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    ChoiceOne Reports First Quarter 2025 Results

    4/30/25 8:00:00 AM ET
    $COFS
    Major Banks
    Finance
    Get the next $COFS alert in real time by email

    SPARTA, Mich., April 30, 2025 /PRNewswire/ -- ChoiceOne Financial Services, Inc. ("ChoiceOne") (NASDAQ:COFS), the parent company for ChoiceOne Bank, reported financial results for the quarter ended March 31, 2025.  On March 1, 2025, ChoiceOne completed the merger (the "Merger") of Fentura Financial, Inc. ("Fentura"), the former parent company of The State Bank, with and into ChoiceOne with ChoiceOne surviving the merger.  On March 14, 2025, the consolidation of The State Bank with and into ChoiceOne Bank with ChoiceOne Bank surviving the consolidation was completed.  Accordingly, the reported consolidated financial results for the first quarter ended March 31, 2025 include financial results for ChoiceOne and ChoiceOne Bank and, from and after March 1, 2025, The State Bank.

    (PRNewsfoto/ChoiceOne Financial Services, I)

    Significant items impacting comparable first quarter 2024 and 2025 results include the following:

    • The total assets, loans and deposits acquired in the Merger effective March 1, 2025 were approximately $1.8 billion, $1.4 billion and $1.4 billion, respectively.         
    • Merger related expenses, net of taxes, of approximately $13.8 million ($1.28 per diluted share) for the first quarter ended March, 31, 2025.          
    • Merger related provision for credit losses, net of taxes, of $9.5 million ($0.88 per diluted share) during the first quarter ended March 31, 2025

    Highlights

    • ChoiceOne reported net loss of $13,906,000 for the three months ended March 31, 2025, compared to net income of $5,634,000 for the same period in 2024.  Net income excluding merger expenses, net of taxes, and merger related provision for credit losses, net of taxes was $9,310,000 for the three months ended March 31, 2025.
    • Diluted loss in earnings per share was $1.29 for the three months ended March 31, 2025, compared to diluted earnings per share of $0.74 in the same period in the prior year.  Diluted earnings per share excluding merger expenses, net of taxes, and merger related provision for credit losses, net of taxes, were $0.86 for the three months ended March 31, 2025.
    • In the first quarter of 2025, ChoiceOne's GAAP net interest margin rose significantly to 3.43%, up from 2.67% in the same period of 2024. GAAP net interest income also saw a substantial increase, reaching $26.3 million compared to $16.5 million in the first quarter of 2024. This growth was primarily due to the additional net interest income added through the Merger beginning on March 1, 2025. Accretion from the Merger increased GAAP net interest margin by 37 basis points for the first quarter of 2025.  GAAP net interest margin for the one month ended March 31, 2025 was 3.90%.  This one month period includes accretion from purchased loans of $2.8 million which increased the March GAAP net interest margin by 81 basis points. 
    • Core loans, which exclude held for sale loans and loans to other financial institutions, grew organically by $40.1 million or 10.6% on an annualized basis during the first quarter of 2025 and $157.3 million or 11.3% during the twelve months ended March 31, 2025.  Core loans grew by $1.4 billion due to the Merger on March 1, 2025.  Loan interest income increased $11.9 million in the first quarter of 2025 compared to the same period in 2024.  Interest income for the three months ended March 31, 2025 includes $2.8 million of interest income accretion due to purchased loans related to the Merger.
    • Deposits, excluding brokered deposits, increased by $1.4 billion as of March 31, 2025, compared to the same period in 2024. This growth was primarily driven by the addition of $1.4 billion in deposits from the Merger complemented by $48.7 million in organic growth.  Not including the impact of the Merger, deposits, excluding brokered deposits, grew organically by $15.0 million in the first quarter of 2025.
    • Asset quality continues to remain strong, with annualized net loan charge-offs to average loans of 0.01% and nonperforming loans to total loans (excluding loans held for sale) of 0.65% as of March 31, 2025.  Notably, 0.44% of the nonperforming loans to total loans (excluding loans held for sale) is attributed to loans purchased with credit deterioration acquired through the Merger.  

    "ChoiceOne is pleased to announce the successful completion of our merger with Fentura and The State Bank, and we welcome our new customers, employees and shareholders. This merger brings together two great community bank franchises and enhances our market presence and capabilities to serve our communities.  We are proud to have achieved this while continuing to grow our loans organically, thanks to the dedication and expertise of our team. We look forward to the opportunities this merger brings and remain committed to delivering exceptional value to our customers and shareholders," said Kelly Potes, Chief Executive Officer.

    ChoiceOne reported net loss of $13,906,000 for the three months ended March 31, 2025, compared to net income of $5,634,000 for the same period in 2024.  Net income excluding merger expenses, net of taxes, and merger related provision expense, net of taxes was $9,310,000 for the three months ended March 31, 2025.  Diluted loss in earnings per share was $1.29 for the three months ended March 31, 2025, compared to diluted earnings per share of $0.74 in the same period in the prior year.  Diluted earnings per share excluding merger expenses, net of taxes, and merger related provision expense, net of taxes was $0.86 for the three months ended March 31, 2025.

    As of March 31, 2025, total assets were $4.3 billion, an increase of $1.6 billion compared to March 31, 2024.  The growth is primarily attributed to the Merger.  This growth was offset by a $28.5 million reduction in securities on March 31, 2025 compared to March 31, 2024, as ChoiceOne chose to restructure much of the acquired security portfolio purchased in the Merger, and reduce high cost wholesale funding.  ChoiceOne has actively managed its balance sheet to support organic loan growth with a loan to deposit ratio of 80.21% at March 31, 2025.

    Core loans, which exclude held for sale loans and loans to other financial institutions, grew organically by $40.1 million or 10.6% on an annualized basis during the first quarter of 2025 and $157.3 million or 11.3% during the twelve months ended March 31, 2025.  Core loans grew by $1.4 billion through acquisition for the three months ended March 31, 2025.  Loan interest income increased $11.9 million in the first quarter of 2025 compared to the same period in 2024.  Interest income for the three months ended March 31, 2025 includes $2.8 million of purchased loan interest accretion income related to the Merger.  Loans to other financial institutions decreased by $27.6 million from March 31, 2024 to March 31, 2025. These loans consist of a warehouse line of credit used to facilitate mortgage loan originations, with interest rates that fluctuate in line with the national mortgage market. This decline is attributed to ChoiceOne's strategic shift towards a higher percentage of internally driven originations.

