Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 28, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000803164 | ||
Entity Registrant Name | ChoiceOne Financial Services, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 000-19202 | ||
Entity Incorporation, State or Country Code | MI | ||
Entity Tax Identification Number | 38-2659066 | ||
Entity Address, Address Line One | 109 East Division Street | ||
Entity Address, City or Town | Sparta | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 49345 | ||
City Area Code | 616 | ||
Local Phone Number | 887-7366 | ||
Title of 12(b) Security | Common stock | ||
Trading Symbol | COFS | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 198,200,000 | ||
Entity Common Stock, Shares Outstanding | 7,801,084 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 79,169 | $ 59,308 |
Time deposits in other financial institutions | 350 | 250 |
Cash and cash equivalents | 79,519 | 59,558 |
Equity securities at fair value (Note 2) | 2,896 | 2,851 |
Securities available for sale (Note 2) | 574,787 | 339,579 |
Federal Home Loan Bank stock | 3,824 | 3,524 |
Federal Reserve Bank stock | 4,180 | 2,934 |
Loans held for sale | 12,921 | 3,095 |
Loans to other financial institutions | 35,209 | 51,048 |
Loans (Note 3) | 1,069,668 | 802,048 |
Allowance for loan losses (Note 3) | (7,593) | (4,057) |
Loans, net | 1,062,075 | 797,991 |
Premises and equipment, net (Note 5) | 29,489 | 24,265 |
Other real estate owned, net (Note 7) | 266 | 929 |
Cash value of life insurance policies | 32,751 | 31,979 |
Goodwill (Note 6) | 60,506 | 52,870 |
Core deposit intangible (Note 6) | 5,269 | 6,006 |
Other assets | 15,650 | 9,499 |
Total assets | 1,919,342 | 1,386,128 |
Liabilities | ||
Deposits – noninterest-bearing (Note 8) | 477,654 | 287,460 |
Deposits – interest-bearing (Note 8) | 1,196,924 | 867,142 |
Total deposits | 1,674,578 | 1,154,602 |
Borrowings (Note 9) | 9,327 | 33,198 |
Subordinated debentures (Note 10) | 3,089 | 0 |
Other liabilities (Notes 11 and 13) | 5,080 | 6,189 |
Total liabilities | 1,692,074 | 1,193,989 |
Shareholders' Equity | ||
Preferred stock; shares authorized: 100,000; shares outstanding: none | 0 | 0 |
Common stock and paid-in capital, no par value; shares authorized: 12,000,000; shares outstanding: 7,796,352 at December 31, 2020 and 7,245,088 at December 31, 2019 (Note 14) | 178,750 | 162,610 |
Retained earnings | 37,490 | 28,051 |
Accumulated other comprehensive income, net | 11,028 | 1,478 |
Total shareholders’ equity | 227,268 | 192,139 |
Total liabilities and shareholders’ equity | $ 1,919,342 | $ 1,386,128 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred stock, authorized (in shares) | 100,000 | 100,000 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 12,000,000 | 12,000,000 |
Common stock, outstanding (in shares) | 7,796,352 | 7,245,088 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income | |||
Loans, including fees | $ 46,874 | $ 26,777 | $ 20,033 |
Securities: | |||
Taxable | 5,891 | 3,956 | 2,896 |
Tax exempt | 2,684 | 1,472 | 1,465 |
Other | 266 | 268 | 131 |
Total interest income | 55,715 | 32,473 | 24,525 |
Interest expense | |||
Deposits | 4,178 | 4,188 | 2,175 |
Advances from Federal Home Loan Bank | 220 | 455 | 235 |
Other | 246 | 57 | 51 |
Total interest expense | 4,644 | 4,700 | 2,461 |
Net interest income | 51,071 | 27,773 | 22,064 |
Provision for loan losses | 4,000 | 0 | 35 |
Net interest income after provision for loan losses | 47,071 | 27,773 | 22,029 |
Noninterest income | |||
Customer service charges | 7,252 | 5,277 | 4,525 |
Insurance and investment commissions | 541 | 310 | 335 |
Mortgage servicing rights (Note 4) | 3,180 | 822 | 441 |
Gains on sales of loans (Note 4) | 8,133 | 1,129 | 562 |
Net gains on sales of securities (Note 2) | 1,308 | 22 | 34 |
Net (losses) gains on sales and write-downs of other assets (Note 7) | (13) | 55 | 83 |
Earnings on life insurance policies | 772 | 773 | 385 |
Trust income | 739 | 162 | 0 |
Net gains and losses recognized during the period | (155) | 0 | 71 |
Other | 941 | 618 | 484 |
Total noninterest income | 22,698 | 9,168 | 6,920 |
Salaries and benefits (Note 13 and 14) | 26,539 | 14,401 | 10,997 |
Occupancy and equipment (Note 5) | 5,783 | 3,557 | 2,722 |
Data processing | 6,765 | 3,210 | 2,205 |
Professional fees | 3,716 | 3,112 | 1,349 |
Supplies and postage | 844 | 407 | 408 |
Advertising and promotional | 588 | 528 | 308 |
Intangible amortization (Note 6) | 1,498 | 353 | 0 |
FDIC insurance | 450 | 45 | 185 |
Other | 4,701 | 2,863 | 2,287 |
Total noninterest expense | 50,884 | 28,476 | 20,461 |
Income before income tax | 18,885 | 8,465 | 8,488 |
Income tax expense | 3,272 | 1,294 | 1,155 |
Net income | $ 15,613 | $ 7,171 | $ 7,333 |
Basic earnings per share (Note 15) (in dollars per share) | $ 2.08 | $ 1.58 | $ 2.03 |
Diluted earnings per share (Note 15) (in dollars per share) | 2.07 | 1.58 | 2.02 |
Dividends declared per share (in dollars per share) | $ 0.82 | $ 1.40 | $ 0.71 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 15,613 | $ 7,171 | $ 7,333 |
Other comprehensive income: | |||
Changes in net unrealized gains (losses) on investment securities available for sale, net of tax expense (benefit) of $2,846, $583, and $(196) for the years ended December 31, 2020, 2019, and 2018, respectively. | 10,708 | 2,246 | (737) |
Reclassification adjustment for realized gain on sale of investment securities available for sale included in net income, net of tax expense of $275, $5, and $7 for the years ended December 31, 2020, 2019, and 2018, respectively. | (1,033) | (18) | (27) |
Change in adjustment for postretirement benefits, net of tax expense (benefit) of $(33), $(5), and $10 for the years ended December 31, 2020, 2019, and 2018, respectively. | (125) | (18) | 39 |
Other comprehensive income, net of tax | 9,550 | 2,210 | (725) |
Comprehensive income | $ 25,163 | $ 9,381 | $ 6,608 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in net unrealized gains (losses) on investment securities available for sale, tax | $ 2,846 | $ 583 | $ (196) |
Reclassification adjustment for realized gain on sale of investment securities available for sale included in net income, tax | 275 | 5 | 7 |
Change in adjustment for postretirement benefits, tax | $ (33) | $ (5) | $ 10 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | [1] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | [1] | Cumulative Effect, Period of Adoption, Adjustment [Member] | [1] | Cash Dividend [Member]Retained Earnings [Member] | Cash Dividend [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (in shares) at Dec. 31, 2017 | 3,448,569 | ||||||||||||
Balance at Dec. 31, 2017 | $ 244 | $ (244) | $ 0 | $ 50,290 | $ 26,023 | $ 237 | $ 76,550 | ||||||
Net income | 7,333 | 7,333 | |||||||||||
Other comprehensive income (loss) | (725) | (725) | |||||||||||
Shares issued (in shares) | 7,904 | ||||||||||||
Shares issued | $ 126 | 126 | |||||||||||
Shares repurchased (in shares) | (20,628) | ||||||||||||
Shares repurchased | $ (523) | (523) | |||||||||||
Effect of employee stock purchases | $ 13 | 13 | |||||||||||
Stock options exercised and issued (in shares) | [2] | 1,241 | |||||||||||
Stock options exercised and issued | [2] | 0 | |||||||||||
Stock-based compensation expense | $ 282 | 282 | |||||||||||
Restricted stock units issued (in shares) | 7,303 | ||||||||||||
Stock dividend declared (5%) (in shares) | 172,094 | ||||||||||||
Stock dividend declared (5%) | $ 4,335 | (4,342) | (7) | ||||||||||
Cash dividends declared | [3] | $ (2,572) | $ (2,572) | ||||||||||
Balance (in shares) at Dec. 31, 2018 | 3,616,483 | ||||||||||||
Balance at Dec. 31, 2018 | $ 54,523 | 26,686 | (732) | 80,477 | |||||||||
Net income | 7,171 | 7,171 | |||||||||||
Other comprehensive income (loss) | 2,210 | 2,210 | |||||||||||
Shares issued (in shares) | 8,118 | ||||||||||||
Shares issued | $ 25 | 25 | |||||||||||
Shares repurchased (in shares) | (2,228) | ||||||||||||
Shares repurchased | $ (67) | (67) | |||||||||||
Effect of employee stock purchases | $ 14 | 14 | |||||||||||
Stock options exercised and issued (in shares) | [2] | 3,913 | |||||||||||
Stock options exercised and issued | [2] | $ 78 | 78 | ||||||||||
Stock-based compensation expense | $ 398 | 398 | |||||||||||
Cash dividends declared | (5,806) | (5,806) | |||||||||||
Restricted stock units issued | 0 | ||||||||||||
Merger, net of issuance costs (in shares) | 3,603,872 | ||||||||||||
Merger, net of issuance costs | $ 107,639 | $ 107,639 | |||||||||||
Balance (in shares) at Dec. 31, 2019 | 7,245,088 | 7,245,088 | |||||||||||
Balance at Dec. 31, 2019 | $ 162,610 | 28,051 | 1,478 | $ 192,139 | |||||||||
Net income | 15,613 | 15,613 | |||||||||||
Other comprehensive income (loss) | 9,550 | 9,550 | |||||||||||
Shares issued (in shares) | 19,583 | ||||||||||||
Shares issued | $ 451 | 451 | |||||||||||
Effect of employee stock purchases | $ 24 | $ 24 | |||||||||||
Stock options exercised and issued (in shares) | 7,261 | 35,617 | |||||||||||
Stock options exercised and issued | $ 0 | ||||||||||||
Restricted stock units issued (in shares) | 365 | ||||||||||||
Cash dividends declared | (6,174) | (6,174) | |||||||||||
Restricted stock units issued | 0 | ||||||||||||
Merger, net of issuance costs (in shares) | 524,055 | ||||||||||||
Merger, net of issuance costs | $ 15,494 | 15,494 | |||||||||||
Stock-based compensation expense | $ 171 | $ 171 | |||||||||||
Balance (in shares) at Dec. 31, 2020 | 7,796,352 | 7,796,352 | |||||||||||
Balance at Dec. 31, 2020 | $ 178,750 | $ 37,490 | $ 11,028 | $ 227,268 | |||||||||
[1] | ASU 2016-01 is further addressed in Note 1 to the financial statements. | ||||||||||||
[2] | The amount shown represents the number of shares issued in cashless transactions where some taxes are netted on a portion of the exercises. | ||||||||||||
[3] | Adjusted for 5% stock dividend issued on May 31, 2018. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) | 12 Months Ended |
Dec. 31, 2018$ / shares | |
Cash Dividend [Member] | |
Dividends declared, per share (in dollars per share) | $ 0.71 |
Stock dividend declared | 5.00% |
Dividends declared, per share (in dollars per share) | $ 0.71 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 15,613,000 | $ 7,171,000 | $ 7,333,000 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Provision for loan losses | 4,000,000 | 0 | 35,000 |
Depreciation | 2,721,000 | 1,610,000 | 1,183,000 |
Amortization | 4,985,000 | 1,517,000 | 893,000 |
Compensation expense on employee and director stock purchases, stock options, and restricted stock units | 512,000 | 373,000 | 344,000 |
Net gains on sales of securities | (1,308,000) | (22,000) | (34,000) |
Net change in market value of equity securities | 155,000 | 0 | (71,000) |
Gains on sales of loans | (11,313,000) | (1,951,000) | (1,003,000) |
Loans originated for sale | (326,286,000) | (63,920,000) | (33,555,000) |
Proceeds from loan sales | 325,306,000 | 62,763,000 | 34,872,000 |
Earnings on bank-owned life insurance | (772,000) | (485,000) | (385,000) |
Proceeds from BOLI policy | 0 | 605,000 | 0 |
Earnings on death benefit from bank-owned life insurance | 0 | (288,000) | 0 |
(Gains) on sales of other real estate owned | (64,000) | (54,000) | (79,000) |
Write downs of ORE | 80,000 | 0 | 0 |
Proceeds from sales of other real estate owned | 1,384,000 | 938,000 | 515,000 |
Costs capitalized to other real estate | (19,000) | 0 | 0 |
Deferred federal income tax expense | 202,000 | 310,000 | 209,000 |
Net change in: | |||
Other assets | (3,186,000) | 2,128,000 | (875,000) |
Changes in other liabilities | (3,532,000) | (1,493,000) | 573,000 |
Net cash provided by operating activities | 8,478,000 | 9,202,000 | 9,955,000 |
Cash flows from investing activities: | |||
Sales of securities available for sale | 121,942,000 | 178,450,000 | 2,634,000 |
Sales of equity securities | 0 | 463,000 | 91,000 |
Maturities, prepayments and calls of securities available for sale | 48,787,000 | 47,816,000 | 13,443,000 |
Purchases of securities available for sale | (375,670,000) | (209,763,000) | (31,450,000) |
Purchase of Federal Reserve Bank stock | 0 | (1,000) | 0 |
Loan originations and payments, net | (79,594,000) | (485,000) | (24,366,000) |
Additions to premises and equipment | (1,852,000) | (766,000) | (4,207,000) |
Net cash (used in)/provided by investing activities | (250,751,000) | 36,352,000 | (43,855,000) |
Cash flows from financing activities: | |||
Net change in deposits | 292,145,000 | 3,986,000 | 37,162,000 |
Net change in repurchase agreements | 0 | 0 | (7,148,000) |
Net change in fed funds purchased | 0 | (8,600,000) | 4,800,000 |
Proceeds from borrowings | 10,050,000 | 115,000,000 | 128,500,000 |
Payments on borrowings | (33,921,000) | (110,035,000) | (143,535,000) |
Repurchase of common stock | 0 | (67,000) | (523,000) |
Issuance of common stock | 134,000 | 142,000 | 77,000 |
Cash dividends and fractional shares from merger | (6,174,000) | (5,815,000) | (2,580,000) |
Cash related to equity issuance for merger | 0 | (297,000) | 0 |
Net cash provided by/(used in) financing activities | 262,234,000 | (5,686,000) | 16,753,000 |
Net change in cash and cash equivalents | 19,961,000 | 39,868,000 | (17,147,000) |
Beginning cash | 59,558,000 | 19,690,000 | 36,837,000 |
Ending cash | 79,519,000 | 59,558,000 | 19,690,000 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 4,872,000 | 4,500,000 | 2,300,000 |
Cash paid for income taxes | 5,001,000 | 1,035,000 | 850,000 |
Loans transferred to other real estate owned | 372,000 | 347,000 | 432,000 |
Community Shores Bank Corporation [Member] | |||
Cash flows from investing activities: | |||
Cash received from merger | 35,636,000 | 0 | 0 |
County Bank Corp [Member] | |||
Cash flows from investing activities: | |||
Cash received from merger | $ 0 | $ 20,638,000 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1 Principles of Consolidation The consolidated financial statements include ChoiceOne Financial Services, Inc. ("ChoiceOne"), its wholly-owned subsidiaries, ChoiceOne Bank (the "Bank"), and ChoiceOne Bank’s wholly-owned subsidiaries: ChoiceOne Insurance Agencies, Inc. (the "Insurance Agency"), Lakestone Financial Services, Inc. ("Lakestone Financial"), and Community Shores Financial Services, Inc. (“Community Shores Financial”). Intercompany transactions and balances have been eliminated in consolidation. Community Shores Capital Trust I (the “Capital Trust”) owns all of the common securities of this special purpose trust. Under U.S. generally accepted accounting principles ("GAAP"), the Capital Trust is not not Recent Mergers On October 1, 2019, December 31, 2019 October 1, 2019. 21 On July 1, 2020, December 31, 2020 July 1, 2020. 21 The Coronavirus (COVID- 19 The coronavirus outbreak (COVID- 19 March 2020. first COVID- 19 March 2020 June 2020. COVID- 19 2020, 2020 2019 19. 19 90 second December 31, 2020 In addition, ChoiceOne processed over $126 million in PPP loans through December 31, 2020 1.00% two June 5, 2020) five June 5, 2020), not ten not ten 100% August 8, 2020. December 27, 2020, 2021, February 24, 2021 March 31, 2021 ( December 31, 2020 December 31, 2020 December 31, 2020. Nature of Operations The Bank is a full-service community bank that offers commercial, consumer, and real estate loans as well as traditional demand, savings and time deposits to both commercial and consumer clients within the Bank’s primary market areas in Kent, Muskegon, Newaygo, and Ottawa counties in western Michigan and Lapeer, Macomb, and St. Clair counties in southeastern Michigan. Substantially all loans are secured by specific items of collateral including business assets, consumer assets, and real estate. Commercial loans are expected to be repaid from the cash flows from operations of businesses. Real estate loans are collateralized by either residential or commercial real estate. Community Shores Financial is a wholly-owned subsidiary of the Bank. The primary source of revenue for Community Shores Financial is referral fee income from a local insurance agency, Lakeshore Employee Benefits. Lakeshore Employee Benefits offers, among other things, employer-sponsored benefit plans. The Insurance Agency is a wholly-owned subsidiary of the Bank. The Insurance Agency sells insurance policies such as life and health for both commercial and consumer clients. The Insurance Agency also offers alternative investment products such as annuities and mutual funds through a registered broker. Lakestone Financial is a wholly-owned subsidiary of the Bank, which earns revenues through the sale of annuities and other third Together, the Bank and the other subsidiaries account for substantially all of ChoiceOne’s assets, revenues and operating income. Use of Estimates To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, ChoiceOne’s management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided. These estimates and assumptions are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, including the effects of the COVID- 19 may Cash and Cash Equivalents Cash and cash equivalents are defined to include cash on hand, demand deposits with other banks, and federal funds sold. Cash flows are reported on a net basis for customer loan and deposit transactions, deposits with other financial institutions, and short-term borrowings with original terms of 90 Securities Debt securities are classified as available for sale because they might be sold before maturity. Debt securities classified as available for sale are carried at fair value, with unrealized holding gains and losses reported separately in the accumulated other comprehensive income or loss section of shareholders’ equity, net of tax effect. Restricted investments in Federal Reserve Bank stock and Federal Home Loan Bank stock are carried at cost. Equity securities consist of investments in preferred stock and investments in common stock of other financial institutions. Effective January 1, 2018, 2018, Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized using the level-yield method without anticipating prepayments. Gains or losses on sales are recorded on the trade date based on the amortized cost of the security sold. Management evaluates securities for other-than-temporary impairment ("OTTI") on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The evaluation of securities includes consideration given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, whether the market decline was affected by macroeconomic conditions and whether ChoiceOne has the intent to sell the security or it is more likely than not may When OTTI occurs, the amount of the OTTI recognized in earnings depends on whether ChoiceOne intends to sell the security or it is more likely than not not not Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned interest, deferred loan fees and costs, remaining purchase accounting adjustments, and an allowance for loan losses. Loans held for sale are reported at the lower of cost or market, on an aggregate basis. Interest income on loans is reported on the interest method and includes amortization of net deferred loan fees and costs over the estimated loan term. Interest on loans is accrued based upon the principal balance outstanding. The accrual of interest is discontinued at the time at which loans are 90 not During 2020, 19 $126.4 2020. $5.0 $3.0 2020. No Acquired loans are considered purchased credit impaired (“PCI”) if as of the acquisition date, management determines the loan has evidence of deterioration in credit quality since origination and it is probable at acquisition the Company will be unable to collect all contractually required payments. The discount related to credit quality for PCI loans is recorded as an adjustment to the loan balance as of the acquisition date and is not may For non-PCI loans, the difference between acquisition date fair value and expected cash flows is accreted into income over a pool's expected life using the level yield method. Loans to Other Financial Institutions Loans to other financial institutions are made for the purpose of providing a warehouse line of credit to facilitate funding of residential mortgage loan originations at other financial institutions. The loans are short-term in nature and are designed to provide funding for the time period between the loan origination and its subsequent sale in the secondary market. Loans to other financial institutions earn a share of interest income, determined by the contract, from when the loan is funded to when the loan is sold on the secondary market. Similar to loans held for sale, these loans are excluded from the allowance for loan losses as the risk of default is minimal during the short time period held. Loans to other financial institutions are excluded from Note 3. December 31, 2020 2019 none Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. The allowance for loan losses is increased by the provision for loan losses and decreased by loans charged off less any recoveries of charged off loans. Management estimates the allowance for loan losses balance required based on past loan loss experience, the nature and volume of the loan portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance for loan losses may not The allowance for loan losses consists of general and specific components. The general component covers non-classified loans and is based on historical loss experience adjusted for current factors. The specific component relates to loans that are individually classified as impaired or loans otherwise classified as substandard or doubtful. The general component of management's estimate of the allowance for loan losses covers non-classified loans and is based on historical loss experience adjusted for current factors. Management's adjustment for current factors is based on trends in delinquencies, trends in charge-offs and recoveries, trends in the volume of loans, changes in underwriting standards, trends in loan review findings, experience and ability of lending staff, national and economic trends and conditions, industry conditions, trends in real estate values, and other conditions. A loan is impaired when full payment under the loan terms is not not not In March 2020, 19 not December 31, 2020, not Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Land improvements are depreciated using the straight-line method with useful lives ranging from 7 to 15 years. Building and related components are depreciated using the straight-line method with useful lives ranging from 5 to 39 years. Leasehold improvements are depreciated over the shorter of the estimated life or the lease term. Furniture and equipment are depreciated using the straight-line method with useful lives ranging from 3 to 7 years. Fixed assets are periodically reviewed for impairment. If impaired, the assets are recorded at fair value. Other Real Estate Owned Real estate properties acquired in the collection of a loan are initially recorded at the lower of the Bank’s basis in the loans or fair value at acquisition establishing a new cost basis. Any reduction to fair value from the carrying value of the related loan is accounted for as a loan loss. After acquisition, a valuation allowance reduces the reported amount to the lower of the initial amount or fair value less costs to sell. Expenses to repair or maintain properties are included within other noninterest expenses. Gains and losses upon disposition and changes in the valuation allowance are reported net within noninterest income. Bank Owned Life Insurance Bank owned life insurance policies are stated at the current cash surrender value of the policy, or the policy death proceeds less any obligation to provide a death benefit to an insured’s beneficiaries if that value is less than the cash surrender value. Increases in the asset value are recorded as earnings in other income. Loan Servicing Rights Loan servicing rights represent the allocated value of servicing rights on loans sold with servicing retained. Servicing rights are expensed in proportion to, and over the period of, estimated net servicing revenues. Impairment is evaluated based on the fair value of the rights, using groupings of the underlying loans as to interest rates and then, secondarily, as to geographic and prepayment characteristics. Servicing rights are initially recorded at estimated fair value and fair value is determined using prices for similar assets with similar characteristics when available or based upon discounted cash flows using market-based assumptions. Any impairment of a grouping is reported as a valuation allowance. Goodwill Goodwill results from business acquisitions and represents the excess of the purchase price over the fair value of the acquired tangible assets and liabilities and identifiable intangible assets. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet financing needs of customers. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Employee Benefit Plans ChoiceOne’s 401 401 Income Taxes Income tax expense is the sum of the current year income tax due and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” 50% not not” no Earnings Per Share Basic earnings per common share ("EPS") is based on weighted-average common shares outstanding. Diluted EPS assumes issuance of any dilutive potential common shares issuable under stock options or restricted stock units granted. Comprehensive Income Comprehensive income consists of net income and other comprehensive income or loss. Other comprehensive income or loss includes unrealized gains and losses on securities available for sale and changes in the funded status of post-retirement plans, net of tax, which are also recognized as a separate component of shareholders’ equity. Accumulated other comprehensive income was as follows: (Dollars in thousands) As of December 31, 2020 2019 Unrealized gain (loss) on available for sale securities $ 13,959 $ 1,713 Unrecognized gains on post-retirement benefits — 158 Tax effect (2,931 ) (393 ) Accumulated other comprehensive income (loss) $ 11,028 $ 1,478 Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not may December 31, 2020 Cash Restrictions Cash on hand or on deposit with the Federal Reserve Bank of $0 and $13,231,000 was required to meet regulatory reserve and clearing requirements for the Bank at December 31, 2020 2019 December 31, 2020 December 31, 2019 Stock-Based Compensation The Company values share-based stock option awards granted using the Black-Scholes option-pricing model. The Company recognizes compensation expense for its awards on a straight-line basis over the requisite service period for the entire award (straight-line attribution method), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date fair value of the award that is vested at that time. Compensation costs related to stock options granted are disclosed in Note 14. ChoiceOne has granted restricted stock units to a select group of employees under the Stock Incentive Plan of 2012. one Dividend Restrictions Banking regulations require the maintenance of certain capital levels and may may 20 Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, which are more fully documented in Note 18 Operating Segments While ChoiceOne’s management monitors the revenue streams of various products and services for the Bank, Insurance Agency, Lakestone Financial, and Community Shores Financial, operations and financial performance are evaluated on a company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated into one Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued ASU 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities may not December 15, 2017, 2016 01 January 1, 2018. January 1, 2018 The FASB issued ASU No. 2016 13 , Financial Instruments—Credit Losses (Topic 326 no may may December 15, 2022, December 31, 2020 may Reclassifications 2020 |
