0000950170-23-055008.txt : 20231025 0000950170-23-055008.hdr.sgml : 20231025 20231025082219 ACCESSION NUMBER: 0000950170-23-055008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20231025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231025 DATE AS OF CHANGE: 20231025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHOICEONE FINANCIAL SERVICES INC CENTRAL INDEX KEY: 0000803164 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 382659066 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39209 FILM NUMBER: 231344075 BUSINESS ADDRESS: STREET 1: 109 E DIVISION STREET 2: P O BOX 186 CITY: SPARTA STATE: MI ZIP: 49345-0186 BUSINESS PHONE: 6168877366 MAIL ADDRESS: STREET 1: 109 EAST DIVISION STREET 2: P O BOX 186 CITY: SPARTA STATE: MI ZIP: 49345-0186 FORMER COMPANY: FORMER CONFORMED NAME: 1ST COMMUNITY BANCORP INC DATE OF NAME CHANGE: 19920703 8-K 1 cofs-20231025.htm 8-K 8-K
0000803164false00008031642023-10-252023-10-25

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 25, 2023

ChoiceOne Financial Services, Inc.
(Exact Name of Registrant as
Specified in its Charter)

Michigan
(State or Other Jurisdiction
of Incorporation)

000-19202
(Commission
File Number)

38-2659066
(IRS Employer
Identification No.)

109 E. Division Street
Sparta, Michigan
(Address of Principal Executive Offices)


49345
(Zip Code)

Registrant's telephone number, including area code: (616) 887-7366

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock

COFS

NASDAQ Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

On October 25, 2023, ChoiceOne Financial Services, Inc. issued the press release attached as Exhibit 99.1 to this Form 8-K, which is here incorporated by reference. This Report and the Exhibit are furnished to, and not filed with, the Commission.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits:

99.1

Press Release dated October 25, 2023. This Exhibit is furnished to, and not filed with, the Commission.

104

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated:

October 25, 2023

CHOICEONE FINANCIAL SERVICES, INC.
(Registrant)

By:

/s/ Adom J. Greenland

Adom J. Greenland
Its Chief Financial Officer and Treasurer

 

 EX-99.1 2 cofs-ex99_1.htm EX-99.1 EX-99.1

 

EXHIBIT 99.1

 

img110299532_0.jpg

News Release

ChoiceOne Reports Third Quarter 2023 Results

Sparta, Michigan – October 25, 2023 – ChoiceOne Financial Services, Inc. ("ChoiceOne", NASDAQ:COFS), the parent company for ChoiceOne Bank, reported financial results for the quarter ended September 30, 2023.

Financial Highlights

•
Founded in 1898, ChoiceOne Bank celebrates its 125th anniversary serving local Michigan communities. ChoiceOne celebrates this accomplishment by ringing the opening bell on the NASDAQ trading floor on October 30th, 2023.
•
ChoiceOne reported net income of $5,122,000 and $15,968,000 for the three and nine months ended September 30, 2023, compared to $5,813,000 and $16,956,000 for the same periods in 2022.
•
Diluted earnings per share were $0.68 and $2.12 in the three and nine months ended September 30, 2023, compared to $0.77 and $2.26 per share in the same periods in the prior year.
•
Core loans, which exclude held for sale loans, loans to other financial institutions, and Paycheck Protection Program ("PPP") loans, grew organically by $60.6 million or an annualized 19.8% during the third quarter of 2023 and $153.6 million or 13.6% since September 30, 2022. Loan interest income increased $4.2 million and $10.2 million in the third quarter of 2023 and first nine months of 2023, compared to the same periods in 2022, respectively.
•
Deposits, excluding brokered deposits, increased by $48.9 million or an annualized 9.6% in the third quarter of 2023. The increase in deposits in the third quarter is a combination of new business, recapture of deposit losses from earlier in the year, and some seasonality of municipal balances.
•
The increase in earning assets, largely fixed borrowing costs, and moderate deposit increases have helped stabilize net interest income at $16.2 million in the third quarter of 2023 compared to $16.1 million in the second quarter of 2023. Net interest margin (fully tax-equivalent) in the third quarter was 2.70% a decrease from 2.86% in the second quarter of 2023. Net interest margin (fully tax-equivalent) in the month of September 2023 was 2.70% and was steady throughout the third quarter.
•
Asset quality remains strong with only 0.01% of nonperforming loans to total loans as of September 30, 2023.

