0000950170-24-047566.txt : 20240424 0000950170-24-047566.hdr.sgml : 20240424 20240424160452 ACCESSION NUMBER: 0000950170-24-047566 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20240424 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240424 DATE AS OF CHANGE: 20240424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHOICEONE FINANCIAL SERVICES INC CENTRAL INDEX KEY: 0000803164 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance 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: 24870535 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-20240424.htm 8-K 8-K
false000080316400008031642024-04-242024-04-24

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) April 24, 2024

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 April 24, 2024, 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 April 24, 2024. 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:

April 24, 2024

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 First Quarter 2024 Results

Sparta, Michigan – April 24, 2024 – ChoiceOne Financial Services, Inc. ("ChoiceOne", NASDAQ:COFS), the parent company for ChoiceOne Bank, reported financial results for the quarter ended March 31, 2024.

Financial Highlights

•
ChoiceOne reported net income of $5,634,000 for the three months ended March 31, 2024, compared to $5,633,000 for the same period in 2023.
•
Diluted earnings per share were $0.74 in the three months ended March 31, 2024, compared to $0.75 per share in the same period in the prior year.
•
Starting in May 2024, net interest income will be aided by forward starting pay-fixed swaps and the completion of amortization expense related to previously terminated swaps. The increase to net interest income will be approximately $732,000 per month using the March 31, 2024 SOFR rate of 5.34%.
•
Average total loan balances increased to $1.41 billion in the first quarter of 2024 compared to $1.36 billion in the fourth quarter of 2023 and $1.20 billion in the first quarter of 2023. Core loans, which exclude held for sale loans, loans to other financial institutions, and Paycheck Protection Program ("PPP") loans, declined by $2.7 million or an annualized 0.8% during the first quarter of 2024 and increased by $178.0 million or 14.7% since March 31, 2023.
•
Deposits, excluding brokered deposits, increased by $45.3 million or an annualized 8.6% in the first quarter of 2024. The increase in deposits in the first quarter is a combination of new business, recapture of deposit losses from the prior year, and some seasonality of municipal balances. Deposits as of March 31, 2024, excluding brokered deposits, increased $75.8 million or 3.7%, compared to deposits, excluding brokered deposits, as of March 31, 2023.
•
Net interest margin (fully tax-equivalent) in the first quarter of 2024 increased to 2.74%, compared to 2.72% in the fourth quarter of 2023, and declined from 3.09% in the first quarter of 2023. Fully tax-equivalent net interest income was $16.9 million in the first quarter of 2024 compared to $17.4 million in the first quarter of 2023.
•
Expenses are well managed, with $13.7 million of noninterest expense in the first quarter of 2024, a decrease from $13.8 million and $14.0 million in the fourth quarter of 2023 and the first quarter of 2023, respectively.
•
Asset quality remains strong with only 0.1% of nonperforming loans to total loans (excluding held for sale) as of March 31, 2024.

 

 

“We have been proactive in preparing our bank for the uncertainties of a shifting economic landscape with our focus on core deposits and loans, reducing expenses, and managing our interest rate risk. We believe these measures have positioned us to be prepared for current market conditions and interest rate environment. If the trajectory of interest rates is ‘higher for longer,’ we believe we are prepared. Our strategic approach is built to ensure that ChoiceOne remains resilient, and our financial foundation remains strong,” said Kelly Potes, Chief Executive Officer.

 

ChoiceOne reported net income of $5,634,000 for the three months ended March 31, 2024, compared to $5,633,000 for the same period in 2023. Diluted earnings per share were $0.74 in the three months ended March 31, 2024, compared to $0.75 per share in the same period in the prior year. During 2023 and 2024, earnings were negatively affected by increased deposit costs, and partially offset by organic loan growth and higher interest income on loans due to higher interest rates.

As of March 31, 2024, total assets were $2.7 billion, an increase of $260.8 million compared to March 31, 2023. The growth is primarily attributed to an increase in gross loans, which includes a $178.0 million increase in core loans, an increase in cash of $94.9 million, and a $30.0 million increase in loans to other financial institutions over the twelve month period ending March 31, 2024. However, this growth was tempered by a $57.5 million reduction in securities during the same time period. ChoiceOne has actively managed its liquidity to support organic loan growth, strategically shifting from lower-yielding assets to higher-yielding loans. This is reflected in the loan growth observed since March 31, 2023.