Note 2 - Securities
Note 2 - Securities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2 The fair value of equity securities and the related gross unrealized gains recognized in noninterest income at December 31 December 31, 2020 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value Equity securities $ 2,836 $ 60 $ - $ 2,896 December 31, 2019 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value Equity securities $ 2,426 $ 425 $ - $ 2,851 The fair value of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: December 31, 2020 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government and federal agency $ 2,007 $ 44 $ - $ 2,051 U.S. Treasury notes and bonds 1,996 60 - 2,056 State and municipal 307,201 13,191 (24 ) 320,368 Mortgage-backed 246,085 1,510 (872 ) 246,723 Corporate 2,539 51 (1 ) 2,589 Trust preferred securities 1,000 - - 1,000 Total $ 560,828 $ 14,856 $ (897 ) $ 574,787 December 31, 2019 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government and federal agency $ 17,231 $ 23 $ (39 ) $ 17,215 U.S. Treasury notes and bonds 1,994 14 - 2,008 State and municipal 172,487 2,694 (1,257 ) 173,924 Mortgage-backed 142,504 585 (329 ) 142,760 Corporate 2,649 24 (1 ) 2,672 Trust preferred securities 1,000 - - 1,000 Total $ 337,865 $ 3,340 $ (1,626 ) $ 339,579 Information regarding sales of equity securities and securities available for sale for the year ended December 31 (Dollars in thousands) 2020 2019 2018 Proceeds from sales of securities $ 121,942 $ 178,913 $ 2,634 Gross realized gains 1,308 22 42 Gross realized losses - - 8 Contractual maturities of equity securities and securities available for sale at December 31, 2020 (Dollars in thousands) Amortized Fair Cost Value Due within one year $ 17,050 $ 17,184 Due after one year through five years 59,120 60,900 Due after five years through ten years 221,304 231,775 Due after ten years 17,269 18,205 Total debt securities 314,743 328,064 Mortgage-backed securities 246,085 246,723 Equity securities 2,836 2,896 Total $ 563,664 $ 577,683 Certain securities were pledged as collateral for participation in a program that provided Community Reinvestment Act credits. The carrying amount of the securities pledged as collateral at December 31 (Dollars in thousands) 2020 2019 Securities pledged for Community Reinvestment Act credits $ 278 $ 252 Securities with unrealized losses at year-end 2020 2019 2020 Less than 12 months More than 12 months Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Government and federal agency $ - $ - $ - $ - $ - $ - U.S. Treasury notes and bonds - - - - - - State and municipal 8,950 24 - - 8,950 24 Mortgage-backed 75,126 866 9,994 6 85,120 872 Corporate 453 1 - - 453 1 Total temporarily impaired $ 84,529 $ 891 $ 9,994 $ 6 $ 94,523 $ 897 2019 Less than 12 months More than 12 months Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Government and federal agency $ 7,175 $ (39 ) $ - $ - $ 7,175 $ (39 ) U.S. Treasury notes and bonds - - - - - - State and municipal 75,099 (1,256 ) 252 (1 ) 75,351 (1,257 ) Mortgage-backed 109,652 (327 ) 373 (2 ) 110,025 (329 ) Corporate - - 300 (1 ) 300 (1 ) Total temporarily impaired $ 191,926 $ (1,622 ) $ 925 $ (4 ) $ 192,851 $ (1,626 ) ChoiceOne evaluates all securities on a quarterly basis to determine whether unrealized losses are temporary or other than temporary. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of ChoiceOne to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value of amortized cost basis. Management believed that unrealized losses as of December 31, 2020 not 2020 2019. Following is information regarding unrealized gains and losses on equity securities for the years ending December 31: 2020 2019 2018 Net gains and losses recognized during the period $ (155 ) $ — $ 71 Less: Net gains and losses recognized during the period on securities sold — (5 ) 9 Unrealized gains and losses recognized during the reporting period on securities still held at the reporting date $ (155 ) $ 5 $ 62 At December 31, 2020 December 31, 2019 |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 3 The Bank’s loan portfolio as of December 31 (Dollars in thousands) 2020 2019 Agricultural $ 53,735 $ 57,339 Commercial and industrial 303,527 148,083 Consumer 34,014 38,854 Real estate - commercial 469,247 326,379 Real estate - construction 16,639 13,411 Real estate - residential 192,506 217,982 Loans, gross $ 1,069,668 $ 802,048 Allowance for Loan Losses (7,593 ) (4,057 ) Loans, net $ 1,062,075 $ 797,991 ChoiceOne manages its credit risk through the use of its loan policy and its loan approval process and by monitoring of loan credit performance. The loan approval process for commercial loans involves individual and group approval authorities. Individual authority levels are based on the experience of the lender. Group authority approval levels can consist of an internal loan committee that includes the applicable Bank’s President or Senior Lender and other loan officers for loans that exceed individual approval levels, or a loan committee of the Board of Directors for larger commercial loans. Most consumer loans are approved by individual loan officers based on standardized underwriting criteria, with larger consumer loans subject to approval by the internal loan committee. Ongoing credit review of commercial loans is the responsibility of the loan officers. ChoiceOne’s internal credit committee meets at least monthly and reviews loans with payment issues and loans with a risk rating of 6, 7, 8. third The table below details the outstanding balances of the County Bank Corp. acquired portfolio and the acquisition fair value adjustments at acquisition date: (Dollars in thousands) Acquired Acquired Impaired Non-impaired Total Loans acquired - contractual payments $ 7,729 $ 387,394 $ 395,123 Nonaccretable difference (2,928 ) - (2,928 ) Expected cash flows 4,801 387,394 392,195 Accretable yield (185 ) (1,894 ) (2,079 ) Carrying balance at acquisition date $ 4,616 $ 385,500 $ 390,116 The table below presents a roll-forward of the accretable yield on County Bank Corp. acquired loans for the year ended December 31, 2020: (Dollars in thousands) Acquired Acquired Impaired Non-impaired Total Balance, January 1, 2019 $ - $ - $ - Merger with County Bank Corp on October 1, 2019 185 1,894 2,079 Accretion October 1, 2019 through December 31, 2019 - (75 ) (75 ) Balance, January 1, 2020 185 1,819 2,004 Accretion January 1, 2020 through December 31, 2020 (50 ) (295 ) (345 ) Balance, December 31, 2020 $ 135 $ 1,524 $ 1,659 The table below details the outstanding balances of the Community Shores Bank Corporation acquired loan portfolio and the acquisition fair value adjustments at acquisition date: (Dollars in thousands) Acquired Acquired Impaired Non-impaired Total Loans acquired - contractual payments $ 20,491 $ 158,495 $ 178,986 Nonaccretable difference (3,547 ) - (3,547 ) Expected cash flows 16,944 158,495 175,439 Accretable yield (869 ) (596 ) (1,465 ) Carrying balance at acquisition date $ 16,075 $ 157,899 $ 173,974 The table below presents a roll-forward of the accretable yield on Community Shores Bank Corporation acquired loans for the year ended December 31, 2020: (Dollars in thousands) Acquired Acquired Impaired Non-impaired Total Balance, January 1, 2020 $ - $ - $ - Merger with Community Shores Bank Corporation on July 1, 2020 869 596 1,465 Accretion July 1, 2020 through December 31, 2020 (26 ) (141 ) (167 ) Balance, December 31, 2020 $ 843 $ 455 $ 1,298 Activity in the allowance for loan losses and balances in the loan portfolio was as follows: Commercial (Dollars in thousands) and Commercial Construction Residential Agricultural Industrial Consumer Real Estate Real Estate Real Estate Unallocated Total Allowance for Loan Losses Year Ended December 31, 2020 Beginning balance $ 471 $ 655 $ 270 $ 1,663 $ 76 $ 640 $ 282 $ 4,057 Charge-offs (15 ) (148 ) (329 ) (254 ) — (8 ) — (754 ) Recoveries — 57 204 10 — 19 — 290 Provision (199 ) 763 172 2,759 21 649 (165 ) 4,000 Ending balance $ 257 $ 1,327 $ 317 $ 4,178 $ 97 $ 1,300 $ 117 $ 7,593 Individually evaluated for impairment $ — $ 19 $ 1 $ 157 $ — $ 254 $ — $ 431 Collectively evaluated for impairment $ 257 $ 1,308 $ 316 $ 4,021 $ 97 $ 1,046 $ 117 $ 7,162 Loans December 31, 2020 Individually evaluated for impairment $ 348 $ 1,663 $ 8 $ 3,032 $ 80 $ 2,720 $ 7,851 Collectively evaluated for impairment 53,387 295,154 33,982 453,681 16,559 186,982 1,039,745 Acquired with deteriorated credit quality — 6,710 24 12,534 — 2,804 22,072 Ending balance $ 53,735 $ 303,527 $ 34,014 $ 469,247 $ 16,639 $ 192,506 $ 1,069,668 Commercial (Dollars in thousands) and Commercial Construction Residential Agricultural Industrial Consumer Real Estate Real Estate Real Estate Unallocated Total Allowance for Loan Losses Year Ended December 31, 2019 Beginning balance $ 481 $ 892 $ 254 $ 1,926 $ 38 $ 537 $ 545 $ 4,673 Charge-offs - (83 ) (292 ) (589 ) - (25 ) - (989 ) Recoveries 65 22 136 26 - 124 - 373 Provision (75 ) (176 ) 172 300 38 4 (263 ) - Ending balance $ 471 $ 655 $ 270 $ 1,663 $ 76 $ 640 $ 282 $ 4,057 Individually evaluated for impairment $ 103 $ - $ 4 $ 13 $ - $ 235 $ - $ 355 Collectively evaluated for impairment $ 368 $ 655 $ 266 $ 1,650 $ 76 $ 405 $ 282 $ 3,702 Loans December 31, 2019 Individually evaluated for impairment $ 924 $ 259 $ 17 $ 2,288 $ - $ 2,434 $ 5,922 Collectively evaluated for impairment 56,415 141,583 38,524 323,358 13,411 215,106 788,397 Acquired with deteriorated credit quality - 6,241 313 733 - 442 7,729 Ending balance $ 57,339 $ 148,083 $ 38,854 $ 326,379 $ 13,411 $ 217,982 $ 802,048 Commercial (Dollars in thousands) and Commercial Construction Residential Agricultural Industrial Consumer Real Estate Real Estate Real Estate Unallocated Total Allowance for Loan Losses Year Ended December 31, 2018 Beginning balance $ 506 $ 1,001 $ 262 $ 1,761 $ 35 $ 726 $ 286 $ 4,577 Charge-offs - (58 ) (282 ) - - (25 ) - (365 ) Recoveries 33 107 112 61 - 113 - 426 Provision (58 ) (158 ) 162 104 3 (277 ) 259 35 Ending balance $ 481 $ 892 $ 254 $ 1,926 $ 38 $ 537 $ 545 $ 4,673 Individually evaluated for impairment $ 94 $ 3 $ 13 $ 20 $ - $ 167 $ - $ 297 Collectively evaluated for impairment $ 387 $ 889 $ 241 $ 1,906 $ 38 $ 370 $ 545 $ 4,376 Loans December 31, 2018 Individually evaluated for impairment $ 578 $ 21 $ 90 $ 623 $ - $ 2,712 $ 4,024 Collectively evaluated for impairment 48,531 91,385 24,292 138,830 8,843 93,168 405,049 Ending balance $ 49,109 $ 91,406 $ 24,382 $ 139,453 $ 8,843 $ 95,880 $ 409,073 The process to monitor the credit quality of ChoiceOne’s loan portfolio includes tracking ( 1 2 3 1 9. Risk Rating 1 5 Risk rating 6 not not 7 “7” “6”, “7”. 8 9 not no may Information regarding the Bank’s credit exposure as of December 31 Corporate Credit Exposure - Credit Risk Profile By Creditworthiness Category (Dollars in thousands) Agricultural Commercial and Industrial Commercial Real Estate December 31, December 31, December 31, December 31, December 31, December 31, 2020 2019 2020 2019 2020 2019 Pass $ 50,185 $ 55,866 $ 294,614 $ 146,728 $ 453,080 $ 322,105 Special Mention 3,202 1,094 4,101 1,081 6,006 1,332 Substandard 348 379 4,812 274 8,925 2,942 Doubtful - - - - 1,236 - $ 53,735 $ 57,339 $ 303,527 $ 148,083 $ 469,247 $ 326,379 Consumer Credit Exposure - Credit Risk Profile Based On Payment Activity (Dollars in thousands) Consumer Construction Real Estate Residential Real Estate December 31, December 31, December 31, December 31, December 31, December 31, 2020 2019 2020 2019 2020 2019 Performing $ 34,006 $ 38,838 $ 16,559 $ 13,411 $ 191,125 $ 216,651 Nonperforming - - - - - - Nonaccrual 8 16 80 - 1,381 1,331 $ 34,014 $ 38,854 $ 16,639 $ 13,411 $ 192,506 $ 217,982 Included within the loan categories above were loans in the process of foreclosure. As of December 31, 2020 2019 Loans are classified as performing when they are current as to principal and interest payments or are past due on payments less than 90 90 The following table provides information on loans that were considered troubled debt restructurings ("TDRs") that were modified during the year ended December 31, 2020. 2019. Year Ended December 31, 2020 Pre- Post- Modification Modification Outstanding Outstanding (Dollars in thousands) Number of Recorded Recorded Loans Investment Investment Agricultural 1 $ 62 $ 62 Commercial and Industrial 1 53 53 Commercial Real Estate 3 1,852 1,852 Total 5 $ 1,967 $ 1,967 The following schedule provides information on TDRs as of December 31, 2020 30 December 31, 2020, no December 31, 2019 30 December 31, 2019, Year Ended December 31, 2020 (Dollars in thousands) Number Recorded of Loans Investment Commercial Real Estate 2 $ 1,666 Total 2 $ 1,666 The federal banking agencies issued an “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus” on March 22, 2020 April 7, 2020. 19, not 4013 19 December 31, 2019 not 90 March 2020 90 second December 31, 2020, not Impaired loans by loan category as of December 31 Unpaid Average Interest (Dollars in thousands) Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized December 31, 2020 With no related allowance recorded Agricultural $ 348 $ 434 $ - $ 329 $ - Commercial and industrial 1,516 1,629 - 464 2 Consumer - - - 1 - Construction real estate 80 80 - 16 - Commercial real estate 1,852 2,664 - 1,495 14 Residential real estate 162 162 - 99 3 Subtotal 3,958 4,969 - 2,404 19 With an allowance recorded Agricultural - - - 152 - Commercial and industrial 147 147 19 111 12 Consumer 8 8 1 16 - Construction real estate - - - - - Commercial real estate 1,180 1,180 157 897 35 Residential real estate 2,558 2,651 254 2,330 87 Subtotal 3,893 3,986 431 3,506 134 Total Agricultural 348 434 - 481 - Commercial and industrial 1,663 1,776 19 575 14 Consumer 8 8 1 17 - Construction real estate 80 80 - 16 - Commercial real estate 3,032 3,844 157 2,392 49 Residential real estate 2,720 2,813 254 2,429 90 Total $ 7,851 $ 8,955 $ 431 $ 5,910 $ 153 Unpaid Average Interest (Dollars in thousands) Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized December 31, 2019 With no related allowance recorded Agricultural $ 545 $ 545 $ - $ 146 $ 10 Commercial and industrial 259 340 - 104 9 Consumer - - - - - Construction real estate - - - - - Commercial real estate 1,882 2,471 - 782 30 Residential real estate 42 42 - 133 4 Subtotal 2,728 3,398 - 1,165 53 With an allowance recorded Agricultural 379 439 103 388 - Commercial and industrial - - - 86 1 Consumer 17 18 4 48 - Construction real estate - - - - - Commercial real estate 406 406 13 975 32 Residential real estate 2,392 2,460 235 2,486 83 Subtotal 3,194 3,323 355 3,983 116 Total Agricultural 924 984 103 534 10 Commercial and industrial 259 340 - 190 10 Consumer 17 18 4 48 - Construction real estate - - - - - Commercial real estate 2,288 2,877 13 1,757 62 Residential real estate 2,434 2,502 235 2,619 87 Total $ 5,922 $ 6,721 $ 355 $ 5,148 $ 169 Unpaid Average Interest (Dollars in thousands) Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized December 31, 2018 With no related allowance recorded Agricultural $ 185 $ 185 $ - $ 291 $ - Commercial and industrial - - - 29 2 Consumer 1 1 - 2 8 Construction real estate - - - 54 - Commercial real estate 74 109 - 78 30 Residential real estate 250 261 - 177 114 Subtotal 510 556 - 631 154 With an allowance recorded Agricultural 393 440 94 161 13 Commercial and industrial 21 21 3 296 - Consumer 88 88 13 59 - Construction real estate - - - - - Commercial real estate 550 609 20 692 - Residential real estate 2,462 2,494 167 2,523 6 Subtotal 3,514 3,652 297 3,731 19 Total Agricultural 578 625 94 452 13 Commercial and industrial 21 21 3 325 2 Consumer 90 90 13 61 8 Construction real estate - - - 54 - Commercial real estate 623 718 20 770 30 Residential real estate 2,712 2,755 167 2,700 120 Total $ 4,024 $ 4,209 $ 297 $ 4,362 $ 173 An aging analysis of loans by loan category as of December 31 Loans Loans Loans Past Due Loans Past Due Past Due Greater 90 Days Past (Dollars in thousands) 30 59 60 89 Than 90 Loans Not Total Due and Days (1) Days (1) Days (1) Total (1) Past Due Loans Accruing December 31, 2020 Agricultural $ - $ - $ - $ - $ 53,735 $ 53,735 $ - Commercial and industrial - 109 515 624 302,903 303,527 - Consumer 39 - - 39 33,975 34,014 - Commercial real estate 532 44 1,744 2,320 466,927 469,247 - Construction real estate 1,076 180 80 1,336 15,303 16,639 - Residential real estate 1,563 256 352 2,171 190,335 192,506 - $ 3,210 $ 589 $ 2,691 $ 6,490 $ 1,063,178 $ 1,069,668 $ - December 31, 2019 Agricultural $ - $ 68 $ - $ 68 $ 57,271 $ 57,339 $ - Commercial and industrial 542 15 259 816 147,267 148,083 - Consumer 121 19 11 151 38,703 38,854 - Commercial real estate - - 1,882 1,882 324,497 326,379 - Construction real estate - - - - 13,411 13,411 - Residential real estate 2,466 582 393 3,441 214,541 217,982 - $ 3,129 $ 684 $ 2,545 $ 6,358 $ 795,690 $ 802,048 $ - ( 1 Nonaccrual loans by loan category as of December 31 (Dollars in thousands) 2020 2019 Agricultural $ 348 $ 379 Commercial and industrial 1,802 776 Consumer 8 16 Commercial real estate 3,088 2,185 Construction real estate 80 - Residential real estate 1,381 1,331 $ 6,707 $ 4,687 |
Note 4 - Mortgage Banking
Note 4 - Mortgage Banking | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Mortgage Banking [Text Block] | Note 4 Activity in secondary market loans during the year was as follows: (Dollars in thousands) 2020 2019 2018 Loans originated for resale, net of principal payments $ 326,286 $ 63,920 $ 33,555 Proceeds from loan sales 325,306 62,763 34,872 Net gains on sales of loans held for sale 11,313 1,951 1,003 Loan servicing fees, net of amortization (129 ) 82 91 Net gains on sales of loans held for sale include capitalization of loan servicing rights. Loans serviced for others are not December 31, 2020 2019 December 31, 2020 2019 Activity for loan servicing rights (included in other assets) was as follows: (Dollars in thousands) 2020 2019 2018 Balance, beginning of year $ 2,131 $ 1,049 $ 908 Capitalized 3,554 822 441 Amortization (1,344 ) (453 ) (300 ) Market valuation allowance change (374 ) - - Acquired from merger with County Bank Corp. - 713 - Balance, end of year $ 3,967 $ 2,131 $ 1,049 The fair value of loan servicing rights was $3,967,000 and $2,304,000 as of December 31, 2020 2019, December 31, 2020 December 31, 2019, December 31, 2020 December 31, 2019 December 31, 2019 |
Note 5 - Premises and Equipment
Note 5 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5 As of December 31, (Dollars in thousands) 2020 2019 Land and land improvements $ 8,753 $ 7,576 Leasehold improvements 69 38 Buildings 25,985 20,251 Furniture and equipment 10,687 11,078 Total cost 45,494 38,943 Accumulated depreciation (16,005 ) (14,678 ) Premises and equipment, net $ 29,489 $ 24,265 Depreciation expense was $2,721,000, $1,610,000, and $1,183,000 for 2020 2019 2018 The Bank leases certain branch properties and automated-teller machine locations in its normal course of business. Rent expense totaled $83,000, $72,000, and $108,000 for 2020 2019 2018 2021 $ 138 2022 120 2023 75 2024 28 2025 14 Total undiscounted cash flows 375 Less discount 15 Total operating lease liabilities $ 360 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6 Goodwill The change in the balance for goodwill was as follows: (Dollars in thousands) 2020 2019 Balance, beginning of year $ 52,870 $ 13,728 Acquired goodwill from merger with County Bank Corp. - 39,142 Goodwill adjustment from merger with County Bank Corp. (277 ) - Acquired goodwill from merger with Community Shores Bank Corporation 7,913 - Balance, end of year $ 60,506 $ 52,870 Goodwill is not first 1 not not, no 2006, 2019, 2020, As a result of the decline in economic conditions triggered by the COVID- 19 March 2020. may first 2020. not not March 31, 2020. Management performed its annual qualitative assessment of goodwill as of June 30, 2020. not 350 20 35 3c. 19 may December 2019 June 2020, second 2020 second 2020. not June 30, 2020. Due to the potential impact of COVID- 19 third November 30, 2020 ( third 2025 not Management concurred with the conclusion derived from the quantitative goodwill analysis as of the valuation date and determined that there were no no December 31, 2020, not December 31, 2020. Acquired Intangible Assets Information for acquired intangible assets at December 31, 2020 2020 2019 Gross Gross Carrying Accumulated Carrying Accumulated (Dollars in thousands) Amount Amortization Amount Amortization Core deposit intangible $ 7,120 $ 1,851 $ 6,359 $ 353 The core deposit intangible from the County and Community Shores mergers is being amortized on a sum-of-the-years digits basis over ten eight 2020 2019. five December 31 2021 $ 1,307 2022 1,153 2023 955 2024 757 2025 560 Thereafter 537 Total $ 5,269 |
Note 7 - Other Real Estate Owne