 

 

"Our focus has always been on building quality local relationships while delivering top-notch service. The growth in our core loans and local deposits in the third quarter 2023 is a testament to this strategy and the hard work of our experienced team. Asset quality continues to be excellent, and our net interest income has stabilized through the organic growth of earning assets while controlling funding costs. ChoiceOne bank celebrated our 125thanniversary this quarter and we thank our loyal customers and employees for their support and contribution." said Kelly Potes, Chief Executive Officer.

 

ChoiceOne reported net income of $5,122,000 and $15,968,000 for the three and nine months ended September 30, 2023, compared to $5,813,000 and $16,956,000 for the same periods in 2022. Diluted earnings per share were $0.68 and $2.12 in the three and nine months ended September 30, 2023, compared to $0.77 and $2.26 per share in the same periods in the prior year. The increase in deposit costs during the first nine months of 2023 has negatively impacted earnings, offset by higher interest income from higher interest rates on loans and organic loan growth.

Total assets as of September 30, 2023, increased $90.5 million as compared to June 30, 2023. The asset growth during the third quarter is due to an increase in cash of $67.9 million and an increase in core loans of $60.6 million offset by a decrease in securities of $41.2 million. Asset growth from September 30, 2022 to September 30, 2023 of $210.7 million is due to an increase in cash of $93.2 million and an increase in core loans of $153.6 million or 13.6% offset by a decrease in securities of $52.5 million. ChoiceOne management has intentionally increased liquidity to fund organic loan growth while shifting earning assets into loans as demonstrated by the growth during the three and nine months ended September 30, 2023.

Deposits, excluding brokered deposits, increased by $48.9 million or an annualized 9.6% in the third quarter of 2023 and decreased $72.7 million or 3.4% as of September 30, 2023 compared to September 30, 2022. The decrease in deposits since September 30, 2022

 

1

 

was largely concentrated in the first quarter of 2023 as a result of a combination of customers using cash on hand for debt payoffs, seasonal tax and municipal bond payments, and customers seeking higher rates in money market securities or other investments. Deposits grew in the third quarter of 2023 due to new business, recapture of deposit losses, and some seasonality in municipal balances. ChoiceOne continues to be proactive in managing its liquidity position by using brokered deposits, the Bank Term Funding Program ("BTFP") and FHLB advances to ensure ample liquidity. At September 30, 2023, total available borrowing capacity from all sources was $796.1 million. Uninsured deposits total $724.1 million or 34.7% of deposits at September 30, 2023.

 

The cost of deposits has increased to 1.36% during the three months ended September 30, 2023, compared to 0.98% and 0.29% for the three months ended June 30, 2023 and September 30, 2022, respectively, due to rising short term interest rates and is expected to continue to increase as deposits reprice and customers migrate to CD products. ChoiceOne is actively managing these costs and expects rates paid on deposits to continue to lag the federal funds rate. Interest expense on borrowings for the three and nine months ended September 30, 2023, increased $2.5 million and $5.0 million, respectively, compared to the same periods in the prior year, due to increase in borrowing amounts and interest rates. Borrowings include $160 million from the BTFP with a fixed rate of 4.71% through May 2024 and $20 million of FHLB borrowings with a fixed rate of 4.88% through July of 2025. This funding structure has helped moderate interest expense increases in the third quarter as rates have risen. Total cost of funds increased to 1.70% in the third quarter of 2023 compared to 1.29% in the second quarter of 2023 and 0.35% in the second quarter of 2022.