    ChoiceOne estimated the valuation mark on acquired loans to be a reduction of $64.7 million related to the Merger.  This valuation mark contained two separate populations: a valuation mark on loans purchased with credit deterioration ("PCD loans") of $13.1 million and a valuation mark on loans purchased without credit deterioration ("Non-PCD loans") of $51.6 million.  ChoiceOne estimates $59.8 million of the total valuation mark will be accretable to interest income.  During the one-month period ended March 31, 2025, ChoiceOne recognized $2.8 million in accretion income related to the Merger. Of this amount, $826,000 was calculated using the effective interest rate method of amortization, while the remaining $2.0 million resulted from accretion through unexpected payoffs and paydowns of loans with an associated fair value mark.  Estimated accretion for the remainder of 2025 using the effective interest method of amortization is $7.5 million; however, unexpected accretion income from purchased loans will be dependent on prepayment speeds and other factors.

    ChoiceOne recognized a core deposit intangible of $31.0 million related to the Merger. This intangible asset, valued at 2.78% of Fentura's core deposits, is being amortized over a period of 10 years using the sum-of-years-digits method. This approach reflects the anticipated pattern of economic benefits derived from the core deposits.  At March 31, 2025, ChoiceOne recognized core deposit intangible expense of $470,000 for the month of March 2025, from the Merger.

    Deposits, excluding brokered deposits, increased by $1.4 billion as of March 31, 2025, compared to the same period in 2024. This growth was primarily driven by the addition of $1.4 billion in deposits from the Merger, complemented by $48.7 million in organic growth.  Not including the impact of the Merger, deposits, excluding brokered deposits, grew organically by $15.0 million in the first quarter of 2025.  ChoiceOne continues to be proactive in managing its liquidity position by using brokered deposits and FHLB advances to ensure ample liquidity.  At March 31, 2025, total available borrowing capacity secured by pledged assets was $945.3 million. ChoiceOne can increase its capacity by utilizing unsecured federal fund lines and pledging additional assets.  Uninsured deposits totaled $1.2 billion or 33.9% of deposits at March 31, 2025.

    ChoiceOne's cost of deposits to average total deposits has decreased since peaking in the first quarter of 2024, driven by positive cash flow from pay-fixed interest rate swaps hedged against deposits and reduced deposit expenses. Additionally, the Federal Reserve's 100 basis point reduction in the federal funds rate since September 2024 has contributed to this decline. As a result, the cost of deposits to average total deposits was an annualized 1.59% in the first quarter of 2025, down from 1.65% in the first quarter of 2024. If rates continue to decline, we anticipate further reductions in deposit costs, although these will be tempered by decreased cash flows from pay-fixed interest rate swaps. 

    Interest expense on borrowings for the three months ended March 31, 2025, declined by $332,000 compared to the same period in the prior year, due to a decrease in average balances borrowed. During the first quarter of 2025, ChoiceOne liquidated the majority of the acquired securities due to the Merger to pay down higher cost FHLB advances. As of March 31, 2025, the total borrowed balance at the FHLB was $130.0 million at a weighted average fixed rate of 4.03%, with the earliest maturity in April 2025. The total cost of funds declined in the first quarter of 2025, with an annualized 1.86% compared to 2.0% in the first quarter of 2024.  

    The provision for credit losses on loans was $13.1 million in the first quarter of 2025, due primarily to $12.0 million of expense for the acquisition of $1.3 billion of non-PCD loans in the Merger.  Additional expense was recorded to account for organic growth, changes in qualitative factors, and forecast data used in the allowance for credit losses calculation.  The allowance for credit losses also increased by $4.9 million as the credit mark on PCD loans migrated into the reserve in accordance with CECL guidelines.  The ratio of the allowance for credit losses to total loans (excluding loans held for sale) was 1.18% on March 31, 2025 compared to 1.07% on December 31, 2024.  Asset quality continues to remain strong, with annualized net loan charge-offs to average loans of 0.01% and nonperforming loans to total loans (excluding loans held for sale) of 0.65% as of March 31, 2025.  Notably, 0.44% of the nonperforming loans to total loans (excluding loans held for sale) is attributed to PCD loans acquired through the Merger which have a corresponding PCD credit reserve.

    With recent news of tariffs expected to impact the automotive industry, ChoiceOne performed a review of loans in the automotive sector. ChoiceOne has total outstanding loans to businesses in the automotive sector of $99.3 million, which represents 3.4% of gross loans (excluding loans held for sale). These loans are primarily to Tier 2 and Tier 3 suppliers, many of which serve multiple industries and manufacturers. The average balance of these loans was $409,000. 

    ChoiceOne uses interest rate swaps to manage interest rate exposure to certain fixed rate assets and variable rate liabilities.  On February 6, 2025, ChoiceOne sold $50 million of pay fixed receive floating interest rate swaps. The sold swaps had a fixed rate of 2.75% and a floating rate that will be determined periodically over the life of the swaps. This transaction resulted in a gain of approximately $3.6 million, which will be recognized through interest expense over the 7 years remaining on the life of the swap.  On March 31, 2025, ChoiceOne held pay-fixed interest rate swaps with a total notional value of $351.0 million, a weighted average coupon of 3.12%, a fair value of $11.7 million and an average remaining contract length of 7.1 years.  These derivative instruments change in value as rates rise or fall inverse to the change in unrealized losses of the available for sale portfolio due to rates.  Settlements from swaps amounted to $1.3 million for the first quarter of 2025 compared to $1.5 million for the fourth quarter of 2024.  Due in part to the pay fixed interest rate swaps in place, our balance sheet is asset sensitive.   In addition to the pay-fixed interest rate swaps, ChoiceOne also employs back-to-back swaps on select commercial loans, with the impact reflected in interest income.

