Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
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 | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 | |
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 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common stock | |
Trading Symbol | COFS | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 7,806,482 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 134,978 | $ 79,169 |
Time deposits in other financial institutions | 350 | 350 |
Cash and cash equivalents | 135,328 | 79,519 |
Equity securities at fair value (Note 2) | 3,804 | 2,896 |
Securities available for sale (Note 2) | 722,627 | 574,787 |
Federal Home Loan Bank stock | 3,824 | 3,824 |
Federal Reserve Bank stock | 4,180 | 4,180 |
Loans held for sale | 18,736 | 12,921 |
Loans to other financial institutions | 7,312 | 35,209 |
Loans (Note 3) | 1,035,083 | 1,069,668 |
Allowance for loan losses (Note 3) | (7,740) | (7,593) |
Loans, net | 1,027,343 | 1,062,075 |
Premises and equipment, net | 29,870 | 29,489 |
Other real estate owned, net | 123 | 266 |
Cash value of life insurance policies | 32,938 | 32,751 |
Goodwill | 59,946 | 60,506 |
Core deposit intangible | 4,961 | 5,269 |
Other assets | 19,111 | 15,650 |
Total assets | 2,070,103 | 1,919,342 |
Liabilities | ||
Deposits – noninterest-bearing | 515,552 | 477,654 |
Deposits – interest-bearing | 1,324,412 | 1,196,924 |
Total deposits | 1,839,964 | 1,674,578 |
Borrowings | 3,484 | 9,327 |
Subordinated debentures | 3,115 | 3,089 |
Other liabilities | 4,901 | 5,080 |
Total liabilities | 1,851,464 | 1,692,074 |
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: 7,802,285 at March 31, 2021 and 7,796,352 at December 31, 2020 | 178,993 | 178,750 |
Retained earnings | 42,012 | 37,490 |
Accumulated other comprehensive income, net | (2,366) | 11,028 |
Total shareholders’ equity | 218,639 | 227,268 |
Total liabilities and shareholders’ equity | $ 2,070,103 | $ 1,919,342 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
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) | 7,802,285 | 7,796,352 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest income | ||
Loans, including fees | $ 12,682 | $ 10,075 |
Securities: | ||
Taxable | 1,856 | 1,857 |
Tax exempt | 1,097 | 368 |
Other | 20 | 194 |
Total interest income | 15,655 | 12,494 |
Interest expense | ||
Deposits | 880 | 1,385 |
Advances from Federal Home Loan Bank | 1 | 136 |
Other | 86 | 2 |
Total interest expense | 967 | 1,523 |
Net interest income | 14,688 | 10,971 |
Provision for loan losses | 250 | 775 |
Net interest income after provision for loan losses | 14,438 | 10,196 |
Noninterest income | ||
Customer service charges | 1,920 | 1,845 |
Insurance and investment commissions | 273 | 126 |
Gains on sales of loans | 2,146 | 1,743 |
Net gains (losses) on sales of securities | 1 | 2 |
Net gains on sales and write-downs of other assets | 5 | 2 |
Earnings on life insurance policies | 186 | 192 |
Trust income | 172 | 170 |
Change in market value of equity securities | 608 | (389) |
Other | 289 | 408 |
Total noninterest income | 5,600 | 4,099 |
Salaries and benefits | 7,168 | 5,128 |
Occupancy and equipment | 1,555 | 1,270 |
Data processing | 1,429 | 1,484 |
Professional fees | 729 | 762 |
Supplies and postage | 100 | 225 |
Advertising and promotional | 145 | 148 |
Intangible amortization | 307 | 353 |
FDIC insurance | 152 | 68 |
Other | 943 | 978 |
Total noninterest expense | 12,528 | 10,416 |
Income before income tax | 7,510 | 3,879 |
Income tax expense | 1,272 | 625 |
Net income | $ 6,238 | $ 3,254 |
Basic earnings per share (Note 4) (in dollars per share) | $ 0.80 | $ 0.45 |
Diluted earnings per share (Note 4) (in dollars per share) | 0.80 | 0.45 |
Dividends declared per share (in dollars per share) | $ 0.22 | $ 0.20 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 6,238 | $ 3,254 |
Other comprehensive income: | ||
Changes in net unrealized gains(losses) on investment securities available for sale, net of tax benefit of $3,560 and expense of $458 for the three months ended March 31, 2021 and March 31, 2020, respectively. | (13,393) | 1,725 |
Reclassification adjustment for realized (gain) loss on sale of investment securities available for sale included in net income, net of tax expense of $0 and $0 for the three months ended March 31, 2021 and March 31, 2020, respectively. | (1) | (2) |
Other comprehensive income (loss), net of tax | (13,394) | 1,723 |
Comprehensive income | $ (7,156) | $ 4,977 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Changes in net unrealized gains (losses) on investment securities available for sale, tax | $ 3,560 | $ 458 |
Reclassification adjustment for realized gain on sale of investment securities available for sale included in net income, tax | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | 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, 2019 | 7,245,088 | ||||||
Balance at Dec. 31, 2019 | $ 162,610 | $ 28,051 | $ 1,478 | $ 192,139 | |||
Net income | 3,254 | 3,254 | |||||
Other comprehensive income (loss) | 1,723 | 1,723 | |||||
Shares issued (in shares) | 3,656 | ||||||
Shares issued | $ 106 | 106 | |||||
Effect of employee stock purchases | $ 4 | 4 | |||||
Stock options exercised and issued (in shares) | [1] | 789 | |||||
Stock options exercised and issued | [1] | 0 | |||||
Stock-based compensation expense | $ 25 | 25 | |||||
Cash dividends declared | $ (1,449) | $ (1,449) | |||||
Balance (in shares) at Mar. 31, 2020 | 7,249,533 | ||||||
Balance at Mar. 31, 2020 | $ 162,745 | 29,856 | 3,201 | $ 195,802 | |||
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 | |||
Net income | 6,238 | 6,238 | |||||
Other comprehensive income (loss) | (13,394) | (13,394) | |||||
Shares issued (in shares) | 4,732 | ||||||
Shares issued | $ 175 | 175 | |||||
Effect of employee stock purchases | 4 | 4 | |||||
Stock-based compensation expense | $ 64 | 64 | |||||
Cash dividends declared | (1,716) | $ (1,716) | |||||
Effect of employee stock purchases (in shares) | 1,201 | ||||||
Balance (in shares) at Mar. 31, 2021 | 7,802,285 | 7,802,285 | |||||
Balance at Mar. 31, 2021 | $ 178,993 | $ 42,012 | $ (2,366) | $ 218,639 | |||
[1] | The amount shown represents the number of shares issued upon exercise of options, net of shares withheld for payment of certain taxes. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) | 3 Months Ended |
Mar. 31, 2020$ / shares | |
Cash Dividend [Member] | |
Dividends declared, per share (in dollars per share) | $ 0.20 |
Dividends declared, per share (in dollars per share) | $ 0.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 6,238 | $ 3,254 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for loan losses | 250 | 775 |
Depreciation | 646 | 563 |
Amortization | 1,949 | 718 |
Compensation expense on employee and director stock purchases, stock options, and restricted stock units | 214 | 112 |
Net gains on sales of securities | (1) | (2) |
Net change in market value of equity securities | (608) | 389 |
Gains on sales of loans | (2,146) | (1,743) |
Loans originated for sale | (72,727) | (32,372) |
Proceeds from loan sales | 68,637 | 29,614 |
Earnings on bank-owned life insurance | (186) | (192) |
(Gains)/losses on sales of other real estate owned | (4) | 0 |
Proceeds from sales of other real estate owned | 270 | 64 |
Costs capitalized to other real estate | 0 | (19) |
Deferred federal income tax (benefit)/expense | 506 | (281) |
Net change in: | ||
Other assets | (3,952) | (3,354) |
Other liabilities | 3,124 | (17) |
Net cash (used in)/provided by operating activities | 2,210 | (2,491) |
Cash flows from investing activities: | ||
Maturities, prepayments and calls of securities available for sale | 12,918 | 9,633 |
Purchases of securities available for sale | (179,221) | (29,954) |
Loan originations and payments, net | 63,084 | 1,776 |
Additions to premises and equipment | (1,038) | (412) |
Net cash (used in)/provided by investing activities | (104,257) | (18,957) |
Cash flows from financing activities: | ||
Net change in deposits | 165,386 | 18,797 |
Payments on borrowings | (5,843) | (10,010) |
Issuance of common stock | 29 | 23 |
Cash dividends | (1,716) | (1,449) |
Net cash provided by/(used in) financing activities | 157,856 | 7,361 |
Net change in cash and cash equivalents | 55,809 | (14,087) |
Beginning cash and cash equivalents | 79,519 | 59,558 |
Ending cash and cash equivalents | 135,328 | 45,471 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 1,021 | 1,508 |
Cash paid for income taxes | 0 | 42 |
Loans transferred to other real estate owned | $ 123 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 Explanatory Note On July 1, 2020, July 1, 2020 For additional details regarding the merger with Community Shores and the merger of County Bank Corp. ("County") with and into ChoiceOne, see Note 8 Principles of Consolidation The consolidated financial statements include ChoiceOne Financial Services, Inc. ("ChoiceOne"), its wholly-owned subsidiary, 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. ChoiceOne owns all of the common securities of Community Shores Capital Trust I (the “Capital Trust”). Under U.S. generally accepted accounting principles ("GAAP"), the Capital Trust is not not The accompanying unaudited consolidated financial statements and notes thereto reflect all adjustments ordinary in nature which are, in the opinion of management, necessary for a fair presentation of the Consolidated Balance Sheets as of March 31, 2021 December 31, 2020 three March 31, 2021 March 31, 2020 three March 31, 2021 March 31, 2020 three March 31, 2021 March 31, 2020 three March 31, 2021 March 31, 2020 three March 31, 2021 not may December 31, 2021 The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in ChoiceOne’s Annual Report on Form 10 December 31, 2020 Use of Estimates To prepare financial statements in conformity with GAAP, 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; therefore, future results could differ. 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 Loans to Other Financial Institutions ChoiceOne Bank entered into an agreement with another financial institution to fund mortgage loans. Loans to other financial institutions are purchased participating interests in individual advances made to mortgage bankers nation-wide from an unaffiliated originating bank. The originating bank services these loans and cash flows on the individual advances (principal, interest, and fees) which are allocated pro-rata based on ownership in the participating interest, less fees paid for the servicing activity. The underlying collateral is generally made up of 1 4 first 90 March 31, 2021 Credit risk associated with the participating interest is measured as an allowance for loan losses when necessary. Losses are charged off against the allowance when incurred and recoveries of loan charge-offs are recorded when received. At least quarterly, ChoiceOne Bank reviews the portfolios of participating interests for potential losses including any participating interest that is outstanding over 90 March 31, 2021 30 December 31, 2020, 30 first 2021 3. March 31, 2021 2020 none Allowance for Loan Losses The allowance for loan losses is maintained at a level believed adequate by management to absorb probable incurred losses inherent in the consolidated loan portfolio. Management’s evaluation of the adequacy of the allowance is an estimate based on reviews of individual loans, assessments of the impact of current economic conditions on the portfolio and historical loss experience of seasoned loan portfolios. See Note 3 Management believes the accounting estimate related to the allowance for loan losses is a “critical accounting estimate” because ( 1 2 Stock Transactions A total of 4,732 shares of common stock were issued to ChoiceOne’s Board of Directors for a cash price of $ 146,000 under the terms of the Directors’ Stock Purchase Plan in the first 2021 first 2021 Stock-Based Compensation ChoiceOne grants restricted stock units to a select group of employees under the Stock Incentive Plan of 2012. three one Reclassifications Certain amounts presented in prior periods have been reclassified to conform to the current presentation. Recent Accounting Pronouncements The Financial Accounting Standards Board ("FASB") issued ASU No. 2016 13 , Financial Instruments—Credit Losses (Topic 326 no may may December 15, 2022, November 15, 2019. may Goodwill 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 Despite ChoiceOne's market capitalization declining slightly from December 2020 March 2021, first 2021 Management concurred with the conclusion derived from the quantitative goodwill analysis performed as of the valuation date and determined that there were no no March 31, 2021, not no March 31, 2021. During the first three 2021, two |