No provision for credit losses expense was incurred in the third quarter of 2023. Core loan growth was offset by improvements in the Federal Open Market Committee ("FOMC") forecast for unemployment and GDP growth and a decrease in the unfunded loans and other commitments liability. The ratio of the allowance for credit losses to total loans (excluding loans held for sale) was 1.14% compared to 1.15% on June 30, 2023. Asset quality continues to remain strong, with annualized net loan charge-offs to average loans of 0.05% and nonperforming loans to total loans (excluding loans held for sale) of 0.14%.

 

With recent news of a strike of United Auto Workers, ChoiceOne performed a review of loans in the automotive sector. ChoiceOne has total outstanding loans to businesses in the automotive sector of $50.2 million or 3.9% of core loans. These are primarily Tier 2 and 3 suppliers, many of which serve multiple industries and manufacturers. The average balance of the loans was $518,000, with no individual loan larger than $3 million. All automotive loans were performing as of September 30, 2023.

ChoiceOne uses interest rate swaps to manage interest rate exposure to certain fixed assets and variable rate liabilities. On September 30, 2023, ChoiceOne had pay-fixed interest rate swaps with a total notional value of $401.0 million, a weighted average coupon of 3.07%, and a fair value of $29.9 million and an average contract length of 8 to 9 years. These derivative instruments increase in value as long-term interest rates rise, which offsets the reduction in equity due to unrealized losses on securities available for sale. Included in the total is $200.0 million of forward starting pay-fixed, receive floating interest rate swaps used to hedge interest bearing liabilities. These forward starting swaps will pay a fixed coupon of 2.75% while receiving SOFR starting in late April 2024. At the current SOFR rate of 5.31%, these forward starting swaps would contribute approximately $427,000 monthly starting in May 2024 which will offset interest expense. In addition, in March 2023, ChoiceOne eliminated all receive-fix, pay floating swap agreements for a cash payment of $4.2 million. The loss is being amortized in interest income with an expense of approximately $285,000 monthly through April 2024, which was the remaining period of the agreements.

 

Shareholders’ equity totaled $181.2 million as of September 30, 2023, up from $156.7 million as of September 30, 2022. This increase is due to retained earnings increasing $6.8 million due to earnings and a reduction in accumulated other compressive loss (AOCI) of $16.5 million. AOCI has improved compared to September 30, 2022, despite the rise in interest rates, due to the passage of time, the maturity of our securities portfolio, and an offsetting increase in unrealized gain of our pay-fixed swap derivatives. ChoiceOne Bank remains “well-capitalized” with a total risk-based capital ratio of 12.7% as of September 30, 2023, compared to 12.8% on September 30, 2022.

Total noninterest income increased by $657,000 and $537,000 in the three and nine months ended September 30, 2023, compared to the same periods in the prior year. The increase was largely due to losses in the securities markets which occurred during the prior year. Gains on sales of loans was slightly better in the third quarter of 2023 compared to the third quarter of 2022; however, overall volume remains somewhat depressed due to a competitive housing market and higher mortgage rates. ChoiceOne has also seen steady increases in wealth management income after recent investments in the operation, including the opening of a dedicated wealth management office in Sparta, Michigan during the third quarter of 2023.

Total noninterest expense increased $1.0 million or 2.6%, in the nine months ended September 30, 2023 compared to the same period in 2022. The modest increase in total noninterest expense was largely related to inflationary pressures on employee wages and benefits. ChoiceOne continues to monitor expenses and looks to improve our efficiency through automation and use of digital tools. Management continues to seek out ways to manage costs; however, staying ahead of technological advances and retaining top talent continue to be important in maintaining our competitive advantage.

 

2

 

About ChoiceOne

ChoiceOne Financial Services, Inc. is a financial holding company headquartered in Sparta, Michigan and the parent corporation of ChoiceOne Bank, Member FDIC. ChoiceOne Bank operates 36 offices in parts of Kent, Lapeer, Macomb, Muskegon, Newaygo, Ottawa, and St. Clair counties. ChoiceOne Bank offers insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies, Inc. For more information, please visit Investor Relations at ChoiceOne’s website at choiceone.com.