    As of March 31, 2025, shareholders' equity was $426.9 million, a significant increase from $206.8 million on March 31, 2024. This growth was primarily driven by the Merger, in which ChoiceOne issued 6,064,057 shares of common stock on March 1, 2025, valued at $192.6 million. Additionally, the sale of 1,380,000 shares of common stock at $25.00 per share on July 26, 2024, generated $34.5 million in aggregate gross proceeds (before deducting discounts and estimated offering expenses). However, this was slightly offset by a minor decline in retained earnings. ChoiceOne Bank continues to be "well-capitalized," with a total risk-based capital ratio of 11.9% as of March 31, 2025, compared to 12.6% on March 31, 2024.  The decrease in capital ratios were primarily due to the impact of the Merger.

    Noninterest income increased by $871,000 for the three months ended March 31, 2025, compared to the same period in the prior year. This increase was partly driven by higher mortgage servicing rights income, which rose due to the Merger, as Fentura had a substantial portfolio of mortgages held and serviced. Additionally, we recorded income from changes in the market value of a CRA-eligible mutual fund investment, which appreciated during the quarter. Trust income also increased as a result of higher estate settlement fees and customers obtained from the Merger. However, this was offset by a decline in earnings on life insurance policies, as the prior year included death benefits of $196,000 and $504,000 received in both the first and fourth quarters of 2024 respectively.

    Noninterest expense increased by $22.0 million for the three months ended March 31, 2025, compared to the same period in 2024. This increase was largely due to merger-related expenses of $17.2 million during the three months ended March 31, 2025, compared to $0 in the same period in the prior year. The remainder of the increase was primarily due to the addition of Fentura on March 1, 2025.  ChoiceOne is committed to managing costs strategically while making prudent investments to sustain our competitive edge and provide exceptional value to our customers, shareholders, and communities. 

    "The merger with Fentura Financial, Inc. and The State Bank has been a major step for ChoiceOne, significantly expanding our capabilities and market presence. As we integrate operations, we anticipate we will find the expected synergies in our combined entities and leverage the talented staff that has joined our team.   We are dedicated to supporting the customers and communities that have joined us through this merger, ensuring they receive the highest level of service and care as we move forward together," said Kelly Potes, Chief Executive Officer.

    About ChoiceOne

    ChoiceOne Financial Services, Inc. is a financial holding company headquartered in Sparta, Michigan, with assets over $4 billion, and the parent corporation of ChoiceOne Bank. Member FDIC. ChoiceOne Bank operates 56 offices in West, Central and Southeast Michigan. ChoiceOne Bank offers insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies, Inc. ChoiceOne Financial Services, Inc. common stock is quoted on the Nasdaq Capital Market under the symbol "COFS." For more information, please visit Investor Relations at ChoiceOne's website choiceone.bank.

    Forward-Looking Statements

    This news release contains forward-looking statements.  Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "is likely," "plans," "predicts," "projects," "may," "could," "look forward," "continue", "future" and variations of such words and similar expressions are intended to identify such forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding the outlook and expectations of ChoiceOne with respect to the Merger, including the strategic benefits and financial benefits of the Merger.  These statements reflect current beliefs as to the expected outcomes of future events and are not guarantees of future performance.  These statements involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence.  Therefore, actual results and outcomes may materially differ from what may be expressed, implied or forecasted in such forward-looking statements. Furthermore, ChoiceOne does not undertake any obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise. 

    Risk factors include, but are not limited to, the risk factors described in Item 1A in ChoiceOne's Annual Report on Form 10-K for the year ended December 31, 2024 and in any of ChoiceOne's subsequent SEC filings, which are available on the SEC's website, www.sec.gov.

    Non-GAAP Financial Measures

    In addition to results presented in accordance with GAAP, this presentation includes certain non-GAAP financial measures. ChoiceOne believes these non-GAAP financial measures provide additional information that is useful to investors in helping to understand underlying financial performance and condition and trends of ChoiceOne.

    Non-GAAP financial measures have inherent limitations. Readers should be aware of these limitations and should be cautious with respect to the use of such measures. To compensate for these limitations, non-GAAP measures are used as comparative tools, together with GAAP measures, to assist in the evaluation of operating performance or financial condition. These measures are also calculated using the appropriate GAAP or regulatory components in their entirety and are computed in a manner intended to facilitate consistent period-to-period comparisons. ChoiceOne's method of calculating these non-GAAP measures may differ from methods used by other companies. These non-GAAP measures should not be considered in isolation or as a substitute for those financial measures prepared in accordance with GAAP or in-effect regulatory requirements.

    Where non-GAAP financial measures are used, the most directly comparable GAAP or regulatory financial measure, as well as the reconciliation to the most directly comparable GAAP or regulatory financial measure, can be found in the tables to this news release under the heading non-GAAP reconciliation.

     

    Condensed Balance Sheets

    (Unaudited)



    (In thousands)



    March 31,

    2025





    December 31,

    2024





    March 31,

    2024



    Cash and cash equivalents



    $

    139,421





    $

    96,751





    $

    150,129



    Equity securities, at fair value





    9,328







    7,782







    6,560



    Securities Held to Maturity





    394,434







    394,534







    397,981



    Securities Available for Sale





    480,650







    479,117







    505,637



    Federal Home Loan Bank stock





    18,562







    9,383







    4,449



    Federal Reserve Bank stock





    12,357







    5,307







    5,065



    Loans held for sale





    3,941







    7,288







    6,035



    Loans to other financial institutions





    2,393







    39,878







    30,032



    Core loans





    2,922,562







    1,505,762







    1,388,558



      Total loans held for investment





    2,924,955







    1,545,640







    1,418,590



    Allowance for credit losses





    (34,567)







    (16,552)







    (16,037)



    Loans, net of allowance for credit losses





    2,890,388







    1,529,088







    1,402,553



    Premises and equipment





    44,284







    27,099







    28,268



    Cash surrender value of life insurance policies





    73,765







    44,896







    45,079



    Goodwill





    126,515







    59,946







    59,946



    Core deposit intangible





    35,153







    1,096







    1,651



    Other assets





    76,378







    60,956







    57,346























    Total Assets



    $

    4,305,176





    $

    2,723,243





    $

    2,670,699























    Noninterest-bearing deposits



    $

    912,033





    $

    524,945





    $

    502,685



    Interest-bearing deposits





    2,672,401







    1,652,647







    1,641,193



    Brokered deposits





    67,295







    36,511







    41,970



    Borrowings





    137,330







    175,000







    210,000



    Subordinated debentures





    48,186







    35,752







    35,568



    Other liabilities





    41,078







    37,973







    32,527























    Total Liabilities





    3,878,323







    2,462,828







    2,463,943























    Common stock and paid-in capital, no par value; shares authorized: 30,000,000; shares outstanding: 14,975,034 at March 31, 2025, 8,965,483 at December 31, 2024, and 7,556,137 at March 31, 2024.





