XML 38 R25.htm IDEA: XBRL DOCUMENT v3.21.1
Note 16 - Condensed Financial Statements of Parent Company
12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 16 – Condensed Financial Statements of Parent Company

 

Condensed Balance Sheets

(Dollars in thousands)

 

December 31,

 
   

2020

   

2019

 

Assets

               

Cash

  $ 11,939     $ 991  

Equity securities at fair value

    1,884       1,840  

Securities available for sale

    -       959  

Other assets

    292       468  

Investment in subsidiaries

    228,895       189,578  

Total assets

  $ 243,010     $ 193,836  
                 

Liabilities

               
Term loan   $ 9,167     $ -  
Trust preferred securities     3,089       -  

Other liabilities

    3,486       1,697  

Total liabilities

    15,742       1,697  
                 

Shareholders' equity

    227,268       192,139  

Total liabilities and shareholders’ equity

  $ 243,010     $ 193,836  

 

Condensed Statements of Income

(Dollars in thousands)

 

Years Ended December 31,

 
   

2020

   

2019

   

2018

 
Interest income                        

Interest and dividends from ChoiceOne Bank

  $ 12,942     $ 4,011     $ 2,800  

Interest and dividends from other securities

    13       50       47  

Total interest income

    12,955       4,061       2,847  
                         
Interest expense                        
Borrowings     239       -       -  
                         
Net interest income     12,716       4,061       2,847  
                         
Noninterest income                        

Gains on sales of securities

    26       8       9  

Change in market value of equity securities

    (155 )     (114 )     184  
Total noninterest income     (129 )     (106 )     193  
                         
Noninterest expense                        
Salaries and benefits     1,201       339       -  
Professional fees     1,093       1,517       -  
Other     217       492       144  

Total noninterest expense

    2,511       2,348       144  
                         

Income before income tax and equity in undistributed net income of subsidiary

    10,076       1,607       2,896  

Income tax (expense)/benefit

    431       261       (14 )

Income before equity in undistributed net income of subsidiary

    10,507       1,868       2,882  

Equity in undistributed net income of subsidiary

    5,106       5,303       4,451  

Net income

  $ 15,613     $ 7,171     $ 7,333  

 

Condensed Statements of Cash Flows

(Dollars in thousands)

 

Years Ended December 31,

 
   

2020

   

2019

   

2018

 

Cash flows from operating activities:

                       

Net income

  $ 15,613     $ 7,171     $ 7,333  

Adjustments to reconcile net income to net cash from operating activities:

                       

Equity in undistributed net income of subsidiary

    (5,106 )     (5,303 )     (4,451 )

Amortization

    51       14       18  

Compensation expense on employee and director stock purchases, stock options, and restricted stock units

    488       359       331  

Net gain on sale of securities

    (26 )     (8 )     (9 )

Change in market value of equity securities

    155       114       (184 )

Changes in other assets

    582       (344 )     66  

Changes in other liabilities

    551       1,485       (19 )

Net cash from operating activities

    12,308       3,488       3,085  
                         

Cash flows from investing activities:

                       

Sales of securities

    958       1,102       91  

Purchases of securities

    (200 )     -       -  

Cash acquired from mergers with Community Shores Bank Corporation and County Bank Corp.

    142       1,038       -  

Net cash from investing activities

    900       2,140       91  
                         

Cash flows from financing activities:

                       

Issuance of common stock

    134       142       77  

Repurchase of common stock

    -       (67 )     (523 )
Proceeds from borrowings     10,000       -       -  
Payments on borrowings     (833 )     -       -  
Cash used as part of equity issuance for merger     (5,387 )     (297 )     -  

Cash dividends paid

    (6,174 )     (5,815 )     (2,579 )

Net cash from financing activities

    (2,260 )     (6,037 )     (3,025 )
                         

Net change in cash

    10,948       (409 )     151  

Beginning cash

    991       1,400       1,249  

Ending cash

  $ 11,939     $ 991     $ 1,400