 

 

1

 

Deposits, excluding brokered deposits, increased by $45.3 million or an annualized 8.6% in the first quarter of 2024 and $75.8 million or 3.7% compared to March 31, 2023. Deposits grew in the first quarter of 2024 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 March 31, 2024, total available borrowing capacity from all sources was $960.7 million. Uninsured deposits totaled $792.3 million or 37.0% of deposits at March 31, 2024.

 

The increase in short term interest rates led to higher deposit costs, which rose to an annualized 1.65% in the first quarter of 2024, compared to an annualized 1.57% in the previous quarter and an annualized 0.62% in the first quarter of 2023. As deposits reprice and customers shift to certificate of deposits and other interest bearing products; this trend is likely to persist. ChoiceOne is taking active measures to control these costs and expects to pay lower rates on deposits than the federal funds rate. Interest expense on borrowings for the three months ended March 31, 2024 increased $1.8 million compared to the same period in the prior year, due to increases in borrowing amounts and interest rates. Borrowings include $170 million from the BTFP and $40 million of FHLB borrowings at a weighted average fixed rate of 4.7%, with the earliest maturity in January 2025. Total cost of funds increased to an annualized 2.0% in the first quarter of 2024 compared to an annualized 1.91% in the fourth quarter of 2023 and an annualized 0.79% in the first quarter of 2023.

The provision for credit losses expense on loans increased by $403,000 in the first quarter of 2024, due in part to two recently classified collateral dependent retail and consumer loan relationships. This was offset by a decline in provision for unfunded commitments leading to net provision for credit losses expense for the first quarter 2024 of $0. The ratio of the allowance for credit losses to total loans (excluding loans held for sale) was 1.13% on March 31, 2024 compared to 1.11% on December 31, 2023. 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 0.13% as of March 31, 2024.

ChoiceOne uses interest rate swaps to manage interest rate exposure to certain fixed assets and variable rate liabilities. On March 31, 2024, ChoiceOne had pay-fixed interest rate swaps with a total notional value of $401.0 million, a weighted average coupon of 3.07%, a fair value of $20.2 million and an average remaining contract length of 7 to 8 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 SOFR rate on March 31, 2024 of 5.34%, these forward starting swaps would contribute approximately $432,000 monthly, which will partially 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 $300,000 monthly through April 2024, which was the remaining period of the agreements. The effect of these two items will increase net interest income by approximately $732,000 monthly starting in May 2024.

 

Shareholders’ equity totaled $206.8 million as of March 31, 2024, up from $168.7 million as of March 31, 2023. This increase is due to increased retained earnings and an improvement in accumulated other compressive loss (AOCI) of $23.6 million compared to March 31, 2023. The improvement in AOCI, despite the rise in interest rates, is due to both the shortening duration and maturing (paydowns) of the securities portfolio, as well as an increase in unrealized gain of the pay-fixed swap derivatives. ChoiceOne Bank remains “well-capitalized” with a total risk-based capital ratio of 12.6% as of March 31, 2024, compared to 13.0% on March 31, 2023.

Noninterest income increased $380,000 in the three months ended March 31, 2024, compared to the same period in the prior year. The increase was largely due to earnings on a bank owned life insurance death benefit claim in the amount of $196,000 and an increase in customer service charges of $138,000 in the first quarter of 2024 compared to the same period in 2023. These increases were offset by changes in the market value of equity securities in the three months ended March 31, 2024, compared to the same period in the prior year.

Noninterest expense declined by $311,000 or 2.2% in the three months ended March 31, 2024 compared to the same period in 2023. The decline in total noninterest expense was due to a decline in employee health insurance benefits as claims to date have been lower than past years and a decline in occupancy and equipment related to two branch closures during the quarter. ChoiceOne anticipates a low impact on customer retention related to the branch closures and expects to save around $700,000 annually from this decision. This was offset by increases to FDIC insurance and other costs related to inflationary pressures. Management continues to seek out ways to manage costs, but also recognizes the value of investing in innovation and attracting the best talent in our industry to compete effectively in our markets.