Note 7 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | Note 7 Other real estate owned represents residential and commercial properties primarily owned as a result of loan collection activities and is reported net of a valuation allowance. Activity within other real estate owned was as follows: (Dollars in thousands) 2020 2019 2018 Balance, beginning of year $ 929 $ 102 $ 106 Transfers from loans 391 347 432 Additions from merger 346 1,364 - Proceeds from sales (1,384 ) (938 ) (515 ) Write-downs (80 ) - - Gains on sales 64 54 79 Balance, end of year $ 266 $ 929 $ 102 Included in the balances above were residential real estate mortgage loans of $61,000, $175,000, and $102,000 as of December 31, 2020, 2019, 2018 , respectively, and $205,000 and $754,000 of commercial real estate loans as of December 31, 2020 December 31, 2019, |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 8 Deposit balances as of December 31 (Dollars in thousands) 2020 2019 Noninterest-bearing demand deposits $ 477,654 $ 287,460 Interest-bearing demand deposits 471,346 236,154 Money market deposits 191,681 263,666 Savings deposits 337,332 206,050 Local certificates of deposit 196,565 158,985 Brokered certificates of deposit - 2,287 Total deposits $ 1,674,578 $ 1,154,602 Scheduled maturities of certificates of deposit at December 31, 2020 (Dollars in thousands) 2021 $ 156,612 2022 22,001 2023 9,790 2024 4,181 2025 3,656 Thereafter 325 Total $ 196,565 The Bank had certificates of deposit issued in denominations of $250,000 December 31, 2020 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 |
Note 9 - Borrowings
Note 9 - Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note 9 Federal Home Loan Bank Advances At December 31, (Dollars in thousands) 2020 2019 Maturity of November 2024 with fixed interest rate of 3.98 $ 161 $ 198 Maturity of April 2020 with floating interest rate of 1.99 - 10,000 Maturity of May 2020 with fixed interest rate of 2.16 - 23,000 Total advances outstanding at year-end $ 161 $ 33,198 Fees are charged on fixed rate advances that are paid prior to maturity. No 2020 2019 December 31, 2020 December 31, 2019 2020. The scheduled maturities of advances from the FHLB at December 31, 2020 (Dollars in thousands) 2021 $ 39 2022 40 2023 42 2024 40 Total $ 161 Holding Company Term Loan ChoiceOne obtained a $10,000,000 term note in June 2020. June 2023 1 December 31, 2020 December 31, 2020. At December 31, (Dollars in thousands) 2020 2019 Maturity of June 2023 with floating interest rate of 3.00 $ 9,167 $ - The scheduled maturities of the holding company term note at December 31, 2020 (Dollars in thousands) 2021 $ 3,333 2022 3,334 2023 2,500 Total $ 9,167 |
Note 10 - Subordinated Debentur
Note 10 - Subordinated Debentures | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | Note 10 The Capital Trust, as discussed in Note 1, December 2004 3 December 31, 2020 December 31, 2019. December 30, 2034. March 30, June 30, September 30 December 30. not not The terms of the subordinated debentures, the trust preferred securities and the agreements under which they were issued give ChoiceOne the right, from time to time, to defer payment of interest for up to 20 On April 27, 2016, June 30, 2016 not December 30, 2020. December 31, 2020, December 31, 2019. |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 11 Information as of December 31 (Dollars in thousands) 2020 2019 2018 Provision for Income Taxes Current federal income tax expense $ 3,070 $ 984 $ 946 Deferred federal income tax expense/(benefit) 202 310 209 Income tax expense $ 3,272 $ 1,294 $ 1,155 Reconciliation of Income Tax Provision to Statutory Rate Income tax computed at statutory federal rate of 21 $ 3,966 $ 1,778 $ 1,783 Tax exempt interest income (574 ) (320 ) (309 ) Tax exempt earnings on bank-owned life insurance (162 ) (162 ) (81 ) Tax credits (240 ) (218 ) (154 ) Nondeductible merger expenses 182 164 - Other items 100 52 (84 ) Income tax expense $ 3,272 $ 1,294 $ 1,155 Effective income tax rate 17 % 15 % 14 % (Dollars in thousands) Components of Deferred Tax Assets and Liabilities 2020 2019 Deferred tax assets: Purchase accounting adjustments from mergers with County and Community Shores $ 1,953 $ 1,129 Allowance for loan losses 1,595 585 Net operating loss carryforward 851 - Deferred loan fees 466 301 Write-downs of other real estate owned 326 169 Other 380 198 Total deferred tax assets 5,571 2,382 Deferred tax liabilities: Unrealized gains on securities available for sale 2,931 360 Purchase accounting adjustments from mergers with County and Community Shores 1,403 1,285 Loan servicing rights 833 447 Depreciation 653 778 Interest rate lock commitments 177 14 Other 230 221 Total deferred tax liabilities 6,227 3,105 Net deferred tax liability $ (656 ) $ (723 ) As of December 31, 2020, 2032 2036. not |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 12 Loans to executive officers, directors and their affiliates were as follows at December 31: (Dollars in thousands) 2020 2019 Balance, beginning of year $ 10,563 $ 5,343 New loans 12,211 2,988 Repayments (5,125 ) (3,372 ) Effect of changes in related parties - (4,664 ) Loans acquired from merger 3,075 10,268 Balance, end of year $ 20,724 $ 10,563 Deposits from executive officers, directors and their affiliates were $14.7 million and $9.0 million at December 31, 2020 2019 |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 13 401 The 401 2020, 2019, 2018 Post-retirement Benefits Plan ChoiceOne maintains an unfunded post-retirement health care plan, which permits employees (and their dependents) the ability to participate upon retirement from ChoiceOne. ChoiceOne does not December 2020, no not 2020, 2019 2018, December 31, 2020 December 31, 2019. Deferred Compensation Plans A deferred director compensation plan covers former directors of Valley Ridge Financial Corp., which was acquired by ChoiceOne in 2006. 2020, 2019, 2018, December 31, 2020 December 31, 2019. A supplemental executive retirement plan covers four 2020, 2019, 2018, December 31, 2020 December 31, 2019, A supplemental executive retirement plan covered one one first 2020. December 31, 2020 December 31, 2019, |
Note 14 - Stock Based Compensat
Note 14 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 14 Options to buy stock have been granted to key employees to provide them with additional equity interests in ChoiceOne. Compensation expense in connection with stock options granted was $15,000 in 2020, 2019, 2018. 2012 April 25, 2012. 2012, May 23, 2018, December 31, 2020, A summary of stock options activity during the year ended December 31, 2020 Weighted Weighted average average exercise Grant Date Shares price Fair Value Options outstanding at January 1, 2020 57,748 $ 23.39 $ 3.36 Options granted - - Options exercised (35,617 ) 22.33 3.31 Options forfeited or expired (1,500 ) 27.25 3.64 Options outstanding, end of year 20,631 $ 25.30 $ 3.46 Options exercisable at December 31, 2020 8,631 $ 22.60 $ 3.22 The exercise prices for options outstanding and exercisable at the end of 2020 2020 The intrinsic value of all outstanding stock options and exercisable stock options was $82,000 and $71,000 respectively, at December 31, 2020 December 31, 2019. December 31, 2020 December 31, 2020 2019 Information pertaining to options outstanding at December 31, 2020 Exercise price of stock options: Number of options outstanding at year-end Number of options exercisable at year-end Average remaining contractual life (in years) $ 27.25 12,000 - 8.45 $ 25.65 3,000 3,000 7.53 $ 20.86 3,306 3,306 6.38 $ 21.13 2,325 2,325 5.03 The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model. ChoiceOne uses historical data to estimate the volatility of the market price of ChoiceOne stock and employee terminations within the valuation model. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. As of December 31, 2020, There were no stock options granted in 2020. ChoiceOne has granted restricted stock units to a select group of employees under the Stock Incentive Plan of 2012. April 2019, three one 2020, 2019, 2018, A summary of the activity for restricted stock units outstanding during the year ended December 31, 2020 Outstanding Stock Awards Shares Per Share Outstanding at January 1, 2020 9,000 $ 27.25 Granted 10,539 29.00 Vested (550 ) 28.05 Forfeited - - Outstanding at December 31, 2020 18,989 $ 28.20 At December 31, 2020, December 31, 2020 December 31, 2019, December 31, 2019 October 1, 2019 2020 2019, December 31, 2020, |
Note 15 - Earnings Per Share
Note 15 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 15 (Dollars in thousands, except share data) 2020 2019 2018 Basic Net income $ 15,613 $ 7,171 $ 7,333 Weighted average common shares outstanding 7,521,771 4,528,786 3,614,302 Basic earnings per common shares $ 2.08 $ 1.58 $ 2.03 Diluted Net income $ 15,613 $ 7,171 $ 7,333 Weighted average common shares outstanding 7,521,771 4,528,786 3,614,302 Plus dilutive stock options and restricted stock units 9,846 10,489 13,825 Weighted average common shares outstanding and potentially dilutive shares 7,531,617 4,539,275 3,628,127 Diluted earnings per common share $ 2.07 $ 1.58 $ 2.02 Per share amounts have been adjusted for the 5% stock dividends paid on May 31, 2018. Stock options considered anti-dilutive to earnings per share were 0, 0, December 31, 2020 December 31, 2019 December 31, 2018 |
Note 16 - Condensed Financial S
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 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 |
Note 17 - Financial Instruments
Note 17 - Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | Note 17 Financial instruments as of the dates indicated were as follows: Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable (Dollars in thousands) Carrying Estimated Assets Inputs Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) December 31, 2020 Assets Cash and cash equivalents $ 79,519 $ 79,519 $ 79,519 $ - $ - Equity securities at fair value 2,896 2,896 1,411 - 1,485 Securities available for sale 574,787 574,787 - 563,364 11,423 Federal Home Loan Bank and Federal Reserve Bank stock 8,004 8,004 - 8,004 - Loans held for sale 12,921 13,350 - 13,350 - Loans to other financial institutions 35,209 35,209 - 35,209 - Loans, net 1,062,075 1,057,786 - - 1,057,786 Accrued interest receivable 6,521 6,521 - 6,521 - Interest rate lock commitments 842 842 - 842 - Liabilities Noninterest-bearing deposits 477,654 477,654 - 477,654 - Interest-bearing deposits 1,196,924 1,197,964 - 1,197,964 - Borrowings 9,327 9,143 - 9,143 - Subordinated debentures 3,089 3,089 - 3,089 - Accrued interest payable 183 183 - 183 - December 31, 2019 Assets Cash and due from banks $ 59,558 $ 59,558 $ 59,558 $ - $ - Equity securities at fair value 2,851 2,851 1,379 - 1,472 Securities available for sale 339,579 339,579 - 327,212 12,367 Federal Home Loan Bank and Federal Reserve Bank stock 6,458 6,458 - 6,458 - Loans held for sale 3,095 3,134 - 3,134 - Loans to other financial institutions 51,048 51,048 - 51,048 - Loans, net 797,991 793,270 - - 793,270 Accrued interest receivable 3,965 3,965 - 3,965 - Interest rate lock commitments 68 68 - 68 - Liabilities Noninterest-bearing deposits 287,460 287,460 - 287,460 - Interest-bearing deposits 867,142 867,154 - 867,154 - Borrowings 33,198 33,243 - 33,243 - Accrued interest payable 411 411 - 411 - The estimated fair values approximate the carrying amounts for all financial instruments except those described later in this paragraph. The methodology for determining the estimated fair value for securities available for sale is described in Note 18. 2016 01 The estimated fair value of deposits is based on comparing the average rate paid on deposits compared to the three December 31 |
Note 18 - Fair Value Measuremen
Note 18 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 18 The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2020 December 31, 2019 In general, fair values determined by Level 1 Fair values determined by Level 2 2 Level 3 In instances where inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Company’s assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability. There were no December 31, 2019 December 31, 2020 Assets Measured at Fair Value on a Recurring Basis Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable (Dollars in thousands) Assets Inputs Inputs Balance at (Level 1) (Level 2) (Level 3) Date Indicated Equity Securities Held at Fair Value - December 31, 2020 Equity securities $ 1,411 $ - $ 1,485 $ 2,896 Investment Securities, Available for Sale - December 31, 2020 U. S. Government and federal agency $ - $ 2,051 $ - $ 2,051 U. S. Treasury notes and bonds - 2,056 - 2,056 State and municipal - 309,945 10,423 320,368 Mortgage-backed - 246,723 - 246,723 Corporate - 2,589 - 2,589 Trust preferred securities - - 1,000 1,000 Total $ - $ 563,364 $ 11,423 $ 574,787 Equity Securities Held at Fair Value - December 31, 2019 Equity securities $ 1,379 $ - $ 1,472 $ 2,851 Investment Securities, Available for Sale - December 31, 2019 U. S. Government and federal agency $ - $ 17,215 $ - $ 17,215 U. S. Treasury notes and bonds - 2,008 - 2,008 State and municipal - 162,557 11,367 173,924 Mortgage-backed - 142,760 - 142,760 Corporate - 2,672 - 2,672 Trust preferred securities - - 1,000 1,000 Total $ - $ 327,212 $ 12,367 $ 339,579 Securities classified as available for sale are generally reported at fair value utilizing Level 2 2 may 2 3. Changes in Level 3 (Dollars in thousands) 2020 2019 Equity Securities Held at Fair Value Balance, January 1 $ 1,472 $ 886 Total realized and unrealized gains included in noninterest income 13 114 Net purchases, sales, calls, and maturities - - Net transfers into Level 3 - - Acquired from merger with County Bank Corp. - 472 Balance, December 31 $ 1,485 $ 1,472 Investment Securities, Available for Sale Balance, January 1 $ 12,367 $ 8,498 Total realized and unrealized gains included in income - - Total unrealized gains/(losses) included in other comprehensive income 512 210 Net purchases, sales, calls, and maturities (1,456) 1,375 Net transfers into Level 3 - - Acquired from merger with County Bank Corp. - 2,284 Balance, December 31 $ 11,423 $ 12,367 Of the Level 3 December 31, 2020, December 31, 2020 December 31, 2019. 2016 01, January 1, 2018. 3 2020 2019, 3 2019 Both observable and unobservable inputs may 3 may Available for sale investment securities categorized as Level 3 The Company also has assets that under certain conditions are subject to measurement at fair value on a non-recurring basis. These assets are not Assets Measured at Fair Value on a Non-recurring Basis Quoted Prices In Active Significant Markets for Other Significant Balances at Identical Observable Unobservable (Dollars in thousands) Dates Assets Inputs Inputs Indicated (Level 1) (Level 2) (Level 3) Impaired Loans December 31, 2020 $ 7,851 $ - $ - $ 7,851 December 31, 2019 $ 5,922 $ - $ - $ 5,922 Other Real Estate December 31, 2020 $ 266 $ - $ - $ 266 December 31, 2019 $ 929 $ - $ - $ 929 Mortgage Loan Servicing Rights December 31, 2020 $ 3,967 $ - $ 3,967 $ - December 31, 2019 $ 2,131 $ - $ 2,131 $ - Impaired loans categorized as Level 3 |
Note 19 - Off-balance Sheet Act
Note 19 - Off-balance Sheet Activities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 19 Some financial instruments, such as loan commitments, credit lines, letters of credit, and overdraft protection, are issued to meet customers’ financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may not The contractual amount of financial instruments with off-balance sheet risk was as follows at December 31: 2020 2019 Fixed Variable Fixed Variable (Dollars in thousands) Rate Rate Rate Rate Unused lines of credit and letters of credit $ 48,622 $ 231,667 $ 38,064 $ 177,447 Commitments to fund loans (at market rates) 10,691 3,954 18,216 4,580 Commitments to fund loans are generally made for periods of 180 |
Note 20 - Regulatory Capital
Note 20 - Regulatory Capital | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 20 ChoiceOne and the Bank are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. The prompt corrective action regulations provide five not may 2020 2019 Actual capital levels and minimum required levels for ChoiceOne and the Bank were as follows: Minimum Required to be Well Minimum Required Capitalized Under for Capital Prompt Corrective (Dollars in thousands) Actual Adequacy Purposes Action Regulations Amount Ratio Amount Ratio Amount Ratio December 31, 2020 ChoiceOne Financial Services Inc. Total capital (to risk weighted assets) $ 162,558 13.2 % $ 98,835 8.0 % N/A N/A Common equity Tier 1 capital (to risk weighted assets) 150,465 12.2 55,595 4.5 N/A N/A Tier 1 capital (to risk weighted assets) 150,465 12.2 74,126 6.0 N/A N/A Tier 1 capital (to average assets) 150,465 8.3 72,281 4.0 N/A N/A ChoiceOne Bank Total capital (to risk weighted assets) $ 159,684 12.9 % $ 98,683 8.0 % $ 123,353 10.0 % Common equity Tier 1 capital (to risk weighted assets) 152,091 12.3 55,509 4.5 80,180 6.5 Tier 1 capital (to risk weighted assets) 152,091 12.3 74,012 6.0 98,683 8.0 Tier 1 capital (to average assets) 152,091 8.4 72,208 4.0 90,259 5.0 December 31, 2019 ChoiceOne Financial Services Inc. Total capital (to risk weighted assets) $ 135,836 14.2 % $ 76,288 8.0 % N/A N/A Common equity Tier 1 capital (to risk weighted assets) 131,785 13.8 42,912 4.5 N/A N/A Tier 1 capital (to risk weighted assets) 131,785 13.8 57,216 6.0 N/A N/A Tier 1 capital (to average assets) 131,785 9.6 54,646 4.0 N/A N/A ChoiceOne Bank Total capital (to risk weighted assets) $ 69,412 13.2 % $ 42,039 8.0 % $ 52,549 10.0 % Common equity Tier 1 capital (to risk weighted assets) 65,362 12.4 23,647 4.5 34,157 6.5 Tier 1 capital (to risk weighted assets) 65,362 12.4 31,530 6.0 42,039 8.0 Tier 1 capital (to average assets) 65,362 10.0 26,179 4.0 32,724 5.0 Lakestone Bank & Trust Total capital (to risk weighted assets) $ 63,885 15.0 % $ 34,056 8.0 % $ 42,570 10.0 % Common equity Tier 1 capital (to risk weighted assets) 63,885 15.0 19,156 4.5 27,670 6.5 Tier 1 capital (to risk weighted assets) 63,885 15.0 25,542 6.0 34,056 8.0 Tier 1 capital (to average assets) 63,885 9.0 28,338 4.0 35,423 5.0 Banking regulations limit capital distributions by state-chartered banks. Generally, capital distributions are limited to undistributed net income for the current and prior two December 31, 2020 |
Note 21 - Business Combination
Note 21 - Business Combination | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 21 Community Shores Bank Corporation ChoiceOne completed the acquisition of Community Shores Bank Corporation (“Community Shores”) effective on July 1, 2020. July 1, 2020 October 2020. Acquisition costs related to the merger amounted to $3.2 million, all of which was expensed. The transaction created $7.9 million of goodwill, none As the transaction became effective on July 1, 2020, July 1, 2020 December 31, 2020 December 31, 2020 December 31, 2020 The table below presents the allocation of purchase price for the merger with Community Shores (dollars in thousands): Purchase Price Consideration $ 20,881 Net assets acquired: Cash and cash equivalents 41,023 Securities available for sale 20,023 Federal Home Loan Bank and Federal Reserve Bank stock 300 Originated loans 173,974 Premises and equipment 6,204 Other real estate owned 346 Deposit based intangible 760 Other assets 1,345 Total assets 243,975 Non-interest bearing deposits 65,499 Interest bearing deposits 162,333 Total deposits 227,832 Trust preferred securities 3,039 Other liabilities 136 Total liabilities 231,007 Net assets acquired 12,968 Goodwill $ 7,913 The following table provides the unaudited pro forma information for the results of operations for the twelve December 31, 2020 2019, January 1, 2019. not not (Dollars in thousands, except per share data) 2020 2019 Net interest income $ 54,357 $ 51,266 Noninterest income 23,462 14,722 Noninterest expense 55,182 49,865 Net income 15,257 14,250 Net income per diluted share 1.96 1.83 County Bank Corp. ChoiceOne completed the merger of County Bank Corp. (“County”) with and into ChoiceOne on October 1, 2019. October 1, 2019 May 2020. Acquisition costs related to the merger amounted to $2.4 million, of which $2.1 million was expensed and $297,000 was netted against stock issuance costs. The transaction created $38.9 none The table below highlights the allocation of purchase price for the merger with County (dollars in thousands): Purchase Price Consideration $ 107,945 Net assets acquired: Cash and cash equivalents 20,638 Equity securities at fair value 474 Securities available for sale 187,230 Federal Home Loan Bank and Federal Reserve Bank stock 2,915 Loans to other financial institutions 33,481 Originated loans 390,116 Premises and equipment 9,271 Other real estate owned 1,364 Deposit based intangible 6,359 Bank owned life insurance 16,912 Other assets 4,002 Total assets 672,762 Non-interest bearing deposits 124,113 Interest bearing deposits 449,488 Total deposits 573,601 Federal funds purchased 3,800 Advances from Federal Home Loan Bank 23,000 Other liabilities 3,282 Total liabilities 603,683 Net assets acquired 69,079 Goodwill $ 38,866 In most instances, determining the fair value of the acquired assets and assumed liabilities required ChoiceOne to estimate the cash flows expected to result from those assets and liabilities and to discount those cash flows at appropriate rates of interest. The most significant of those determinations is related to the valuation of acquired loans. For such loans, the excess cash flows expected at the effective time of the merger over the estimated fair value is recognized as interest income over the remaining lives of the loans. The difference between contractually required payments at the effective time of the merger and the cash flows expected to be collected at the effective time of the merger reflects the impact of estimated credit losses, interest rate changes, and other factors, such as prepayments. In accordance with the applicable accounting guidance for business combinations, there was no |
Note 22 - Quarterly Financial D
Note 22 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Note 2 2 – Quarterly Financial Data (Unaudited) Net Earnings Per Share (Dollars in thousands, except per share data) Interest Interest Net Fully Income Income Income Basic Diluted 2020 First Quarter $ 12,662 $ 11,138 $ 3,254 $ 0.45 $ 0.45 Second Quarter 12,863 11,879 4,430 0.61 0.61 Third Quarter 15,150 14,062 3,829 0.49 0.49 Fourth Quarter 15,040 13,992 4,100 0.53 0.52 2019 First Quarter $ 6,477 $ 5,496 $ 1,637 $ 0.45 $ 0.45 Second Quarter 6,554 5,501 1,486 0.41 0.41 Third Quarter 6,561 5,570 1,021 0.28 0.28 Fourth Quarter 12,881 11,206 3,027 0.44 0.44 The growth in interest income and net interest income in the first two 2020 third fourth 2020 2019 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include ChoiceOne Financial Services, Inc. ("ChoiceOne"), its wholly-owned subsidiaries, ChoiceOne Bank (the "Bank"), and ChoiceOne Bank’s wholly-owned subsidiaries: ChoiceOne Insurance Agencies, Inc. (the "Insurance Agency"), Lakestone Financial Services, Inc. ("Lakestone Financial"), and Community Shores Financial Services, Inc. (“Community Shores Financial”). Intercompany transactions and balances have been eliminated in consolidation. Community Shores Capital Trust I (the “Capital Trust”) owns all of the common securities of this special purpose trust. Under U.S. generally accepted accounting principles ("GAAP"), the Capital Trust is not not |
Business Combinations Policy [Policy Text Block] | Recent Mergers On October 1, 2019, December 31, 2019 October 1, 2019. 21 On July 1, 2020, December 31, 2020 July 1, 2020. 21 |
Effect of Covid-19 Pandemic [Policy Text Block] | The Coronavirus (COVID- 19 The coronavirus outbreak (COVID- 19 March 2020. first COVID- 19 March 2020 June 2020. COVID- 19 2020, 2020 2019 19. 19 90 second December 31, 2020 In addition, ChoiceOne processed over $126 million in PPP loans through December 31, 2020 1.00% two June 5, 2020) five June 5, 2020), not ten not ten 100% August 8, 2020. December 27, 2020, 2021, February 24, 2021 March 31, 2021 ( December 31, 2020 December 31, 2020 December 31, 2020. |