Note 2 - Securities
Note 2 - Securities | 3 Months Ended |
Mar. 31, 2021 | |
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 (losses) recognized in noninterest income were as follows: March 31, 2021 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value Equity securities $ 3,136 $ 708 $ (40 ) $ 3,804 December 31, 2020 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value Equity securities $ 2,836 $ 60 $ - $ 2,896 The fair value of securities available for sale and the related unrealized gains and losses recognized in accumulated other comprehensive income were as follows: March 31, 2021 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government and federal agency $ 2,005 $ 36 $ - $ 2,041 U.S. Treasury notes and bonds 11,954 51 (141 ) 11,864 State and municipal 429,772 7,209 (5,506 ) 431,475 Mortgage-backed 276,592 1,495 (6,164 ) 271,923 Corporate 1,956 34 - 1,990 Trust preferred securities 1,000 - - 1,000 Asset-backed securities 2,343 - (9 ) 2,334 Total $ 725,622 $ 8,825 $ (11,820 ) $ 722,627 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 ChoiceOne reviews its securities portfolio on a quarterly basis to determine whether unrealized losses are considered to be temporary or other-than-temporary. No other-than-temporary impairment charges were recorded in the three March 31, 2021 2020 not Presented below is a schedule of maturities of securities as of March 31, 2021 March 31, 2021 December 31, 2020 March 31, 2021 Securities maturing within: Fair Value Fair Value Less than 1 Year - 5 Years - More than at March 31, at Dec. 31, (Dollars in thousands) 1 Year 5 Years 10 Years 10 Years 2021 2020 U.S. Government and federal agency $ 2,041 $ - $ - $ - $ 2,041 $ 2,051 U.S. Treasury notes and bonds - 2,048 9,816 - 11,864 2,056 State and municipal 13,224 56,492 245,466 116,293 431,475 320,368 Corporate 958 1,032 - - 1,990 2,589 Trust preferred securities - - - 1,000 1,000 1,000 Asset-backed securities - 2,334 2,334 - Total debt securities 16,223 61,906 255,282 117,293 450,704 328,064 Mortgage-backed securities 2,762 75,355 186,889 6,917 271,923 246,723 Equity securities - 1,000 - 2,804 3,804 2,896 Total $ 18,985 $ 138,261 $ 442,171 $ 127,014 $ 726,431 $ 577,683 Weighted average yields: Less than 1 Year - 5 Years - More than 1 Year 5 Years 10 Years 10 Years Total U.S. Government and federal agency 1.98 % - % - % - % 1.98 % U.S. Treasury notes and bonds - 1.85 - - 1.30 State and municipal 3.02 2.88 2.57 2.34 2.56 Corporate 2.63 2.86 - - 2.75 Trust preferred securities - - - - 3.75 Asset-backed securities - 0.94 - - 0.94 Mortgage-backed securities 4.94 1.81 1.09 1.73 1.35 Equity securities - 4.61 - - 1.21 Following is information regarding unrealized gains and losses on equity securities for the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Net gains and losses recognized during the period $ 608 $ (389 ) Less: Net gains and losses recognized during the period on securities sold — — Unrealized gains and losses recognized during the reporting period on securities still held at the reporting date $ 608 $ (389 ) |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 3 Activity in the allowance for loan losses and balances in the loan portfolio were 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 Three Months Ended March 31, 2021 Beginning balance $ 257 $ 1,327 $ 317 $ 4,178 $ 97 $ 1,300 $ 117 $ 7,593 Charge-offs — (74 ) (71 ) (48 ) — - — (193 ) Recoveries — 9 79 - — 2 — 90 Provision 85 337 (78 ) 215 (23 ) (278 ) (8 ) 250 Ending balance $ 342 $ 1,599 $ 247 $ 4,345 $ 74 $ 1,024 $ 109 $ 7,740 Individually evaluated for impairment $ 114 $ 2 $ — $ 10 $ — $ 213 $ — $ 339 Collectively evaluated for impairment $ 227 $ 1,596 $ 246 $ 4,337 $ 75 $ 811 $ 109 $ 7,401 Loans March 31, 2021 Individually evaluated for impairment $ 3,173 $ 1,626 $ — $ 3,001 $ — $ 2,589 $ 10,389 Collectively evaluated for impairment 43,513 290,140 32,311 448,261 15,670 174,562 1,004,457 Acquired with deteriorated credit quality — 6,284 19 11,159 — 2,775 20,237 Ending balance $ 46,686 $ 298,050 $ 32,330 $ 462,421 $ 15,670 $ 179,926 $ 1,035,083 Commercial (Dollars in thousands) and Commercial Construction Residential Agricultural Industrial Consumer Real Estate Real Estate Real Estate Unallocated Total Allowance for Loan Losses Three Months Ended March 31, 2020 Beginning balance $ 471 $ 655 $ 270 $ 1,663 $ 76 $ 640 $ 282 $ 4,057 Charge-offs - - (89 ) - - - - (89 ) Recoveries - 1 44 - - 2 - 47 Provision (124 ) 197 (5 ) 297 48 419 (57 ) 775 Ending balance $ 347 $ 853 $ 220 $ 1,960 $ 124 $ 1,061 $ 225 $ 4,790 Individually evaluated for impairment $ 98 $ - $ 1 $ 13 $ - $ 266 $ - $ 378 Collectively evaluated for impairment $ 249 $ 853 $ 219 $ 1,947 $ 124 $ 795 $ 225 $ 4,412 Loans March 31, 2020 Individually evaluated for impairment $ 379 $ 259 $ 16 $ 2,272 $ - $ 2,449 $ 5,375 Collectively evaluated for impairment 50,104 136,989 34,236 348,365 17,525 213,706 800,925 Acquired with deteriorated credit quality - 3,953 - 1,116 - 208 5,277 Ending balance $ 50,483 $ 141,201 $ 34,252 $ 351,753 $ 17,525 $ 216,363 $ 811,577 Commercial (Dollars in thousands) and Commercial Construction Residential Agricultural Industrial Consumer Real Estate Real Estate Real Estate Unallocated Total Allowance for Loan Losses December 31, 2020 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 The provision for loan losses was $250,000 in the first 2021 first 2021 19 19 March 31, 2021, 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 Risk rating 7 “7” “6”, “7”. Risk rating 8 Risk rating 9 not no may Information regarding ChoiceOne Bank's credit exposure was as follows: Corporate Credit Exposure - Credit Risk Profile By Creditworthiness Category (Dollars in thousands) Agricultural Commercial and Industrial Commercial Real Estate March 31, December 31, March 31, December 31, March 31, December 31, 2021 2020 2021 2020 2021 2020 Pass $ 43,145 $ 50,185 $ 289,781 $ 294,614 $ 449,666 $ 453,080 Special Mention 368 3,202 2,109 4,101 3,674 6,006 Substandard 3,173 348 6,160 4,812 9,081 8,925 Doubtful - - - - - 1,236 $ 46,686 $ 53,735 $ 298,050 $ 303,527 $ 462,421 $ 469,247 Consumer Credit Exposure - Credit Risk Profile Based On Payment Activity (Dollars in thousands) Consumer Construction Real Estate Residential Real Estate March 31, December 31, March 31, December 31, March 31, December 31, 2021 2020 2021 2020 2021 2020 Performing $ 32,330 $ 34,006 $ 15,670 $ 16,559 $ 178,650 $ 191,125 Nonperforming - - - - - - Nonaccrual - 8 - 80 1,276 1,381 $ 32,330 $ 34,014 $ 15,670 $ 16,639 $ 179,926 $ 192,506 The following table provides information on loans that were considered troubled debt restructurings ("TDRs") that were modified during the three March 31, 2021 three March 31, 2020. Three Months Ended March 31, 2021 Pre- Post- Modification Modification Outstanding Outstanding (Dollars in thousands) Number of Recorded Recorded Loans Investment Investment Agricultural 6 $ 2,326 $ 2,326 Commercial Real Estate 1 958 958 Total 7 $ 3,284 $ 3,284 The following schedule provides information on TDRs as of March 31, 2021 30 three March 31, 2021 no March 31, 2020 30 three March 31, 2020 Three Months Ended March 31, 2021 (Dollars in thousands) Number Recorded of Loans Investment Commercial and industrial 1 $ 52 Commercial Real Estate 3 1,850 Total 4 $ 1,902 In March 2020, 19 not March 22, 2020, April 7, 2020, not March 31, 2021, not March 31, 2021, Impaired loans by loan category follow: Unpaid (Dollars in thousands) Recorded Principal Related Investment Balance Allowance March 31, 2021 With no related allowance recorded Agricultural $ 348 $ 434 $ - Commercial and industrial 1,463 1,574 - Consumer - - - Construction real estate - - - Commercial real estate 2,624 3,429 - Residential real estate 172 176 - Subtotal 4,607 5,613 - With an allowance recorded Agricultural 2,825 2,825 114 Commercial and industrial 163 165 2 Consumer - - - Construction real estate - - - Commercial real estate 377 384 10 Residential real estate 2,417 2,495 212 Subtotal 5,782 5,869 338 Total Agricultural 3,173 3,259 114 Commercial and industrial 1,626 1,739 2 Consumer - - - Construction real estate - - - Commercial real estate 3,001 3,813 10 Residential real estate 2,589 2,671 212 Total $ 10,389 $ 11,482 $ 338 Unpaid (Dollars in thousands) Recorded Principal Related Investment Balance Allowance December 31, 2020 With no related allowance recorded Agricultural $ 348 $ 434 $ - Commercial and industrial 1,516 1,629 - Consumer - - - Construction real estate 80 80 - Commercial real estate 1,852 2,664 - Residential real estate 162 162 - Subtotal 3,958 4,969 - With an allowance recorded Agricultural - - - Commercial and industrial 147 147 19 Consumer 8 8 1 Construction real estate - - - Commercial real estate 1,180 1,180 157 Residential real estate 2,558 2,651 254 Subtotal 3,893 3,986 431 Total Agricultural 348 434 - Commercial and industrial 1,663 1,776 19 Consumer 9 8 1 Construction real estate 80 80 - Commercial real estate 3,031 3,844 157 Residential real estate 2,720 2,813 254 Total $ 7,851 $ 8,955 $ 431 The following schedule provides information regarding average balances of impaired loans and interest recognized on impaired loans for the three March 31, 2021 2020 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Three Months Ended March 31, 2021 With no related allowance recorded Agricultural $ 348 $ - Commercial and industrial 1,490 - Consumer - - Construction real estate 40 - Commercial real estate 2,238 3 Residential real estate 166 1 Subtotal 4,282 4 With an allowance recorded Agricultural 1,413 - Commercial and industrial 155 - Consumer 4 - Construction real estate - - Commercial real estate 778 4 Residential real estate 2,488 17 Subtotal 4,838 21 Total Agricultural 1,761 - Commercial and industrial 1,645 - Consumer 4 - Construction real estate 40 - Commercial real estate 3,016 7 Residential real estate 2,654 18 Total $ 9,120 $ 25 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Three Months Ended March 31, 2020 With no related allowance recorded Agricultural $ 272 $ - Commercial and industrial 259 - Consumer - - Construction real estate - - Commercial real estate 1,882 - Residential real estate 59 - Subtotal 2,472 - With an allowance