 

“Amidst the current economic climate, we are looking ahead with optimism. Our recent deposit growth is a testament to the trust our customers place in us, and it is a solid foundation for the future. We remain focused on seizing opportunities and our goal to be the best bank in Michigan,” said Kelly Potes, Chief Executive Officer.

 

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 35 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.bank.

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, 2023.

For Further Information:

Adom Greenland

Executive Vice President & CFO

(616) 887 – 2334

IR@ChoiceOne.bank

 

3

 

Condensed Balance Sheets
(Unaudited)

 

(In thousands)

 

March 31, 2024

 

 

December 31, 2023

 

 

March 31, 2023

 

Cash and cash equivalents

 

$

150,129

 

 

$

55,433

 

 

$

55,189

 

Securities Held to Maturity

 

 

397,981

 

 

 

407,959

 

 

 

422,876

 

Securities Available for Sale

 

 

521,711

 

 

 

531,617

 

 

 

554,306

 

Loans held for sale

 

 

6,035

 

 

 

4,710

 

 

 

3,603

 

Loans to other financial institutions

 

 

30,032

 

 

 

19,400

 

 

 

-

 

Core loans

 

 

1,388,558

 

 

 

1,391,253

 

 

 

1,210,583

 

  Total Loans

 

 

1,418,590

 

 

 

1,410,653

 

 

 

1,210,583

 

Allowance for loan losses

 

 

(16,037

)

 

 

(15,685

)

 

 

(15,065

)

Loans, net of allowance for loan losses

 

 

1,402,553

 

 

 

1,394,968

 

 

 

1,195,518

 

Premises and equipment

 

 

28,268

 

 

 

29,750

 

 

 

28,633

 

Cash surrender value of life insurance policies

 

 

45,079

 

 

 

45,074

 

 

 

44,241

 

Goodwill

 

 

59,946

 

 

 

59,946

 

 

 

59,946

 

Core deposit intangible

 

 

1,651

 

 

 

1,854

 

 

 

2,557

 

Other assets

 

 

57,346

 

 

 

45,395

 

 

 

43,017

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

2,670,699

 

 

$

2,576,706

 

 

$

2,409,886

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

502,685

 

 

$

547,625

 

 

$

554,699

 

Interest-bearing deposits

 

 

1,641,193

 

 

 

1,550,985

 

 

 

1,513,429

 

Brokered deposits

 

 

41,970

 

 

 

23,445

 

 

 

37,773

 

Borrowings

 

 

210,000

 

 

 

200,000

 

 

 

85,000

 

Subordinated debentures

 

 

35,568

 

 

 

35,507

 

 

 

35,323

 

Other liabilities

 

 

32,527

 

 

 

23,510

 

 

 

14,950

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

2,463,943

 

 

 

2,381,072

 

 

 

2,241,174

 

 

 

 

 

 

 

 

 

 

Common stock and paid-in capital, no par value; shares authorized: 15,000,000; shares outstanding: 7,556,137 at March 31, 2024, 7,548,217 at December 31, 2023, and 7,521,749 at March 31, 2023

 

 

173,786

 

 

 

173,513

 

 

 

172,564

 

Retained earnings

 

 

77,294

 

 

 

73,699

 

 

 

64,026

 

Accumulated other comprehensive income (loss), net

 

 

(44,324

)

 

 

(51,578

)

 

 

(67,878

)

Shareholders' Equity

 

 

206,756

 

 

 

195,634

 

 

 

168,712

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Shareholders’ Equity

 

$

2,670,699

 

 

$

2,576,706

 

 

$

2,409,886

 

 

 

4

 

Condensed Statements of Income
(Unaudited)

 

 

 

Three Months Ended

 

(Dollars in thousands, except per share data)

 

March 31, 2024

 

 

December 31, 2023

 

 

March 31, 2023

 

Interest income

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

20,786

 

 

$

19,759

 

 

$

14,873

 

Securities:

 

 

 

 

 

 

 

 

 

Taxable

 

 

5,348

 

 

 

5,532

 

 

 

4,913

 

Tax exempt

 

 

1,412

 

 

 

1,385

 

 

 

1,435

 

Other

 

 

886

 

 

 

1,286

 

 

 

177

 

Total interest income

 

 

28,432

 

 

 

27,962

 

 

 

21,398

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

Deposits

 

 

8,777

 

 

 

8,421

 

 

 

3,276

 

