cash from investing activities |  |  | (8,082 | ) |  |  | 744 |  |  |  | (1,029 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Issuance of common stock |  |  | 674 |  |  |  | 231 |  |  |  | 172 |
Cash proceeds from common stock offering |  |  | 32,093 |  |  |  | - |  |  |  | - |
Repurchase of common stock |  |  | - |  |  |  | - |  |  |  | (682 | )
Share based compensation withholding obligation |  |  | (220 | ) |  |  | - |  |  |  | (85 | )
Cash dividends |  |  | (9,012 | ) |  |  | (7,910 | ) |  |  | (7,578 | )
Net cash from financing activities |  |  | 23,535 |  |  |  | (7,679 | ) |  |  | (8,173 | )
Net change in cash |  |  | 25,760 |  |  |  | 3,721 |  |  |  | (9,312 | )
Beginning cash |  |  | 12,031 |  |  |  | 8,310 |  |  |  | 17,622 |
Ending cash |  | $ | 37,791 |  |  | $ | 12,031 |  |  | $ | 8,310 |

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