recorded Agricultural 379 - Commercial and industrial 7 - Consumer 16 - Construction real estate - - Commercial real estate 391 7 Residential real estate 2,383 30 Subtotal 3,176 37 Total Agricultural 651 - Commercial and industrial 266 - Consumer 17 - Construction real estate - - Commercial real estate 2,272 7 Residential real estate 2,442 30 Total $ 5,648 $ 37 An aging analysis of loans by loan category follows: 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 March 31, 2021 Agricultural $ - $ - $ - $ - $ 46,686 $ 46,686 $ - Commercial and industrial 182 - 413 595 297,455 298,050 - Consumer 11 - - 11 32,319 32,330 - Commercial real estate 184 - 1,666 1,850 460,571 462,421 - Construction real estate 492 - - 492 15,178 15,670 - Residential real estate 1,742 - 79 1,821 178,105 179,926 - $ 2,611 $ - $ 2,158 $ 4,769 $ 1,030,314 $ 1,035,083 $ - 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 $ - ( 1 Nonaccrual loans by loan category follow: (Dollars in thousands) March 31, December 31, 2021 2020 Agricultural $ 348 $ 348 Commercial and industrial 1,699 1,802 Consumer - 8 Commercial real estate 1,850 3,088 Construction real estate - 80 Residential real estate 1,276 1,381 $ 5,173 $ 6,707 The table below details the outstanding balances of the County Bank Corp. acquired loan portfolio and the acquisition fair value adjustments at acquisition date (dollars in thousands): Acquired 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 loan portfolio for the three March 31, 2021 (Dollars in thousands) Acquired 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 Accretion January 1, 2021 through March 31, 2021 (5 ) (76 ) (81 ) Balance, March 31, 2021 $ 130 $ 1,448 $ 1,578 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 Acquired Impaired Non-impaired Total Loans acquired - contractual payments $ 20,491 $ 158,495 $ 178,986 Nonaccretable difference (2,719 ) - (2,719 ) Expected cash flows 17,772 158,495 176,267 Accretable yield (869 ) (596 ) (1,465 ) Carrying balance at acquisition date $ 16,903 $ 157,899 $ 174,802 The table below presents a roll forward of the accretable yield on Community Shores Bank Corporation acquired loan portfolio for the three March 31, 2021 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 Accretion January 1, 2021 through March 31, 2021 (328 ) (198 ) (526 ) Balance, March 31, 2021 $ 515 $ 257 $ 772 |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 4 Earnings per share are based on the weighted average number of shares outstanding during the period. A computation of basic earnings per share and diluted earnings per share follows: Three Months Ended (Dollars in thousands, except share data) March 31, 2021 2020 Basic Net income $ 6,238 $ 3,254 Weighted average common shares outstanding 7,801,058 7,247,772 Basic earnings per common shares $ 0.80 $ 0.45 Diluted Net income $ 6,238 $ 3,254 Weighted average common shares outstanding 7,801,058 7,247,772 Plus dilutive stock options and restricted stock units 9,732 14,633 Weighted average common shares outstanding and potentially dilutive shares 7,810,790 7,262,405 Diluted earnings per common share $ 0.80 $ 0.45 There were no three March 31, 2021 March 31, 2020. |
Note 5 - Financial Instruments
Note 5 - Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | Note 5 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) March 31, 2021 Assets Cash and cash equivalents $ 135,328 $ 135,328 $ 135,328 $ - $ - Equity securities at fair value 3,804 3,804 1,859 - 1,945 Securities available for sale 722,627 722,627 - 709,021 13,606 Federal Home Loan Bank and Federal Reserve Bank stock 8,004 8,004 - 8,004 - Loans held for sale 18,736 19,298 - 19,298 - Loans to other financial institutions 7,312 7,312 - 7,312 - Loans, net 1,027,343 1,024,203 - - 1,024,203 Accrued interest receivable 7,751 7,751 - 7,751 - Interest rate lock commitments 1,756 1,756 - 1,756 - Liabilities Noninterest-bearing deposits 515,552 515,552 - 515,552 - Interest-bearing deposits 1,324,412 1,324,629 - 1,324,629 - Borrowings 3,484 3,265 - 3,265 - Subordinated debentures 3,115 2,918 - 2,918 - Accrued interest payable 129 129 - 129 - December 31, 2020 Assets Cash and due from banks $ 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 - |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 6 The following tables present information about assets and liabilities measured at fair value on a recurring basis and the valuation techniques used to determine those fair values. 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. ChoiceOne Bank’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 March 31, 2021 December 31, 2020 Assets Measured at Fair Value on a Recurring Basis Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Balance (Dollars in thousands) Assets Inputs Inputs at Date (Level 1) (Level 2) (Level 3) Indicated Equity Securities Held at Fair Value - March 31, 2021 Equity securities $ 1,859 $ - $ 1,945 $ 3,804 Investment Securities, Available for Sale - March 31, 2021 U. S. Government and federal agency $ - $ 2,041 $ - $ 2,041 U. S. Treasury notes and bonds - 11,864 - 11,864 State and municipal - 418,869 12,606 431,475 Mortgage-backed - 271,923 - 271,923 Corporate - 1,990 - 1,990 Trust preferred securities - - 1,000 1,000 Asset-backed securities - 2,334 - 2,334 Total $ - $ 709,021 $ 13,606 $ 722,627 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 Changes in Level 3 Three Months Ended (Dollars in thousands) March 31, 2021 2020 Equity Securities Held at Fair Value Balance, January 1 $ 1,485 $ 1,472 Total realized and unrealized gains included in noninterest income (40 ) (65 ) Net purchases, sales, calls, and maturities 500 - Net transfers into Level 3 - - Balance, March 31 $ 1,945 $ 1,407 Investment Securities, Available for Sale Balance, January 1 $ 11,423 $ 12,367 Total unrealized gains included in other comprehensive income (270 ) 185 Net purchases, sales, calls, and maturities 2,453 - Net transfers into Level 3 - - Balance, March 31 $ 13,606 $ 12,552 Of the available for sale Level 3 March 31, 2021 March 31, 2021 Both observable and unobservable inputs may 3 may Securities categorized as Level 3 ChoiceOne 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 March 31, 2021 $ 10,389 $ - $ - $ 10,389 December 31, 2020 $ 7,851 $ - $ - $ 7,851 Other Real Estate March 31, 2021 $ 123 $ - $ - $ 123 December 31, 2020 $ 266 $ - $ - $ 266 Mortgage Loan Servicing Rights March 31, 2021 $ 4,336 $ - $ - $ 4,336 December 31, 2020 $ 3,967 $ - $ - $ 3,967 Impaired loans categorized as Level 3 |
Note 7 - Revenue From Contracts
Note 7 - Revenue From Contracts With Customers | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 7 ChoiceOne has a variety of sources of revenue, which include interest and fees from customers as well as revenue from non-customers. ASC Topic 606, 606 Service Charges and Fees on Deposit Accounts Revenue includes charges and fees to provide account maintenance, overdraft services, wire transfers, funds transfer, and other deposit-related services. Account maintenance fees such as monthly service charges are recognized over the period of time that the service is provided. Transaction fees such as wire transfer charges are recognized when the service is provided to the customer. Interchange Income Revenue includes debit card interchange and network revenues. This revenue is earned on debit card transactions that are conducted through payment networks such as MasterCard. The revenue is recorded as services are delivered and is presented net of interchange expenses. Investment Commission Income Revenue includes fees from the investment management advisory services and revenue is recognized when services are rendered. Revenue also includes commissions received from the placement of brokerage transactions for purchase or sale of stocks or other investments. Commission income is recognized when the transaction has been completed. Trust Fee Income Revenue includes fees from the management of trust assets and from other related advisory services. Revenue is recognized when services are rendered. Following is noninterest income separated by revenue within the scope of ASC 606 Three Months Ended March 31, (Dollars in thousands) 2021 2020 Service charges and fees on deposit accounts $ 785 $ 1,009 Interchange income 1,135 836 Investment commission income 236 119 Trust fee income 173 170 Other charges and fees for customer services 166 147 Noninterest income from contracts with customers within the scope of ASC 606 2,495 2,281 Noninterest income within the scope of other GAAP topics 3,105 1,818 Total noninterest income $ 5,600 $ 4,099 |
Note 8 - Business Combination
Note 8 - Business Combination | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 8 Community Shores Bank Corporation ChoiceOne completed the acquisition of Community Shores Bank Corporation (“Community Shores”) with and into ChoiceOne, with ChoiceOne as the surviving entity, effective on July 1, 2020. July 1, 2020 not March 31, 2021 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 174,802 Premises and equipment 6,204 Other real estate owned 346 Deposit based intangible 760 Other assets 1,077 Total assets 244,535 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 13,528 Goodwill $ 7,353 County Bank Corp ChoiceOne completed the merger of County Bank Corp (“County”) with and into ChoiceOne effective on October 1, 2019. October 1, 2019 not The table below presents 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include ChoiceOne Financial Services, Inc. ("ChoiceOne"), its wholly-owned subsidiary, 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. ChoiceOne owns all of the common securities of Community Shores Capital Trust I (the “Capital Trust”). Under U.S. generally accepted accounting principles ("GAAP"), the Capital Trust is not not The accompanying unaudited consolidated financial statements and notes thereto reflect all adjustments ordinary in nature which are, in the opinion of management, necessary for a fair presentation of the Consolidated Balance Sheets as of March 31, 2021 December 31, 2020 three March 31, 2021 March 31, 2020 three March 31, 2021 March 31, 2020 three March 31, 2021 March 31, 2020 three March 31, 2021 March 31, 2020 three March 31, 2021 not may December 31, 2021 The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in ChoiceOne’s Annual Report on Form 10 December 31, 2020 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates To prepare financial statements in conformity with GAAP, 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; therefore, future results could differ. 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 |
Mortgage Banking Activity [Policy Text Block] | Loans to Other Financial Institutions ChoiceOne Bank entered into an agreement with another financial institution to fund mortgage loans. Loans to other financial institutions are purchased participating interests in individual advances made to mortgage bankers nation-wide from an unaffiliated originating bank. The originating bank services these loans and cash flows on the individual advances (principal, interest, and fees) which are allocated pro-rata based on ownership in the participating interest, less fees paid for the servicing activity. The underlying collateral is generally made up of 1 4 first 90 March 31, 2021 Credit risk associated with the participating interest is measured as an allowance for loan losses when necessary. Losses are charged off against the allowance when incurred and recoveries of loan charge-offs are recorded when received. At least quarterly, ChoiceOne Bank reviews the portfolios of participating interests for potential losses including any participating interest that is outstanding over 90 March 31, 2021 30 December 31, 2020, 30 first 2021 3. March 31, 2021 2020 none |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses is maintained at a level believed adequate by management to absorb probable incurred losses inherent in the consolidated loan portfolio. Management’s evaluation of the adequacy of the allowance is an estimate based on reviews of individual loans, assessments of the impact of current economic conditions on the portfolio and historical loss experience of seasoned loan portfolios. See Note 3 Management believes the accounting estimate related to the allowance for loan losses is a “critical accounting estimate” because ( 1 2 |
