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ChoiceOne Financial Services Inc. (NASDAQ: COFS) is a financial holding company headquartered in Sparta, Michigan. Through its subsidiary, ChoiceOne Bank, the company provides a comprehensive range of banking services aimed at both personal and business customers. Established over 110 years ago, ChoiceOne has a rich history of commitment to its local communities in Kent, Ottawa, Muskegon, and Newaygo counties, and has expanded its reach to Lapeer, Macomb, and St. Clair counties.
Core Business Operations: ChoiceOne offers a variety of financial solutions including time, savings, and demand deposits, safe deposit services, automated transaction machine services, and a range of loan products such as commercial, consumer, and agricultural loans. The bank also extends its services to treasury notes and bonds. Its insurance and investment products are offered through its subsidiary, ChoiceOne Insurance Agencies, Inc.
Recent Achievements: Recently, ChoiceOne reported net income of $5,634,000 for the quarter ending March 31, 2024. The company has demonstrated strong asset quality and strategic growth in core loans, reflecting the efficiency and dedication of its team. The bank celebrated its 125th anniversary in 2023 and launched a newly redesigned website to enhance customer experience.
Financial Condition: ChoiceOne has been proactive in managing its liquidity and interest rate risks. As of March 31, 2024, total assets stood at $2.7 billion, an increase of $260.8 million from the previous year. The company continues to balance its growth through a mix of deposits, brokered deposits, and advances from the Bank Term Funding Program (BTFP) and the Federal Home Loan Bank (FHLB). Uninsured deposits totaled $792.3 million, or 37.0% of total deposits.
Current Projects: The bank has notably shifted its strategy towards enhancing its technological capabilities, evidenced by the launch of an advanced treasury services platform for business clients. This platform aims to provide better reporting, security, and payment capabilities to mid-sized businesses and municipalities.
Partnerships and Products: ChoiceOne's focus on local community relationships is complemented by its strategic use of financial instruments such as interest rate swaps to manage exposure. As of March 31, 2024, these swaps had a total notional value of $401.0 million, demonstrating the bank's effective risk management practices.
For more detailed information, please visit ChoiceOne's website.
ChoiceOne Financial Services, Inc. (NASDAQ: COFS) reported net income of $5.63 million for Q1 2023, down from $6.68 million in Q4 2022 and $5.53 million in Q1 2022. Diluted earnings per share decreased to $0.75, compared to $0.89 and $0.74 in the previous quarters. Core loans grew 7.0% annually, while total deposits saw a decline of 3.6% year-over-year, attributed to clients utilizing cash for debt and seeking better rates. The cost of deposits rose to 0.62%, impacting earnings despite an increase in interest income from loans. Total assets improved by $24 million since December 2022. The adoption of CECL led to an increase in the allowance for credit losses, reflecting heightened economic uncertainty. ChoiceOne maintains adequate liquidity with $405.7 million available borrowing capacity.
ChoiceOne Financial Services has declared a cash dividend of $0.26 per share for its common stock. This dividend is payable to shareholders of record as of March 15, 2023, with payment set for March 31, 2023. Notably, this amount remains consistent with the fourth quarter of 2022 and represents a $0.01 increase from the first quarter of 2022. Headquartered in Sparta, Michigan, the company operates ChoiceOne Bank across various counties, providing financial services while remaining committed to shareholder value.
ChoiceOne Bank (NASDAQ: COFS) has launched its Annual ChoiceOne Scholarship Program, offering twelve $1,000 scholarships to graduating seniors in Michigan aiming for higher education. Applications opened on January 16 and will close on March 18. The program encourages students to engage in community service, with applicants required to submit a 500-word essay detailing their experiences. Eligible candidates include high school seniors and GED recipients in areas such as Kent, Ottawa, Muskegon, and others. ChoiceOne aims to support local youth, fostering future community leaders while enhancing educational access.
ChoiceOne Financial Services, Inc. (NASDAQ:COFS) reported significant financial growth for the quarter and year ending December 31, 2022. Net income rose to $6.68 million for Q4 and $23.64 million for the year, compared to $5.01 million and $22.04 million in 2021. Diluted earnings per share increased to $0.89 and $3.15 respectively. Core loans grew by 20.3% quarterly and 21.0% annually, while deposits increased by $65.7 million year-over-year. However, deposits fell by $38.7 million in Q4 due to seasonality and competition. The company plans to enhance its treasury services platform for business clients in 2023.
ChoiceOne Financial Services, Inc. (NASDAQ: COFS) has enhanced its digital banking security by transitioning its website domain from choiceone.com to choiceone.bank on January 23, 2023. This move aims to reduce cyber threats by providing a more secure environment for customer interactions. The .bank domain offers visual authentication cues, ensuring that customers can easily verify the legitimacy of emails and websites, thus helping to prevent potential phishing attacks. ChoiceOne emphasizes customer security in every decision, aiming to deliver reliable digital banking services while prioritizing protection against identity theft and financial fraud.
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