Nature of Operations, Policy [Policy Text Block] | Nature of Operations The Bank is a full-service community bank that offers commercial, consumer, and real estate loans as well as traditional demand, savings and time deposits to both commercial and consumer clients within the Bank’s primary market areas in Kent, Muskegon, Newaygo, and Ottawa counties in western Michigan and Lapeer, Macomb, and St. Clair counties in southeastern Michigan. Substantially all loans are secured by specific items of collateral including business assets, consumer assets, and real estate. Commercial loans are expected to be repaid from the cash flows from operations of businesses. Real estate loans are collateralized by either residential or commercial real estate. Community Shores Financial is a wholly-owned subsidiary of the Bank. The primary source of revenue for Community Shores Financial is referral fee income from a local insurance agency, Lakeshore Employee Benefits. Lakeshore Employee Benefits offers, among other things, employer-sponsored benefit plans. The Insurance Agency is a wholly-owned subsidiary of the Bank. The Insurance Agency sells insurance policies such as life and health for both commercial and consumer clients. The Insurance Agency also offers alternative investment products such as annuities and mutual funds through a registered broker. Lakestone Financial is a wholly-owned subsidiary of the Bank, which earns revenues through the sale of annuities and other third Together, the Bank and the other subsidiaries account for substantially all of ChoiceOne’s assets, revenues and operating income. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, ChoiceOne’s management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided. These estimates and assumptions are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, including the effects of the COVID- 19 may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents are defined to include cash on hand, demand deposits with other banks, and federal funds sold. Cash flows are reported on a net basis for customer loan and deposit transactions, deposits with other financial institutions, and short-term borrowings with original terms of 90 |
Marketable Securities, Policy [Policy Text Block] | Securities Debt securities are classified as available for sale because they might be sold before maturity. Debt securities classified as available for sale are carried at fair value, with unrealized holding gains and losses reported separately in the accumulated other comprehensive income or loss section of shareholders’ equity, net of tax effect. Restricted investments in Federal Reserve Bank stock and Federal Home Loan Bank stock are carried at cost. Equity securities consist of investments in preferred stock and investments in common stock of other financial institutions. Effective January 1, 2018, 2018, Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized using the level-yield method without anticipating prepayments. Gains or losses on sales are recorded on the trade date based on the amortized cost of the security sold. Management evaluates securities for other-than-temporary impairment ("OTTI") on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The evaluation of securities includes consideration given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, whether the market decline was affected by macroeconomic conditions and whether ChoiceOne has the intent to sell the security or it is more likely than not may When OTTI occurs, the amount of the OTTI recognized in earnings depends on whether ChoiceOne intends to sell the security or it is more likely than not not not |
Financing Receivable [Policy Text Block] | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned interest, deferred loan fees and costs, remaining purchase accounting adjustments, and an allowance for loan losses. Loans held for sale are reported at the lower of cost or market, on an aggregate basis. Interest income on loans is reported on the interest method and includes amortization of net deferred loan fees and costs over the estimated loan term. Interest on loans is accrued based upon the principal balance outstanding. The accrual of interest is discontinued at the time at which loans are 90 not During 2020, 19 $126.4 2020. $5.0 $3.0 2020. No Acquired loans are considered purchased credit impaired (“PCI”) if as of the acquisition date, management determines the loan has evidence of deterioration in credit quality since origination and it is probable at acquisition the Company will be unable to collect all contractually required payments. The discount related to credit quality for PCI loans is recorded as an adjustment to the loan balance as of the acquisition date and is not may For non-PCI loans, the difference between acquisition date fair value and expected cash flows is accreted into income over a pool's expected life using the level yield method. |
Mortgage Banking Activity [Policy Text Block] | Loans to Other Financial Institutions Loans to other financial institutions are made for the purpose of providing a warehouse line of credit to facilitate funding of residential mortgage loan originations at other financial institutions. The loans are short-term in nature and are designed to provide funding for the time period between the loan origination and its subsequent sale in the secondary market. Loans to other financial institutions earn a share of interest income, determined by the contract, from when the loan is funded to when the loan is sold on the secondary market. Similar to loans held for sale, these loans are excluded from the allowance for loan losses as the risk of default is minimal during the short time period held. Loans to other financial institutions are excluded from Note 3. December 31, 2020 2019 none |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. The allowance for loan losses is increased by the provision for loan losses and decreased by loans charged off less any recoveries of charged off loans. Management estimates the allowance for loan losses balance required based on past loan loss experience, the nature and volume of the loan portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance for loan losses may not The allowance for loan losses consists of general and specific components. The general component covers non-classified loans and is based on historical loss experience adjusted for current factors. The specific component relates to loans that are individually classified as impaired or loans otherwise classified as substandard or doubtful. The general component of management's estimate of the allowance for loan losses covers non-classified loans and is based on historical loss experience adjusted for current factors. Management's adjustment for current factors is based on trends in delinquencies, trends in charge-offs and recoveries, trends in the volume of loans, changes in underwriting standards, trends in loan review findings, experience and ability of lending staff, national and economic trends and conditions, industry conditions, trends in real estate values, and other conditions. A loan is impaired when full payment under the loan terms is not not not In March 2020, 19 not December 31, 2020, not |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Land improvements are depreciated using the straight-line method with useful lives ranging from 7 to 15 years. Building and related components are depreciated using the straight-line method with useful lives ranging from 5 to 39 years. Leasehold improvements are depreciated over the shorter of the estimated life or the lease term. Furniture and equipment are depreciated using the straight-line method with useful lives ranging from 3 to 7 years. Fixed assets are periodically reviewed for impairment. If impaired, the assets are recorded at fair value. |
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block] | Other Real Estate Owned Real estate properties acquired in the collection of a loan are initially recorded at the lower of the Bank’s basis in the loans or fair value at acquisition establishing a new cost basis. Any reduction to fair value from the carrying value of the related loan is accounted for as a loan loss. After acquisition, a valuation allowance reduces the reported amount to the lower of the initial amount or fair value less costs to sell. Expenses to repair or maintain properties are included within other noninterest expenses. Gains and losses upon disposition and changes in the valuation allowance are reported net within noninterest income. |
Banked Owned Life Insurance, Policy [Policy Text Block] | Bank Owned Life Insurance Bank owned life insurance policies are stated at the current cash surrender value of the policy, or the policy death proceeds less any obligation to provide a death benefit to an insured’s beneficiaries if that value is less than the cash surrender value. Increases in the asset value are recorded as earnings in other income. |
Transfers and Servicing of Financial Assets, Servicing of Financial Assets, Policy [Policy Text Block] | Loan Servicing Rights Loan servicing rights represent the allocated value of servicing rights on loans sold with servicing retained. Servicing rights are expensed in proportion to, and over the period of, estimated net servicing revenues. Impairment is evaluated based on the fair value of the rights, using groupings of the underlying loans as to interest rates and then, secondarily, as to geographic and prepayment characteristics. Servicing rights are initially recorded at estimated fair value and fair value is determined using prices for similar assets with similar characteristics when available or based upon discounted cash flows using market-based assumptions. Any impairment of a grouping is reported as a valuation allowance. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill results from business acquisitions and represents the excess of the purchase price over the fair value of the acquired tangible assets and liabilities and identifiable intangible assets. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not |
Loan Commitments, Policy [Policy Text Block] | Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet financing needs of customers. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Postemployment Benefit Plans, Policy [Policy Text Block] | Employee Benefit Plans ChoiceOne’s 401 401 |
Income Tax, Policy [Policy Text Block] | Income Taxes Income tax expense is the sum of the current year income tax due and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” 50% not not” no |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic earnings per common share ("EPS") is based on weighted-average common shares outstanding. Diluted EPS assumes issuance of any dilutive potential common shares issuable under stock options or restricted stock units granted. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income consists of net income and other comprehensive income or loss. Other comprehensive income or loss includes unrealized gains and losses on securities available for sale and changes in the funded status of post-retirement plans, net of tax, which are also recognized as a separate component of shareholders’ equity. Accumulated other comprehensive income was as follows: (Dollars in thousands) As of December 31, 2020 2019 Unrealized gain (loss) on available for sale securities $ 13,959 $ 1,713 Unrecognized gains on post-retirement benefits — 158 Tax effect (2,931 ) (393 ) Accumulated other comprehensive income (loss) $ 11,028 $ 1,478 |
Commitments and Contingencies, Policy [Policy Text Block] | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not may December 31, 2020 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Restrictions Cash on hand or on deposit with the Federal Reserve Bank of $0 and $13,231,000 was required to meet regulatory reserve and clearing requirements for the Bank at December 31, 2020 2019 December 31, 2020 December 31, 2019 |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company values share-based stock option awards granted using the Black-Scholes option-pricing model. The Company recognizes compensation expense for its awards on a straight-line basis over the requisite service period for the entire award (straight-line attribution method), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date fair value of the award that is vested at that time. Compensation costs related to stock options granted are disclosed in Note 14. ChoiceOne has granted restricted stock units to a select group of employees under the Stock Incentive Plan of 2012. one |
Dividend Restrictions, Policy [Policy Text Block] | Dividend Restrictions Banking regulations require the maintenance of certain capital levels and may may 20 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, which are more fully documented in Note 18 |
Segment Reporting, Policy [Policy Text Block] | Operating Segments While ChoiceOne’s management monitors the revenue streams of various products and services for the Bank, Insurance Agency, Lakestone Financial, and Community Shores Financial, operations and financial performance are evaluated on a company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated into one |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued ASU 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities may not December 15, 2017, 2016 01 January 1, 2018. January 1, 2018 The FASB issued ASU No. 2016 13 , Financial Instruments—Credit Losses (Topic 326 no may may December 15, 2022, December 31, 2020 may |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications 2020 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (Dollars in thousands) As of December 31, 2020 2019 Unrealized gain (loss) on available for sale securities $ 13,959 $ 1,713 Unrecognized gains on post-retirement benefits — 158 Tax effect (2,931 ) (393 ) Accumulated other comprehensive income (loss) $ 11,028 $ 1,478 |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | December 31, 2020 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value Equity securities $ 2,836 $ 60 $ - $ 2,896 December 31, 2019 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value Equity securities $ 2,426 $ 425 $ - $ 2,851 |
Debt Securities, Available-for-sale [Table Text Block] | December 31, 2020 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government and federal agency $ 2,007 $ 44 $ - $ 2,051 U.S. Treasury notes and bonds 1,996 60 - 2,056 State and municipal 307,201 13,191 (24 ) 320,368 Mortgage-backed 246,085 1,510 (872 ) 246,723 Corporate 2,539 51 (1 ) 2,589 Trust preferred securities 1,000 - - 1,000 Total $ 560,828 $ 14,856 $ (897 ) $ 574,787 December 31, 2019 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government and federal agency $ 17,231 $ 23 $ (39 ) $ 17,215 U.S. Treasury notes and bonds 1,994 14 - 2,008 State and municipal 172,487 2,694 (1,257 ) 173,924 Mortgage-backed 142,504 585 (329 ) 142,760 Corporate 2,649 24 (1 ) 2,672 Trust preferred securities 1,000 - - 1,000 Total $ 337,865 $ 3,340 $ (1,626 ) $ 339,579 |
Schedule of Realized Gain (Loss) [Table Text Block] | (Dollars in thousands) 2020 2019 2018 Proceeds from sales of securities $ 121,942 $ 178,913 $ 2,634 Gross realized gains 1,308 22 42 Gross realized losses - - 8 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (Dollars in thousands) Amortized Fair Cost Value Due within one year $ 17,050 $ 17,184 Due after one year through five years 59,120 60,900 Due after five years through ten years 221,304 231,775 Due after ten years 17,269 18,205 Total debt securities 314,743 328,064 Mortgage-backed securities 246,085 246,723 Equity securities 2,836 2,896 Total $ 563,664 $ 577,683 |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | (Dollars in thousands) 2020 2019 Securities pledged for Community Reinvestment Act credits $ 278 $ 252 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | 2020 Less than 12 months More than 12 months Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Government and federal agency $ - $ - $ - $ - $ - $ - U.S. Treasury notes and bonds - - - - - - State and municipal 8,950 24 - - 8,950 24 Mortgage-backed 75,126 866 9,994 6 85,120 872 Corporate 453 1 - - 453 1 Total temporarily impaired $ 84,529 $ 891 $ 9,994 $ 6 $ 94,523 $ 897 2019 Less than 12 months More than 12 months Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Government and federal agency $ 7,175 $ (39 ) $ - $ - $ 7,175 $ (39 ) U.S. Treasury notes and bonds - - - - - - State and municipal 75,099 (1,256 ) 252 (1 ) 75,351 (1,257 ) Mortgage-backed 109,652 (327 ) 373 (2 ) 110,025 (329 ) Corporate - - 300 (1 ) 300 (1 ) Total temporarily impaired $ 191,926 $ (1,622 ) $ 925 $ (4 ) $ 192,851 $ (1,626 ) |
Gain (Loss) on Securities [Table Text Block] | 2020 2019 2018 Net gains and losses recognized during the period $ (155 ) $ — $ 71 Less: Net gains and losses recognized during the period on securities sold — (5 ) 9 Unrealized gains and losses recognized during the reporting period on securities still held at the reporting date $ (155 ) $ 5 $ 62 |
Note 3 - Loans and Allowance _2
Note 3 - Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Dollars in thousands) 2020 2019 Agricultural $ 53,735 $ 57,339 Commercial and industrial 303,527 148,083 Consumer 34,014 38,854 Real estate - commercial 469,247 326,379 Real estate - construction 16,639 13,411 Real estate - residential 192,506 217,982 Loans, gross $ 1,069,668 $ 802,048 Allowance for Loan Losses (7,593 ) (4,057 ) Loans, net $ 1,062,075 $ 797,991 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block] | (Dollars in thousands) Acquired Acquired Impaired Non-impaired Total Loans acquired - contractual payments $ 7,729 $ 387,394 $ 395,123 Nonaccretable difference (2,928 ) - (2,928 ) Expected cash flows 4,801 387,394 392,195 Accretable yield (185 ) (1,894 ) (2,079 ) Carrying balance at acquisition date $ 4,616 $ 385,500 $ 390,116 (Dollars in thousands) Acquired Acquired Impaired Non-impaired Total Balance, January 1, 2019 $ - $ - $ - Merger with County Bank Corp on October 1, 2019 185 1,894 2,079 Accretion October 1, 2019 through December 31, 2019 - (75 ) (75 ) Balance, January 1, 2020 185 1,819 2,004 Accretion January 1, 2020 through December 31, 2020 (50 ) (295 ) (345 ) Balance, December 31, 2020 $ 135 $ 1,524 $ 1,659 (Dollars in thousands) Acquired Acquired Impaired Non-impaired Total Loans acquired - contractual payments $ 20,491 $ 158,495 $ 178,986 Nonaccretable difference (3,547 ) - (3,547 ) Expected cash flows 16,944 158,495 175,439 Accretable yield (869 ) (596 ) (1,465 ) Carrying balance at acquisition date $ 16,075 $ 157,899 $ 173,974 (Dollars in thousands) Acquired Acquired Impaired Non-impaired Total Balance, January 1, 2020 $ - $ - $ - Merger with Community Shores Bank Corporation on July 1, 2020 869 596 1,465 Accretion July 1, 2020 through December 31, 2020 (26 ) (141 ) (167 ) Balance, December 31, 2020 $ 843 $ 455 $ 1,298 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Commercial (Dollars in thousands) and Commercial Construction Residential Agricultural Industrial Consumer Real Estate Real Estate Real Estate Unallocated Total Allowance for Loan Losses Year Ended December 31, 2020 Beginning balance $ 471 $ 655 $ 270 $ 1,663 $ 76 $ 640 $ 282 $ 4,057 Charge-offs (15 ) (148 ) (329 ) (254 ) — (8 ) — (754 ) Recoveries — 57 204 10 — 19 — 290 Provision (199 ) 763 172 2,759 21 649 (165 ) 4,000 Ending balance $ 257 $ 1,327 $ 317 $ 4,178 $ 97 $ 1,300 $ 117 $ 7,593 Individually evaluated for impairment $ — $ 19 $ 1 $ 157 $ — $ 254 $ — $ 431 Collectively evaluated for impairment $ 257 $ 1,308 $ 316 $ 4,021 $ 97 $ 1,046 $ 117 $ 7,162 Loans December 31, 2020 Individually evaluated for impairment $ 348 $ 1,663 $ 8 $ 3,032 $ 80 $ 2,720 $ 7,851 Collectively evaluated for impairment 53,387 295,154 33,982 453,681 16,559 186,982 1,039,745 Acquired with deteriorated credit quality — 6,710 24 12,534 — 2,804 22,072 Ending balance $ 53,735 $ 303,527 $ 34,014 $ 469,247 $ 16,639 $ 192,506 $ 1,069,668 Commercial (Dollars in thousands) and Commercial Construction Residential Agricultural Industrial Consumer Real Estate Real Estate Real Estate Unallocated Total Allowance for Loan Losses Year Ended December 31, 2019 Beginning balance $ 481 $ 892 $ 254 $ 1,926 $ 38 $ 537 $ 545 $ 4,673 Charge-offs - (83 ) (292 ) (589 ) - (25 ) - (989 ) Recoveries 65 22 136 26 - 124 - 373 Provision (75 ) (176 ) 172 300 38 4 (263 ) - Ending balance $ 471 $ 655 $ 270 $ 1,663 $ 76 $ 640 $ 282 $ 4,057 Individually evaluated for impairment $ 103 $ - $ 4 $ 13 $ - $ 235 $ - $ 355 Collectively evaluated for impairment $ 368 $ 655 $ 266 $ 1,650 $ 76 $ 405 $ 282 $ 3,702 Loans December 31, 2019 Individually evaluated for impairment $ 924 $ 259 $ 17 $ 2,288 $ - $ 2,434 $ 5,922 Collectively evaluated for impairment 56,415 141,583 38,524 323,358 13,411 215,106 788,397 Acquired with deteriorated credit quality - 6,241 313 733 - 442 7,729 Ending balance $ 57,339 $ 148,083 $ 38,854 $ 326,379 $ 13,411 $ 217,982 $ 802,048 Commercial (Dollars in thousands) and Commercial Construction Residential Agricultural Industrial Consumer Real Estate Real Estate Real Estate Unallocated Total Allowance for Loan Losses Year Ended December 31, 2018 Beginning balance $ 506 $ 1,001 $ 262 $ 1,761 $ 35 $ 726 $ 286 $ 4,577 Charge-offs - (58 ) (282 ) - - (25 ) - (365 ) Recoveries 33 107 112 61 - 113 - 426 Provision (58 ) (158 ) 162 104 3 (277 ) 259 35 Ending balance $ 481 $ 892 $ 254 $ 1,926 $ 38 $ 537 $ 545 $ 4,673 Individually evaluated for impairment $ 94 $ 3 $ 13 $ 20 $ - $ 167 $ - $ 297 Collectively evaluated for impairment $ 387 $ 889 $ 241 $ 1,906 $ 38 $ 370 $ 545 $ 4,376 Loans December 31, 2018 Individually evaluated for impairment $ 578 $ 21 $ 90 $ 623 $ - $ 2,712 $ 4,024 Collectively evaluated for impairment 48,531 91,385 24,292 138,830 8,843 93,168 405,049 Ending balance $ 49,109 $ 91,406 $ 24,382 $ 139,453 $ 8,843 $ 95,880 $ 409,073 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (Dollars in thousands) Agricultural Commercial and Industrial Commercial Real Estate December 31, December 31, December 31, December 31, December 31, December 31, 2020 2019 2020 2019 2020 2019 Pass $ 50,185 $ 55,866 $ 294,614 $ 146,728 $ 453,080 $ 322,105 Special Mention 3,202 1,094 4,101 1,081 6,006 1,332 Substandard 348 379 4,812 274 8,925 2,942 Doubtful - - - - 1,236 - $ 53,735 $ 57,339 $ 303,527 $ 148,083 $ 469,247 $ 326,379 (Dollars in thousands) Consumer Construction Real Estate Residential Real Estate December 31, December 31, December 31, December 31, December 31, December 31, 2020 2019 2020 2019 2020 2019 Performing $ 34,006 $ 38,838 $ 16,559 $ 13,411 $ 191,125 $ 216,651 Nonperforming - - - - - - Nonaccrual 8 16 80 - 1,381 1,331 $ 34,014 $ 38,854 $ 16,639 $ 13,411 $ 192,506 $ 217,982 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Year Ended December 31, 2020 Pre- Post- Modification Modification Outstanding Outstanding (Dollars in thousands) Number of Recorded Recorded Loans Investment Investment Agricultural 1 $ 62 $ 62 Commercial and Industrial 1 53 53 Commercial Real Estate 3 1,852 1,852 Total 5 $ 1,967 $ 1,967 Year Ended December 31, 2020 (Dollars in thousands) Number Recorded of Loans Investment Commercial Real Estate 2 $ 1,666 Total 2 $ 1,666 |