Stockholders' Equity, Policy [Policy Text Block] | Stock Transactions A total of 4,732 shares of common stock were issued to ChoiceOne’s Board of Directors for a cash price of $ 146,000 under the terms of the Directors’ Stock Purchase Plan in the first 2021 first 2021 |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation ChoiceOne grants restricted stock units to a select group of employees under the Stock Incentive Plan of 2012. three one |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain amounts presented in prior periods have been reclassified to conform to the current presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The Financial Accounting Standards Board ("FASB") issued ASU No. 2016 13 , Financial Instruments—Credit Losses (Topic 326 no may may December 15, 2022, November 15, 2019. may |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill 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 Despite ChoiceOne's market capitalization declining slightly from December 2020 March 2021, first 2021 Management concurred with the conclusion derived from the quantitative goodwill analysis performed as of the valuation date and determined that there were no no March 31, 2021, not no March 31, 2021. During the first three 2021, two |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | March 31, 2021 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value Equity securities $ 3,136 $ 708 $ (40 ) $ 3,804 December 31, 2020 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value Equity securities $ 2,836 $ 60 $ - $ 2,896 |
Debt Securities, Available-for-sale [Table Text Block] | March 31, 2021 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government and federal agency $ 2,005 $ 36 $ - $ 2,041 U.S. Treasury notes and bonds 11,954 51 (141 ) 11,864 State and municipal 429,772 7,209 (5,506 ) 431,475 Mortgage-backed 276,592 1,495 (6,164 ) 271,923 Corporate 1,956 34 - 1,990 Trust preferred securities 1,000 - - 1,000 Asset-backed securities 2,343 - (9 ) 2,334 Total $ 725,622 $ 8,825 $ (11,820 ) $ 722,627 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Securities maturing within: Fair Value Fair Value Less than 1 Year - 5 Years - More than at March 31, at Dec. 31, (Dollars in thousands) 1 Year 5 Years 10 Years 10 Years 2021 2020 U.S. Government and federal agency $ 2,041 $ - $ - $ - $ 2,041 $ 2,051 U.S. Treasury notes and bonds - 2,048 9,816 - 11,864 2,056 State and municipal 13,224 56,492 245,466 116,293 431,475 320,368 Corporate 958 1,032 - - 1,990 2,589 Trust preferred securities - - - 1,000 1,000 1,000 Asset-backed securities - 2,334 2,334 - Total debt securities 16,223 61,906 255,282 117,293 450,704 328,064 Mortgage-backed securities 2,762 75,355 186,889 6,917 271,923 246,723 Equity securities - 1,000 - 2,804 3,804 2,896 Total $ 18,985 $ 138,261 $ 442,171 $ 127,014 $ 726,431 $ 577,683 Weighted average yields: Less than 1 Year - 5 Years - More than 1 Year 5 Years 10 Years 10 Years Total U.S. Government and federal agency 1.98 % - % - % - % 1.98 % U.S. Treasury notes and bonds - 1.85 - - 1.30 State and municipal 3.02 2.88 2.57 2.34 2.56 Corporate 2.63 2.86 - - 2.75 Trust preferred securities - - - - 3.75 Asset-backed securities - 0.94 - - 0.94 Mortgage-backed securities 4.94 1.81 1.09 1.73 1.35 Equity securities - 4.61 - - 1.21 |
Gain (Loss) on Securities [Table Text Block] | Three Months Ended March 31, 2021 2020 Net gains and losses recognized during the period $ 608 $ (389 ) Less: Net gains and losses recognized during the period on securities sold — — Unrealized gains and losses recognized during the reporting period on securities still held at the reporting date $ 608 $ (389 ) |
Note 3 - Loans and Allowance _2
Note 3 - Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
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 Three Months Ended March 31, 2021 Beginning balance $ 257 $ 1,327 $ 317 $ 4,178 $ 97 $ 1,300 $ 117 $ 7,593 Charge-offs — (74 ) (71 ) (48 ) — - — (193 ) Recoveries — 9 79 - — 2 — 90 Provision 85 337 (78 ) 215 (23 ) (278 ) (8 ) 250 Ending balance $ 342 $ 1,599 $ 247 $ 4,345 $ 74 $ 1,024 $ 109 $ 7,740 Individually evaluated for impairment $ 114 $ 2 $ — $ 10 $ — $ 213 $ — $ 339 Collectively evaluated for impairment $ 227 $ 1,596 $ 246 $ 4,337 $ 75 $ 811 $ 109 $ 7,401 Loans March 31, 2021 Individually evaluated for impairment $ 3,173 $ 1,626 $ — $ 3,001 $ — $ 2,589 $ 10,389 Collectively evaluated for impairment 43,513 290,140 32,311 448,261 15,670 174,562 1,004,457 Acquired with deteriorated credit quality — 6,284 19 11,159 — 2,775 20,237 Ending balance $ 46,686 $ 298,050 $ 32,330 $ 462,421 $ 15,670 $ 179,926 $ 1,035,083 Commercial (Dollars in thousands) and Commercial Construction Residential Agricultural Industrial Consumer Real Estate Real Estate Real Estate Unallocated Total Allowance for Loan Losses Three Months Ended March 31, 2020 Beginning balance $ 471 $ 655 $ 270 $ 1,663 $ 76 $ 640 $ 282 $ 4,057 Charge-offs - - (89 ) - - - - (89 ) Recoveries - 1 44 - - 2 - 47 Provision (124 ) 197 (5 ) 297 48 419 (57 ) 775 Ending balance $ 347 $ 853 $ 220 $ 1,960 $ 124 $ 1,061 $ 225 $ 4,790 Individually evaluated for impairment $ 98 $ - $ 1 $ 13 $ - $ 266 $ - $ 378 Collectively evaluated for impairment $ 249 $ 853 $ 219 $ 1,947 $ 124 $ 795 $ 225 $ 4,412 Loans March 31, 2020 Individually evaluated for impairment $ 379 $ 259 $ 16 $ 2,272 $ - $ 2,449 $ 5,375 Collectively evaluated for impairment 50,104 136,989 34,236 348,365 17,525 213,706 800,925 Acquired with deteriorated credit quality - 3,953 - 1,116 - 208 5,277 Ending balance $ 50,483 $ 141,201 $ 34,252 $ 351,753 $ 17,525 $ 216,363 $ 811,577 Commercial (Dollars in thousands) and Commercial Construction Residential Agricultural Industrial Consumer Real Estate Real Estate Real Estate Unallocated Total Allowance for Loan Losses December 31, 2020 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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (Dollars in thousands) Agricultural Commercial and Industrial Commercial Real Estate March 31, December 31, March 31, December 31, March 31, December 31, 2021 2020 2021 2020 2021 2020 Pass $ 43,145 $ 50,185 $ 289,781 $ 294,614 $ 449,666 $ 453,080 Special Mention 368 3,202 2,109 4,101 3,674 6,006 Substandard 3,173 348 6,160 4,812 9,081 8,925 Doubtful - - - - - 1,236 $ 46,686 $ 53,735 $ 298,050 $ 303,527 $ 462,421 $ 469,247 (Dollars in thousands) Consumer Construction Real Estate Residential Real Estate March 31, December 31, March 31, December 31, March 31, December 31, 2021 2020 2021 2020 2021 2020 Performing $ 32,330 $ 34,006 $ 15,670 $ 16,559 $ 178,650 $ 191,125 Nonperforming - - - - - - Nonaccrual - 8 - 80 1,276 1,381 $ 32,330 $ 34,014 $ 15,670 $ 16,639 $ 179,926 $ 192,506 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Three Months Ended March 31, 2021 Pre- Post- Modification Modification Outstanding Outstanding (Dollars in thousands) Number of Recorded Recorded Loans Investment Investment Agricultural 6 $ 2,326 $ 2,326 Commercial Real Estate 1 958 958 Total 7 $ 3,284 $ 3,284 Three Months Ended March 31, 2021 (Dollars in thousands) Number Recorded of Loans Investment Commercial and industrial 1 $ 52 Commercial Real Estate 3 1,850 Total 4 $ 1,902 |
Impaired Financing Receivables [Table Text Block] | Unpaid (Dollars in thousands) Recorded Principal Related Investment Balance Allowance March 31, 2021 With no related allowance recorded Agricultural $ 348 $ 434 $ - Commercial and industrial 1,463 1,574 - Consumer - - - Construction real estate - - - Commercial real estate 2,624 3,429 - Residential real estate 172 176 - Subtotal 4,607 5,613 - With an allowance recorded Agricultural 2,825 2,825 114 Commercial and industrial 163 165 2 Consumer - - - Construction real estate - - - Commercial real estate 377 384 10 Residential real estate 2,417 2,495 212 Subtotal 5,782 5,869 338 Total Agricultural 3,173 3,259 114 Commercial and industrial 1,626 1,739 2 Consumer - - - Construction real estate - - - Commercial real estate 3,001 3,813 10 Residential real estate 2,589 2,671 212 Total $ 10,389 $ 11,482 $ 338 Unpaid (Dollars in thousands) Recorded Principal Related Investment Balance Allowance December 31, 2020 With no related allowance recorded Agricultural $ 348 $ 434 $ - Commercial and industrial 1,516 1,629 - Consumer - - - Construction real estate 80 80 - Commercial real estate 1,852 2,664 - Residential real estate 162 162 - Subtotal 3,958 4,969 - With an allowance recorded Agricultural - - - Commercial and industrial 147 147 19 Consumer 8 8 1 Construction real estate - - - Commercial real estate 1,180 1,180 157 Residential real estate 2,558 2,651 254 Subtotal 3,893 3,986 431 Total Agricultural 348 434 - Commercial and industrial 1,663 1,776 19 Consumer 9 8 1 Construction real estate 80 80 - Commercial real estate 3,031 3,844 157 Residential real estate 2,720 2,813 254 Total $ 7,851 $ 8,955 $ 431 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Three Months Ended March 31, 2021 With no related allowance recorded Agricultural $ 348 $ - Commercial and industrial 1,490 - Consumer - - Construction real estate 40 - Commercial real estate 2,238 3 Residential real estate 166 1 Subtotal 4,282 4 With an allowance recorded Agricultural 1,413 - Commercial and industrial 155 - Consumer 4 - Construction real estate - - Commercial real estate 778 4 Residential real estate 2,488 17 Subtotal 4,838 21 Total Agricultural 1,761 - Commercial and industrial 1,645 - Consumer 4 - Construction real estate 40 - Commercial real estate 3,016 7 Residential real estate 2,654 18 Total $ 9,120 $ 25 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Three Months Ended March 31, 2020 With no related allowance recorded Agricultural $ 272 $ - Commercial and industrial 259 - Consumer - - Construction real estate - - Commercial real estate 1,882 - Residential real estate 59 - Subtotal 2,472 - With an allowance recorded Agricultural 379 - Commercial and industrial 7 - Consumer 16 - Construction real estate - - Commercial real estate 391 7 Residential real estate 2,383 30 Subtotal 3,176 37 Total Agricultural 651 - Commercial and industrial 266 - Consumer 17 - Construction real estate - - Commercial real estate 2,272 7 Residential real estate 2,442 30 Total $ 5,648 $ 37 |
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 March 31, 2021 Agricultural $ - $ - $ - $ - $ 46,686 $ 46,686 $ - Commercial and industrial 182 - 413 595 297,455 298,050 - Consumer 11 - - 11 32,319 32,330 - Commercial real estate 184 - 1,666 1,850 460,571 462,421 - Construction real estate 492 - - 492 15,178 15,670 - Residential real estate 1,742 - 79 1,821 178,105 179,926 - $ 2,611 $ - $ 2,158 $ 4,769 $ 1,030,314 $ 1,035,083 $ - 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 $ - |
