Condensed Financial Statements of Parent Company (Tables)
|
12 Months Ended |
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 |
|
|