Forward-Looking Statements

This release may contain forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "is likely," "plans," "predicts," "projects," "may," "could," "look forward," "continue", "future", "will" and variations of such words and similar expressions are intended to identify such forward looking statements. 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 undertakes no 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 Financial Services, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2022.

For Further Information:

Adom Greenland

Executive Vice President & CFO

(616) 887 - 2334

IR@ChoiceOne.com

 

3

 

Condensed Balance Sheets
(Unaudited)

 

(In thousands)

 

September 30, 2023

 

 

June 30, 2023

 

 

September 30, 2022

 

Cash and cash equivalents

 

$

144,673

 

 

$

76,810

 

 

$

51,494

 

Securities Held to Maturity

 

 

414,743

 

 

 

420,549

 

 

 

428,205

 

Securities Available for Sale

 

 

507,580

 

 

 

542,932

 

 

 

546,627

 

Loans held for sale

 

 

5,222

 

 

 

8,924

 

 

 

8,848

 

Loans to other financial institutions

 

 

23,763

 

 

 

38,838

 

 

 

70

 

Loans, net of allowance for loan losses

 

 

1,271,165

 

 

 

1,210,808

 

 

 

1,124,944

 

Premises and equipment

 

 

29,628

 

 

 

29,085

 

 

 

28,947

 

Cash surrender value of life insurance policies

 

 

44,788

 

 

 

44,510

 

 

 

44,033

 

Goodwill

 

 

59,946

 

 

 

59,946

 

 

 

59,946

 

Core deposit intangible

 

 

2,057

 

 

 

2,304

 

 

 

3,062

 

Other assets

 

 

70,631

 

 

 

49,020

 

 

 

67,353

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

2,574,196

 

 

$

2,483,726

 

 

$

2,363,529

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

531,962

 

 

$

544,925

 

 

$

599,360

 

Interest-bearing deposits

 

 

1,551,995

 

 

 

1,490,093

 

 

 

1,557,294

 

Brokered deposits

 

 

49,238

 

 

 

51,370

 

 

 

-

 

Borrowings

 

 

180,000

 

 

 

160,000

 

 

 

-

 

Subordinated debentures

 

 

35,446

 

 

 

35,385

 

 

 

35,201

 

Other liabilities

 

 

44,394

 

 

 

22,713

 

 

 

15,017

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

2,393,035

 

 

 

2,304,486

 

 

 

2,206,872

 

 

 

 

 

 

 

 

 

 

Common stock and paid-in capital, no par value; shares authorized: 15,000,000; shares outstanding: 7,541,187 at September 30, 2023, 7,534,658 at June 30, 2023, and 7,510,036 at September 30, 2022

 

 

173,187

 

 

 

172,880

 

 

 

171,975

 

Retained earnings

 

 

70,444

 

 

 

67,281

 

 

 

63,664

 

Accumulated other comprehensive income (loss), net

 

 

(62,470

)

 

 

(60,921

)

 

 

(78,982

)

Shareholders' Equity

 

 

181,161

 

 

 

179,240

 

 

 

156,657

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Shareholders’ Equity

 

$

2,574,196

 

 

$

2,483,726

 

 

$

2,363,529

 

 

 

4

 

Condensed Statements of Income
(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(Dollars in thousands, except per share data)

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

2022

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

17,774

 

 

$

13,611

 

 

$

48,625

 

$

38,432

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

5,346

 

 

 

3,972

 

 

 

15,637

 

 

11,001

 

Tax exempt

 

 

1,420

 

 

 

1,464

 

 

 

4,244

 

 

4,678

 

Other

 

 

1,764

 

 

 

238

 

 

 

2,512

 

 

314

 

Total interest income

 

 

26,304

 

 

 

19,285

 

 

 

71,018

 

 

54,425

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

7,237

 

 

 

1,563

 

 

 

15,569

 

 

3,342

 

Advances from Federal Home Loan Bank

 