Impaired Financing Receivables [Table Text Block] | Unpaid Average Interest (Dollars in thousands) Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized December 31, 2020 With no related allowance recorded Agricultural $ 348 $ 434 $ - $ 329 $ - Commercial and industrial 1,516 1,629 - 464 2 Consumer - - - 1 - Construction real estate 80 80 - 16 - Commercial real estate 1,852 2,664 - 1,495 14 Residential real estate 162 162 - 99 3 Subtotal 3,958 4,969 - 2,404 19 With an allowance recorded Agricultural - - - 152 - Commercial and industrial 147 147 19 111 12 Consumer 8 8 1 16 - Construction real estate - - - - - Commercial real estate 1,180 1,180 157 897 35 Residential real estate 2,558 2,651 254 2,330 87 Subtotal 3,893 3,986 431 3,506 134 Total Agricultural 348 434 - 481 - Commercial and industrial 1,663 1,776 19 575 14 Consumer 8 8 1 17 - Construction real estate 80 80 - 16 - Commercial real estate 3,032 3,844 157 2,392 49 Residential real estate 2,720 2,813 254 2,429 90 Total $ 7,851 $ 8,955 $ 431 $ 5,910 $ 153 Unpaid Average Interest (Dollars in thousands) Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized December 31, 2019 With no related allowance recorded Agricultural $ 545 $ 545 $ - $ 146 $ 10 Commercial and industrial 259 340 - 104 9 Consumer - - - - - Construction real estate - - - - - Commercial real estate 1,882 2,471 - 782 30 Residential real estate 42 42 - 133 4 Subtotal 2,728 3,398 - 1,165 53 With an allowance recorded Agricultural 379 439 103 388 - Commercial and industrial - - - 86 1 Consumer 17 18 4 48 - Construction real estate - - - - - Commercial real estate 406 406 13 975 32 Residential real estate 2,392 2,460 235 2,486 83 Subtotal 3,194 3,323 355 3,983 116 Total Agricultural 924 984 103 534 10 Commercial and industrial 259 340 - 190 10 Consumer 17 18 4 48 - Construction real estate - - - - - Commercial real estate 2,288 2,877 13 1,757 62 Residential real estate 2,434 2,502 235 2,619 87 Total $ 5,922 $ 6,721 $ 355 $ 5,148 $ 169 Unpaid Average Interest (Dollars in thousands) Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized December 31, 2018 With no related allowance recorded Agricultural $ 185 $ 185 $ - $ 291 $ - Commercial and industrial - - - 29 2 Consumer 1 1 - 2 8 Construction real estate - - - 54 - Commercial real estate 74 109 - 78 30 Residential real estate 250 261 - 177 114 Subtotal 510 556 - 631 154 With an allowance recorded Agricultural 393 440 94 161 13 Commercial and industrial 21 21 3 296 - Consumer 88 88 13 59 - Construction real estate - - - - - Commercial real estate 550 609 20 692 - Residential real estate 2,462 2,494 167 2,523 6 Subtotal 3,514 3,652 297 3,731 19 Total Agricultural 578 625 94 452 13 Commercial and industrial 21 21 3 325 2 Consumer 90 90 13 61 8 Construction real estate - - - 54 - Commercial real estate 623 718 20 770 30 Residential real estate 2,712 2,755 167 2,700 120 Total $ 4,024 $ 4,209 $ 297 $ 4,362 $ 173 |
Financing Receivable, Past Due [Table Text Block] | Loans Loans Loans Past Due Loans Past Due Past Due Greater 90 Days Past (Dollars in thousands) 30 59 60 89 Than 90 Loans Not Total Due and Days (1) Days (1) Days (1) Total (1) Past Due Loans Accruing December 31, 2020 Agricultural $ - $ - $ - $ - $ 53,735 $ 53,735 $ - Commercial and industrial - 109 515 624 302,903 303,527 - Consumer 39 - - 39 33,975 34,014 - Commercial real estate 532 44 1,744 2,320 466,927 469,247 - Construction real estate 1,076 180 80 1,336 15,303 16,639 - Residential real estate 1,563 256 352 2,171 190,335 192,506 - $ 3,210 $ 589 $ 2,691 $ 6,490 $ 1,063,178 $ 1,069,668 $ - December 31, 2019 Agricultural $ - $ 68 $ - $ 68 $ 57,271 $ 57,339 $ - Commercial and industrial 542 15 259 816 147,267 148,083 - Consumer 121 19 11 151 38,703 38,854 - Commercial real estate - - 1,882 1,882 324,497 326,379 - Construction real estate - - - - 13,411 13,411 - Residential real estate 2,466 582 393 3,441 214,541 217,982 - $ 3,129 $ 684 $ 2,545 $ 6,358 $ 795,690 $ 802,048 $ - |
Financing Receivable, Nonaccrual [Table Text Block] | (Dollars in thousands) 2020 2019 Agricultural $ 348 $ 379 Commercial and industrial 1,802 776 Consumer 8 16 Commercial real estate 3,088 2,185 Construction real estate 80 - Residential real estate 1,381 1,331 $ 6,707 $ 4,687 |
Note 4 - Mortgage Banking (Tabl
Note 4 - Mortgage Banking (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Activity in Secondary Market Loans [Table Text Block] | (Dollars in thousands) 2020 2019 2018 Loans originated for resale, net of principal payments $ 326,286 $ 63,920 $ 33,555 Proceeds from loan sales 325,306 62,763 34,872 Net gains on sales of loans held for sale 11,313 1,951 1,003 Loan servicing fees, net of amortization (129 ) 82 91 |
Servicing Asset at Amortized Cost [Table Text Block] | (Dollars in thousands) 2020 2019 2018 Balance, beginning of year $ 2,131 $ 1,049 $ 908 Capitalized 3,554 822 441 Amortization (1,344 ) (453 ) (300 ) Market valuation allowance change (374 ) - - Acquired from merger with County Bank Corp. - 713 - Balance, end of year $ 3,967 $ 2,131 $ 1,049 |
Note 5 - Premises and Equipme_2
Note 5 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (Dollars in thousands) 2020 2019 Land and land improvements $ 8,753 $ 7,576 Leasehold improvements 69 38 Buildings 25,985 20,251 Furniture and equipment 10,687 11,078 Total cost 45,494 38,943 Accumulated depreciation (16,005 ) (14,678 ) Premises and equipment, net $ 29,489 $ 24,265 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2021 $ 138 2022 120 2023 75 2024 28 2025 14 Total undiscounted cash flows 375 Less discount 15 Total operating lease liabilities $ 360 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (Dollars in thousands) 2020 2019 Balance, beginning of year $ 52,870 $ 13,728 Acquired goodwill from merger with County Bank Corp. - 39,142 Goodwill adjustment from merger with County Bank Corp. (277 ) - Acquired goodwill from merger with Community Shores Bank Corporation 7,913 - Balance, end of year $ 60,506 $ 52,870 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | 2020 2019 Gross Gross Carrying Accumulated Carrying Accumulated (Dollars in thousands) Amount Amortization Amount Amortization Core deposit intangible $ 7,120 $ 1,851 $ 6,359 $ 353 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | 2021 $ 1,307 2022 1,153 2023 955 2024 757 2025 560 Thereafter 537 Total $ 5,269 |
Note 7 - Other Real Estate Ow_2
Note 7 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Other Real Estate Owned [Table Text Block] | (Dollars in thousands) 2020 2019 2018 Balance, beginning of year $ 929 $ 102 $ 106 Transfers from loans 391 347 432 Additions from merger 346 1,364 - Proceeds from sales (1,384 ) (938 ) (515 ) Write-downs (80 ) - - Gains on sales 64 54 79 Balance, end of year $ 266 $ 929 $ 102 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Deposits Outstanding [Table Text Block] | (Dollars in thousands) 2020 2019 Noninterest-bearing demand deposits $ 477,654 $ 287,460 Interest-bearing demand deposits 471,346 236,154 Money market deposits 191,681 263,666 Savings deposits 337,332 206,050 Local certificates of deposit 196,565 158,985 Brokered certificates of deposit - 2,287 Total deposits $ 1,674,578 $ 1,154,602 |
Time Deposit Maturities [Table Text Block] | (Dollars in thousands) 2021 $ 156,612 2022 22,001 2023 9,790 2024 4,181 2025 3,656 Thereafter 325 Total $ 196,565 |
Note 9 - Borrowings (Tables)
Note 9 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | (Dollars in thousands) 2020 2019 Maturity of November 2024 with fixed interest rate of 3.98 $ 161 $ 198 Maturity of April 2020 with floating interest rate of 1.99 - 10,000 Maturity of May 2020 with fixed interest rate of 2.16 - 23,000 Total advances outstanding at year-end $ 161 $ 33,198 |
Schedule of Maturities of FHLB Advances [Table Text Block] | (Dollars in thousands) 2021 $ 39 2022 40 2023 42 2024 40 Total $ 161 |
Schedule of Long-term Debt Instruments [Table Text Block] | (Dollars in thousands) 2020 2019 Maturity of June 2023 with floating interest rate of 3.00 $ 9,167 $ - |
Schedule of Maturities of Long-term Debt [Table Text Block] | (Dollars in thousands) 2021 $ 3,333 2022 3,334 2023 2,500 Total $ 9,167 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (Dollars in thousands) 2020 2019 2018 Provision for Income Taxes Current federal income tax expense $ 3,070 $ 984 $ 946 Deferred federal income tax expense/(benefit) 202 310 209 Income tax expense $ 3,272 $ 1,294 $ 1,155 Reconciliation of Income Tax Provision to Statutory Rate Income tax computed at statutory federal rate of 21 $ 3,966 $ 1,778 $ 1,783 Tax exempt interest income (574 ) (320 ) (309 ) Tax exempt earnings on bank-owned life insurance (162 ) (162 ) (81 ) Tax credits (240 ) (218 ) (154 ) Nondeductible merger expenses 182 164 - Other items 100 52 (84 ) Income tax expense $ 3,272 $ 1,294 $ 1,155 Effective income tax rate 17 % 15 % 14 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (Dollars in thousands) Components of Deferred Tax Assets and Liabilities 2020 2019 Deferred tax assets: Purchase accounting adjustments from mergers with County and Community Shores $ 1,953 $ 1,129 Allowance for loan losses 1,595 585 Net operating loss carryforward 851 - Deferred loan fees 466 301 Write-downs of other real estate owned 326 169 Other 380 198 Total deferred tax assets 5,571 2,382 Deferred tax liabilities: Unrealized gains on securities available for sale 2,931 360 Purchase accounting adjustments from mergers with County and Community Shores 1,403 1,285 Loan servicing rights 833 447 Depreciation 653 778 Interest rate lock commitments 177 14 Other 230 221 Total deferred tax liabilities 6,227 3,105 Net deferred tax liability $ (656 ) $ (723 ) |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | (Dollars in thousands) 2020 2019 Balance, beginning of year $ 10,563 $ 5,343 New loans 12,211 2,988 Repayments (5,125 ) (3,372 ) Effect of changes in related parties - (4,664 ) Loans acquired from merger 3,075 10,268 Balance, end of year $ 20,724 $ 10,563 |
Note 14 - Stock Based Compens_2
Note 14 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted average average exercise Grant Date Shares price Fair Value Options outstanding at January 1, 2020 57,748 $ 23.39 $ 3.36 Options granted - - Options exercised (35,617 ) 22.33 3.31 Options forfeited or expired (1,500 ) 27.25 3.64 Options outstanding, end of year 20,631 $ 25.30 $ 3.46 Options exercisable at December 31, 2020 8,631 $ 22.60 $ 3.22 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Exercise price of stock options: Number of options outstanding at year-end Number of options exercisable at year-end Average remaining contractual life (in years) $ 27.25 12,000 - 8.45 $ 25.65 3,000 3,000 7.53 $ 20.86 3,306 3,306 6.38 $ 21.13 2,325 2,325 5.03 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Outstanding Stock Awards Shares Per Share Outstanding at January 1, 2020 9,000 $ 27.25 Granted 10,539 29.00 Vested (550 ) 28.05 Forfeited - - Outstanding at December 31, 2020 18,989 $ 28.20 |
Note 15 - Earnings Per Share (T
Note 15 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (Dollars in thousands, except share data) 2020 2019 2018 Basic Net income $ 15,613 $ 7,171 $ 7,333 Weighted average common shares outstanding 7,521,771 4,528,786 3,614,302 Basic earnings per common shares $ 2.08 $ 1.58 $ 2.03 Diluted Net income $ 15,613 $ 7,171 $ 7,333 Weighted average common shares outstanding 7,521,771 4,528,786 3,614,302 Plus dilutive stock options and restricted stock units 9,846 10,489 13,825 Weighted average common shares outstanding and potentially dilutive shares 7,531,617 4,539,275 3,628,127 Diluted earnings per common share $ 2.07 $ 1.58 $ 2.02 |
Note 16 - Condensed Financial_2
Note 16 - Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | (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 Income Statement [Table Text Block] | (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 Cash Flow Statement [Table Text Block] | (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 |
Note 17 - Financial Instrumen_2
Note 17 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable (Dollars in thousands) Carrying Estimated Assets Inputs Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) December 31, 2020 Assets Cash and cash equivalents $ 79,519 $ 79,519 $ 79,519 $ - $ - Equity securities at fair value 2,896 2,896 1,411 - 1,485 Securities available for sale 574,787 574,787 - 563,364 11,423 Federal Home Loan Bank and Federal Reserve Bank stock 8,004 8,004 - 8,004 - Loans held for sale 12,921 13,350 - 13,350 - Loans to other financial institutions 35,209 35,209 - 35,209 - Loans, net 1,062,075 1,057,786 - - 1,057,786 Accrued interest receivable 6,521 6,521 - 6,521 - Interest rate lock commitments 842 842 - 842 - Liabilities Noninterest-bearing deposits 477,654 477,654 - 477,654 - Interest-bearing deposits 1,196,924 1,197,964 - 1,197,964 - Borrowings 9,327 9,143 - 9,143 - Subordinated debentures 3,089 3,089 - 3,089 - Accrued interest payable 183 183 - 183 - December 31, 2019 Assets Cash and due from banks $ 59,558 $ 59,558 $ 59,558 $ - $ - Equity securities at fair value 2,851 2,851 1,379 - 1,472 Securities available for sale 339,579 339,579 - 327,212 12,367 Federal Home Loan Bank and Federal Reserve Bank stock 6,458 6,458 - 6,458 - Loans held for sale 3,095 3,134 - 3,134 - Loans to other financial institutions 51,048 51,048 - 51,048 - Loans, net 797,991 793,270 - - 793,270 Accrued interest receivable 3,965 3,965 - 3,965 - Interest rate lock commitments 68 68 - 68 - Liabilities Noninterest-bearing deposits 287,460 287,460 - 287,460 - Interest-bearing deposits 867,142 867,154 - 867,154 - Borrowings 33,198 33,243 - 33,243 - Accrued interest payable 411 411 - 411 - |
Note 18 - Fair Value Measurem_2
Note 18 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable (Dollars in thousands) Assets Inputs Inputs Balance at (Level 1) (Level 2) (Level 3) Date Indicated Equity Securities Held at Fair Value - December 31, 2020 Equity securities $ 1,411 $ - $ 1,485 $ 2,896 Investment Securities, Available for Sale - December 31, 2020 U. S. Government and federal agency $ - $ 2,051 $ - $ 2,051 U. S. Treasury notes and bonds - 2,056 - 2,056 State and municipal - 309,945 10,423 320,368 Mortgage-backed - 246,723 - 246,723 Corporate - 2,589 - 2,589 Trust preferred securities - - 1,000 1,000 Total $ - $ 563,364 $ 11,423 $ 574,787 Equity Securities Held at Fair Value - December 31, 2019 Equity securities $ 1,379 $ - $ 1,472 $ 2,851 Investment Securities, Available for Sale - December 31, 2019 U. S. Government and federal agency $ - $ 17,215 $ - $ 17,215 U. S. Treasury notes and bonds - 2,008 - 2,008 State and municipal - 162,557 11,367 173,924 Mortgage-backed - 142,760 - 142,760 Corporate - 2,672 - 2,672 Trust preferred securities - - 1,000 1,000 Total $ - $ 327,212 $ 12,367 $ 339,579 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (Dollars in thousands) 2020 2019 Equity Securities Held at Fair Value Balance, January 1 $ 1,472 $ 886 Total realized and unrealized gains included in noninterest income 13 114 Net purchases, sales, calls, and maturities - - Net transfers into Level 3 - - Acquired from merger with County Bank Corp. - 472 Balance, December 31 $ 1,485 $ 1,472 Investment Securities, Available for Sale Balance, January 1 $ 12,367 $ 8,498 Total realized and unrealized gains included in income - - Total unrealized gains/(losses) included in other comprehensive income 512 210 Net purchases, sales, calls, and maturities (1,456) 1,375 Net transfers into Level 3 - - Acquired from merger with County Bank Corp. - 2,284 Balance, December 31 $ 11,423 $ 12,367 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Quoted Prices In Active Significant Markets for Other Significant Balances at Identical Observable Unobservable (Dollars in thousands) Dates Assets Inputs Inputs Indicated (Level 1) (Level 2) (Level 3) Impaired Loans December 31, 2020 $ 7,851 $ - $ - $ 7,851 December 31, 2019 $ 5,922 $ - $ - $ 5,922 Other Real Estate December 31, 2020 $ 266 $ - $ - $ 266 December 31, 2019 $ 929 $ - $ - $ 929 Mortgage Loan Servicing Rights December 31, 2020 $ 3,967 $ - $ 3,967 $ - December 31, 2019 $ 2,131 $ - $ 2,131 $ - |
Note 19 - Off-balance Sheet A_2
Note 19 - Off-balance Sheet Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Credit Risk, Concentrations [Table Text Block] | 2020 2019 Fixed Variable Fixed Variable (Dollars in thousands) Rate Rate Rate Rate Unused lines of credit and letters of credit $ 48,622 $ 231,667 $ 38,064 $ 177,447 Commitments to fund loans (at market rates) 10,691 3,954 18,216 4,580 |
Note 20 - Regulatory Capital (T
Note 20 - Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Minimum Required to be Well Minimum Required Capitalized Under for Capital Prompt Corrective (Dollars in thousands) Actual Adequacy Purposes Action Regulations Amount Ratio Amount Ratio Amount Ratio December 31, 2020 ChoiceOne Financial Services Inc. Total capital (to risk weighted assets) $ 162,558 13.2 % $ 98,835 8.0 % N/A N/A Common equity Tier 1 capital (to risk weighted assets) 150,465 12.2 55,595 4.5 N/A N/A Tier 1 capital (to risk weighted assets) 150,465 12.2 74,126 6.0 N/A N/A Tier 1 capital (to average assets) 150,465 8.3 72,281 4.0 N/A N/A ChoiceOne Bank Total capital (to risk weighted assets) $ 159,684 12.9 % $ 98,683 8.0 % $ 123,353 10.0 % Common equity Tier 1 capital (to risk weighted assets) 152,091 12.3 55,509 4.5 80,180 6.5 Tier 1 capital (to risk weighted assets) 152,091 12.3 74,012 6.0 98,683 8.0 Tier 1 capital (to average assets) 152,091 8.4 72,208 4.0 90,259 5.0 December 31, 2019 ChoiceOne Financial Services Inc. Total capital (to risk weighted assets) $ 135,836 14.2 % $ 76,288 8.0 % N/A N/A Common equity Tier 1 capital (to risk weighted assets) 131,785 13.8 42,912 4.5 N/A N/A Tier 1 capital (to risk weighted assets) 131,785 13.8 57,216 6.0 N/A N/A Tier 1 capital (to average assets) 131,785 9.6 54,646 4.0 N/A N/A ChoiceOne Bank Total capital (to risk weighted assets) $ 69,412 13.2 % $ 42,039 8.0 % $ 52,549 10.0 % Common equity Tier 1 capital (to risk weighted assets) 65,362 12.4 23,647 4.5 34,157 6.5 Tier 1 capital (to risk weighted assets) 65,362 12.4 31,530 6.0 42,039 8.0 Tier 1 capital (to average assets) 65,362 10.0 26,179 4.0 32,724 5.0 Lakestone Bank & Trust Total capital (to risk weighted assets) $ 63,885 15.0 % $ 34,056 8.0 % $ 42,570 10.0 % Common equity Tier 1 capital (to risk weighted assets) 63,885 15.0 19,156 4.5 27,670 6.5 Tier 1 capital (to risk weighted assets) 63,885 15.0 25,542 6.0 34,056 8.0 Tier 1 capital (to average assets) 63,885 9.0 28,338 4.0 35,423 5.0 |
Note 21 - Business Combination
Note 21 - Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Purchase Price Consideration $ 20,881 Net assets acquired: Cash and cash equivalents 41,023 Securities available for sale 20,023 Federal Home Loan Bank and Federal Reserve Bank stock 300 Originated loans 173,974 Premises and equipment 6,204 Other real estate owned 346 Deposit based intangible 760 Other assets 1,345 Total assets 243,975 Non-interest bearing deposits 65,499 Interest bearing deposits 162,333 Total deposits 227,832 Trust preferred securities 3,039 Other liabilities 136 Total liabilities 231,007 Net assets acquired 12,968 Goodwill $ 7,913 Purchase Price Consideration $ 107,945 Net assets acquired: Cash and cash equivalents 20,638 Equity securities at fair value 474 Securities available for sale 187,230 Federal Home Loan Bank and Federal Reserve Bank stock 2,915 Loans to other financial institutions 33,481 Originated loans 390,116 Premises and equipment 9,271 Other real estate owned 1,364 Deposit based intangible 6,359 Bank owned life insurance 16,912 Other assets 4,002 Total assets 672,762 Non-interest bearing deposits 124,113 Interest bearing deposits 449,488 Total deposits 573,601 Federal funds purchased 3,800 Advances from Federal Home Loan Bank 23,000 Other liabilities 3,282 Total liabilities 603,683 Net assets acquired 69,079 Goodwill $ 38,866 |
Business Acquisition, Pro Forma Information [Table Text Block] | (Dollars in thousands, except per share data) 2020 2019 Net interest income $ 54,357 $ 51,266 Noninterest income 23,462 14,722 Noninterest expense 55,182 49,865 Net income 15,257 14,250 Net income per diluted share 1.96 1.83 |
Note 22 - Quarterly Financial_2
Note 22 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Net Earnings Per Share (Dollars in thousands, except per share data) Interest Interest Net Fully Income Income Income Basic Diluted 2020 First Quarter $ 12,662 $ 11,138 $ 3,254 $ 0.45 $ 0.45 Second Quarter 12,863 11,879 4,430 0.61 0.61 Third Quarter 15,150 14,062 3,829 0.49 0.49 Fourth Quarter 15,040 13,992 4,100 0.53 0.52 2019 First Quarter $ 6,477 $ 5,496 $ 1,637 $ 0.45 $ 0.45 Second Quarter 6,554 5,501 1,486 0.41 0.41 Third Quarter 6,561 5,570 1,021 0.28 0.28 Fourth Quarter 12,881 11,206 3,027 0.44 0.44 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2018USD ($) | |
Participating Interest In Loans, Losses or Charge-offs | $ 0 | |||
Allowance for Loan and Lease Losses, Period Increase (Decrease), Total | $ 4,000,000 | |||
Financing Receivable, Number of Payment Deferrals | 750 | |||
Financing Receivable, Deferred Payments, Remained Active | $ 3,200,000 | |||
Loans and Leases Receivable, Gross, Total | 1,069,668,000 | $ 802,048,000 | ||
Interest and Fee Income, Loans and Leases, Total | 46,874,000 | 26,777,000 | $ 20,033,000 | |
Financing Receivable, Deferred Payments | 148,000,000 | |||
Cash Pass-through Reserve, Federal Home Loan Bank | $ 0 | 13,231,000 | ||
Number of Reportable Segments | 1 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ 11,028,000 | 1,478,000 | ||
Retained Earnings (Accumulated Deficit), Ending Balance | 37,490,000 | $ 28,051,000 | ||
Accounting Standards Update 2016-01 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ (244,000) | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 244,000 | |||
PPP Loans [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||||
Financing Receivable, Unamortized Loan Fee | 5,000,000 | |||
Financing Receivable, Unamortized Loan Cost | 199,000 | |||
Financing Receivable, Unamortized Loan Fee (Cost) | 4,800,000 | |||
Interest and Fee Income, Loans and Leases, Total | 3,000,000 | |||
Financing Receivable, Amount Forgiven | 23,400,000 | |||
PPP Loans [Member] | SBA CARES Act Paycheck Protection Program [Member] | Community Shores Bank Corporation [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 37,000,000 | |||
Maximum [Member] | ||||
Financing Receivable, Number of Payment Deferrals, Remained Active | 40 | |||
Maximum [Member] | Land Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |||
Maximum [Member] | Building [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 39 years | |||
Maximum [Member] | Furniture and Fixtures [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |||
Minimum [Member] | Land Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |||
Minimum [Member] | Building [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||
Minimum [Member] | Furniture and Fixtures [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Minimum [Member] | PPP Loans [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||||
Loans and Leases Receivable, Gross, Total | $ 126,000,000 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax, Total | $ 13,959 | $ 1,713 |
Unrecognized gains on post-retirement benefits | 0 | 158 |
Tax effect | (2,931) | (393) |
Accumulated other comprehensive income (loss) | $ 11,028 | $ 1,478 |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | $ 0 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 22 | 63 |
Note 2 - Securities - Fair Valu
Note 2 - Securities - Fair Value of Equity Securities and Related Gross Unrealized Gains (Losses) Recognized in Interest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amortized Cost | $ 2,836 | $ 2,426 |
Gross Unrealized Gains | 60 | 425 |
Gross Unrealized Losses | 0 | 0 |
Equity securities at fair value (Note 2) | $ 2,896 | $ 2,851 |
Note 2 - Securities - Fair Va_2
Note 2 - Securities - Fair Value of Securities Available for Sale and The Related Unrealized Gains and Losses Recognized in Accumulated Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized Cost | $ 560,828 | $ 337,865 |
Gross Unrealized Gains | 14,856 | 3,340 |
Gross Unrealized Losses | (897) | (1,626) |
Securities available for sale | 574,787 | 339,579 |
US Treasury and Government [Member] | ||
Amortized Cost | 2,007 | 17,231 |
Gross Unrealized Gains | 44 | 23 |
Gross Unrealized Losses | 0 | (39) |
Securities available for sale | 2,051 | 17,215 |
US Treasury Securities [Member] | ||
Amortized Cost | 1,996 | 1,994 |
Gross Unrealized Gains | 60 | 14 |
Gross Unrealized Losses | 0 | 0 |
Securities available for sale | 2,056 | 2,008 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 307,201 | 172,487 |
Gross Unrealized Gains | 13,191 | 2,694 |
Gross Unrealized Losses | (24) | (1,257) |
Securities available for sale | 320,368 | 173,924 |
Collateralized Mortgage Backed Securities [Member] | ||
Amortized Cost | 246,085 | 142,504 |
Gross Unrealized Gains | 1,510 | 585 |
Gross Unrealized Losses | (872) | (329) |
Securities available for sale | 246,723 | 142,760 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 2,539 | 2,649 |
Gross Unrealized Gains | 51 | 24 |
Gross Unrealized Losses | (1) | (1) |
Securities available for sale | 2,589 | 2,672 |
Trust Preferred Securities [Member] | ||
Amortized Cost | 1,000 | 1,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Securities available for sale | $ 1,000 | $ 1,000 |