Financing Receivable, Nonaccrual [Table Text Block] | (Dollars in thousands) March 31, December 31, 2021 2020 Agricultural $ 348 $ 348 Commercial and industrial 1,699 1,802 Consumer - 8 Commercial real estate 1,850 3,088 Construction real estate - 80 Residential real estate 1,276 1,381 $ 5,173 $ 6,707 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block] | Acquired 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 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 Accretion January 1, 2021 through March 31, 2021 (5 ) (76 ) (81 ) Balance, March 31, 2021 $ 130 $ 1,448 $ 1,578 Acquired Acquired Acquired Impaired Non-impaired Total Loans acquired - contractual payments $ 20,491 $ 158,495 $ 178,986 Nonaccretable difference (2,719 ) - (2,719 ) Expected cash flows 17,772 158,495 176,267 Accretable yield (869 ) (596 ) (1,465 ) Carrying balance at acquisition date $ 16,903 $ 157,899 $ 174,802 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 Accretion January 1, 2021 through March 31, 2021 (328 ) (198 ) (526 ) Balance, March 31, 2021 $ 515 $ 257 $ 772 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended (Dollars in thousands, except share data) March 31, 2021 2020 Basic Net income $ 6,238 $ 3,254 Weighted average common shares outstanding 7,801,058 7,247,772 Basic earnings per common shares $ 0.80 $ 0.45 Diluted Net income $ 6,238 $ 3,254 Weighted average common shares outstanding 7,801,058 7,247,772 Plus dilutive stock options and restricted stock units 9,732 14,633 Weighted average common shares outstanding and potentially dilutive shares 7,810,790 7,262,405 Diluted earnings per common share $ 0.80 $ 0.45 |
Note 5 - Financial Instruments
Note 5 - Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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) March 31, 2021 Assets Cash and cash equivalents $ 135,328 $ 135,328 $ 135,328 $ - $ - Equity securities at fair value 3,804 3,804 1,859 - 1,945 Securities available for sale 722,627 722,627 - 709,021 13,606 Federal Home Loan Bank and Federal Reserve Bank stock 8,004 8,004 - 8,004 - Loans held for sale 18,736 19,298 - 19,298 - Loans to other financial institutions 7,312 7,312 - 7,312 - Loans, net 1,027,343 1,024,203 - - 1,024,203 Accrued interest receivable 7,751 7,751 - 7,751 - Interest rate lock commitments 1,756 1,756 - 1,756 - Liabilities Noninterest-bearing deposits 515,552 515,552 - 515,552 - Interest-bearing deposits 1,324,412 1,324,629 - 1,324,629 - Borrowings 3,484 3,265 - 3,265 - Subordinated debentures 3,115 2,918 - 2,918 - Accrued interest payable 129 129 - 129 - December 31, 2020 Assets Cash and due from banks $ 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 - |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Balance (Dollars in thousands) Assets Inputs Inputs at Date (Level 1) (Level 2) (Level 3) Indicated Equity Securities Held at Fair Value - March 31, 2021 Equity securities $ 1,859 $ - $ 1,945 $ 3,804 Investment Securities, Available for Sale - March 31, 2021 U. S. Government and federal agency $ - $ 2,041 $ - $ 2,041 U. S. Treasury notes and bonds - 11,864 - 11,864 State and municipal - 418,869 12,606 431,475 Mortgage-backed - 271,923 - 271,923 Corporate - 1,990 - 1,990 Trust preferred securities - - 1,000 1,000 Asset-backed securities - 2,334 - 2,334 Total $ - $ 709,021 $ 13,606 $ 722,627 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 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended (Dollars in thousands) March 31, 2021 2020 Equity Securities Held at Fair Value Balance, January 1 $ 1,485 $ 1,472 Total realized and unrealized gains included in noninterest income (40 ) (65 ) Net purchases, sales, calls, and maturities 500 - Net transfers into Level 3 - - Balance, March 31 $ 1,945 $ 1,407 Investment Securities, Available for Sale Balance, January 1 $ 11,423 $ 12,367 Total unrealized gains included in other comprehensive income (270 ) 185 Net purchases, sales, calls, and maturities 2,453 - Net transfers into Level 3 - - Balance, March 31 $ 13,606 $ 12,552 |
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 March 31, 2021 $ 10,389 $ - $ - $ 10,389 December 31, 2020 $ 7,851 $ - $ - $ 7,851 Other Real Estate March 31, 2021 $ 123 $ - $ - $ 123 December 31, 2020 $ 266 $ - $ - $ 266 Mortgage Loan Servicing Rights March 31, 2021 $ 4,336 $ - $ - $ 4,336 December 31, 2020 $ 3,967 $ - $ - $ 3,967 |
Note 7 - Revenue From Contrac_2
Note 7 - Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, (Dollars in thousands) 2021 2020 Service charges and fees on deposit accounts $ 785 $ 1,009 Interchange income 1,135 836 Investment commission income 236 119 Trust fee income 173 170 Other charges and fees for customer services 166 147 Noninterest income from contracts with customers within the scope of ASC 606 2,495 2,281 Noninterest income within the scope of other GAAP topics 3,105 1,818 Total noninterest income $ 5,600 $ 4,099 |
Note 8 - Business Combination (
Note 8 - Business Combination (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 174,802 Premises and equipment 6,204 Other real estate owned 346 Deposit based intangible 760 Other assets 1,077 Total assets 244,535 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 13,528 Goodwill $ 7,353 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 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | ||||||
Mar. 31, 2021USD ($)shares | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Jul. 01, 2020USD ($) | Dec. 31, 2019USD ($) | Oct. 01, 2019USD ($) | Dec. 31, 2006USD ($) | |
Participating Interest In Loans, Losses or Charge-offs | $ 0 | ||||||
Impaired Financing Receivable, Recorded Investment, Total | 10,389,000 | $ 7,851,000 | |||||
Stock Issued During Period, Value, New Issues | 175,000 | $ 106,000 | |||||
Goodwill, Ending Balance | 59,946,000 | 60,506,000 | |||||
Valley Ridge Financial Corp. [Member] | |||||||
Goodwill, Ending Balance | $ 13,700,000 | ||||||
County Bank Corp ("County") [Member] | |||||||
Goodwill, Ending Balance | $ 38,900,000 | $ 38,866,000 | |||||
Community Shores Bank Corp ("Community Shores") [Member] | |||||||
Goodwill, Ending Balance | $ 7,300,000 | $ 7,353,000 | |||||
Goodwill, Purchase Accounting Adjustments | $ (560,000) | ||||||
Directors' Stock Purchase Plan [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 4,732 | ||||||
Stock Issued During Period, Value, New Issues | $ 146,000 | ||||||
Employee Stock Purchase Plan [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 1,201 | ||||||
Stock Issued During Period, Value, New Issues | $ 29,000 | ||||||
Participating Interests in Mortgage Loans [Member] | |||||||
Impaired Financing Receivable, Recorded Investment, Total | $ 0 | $ 0 | |||||
Credit Concentration Risk [Member] | Participating Interests in Mortgage Loans [Member] | |||||||
Number Of Mortgage Bankers | 14 | ||||||
Concentration Risk, Percentage | 22.00% | ||||||
Number of Participating Interest In Loans To Other Financial Institutions Over 30 Days | 12 | 26 | |||||
Number of Participating Interest In Loans To Other Financial Institutions | 114 | 222 | |||||
Participating Interest In Loans To Other Financial Institutions Over 30 Days | $ 2,100,000 | $ 6,400,000 |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | $ 0 | $ 0 |
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Amortized Cost | $ 3,136 | $ 2,836 |
Gross Unrealized Gains | 708 | 60 |
Gross Unrealized Losses | (40) | 0 |
Equity securities at fair value (Note 2) | $ 3,804 | $ 2,896 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | $ 725,622 | $ 560,828 |
Gross Unrealized Gains | 8,825 | 14,856 |
Gross Unrealized Losses | (11,820) | (897) |
Fair Value | 722,627 | 574,787 |
US Treasury and Government [Member] | ||
Amortized Cost | 2,005 | 2,007 |
Gross Unrealized Gains | 36 | 44 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 2,041 | 2,051 |
US Treasury Securities [Member] | ||
Amortized Cost | 11,954 | 1,996 |
Gross Unrealized Gains | 51 | 60 |
Gross Unrealized Losses | (141) | 0 |
Fair Value | 11,864 | 2,056 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 429,772 | 307,201 |
Gross Unrealized Gains | 7,209 | 13,191 |
Gross Unrealized Losses | (5,506) | (24) |
Fair Value | 431,475 | 320,368 |
Collateralized Mortgage Backed Securities [Member] | ||
Amortized Cost | 276,592 | 246,085 |
Gross Unrealized Gains | 1,495 | 1,510 |
Gross Unrealized Losses | (6,164) | (872) |
Fair Value | 271,923 | 246,723 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 1,956 | 2,539 |
Gross Unrealized Gains | 34 | 51 |
Gross Unrealized Losses | 0 | (1) |
Fair Value | 1,990 | 2,589 |
Trust Preferred Securities [Member] | ||
Amortized Cost | 1,000 | 1,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,000 | 1,000 |
Asset-backed Securities [Member] | ||
Amortized Cost | 2,343 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (9) | |
Fair Value | $ 2,334 | $ 0 |
Note 2 - Securities - Schedule
Note 2 - Securities - Schedule of Maturities of Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Less than 1 Year | $ 18,985 | |
1 Year - 5 Years | 138,261 | |
5 years to 10 years | 442,171 | |
More than 10 Years | 127,014 | |
Fair Value | 722,627 | $ 574,787 |
Equity securities | 3,804 | 2,896 |
Fair value | $ 726,431 | 577,683 |
Less than 1 year, weighted average yield | 0.00% | |
1 year to 5 years, weighted average yield | 4.61% | |
5 years to 10 years , weighted average yields | 0.00% | |
More than 10 years , weighted average yields | 0.00% | |
Weighted average yields, total | 1.21% | |
US Treasury and Government [Member] | ||
Less than 1 Year | $ 2,041 | |
1 Year - 5 Years | 0 | |
5 years to 10 years | 0 | |
More than 10 Years | 0 | |
Fair Value | $ 2,041 | 2,051 |
Less than 1 year, weighted average yield | 1.98% | |
1 year to 5 years, weighted average yield | 0.00% | |
5 years to 10 years , weighted average yields | 0.00% | |
More than 10 years , weighted average yields | 0.00% | |
Weighted average yields, total | 1.98% | |
US Treasury Securities [Member] | ||
Less than 1 Year | $ 0 | |
1 Year - 5 Years | 2,048 | |
5 years to 10 years | 9,816 | |
More than 10 Years | 0 | |
Fair Value | $ 11,864 | 2,056 |
Less than 1 year, weighted average yield | 0.00% | |
1 year to 5 years, weighted average yield | 1.85% | |
5 years to 10 years , weighted average yields | 0.00% | |
More than 10 years , weighted average yields | 0.00% | |
Weighted average yields, total | 1.30% | |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 1 Year | $ 13,224 | |
1 Year - 5 Years | 56,492 | |
5 years to 10 years | 245,466 | |
More than 10 Years | 116,293 | |
Fair Value | $ 431,475 | 320,368 |
Less than 1 year, weighted average yield | 3.02% | |
1 year to 5 years, weighted average yield | 2.88% | |
5 years to 10 years , weighted average yields | 2.57% | |
More than 10 years , weighted average yields | 2.34% | |
Weighted average yields, total | 2.56% | |
Trust Preferred Securities [Member] | ||
Less than 1 Year | $ 0 | |
1 Year - 5 Years | 0 | |
5 years to 10 years | 0 | |
More than 10 Years | 1,000 | |
Fair Value | $ 1,000 | 1,000 |
Less than 1 year, weighted average yield | 2.63% | |
1 year to 5 years, weighted average yield | 2.86% | |
5 years to 10 years , weighted average yields | 0.00% | |
More than 10 years , weighted average yields | 0.00% | |
Weighted average yields, total | 2.75% | |
Corporate Debt Securities [Member] | ||
Less than 1 Year | $ 958 | |
1 Year - 5 Years | 1,032 | |
5 years to 10 years | 0 | |
More than 10 Years | 0 | |