Advances from Federal Home Loan Bank

 

 

441

 

 

 

273

 

 

 

605

 

Other

 

 

2,740

 

 

 

2,712

 

 

 

505

 

Total interest expense

 

 

11,958

 

 

 

11,406

 

 

 

4,386

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

16,474

 

 

 

16,556

 

 

 

17,012

 

Provision for credit losses on loans

 

 

403

 

 

 

933

 

 

 

309

 

Provision for credit losses on unfunded commitments

 

 

(403

)

 

 

(558

)

 

 

(284

)

Net Provision for credit losses expense

 

 

-

 

 

 

375

 

 

 

25

 

Net interest income after provision

 

 

16,474

 

 

 

16,181

 

 

 

16,987

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

 

 

Customer service charges

 

 

2,405

 

 

 

2,427

 

 

 

2,267

 

Insurance and investment commissions

 

 

198

 

 

 

157

 

 

 

196

 

Gains on sales of loans

 

 

454

 

 

 

475

 

 

 

403

 

Net gains (losses) on sales of securities

 

 

-

 

 

 

-

 

 

 

-

 

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

 

 

1

 

 

 

(2

)

 

 

3

 

Earnings on life insurance policies

 

 

495

 

 

 

286

 

 

 

263

 

Trust income

 

 

213

 

 

 

194

 

 

 

184

 

Change in market value of equity securities

 

 

35

 

 

 

210

 

 

 

63

 

Other

 

 

250

 

 

 

299

 

 

 

292

 

Total noninterest income

 

 

4,051

 

 

 

4,046

 

 

 

3,671

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

7,831

 

 

 

8,005

 

 

 

8,083

 

Occupancy and equipment

 

 

1,462

 

 

 

1,471

 

 

 

1,643

 

Data processing

 

 

1,670

 

 

 

1,531

 

 

 

1,682

 

Professional fees

 

 

615

 

 

 

523

 

 

 

621

 

Supplies and postage

 

 

178

 

 

 

200

 

 

 

191

 

Advertising and promotional

 

 

150

 

 

 

148

 

 

 

149

 

Intangible amortization

 

 

203

 

 

 

203

 

 

 

252

 

FDIC insurance

 

 

375

 

 

 

394

 

 

 

300

 

Other

 

 

1,200

 

 

 

1,303

 

 

 

1,074

 

Total noninterest expense

 

 

13,684

 

 

 

13,778

 

 

 

13,995

 

 

 

 

 

 

 

 

 

 

 

Income before income tax

 

 

6,841

 

 

 

6,449

 

 

 

6,663

 

Income tax expense

 

 

1,207

 

 

 

1,156

 

 

 

1,030

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

5,634

 

 

$

5,293

 

 

$

5,633

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.75

 

 

$

0.70

 

 

$

0.75

 

Diluted earnings per share

 

$

0.74

 

 

$

0.70

 

 

$

0.75

 

Dividends declared per share

 

$

0.27

 

 

$

0.27

 

 

$

0.26

 

 

 

5

 

Other Selected Financial Highlights

(Unaudited)

 

 

Quarterly

 

Earnings

 

2024 1st
Qtr.

 

 

2023 4th
Qtr.

 

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

(in thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

16,474

 

 

$

16,556

 

 

$

16,226

 

 

$

16,091

 

 

$

17,012

 

Net provision expense

 

 

-

 

 

 

375

 

 

 

-

 

 

 

(250

)

 

 

25

 

Noninterest income

 

 

4,051

 

 

 

4,046

 

 

 

3,704

 

 

 

3,485

 

 

 

3,671

 

Noninterest expense

 

 

13,684

 

 

 

13,778

 

 

 

13,728

 

 

 

13,573

 

 

 

13,995

 

Net income before federal income tax expense

 

 

6,841

 

 

 

6,449

 

 

 

6,202

 

 

 

6,253

 

 

 

6,663

 

Income tax expense

 

 

1,207

 

 

 

1,156

 

 

 

1,080

 

 

 

1,040

 

 

 

1,030

 

Net income

 

 

5,634

 

 

 

5,293

 

 

 

5,122

 

 

 

5,213

 

 

 

5,633

 

Basic earnings per share

 

 

0.75

 

 

 

0.70

 

 

 

0.68

 

 

 

0.69

 

 

 

0.75

 

Diluted earnings per share

 

 

0.74

 

 

 

0.70

 

 

 

0.68

 

 

 

0.69

 

 

 

0.75

 

 

End of period balances

 

2024 1st
Qtr.

