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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