Fair Value | 1,990 | 2,589 |
Collateralized Mortgage Backed Securities [Member] | ||
Less than 1 Year | 2,762 | |
1 Year - 5 Years | 75,355 | |
5 years to 10 years | 186,889 | |
More than 10 Years | 6,917 | |
Fair Value | 271,923 | 246,723 |
Equity securities | $ 3,804 | |
Less than 1 year, weighted average yield | 0.00% | |
1 year to 5 years, weighted average yield | 0.00% | |
5 years to 10 years , weighted average yields | 0.00% | |
More than 10 years , weighted average yields | 0.00% | |
Weighted average yields, total | 3.75% | |
Asset-backed Securities [Member] | ||
Less than 1 Year | $ 0 | |
1 Year - 5 Years | 2,334 | |
5 years to 10 years | ||
More than 10 Years | ||
Fair Value | $ 2,334 | 0 |
Less than 1 year, weighted average yield | 0.00% | |
1 year to 5 years, weighted average yield | 0.94% | |
5 years to 10 years , weighted average yields | 0.00% | |
More than 10 years , weighted average yields | 0.00% | |
Weighted average yields, total | 0.94% | |
Equity Securities [Member] | ||
Less than 1 Year | $ 0 | |
1 Year - 5 Years | 1,000 | |
5 years to 10 years | 0 | |
More than 10 Years | $ 2,804 | |
Equity securities | 2,896 | |
Less than 1 year, weighted average yield | 4.94% | |
1 year to 5 years, weighted average yield | 1.81% | |
5 years to 10 years , weighted average yields | 1.09% | |
More than 10 years , weighted average yields | 1.73% | |
Weighted average yields, total | 1.35% | |
Debt [Member] | ||
Less than 1 Year | $ 16,223 | |
1 Year - 5 Years | 61,906 | |
5 years to 10 years | 255,282 | |
More than 10 Years | 117,293 | |
Fair Value | $ 450,704 | $ 328,064 |
Note 2 - Securities - Unrealize
Note 2 - Securities - Unrealized Gains and Losses on Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Change in market value of equity securities | $ 608 | $ (389) |
Less: Net gains and losses recognized during the period on securities sold | 0 | 0 |
Unrealized gains and losses recognized during the reporting period on securities still held at the reporting date | $ 608 | $ (389) |
Note 3 - Loans and Allowance _3
Note 3 - Loans and Allowance for Loan Losses (Details Textual) | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Provision for Loan, Lease, and Other Losses, Total | $ 250,000 | $ 775,000 |
Financing Receivable, Modifications, Number of Contracts | 7 | 0 |
Financing Receivable, Number of Payment Deferrals | 17 | |
Financing Receivable, Deferred Payments | $ 1,200,000 | |
Financing Receivable, Deferred Payments, Remained Active | $ 1,200,000 | |
Maximum [Member] | ||
Financing Receivable, Number of Payment Deferrals, Remained Active | 17 |
Note 3 - Loans and Allowance _4
Note 3 - Loans and Allowance for Loan Losses - Allowance for Loan Losses and Balance in the Loan Portfolio (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Beginning balance | $ 7,593,000 | $ 4,057,000 | |
Charge-offs | (193,000) | (89,000) | |
Recoveries | 90,000 | 47,000 | |
Provision | 250,000 | 775,000 | |
Ending balance | 7,740,000 | 4,790,000 | |
Individually evaluated for impairment | 339,000 | 378,000 | $ 431,000 |
Collectively evaluated for impairment | 7,401,000 | 4,412,000 | 7,162,000 |
Individually evaluated for impairment | 10,389,000 | 5,375,000 | 7,851,000 |
Collectively evaluated for impairment | 1,004,457,000 | 800,925,000 | 1,039,745,000 |
Acquired with deteriorated credit quality | 20,237,000 | 5,277,000 | 22,072,000 |
Loans | 1,035,083,000 | 811,577,000 | 1,069,668,000 |
Agricultural [Member] | |||
Beginning balance | 257,000 | 471,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | 85,000 | (124,000) | |
Ending balance | 342,000 | 347,000 | |
Individually evaluated for impairment | 114,000 | 98,000 | 0 |
Collectively evaluated for impairment | 227,000 | 249,000 | 257,000 |
Individually evaluated for impairment | 3,173,000 | 379,000 | 348,000 |
Collectively evaluated for impairment | 43,513,000 | 50,104,000 | 53,387,000 |
Acquired with deteriorated credit quality | 0 | 0 | 0 |
Loans | 46,686,000 | 50,483,000 | 53,735,000 |
Commercial and Industrial [Member] | |||
Beginning balance | 1,327,000 | 655,000 | |
Charge-offs | (74,000) | 0 | |
Recoveries | 9,000 | 1,000 | |
Provision | 337,000 | 197,000 | |
Ending balance | 1,599,000 | 853,000 | |
Individually evaluated for impairment | 2,000 | 0 | 19,000 |
Collectively evaluated for impairment | 1,596,000 | 853,000 | 1,308,000 |
Individually evaluated for impairment | 1,626,000 | 259,000 | 1,663,000 |
Collectively evaluated for impairment | 290,140,000 | 136,989,000 | 295,154,000 |
Acquired with deteriorated credit quality | 6,284,000 | 3,953,000 | 6,710,000 |
Loans | 298,050,000 | 141,201,000 | 303,527,000 |
Consumer Portfolio Segment [Member] | |||
Beginning balance | 317,000 | 270,000 | |
Charge-offs | (71,000) | (89,000) | |
Recoveries | 79,000 | 44,000 | |
Provision | (78,000) | (5,000) | |
Ending balance | 247,000 | 220,000 | |
Individually evaluated for impairment | 0 | 1,000 | 1,000 |
Collectively evaluated for impairment | 246,000 | 219,000 | 316,000 |
Individually evaluated for impairment | 0 | 16,000 | 8,000 |
Collectively evaluated for impairment | 32,311,000 | 34,236,000 | 33,982,000 |
Acquired with deteriorated credit quality | 19,000 | 0 | 24,000 |
Loans | 32,330,000 | 34,252,000 | 34,014,000 |
Commercial Real Estate Portfolio Segment [Member] | |||
Beginning balance | 4,178,000 | 1,663,000 | |
Charge-offs | (48,000) | 0 | |
Recoveries | 0 | 0 | |
Provision | 215,000 | 297,000 | |
Ending balance | 4,345,000 | 1,960,000 | |
Individually evaluated for impairment | 10,000 | 13,000 | 157,000 |
Collectively evaluated for impairment | 4,337,000 | 1,947,000 | 4,021,000 |
Individually evaluated for impairment | 3,001,000 | 2,272,000 | 3,032,000 |
Collectively evaluated for impairment | 448,261,000 | 348,365,000 | 453,681,000 |
Acquired with deteriorated credit quality | 11,159,000 | 1,116,000 | 12,534,000 |
Loans | 462,421,000 | 351,753,000 | 469,247,000 |
Construction Real Estate [Member] | |||
Beginning balance | 97,000 | 76,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | (23,000) | 48,000 | |
Ending balance | 74,000 | 124,000 | |
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 75,000 | 124,000 | 97,000 |
Individually evaluated for impairment | 0 | 0 | 80,000 |
Collectively evaluated for impairment | 15,670,000 | 17,525,000 | 16,559,000 |
Acquired with deteriorated credit quality | 0 | 0 | 0 |
Loans | 15,670,000 | 17,525,000 | 16,639,000 |
Residential Portfolio Segment [Member] | |||
Beginning balance | 1,300,000 | 640,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 2,000 | 2,000 | |
Provision | (278,000) | 419,000 | |
Ending balance | 1,024,000 | 1,061,000 | |
Individually evaluated for impairment | 213,000 | 266,000 | 254,000 |
Collectively evaluated for impairment | 811,000 | 795,000 | 1,046,000 |
Individually evaluated for impairment | 2,589,000 | 2,449,000 | 2,720,000 |
Collectively evaluated for impairment | 174,562,000 | 213,706,000 | 186,982,000 |
Acquired with deteriorated credit quality | 2,775,000 | 208,000 | 2,804,000 |
Loans | 179,926,000 | 216,363,000 | 192,506,000 |
Unallocated Financing Receivables [Member] | |||
Beginning balance | 117,000 | 282,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | (8,000) | (57,000) | |
Ending balance | 109,000 | 225,000 | |
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | $ 109,000 | $ 225,000 | $ 117,000 |
Note 3 - Loans and Allowance _5
Note 3 - Loans and Allowance for Loan Losses - Credit Risk Profile (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Loans | $ 1,035,083 | $ 1,069,668 | $ 811,577 |
Nonaccrual | 5,173 | 6,707 | |
Agricultural [Member] | |||
Loans | 46,686 | 53,735 | 50,483 |
Nonaccrual | 348 | 348 | |
Agricultural [Member] | Pass [Member] | |||
Loans | 43,145 | 50,185 | |
Agricultural [Member] | Special Mention [Member] | |||
Loans | 368 | 3,202 | |
Agricultural [Member] | Substandard [Member] | |||
Loans | 3,173 | 348 | |
Agricultural [Member] | Doubtful [Member] | |||
Loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Loans | 32,330 | 34,014 | 34,252 |
Nonaccrual | 0 | 8 | |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | 32,330 | 34,006 | |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | 0 | 0 | |
Commercial and Industrial [Member] | |||
Loans | 298,050 | 303,527 | 141,201 |
Nonaccrual | 1,699 | 1,802 | |
Commercial and Industrial [Member] | Pass [Member] | |||
Loans | 289,781 | 294,614 | |
Commercial and Industrial [Member] | Special Mention [Member] | |||
Loans | 2,109 | 4,101 | |
Commercial and Industrial [Member] | Substandard [Member] | |||
Loans | 6,160 | 4,812 | |
Commercial and Industrial [Member] | Doubtful [Member] | |||
Loans | 0 | 0 | |
Construction Real Estate [Member] | |||
Loans | 15,670 | 16,639 | 17,525 |
Nonaccrual | 0 | 80 | |
Construction Real Estate [Member] | Performing Financial Instruments [Member] | |||
Loans | 15,670 | 16,559 | |
Construction Real Estate [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 462,421 | 469,247 | 351,753 |
Nonaccrual | 1,850 | 3,088 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Loans | 449,666 | 453,080 | |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Loans | 3,674 | 6,006 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Loans | 9,081 | 8,925 | |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||
Loans | 0 | 1,236 | |
Residential Portfolio Segment [Member] | |||
Loans | 179,926 | 192,506 | $ 216,363 |
Nonaccrual | 1,276 | 1,381 | |
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | 178,650 | 191,125 | |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | $ 0 | $ 0 |
Note 3 - Loans and Allowance _6
Note 3 - Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020 | |
Number of loans | 7 | 0 |
Pre-modification | $ 3,284 | |
Post-modification | $ 3,284 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Number of loans | 1 | |
Pre-modification | $ 958 | |
Post-modification | $ 958 | |
Agricultural [Member] | ||
Number of loans | 6 | |
Pre-modification | $ 2,326 | |
Post-modification | $ 2,326 | |
Financial Asset, 30 Days Past Due or More [Member] | ||
Number of loans | 4 | |
Recorded investment | $ 1,902 | |
Financial Asset, 30 Days Past Due or More [Member] | Commercial and Industrial [Member] | ||
Number of loans | 1 | |
Recorded investment | $ 52 | |
Financial Asset, 30 Days Past Due or More [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Number of loans | 3 | |
Recorded investment | $ 1,850 |
Note 3 - Loans and Allowance _7
Note 3 - Loans and Allowance for Loan Losses - Impaired Loans by Loan Category (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Recorded Investment with no related allowance recorded | $ 4,607 | $ 3,958 | |
Unpaid Principal Balance with no related allowance recorded | 5,613 | 4,969 | |
Recorded Investment with an allowance recorded | 5,782 | 3,893 | |
Unpaid Principal Balance with an allowance recorded | 5,869 | 3,986 | |
Related Allowance | 338 | 431 | |
Recorded Investment | 10,389 | 7,851 | |
Unpaid Principal Balance | 11,482 | 8,955 | |
Average Recorded Investment with no related allowance recorded | 4,282 | $ 2,472 | |
Interest Income Recognized with no related allowance recorded | 4 | 0 | |
Average Recorded Investment with an allowance recorded | 4,838 | 3,176 | |
Interest Income Recognized with an allowance recorded | 21 | 37 | |
Average Recorded Investment | 9,120 | 5,648 | |
Interest Income Recognized | 25 | 37 | |
Agricultural [Member] | |||
Recorded Investment with no related allowance recorded | 348 | 348 | |