    397,860







    206,780







    173,786



    Retained earnings





    73,316







    91,414







    77,294



    Accumulated other comprehensive income (loss), net





    (44,323)







    (37,779)







    (44,324)



    Shareholders' Equity





    426,853







    260,415







    206,756























    Total Liabilities and Shareholders' Equity



    $

    4,305,176





    $

    2,723,243





    $

    2,670,699



     

    Condensed Statements of Operations

    (Unaudited)







    Three Months Ended





    (Dollars in thousands, except per share data)



    March 31,

    2025





    December 31,

    2024





    March 31,

    2024





    Interest income





















    Loans, including fees



    $

    32,641





    $

    23,571





    $

    20,786





    Securities:





















    Taxable





    4,730







    4,846







    5,348





    Tax exempt





    1,409







    1,390







    1,412





    Other





    1,179







    1,231







    886





    Total interest income





    39,959







    31,038







    28,432



























    Interest expense





















    Deposits





    10,716







    8,710







    8,777





    Advances from Federal Home Loan Bank





    2,052







    669







    441





    Other





    880







    2,310







    2,740





    Total interest expense





    13,648







    11,689







    11,958



























    Net interest income





    26,311







    19,349







    16,474





    Provision for credit losses on loans





    13,163







    200







    403





    Provision for (reversal of) credit losses on unfunded commitments





    -







    -







    (403)





    Net Provision for credit losses expense





    13,163







    200







    -





    Net interest income after provision





    13,148







    19,149







    16,474



























    Noninterest income





















    Customer service charges





    1,181







    1,288







    1,193





    Credit and debit card fees





    1,509







    1,443







    1,212





    Insurance and investment commissions





    295







    170







    198





    Gains on sales of loans





    444







    829







    454





    Net gains (losses) on sales and write downs of other assets





    10







    (5)







    1





    Earnings on life insurance policies





    389







    819







    495





    Trust income





    506







    241







    213





    Change in market value of equity securities





    107







    (46)







    35





    Other





    481







    255







    250





    Total noninterest income





    4,922







    4,994







    4,051



























    Noninterest expense





















    Salaries and benefits





    10,320







    8,941







    7,831





    Occupancy and equipment





    1,719







    1,383







    1,462





    Data processing





    1,999







    1,500







    1,341





    Communication





    380







    340







    329





    Professional fees





    697







    653







    615





    Supplies and postage





    244







    179







    178





    Advertising and promotional





    256







    271







    150





    Intangible amortization





    680







    153







    203





    FDIC insurance





    455







    180







    375





    Merger related expenses





    17,203







    394







    -





    Other





    1,712







    1,350







    1,200





    Total noninterest expense





    35,665







    15,344







    13,684



























    Income (loss) before income tax





    (17,595)







    8,799







    6,841





    Income tax expense (benefit)





    (3,689)







    1,640







    1,207



























    Net income (loss)



    $

    (13,906)





    $

    7,159





    $

    5,634



























    Basic earnings (loss) per share



    $

    (1.30)





    $

    0.79





    $

    0.75





    Diluted earnings (loss) per share



    $

    (1.29)





    $

    0.79





    $

    0.74





    Dividends declared per share



    $

    0.28





    $

    0.28





    $

    0.27





     

    Income Adjusted for Merger Expenses - Non-GAAP Reconciliation

    (Unaudited)







    Three Months Ended





    March 31,

    2025





    December 31,

    2024





    March 31,

    2024





    (In Thousands, Except Per Share Data)





















    Net income (loss)



    $

    (13,906)





    $

    7,159





    $

    5,634



























    Merger related expenses net of tax





    13,753







    373







    -





    Merger related provision for credit losses, net of tax (1)





    9,463







    -











    Adjusted net income



    $

    9,310





    $

    7,532





    $

    5,634



























    Weighted average number of shares





    10,723,310







    8,963,258







    7,552,680





    Diluted average shares outstanding





    10,787,326







    9,024,567







    7,600,016





    Basic earnings (loss) per share



    $

    (1.30)





    $

    0.79





    $

    0.75





    Diluted earnings (loss) per share



    $

    (1.29)





    $

    0.79





    $

    0.74





    Adjusted basic earnings per share



    $

    0.87





    $

    0.84





    $

    0.75





    Adjusted diluted earnings per share



    $

    0.86





    $

    0.83





    $

    0.74







    (1) Merger related provision for credit loss represents the calculated credit loss on Non-PCD loans acquired during the Merger on March 1, 2025.

     

    NON-GAAP Reconciliation



    2025 1st

    Qtr.





    2024 4th

    Qtr.





    2024  3rd

    Qtr.





    2024  2nd

    Qtr.





    2024 1st

    Qtr.



    Net interest income (tax-equivalent basis) (Non-GAAP)



    $

    26,710





    $

    19,739





    $

    20,631





    $

    18,756





    $

    16,871



    Net interest margin (fully tax-equivalent)





    3.48

    %





    3.04

    %





    3.23

    %





    3.01

    %





    2.74

    %

































    Reconciliation to Reported Net Interest Income































































    Net interest income (tax-equivalent basis) (Non-GAAP)



    $

    26,710





    $

    19,739





    $

    20,631





    $

    18,756





    $

    16,871



































    Adjustment for taxable equivalent interest





    (399)







    (390)







    (383)







    (385)







    (397)



































    Net interest income  (GAAP)



    $

    26,311





    $

    19,349





    $

    20,248





    $

    18,371





    $

    16,474



    Net interest margin (GAAP)





    3.43

    %





    2.98

    %





    3.17

    %





    2.95

    %





    2.67

    %

     

     

     

    Other Selected Financial Highlights

    (Unaudited)







    Quarterly



    Earnings



    2025 1st

    Qtr.