 

 

2023 4th
Qtr.

 

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross loans

 

$

1,424,625

 

 

$

1,415,363

 

 

$

1,315,022

 

 

$

1,273,152

 

 

$

1,214,186

 

Loans held for sale (1)

 

 

6,035

 

 

 

4,710

 

 

 

5,222

 

 

 

8,924

 

 

 

3,603

 

Loans to other financial institutions (2)

 

 

30,032

 

 

 

19,400

 

 

 

23,763

 

 

 

38,838

 

 

 

-

 

Core loans (gross loans excluding 1 and 2 above)

 

 

1,388,558

 

 

 

1,391,253

 

 

 

1,286,037

 

 

 

1,225,390

 

 

 

1,210,583

 

Allowance for loan losses

 

 

16,037

 

 

 

15,685

 

 

 

14,872

 

 

 

14,582

 

 

 

15,065

 

Securities available for sale

 

 

521,711

 

 

 

531,617

 

 

 

507,580

 

 

 

542,932

 

 

 

554,306

 

Securities held to maturity

 

 

397,981

 

 

 

407,959

 

 

 

414,743

 

 

 

420,549

 

 

 

422,876

 

Other interest-earning assets

 

 

83,100

 

 

 

22,392

 

 

 

113,402

 

 

 

41,032

 

 

 

30,999

 

Total earning assets (before allowance)

 

 

2,427,417

 

 

 

2,377,331

 

 

 

2,350,747

 

 

 

2,277,665

 

 

 

2,222,367

 

Total assets

 

 

2,670,699

 

 

 

2,576,706

 

 

 

2,574,196

 

 

 

2,483,726

 

 

 

2,409,886

 

Noninterest-bearing deposits

 

 

502,685

 

 

 

547,625

 

 

 

531,962

 

 

 

544,925

 

 

 

554,699

 

Interest-bearing deposits

 

 

1,641,193

 

 

 

1,550,985

 

 

 

1,551,995

 

 

 

1,490,093

 

 

 

1,513,429

 

Brokered deposits

 

 

41,970

 

 

 

23,445

 

 

 

49,238

 

 

 

51,370

 

 

 

37,773

 

Total deposits

 

 

2,185,848

 

 

 

2,122,055

 

 

 

2,133,195

 

 

 

2,086,388

 

 

 

2,105,901

 

Deposits excluding brokered

 

 

2,143,878

 

 

 

2,098,610

 

 

 

2,083,957

 

 

 

2,035,018

 

 

 

2,068,128

 

Total subordinated debt

 

 

35,568

 

 

 

35,507

 

 

 

35,446

 

 

 

35,385

 

 

 

35,323

 

Total borrowed funds

 

 

210,000

 

 

 

200,000

 

 

 

180,000

 

 

 

160,000

 

 

 

85,000

 

Other interest-bearing liabilities

 

 

21,512

 

 

 

8,060

 

 

 

32,204

 

 

 

11,985

 

 

 

-

 

Total interest-bearing liabilities

 

 

1,950,243

 

 

 

1,817,997

 

 

 

1,848,883

 

 

 

1,748,833

 

 

 

1,671,525

 

Shareholders' equity

 

 

206,756

 

 

 

195,634

 

 

 

181,161

 

 

 

179,240

 

 

 

168,712

 

 

Average Balances

 

2024 1st
Qtr.

 

 

2023 4th
Qtr.