 

272

 

 

 

5

 

 

 

1,498

 

 

8

 

Other

 

 

2,569

 

 

 

379

 

 

 

4,622

 

 

1,127

 

Total interest expense

 

 

10,078

 

 

 

1,947

 

 

 

21,689

 

 

4,477

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

16,226

 

 

 

17,338

 

 

 

49,329

 

 

49,948

 

Provision for credit losses on loans

 

 

438

 

 

 

100

 

 

 

332

 

 

100

 

Provision for credit losses on unfunded commitments

 

 

(438

)

 

 

-

 

 

 

(557

)

 

-

 

Net Provision for credit losses expense

 

 

-

 

 

 

100

 

 

 

(225

)

 

100

 

Net interest income after provision

 

 

16,226

 

 

 

17,238

 

 

 

49,554

 

 

49,848

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

Customer service charges

 

 

2,382

 

 

 

2,458

 

 

 

6,920

 

 

7,000

 

Insurance and investment commissions

 

 

173

 

 

 

158

 

 

 

541

 

 

596

 

Gains on sales of loans

 

 

536

 

 

 

432

 

 

 

1,479

 

 

2,123

 

Net gains (losses) on sales of securities

 

 

(71

)

 

 

(378

)

 

 

(71

)

 

(805

)

Net gains on sales and write downs of other assets

 

 

13

 

 

 

-

 

 

 

149

 

 

172

 

Earnings on life insurance policies

 

 

278

 

 

 

259

 

 

 

810

 

 

793

 

Trust income

 

 

197

 

 

 

174

 

 

 

577

 

 

528

 

Change in market value of equity securities

 

 

(134

)

 

 

(323

)

 

 

(456

)

 

(1,006

)

Other

 

 

330

 

 

 

267

 

 

 

911

 

 

922

 

Total noninterest income

 

 

3,704

 

 

 

3,047

 

 

 

10,860

 

 

10,323

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

8,038

 

 

 

7,668

 

 

 

23,958

 

 

22,811

 

Occupancy and equipment

 

 

1,427

 

 

 

1,545

 

 

 

4,577

 

 

4,688

 

Data processing

 

 

1,724

 

 

 

1,734

 

 

 

5,087

 

 

5,056

 

Professional fees

 

 

435

 

 

 

559

 

 

 

1,675

 

 

1,628

 

Supplies and postage

 

 

192

 

 

 

184

 

 

 

580

 

 

541

 

Advertising and promotional

 

 

269

 

 

 

199

 

 

 

573

 

 

478

 

Intangible amortization

 

 

247

 

 

 

297

 

 

 

752

 

 

901

 

FDIC insurance

 

 

270

 

 

 

195

 

 

 

790

 

 

645

 

Other

 

 

1,126

 

 

 

1,035

 

 

 

3,304

 

 

3,515

 

Total noninterest expense

 

 

13,728

 

 

 

13,416

 

 

 

41,296

 

 

40,263

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax

 

 

6,202

 

 

 

6,869

 

 

 

19,118

 

 

19,908

 

Income tax expense

 

 

1,080

 

 

 

1,056

 

 

 

3,150

 

 

2,952

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

5,122

 

 

$

5,813

 

 

$

15,968

 

$

16,956

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.68

 

 

$

0.77

 

 

$

2.12

 

$

2.26

 

Diluted earnings per share

 

$

0.68

 

 

$

0.77

 

 

$

2.12

 

$

2.26

 

Dividends declared per share

 

$

0.26

 

 

$

0.25

 

 

$

0.78

 

$

0.75

 

 

 

5

 

Other Selected Financial Highlights

(Unaudited)

 

 

Quarterly

 

Earnings

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

 

2022 3rd
Qtr.