Note 2 - Securities - Sales of
Note 2 - Securities - Sales of Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Proceeds from sales of securities | $ 121,942 | $ 178,913 | $ 2,634 |
Gross realized gains | 1,308 | 22 | 42 |
Gross realized losses | $ 0 | $ 0 | $ 8 |
Note 2 - Securities - Contractu
Note 2 - Securities - Contractual Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Due within one year, amortized cost | $ 17,050 | |
Due within one year, fair value | 17,184 | |
Due after one year through five years, amortized cost | 59,120 | |
Due after one year through five years, fair value | 60,900 | |
Due after five years through ten years, amortized cost | 221,304 | |
Due after five years through ten years, fair value | 231,775 | |
Due after ten years, amortized cost | 17,269 | |
Due after ten years, fair value | 18,205 | |
Total debt securities, amortized cost | 314,743 | |
Total debt securities, fair value | 328,064 | |
Equity securities, amortized cost | 2,836 | $ 2,426 |
Equity securities, fair value | 2,896 | $ 2,851 |
Total, amortized cost | 563,664 | |
Total, fair value | 577,683 | |
Collateralized Mortgage Backed Securities [Member] | ||
Debt securities, amortized cost | 246,085 | |
Debt securities, fair value | $ 246,723 |
Note 2 - Securities - Carrying
Note 2 - Securities - Carrying Amount of Securities Pledged as Collateral (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities pledged for Community Reinvestment Act credits | $ 278 | $ 252 |
Note 2 - Securities - Securitie
Note 2 - Securities - Securities with Unrealized Losses Aggregated by Investment Category and Time with Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Less than 12 months, Fair Value | $ 84,529 | $ 191,926 |
Less than 12 months, Unrealized Losses | 891 | 1,622 |
More than 12 months, Fair Value | 9,994 | 925 |
More than 12 months, Unrealized Losses | 6 | 4 |
Total, Fair Value | 94,523 | 192,851 |
Total, Unrealized Losses | 897 | 1,626 |
Less than 12 months, Unrealized Losses | (891) | (1,622) |
More than 12 months, Unrealized Losses | (6) | (4) |
Total, Unrealized Losses | (897) | (1,626) |
US Treasury and Government [Member] | ||
Less than 12 months, Fair Value | 0 | 7,175 |
Less than 12 months, Unrealized Losses | 0 | 39 |
More than 12 months, Fair Value | 0 | 0 |
More than 12 months, Unrealized Losses | 0 | 0 |
Total, Fair Value | 0 | 7,175 |
Total, Unrealized Losses | 0 | 39 |
Less than 12 months, Unrealized Losses | 0 | (39) |
More than 12 months, Unrealized Losses | 0 | 0 |
Total, Unrealized Losses | 0 | (39) |
US Treasury Securities [Member] | ||
Less than 12 months, Fair Value | 0 | 0 |
Less than 12 months, Unrealized Losses | 0 | 0 |
More than 12 months, Fair Value | 0 | 0 |
More than 12 months, Unrealized Losses | 0 | 0 |
Total, Fair Value | 0 | 0 |
Total, Unrealized Losses | 0 | 0 |
Less than 12 months, Unrealized Losses | 0 | 0 |
More than 12 months, Unrealized Losses | 0 | 0 |
Total, Unrealized Losses | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, Fair Value | 8,950 | 75,099 |
Less than 12 months, Unrealized Losses | 24 | 1,256 |
More than 12 months, Fair Value | 0 | 252 |
More than 12 months, Unrealized Losses | 0 | 1 |
Total, Fair Value | 8,950 | 75,351 |
Total, Unrealized Losses | 24 | 1,257 |
Less than 12 months, Unrealized Losses | (24) | (1,256) |
More than 12 months, Unrealized Losses | 0 | (1) |
Total, Unrealized Losses | (24) | (1,257) |
Collateralized Mortgage Backed Securities [Member] | ||
Less than 12 months, Fair Value | 75,126 | 109,652 |
Less than 12 months, Unrealized Losses | 866 | 327 |
More than 12 months, Fair Value | 9,994 | 373 |
More than 12 months, Unrealized Losses | 6 | 2 |
Total, Fair Value | 85,120 | 110,025 |
Total, Unrealized Losses | 872 | 329 |
Less than 12 months, Unrealized Losses | (866) | (327) |
More than 12 months, Unrealized Losses | (6) | (2) |
Total, Unrealized Losses | (872) | (329) |
Corporate Debt Securities [Member] | ||
Less than 12 months, Fair Value | 453 | 0 |
Less than 12 months, Unrealized Losses | 1 | 0 |
More than 12 months, Fair Value | 0 | 300 |
More than 12 months, Unrealized Losses | 0 | 1 |
Total, Fair Value | 453 | 300 |
Total, Unrealized Losses | 1 | 1 |
Less than 12 months, Unrealized Losses | (1) | 0 |
More than 12 months, Unrealized Losses | 0 | (1) |
Total, Unrealized Losses | $ (1) | $ (1) |
Note 2 - Securities - Unrealize
Note 2 - Securities - Unrealized Gains and Losses on Equity Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net gains and losses recognized during the period | $ (155) | $ 0 | $ 71 |
Less: Net gains and losses recognized during the period on securities sold | 0 | (5) | 9 |
Unrealized gains and losses recognized during the reporting period on securities still held at the reporting date | $ (155) | $ 5 | $ 62 |
Note 3 - Loans and Allowance _3
Note 3 - Loans and Allowance for Loan Losses (Details Textual) | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Mortgage Loans in Process of Foreclosure, Amount | $ 337,000 | $ 173,000 |
Financing Receivable, Modifications, Number of Contracts | 5 | 0 |
Financing Receivable, Number of Payment Deferrals | 750 | |
Financing Receivable, Deferred Payments | $ 148,000,000 |
Note 3 - Loans and Allowance _4
Note 3 - Loans and Allowance for Loan Losses - Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loans (Note 3) | $ 1,069,668 | $ 802,048 | ||
Allowance for loan losses (Note 3) | (7,593) | (4,057) | $ (4,673) | $ (4,577) |
Loans, net | 1,062,075 | 797,991 | ||
Agricultural [Member] | ||||
Loans (Note 3) | 53,735 | 57,339 | ||
Allowance for loan losses (Note 3) | (257) | (471) | (481) | (506) |
Commercial and Industrial [Member] | ||||
Loans (Note 3) | 303,527 | 148,083 | ||
Allowance for loan losses (Note 3) | (1,327) | (655) | (892) | (1,001) |
Consumer Portfolio Segment [Member] | ||||
Loans (Note 3) | 34,014 | 38,854 | ||
Allowance for loan losses (Note 3) | (317) | (270) | (254) | (262) |
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans (Note 3) | 469,247 | 326,379 | ||
Allowance for loan losses (Note 3) | (4,178) | (1,663) | (1,926) | (1,761) |
Construction Real Estate [Member] | ||||
Loans (Note 3) | 16,639 | 13,411 | ||
Allowance for loan losses (Note 3) | (97) | (76) | (38) | (35) |
Residential Portfolio Segment [Member] | ||||
Loans (Note 3) | 192,506 | 217,982 | ||
Allowance for loan losses (Note 3) | $ (1,300) | $ (640) | $ (537) | $ (726) |
Note 3 - Loans and Allowance _5
Note 3 - Loans and Allowance for Loan Losses - Acquired Portfolio and the Acquisition Fair Value Adjustments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Jul. 01, 2020 | Oct. 01, 2019 | |
Balance | $ 0 | |||
Balance | $ 0 | |||
County Bank Corp ("County") [Member] | ||||
Loans acquired - contractual payments | $ 395,123 | |||
Nonaccretable difference | (2,928) | |||
Expected cash flows | 392,195 | |||
Accretable yield | (2,079) | |||
Carrying balance at acquisition date | 390,116 | |||
Balance | 2,004 | 0 | ||
Merger with County Bank Corp on October 1, 2019 | 2,079 | |||
Accretion October 1, 2019 through December 31, 2019 | (345) | (75) | ||
Balance | 1,659 | 2,004 | ||
Merger with Community Shores Bank Corporation on July 1, 2020 | 2,079 | |||
Accretion | (345) | (75) | ||
County Bank Corp ("County") [Member] | Acquired Impaired [Member] | ||||
Loans acquired - contractual payments | 7,729 | |||
Nonaccretable difference | (2,928) | |||
Expected cash flows | 4,801 | |||
Accretable yield | (185) | |||
Carrying balance at acquisition date | 4,616 | |||
Balance | 185 | 0 | ||
Merger with County Bank Corp on October 1, 2019 | 185 | |||
Accretion October 1, 2019 through December 31, 2019 | (50) | 0 | ||
Balance | 135 | 185 | ||
Merger with Community Shores Bank Corporation on July 1, 2020 | 185 | |||
Accretion | (50) | 0 | ||
County Bank Corp ("County") [Member] | Acquired Non-Impaired [Member] | ||||
Loans acquired - contractual payments | 387,394 | |||
Nonaccretable difference | 0 | |||
Expected cash flows | 387,394 | |||
Accretable yield | (1,894) | |||
Carrying balance at acquisition date | $ 385,500 | |||
Balance | 1,819 | 0 | ||
Merger with County Bank Corp on October 1, 2019 | 1,894 | |||
Accretion October 1, 2019 through December 31, 2019 | (295) | (75) | ||
Balance | 1,524 | 1,819 | ||
Merger with Community Shores Bank Corporation on July 1, 2020 | 1,894 | |||
Accretion | (295) | $ (75) | ||
Community Shores Bank Corp ("Community Shores") [Member] | ||||
Loans acquired - contractual payments | $ 178,986 | |||
Nonaccretable difference | (3,547) | |||
Expected cash flows | 175,439 | |||
Accretable yield | (1,465) | |||
Carrying balance at acquisition date | 173,974 | |||
Merger with County Bank Corp on October 1, 2019 | 1,465 | |||
Accretion October 1, 2019 through December 31, 2019 | (167) | |||
Balance | 1,298 | |||
Merger with Community Shores Bank Corporation on July 1, 2020 | 1,465 | |||
Accretion | (167) | |||
Community Shores Bank Corp ("Community Shores") [Member] | Acquired Impaired [Member] | ||||
Loans acquired - contractual payments | 20,491 | |||
Nonaccretable difference | (3,547) | |||
Expected cash flows | 16,944 | |||
Accretable yield | (869) | |||
Carrying balance at acquisition date | 16,075 | |||
Merger with County Bank Corp on October 1, 2019 | 869 | |||
Accretion October 1, 2019 through December 31, 2019 | (26) | |||
Balance | 843 | |||
Merger with Community Shores Bank Corporation on July 1, 2020 | 869 | |||
Accretion | (26) | |||
Community Shores Bank Corp ("Community Shores") [Member] | Acquired Non-Impaired [Member] | ||||
Loans acquired - contractual payments | 158,495 | |||
Nonaccretable difference | 0 | |||
Expected cash flows | 158,495 | |||
Accretable yield | (596) | |||
Carrying balance at acquisition date | $ 157,899 | |||
Merger with County Bank Corp on October 1, 2019 | 596 | |||
Accretion October 1, 2019 through December 31, 2019 | (141) | |||
Balance | 455 | |||
Merger with Community Shores Bank Corporation on July 1, 2020 | 596 | |||
Accretion | $ (141) |
Note 3 - Loans and Allowance _6
Note 3 - Loans and Allowance for Loan Losses - Allowance for Loan Losses and Balance in the Loan Portfolio (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 4,057 | $ 4,673 | $ 4,577 |
Charge-offs | (754) | (989) | (365) |
Recoveries | 290 | 373 | 426 |
Provision | 4,000 | 0 | 35 |
Ending balance | 7,593 | 4,057 | 4,673 |
Individually evaluated for impairment | 431 | 355 | 297 |
Collectively evaluated for impairment | 7,162 | 3,702 | 4,376 |
Individually evaluated for impairment | 7,851 | 5,922 | 4,024 |
Collectively evaluated for impairment | 1,039,745 | 788,397 | 405,049 |
Acquired with deteriorated credit quality | 22,072 | 7,729 | |
Loans | 1,069,668 | 802,048 | 409,073 |
Agricultural [Member] | |||
Beginning balance | 471 | 481 | 506 |
Charge-offs | (15) | 0 | 0 |
Recoveries | 0 | 65 | 33 |
Provision | (199) | (75) | (58) |
Ending balance | 257 | 471 | 481 |
Individually evaluated for impairment | 0 | 103 | 94 |
Collectively evaluated for impairment | 257 | 368 | 387 |
Individually evaluated for impairment | 348 | 924 | 578 |
Collectively evaluated for impairment | 53,387 | 56,415 | 48,531 |
Acquired with deteriorated credit quality | 0 | 0 | |
Loans | 53,735 | 57,339 | 49,109 |
Commercial and Industrial [Member] | |||
Beginning balance | 655 | 892 | 1,001 |
Charge-offs | (148) | (83) | (58) |
Recoveries | 57 | 22 | 107 |
Provision | 763 | (176) | (158) |
Ending balance | 1,327 | 655 | 892 |
Individually evaluated for impairment | 19 | 0 | 3 |
Collectively evaluated for impairment | 1,308 | 655 | 889 |
Individually evaluated for impairment | 1,663 | 259 | 21 |
Collectively evaluated for impairment | 295,154 | 141,583 | 91,385 |
Acquired with deteriorated credit quality | 6,710 | 6,241 | |
Loans | 303,527 | 148,083 | 91,406 |
Consumer Portfolio Segment [Member] | |||
Beginning balance | 270 | 254 | 262 |
Charge-offs | (329) | (292) | (282) |
Recoveries | 204 | 136 | 112 |
Provision | 172 | 172 | 162 |
Ending balance | 317 | 270 | 254 |
Individually evaluated for impairment | 1 | 4 | 13 |
Collectively evaluated for impairment | 316 | 266 | 241 |
Individually evaluated for impairment | 8 | 17 | 90 |
Collectively evaluated for impairment | 33,982 | 38,524 | 24,292 |
Acquired with deteriorated credit quality | 24 | 313 | |
Loans | 34,014 | 38,854 | 24,382 |
Commercial Real Estate Portfolio Segment [Member] | |||
Beginning balance | 1,663 | 1,926 | 1,761 |
Charge-offs | (254) | (589) | 0 |
Recoveries | 10 | 26 | 61 |
Provision | 2,759 | 300 | 104 |
Ending balance | 4,178 | 1,663 | 1,926 |
Individually evaluated for impairment | 157 | 13 | 20 |
Collectively evaluated for impairment | 4,021 | 1,650 | 1,906 |
Individually evaluated for impairment | 3,032 | 2,288 | 623 |
Collectively evaluated for impairment | 453,681 | 323,358 | 138,830 |
Acquired with deteriorated credit quality | 12,534 | 733 | |
Loans | 469,247 | 326,379 | 139,453 |
Construction Real Estate [Member] | |||
Beginning balance | 76 | 38 | 35 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provision | 21 | 38 | 3 |
Ending balance | 97 | 76 | 38 |
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 97 | 76 | 38 |
Individually evaluated for impairment | 80 | 0 | 0 |
Collectively evaluated for impairment | 16,559 | 13,411 | 8,843 |
Acquired with deteriorated credit quality | 0 | 0 | |
Loans | 16,639 | 13,411 | 8,843 |
Residential Portfolio Segment [Member] | |||
Beginning balance | 640 | 537 | 726 |
Charge-offs | (8) | (25) | (25) |
Recoveries | 19 | 124 | 113 |
Provision | 649 | 4 | (277) |
Ending balance | 1,300 | 640 | 537 |
Individually evaluated for impairment | 254 | 235 | 167 |
Collectively evaluated for impairment | 1,046 | 405 | 370 |
Individually evaluated for impairment | 2,720 | 2,434 | 2,712 |
Collectively evaluated for impairment | 186,982 | 215,106 | 93,168 |
Acquired with deteriorated credit quality | 2,804 | 442 | |
Loans | 192,506 | 217,982 | 95,880 |
Unallocated Financing Receivables [Member] | |||
Beginning balance | 282 | 545 | 286 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provision | (165) | (263) | 259 |
Ending balance | 117 | 282 | 545 |
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | $ 117 | $ 282 | $ 545 |
Note 3 - Loans and Allowance _7
Note 3 - Loans and Allowance for Loan Losses - Credit Risk Profile (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Loans | $ 1,069,668 | $ 802,048 | $ 409,073 |
Nonaccrual | 6,707 | 4,687 | |
Agricultural [Member] | |||
Loans | 53,735 | 57,339 | 49,109 |
Nonaccrual | 348 | 379 | |
Agricultural [Member] | Pass [Member] | |||
Loans | 50,185 | 55,866 | |
Agricultural [Member] | Special Mention [Member] | |||
Loans | 3,202 | 1,094 | |
Agricultural [Member] | Substandard [Member] | |||
Loans | 348 | 379 | |
Agricultural [Member] | Doubtful [Member] | |||
Loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Loans | 34,014 | 38,854 | 24,382 |
Nonaccrual | 8 | 16 | |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | 34,006 | 38,838 | |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | 0 | 0 | |
Commercial and Industrial [Member] | |||
Loans | 303,527 | 148,083 | 91,406 |
Nonaccrual | 1,802 | 776 | |
Commercial and Industrial [Member] | Pass [Member] | |||
Loans | 294,614 | 146,728 | |
Commercial and Industrial [Member] | Special Mention [Member] | |||
Loans | 4,101 | 1,081 | |
Commercial and Industrial [Member] | Substandard [Member] | |||
Loans | 4,812 | 274 | |
Commercial and Industrial [Member] | Doubtful [Member] | |||
Loans | 0 | 0 | |
Construction Real Estate [Member] | |||
Loans | 16,639 | 13,411 | 8,843 |
Nonaccrual | 80 | 0 | |
Construction Real Estate [Member] | Performing Financial Instruments [Member] | |||
Loans | 16,559 | 13,411 | |
Construction Real Estate [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 469,247 | 326,379 | 139,453 |
Nonaccrual | 3,088 | 2,185 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Loans | 453,080 | 322,105 | |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Loans | 6,006 | 1,332 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Loans | 8,925 | 2,942 | |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||
Loans | 1,236 | 0 | |
Residential Portfolio Segment [Member] | |||
Loans | 192,506 | 217,982 | $ 95,880 |
Nonaccrual | 1,381 | 1,331 | |
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | 191,125 | 216,651 | |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | $ 0 | $ 0 |
Note 3 - Loans and Allowance _8
Note 3 - Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019 | |
Number of loans | 5 | 0 |
Pre-modification | $ 1,967 | |
Post-modification | $ 1,967 | |
Financial Asset, 30 Days Past Due or More [Member] | ||
Number of loans | 2 | |
Recorded investment | $ 1,666 | |
Agricultural [Member] | ||
Number of loans | 1 | |
Pre-modification | $ 62 | |
Post-modification | $ 62 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Number of loans | 3 | |
Pre-modification | $ 1,852 | |
Post-modification | $ 1,852 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 Days Past Due or More [Member] | ||
Number of loans | 2 | |
Recorded investment | $ 1,666 | |
Commercial and Industrial [Member] | ||
Number of loans | 1 | |
Pre-modification | $ 53 | |
Post-modification | $ 53 |
Note 3 - Loans and Allowance _9
Note 3 - Loans and Allowance for Loan Losses - Impaired Loans by Loan Category (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Recorded Investment with no related allowance recorded | $ 3,958 | $ 2,728 | $ 510 |
Unpaid Principal Balance with no related allowance recorded | 4,969 | 3,398 | 556 |
Average Recorded Investment with no related allowance recorded | 2,404 | 1,165 | 631 |
Interest Income Recognized with no related allowance recorded | 19 | 53 | 154 |
Recorded Investment with an allowance recorded | 3,893 | 3,194 | 3,514 |
Unpaid Principal Balance with an allowance recorded | 3,986 | 3,323 | 3,652 |
Related Allowance | 431 | 355 | 297 |
Average Recorded Investment with an allowance recorded | 3,506 | 3,983 | 3,731 |
Interest Income Recognized with an allowance recorded | 134 | 116 | 19 |
Recorded Investment | 7,851 | 5,922 | 4,024 |
Unpaid Principal Balance | 8,955 | 6,721 | 4,209 |
Average Recorded Investment | 5,910 | 5,148 | 4,362 |
Interest Income Recognized with an allowance recorded | 153 | 169 | 173 |
Agricultural [Member] | |||
Recorded Investment with no related allowance recorded | 348 | 545 | 185 |
Unpaid Principal Balance with no related allowance recorded | 434 | 545 | 185 |
Average Recorded Investment with no related allowance recorded | 329 | 146 | 291 |
Interest Income Recognized with no related allowance recorded | 0 | 10 | 0 |
Recorded Investment with an allowance recorded | 0 | 379 | 393 |
Unpaid Principal Balance with an allowance recorded | 0 | 439 | 440 |
Related Allowance | 0 | 103 | 94 |
Average Recorded Investment with an allowance recorded | 152 | 388 | 161 |
Interest Income Recognized with an allowance recorded | 0 | 0 | 13 |
Recorded Investment | 348 | 924 | 578 |
Unpaid Principal Balance | 434 | 984 | 625 |
Average Recorded Investment | 481 | 534 | 452 |
Interest Income Recognized with an allowance recorded | 0 | 10 | 13 |
Commercial and Industrial [Member] | |||
Recorded Investment with no related allowance recorded | 1,516 | 259 | 0 |
Unpaid Principal Balance with no related allowance recorded | 1,629 | 340 | 0 |
Average Recorded Investment with no related allowance recorded | 464 | 104 | 29 |
Interest Income Recognized with no related allowance recorded | 2 | 9 | 2 |
Recorded Investment with an allowance recorded | 147 | 0 | 21 |
Unpaid Principal Balance with an allowance recorded | 147 | 0 | 21 |
Related Allowance | 19 | 0 | 3 |
Average Recorded Investment with an allowance recorded | 111 | 86 | 296 |
Interest Income Recognized with an allowance recorded | 12 | 1 | 0 |
Recorded Investment | 1,663 | 259 | 21 |
Unpaid Principal Balance | 1,776 | 340 | 21 |
Average Recorded Investment | 575 | 190 | 325 |
Interest Income Recognized with an allowance recorded | 14 | 10 | 2 |
Consumer Portfolio Segment [Member] | |||
Recorded Investment with no related allowance recorded | 0 | 0 | 1 |
Unpaid Principal Balance with no related allowance recorded | 0 | 0 | 1 |
Average Recorded Investment with no related allowance recorded | 1 | 0 | 2 |
Interest Income Recognized with no related allowance recorded | 0 | 0 | 8 |
Recorded Investment with an allowance recorded | 8 | 17 | 88 |
Unpaid Principal Balance with an allowance recorded | 8 | 18 | 88 |
Related Allowance | 1 | 4 | 13 |
Average Recorded Investment with an allowance recorded | 16 | 48 | 59 |
Interest Income Recognized with an allowance recorded | 0 | 0 | 0 |
Recorded Investment | 8 | 17 | 90 |
Unpaid Principal Balance | 8 | 18 | 90 |
Average Recorded Investment | 17 | 48 | 61 |
Interest Income Recognized with an allowance recorded | 0 | 0 | 8 |
Construction Real Estate [Member] | |||
Recorded Investment with no related allowance recorded | 80 | 0 | 0 |
Unpaid Principal Balance with no related allowance recorded | 80 | 0 | 0 |
Average Recorded Investment with no related allowance recorded | 16 | 0 | 54 |
Interest Income Recognized with no related allowance recorded | 0 | 0 | 0 |
Recorded Investment with an allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance with an allowance recorded | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment with an allowance recorded | 0 | 0 | 0 |
Interest Income Recognized with an allowance recorded | 0 | 0 | 0 |
Recorded Investment | 80 | 0 | 0 |
Unpaid Principal Balance | 80 | 0 | 0 |
Average Recorded Investment | 16 | 0 | 54 |
Interest Income Recognized with an allowance recorded | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | |||
Recorded Investment with no related allowance recorded | 1,852 | 1,882 | 74 |
Unpaid Principal Balance with no related allowance recorded | 2,664 | 2,471 | 109 |
Average Recorded Investment with no related allowance recorded | 1,495 | 782 | 78 |
Interest Income Recognized with no related allowance recorded | 14 | 30 | 30 |
Recorded Investment with an allowance recorded | 1,180 | 406 | 550 |
Unpaid Principal Balance with an allowance recorded | 1,180 | 406 | 609 |
Related Allowance | 157 | 13 | 20 |
Average Recorded Investment with an allowance recorded | 897 | 975 | 692 |
Interest Income Recognized with an allowance recorded | 35 | 32 | 0 |
Recorded Investment | 3,032 | 2,288 | 623 |
Unpaid Principal Balance | 3,844 | 2,877 | 718 |
Average Recorded Investment | 2,392 | 1,757 | 770 |
Interest Income Recognized with an allowance recorded | 49 | 62 | 30 |
Residential Portfolio Segment [Member] | |||
Recorded Investment with no related allowance recorded | 162 | 42 | 250 |
Unpaid Principal Balance with no related allowance recorded | 162 | 42 | 261 |
Average Recorded Investment with no related allowance recorded | 99 | 133 | 177 |
Interest Income Recognized with no related allowance recorded | 3 | 4 | 114 |
Recorded Investment with an allowance recorded | 2,558 | 2,392 | 2,462 |
Unpaid Principal Balance with an allowance recorded | 2,651 | 2,460 | 2,494 |
Related Allowance | 254 | 235 | 167 |
Average Recorded Investment with an allowance recorded | 2,330 | 2,486 | 2,523 |
Interest Income Recognized with an allowance recorded | 87 | 83 | 6 |
Recorded Investment | 2,720 | 2,434 | 2,712 |
Unpaid Principal Balance | 2,813 | 2,502 | 2,755 |
Average Recorded Investment | 2,429 | 2,619 | 2,700 |
Interest Income Recognized with an allowance recorded | $ 90 | $ 87 | $ 120 |
Note 3 - Loans and Allowance_10
Note 3 - Loans and Allowance for Loan Losses - Aging Analysis of Loans by Loan Category (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Past Due Total | $ 6,490 | [1] | $ 6,358 | ||
Loans Not Past Due | 1,063,178 | 795,690 | |||
Total Loans | 1,069,668 | 802,048 | $ 409,073 | ||
Loan 90 days and accruing | 0 | 0 | |||
Agricultural [Member] | |||||
Past Due Total | [1] | 0 | 68 | ||
Loans Not Past Due | 53,735 | 57,271 | |||
Total Loans | 53,735 | 57,339 | 49,109 | ||
Loan 90 days and accruing | 0 | 0 | |||
Commercial and Industrial [Member] | |||||
Past Due Total | [1] | 624 | 816 | ||
Loans Not Past Due | 302,903 | 147,267 | |||
Total Loans | 303,527 | 148,083 | 91,406 | ||
Loan 90 days and accruing | 0 | 0 | |||
Consumer Portfolio Segment [Member] | |||||
Past Due Total | [1] | 39 | 151 | ||
