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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. and ChoiceOne Bank (NASDAQ: COFS) announced a transition to the domain choiceone.bank on January 23, 2023, enhancing digital banking security. This move aims to mitigate cyber threats and ensure stronger verification processes for customer interactions. The transition underscores the bank's commitment to protecting customer information against phishing and fraud, as the '.bank' domain is exclusive to verified banks, offering additional security features. Customers are encouraged to update their bookmarks and email contacts to the new domain.
ChoiceOne Bank (NASDAQ: COFS) announces the addition of David Huisman as Vice President, Commercial Loan Officer, and the promotions of Josh Hucul, Jamie Sheffer, and Britney Herrygers. Huisman brings over 25 years of experience and will focus on commercial banking in the new Holland Loan Office. Hucul expands his role in lending technology, while Sheffer transitions to BSA and AML Investigator. Herrygers, as North Muskegon Branch Manager, will enhance customer service. ChoiceOne, with $2.4 billion in assets, operates across Michigan and offers diverse financial services.
ChoiceOne Financial Services, Inc. and its employees celebrated the impact of their Jean Day program, which raised funds for local nonprofits in 2022. Employees donate biweekly via paycheck deductions to support selected causes, promoting community engagement. Notable nonprofits benefited in both the West and East Markets, including Beautiful You by Profile and Habitat for Humanity. ChoiceOne, headquartered in Sparta, Michigan, is a significant player in the banking sector with approximately $2.4 billion in assets, recognized as one of America's Best Banks by Newsweek.
ChoiceOne Financial Services declared a cash dividend of $0.26 per share, payable to shareholders of record by December 15, 2022, and distributed on December 30, 2022. This reflects a $0.01 increase compared to previous dividends in the third quarter of 2022 and the fourth quarter of 2021. The company, a financial holding firm based in Sparta, Michigan, operates ChoiceOne Bank, which has 36 locations across several counties in Michigan. The stock is listed on NASDAQ under the symbol COFS.
ChoiceOne Financial Services (NASDAQ:COFS) reported net income of $5.81 million for Q3 2022, showing a slight increase from $5.75 million in Q3 2021. Diluted earnings per share rose to $0.77 from $0.75 year-over-year.
Core loans increased 19.6% annually, with total assets up $86.3 million since Q3 2021. Deposits grew by 7.2%. The bank plans to launch a new treasury services platform in 2023 and open a loan production office in Oakland County.
ChoiceOne Financial Services announces the retirement of Patrick A. Cronin from its Board of Directors, effective September 21, 2022. Cronin has served for nearly 30 years, contributing significantly to the organization. In his place, Michelle M. Wendling and Dr. Curt E. Coulter have been appointed to the board. Wendling is a Senior Director at PepsiCo, while Coulter is a physician with ties to community healthcare. ChoiceOne operates as a $2.4 billion asset bank holding company based in Sparta, Michigan, with 35 locations across various counties.
ChoiceOne Financial Services declared a cash dividend of $0.25 per share on its common stock. This cash dividend is payable on September 30, 2022 for shareholders of record as of September 15, 2022. The dividend remains consistent with the second quarter and third quarter dividends of 2021, showcasing the company’s stability in returning value to shareholders.
ChoiceOne Financial Services (NASDAQ: COFS) reported a net income of $5.615 million for Q2 2022, up from $5.043 million in Q2 2021. Diluted earnings per share increased to $0.75 from $0.65. Core loans grew by 23.8% annually, totaling $60.7 million, while total deposits rose 13.7% to $257.8 million year-over-year. However, total assets declined by $16.6 million from Q1 2022. The company plans to open a loan production office in Oakland County, MI, expanding its customer base.
ChoiceOne Financial Services, Inc. has declared a cash dividend of $0.25 per share on its common stock. This dividend is payable to shareholders on record as of June 15, 2022, with payments made on June 30, 2022. The dividend for Q2 2022 remains the same as Q1 2022, yet is $0.03 higher than the same period in 2021. Headquartered in Sparta, Michigan, ChoiceOne operates through its subsidiary, ChoiceOne Bank, and its common stock is traded on the NASDAQ under the symbol COFS.
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