 

(in thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

16,226

 

 

$

16,091

 

 

$

17,012

 

 

$

17,366

 

 

$

17,338

 

Net provision expense

 

 

-

 

 

 

(250

)

 

 

25

 

 

 

150

 

 

 

100

 

Noninterest income

 

 

3,704

 

 

 

3,485

 

 

 

3,671

 

 

 

3,749

 

 

 

3,047

 

Noninterest expense

 

 

13,728

 

 

 

13,573

 

 

 

13,995

 

 

 

13,215

 

 

 

13,416

 

Net income before federal income tax expense

 

 

6,202

 

 

 

6,253

 

 

 

6,663

 

 

 

7,750

 

 

 

6,869

 

Income tax expense

 

 

1,080

 

 

 

1,040

 

 

 

1,030

 

 

 

1,066

 

 

 

1,056

 

Net income

 

 

5,122

 

 

 

5,213

 

 

 

5,633

 

 

 

6,684

 

 

 

5,813

 

Basic earnings per share

 

 

0.68

 

 

 

0.69

 

 

 

0.75

 

 

 

0.89

 

 

 

0.77

 

Diluted earnings per share

 

 

0.68

 

 

 

0.69

 

 

 

0.75

 

 

 

0.89

 

 

 

0.77

 

 

End of period balances

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

 

2022 3rd
Qtr.

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross loans

 

$

1,315,022

 

 

$

1,273,152

 

 

$

1,214,186

 

 

$

1,194,616

 

 

$

1,141,319

 

Loans held for sale (1)

 

 

5,222

 

 

 

8,924

 

 

 

3,603

 

 

 

4,834

 

 

 

8,848

 

Loans to other financial institutions (2)

 

 

23,763

 

 

 

38,838

 

 

 

-

 

 

 

-

 

 

 

70

 

PPP loans (3)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Core loans (gross loans excluding 1, 2, and 3 above)

 

 

1,286,037

 

 

 

1,225,390

 

 

 

1,210,583

 

 

 

1,189,782

 

 

 

1,132,401

 

Allowance for loan losses

 

 

14,872

 

 

 

14,582

 

 

 

15,065

 

 

 

7,619

 

 

 

7,457

 

Securities available for sale

 

 

507,580

 

 

 

542,932

 

 

 

554,306

 

 

 

546,896

 

 

 

546,627

 

Securities held to maturity

 

 

414,743

 

 

 

420,549

 

 

 

422,876

 

 

 

425,906

 

 

 

428,205

 

Other interest-earning assets

 

 

113,402

 

 

 

41,032

 

 

 

30,999

 

 

 

15,447

 

 

 

21,744

 

Total earning assets (before allowance)

 

 

2,350,747

 

 

 

2,277,665

 

 

 

2,222,367

 

 

 

2,182,866

 

 

 

2,137,895

 

Total assets

 

 

2,574,196

 

 

 

2,483,726

 

 

 

2,409,886

 

 

 

2,385,915

 

 

 

2,363,529

 

Noninterest-bearing deposits

 

 

531,962

 

 

 

544,925

 

 

 

554,699

 

 

 

599,579

 

 

 

599,360

 

Interest-bearing deposits

 

 

1,551,995

 

 

 

1,490,093

 

 

 

1,513,429

 

 

 

1,518,424

 

 

 

1,557,294

 

Brokered deposits

 

 

49,238

 

 

 

51,370

 

 

 

37,773

 

 

 

-

 

 

 

-

 

Total deposits

 

 

2,133,195

 

 

 

2,086,388

 

 

 

2,105,901

 

 

 

2,118,003

 

 

 

2,156,654

 

Deposits excluding brokered

 

 

2,083,957

 

 

 

2,035,018

 

 

 

2,068,128

 

 

 

2,118,003

 

 

 

2,156,654

 

Total subordinated debt

 

 

35,446

 

 

 

35,385

 

 

 

35,323

 

 

 

35,262

 

 

 

35,201

 

Total borrowed funds

 

 

180,000

 

 

 

160,000

 

 

 

85,000

 

 

 

50,000

 

 

 

-

 

Other interest-bearing liabilities

 

 

32,204

 

 

 

11,985

 

 

 

-

 

 

 

-

 

 

 

-

 

Total interest-bearing liabilities

 

 

1,848,883

 

 

 

1,748,833

 

 

 

1,671,525

 

 

 

1,603,686

 

 

 

1,592,495

 

Shareholders' equity

 

 

181,161

 

 

 

179,240

 

 

 

168,712

 

 

 

168,874

 

 

 

156,657

 

 

Average Balances

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

 

2022 3rd
Qtr.