 

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

1,412,569

 

 

$

1,359,643

 

 

$

1,278,421

 

 

$

1,218,860

 

 

$

1,202,268

 

Securities

 

 

1,002,140

 

 

 

1,019,218

 

 

 

1,035,785

 

 

 

1,053,191

 

 

 

1,059,747

 

Other interest-earning assets

 

 

64,064

 

 

 

92,635

 

 

 

128,704

 

 

 

41,075

 

 

 

19,452

 

Total earning assets (before allowance)

 

 

2,478,773

 

 

 

2,471,496

 

 

 

2,442,910

 

 

 

2,313,126

 

 

 

2,281,467

 

Total assets

 

 

2,621,009

 

 

 

2,589,541

 

 

 

2,568,240

 

 

 

2,422,567

 

 

 

2,391,344

 

Noninterest-bearing deposits

 

 

506,175

 

 

 

546,778

 

 

 

540,497

 

 

 

534,106

 

 

 

566,628

 

Interest-bearing deposits

 

 

1,599,509

 

 

 

1,565,493

 

 

 

1,550,591

 

 

 

1,472,990

 

 

 

1,530,313

 

Brokered deposits

 

 

34,708

 

 

 

32,541

 

 

 

44,868

 

 

 

49,679

 

 

 

12,762

 

Total deposits

 

 

2,140,392

 

 

 

2,144,812

 

 

 

2,129,565

 

 

 

2,056,775

 

 

 

2,109,703

 

Total subordinated debt

 

 

35,535

 

 

 

35,474

 

 

 

35,413

 

 

 

35,352

 

 

 

35,290

 

Total borrowed funds

 

 

214,835

 

 

 

185,707

 

 

 

181,739

 

 

 

144,231

 

 

 

63,122

 

Other interest-bearing liabilities

 

 

19,699

 

 

 

25,729

 

 

 

20,480

 

 

 

3,763

 

 

 

-

 

Total interest-bearing liabilities

 

 

1,904,286

 

 

 

1,844,944

 

 

 

1,833,091

 

 

 

1,706,015

 

 

 

1,641,487

 

Shareholders' equity

 

 

200,177

 

 

 

187,099

 

 

 

181,219

 

 

 

171,912

 

 

 

167,952

 

 

 

6

 

Loan Breakout (in thousands)

 

2024 1st
Qtr.

 

 

2023 4th
Qtr.

 

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

Agricultural

 

$

41,950

 

 

$

49,211

 

 

$

43,290

 

 

$

40,684

 

 

$

55,995

 

Commercial and Industrial

 

 

231,222

 

 

 

229,915

 

 

 

222,357

 

 

 

224,191

 

 

 

217,063

 

Commercial Real Estate

 

 

794,705

 

 

 

786,921

 

 

 

709,960

 

 

 

657,549

 

 

 

648,202

 

Consumer

 

 

34,268

 

 

 

36,540

 

 

 

37,605

 

 

 

38,614

 

 

 

38,891

 

Construction Real Estate

 

 

17,890

 

 

 

20,936

 

 

 

16,477

 

 

 

16,734

 

 

 

13,939

 

Residential Real Estate

 

 

268,523

 

 

 

267,730

 

 

 

256,348

 

 

 

247,618

 

 

 

236,493

 

Loans to Other Financial Institutions

 

 

30,032

 

 

 

19,400

 

 

 

23,763

 

 

 

38,838

 

 

 

-

 

Gross Loans (excluding held for sale)

 

$

1,418,590

 

 

$

1,410,653

 

 

$

1,309,800

 

 

$

1,264,228

 

 

$

1,210,583

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

 

16,037

 

 

 

15,685

 

 

 

14,872

 

 

 

14,582

 

 

 

15,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loans

 

$

1,402,553

 

 

$

1,394,968

 

 

$

1,294,928

 

 

$

1,249,646

 

 

$

1,195,518

 

 

Performance Ratios

 

2024 1st
Qtr.

 

 

2023 4th
Qtr.

 

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

Annualized return on average assets

 

 

0.86

%

 

 

0.82

%

 

 

0.80

%

 

 

0.86

%

 

 

0.94

%

Annualized return on average equity

 

 

11.26

%

 

 

11.32

%

 

 

11.31

%

 

 

12.13

%

 

 

13.42

%

Annualized return on average tangible common equity

 

 

15.81

%

 

 

16.40

%

 

 

16.55

%

 

 

18.31

%

 

 

20.64

%

Net interest margin (fully tax-equivalent)

 

 

2.74

%

 

 

2.72

%

 

 

2.70

%

 

 

2.86

%

 

 

3.09

%

Efficiency ratio

 

 

64.55

%

 

 

65.31

%

 

 

65.74

%

 

 

65.92

%

 

 

65.40

%

Annualized cost of funds

 

 

2.00

%

 

 

1.91

%

 

 

1.70

%

 

 