    2024 4th

    Qtr.





    2024 3rd

    Qtr.





    2024 2nd

    Qtr.





    2024 1st

    Qtr.



    (in thousands except per share data)































    Net interest income



    $

    26,311





    $

    19,349





    $

    20,248





    $

    18,371





    $

    16,474



    Net provision expense





    13,163







    200







    425







    -







    -



    Noninterest income





    4,922







    4,994







    4,867







    4,083







    4,051



    Noninterest expense





    35,665







    15,344







    15,417







    14,278







    13,684



    Net income (loss) before federal income tax expense





    (17,595)







    8,799







    9,273







    8,176







    6,841



    Income tax expense (benefit)





    (3,689)







    1,640







    1,925







    1,590







    1,207



    Net income (loss)





    (13,906)







    7,159







    7,348







    6,586







    5,634



    Basic earnings (loss) per share





    (1.30)







    0.79







    0.86







    0.87







    0.75



    Diluted earnings (loss) per share





    (1.29)







    0.79







    0.85







    0.87







    0.74



    Adjusted basic earnings per share





    0.87







    0.84







    0.94







    0.87







    0.75



    Adjusted diluted earnings per share





    0.86







    0.83







    0.93







    0.87







    0.74













































    End of period balances



    2025 1st

    Qtr.





    2024 4th

    Qtr.





    2024 3rd

    Qtr.





    2024 2nd

    Qtr.





    2024 1st

    Qtr.



    (in thousands)































    Gross loans



    $

    2,928,896





    $

    1,552,928





    $

    1,509,944





    $

    1,443,473





    $

    1,424,625



    Loans held for sale (1)





    3,941







    7,288







    5,994







    5,946







    6,035



    Loans to other financial institutions (2)





    2,393







    39,878







    38,492







    36,569







    30,032



    Core loans (gross loans excluding 1 and 2 above)





    2,922,562







    1,505,762







    1,465,458







    1,400,958







    1,388,558



    Allowance for credit losses





    34,567







    16,552







    16,490







    16,152







    16,037



    Securities available for sale





    480,650







    479,117







    497,552







    491,670







    504,636



    Securities held to maturity





    394,434







    394,534







    391,954







    392,699







    397,981



    Other interest-earning assets





    110,605







    86,185







    116,643







    84,484







    100,175



    Total earning assets (before allowance)





    3,914,585







    2,512,764







    2,516,093







    2,412,326







    2,427,417



    Total assets





    4,305,176







    2,723,243







    2,726,003







    2,623,067







    2,670,699



    Noninterest-bearing deposits





    912,033







    524,945







    521,055







    517,137







    502,685



    Interest-bearing deposits





    2,672,401







    1,652,647







    1,680,546







    1,582,365







    1,641,193



    Brokered deposits





    67,295







    36,511







    6,627







    27,177







    41,970



    Total deposits





    3,651,729







    2,214,103







    2,208,228







    2,126,679







    2,185,848



    Deposits excluding brokered





    3,584,434







    2,177,592







    2,201,601







    2,099,502







    2,143,878



    Total subordinated debt





    48,186







    35,752







    35,691







    35,630







    35,568



    Total borrowed funds





    137,330







    175,000







    210,000







    210,000







    210,000



    Other interest-bearing liabilities





    13,420







    24,003







    4,956







    22,378







    21,512



    Total interest-bearing liabilities





    2,938,632







    1,923,913







    1,937,820







    1,877,550







    1,950,243



    Shareholders' equity





    426,853







    260,415







    247,746







    214,519







    206,756













































    Average Balances



    2025 1st

    Qtr.





    2024 4th

    Qtr.





    2024 3rd

    Qtr.





    2024 2nd

    Qtr.





    2024 1st

    Qtr.



    (in thousands)































    Loans



    $

    2,019,643





    $

    1,516,466





    $

    1,460,033





    $

    1,435,966





    $

    1,412,569



    Securities





    978,769







    965,501







    970,913







    986,281







    1,002,140



    Other interest-earning assets





    115,091







    100,864







    108,019







    80,280







    64,064



    Total earning assets (before allowance)





    3,113,503







    2,582,831







    2,538,965







    2,502,527







    2,478,773



    Total assets





    3,319,591







    2,719,530







    2,685,190







    2,647,716







    2,621,009



    Noninterest-bearing deposits





    651,424







    536,653







    519,511







    516,308







    506,175



    Interest-bearing deposits





    2,030,543







    1,641,102







    1,634,255







    1,601,020







    1,599,509



    Brokered deposits





    45,553







    19,620







    17,227







    34,218







    34,708



    Total deposits





    2,727,520







    2,197,375







    2,170,993







    2,151,546







    2,140,392



    Total subordinated debt





    40,182







    35,719







    35,658







    35,596







    35,535



    Total borrowed funds





    193,961







    197,828







    210,000







    210,000







    214,835



    Other interest-bearing liabilities





    20,553







    16,928







    11,756







    26,426







    18,399



    Total interest-bearing liabilities





    2,330,792







    1,911,197







    1,908,896







    1,907,260







    1,902,986



    Shareholders' equity





    302,537







    254,737







    237,875







    210,742







    200,177













































    Loan Breakout (in thousands)



    2025 1st

    Qtr.





    2024 4th

    Qtr.





    2024 3rd

    Qtr.





    2024 2nd

    Qtr.





    2024 1st

    Qtr.