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

1,278,421

 

 

$

1,218,860

 

 

$

1,202,268

 

 

$

1,169,605

 

 

$

1,128,679

 

Securities

 

 

1,035,785

 

 

 

1,053,191

 

 

 

1,059,747

 

 

 

1,072,594

 

 

 

1,079,584

 

Other interest-earning assets

 

 

128,704

 

 

 

41,075

 

 

 

19,452

 

 

 

14,809

 

 

 

45,210

 

Total earning assets (before allowance)

 

 

2,442,910

 

 

 

2,313,126

 

 

 

2,281,467

 

 

 

2,257,008

 

 

 

2,253,473

 

Total assets

 

 

2,568,240

 

 

 

2,422,567

 

 

 

2,391,344

 

 

 

2,373,851

 

 

 

2,389,550

 

Noninterest-bearing deposits

 

 

534,106

 

 

 

534,106

 

 

 

566,628

 

 

 

605,318

 

 

 

593,793

 

Interest-bearing deposits

 

 

1,550,591

 

 

 

1,472,990

 

 

 

1,530,313

 

 

 

1,522,510

 

 

 

1,576,240

 

Brokered deposits

 

 

44,868

 

 

 

49,679

 

 

 

12,762

 

 

 

-

 

 

 

-

 

Total deposits

 

 

2,129,565

 

 

 

2,056,775

 

 

 

2,109,703

 

 

 

2,127,828

 

 

 

2,170,033

 

Total subordinated debt

 

 

35,413

 

 

 

35,352

 

 

 

35,290

 

 

 

35,230

 

 

 

35,168

 

Total borrowed funds

 

 

181,739

 

 

 

144,231

 

 

 

63,122

 

 

 

36,773

 

 

 

2,414

 

Other interest-bearing liabilities

 

 

20,480

 

 

 

3,763

 

 

 

-

 

 

 

-

 

 

 

-

 

Total interest-bearing liabilities

 

 

1,833,091

 

 

 

1,706,015

 

 

 

1,641,487

 

 

 

1,594,513

 

 

 

1,613,822

 

Shareholders' equity

 

 

181,219

 

 

 

171,912

 

 

 

167,952

 

 

 

160,284

 

 

 

164,758

 

 

 

6

 

Performance Ratios

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

 

2022 3rd
Qtr.

 

Return on average assets

 

 

0.80

%

 

 

0.86

%

 

 

0.94

%

 

 

1.13

%

 

 

0.97

%

Return on average equity

 

 

11.31

%

 

 

12.13

%

 

 

13.42

%

 

 

16.68

%

 

 

14.11

%

Return on average tangible common equity

 

 

16.55

%

 

 

18.31

%

 

 

20.64

%

 

 

26.63

%

 

 

21.96

%

Net interest margin (fully tax-equivalent)

 

 

2.70

%

 

 

2.86

%

 

 

3.09

%

 

 

3.15

%

 

 

3.15

%

Efficiency ratio

 

 

65.74

%

 

 

65.92

%

 

 

65.40

%

 

 

60.15

%

 

 

61.06

%

Cost of funds

 

 

1.70

%

 

 

1.29

%

 

 

0.79

%

 

 

0.59

%

 

 

0.35

%

Cost of deposits

 

 

1.36

%

 

 

0.98

%

 

 

0.62

%

 

 

0.47

%

 

 

0.29

%

Cost of interest bearing liabilities

 

 

2.20

%

 

 

1.69

%

 

 

1.08

%

 

 

0.82

%

 

 

0.48

%

Shareholders' equity to total assets

 

 

7.04

%

 

 

7.22

%

 

 

7.00

%

 

 

7.08

%

 

 

6.63

%

Tangible common equity to tangible assets

 

 

4.74

%

 

 

4.83

%

 

 

4.52

%

 

 

4.57

%

 

 

4.07

%

Full-time equivalent employees

 

 

376

 

 

 

380

 

 

 

376

 

 

 

376

 

 

 

383

 

 

Capital Ratios ChoiceOne Financial Services Inc.