Loans Not Past Due | 33,975 | 38,703 | |||
Total Loans | 34,014 | 38,854 | 24,382 | ||
Loan 90 days and accruing | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Past Due Total | [1] | 2,320 | 1,882 | ||
Loans Not Past Due | 466,927 | 324,497 | |||
Total Loans | 469,247 | 326,379 | 139,453 | ||
Loan 90 days and accruing | 0 | 0 | |||
Construction Real Estate [Member] | |||||
Past Due Total | [1] | 1,336 | 0 | ||
Loans Not Past Due | 15,303 | 13,411 | |||
Total Loans | 16,639 | 13,411 | 8,843 | ||
Loan 90 days and accruing | 0 | 0 | |||
Residential Portfolio Segment [Member] | |||||
Past Due Total | [1] | 2,171 | 3,441 | ||
Loans Not Past Due | 190,335 | 214,541 | |||
Total Loans | 192,506 | 217,982 | $ 95,880 | ||
Loan 90 days and accruing | 0 | 0 | |||
Financial Asset, 30 to 59 Days Past Due [Member] | |||||
Past Due Total | 3,210 | [1] | 3,129 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Agricultural [Member] | |||||
Past Due Total | [1] | 0 | 0 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial and Industrial [Member] | |||||
Past Due Total | [1] | 0 | 542 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Past Due Total | [1] | 39 | 121 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Past Due Total | [1] | 532 | 0 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Construction Real Estate [Member] | |||||
Past Due Total | [1] | 1,076 | 0 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||||
Past Due Total | [1] | 1,563 | 2,466 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | |||||
Past Due Total | 589 | [1] | 684 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Agricultural [Member] | |||||
Past Due Total | [1] | 0 | 68 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial and Industrial [Member] | |||||
Past Due Total | [1] | 109 | 15 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Past Due Total | [1] | 0 | 19 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Past Due Total | [1] | 44 | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Construction Real Estate [Member] | |||||
Past Due Total | [1] | 180 | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||||
Past Due Total | [1] | 256 | 582 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||||
Past Due Total | 2,691 | [1] | 2,545 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Agricultural [Member] | |||||
Past Due Total | [1] | 0 | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial and Industrial [Member] | |||||
Past Due Total | [1] | 515 | 259 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Past Due Total | [1] | 0 | 11 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Past Due Total | [1] | 1,744 | 1,882 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction Real Estate [Member] | |||||
Past Due Total | [1] | 80 | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||||
Past Due Total | [1] | $ 352 | $ 393 | ||
[1] | Includes nonaccrual loans. |
Note 3 - Loans and Allowance_11
Note 3 - Loans and Allowance for Loan Losses - Nonaccrual Loan by Loan Category (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Nonaccrual loans | $ 6,707 | $ 4,687 |
Agricultural [Member] | ||
Nonaccrual loans | 348 | 379 |
Commercial and Industrial [Member] | ||
Nonaccrual loans | 1,802 | 776 |
Consumer Portfolio Segment [Member] | ||
Nonaccrual loans | 8 | 16 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual loans | 3,088 | 2,185 |
Construction Real Estate [Member] | ||
Nonaccrual loans | 80 | 0 |
Residential Portfolio Segment [Member] | ||
Nonaccrual loans | $ 1,381 | $ 1,331 |
Note 4 - Mortgage Banking (Deta
Note 4 - Mortgage Banking (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Mortgage Loans Serviced for Others | $ 404,200,000 | $ 242,000,000 |
Servicing Asset at Fair Value, Amount, Ending Balance | 3,967,000 | 2,304,000 |
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance, Ending Balance | $ 373,000 | $ 0 |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 7.75% | 5.51% |
Lakestone Bank & Trust [Member] | ||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 8.65% | |
Minimum [Member] | ||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | 7.00% | 11.00% |
Minimum [Member] | Lakestone Bank & Trust [Member] | ||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | 11.00% | |
Maximum [Member] | ||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | 26.00% | 18.00% |
Maximum [Member] | Lakestone Bank & Trust [Member] | ||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | 13.00% |
Note 4 - Mortgage Banking - Sec
Note 4 - Mortgage Banking - Secondary Market Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans originated for resale, net of principal payments | $ 326,286 | $ 63,920 | $ 33,555 |
Proceeds from loan sales | 325,306 | 62,763 | 34,872 |
Net gains on sales of loans held for sale | 11,313 | 1,951 | 1,003 |
Loan servicing fees, net of amortization | $ (129) | $ 82 | $ 91 |
Note 4 - Mortgage Banking - Loa
Note 4 - Mortgage Banking - Loan Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance, beginning of year | $ 2,131 | $ 1,049 | $ 908 |
Capitalized | 3,554 | 822 | 441 |
Amortization | (1,344) | (453) | (300) |
Market valuation allowance change | (374) | 0 | 0 |
Acquired from merger with County Bank Corp. | 0 | 713 | 0 |
Balance, end of year | $ 3,967 | $ 2,131 | $ 1,049 |
Note 5 - Premises and Equipme_3
Note 5 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 2,721,000 | $ 1,610,000 | $ 1,183,000 |
Operating Lease, Expense | $ 83,000 | $ 72,000 | $ 108,000 |
Note 5 - Premises and Equipme_4
Note 5 - Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Premises and equipment, gross | $ 45,494 | $ 38,943 |
Accumulated depreciation | (16,005) | (14,678) |
Premises and equipment, net | 29,489 | 24,265 |
Land and Land Improvements [Member] | ||
Premises and equipment, gross | 8,753 | 7,576 |
Leasehold Improvements [Member] | ||
Premises and equipment, gross | 69 | 38 |
Building [Member] | ||
Premises and equipment, gross | 25,985 | 20,251 |
Furniture and Fixtures [Member] | ||
Premises and equipment, gross | $ 10,687 | $ 11,078 |
Note 5 - Premises and Equipme_5
Note 5 - Premises and Equipment - Rent Commitments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 138 |
2022 | 120 |
2023 | 75 |
2024 | 28 |
2025 | 14 |
Total undiscounted cash flows | 375 |
Less discount | 15 |
Other Liabilities [Member] | |
Total operating lease liabilities | $ 360 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill, Ending Balance | $ 60,506,000 | $ 52,870,000 | $ 13,728,000 |
Goodwill, Impairment Loss | 0 | ||
Amortization of Intangible Assets, Total | 1,498,000 | 353,000 | $ 0 |
Core Deposits [Member] | |||
Amortization of Intangible Assets, Total | 1,498,000 | $ 353,000 | |
Valley Ridge Financial Corp. [Member] | |||
Goodwill, Ending Balance | 13,700,000 | ||
County Bank Corp [Member] | |||
Goodwill, Ending Balance | $ 38,900,000 | ||
County Bank Corp [Member] | Core Deposits [Member] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||
Community Shores Bank Corporation [Member] | |||
Goodwill, Ending Balance | $ 7,900,000 | ||
Community Shores Bank Corporation [Member] | Core Deposits [Member] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 8 years |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance, beginning of year | $ 52,870 | $ 13,728 |
Balance, end of year | 60,506 | 52,870 |
County Bank Corp [Member] | ||
Acquired goodwill from merger with County Bank Corp. | 0 | 39,142 |
Goodwill adjustment from merger with County Bank Corp. | (277) | 0 |
Balance, end of year | 38,900 | |
Community Shores Bank Corporation [Member] | ||
Acquired goodwill from merger with County Bank Corp. | 7,913 | $ 0 |
Balance, end of year | $ 7,900 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Acquired Intangibles (Details) - Core Deposits [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Intangible assets, gross amount | $ 7,120 | $ 6,359 |
Intangible assets, accumulated amortization | $ 1,851 | $ 353 |
Note 6 - Goodwill and Intangi_6
Note 6 - Goodwill and Intangible Assets - Estimated Amortization Expense (Details) - Core Deposits [Member] $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 1,307 |
2022 | 1,153 |
2023 | 955 |
2024 | 757 |
2025 | 560 |
Thereafter | 537 |
Total | $ 5,269 |
Note 7 - Other Real Estate Ow_3
Note 7 - Other Real Estate Owned (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Ending Balance | $ 61,000 | $ 175,000 | $ 102,000 |
Commercial Real Estate Loans | $ 205,000 | $ 754,000 |
Note 7 - Other Real Estate Ow_4
Note 7 - Other Real Estate Owned - Activity within Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance, beginning of year | $ 929 | $ 102 | $ 106 |
Transfers from loans | 391 | 347 | 432 |
Additions from merger | 346 | 1,364 | 0 |
Proceeds from sales | (1,384) | (938) | (515) |
Write-downs | (80) | 0 | 0 |
Gains on sales | 64 | 54 | 79 |
Balance, end of year | $ 266 | $ 929 | $ 102 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Time Deposits, $250,000 or More | $ 88,200 | $ 68,300 |
Interest-bearing and Noninterest-bearing Deposit, Brokered | 0 | 2,287 |
Certificates of Deposit Issued Through CDARS | $ 12,700 | $ 7,100 |
Note 8 - Deposits - Deposit Bal
Note 8 - Deposits - Deposit Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Noninterest-bearing demand deposits | $ 477,654 | $ 287,460 |
Interest-bearing demand deposits | 471,346 | 236,154 |
Money market deposits | 191,681 | 263,666 |
Savings deposits | 337,332 | 206,050 |
Local certificates of deposit | 196,565 | 158,985 |
Brokered certificates of deposit | 0 | 2,287 |
Total deposits | $ 1,674,578 | $ 1,154,602 |
Note 8 - Deposits - Maturities
Note 8 - Deposits - Maturities of Certificate of Deposit (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Deposits, 2021 | $ 156,612 |
Deposits, 2022 | 22,001 |
Deposits, 2023 | 9,790 |
Deposits, 2024 | 4,181 |
Deposits, 2025 | 3,656 |
Deposits, Thereafter | 325 |
Deposits, Total | $ 196,565 |
Note 9 - Borrowings (Details Te
Note 9 - Borrowings (Details Textual) - USD ($) | 1 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 85,600,000 | ||
Term Loan [Member] | |||
Debt Instrument, Face Amount | $ 10,000,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.00% | ||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||
Term Loan [Member] | Base Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||
Agricultural and Residential Real Estate [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 158,200,000 | $ 200,100,000 |
Note 9 - Borrowings - Federal H
Note 9 - Borrowings - Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total advances outstanding at year-end | $ 161 | $ 33,198 |
Federal Home Loan Bank Advances Maturing November 2024 [Member] | ||
Total advances outstanding at year-end | 161 | 198 |
Federal Home Loan Bank Advances Maturing April 2020 [Member] | ||
Total advances outstanding at year-end | 0 | 10,000 |
Federal Home Loan Bank Advances Maturing May 2020 [Member] | ||
Total advances outstanding at year-end | $ 0 | $ 23,000 |
Note 9 - Borrowings - Federal_2
Note 9 - Borrowings - Federal Home Loan Bank Advances (Details) (Parentheticals) | Dec. 31, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank Advances Maturing November 2024 [Member] | ||
Interest rate | 3.98% | 3.98% |
Federal Home Loan Bank Advances Maturing April 2020 [Member] | ||
Interest rate | 1.99% | |
Federal Home Loan Bank Advances Maturing May 2020 [Member] | ||
Interest rate | 2.16% |
Note 9 - Borrowings - Maturitie
Note 9 - Borrowings - Maturities of Advances from FHLB (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
FHLB Advances, 2021 | $ 39 | |
FHLB Advances, 2022 | 40 | |
FHLB Advances, 2023 | 42 | |
FHLB Advances, 2024 | 40 | |
FHLB Advances, Total | $ 161 | $ 33,198 |
Note 9 - Borrowings - Term Loan
Note 9 - Borrowings - Term Loan (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Term Loan [Member] | ||
Maturity of June 2023 with floating interest rate of 3.00% | $ 9,167 | $ 0 |
Note 9 - Borrowings - Term Lo_2
Note 9 - Borrowings - Term Loan (Details) (Parentheticals) | Dec. 31, 2020 |
Term Loan [Member] | |
Debt Instrument, Interest Rate, Effective Percentage | 3.00% |
Note 9 - Borrowings Schedule Ma
Note 9 - Borrowings Schedule Maturities of Term Loan (Details) - Term Loan [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 3,333 | |
2022 | 3,334 | |
2023 | 2,500 | |
Total | $ 9,167 | $ 0 |
Note 10 - Subordinated Debent_2
Note 10 - Subordinated Debentures (Details Textual) | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2004USD ($) | |
Subordinated Debt [Member] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.29% | 4.01% | |
Interest Payable | $ 0 | $ 708,034 | |
Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.05% | ||
Trust Preferred Securities [Member] | |||
Debt Securities, Available-for-sale, Number of Positions Sold | 4,500 | ||
Debt Securities, Available-for-sale, Price Per Position | 1,000 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) | Dec. 31, 2020USD ($) |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Maximum [Member] | |
Operating Loss Carryforwards, Total | $ 185,000 |
Community Shores Bank Corporation [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 4,100,000 |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliation of Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current federal income tax expense | $ 3,070 | $ 984 | $ 946 |
Deferred federal income tax expense/(benefit) | 202 | 310 | 209 |
Income tax expense | 3,272 | 1,294 | 1,155 |
Income tax computed at statutory federal rate of 21% | 3,966 | 1,778 | 1,783 |
Tax exempt interest income | (574) | (320) | (309) |
Tax exempt earnings on bank-owned life insurance | (162) | (162) | (81) |
Tax credits | (240) | (218) | (154) |
Nondeductible merger expenses | 182 | 164 | 0 |
Other items | $ 100 | $ 52 | $ (84) |
Effective income tax rate | 17.00% | 15.00% | 14.00% |
Note 11 - Income Taxes - Reco_2
Note 11 - Income Taxes - Reconciliation of Effective Income Tax Rate (Details) (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax statutory federal rate of 21% | 21.00% | 21.00% | 21.00% |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Purchase accounting adjustments from mergers with County and Community Shores | $ 1,953 | $ 1,129 |
Allowance for loan losses | 1,595 | 585 |
Net operating loss carryforward | 851 | 0 |
Deferred loan fees | 466 | 301 |
Write-downs of other real estate owned | 326 | 169 |
Other | 380 | 198 |
Total deferred tax assets | 5,571 | 2,382 |
Deferred tax liabilities: | ||
Unrealized gains on securities available for sale | 2,931 | 360 |
Purchase accounting adjustments from mergers with County and Community Shores | 1,403 | 1,285 |
Loan servicing rights | 833 | 447 |
Depreciation | 653 | 778 |
Interest rate lock commitments | 177 | 14 |
Other | 230 | 221 |
Total deferred tax liabilities | 6,227 | 3,105 |
Net deferred tax liability | $ (656) | $ (723) |
Note 12 - Related Party Trans_3
Note 12 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Deposit Liabilities | $ 14.7 | $ 9 |
Note 12 - Related Party Trans_4
Note 12 - Related Party Transactions - Loans to Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance, beginning of year | $ 10,563 | $ 5,343 |
New loans | 12,211 | 2,988 |
Repayments | (5,125) | (3,372) |
Effect of changes in related parties | 0 | (4,664) |
Loans acquired from merger | 3,075 | 10,268 |
Balance, end of year | $ 20,724 | $ 10,563 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Postretirement Health Coverage [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 222,000 | $ 14,000 | $ 12,000 |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 10,000 | 107,000 | |
Deferred Compensation Plan [Member] | Former Directors of Valley Ridge Financial Corp. [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 1,000 | 3,000 | 5,000 |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 8,000 | 33,000 | |
Deferred Compensation Plan [Member] | Four Former Executive Officers of Valley Ridge Financial Corp. [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 17,000 | 26,000 | 6,000 |
Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 306,000 | 368,000 | |
Defined Benefit Plan, Benefit Obligation, Term (Year) | 15 years | ||
Deferred Compensation Plan [Member] | One Former Executive Officer and One Current Executive Officer of Lakestone [Member] | |||
Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 0 | 337,000 | |
Defined Benefit Plan, Benefit Obligation, Term (Year) | 15 years | ||
Deferred Compensation Plan [Member] | Minimum [Member] | Former Directors of Valley Ridge Financial Corp. [Member] | |||
Interest Rate on Deferred Director Fees | 5.50% | ||
Deferred Compensation Plan [Member] | Maximum [Member] | Former Directors of Valley Ridge Financial Corp. [Member] | |||
Interest Rate on Deferred Director Fees | 5.84% | ||
The 401(k) Plan [Member] | |||
Defined Contribution Plan, Cost | $ 465,000 | $ 233,000 | $ 207,000 |
Note 14 - Stock Based Compens_3
Note 14 - Stock Based Compensation (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 23, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 25.30 | $ 23.39 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years 4 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 82,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 71,000 | |||
Share Price (in dollars per share) | $ 30.81 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ 49,000 | |||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 19,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 22.60 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 6 years 4 months 24 days | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 20.86 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | 20.86 | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | 27.25 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 27.25 | |||
The Stock Incentive Plan of 2012 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 200,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 92,482 | |||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Payment Arrangement, Expense | $ 15,000 | 53,000 | $ 38,000 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Payment Arrangement, Expense | $ 157,000 | $ 349,000 | $ 244,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 18,989 | 9,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 585,000 | $ 288,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value | $ 306,000 | $ 270,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 2 days | |||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 337,000 |
Note 14 - Stock Based Compens_4
Note 14 - Stock Based Compensation - Stock Option Activity (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Options outstanding, beginning of period (in shares) | shares | 57,748 |
Options outstanding, beginning of period, weighted average exercise price (in dollars per share) | $ 23.39 |
Options outstanding at January 1, 2020 (in dollars per share) | $ 3.36 |
Options granted (in shares) | shares | 0 |
Options granted, weighted average exercise price (in dollars per share) | $ 0 |
Options exercised (in shares) | shares | (35,617) |
Options exercised weighted average exercise price (in dollars per share) | $ 22.33 |
Options exercised (in dollars per share) | $ 3.31 |
Options forfeited or expired (in shares) | shares | (1,500) |
Options forfeited or expired weighted average exercise price (in dollars per share) | $ 27.25 |
Options forfeited or expired (in dollars per share) | $ 3.64 |
Options outstanding, end of period (in shares) | shares | 20,631 |
Options outstanding, end of period, weighted average exercise price (in dollars per share) | $ 25.30 |
Options outstanding, end of year (in dollars per share) | $ 3.46 |
Options exercisable (in shares) | shares | 8,631 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 22.60 |
Options exercisable at December 31, 2020 (in dollars per share) | $ 3.22 |
Note 14 - Stock Based Compens_5
Note 14 - Stock Based Compensation - Stock Options Outstanding By Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Exercise Price Range One [Member] | |
Exercise price of stock options (in dollars per share) | $ / shares | $ 27.25 |
Number of options outstanding at year-end (in shares) | 12,000 |
Number of options exercisable at year-end (in shares) | 0 |
Average remaining contractual life (Year) | 8 years 5 months 12 days |
Exercise Price Range Two [Member] | |
Exercise price of stock options (in dollars per share) | $ / shares | $ 25.65 |
Number of options outstanding at year-end (in shares) | 3,000 |
Number of options exercisable at year-end (in shares) | 3,000 |
Average remaining contractual life (Year) | 7 years 6 months 10 days |
Exercise Price Range Three [Member] | |
Exercise price of stock options (in dollars per share) | $ / shares | $ 20.86 |
Number of options outstanding at year-end (in shares) | 3,306 |
Number of options exercisable at year-end (in shares) | 3,306 |
Average remaining contractual life (Year) | 6 years 4 months 17 days |
Exercise Price Range Four [Member] | |
Exercise price of stock options (in dollars per share) | $ / shares | $ 21.13 |
Number of options outstanding at year-end (in shares) | 2,325 |
Number of options exercisable at year-end (in shares) | 2,325 |
Average remaining contractual life (Year) | 5 years 10 days |
Note 14 - Stock Based Compens_6
Note 14 - Stock Based Compensation - Summary of Activity for Restricted Stock Units Outstanding (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Outstanding at January 1, 2020 (in shares) | shares | 9,000 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 27.25 |
Granted (in shares) | shares | 10,539 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 29 |
Vested (in shares) | shares | (550) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 28.05 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Outstanding, ending balance (in shares) | shares | 18,989 |
Outstanding, ending balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 28.20 |
Note 15 - Earnings Per Share (D
Note 15 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Preferred Stock, Dividend Rate, Percentage | 5.00% | ||
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 | 15,000 |
Note 15 - Earnings Per Share -
Note 15 - Earnings Per Share - Computation of Basic Earnings Per Share and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 15,613 | $ 7,171 | $ 7,333 | ||||||||
Weighted average common shares outstanding (in shares) | 7,521,771 | 4,528,786 | 3,614,302 | ||||||||
Basic earnings per share (Note 15) (in dollars per share) | $ 0.53 | $ 0.49 | $ 0.61 | $ 0.45 | $ 0.44 | $ 0.28 | $ 0.41 | $ 0.45 | $ 2.08 | $ 1.58 | $ 2.03 |
Net income | $ 15,613 | $ 7,171 | $ 7,333 | ||||||||
Plus dilutive stock options and restricted stock units (in shares) | 9,846 | 10,489 | 13,825 | ||||||||
Weighted average common shares outstanding and potentially dilutive shares (in shares) | 7,531,617 | 4,539,275 | 3,628,127 | ||||||||
Diluted earnings per share (Note 15) (in dollars per share) | $ 0.52 | $ 0.49 | $ 0.61 | $ 0.45 | $ 0.44 | $ 0.28 | $ 0.41 | $ 0.45 | $ 2.07 | $ 1.58 | $ 2.02 |
Note 16 - Condensed Financial_3
Note 16 - Condensed Financial Statements of Parent Company - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Equity securities, fair value | $ 2,896 | $ 2,851 | ||
Securities available for sale | 574,787 | 339,579 | ||
Other assets | 15,650 | 9,499 | ||
Total assets | 1,919,342 | 1,386,128 | ||
Other liabilities (Notes 11 and 13) | 5,080 | 6,189 | ||
Total liabilities | 1,692,074 | 1,193,989 | ||
Shareholders' equity | 227,268 | 192,139 | $ 80,477 | $ 76,550 |
Total liabilities and shareholders’ equity | 1,919,342 | 1,386,128 | ||
Term Loan [Member] | ||||
Long-term debt, carrying amount | 9,167 | 0 | ||
Parent Company [Member] | ||||
Cash | 11,939 | 991 | ||
Equity securities, fair value | 1,884 | 1,840 | ||
Securities available for sale | 0 | 959 | ||
Other assets | 292 | 468 | ||
Investment in subsidiaries | 228,895 | 189,578 | ||
Total assets | 243,010 | 193,836 | ||
Other liabilities (Notes 11 and 13) | 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 | ||
Parent Company [Member] | Term Loan [Member] | ||||
Long-term debt, carrying amount | 9,167 | 0 | ||