1.29

%

 

 

0.79

%

Annualized cost of deposits

 

 

1.65

%

 

 

1.57

%

 

 

1.36

%

 

 

0.98

%

 

 

0.62

%

Cost of interest bearing liabilities

 

 

2.53

%

 

 

2.45

%

 

 

2.18

%

 

 

1.70

%

 

 

1.08

%

Shareholders' equity to total assets

 

 

7.74

%

 

 

7.59

%

 

 

7.04

%

 

 

7.22

%

 

 

7.00

%

Tangible common equity to tangible assets

 

 

5.56

%

 

 

5.32

%

 

 

4.74

%

 

 

4.83

%

 

 

4.52

%

Annualized noninterest expense to average assets

 

 

2.09

%

 

 

2.13

%

 

 

2.14

%

 

 

2.24

%

 

 

2.34

%

Loan to deposit

 

 

65.17

%

 

 

66.70

%

 

 

61.65

%

 

 

61.02

%

 

 

57.66

%

Full-time equivalent employees

 

 

367

 

 

 

369

 

 

 

376

 

 

 

380

 

 

 

376

 

 

Capital Ratios ChoiceOne Financial Services Inc.

 

2024 1st
Qtr.

 

 

2023 4th
Qtr.

 

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

Total capital (to risk weighted assets)

 

 

13.3

%

 

 

13.0

%

 

 

13.2

%

 

 

13.2

%

 

 

13.5

%

Common equity Tier 1 capital (to risk weighted assets)

 

 

10.5

%

 

 

10.3

%

 

 

10.4

%

 

 

10.5

%

 

 

10.7

%

Tier 1 capital (to risk weighted assets)

 

 

10.7

%

 

 

10.5

%

 

 

10.7

%

 

 

10.8

%

 

 

11.0

%

Tier 1 capital (to average assets)

 

 

7.6

%

 

 

7.5

%

 

 

7.4

%

 

 

7.7

%

 

 

7.7

%

 

Capital Ratios ChoiceOne Bank

 

2024 1st
Qtr.

 

 

2023 4th
Qtr.

 

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

Total capital (to risk weighted assets)

 

 

12.6

%

 

 

12.4

%

 

 

12.7

%

 

 

12.7

%

 

 

13.0

%

Common equity Tier 1 capital (to risk weighted assets)

 

 

11.8

%

 

 

11.8

%

 

 

12.0

%

 

 

12.2

%

 

 

12.5

%

Tier 1 capital (to risk weighted assets)

 

 

11.8

%

 

 

11.8

%

 

 

12.0

%

 

 

12.2

%

 

 

12.5

%

Tier 1 capital (to average assets)

 

 

8.3

%

 

 

8.4

%

 

 

8.3

%

 

 

8.7

%

 

 

8.7

%

 

 

 

 

7

 

Asset Quality

 

2024 1st
Qtr.

 

 

2023 4th
Qtr.

 

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan charge-offs (recoveries)

 

$

51

 

 

$

120

 

 

$

148

 

 

$

67

 

 

$

28

 

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

 

 

0.01

%

 

 

0.04

%

 

 

0.05

%

 

 

0.02

%

 

 

0.01

%

Allowance for loan losses

 

$

16,037

 

 

$

15,685

 

 

$

14,872

 

 

$

14,582

 

 

$

15,065

 

Unfunded commitment liability

 

$

1,757

 

 

$

2,160

 

 

$

2,718

 

 

$

3,156

 

 

$

2,991

 

Allowance to loans (excludes held for sale)

 

 

1.13

%

 

 

1.11

%

 

 

1.14

%

 

 

1.15

%

 

 

1.24

%

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

 

 

1.25

%

 

 

1.27

%

 

 

1.34

%

 

 

1.40

%

 

 

1.49

%

Non-Accruing loans

 

$

1,715

 

 

$

1,723

 

 

$

1,670

 

 

$

1,581

 

 

$

1,596

 

Nonperforming loans (includes OREO)

 

$

1,837

 

 

$

1,845

 

 

$

1,792

 

 

$

1,847

 

 

$

1,726

 

Nonperforming loans to total loans (excludes held for sale)

 

 

0.13

%

 

 

0.13

%

 

 

0.14

%

 

 

0.15

%

 

 