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

 

2022 3rd
Qtr.

 

Total capital (to risk weighted assets)

 

 

13.2

%

 

 

13.2

%

 

 

13.5

%

 

 

13.8

%

 

 

13.7

%

Common equity Tier 1 capital (to risk weighted assets)

 

 

10.4

%

 

 

10.5

%

 

 

10.7

%

 

 

11.1

%

 

 

10.9

%

Tier 1 capital (to risk weighted assets)

 

 

10.7

%

 

 

10.8

%

 

 

11.0

%

 

 

11.4

%

 

 

11.2

%

Tier 1 capital (to average assets)

 

 

7.4

%

 

 

7.7

%

 

 

7.7

%

 

 

7.9

%

 

 

7.6

%

 

Capital Ratios ChoiceOne Bank

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

 

2022 3rd
Qtr.

 

Total capital (to risk weighted assets)

 

 

12.7

%

 

 

12.7

%

 

 

13.0

%

 

 

13.0

%

 

 

12.8

%

Common equity Tier 1 capital (to risk weighted assets)

 

 

12.0

%

 

 

12.2

%

 

 

12.5

%

 

 

12.5

%

 

 

12.3

%

Tier 1 capital (to risk weighted assets)

 

 

12.0

%

 

 

12.2

%

 

 

12.5

%

 

 

12.5

%

 

 

12.3

%

Tier 1 capital (to average assets)

 

 

8.3

%

 

 

8.7

%

 

 

8.7

%

 

 

8.7

%

 

 

8.3

%

 

Asset Quality

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

 

2022 3rd
Qtr.

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan charge-offs (recoveries)

 

$

148

 

 

$

67

 

 

$

28

 

 

$

(12

)

 

$

59

 

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

 

 

0.05

%

 

 

0.02

%

 

 

0.01

%

 

 

0.00

%

 

 

0.02

%

Allowance for loan losses

 

$

14,872

 

 

$

14,582

 

 

$

15,065

 

 

$

7,619

 

 

$

7,457

 

Unfunded commitment liability

 

$

2,718

 

 

$

3,156

 

 

$

2,991

 

 

$

-

 

 

$

-

 

Allowance to loans (excludes held for sale)

 

 

1.14

%

 

 

1.15

%

 

 

1.24

%

 

 

0.64

%

 

 

0.66

%

Non-Accruing loans

 

$

1,670

 

 

$

1,581

 

 

$

1,596

 

 

$

1,263

 

 

$

1,197

 

Nonperforming loans (includes OREO)

 

$

1,792

 

 

$

1,847

 

 

$

1,726

 

 

$

2,666

 

 

$

2,628

 

Nonperforming loans to total loans (excludes held for sale)

 

 

0.14

%

 

 

0.15

%

 

 

0.14

%

 

 

0.22

%

 

 

0.23

%

Nonperforming assets to total assets

 

 

0.07

%

 

 

0.07

%

 

 

0.07

%

 

 

0.11

%

 

 

0.11

%

 

 

7

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Cover
Oct. 25, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 25, 2023
Entity File Number 000-19202
Entity Registrant Name ChoiceOne Financial Services, Inc.
Entity Central Index Key 0000803164
Entity Tax Identification Number 38-2659066
Entity Incorporation, State or Country Code MI
Entity Address, Address Line One 109 E. Division Street
Entity Address, City or Town Sparta
Entity Address, State or Province MI
Entity Address, Postal Zip Code 49345
City Area Code (616)
Local Phone Number 887-7366
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock
Trading Symbol COFS
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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