    Agricultural



    $

    48,165





    $

    48,221





    $

    49,147





    $

    45,274





    $

    41,950



    Commercial and Industrial





    345,138







    228,256







    229,232







    224,031







    231,222



    Commercial Real Estate





    1,757,599







    901,130







    862,773







    804,213







    794,705



    Consumer





    30,932







    29,412







    30,693







    32,811







    34,268



    Construction Real Estate





    18,067







    17,042







    14,555







    18,751







    17,890



    Residential Real Estate





    722,661







    281,701







    279,058







    275,878







    268,523



    Loans to Other Financial Institutions





    2,393







    39,878







    38,492







    36,569







    30,032



    Gross Loans (excluding held for sale)



    $

    2,924,955





    $

    1,545,640





    $

    1,503,950





    $

    1,437,527





    $

    1,418,590



































    Allowance for credit losses





    34,567







    16,552







    16,490







    16,152







    16,037



































    Net loans



    $

    2,890,388





    $

    1,529,088





    $

    1,487,460





    $

    1,421,375





    $

    1,402,553



































    Performance Ratios



    2025 1st

    Qtr.





    2024 4th

    Qtr.





    2024 3rd

    Qtr.





    2024 2nd

    Qtr.





    2024 1st

    Qtr.



































    Annualized return on average assets





    -1.68

    %





    1.05

    %





    1.09

    %





    0.99

    %





    0.86

    %

    Annualized return on average equity





    -18.39

    %





    11.24

    %





    12.36

    %





    12.50

    %





    11.26

    %

    Annualized return on average tangible common equity





    -27.97

    %





    14.54

    %





    16.29

    %





    17.22

    %





    15.81

    %

    Net interest margin (GAAP)





    3.43

    %





    2.98

    %





    3.17

    %





    2.95

    %





    2.67

    %

    Net interest margin (fully tax-equivalent)





    3.48

    %





    3.04

    %





    3.23

    %





    3.01

    %





    2.74

    %

    Efficiency ratio





    111.01

    %





    61.29

    %





    60.80

    %





    61.47

    %





    64.55

    %

    Annualized cost of funds





    1.86

    %





    1.90

    %





    1.87

    %





    1.92

    %





    2.00

    %

    Annualized cost of deposits





    1.59

    %





    1.58

    %





    1.53

    %





    1.56

    %





    1.65

    %

    Cost of interest bearing liabilities





    2.37

    %





    2.43

    %





    2.38

    %





    2.44

    %





    2.53

    %

    Shareholders' equity to total assets





    9.91

    %





    9.56

    %





    9.09

    %





    8.18

    %





    7.74

    %

    Tangible common equity to tangible assets





    6.40

    %





    7.49

    %





    7.00

    %





    5.98

    %





    5.56

    %

    Annualized noninterest expense to average assets





    4.30

    %





    2.26

    %





    2.30

    %





    2.16

    %





    2.09

    %

    Loan to deposit





    80.21

    %





    70.14

    %





    68.38

    %





    67.87

    %





    65.17

    %

    Full-time equivalent employees





    605







    377







    371







    368







    367













































    Capital Ratios ChoiceOne Financial Services Inc.



    2025 1st

    Qtr.





    2024 4th

    Qtr.





    2024 3rd

    Qtr.





    2024 2nd

    Qtr.





    2024 1st

    Qtr.



































    Total capital (to risk weighted assets)





    12.0

    %





    14.5

    %





    15.0

    %





    13.5

    %





    13.3

    %

    Common equity Tier 1 capital (to risk weighted assets)





    9.4

    %





    12.0

    %





    12.3

    %





    10.7

    %





    10.5

    %

    Tier 1 capital (to risk weighted assets)





    10.0

    %





    12.2

    %





    12.5

    %





    10.9

    %





    10.7

    %

    Tier 1 capital (to average assets)





    10.4

    %





    9.1

    %





    9.0

    %





    7.7

    %





    7.6

    %

    Tier 1 capital (to total assets)





    7.6

    %





    8.9

    %





    8.7

    %





    7.6

    %





    7.3

    %

    Commercial Real Estate Loans (non-owner occupied) as a percentage of total capital





    302.0

    %





    195.6

    %





    193.3

    %





    205.1

    %





    206.8

    %











































    Capital Ratios ChoiceOne Bank



    2025 1st

    Qtr.





    2024 4th

    Qtr.





    2024 3rd

    Qtr.





    2024 2nd

    Qtr.





    2024 1st

    Qtr.



































    Total capital (to risk weighted assets)





    11.9

    %





    12.7

    %





    13.1

    %





    13.2

    %





    12.6

    %

    Common equity Tier 1 capital (to risk weighted assets)





    10.9

    %





    12.0

    %





    12.3

    %





    12.5

    %





    11.8

    %

    Tier 1 capital (to risk weighted assets)





    10.9

    %





    12.0

    %





    12.3

    %





    12.5

    %





    11.8

    %

    Tier 1 capital (to average assets)





    11.3

    %





    8.9

    %





    8.9

    %





    8.8

    %





    8.3

    %

    Tier 1 capital (to total assets)





    8.3

    %





    8.7

    %





    8.5

    %





    8.7

    %





    8.0

    %

    Commercial Real Estate Loans (non-owner occupied) as a percentage of total capital





    303.9

    %





    224.9

    %





    222.2

    %





    208.9

    %





    218.2

    %











































    Asset Quality



    2025 1st

    Qtr.





    2024 4th

    Qtr.





    2024 3rd

    Qtr.





    2024 2nd

    Qtr.





    2024 1st

    Qtr.



    (in thousands)































    Net loan charge-offs (recoveries)



    $

    72





    $

    138





    $

    87





    $

    157





    $

    51



    Annualized net loan charge-offs (recoveries) to average loans





    0.01

    %





    0.04

    %





    0.02

    %





    0.04

    %





    0.01

    %

    Allowance for credit losses



    $

    34,567





    $

    16,552





    $

    16,490





    $

    16,152





    $

    16,037



    Unfunded commitment liability



    $

    1,647





    $

    1,485





    $

    1,485





    $

    1,485





    $

    1,757



    Allowance to loans (excludes held for sale)





    1.18

    %





    1.07

    %





    1.10

    %





    1.12

    %





    1.13

    %

    Total funds reserved to pay for loans (includes liability for unfunded commitments and excludes held for sale)





    1.24

    %





    1.17

    %





    1.20

    %





    1.23

    %





    1.25

    %

    Non-Accruing loans



    $

    16,789





    $

    3,704





    $

    2,355





    $

    2,086





    $

    1,715



    Nonperforming loans (includes OREO)