Parent Company [Member] | Trust Preferred Securities [Member] | ||||
Long-term debt, carrying amount | $ 3,089 | $ 0 |
Note 16 - Condensed Financial_4
Note 16 - Condensed Financial Statements of Parent Company - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total interest income | $ 15,040 | $ 15,150 | $ 12,863 | $ 12,662 | $ 12,881 | $ 6,561 | $ 6,554 | $ 6,477 | $ 55,715 | $ 32,473 | $ 24,525 |
Net interest income | 13,992 | 14,062 | 11,879 | 11,138 | 11,206 | 5,570 | 5,501 | 5,496 | 51,071 | 27,773 | 22,064 |
Gains on sales of securities | 1,308 | 22 | 34 | ||||||||
Net gains and losses recognized during the period | (155) | 0 | 71 | ||||||||
Total noninterest income | 22,698 | 9,168 | 6,920 | ||||||||
Salaries and benefits (Note 13 and 14) | 26,539 | 14,401 | 10,997 | ||||||||
Professional fees | 3,716 | 3,112 | 1,349 | ||||||||
Other | 4,701 | 2,863 | 2,287 | ||||||||
Total noninterest expense | 50,884 | 28,476 | 20,461 | ||||||||
Income tax (expense)/benefit | (3,272) | (1,294) | (1,155) | ||||||||
Net income | $ 4,100 | $ 3,829 | $ 4,430 | $ 3,254 | $ 3,027 | $ 1,021 | $ 1,486 | $ 1,637 | 15,613 | 7,171 | 7,333 |
Parent Company [Member] | |||||||||||
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 | ||||||||
Borrowings | 239 | 0 | 0 | ||||||||
Net interest income | 12,716 | 4,061 | 2,847 | ||||||||
Gains on sales of securities | 26 | 8 | 9 | ||||||||
Net gains and losses recognized during the period | (155) | (114) | 184 | ||||||||
Total noninterest income | (129) | (106) | 193 | ||||||||
Salaries and benefits (Note 13 and 14) | 1,201 | 339 | 0 | ||||||||
Professional fees | 1,093 | 1,517 | 0 | ||||||||
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 |
Note 16 - Condensed Financial_5
Note 16 - Condensed Financial Statements of Parent Company - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||||||||||
Net income | $ 4,100 | $ 3,829 | $ 4,430 | $ 3,254 | $ 3,027 | $ 1,021 | $ 1,486 | $ 1,637 | $ 15,613 | $ 7,171 | $ 7,333 |
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Amortization | 4,985 | 1,517 | 893 | ||||||||
Compensation expense on employee and director stock purchases, stock options, and restricted stock units | 512 | 373 | 344 | ||||||||
Net gain on sale of securities | (1,308) | (22) | (34) | ||||||||
Change in market value of equity securities | 155 | 0 | (71) | ||||||||
Changes in other assets | (3,186) | 2,128 | (875) | ||||||||
Changes in other liabilities | (3,532) | (1,493) | 573 | ||||||||
Net cash from operating activities | 8,478 | 9,202 | 9,955 | ||||||||
Cash flows from investing activities: | |||||||||||
Sales of securities | 121,942 | 178,450 | 2,634 | ||||||||
Purchases of securities | (375,670) | (209,763) | (31,450) | ||||||||
Net cash from investing activities | (250,751) | 36,352 | (43,855) | ||||||||
Cash flows from financing activities: | |||||||||||
Issuance of common stock | 134 | 142 | 77 | ||||||||
Repurchase of common stock | 0 | 67 | 523 | ||||||||
Proceeds from borrowings | 10,050 | 115,000 | 128,500 | ||||||||
Payments on borrowings | (33,921) | (110,035) | (143,535) | ||||||||
Cash dividends paid | (6,174) | (5,815) | (2,580) | ||||||||
Net cash from financing activities | 262,234 | (5,686) | 16,753 | ||||||||
Net change in cash | 19,961 | 39,868 | (17,147) | ||||||||
Beginning cash | 59,558 | 19,690 | 59,558 | 19,690 | 36,837 | ||||||
Ending cash | 79,519 | 59,558 | 79,519 | 59,558 | 19,690 | ||||||
Parent Company [Member] | |||||||||||
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) | 0 | 0 | ||||||||
Cash acquired from mergers with Community Shores Bank Corporation and County Bank Corp. | 142 | 1,038 | 0 | ||||||||
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 | 0 | (67) | (523) | ||||||||
Proceeds from borrowings | 10,000 | 0 | 0 | ||||||||
Payments on borrowings | (833) | 0 | 0 | ||||||||
Cash used as part of equity issuance for merger | (5,387) | (297) | 0 | ||||||||
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 | 991 | 1,400 | 1,249 | ||||||
Ending cash | $ 11,939 | $ 991 | $ 11,939 | $ 991 | $ 1,400 |
Note 17 - Financial Instrumen_3
Note 17 - Financial Instruments - Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Equity securities at fair value (Note 2) | $ 2,896 | $ 2,851 |
Securities available for sale (Note 2) | 574,787 | 339,579 |
Loans to other financial institutions | 35,209 | 51,048 |
Deposits – noninterest-bearing (Note 8) | 477,654 | 287,460 |
Deposits – interest-bearing (Note 8) | 1,196,924 | 867,142 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 79,519 | 59,558 |
Equity securities at fair value (Note 2) | 2,896 | 2,851 |
Securities available for sale (Note 2) | 574,787 | 339,579 |
Federal Home Loan Bank and Federal Reserve Bank stock | 8,004 | 6,458 |
Loans held for sale | 12,921 | 3,095 |
Loans to other financial institutions | 35,209 | 51,048 |
Loans, net | 1,062,075 | 797,991 |
Accrued interest receivable | 6,521 | 3,965 |
Interest rate lock commitments | 842 | 68 |
Deposits – noninterest-bearing (Note 8) | 477,654 | 287,460 |
Deposits – interest-bearing (Note 8) | 1,196,924 | 867,142 |
Borrowings | 9,327 | |
Subordinated debentures | 3,089 | |
Accrued interest payable | 183 | 411 |
Borrowings | 33,198 | |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 79,519 | 59,558 |
Equity securities at fair value (Note 2) | 2,896 | 2,851 |
Securities available for sale (Note 2) | 574,787 | 339,579 |
Federal Home Loan Bank and Federal Reserve Bank stock | 8,004 | 6,458 |
Loans held for sale | 13,350 | 3,134 |
Loans to other financial institutions | 35,209 | 51,048 |
Loans, net | 1,057,786 | 793,270 |
Accrued interest receivable | 6,521 | 3,965 |
Interest rate lock commitments | 842 | 68 |
Deposits – noninterest-bearing (Note 8) | 477,654 | 287,460 |
Deposits – interest-bearing (Note 8) | 1,197,964 | 867,154 |
Borrowings | 9,143 | |
Subordinated debentures | 3,089 | |
Accrued interest payable | 183 | 411 |
Borrowings | 33,243 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 79,519 | 59,558 |
Equity securities at fair value (Note 2) | 1,411 | 1,379 |
Securities available for sale (Note 2) | 0 | 0 |
Federal Home Loan Bank and Federal Reserve Bank stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans to other financial institutions | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Interest rate lock commitments | 0 | 0 |
Deposits – noninterest-bearing (Note 8) | 0 | 0 |
Deposits – interest-bearing (Note 8) | 0 | 0 |
Borrowings | 0 | |
Subordinated debentures | 0 | |
Accrued interest payable | 0 | 0 |
Borrowings | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Equity securities at fair value (Note 2) | 0 | 0 |
Securities available for sale (Note 2) | 563,364 | 327,212 |
Federal Home Loan Bank and Federal Reserve Bank stock | 8,004 | 6,458 |
Loans held for sale | 13,350 | 3,134 |
Loans to other financial institutions | 35,209 | 51,048 |
Loans, net | 0 | 0 |
Accrued interest receivable | 6,521 | 3,965 |
Interest rate lock commitments | 842 | 68 |
Deposits – noninterest-bearing (Note 8) | 477,654 | 287,460 |
Deposits – interest-bearing (Note 8) | 1,197,964 | 867,154 |
Borrowings | 9,143 | |
Subordinated debentures | 3,089 | |
Accrued interest payable | 183 | 411 |
Borrowings | 33,243 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Equity securities at fair value (Note 2) | 1,485 | 1,472 |
Securities available for sale (Note 2) | 11,423 | 12,367 |
Federal Home Loan Bank and Federal Reserve Bank stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans to other financial institutions | 0 | 0 |
Loans, net | 1,057,786 | 793,270 |
Accrued interest receivable | 0 | 0 |
Interest rate lock commitments | 0 | 0 |
Deposits – noninterest-bearing (Note 8) | 0 | 0 |
Deposits – interest-bearing (Note 8) | 0 | 0 |
Borrowings | 0 | |
Subordinated debentures | 0 | |
Accrued interest payable | $ 0 | 0 |
Borrowings | $ 0 |
Note 18 - Fair Value Measurem_3
Note 18 - Fair Value Measurements (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax, Total | $ 13,959,000 | $ 1,713,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1,642,000 | 2,091,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Acquisition | 2,756,000 | |
Fair Value, Inputs, Level 3 [Member] | ||
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax, Total | $ 889,000 | $ 324,000 |
Note 18 - Fair Value Measurem_4
Note 18 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Equity securities at fair value (Note 2) | $ 2,896 | $ 2,851 |
Securities available for sale (Note 2) | 574,787 | 339,579 |
US Treasury and Government [Member] | ||
Securities available for sale (Note 2) | 2,051 | 17,215 |
US Treasury Securities [Member] | ||
Securities available for sale (Note 2) | 2,056 | 2,008 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale (Note 2) | 320,368 | 173,924 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale (Note 2) | 246,723 | 142,760 |
Corporate Debt Securities [Member] | ||
Securities available for sale (Note 2) | 2,589 | 2,672 |
Trust Preferred Securities [Member] | ||
Securities available for sale (Note 2) | 1,000 | 1,000 |
Fair Value, Recurring [Member] | ||
Securities available for sale (Note 2) | 574,787 | 339,579 |
Fair Value, Recurring [Member] | Equity Securities [Member] | ||
Equity securities at fair value (Note 2) | 2,896 | 2,851 |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Securities available for sale (Note 2) | 2,051 | 17,215 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Securities available for sale (Note 2) | 2,056 | 2,008 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale (Note 2) | 320,368 | 173,924 |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale (Note 2) | 246,723 | 142,760 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale (Note 2) | 2,589 | 2,672 |
Fair Value, Recurring [Member] | Trust Preferred Securities [Member] | ||
Securities available for sale (Note 2) | 1,000 | 1,000 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Equity Securities [Member] | ||
Equity securities at fair value (Note 2) | 1,411 | 1,379 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Trust Preferred Securities [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale (Note 2) | 563,364 | 327,212 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Equity Securities [Member] | ||
Equity securities at fair value (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Securities available for sale (Note 2) | 2,051 | 17,215 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Securities available for sale (Note 2) | 2,056 | 2,008 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale (Note 2) | 309,945 | 162,557 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale (Note 2) | 246,723 | 142,760 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale (Note 2) | 2,589 | 2,672 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Trust Preferred Securities [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale (Note 2) | 11,423 | 12,367 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Equity Securities [Member] | ||
Equity securities at fair value (Note 2) | 1,485 | 1,472 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale (Note 2) | 10,423 | 11,367 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Trust Preferred Securities [Member] | ||
Securities available for sale (Note 2) | $ 1,000 | $ 1,000 |
Note 18 - Fair Value Measurem_5
Note 18 - Fair Value Measurements - Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Acquisition | $ 2,756,000 | |
Equity Securities [Member] | ||
Balance | $ 1,472,000 | 886,000 |
Total realized and unrealized gains included in income | 13,000 | 114,000 |
Net purchases, sales, calls, and maturities | 0 | 0 |
Net transfers into Level 3 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Acquisition | 0 | 472,000 |
Balance, December 31 | 1,485,000 | 1,472,000 |
Available-for-sale Securities [Member] | ||
Balance | 12,367,000 | 8,498,000 |
Total realized and unrealized gains included in income | 0 | 0 |
Net purchases, sales, calls, and maturities | (1,456,000) | 1,375,000 |
Net transfers into Level 3 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Acquisition | 0 | 2,284,000 |
Balance, December 31 | 11,423,000 | 12,367,000 |
Total unrealized gains/(losses) included in other comprehensive income | $ 512,000 | $ 210,000 |
Note 18 - Fair Value Measurem_6
Note 18 - Fair Value Measurements - Assets Measured at Fair Value on a Non-recurring Basis (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Mortgage Loan Servicing Rights | $ 3,967,000 | $ 2,304,000 |
Fair Value, Nonrecurring [Member] | ||
Impaired Loans | 7,851,000 | 5,922,000 |
Other Real Estate | 266,000 | 929,000 |
Mortgage Loan Servicing Rights | 3,967,000 | 2,131,000 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired Loans | 0 | 0 |
Other Real Estate | 0 | 0 |
Mortgage Loan Servicing Rights | 0 | 0 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired Loans | 0 | 0 |
Other Real Estate | 0 | 0 |
Mortgage Loan Servicing Rights | 3,967,000 | 2,131,000 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired Loans | 7,851,000 | 5,922,000 |
Other Real Estate | 266,000 | 929,000 |
Mortgage Loan Servicing Rights | $ 0 | $ 0 |
Note 19 - Off-balance Sheet A_3
Note 19 - Off-balance Sheet Activities (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | |
Interest Rate Commitments to Extend Credit | 2.25% |
Term Commitments to Extend Credit (Year) | 1 year |
Maximum [Member] | |
Interest Rate Commitments to Extend Credit | 6.50% |
Term Commitments to Extend Credit (Year) | 30 years |
Note 19 - Off-balance Sheet A_4
Note 19 - Off-balance Sheet Activities - Off-balance Sheet Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Unused lines of credit and letters of credit - fixed rate | $ 48,622 | $ 38,064 |
Unused lines of credit and letters of credit - variable rate | 231,667 | 177,447 |
Commitments to fund loans (at market rates) - fixed rate | 10,691 | 18,216 |
Commitments to fund loans (at market rates) - variable rate | $ 3,954 | $ 4,580 |
Note 20 - Regulatory Capital (D
Note 20 - Regulatory Capital (Details Textual) $ in Millions | Dec. 31, 2020USD ($) |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 14.9 |
Note 20 - Regulatory Capital -
Note 20 - Regulatory Capital - Regulatory Capital (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Parent Company [Member] | ||
Total Capital | $ 162,558 | $ 135,836 |
Total Capital (to risk-weighted assets) ratio | 0.132 | 0.142 |
Minimum amount of capital for adequacy purposes | $ 98,835 | $ 76,288 |
Minimum amount of capital for adequacy purposes, ratio | 0.080 | 0.080 |
Common equity Capital | $ 150,465 | $ 131,785 |
Common equity Capital ratio | 0.122 | 0.138 |
Minimum amount of Common equity Capital for adequacy purposes | $ 55,595 | $ 42,912 |
Minimum amount of Common equity Capital for adequacy purposes, ratio | 0.045 | 0.045 |
Tier 1 Capital | $ 150,465 | $ 131,785 |
Tier 1 Capital (to risk-weighted assets) ratio | 0.122 | 0.138 |
Minimum amount of Tier 1 Capital for adequacy purposes | $ 74,126 | $ 57,216 |
Minimum amount of Tier 1 Capital for adequacy purposes, ratio | 0.060 | 0.060 |
Tier 1 Capital | $ 150,465 | $ 131,785 |
Tier 1 Capital (to average assets) ratio | 0.083 | 0.096 |
Minimum amount of Tier 1 Capital for adequacy purposes | $ 72,281 | $ 54,646 |
Minimum amount of Tier 1 Capital for adequacy purposes, ratio | 0.040 | 0.040 |
ChoiceOne Bank [Member] | ||
Total Capital | $ 159,684 | $ 69,412 |
Total Capital (to risk-weighted assets) ratio | 0.129 | 0.132 |
Minimum amount of capital for adequacy purposes | $ 98,683 | $ 42,039 |
Minimum amount of capital for adequacy purposes, ratio | 0.080 | 0.080 |
Common equity Capital | $ 152,091 | $ 65,362 |
Common equity Capital ratio | 0.123 | 0.124 |
Minimum amount of Common equity Capital for adequacy purposes | $ 55,509 | $ 23,647 |
Minimum amount of Common equity Capital for adequacy purposes, ratio | 0.045 | 0.045 |
Tier 1 Capital | $ 152,091 | $ 65,362 |
Tier 1 Capital (to risk-weighted assets) ratio | 0.123 | 0.124 |
Minimum amount of Tier 1 Capital for adequacy purposes | $ 74,012 | $ 31,530 |
Minimum amount of Tier 1 Capital for adequacy purposes, ratio | 0.060 | 0.060 |
Tier 1 Capital | $ 152,091 | $ 65,362 |
Tier 1 Capital (to average assets) ratio | 0.084 | 0.100 |
Minimum amount of Tier 1 Capital for adequacy purposes | $ 72,208 | $ 26,179 |
Minimum amount of Tier 1 Capital for adequacy purposes, ratio | 0.040 | 0.040 |
Minimum Capital required to be well-capitalized | $ 123,353 | $ 52,549 |
Minimum Capital required to be well-capitalized, ratio | 0.100 | 0.100 |
Minimum Common equity Capital required to be well-capitalized | $ 80,180 | $ 34,157 |
Minimum Common equity Capital required to be well-capitalized, ratio | 0.065 | 0.065 |
Minimum Tier 1 Capital required to be well-capitalized | $ 98,683 | $ 42,039 |
Minimum Tier 1 Capital required to be well-capitalized, ratio | 0.080 | 0.080 |
Minimum Tier 1 Capital required to be well-capitalized | $ 90,259 | $ 32,724 |
Minimum Tier 1 Capital required to be well-capitalized, ratio | 0.050 | 0.050 |
Lakestone Bank & Trust [Member] | ||
Total Capital | $ 63,885 | |
Total Capital (to risk-weighted assets) ratio | 0.150 | |
Minimum amount of capital for adequacy purposes | $ 34,056 | |
Minimum amount of capital for adequacy purposes, ratio | 0.080 | |
Common equity Capital | $ 63,885 | |
Common equity Capital ratio | 0.150 | |
Minimum amount of Common equity Capital for adequacy purposes | $ 19,156 | |
Minimum amount of Common equity Capital for adequacy purposes, ratio | 0.045 | |
Tier 1 Capital | $ 63,885 | |
Tier 1 Capital (to risk-weighted assets) ratio | 0.150 | |
Minimum amount of Tier 1 Capital for adequacy purposes | $ 25,542 | |
Minimum amount of Tier 1 Capital for adequacy purposes, ratio | 0.060 | |
Tier 1 Capital | $ 63,885 | |
Tier 1 Capital (to average assets) ratio | 0.090 | |
Minimum amount of Tier 1 Capital for adequacy purposes | $ 28,338 | |
Minimum amount of Tier 1 Capital for adequacy purposes, ratio | 0.040 | |
Minimum Capital required to be well-capitalized | $ 42,570 | |
Minimum Capital required to be well-capitalized, ratio | 0.100 | |
Minimum Common equity Capital required to be well-capitalized | $ 27,670 | |
Minimum Common equity Capital required to be well-capitalized, ratio | 0.065 | |
Minimum Tier 1 Capital required to be well-capitalized | $ 34,056 | |
Minimum Tier 1 Capital required to be well-capitalized, ratio | 0.080 | |
Minimum Tier 1 Capital required to be well-capitalized | $ 35,423 | |
Minimum Tier 1 Capital required to be well-capitalized, ratio | 0.050 |
Note 21 - Business Combinatio_2
Note 21 - Business Combination (Details Textual) | Jul. 01, 2020USD ($)shares | Oct. 01, 2019USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Goodwill, Ending Balance | $ 60,506,000 | $ 60,506,000 | $ 52,870,000 | $ 13,728,000 | |||
Stock Issued During Period, Value, Acquisitions | 15,494,000 | $ 107,639,000 | |||||
County Bank Corp ("County") [Member] | |||||||
Number of Branch Offices | 14 | ||||||
Number of Loan Office | 1 | ||||||
Community Shores Bank Corp ("Community Shores") [Member] | |||||||
Number of Branch Offices | 4 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 243,975,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Total Loans | 174,000,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Total Deposits | $ 227,832,000 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 524,055 | ||||||
Payments to Acquire Businesses, Gross | $ 5,390,000 | ||||||
Business Combination, Consideration Transferred, Total | 20,881,000 | ||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 3,200,000 | 1,041,000 | |||||
Goodwill, Ending Balance | 7,913,000 | $ 7,900,000 | $ 7,900,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Deposit Based Intangible | $ 760,000 | ||||||
County Bank Corp ("County") [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 672,762,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Total Loans | 424,000,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Total Deposits | 573,601,000 | ||||||
Business Combination, Consideration Transferred, Total | 107,945,000 | ||||||
Goodwill, Ending Balance | 38,866,000 | $ 39,100,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Deposit Based Intangible | 6,359,000 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Originated Loans | 200,000 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Liabilities | 500,000 | ||||||
Goodwill, Purchase Accounting Adjustments | 300,000 | ||||||
Business Acquisition, Transaction Costs | 2,400,000 | ||||||
Noncash Merger Related Costs | 2,100,000 | ||||||
Business Combination, Netted With Stock Issuance Costs | $ 297,000 | ||||||
County Bank Corp ("County") [Member] | Common Stock [Member] | |||||||
Stock Issued During Period, Shares, Acquisitions (in shares) | shares | 3,603,872 | ||||||
Stock Issued During Period, Value, Acquisitions | $ 108,000,000 |
Note 21 - Business Combinatio_3
Note 21 - Business Combination - Allocation of Purchase Price (Details) - USD ($) $ in Thousands | Jul. 01, 2020 | Oct. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Goodwill, Ending Balance | $ 60,506 | $ 52,870 | $ 13,728 | |||
Community Shores Bank Corp ("Community Shores") [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ 20,881 | |||||
Cash and cash equivalents | 41,023 | |||||
Securities available for sale | 20,023 | |||||
Federal Home Loan Bank and Federal Reserve Bank stock | 300 | |||||
Originated loans | 173,974 | |||||
Premises and equipment | 6,204 | |||||
Other real estate owned | 346 | |||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Deposit Based Intangible | 760 | |||||
Other assets | 1,345 | |||||
Total assets | 243,975 | |||||
Non-interest bearing deposits | 65,499 | |||||
Interest bearing deposits | 162,333 | |||||
Total deposits | 227,832 | |||||
Trust preferred securities | 3,039 | |||||
Other liabilities | 136 | |||||
Total liabilities | 231,007 | |||||
Net assets acquired | 12,968 | |||||
Goodwill, Ending Balance | 7,913 | $ 7,900 | ||||
Consideration | $ 20,881 | |||||
County Bank Corp ("County") [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ 107,945 | |||||
Cash and cash equivalents | 20,638 | |||||
Securities available for sale | 474 | |||||
Federal Home Loan Bank and Federal Reserve Bank stock | 2,915 | |||||
Originated loans | 390,116 | |||||
Premises and equipment | 9,271 | |||||
Other real estate owned | 1,364 | |||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Deposit Based Intangible | 6,359 | |||||
Other assets | 4,002 | |||||
Total assets | 672,762 | |||||
Non-interest bearing deposits | 124,113 | |||||
Interest bearing deposits | 449,488 | |||||
Total deposits | 573,601 | |||||
Other liabilities | 3,282 | |||||
Total liabilities | 603,683 | |||||
Net assets acquired | 69,079 | |||||
Goodwill, Ending Balance | 38,866 | $ 39,100 | ||||
Consideration | 107,945 | |||||
Securities available for sale | 187,230 | |||||
Loans to other financial institutions | 33,481 | |||||
Bank owned life insurance | 16,912 | |||||
Federal funds purchased | 3,800 | |||||
Advances from Federal Home Loan Bank | $ 23,000 |
Note 21 - Business Combinatio_4
Note 21 - Business Combination - Pro Forma Information (Details) - Community Shores Bank Corp ("Community Shores") [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net interest income | $ 54,357 | $ 51,266 |
Noninterest income | 23,462 | 14,722 |
Noninterest expense | 55,182 | 49,865 |
Net income | $ 15,257 | $ 14,250 |
Net income per diluted share (in dollars per share) | $ 1.96 | $ 1.83 |
Note 22 - Quarterly Financial_3
Note 22 - Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Income | $ 15,040 | $ 15,150 | $ 12,863 | $ 12,662 | $ 12,881 | $ 6,561 | $ 6,554 | $ 6,477 | $ 55,715 | $ 32,473 | $ 24,525 |
Net Interest Income | 13,992 | 14,062 | 11,879 | 11,138 | 11,206 | 5,570 | 5,501 | 5,496 | 51,071 | 27,773 | 22,064 |
Net income | $ 4,100 | $ 3,829 | $ 4,430 | $ 3,254 | $ 3,027 | $ 1,021 | $ 1,486 | $ 1,637 | $ 15,613 | $ 7,171 | $ 7,333 |
Basic Earnings Per Share (in dollars per share) | $ 0.53 | $ 0.49 | $ 0.61 | $ 0.45 | $ 0.44 | $ 0.28 | $ 0.41 | $ 0.45 | $ 2.08 | $ 1.58 | $ 2.03 |
Fully Diluted Earnings Per Share (in dollars per share) | $ 0.52 | $ 0.49 | $ 0.61 | $ 0.45 | $ 0.44 | $ 0.28 | $ 0.41 | $ 0.45 | $ 2.07 | $ 1.58 | $ 2.02 |