Choiceone Finl Svcs Inc - COFS STOCK NEWS

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.

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) reported net income of $5.04 million in Q2 2021, compared to $4.43 million in Q2 2020. Diluted earnings per share rose to $0.65 from $0.61. Assets grew by $50.8 million in Q2 2021, with total deposits up $40.8 million for the quarter and $556.4 million year-over-year. PPP loan forgiveness generated $756,000 in fees for the quarter. Share repurchases totaled 116,000 shares for $2.9 million. Noninterest income decreased to $4.7 million, primarily due to reduced gains on loan sales.

ChoiceOne Financial Services has declared a cash dividend of $0.22 per share on its common stock. Shareholders of record as of June 15, 2021 will receive the dividend, payable on June 30, 2021. This dividend matches the first quarter of 2021 and is $0.02 higher than the second quarter of 2020. ChoiceOne, headquartered in Sparta, Michigan, operates 34 bank offices in several counties and its stock trades under the symbol COFS.

ChoiceOne Financial Services, Inc. (NASDAQ: COFS) announced the upcoming retirement of Tom Lampen, CFO, effective December 31, 2021. Lampen has served in this role for 29 years, contributing to the company's significant growth. Adom J. Greenland, current Senior Vice President and COO, is expected to succeed Lampen as CFO. Greenland has a strong background in bank operations and financial management, making him a suitable choice. ChoiceOne operates 34 branches and is recognized as one of America's Best Banks by Newsweek, with approximately $2.1 billion in assets.

ChoiceOne Financial Services (NASDAQ: COFS) reported a net income of $6.2 million for Q1 2021, up from $3.3 million in Q1 2020. Diluted earnings per share increased to $0.80 from $0.45. The bank benefitted from the forgiveness of $56.4 million in Paycheck Protection Program (PPP) loans, generating $1.4 million in fee income. Total deposits rose by $165.4 million in Q1 2021, contributing to a total increase of $666.6 million year-over-year. Despite a $250,000 provision for loan losses, the bank's performance was bolstered by significant organic growth and fee income from PPP loans.

ChoiceOne Financial Services, Inc. has declared a cash dividend of $0.22 per share on its common stock. This dividend is payable to shareholders of record as of March 15, 2021, with a payment date set for March 31, 2021. Notably, the declared dividend matches the previous quarter but represents an increase of $0.02 over the same period in the prior year, highlighting the company's commitment to returning value to shareholders.

ChoiceOne Financial Services, Inc. (Nasdaq: COFS) has been honored with the M&A Deal of the Year Award in the Finance/Banking category for its notable mergers between July 1, 2019, and December 31, 2020. The award recognizes strategic transactions that demonstrate deal-making excellence. CEO Kelly J. Potes noted that the company doubled its assets to over $1.9 billion and expanded its workforce to approximately 378 employees. The mergers included County Bank Corp. and Community Shores Bank Corporation, enhancing ChoiceOne's capabilities to serve communities effectively, particularly during the COVID-19 pandemic.