    $

    19,154





    $

    4,177





    $

    2,884





    $

    2,358





    $

    1,837



    Nonperforming loans to total loans (excludes held for sale)





    0.65

    %





    0.27

    %





    0.19

    %





    0.16

    %





    0.13

    %

    Non Accrual classified as PCD



    $

    12,891







    -







    -







    -







    -



    Nonperforming loans to total loans (excludes held for sale) attributed to PCD





    0.44

    %





    0.00

    %





    0.00

    %





    0.00

    %





    0.00

    %

    Nonperforming assets to total assets





    0.44

    %





    0.15

    %





    0.11

    %





    0.09

    %





    0.07

    %











































     



    Three Months Ended March 31,







    2025





    2024





    (Dollars in thousands)

    Average

















    Average



















    Balance





    Interest





    Rate





    Balance





    Interest





    Rate





    Assets:





































    Loans (1)(3)(4)(5)

    $

    2,019,643





    $

    32,666





    6.56



    %

    $

    1,412,569





    $

    20,807





    5.92



    %

    Taxable securities (2)



    689,891







    4,730





    2.78







    710,508







    5,348





    3.03





    Nontaxable securities (1)



    288,878







    1,783







    2.50







    291,632







    1,788





    2.47





    Other



    115,091







    1,179





    4.15







    64,064





    886





    5.56





    Interest-earning assets



    3,113,503







    40,358





    5.26







    2,478,773







    28,829





    4.68





    Noninterest-earning assets



    206,088



















    142,236

















    Total assets

    $

    3,319,591

















    $

    2,621,009























































    Liabilities and Shareholders' Equity:





































    Interest-bearing demand deposits

    $

    1,111,903





    $

    4,420





    1.61



    %

    $

    883,372





    $

    3,577





    1.63



    %

    Savings deposits



    431,192





    883





    0.83







    338,497





    641





    0.76





    Certificates of deposit



    487,448







    4,950





    4.12







    377,640







    4,115





    4.38





    Brokered deposit



    45,553





    463





    4.12







    34,708





    444





    5.14





    Borrowings



    193,961







    2,191





    4.58







    214,835







    2,523





    4.72





    Subordinated debentures



    40,182





    518





    5.23







    35,535





    412





    4.67





    Other



    20,553





    223





    4.41







    19,699





    246





    5.02





    Interest-bearing liabilities



    2,330,792







    13,648





    2.37







    1,904,286







    11,958





    2.53





    Demand deposits



    651,424



















    506,175

















    Other noninterest-bearing liabilities



    34,838



















    10,371

















    Total liabilities



    3,017,054



















    2,420,832

















    Shareholders' equity



    302,537



















    200,177

















    Total liabilities and shareholders' equity

    $

    3,319,591

















    $

    2,621,009























































    Net interest income (tax-equivalent basis) (Non-GAAP) (1)







    $

    26,710















    $

    16,871

















































    Net interest margin (tax-equivalent basis) (Non-GAAP) (1)















    3.48



    %















    2.74



    %







































    Reconciliation to Reported Net Interest Income





































    Net interest income (tax-equivalent basis) (Non-GAAP) (1)







    $

    26,710

















    $

    16,871











    Adjustment for taxable equivalent interest









    (399)



















    (397)











    Net interest income  (GAAP)







    $

    26,311

















    $

    16,474











    Net interest margin (GAAP)















    3.43



    %















    2.67



    %





    (1)

    Adjusted to a fully tax-equivalent basis to facilitate comparison to the taxable interest-earning assets. The adjustment uses an incremental tax rate of 21%.  The presentation of these measures on a tax-equivalent basis is not in accordance with GAAP, but is customary in the banking industry.  These non-GAAP measures ensure comparability with respect to both taxable and tax-exempt loans and securities.

    (2)

    Taxable securities include dividend income from Federal Home Loan Bank and Federal Reserve Bank stock.

    (3)

    Loans include both loans to other financial institutions and loans held for sale.

    (4)

    Non-accruing loan balances are included in the balances of average loans.  Non-accruing loan average balances were $13.6 million and $1.7 million in the first quarter of 2025 and 2024, respectively. 

    (5)

    Interest on loans included net origination fees and accretion income.  Accretion income was $2.9 million and $390,000 in the first quarter of 2025 and 2024, respectively.

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/choiceone-reports-first-quarter-2025-results-302442134.html

    SOURCE ChoiceOne Financial Services, Inc.

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    • Hovde Group initiated coverage on ChoiceOne Financial Services with a new price target

      Hovde Group initiated coverage of ChoiceOne Financial Services with a rating of Outperform and set a new price target of $35.00

      3/10/25 9:28:07 AM ET
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      Major Banks
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    • ChoiceOne Financial Services upgraded by Janney

      Janney upgraded ChoiceOne Financial Services from Neutral to Buy

      3/3/25 12:57:40 PM ET
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      Major Banks
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    • DA Davidson initiated coverage on ChoiceOne Financial Services with a new price target

      DA Davidson initiated coverage of ChoiceOne Financial Services with a rating of Buy and set a new price target of $37.00

      10/18/24 7:27:59 AM ET
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    Leadership Updates

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    • Chairman Jack G. Hendon Retires from ChoiceOne Boards of Directors, Gregory A. McConnell Appointed Chairman of ChoiceOne Boards of Directors, Roxanne M. Page Appointed Vice Chairwoman of ChoiceOne Boards of Directors

      SPARTA, Mich., May 21, 2025 /PRNewswire/ -- The Boards of Directors of ChoiceOne Financial Services, Inc. (NASDAQ:COFS) ("ChoiceOne"), and ChoiceOne Bank announce the retirement of Chairman Jack G. Hendon from the Boards of Directors of ChoiceOne and ChoiceOne Bank effective July 5, 2025. Hendon is retiring pursuant to ChoiceOne's mandatory retirement policy for directors. "It is with sincere appreciation that we announce the retirement of our Chairman of the Boards, Jack Hendon," said ChoiceOne CEO Kelly Potes. "We have had the honor to work with Jack for the last 12 years. H

      5/21/25 9:00:00 AM ET
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    • ChoiceOne Financial Services, Inc. Announces Merger with Fentura Financial, Inc.