Unpaid Principal Balance with no related allowance recorded | 434 | 434 | |
Recorded Investment with an allowance recorded | 2,825 | 0 | |
Unpaid Principal Balance with an allowance recorded | 2,825 | 0 | |
Related Allowance | 114 | 0 | |
Recorded Investment | 3,173 | 348 | |
Unpaid Principal Balance | 3,259 | 434 | |
Average Recorded Investment with no related allowance recorded | 348 | 272 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | |
Average Recorded Investment with an allowance recorded | 1,413 | 379 | |
Interest Income Recognized with an allowance recorded | 0 | 0 | |
Average Recorded Investment | 1,761 | 651 | |
Interest Income Recognized | 0 | 0 | |
Commercial and Industrial [Member] | |||
Recorded Investment with no related allowance recorded | 1,463 | 1,516 | |
Unpaid Principal Balance with no related allowance recorded | 1,574 | 1,629 | |
Recorded Investment with an allowance recorded | 163 | 147 | |
Unpaid Principal Balance with an allowance recorded | 165 | 147 | |
Related Allowance | 2 | 19 | |
Recorded Investment | 1,626 | 1,663 | |
Unpaid Principal Balance | 1,739 | 1,776 | |
Average Recorded Investment with no related allowance recorded | 1,490 | 259 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | |
Average Recorded Investment with an allowance recorded | 155 | 7 | |
Interest Income Recognized with an allowance recorded | 0 | 0 | |
Average Recorded Investment | 1,645 | 266 | |
Interest Income Recognized | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Recorded Investment with no related allowance recorded | 0 | 0 | |
Unpaid Principal Balance with no related allowance recorded | 0 | 0 | |
Recorded Investment with an allowance recorded | 0 | 8 | |
Unpaid Principal Balance with an allowance recorded | 0 | 8 | |
Related Allowance | 0 | 1 | |
Recorded Investment | 0 | 9 | |
Unpaid Principal Balance | 0 | 8 | |
Average Recorded Investment with no related allowance recorded | 0 | 0 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | |
Average Recorded Investment with an allowance recorded | 4 | 16 | |
Interest Income Recognized with an allowance recorded | 0 | 0 | |
Average Recorded Investment | 4 | 17 | |
Interest Income Recognized | 0 | 0 | |
Construction Real Estate [Member] | |||
Recorded Investment with no related allowance recorded | 0 | 80 | |
Unpaid Principal Balance with no related allowance recorded | 0 | 80 | |
Recorded Investment with an allowance recorded | 0 | 0 | |
Unpaid Principal Balance with an allowance recorded | 0 | 0 | |
Related Allowance | 0 | 0 | |
Recorded Investment | 0 | 80 | |
Unpaid Principal Balance | 0 | 80 | |
Average Recorded Investment with no related allowance recorded | 40 | 0 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | |
Average Recorded Investment with an allowance recorded | 0 | 0 | |
Interest Income Recognized with an allowance recorded | 0 | 0 | |
Average Recorded Investment | 40 | 0 | |
Interest Income Recognized | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Recorded Investment with no related allowance recorded | 2,624 | 1,852 | |
Unpaid Principal Balance with no related allowance recorded | 3,429 | 2,664 | |
Recorded Investment with an allowance recorded | 377 | 1,180 | |
Unpaid Principal Balance with an allowance recorded | 384 | 1,180 | |
Related Allowance | 10 | 157 | |
Recorded Investment | 3,001 | 3,031 | |
Unpaid Principal Balance | 3,813 | 3,844 | |
Average Recorded Investment with no related allowance recorded | 2,238 | 1,882 | |
Interest Income Recognized with no related allowance recorded | 3 | 0 | |
Average Recorded Investment with an allowance recorded | 778 | 391 | |
Interest Income Recognized with an allowance recorded | 4 | 7 | |
Average Recorded Investment | 3,016 | 2,272 | |
Interest Income Recognized | 7 | 7 | |
Residential Portfolio Segment [Member] | |||
Recorded Investment with no related allowance recorded | 172 | 162 | |
Unpaid Principal Balance with no related allowance recorded | 176 | 162 | |
Recorded Investment with an allowance recorded | 2,417 | 2,558 | |
Unpaid Principal Balance with an allowance recorded | 2,495 | 2,651 | |
Related Allowance | 212 | 254 | |
Recorded Investment | 2,589 | 2,720 | |
Unpaid Principal Balance | 2,671 | $ 2,813 | |
Average Recorded Investment with no related allowance recorded | 166 | 59 | |
Interest Income Recognized with no related allowance recorded | 1 | 0 | |
Average Recorded Investment with an allowance recorded | 2,488 | 2,383 | |
Interest Income Recognized with an allowance recorded | 17 | 30 | |
Average Recorded Investment | 2,654 | 2,442 | |
Interest Income Recognized | $ 18 | $ 30 |
Note 3 - Loans and Allowance _8
Note 3 - Loans and Allowance for Loan Losses - Aging Analysis of Loans by Loan Category (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | ||
Past Due Total | $ 4,769 | [1] | $ 6,490 | ||
Loans Not Past Due | 1,030,314 | 1,063,178 | |||
Total Loans | 1,035,083 | 1,069,668 | $ 811,577 | ||
Loan 90 days and accruing | 0 | 0 | |||
Agricultural [Member] | |||||
Past Due Total | [1] | 0 | 0 | ||
Loans Not Past Due | 46,686 | 53,735 | |||
Total Loans | 46,686 | 53,735 | 50,483 | ||
Loan 90 days and accruing | 0 | 0 | |||
Commercial and Industrial [Member] | |||||
Past Due Total | [1] | 595 | 624 | ||
Loans Not Past Due | 297,455 | 302,903 | |||
Total Loans | 298,050 | 303,527 | 141,201 | ||
Loan 90 days and accruing | 0 | 0 | |||
Consumer Portfolio Segment [Member] | |||||
Past Due Total | [1] | 11 | 39 | ||
Loans Not Past Due | 32,319 | 33,975 | |||
Total Loans | 32,330 | 34,014 | 34,252 | ||
Loan 90 days and accruing | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Past Due Total | [1] | 1,850 | 2,320 | ||
Loans Not Past Due | 460,571 | 466,927 | |||
Total Loans | 462,421 | 469,247 | 351,753 | ||
Loan 90 days and accruing | 0 | 0 | |||
Construction Real Estate [Member] | |||||
Past Due Total | [1] | 492 | 1,336 | ||
Loans Not Past Due | 15,178 | 15,303 | |||
Total Loans | 15,670 | 16,639 | 17,525 | ||
Loan 90 days and accruing | 0 | 0 | |||
Residential Portfolio Segment [Member] | |||||
Past Due Total | [1] | 1,821 | 2,171 | ||
Loans Not Past Due | 178,105 | 190,335 | |||
Total Loans | 179,926 | 192,506 | $ 216,363 | ||
Loan 90 days and accruing | 0 | 0 | |||
Financial Asset, 30 to 59 Days Past Due [Member] | |||||
Past Due Total | 2,611 | [1] | 3,210 | ||
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] | 182 | 0 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Past Due Total | [1] | 11 | 39 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Past Due Total | [1] | 184 | 532 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Construction Real Estate [Member] | |||||
Past Due Total | [1] | 492 | 1,076 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||||
Past Due Total | [1] | 1,742 | 1,563 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | |||||
Past Due Total | 0 | [1] | 589 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Agricultural [Member] | |||||
Past Due Total | [1] | 0 | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial and Industrial [Member] | |||||
Past Due Total | [1] | 0 | 109 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Past Due Total | [1] | 0 | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Past Due Total | [1] | 0 | 44 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Construction Real Estate [Member] | |||||
Past Due Total | [1] | 0 | 180 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||||
Past Due Total | [1] | 0 | 256 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||||
Past Due Total | 2,158 | [1] | 2,691 | ||
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] | 413 | 515 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Past Due Total | [1] | 0 | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Past Due Total | [1] | 1,666 | 1,744 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction Real Estate [Member] | |||||
Past Due Total | [1] | 0 | 80 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||||
Past Due Total | [1] | $ 79 | $ 352 | ||
[1] | Includes nonaccrual loans. |
Note 3 - Loans and Allowance _9
Note 3 - Loans and Allowance for Loan Losses - Nonaccrual Loan by Loan Category (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Nonaccrual loans | $ 5,173 | $ 6,707 |
Agricultural [Member] | ||
Nonaccrual loans | 348 | 348 |
Commercial and Industrial [Member] | ||
Nonaccrual loans | 1,699 | 1,802 |
Consumer Portfolio Segment [Member] | ||
Nonaccrual loans | 0 | 8 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual loans | 1,850 | 3,088 |
Construction Real Estate [Member] | ||
Nonaccrual loans | 0 | 80 |
Residential Portfolio Segment [Member] | ||
Nonaccrual loans | $ 1,276 | $ 1,381 |
Note 3 - Loans and Allowance_10
Note 3 - Loans and Allowance for Loan Losses - Acquired Portfolio and the Acquisition Fair Value Adjustments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 01, 2020 | Oct. 01, 2019 | |
Community Shores Bank Corp ("Community Shores") [Member] | |||||
Loans acquired - contractual payments | $ 178,986 | ||||
Nonaccretable difference | (2,719) | ||||
Expected cash flows | 176,267 | ||||
Accretable yield | (1,465) | ||||
Carrying balance at acquisition date | 174,802 | ||||
Balance | $ 1,298 | $ 0 | |||
Merger | 1,465 | ||||
Accretion | (526) | (167) | |||
Balance | 772 | 1,298 | $ 0 | ||
Merger | 1,465 | ||||
Community Shores Bank Corp ("Community Shores") [Member] | Acquired Impaired [Member] | |||||
Loans acquired - contractual payments | 20,491 | ||||
Nonaccretable difference | (2,719) | ||||
Expected cash flows | 17,772 | ||||
Accretable yield | (869) | ||||
Carrying balance at acquisition date | 16,903 | ||||
Balance | 843 | 0 | |||
Merger | 869 | ||||
Accretion | (328) | (26) | |||
Balance | 515 | 843 | 0 | ||
Merger | 869 | ||||
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 | ||||
Balance | 455 | 0 | |||
Merger | 596 | ||||
Accretion | (198) | (141) | |||
Balance | 257 | 455 | 0 | ||
Merger | 596 | ||||
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 | 1,659 | 2,004 | 0 | ||
Merger | 2,079 | ||||
Accretion | (81) | (345) | (75) | ||
Balance | 1,578 | 1,659 | 2,004 | ||
Merger | 2,079 | ||||
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 | 135 | 185 | 0 | ||
Merger | 185 | ||||
Accretion | (5) | (50) | 0 | ||
Balance | 130 | 135 | 185 | ||
Merger | 185 | ||||
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 | 1,524 | 1,819 | 0 | ||
Merger | 1,894 | ||||
Accretion | (76) | (295) | (75) | ||
Balance | $ 1,448 | $ 1,524 | 1,819 | ||
Merger | $ 1,894 |
Note 4 - Earnings Per Share (De
Note 4 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 |
Note 4 - Earnings Per Share - C
Note 4 - Earnings Per Share - Computation of Basic Earnings Per Share and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 6,238 | $ 3,254 |
Weighted average common shares outstanding (in shares) | 7,801,058 | 7,247,772 |
Basic earnings per share (Note 4) (in dollars per share) | $ 0.80 | $ 0.45 |
Net income | $ 6,238 | $ 3,254 |
Plus dilutive stock options and restricted stock units (in shares) | 9,732 | 14,633 |
Weighted average common shares outstanding and potentially dilutive shares (in shares) | 7,810,790 | 7,262,405 |
Diluted earnings per share (Note 4) (in dollars per share) | $ 0.80 | $ 0.45 |
Note 5 - Financial Instrument_2
Note 5 - Financial Instruments - Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Equity securities at fair value (Note 2) | $ 3,804 | $ 2,896 |
Securities available for sale (Note 2) | 722,627 | 574,787 |