0.14

%

Nonperforming assets to total assets

 

 

0.07

%

 

 

0.07

%

 

 

0.07

%

 

 

0.07

%

 

 

0.07

%

 

 

 

 

8

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

(Dollars in thousands)

Average

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

Balance

 

 

Interest

 

 

Rate

 

 

Balance

 

 

Interest

 

 

Rate

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

1,412,569

 

 

$

20,807

 

 

 

5.92

 

%

$

1,202,268

 

 

$

14,889

 

 

 

5.02

 

%

Taxable securities (2)

 

710,508

 

 

 

5,348

 

 

 

3.03

 

 

 

761,318

 

 

 

4,913

 

 

 

2.62

 

 

Nontaxable securities (1)

 

291,632

 

 

 

1,788

 

 

 

2.47

 

 

 

298,429

 

 

 

1,817

 

 

 

2.47

 

 

Other

 

64,064

 

 

 

886

 

 

 

5.56

 

 

 

19,452

 

 

 

177

 

 

 

3.68

 

 

Interest-earning assets

 

2,478,773

 

 

 

28,829

 

 

 

4.68

 

 

 

2,281,467

 

 

 

21,796

 

 

 

3.87

 

 

Noninterest-earning assets

 

142,236

 

 

 

 

 

 

 

 

 

109,877

 

 

 

 

 

 

 

 

Total assets

$

2,621,009

 

 

 

 

 

 

 

 

$

2,391,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

$

883,372

 

 

$

3,577

 

 

 

1.63

 

%

$

875,435

 

 

$

1,572

 

 

 

0.73

 

%

Savings deposits

 

338,497

 

 

 

641

 

 

 

0.76

 

 

 

407,022

 

 

 

273

 

 

 

0.27

 

 

Certificates of deposit

 

377,640

 

 

 

4,115

 

 

 

4.38

 

 

 

247,856

 

 

 

1,279

 

 

 

2.09

 

 

Brokered deposit

 

34,708

 

 

 

444

 

 

 

5.14

 

 

 

12,762

 

 

 

152

 

 

 

4.84

 

 

Borrowings

 

214,835

 

 

 

2,523

 

 

 

4.72

 

 

 

63,122

 

 

 

708

 

 

 

4.55

 

 

Subordinated debentures

 

35,535

 

 

 

412

 

 

 

4.67

 

 

 

35,290

 

 

 

402

 

 

 

4.62

 

 

Other

 

19,699

 

 

 

246

 

 

 

5.02

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Interest-bearing liabilities

 

1,904,286

 

 

 

11,958

 

 

 

2.53

 

 

 

1,641,487

 

 

 

4,386

 

 

 

1.08

 

 

Demand deposits

 

506,175

 

 

 

 

 

 

 

 

 

566,628

 

 

 

 

 

 

 

 

Other noninterest-bearing liabilities

 

10,371

 

 

 

 

 

 

 

 

 

15,277

 

 

 

 

 

 

 

 

Total liabilities

 

2,420,832

 

 

 

 

 

 

 

 

 

2,223,392

 

 

 

 

 

 

 

 

Shareholders' equity

 

200,177

 

 

 

 

 

 

 

 

 

167,952

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

2,621,009

 

 

 

 

 

 

 

 

$

2,391,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

$

16,871

 

 

 

 

 

 

 

 

$

17,410

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

2.74

 

%

 

 

 

 

 

 

 

3.09

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation to Reported Net Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

$

16,871

 

 

 

 

 

 

 

 

$

17,410

 

 

 

 

 

Adjustment for taxable equivalent interest

 

 

 

 

(397

)

 

 

 

 

 

 

 

 

(398

)

 

 

 

 

Net interest income (GAAP)

 

 

 

$

16,474

 

 

 

 

 

 

 

 

$

17,012

 

 

 

 

 

Net interest margin (GAAP)

 

 

 

 

 

 

 

2.67

 

%

 

 

 

 

 

 

 

3.02

 

%

 

(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 $1.7 million and $1.4 million in the first quarter of 2024 and 2023, respectively.
(5)
Interest on loans included net origination fees and accretion income. Accretion income was $390,000 and $471,000 in the first quarter of 2024 and 2023, respectively.

 

 

9

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Cover
Apr. 24, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Apr. 24, 2024
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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