      SPARTA, Mich. and FENTON, Mich., July 25, 2024 (GLOBE NEWSWIRE) -- ChoiceOne Financial Services, Inc. (NASDAQ:COFS) ("ChoiceOne"), the parent company of ChoiceOne Bank, and Fentura Financial, Inc. (OTCQX:FETM) ("Fentura"), the parent company of The State Bank, today announced the signing of a definitive merger agreement pursuant to which ChoiceOne and Fentura will merge in an all-stock transaction. The agreement was unanimously approved by the boards of directors of both companies. Once completed, the combination will create the third largest publicly traded bank in Michigan with approximately $4.3 billion in consolidated total assets and 56 offices in Western, Central and Southeastern

      7/25/24 8:08:46 AM ET
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    • ChoiceOne Financial Services, Inc. Announces Merger with Fentura Financial, Inc.

      SPARTA, Mich. and FENTON, Mich., July 25, 2024 /PRNewswire/ -- ChoiceOne Financial Services, Inc. (NASDAQ:COFS) ("ChoiceOne"), the parent company of ChoiceOne Bank, and Fentura Financial, Inc. (OTCQX:FETM) ("Fentura"), the parent company of The State Bank, today announced the signing of a definitive merger agreement pursuant to which ChoiceOne and Fentura will merge in an all-stock transaction. The agreement was unanimously approved by the boards of directors of both companies. Once completed, the combination will create the third largest publicly traded bank in Michigan with

      7/25/24 8:00:00 AM ET
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    Financials

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    • ChoiceOne Financial Announces Cash Dividends

      SPARTA, Mich., May 21, 2025 /PRNewswire/ -- ChoiceOne Financial Services, Inc. announced today that its Board of Directors has declared a cash dividend on the Corporation's common stock of $0.28 per share. The cash dividend is payable to shareholders of record as of June 13, 2025, and will be paid on June 30, 2025. The dividend declared for the second quarter of 2025 is equal to the dividend paid in the first quarter of 2025 and $0.01 higher than the dividend paid in the second quarter of 2024. ChoiceOne Financial Services, Inc. is a financial holding company headquartered in

      5/21/25 4:15:00 PM ET
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    • ChoiceOne Reports First Quarter 2025 Results

      SPARTA, Mich., April 30, 2025 /PRNewswire/ -- ChoiceOne Financial Services, Inc. ("ChoiceOne") (NASDAQ:COFS), the parent company for ChoiceOne Bank, reported financial results for the quarter ended March 31, 2025.  On March 1, 2025, ChoiceOne completed the merger (the "Merger") of Fentura Financial, Inc. ("Fentura"), the former parent company of The State Bank, with and into ChoiceOne with ChoiceOne surviving the merger.  On March 14, 2025, the consolidation of The State Bank with and into ChoiceOne Bank with ChoiceOne Bank surviving the consolidation was completed.  Accordingly, the reported consolidated financial results for the first quarter ended March 31, 2025 include financial results

      4/30/25 8:00:00 AM ET
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    • ChoiceOne Financial Announces Cash Dividends

      SPARTA, Mich., Feb. 26, 2025 /PRNewswire/ -- ChoiceOne Financial Services, Inc. announced today that its Board of Directors has declared a cash dividend on the Corporation's common stock of $0.28 per share. The cash dividend is payable to shareholders of record as of March 14, 2025, and will be paid on March 31, 2025. The dividend declared for the first quarter of 2025 is equal to the dividend paid in the fourth quarter of 2024 and $0.01 higher than the dividend paid in the first quarter of 2024.   ChoiceOne Financial Services, Inc. is a financial holding company headquartered

      2/26/25 4:01:00 PM ET
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    SEC Filings

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    • ChoiceOne Financial Services Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits

      8-K - CHOICEONE FINANCIAL SERVICES INC (0000803164) (Filer)

      5/21/25 9:03:18 AM ET
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    • ChoiceOne Financial Services Inc. filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - CHOICEONE FINANCIAL SERVICES INC (0000803164) (Filer)

      5/21/25 8:01:07 AM ET
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    • SEC Form 10-Q filed by ChoiceOne Financial Services Inc.

      10-Q - CHOICEONE FINANCIAL SERVICES INC (0000803164) (Filer)

      5/12/25 4:01:54 PM ET
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    Insider Trading

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    • Secretary Greenland Adom covered exercise/tax liability with 185 shares and was granted 658 shares, increasing direct ownership by 3% to 15,465 units (SEC Form 4)

      4 - CHOICEONE FINANCIAL SERVICES INC (0000803164) (Issuer)

      5/2/25 5:29:03 PM ET
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    • President Burke Michael J Jr covered exercise/tax liability with 458 shares and was granted 1,194 shares (SEC Form 4)

      4 - CHOICEONE FINANCIAL SERVICES INC (0000803164) (Issuer)

      5/2/25 5:27:01 PM ET
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    • E.V.P. - ChoiceOne Bank (Sub.) Henion Bradley covered exercise/tax liability with 209 shares and was granted 658 shares, increasing direct ownership by 10% to 4,876 units (SEC Form 4)

      4 - CHOICEONE FINANCIAL SERVICES INC (0000803164) (Issuer)

      5/2/25 5:25:10 PM ET
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    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

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    • Director Coulter Curt E bought $298 worth of shares (10 units at $29.78), increasing direct ownership by 0.11% to 8,851 units (SEC Form 4)

      4 - CHOICEONE FINANCIAL SERVICES INC (0000803164) (Issuer)

      3/18/25 9:58:31 AM ET
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    • Director Mcginnis Bradley F. bought $32,840 worth of shares (1,000 units at $32.84) (SEC Form 4)

      4 - CHOICEONE FINANCIAL SERVICES INC (0000803164) (Issuer)

      2/18/25 1:00:28 PM ET
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    • President Burke Michael J Jr bought $13,375 worth of shares (500 units at $26.75) (SEC Form 4)

      4 - CHOICEONE FINANCIAL SERVICES INC (0000803164) (Issuer)

      8/13/24 10:01:09 AM ET
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