Loans to other financial institutions | 7,312 | 35,209 |
Deposits – noninterest-bearing | 515,552 | 477,654 |
Deposits – interest-bearing | 1,324,412 | 1,196,924 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale (Note 2) | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale (Note 2) | 709,021 | |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale (Note 2) | 13,606 | |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 135,328 | 79,519 |
Equity securities at fair value (Note 2) | 3,804 | 2,896 |
Securities available for sale (Note 2) | 722,627 | 574,787 |
Federal Home Loan Bank and Federal Reserve Bank stock | 8,004 | 8,004 |
Loans held for sale | 18,736 | 12,921 |
Loans to other financial institutions | 7,312 | 35,209 |
Loans, net | 1,027,343 | 1,062,075 |
Accrued interest receivable | 7,751 | 6,521 |
Interest rate lock commitments | 1,756 | 842 |
Deposits – noninterest-bearing | 515,552 | 477,654 |
Deposits – interest-bearing | 1,324,412 | 1,196,924 |
Borrowings | 3,484 | |
Subordinated debentures | 3,115 | 3,089 |
Accrued interest payable | 129 | 183 |
Borrowings | 9,327 | |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 135,328 | 79,519 |
Equity securities at fair value (Note 2) | 3,804 | 2,896 |
Securities available for sale (Note 2) | 722,627 | 574,787 |
Federal Home Loan Bank and Federal Reserve Bank stock | 8,004 | 8,004 |
Loans held for sale | 19,298 | 13,350 |
Loans to other financial institutions | 7,312 | 35,209 |
Loans, net | 1,024,203 | 1,057,786 |
Accrued interest receivable | 7,751 | 6,521 |
Interest rate lock commitments | 1,756 | 842 |
Deposits – noninterest-bearing | 515,552 | 477,654 |
Deposits – interest-bearing | 1,324,629 | 1,197,964 |
Borrowings | 3,265 | |
Subordinated debentures | 2,918 | 3,089 |
Accrued interest payable | 129 | 183 |
Borrowings | 9,143 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 135,328 | 79,519 |
Equity securities at fair value (Note 2) | 1,859 | 1,411 |
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 | 0 | 0 |
Deposits – interest-bearing | 0 | 0 |
Borrowings | 0 | |
Subordinated debentures | 0 | 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) | 709,021 | 563,364 |
Federal Home Loan Bank and Federal Reserve Bank stock | 8,004 | 8,004 |
Loans held for sale | 19,298 | 13,350 |
Loans to other financial institutions | 7,312 | 35,209 |
Loans, net | 0 | 0 |
Accrued interest receivable | 7,751 | 6,521 |
Interest rate lock commitments | 1,756 | 842 |
Deposits – noninterest-bearing | 515,552 | 477,654 |
Deposits – interest-bearing | 1,324,629 | 1,197,964 |
Borrowings | 3,265 | |
Subordinated debentures | 2,918 | 3,089 |
Accrued interest payable | 129 | 183 |
Borrowings | 9,143 | |
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) | 1,945 | 1,485 |
Securities available for sale (Note 2) | 13,606 | 11,423 |
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 | 1,024,203 | 1,057,786 |
Accrued interest receivable | 0 | 0 |
Interest rate lock commitments | 0 | 0 |
Deposits – noninterest-bearing | 0 | 0 |
Deposits – interest-bearing | 0 | 0 |
Borrowings | 0 | |
Subordinated debentures | 0 | 0 |
Accrued interest payable | $ 0 | 0 |
Borrowings | $ 0 |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements (Details Textual) | Mar. 31, 2021USD ($) |
Fair Value, Inputs, Level 3 [Member] | |
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax, Total | $ 826,000 |
Note 6 - Fair Value Measureme_4
Note 6 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Equity securities at fair value (Note 2) | $ 3,804 | $ 2,896 |
Securities available for sale (Note 2) | 722,627 | 574,787 |
Equity Securities [Member] | ||
Equity securities at fair value (Note 2) | 2,896 | |
US Treasury and Government [Member] | ||
Securities available for sale (Note 2) | 2,041 | 2,051 |
US Treasury Securities [Member] | ||
Securities available for sale (Note 2) | 11,864 | 2,056 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale (Note 2) | 431,475 | 320,368 |
Collateralized Mortgage Backed Securities [Member] | ||
Equity securities at fair value (Note 2) | 3,804 | |
Securities available for sale (Note 2) | 271,923 | 246,723 |
Corporate Debt Securities [Member] | ||
Securities available for sale (Note 2) | 1,990 | 2,589 |
Trust Preferred Securities [Member] | ||
Securities available for sale (Note 2) | 1,000 | 1,000 |
Asset-backed Securities [Member] | ||
Securities available for sale (Note 2) | 2,334 | 0 |
Fair Value, Recurring [Member] | ||
Securities available for sale (Note 2) | 574,787 | |
Fair Value, Recurring [Member] | Equity Securities [Member] | ||
Equity securities at fair value (Note 2) | 3,804 | 2,896 |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Securities available for sale (Note 2) | 2,041 | 2,051 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Securities available for sale (Note 2) | 11,864 | 2,056 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale (Note 2) | 431,475 | 320,368 |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale (Note 2) | 271,923 | 246,723 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale (Note 2) | 1,990 | 2,589 |
Fair Value, Recurring [Member] | Trust Preferred Securities [Member] | ||
Securities available for sale (Note 2) | 1,000 | 1,000 |
Fair Value, Recurring [Member] | Asset-backed Securities [Member] | ||
Securities available for sale (Note 2) | 2,334 | |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale (Note 2) | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale (Note 2) | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Equity Securities [Member] | ||
Equity securities at fair value (Note 2) | 1,859 | 1,411 |
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 1 [Member] | Fair Value, Recurring [Member] | Asset-backed Securities [Member] | ||
Securities available for sale (Note 2) | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale (Note 2) | 709,021 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale (Note 2) | 563,364 | |
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) | 2,041 | 2,051 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Securities available for sale (Note 2) | 11,864 | 2,056 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale (Note 2) | 418,869 | 309,945 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale (Note 2) | 271,923 | 246,723 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale (Note 2) | 1,990 | 2,589 |
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 2 [Member] | Fair Value, Recurring [Member] | Asset-backed Securities [Member] | ||
Securities available for sale (Note 2) | 2,334 | |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale (Note 2) | 13,606 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale (Note 2) | 11,423 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Equity Securities [Member] | ||
Equity securities at fair value (Note 2) | 1,945 | 1,485 |
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) | 12,606 | 10,423 |
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 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Asset-backed Securities [Member] | ||
Securities available for sale (Note 2) | $ 0 |
Note 6 - Fair Value Measureme_5
Note 6 - Fair Value Measurements - Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity Securities [Member] | ||
Balance | $ 1,485 | $ 1,472 |
Total realized and unrealized gains included in income | (40) | (65) |
Net purchases, sales, calls, and maturities | 500 | 0 |
Net transfers into Level 3 | 0 | 0 |
Balance, March 31 | 1,945 | 1,407 |
Available-for-sale Securities [Member] | ||
Balance | 11,423 | 12,367 |
Net purchases, sales, calls, and maturities | 2,453 | 0 |
Net transfers into Level 3 | 0 | 0 |
Balance, March 31 | 13,606 | 12,552 |
Total unrealized gains included in other comprehensive income | $ (270) | $ 185 |
Note 6 - Fair Value Measureme_6
Note 6 - Fair Value Measurements - Assets Measured at Fair Value on a Non-recurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Impaired Loans | $ 10,389 | $ 7,851 |
Other Real Estate | 123 | 266 |
Mortgage Loan Servicing Rights | 4,336 | 3,967 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired Loans | 0 | 0 |
Other Real Estate | 0 | 0 |
Mortgage Loan Servicing Rights | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired Loans | 0 | 0 |
Other Real Estate | 0 | 0 |
Mortgage Loan Servicing Rights | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired Loans | 10,389 | 7,851 |
Other Real Estate | 123 | 266 |
Mortgage Loan Servicing Rights | $ 4,336 | $ 3,967 |
Note 7 - Revenue from Contrac_3
Note 7 - Revenue from Contracts with Customers - Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Noninterest income from contracts with customers within the scope of ASC 606 | $ 2,495 | $ 2,281 |
Noninterest income within the scope of other GAAP topics | 3,105 | 1,818 |
Total noninterest income | 5,600 | 4,099 |
Service Charges and Fees on Deposit Accounts [Member] | ||
Noninterest income from contracts with customers within the scope of ASC 606 | 785 | 1,009 |
Interchange Income [Member] | ||
Noninterest income from contracts with customers within the scope of ASC 606 | 1,135 | 836 |
Investment Commission Income [Member] | ||
Noninterest income from contracts with customers within the scope of ASC 606 | 236 | 119 |
Trust Fee Income [Member] | ||
Noninterest income from contracts with customers within the scope of ASC 606 | 173 | 170 |
Other Charges and Fees for Customer Services [Member] | ||
Noninterest income from contracts with customers within the scope of ASC 606 | $ 166 | $ 147 |
Note 8 - Business Combination_2
Note 8 - Business Combination (Details Textual) | Jul. 01, 2020USD ($)shares | Oct. 01, 2019USD ($)shares | Mar. 31, 2021USD ($) |
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 | $ 244,535,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Total Loans | 174,800,000 | ||
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 | 524,139 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Fractional Shares (in shares) | shares | 84 | ||
Payments to Acquire Businesses, Gross | $ 5,390,000 | ||
Business Combination, Consideration Transferred, Total | $ 20,881,000 | ||
Business Combination, Provisional Information Initial Accounting Incomplete Adjustment, Loans | $ 828,000 | ||
Business Combination, Provisional Information Initial Accounting Incomplete Adjustment, Other Assets | (268,000) | ||
Goodwill, Purchase Accounting Adjustments | $ (560,000) | ||
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 | ||
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 | ||
County Bank Corp ("County") [Member] | Fractional Stock [Member] | |||
Stock Issued During Period, Shares, Acquisitions (in shares) | shares | 299 |
Note 8 - Business Combination -
Note 8 - Business Combination - Allocation of Purchase Price (Details) - USD ($) $ in Thousands | Jul. 01, 2020 | Oct. 01, 2019 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill, Ending Balance | $ 59,946 | $ 60,506 | |||
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 | 174,802 | ||||
Premises and equipment | 6,204 | ||||
Other real estate owned | 346 | ||||
Deposit based intangible | 760 | ||||
Other assets | 1,077 | ||||
Total assets | 244,535 | ||||
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 | 13,528 | ||||
Goodwill, Ending Balance | 7,353 | $ 7,300 | |||
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 | ||||
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 | $ 38,900 | |||
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 |