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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. (COFS) reported a net income of $5.5 million, or $0.74 per diluted share for Q1 2022, down from $6.2 million or $0.80 per diluted share in Q1 2021. Total assets grew by $10.1 million quarterly and $306.7 million year-over-year. Core deposits increased by $93.3 million (18.2% annualized growth) and core loans by $35.2 million (14.3% annualized growth). However, total noninterest income declined $299,000 from the previous quarter. Shareholders' equity fell to $191.1 million primarily due to unrealized losses from securities.
ChoiceOne Financial Services has declared a cash dividend of $0.25 per share, which is payable to shareholders on March 31, 2022. Shareholders must be on record by March 15, 2022 to qualify for this dividend. This payment is consistent with the previous quarter's dividend and reflects a $0.03 increase compared to the same period last year. The company, based in Sparta, Michigan, operates through its subsidiary, ChoiceOne Bank, and provides various financial services.
ChoiceOne Financial Services (NASDAQ: COFS) reported strong financial results for the fourth quarter and year ended December 31, 2021. Net income reached $5.01 million for Q4 and $22.04 million for the year, up from $4.10 million and $15.61 million in 2020. Diluted earnings per share (EPS) also increased to $0.66 for Q4 and $2.86 for the year. Total deposits grew by $40.1 million in Q4 and $377.7 million for 2021, while loans increased organically by $56.6 million in Q4. The company maintained low deposit costs, resulting in strong capital positions and continued shareholder value potential.
On January 1, 2022, ChoiceOne Financial Services appointed Adom J. Greenland as Secretary, Chief Financial Officer, and Treasurer, replacing Thomas L. Lampen, who retired after 29 years. Greenland, previously the COO and a CPA, brings valuable experience from his tenure as Senior Vice President since 2015 and his background at PricewaterhouseCoopers. ChoiceOne, headquartered in Sparta, Michigan, has approximately $2.1 billion in assets and operates 35 branches, making it Michigan's 10th largest bank holding company.
ChoiceOne Bank (NASDAQ: COFS) announces that Senior Vice President Heather Brolick has been recognized as a 2021 Award Honoree in Crain's Detroit Business Notable Women in Banking. This accolade honors her over 30 years of leadership in banking and her significant contributions to the community. Brolick previously led the merger of Community Shores Bank into ChoiceOne, enhancing resource capabilities for the Muskegon area. ChoiceOne Bank operates with over $2.1 billion in assets and is the 10th largest holding company in Michigan.
ChoiceOne Financial Services, Inc. (NASDAQ: COFS) announced the retirement of Chairman Paul L. Johnson effective December 25, 2021. Jack G. Hendon will succeed him as Chairman, while Bradley F. McGinnis has been appointed to the Board. Johnson, who led the company since 2013, is recognized for guiding ChoiceOne through significant growth. Hendon, a CPA and partner at H&S Companies, and McGinnis, president of Mega Wall Corporation, are expected to drive further expansion in 2022. ChoiceOne operates 35 branches across Michigan and is a top 10 bank holding company in the state.
ChoiceOne Financial Services, Inc. declared a $0.25 cash dividend per share on its common stock. Shareholders of record by December 15, 2021 will receive the dividend on December 31, 2021. This amount matches the third quarter dividend and is $0.03 higher than the fourth quarter 2020 dividend. ChoiceOne Financial, based in Sparta, Michigan, operates 34 bank offices and offers various financial products.
ChoiceOne Financial Services, Inc. (NASDAQ:COFS) reported a strong financial performance for Q3 2021, achieving a net income of $5.75 million and $17.03 million for the quarter and year-to-date, respectively. This represents a significant increase compared to $3.83 million and $11.51 million in the same periods in 2020. Diluted earnings per share rose to $0.75 and $2.20, up from $0.49 and $1.55. The company experienced $131.4 million in deposit growth in Q3. However, total noninterest income declined by $1.6 million for the quarter due to lower mortgage refinancing activity.
ChoiceOne Financial Services, Inc. (Nasdaq: COFS) has been recognized as Michigan's Best Small Bank by Newsweek for 2022, marking the second consecutive year for this accolade. This ranking is part of Newsweek's evaluation of over 2,500 banks, considering factors like customer service, digital presence, and loan options. ChoiceOne Bank, with around $2.1 billion in assets, operates 35 offices in Michigan. CEO Kelly J. Potes emphasized the bank's commitment to innovative financial technology and community support amid the pandemic, enhancing its reputation in the state.
ChoiceOne Financial Services, Inc. (Nasdaq: COFS) has successfully completed a private placement of $32.5 million in subordinated notes with a 3.25% interest rate, maturing in 2031. The net proceeds will support general corporate purposes, including organic growth, potential senior debt redemption, and capital ratios. These notes will transition to a floating rate post September 3, 2026. CEO Kelly Potes expressed optimism about the favorable terms, which strengthen the company's strategy for long-term shareholder value.
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