Welcome to our dedicated page for CHOICEONE FINANCIAL news (Ticker: COFS), a resource for investors and traders seeking the latest updates and insights on CHOICEONE FINANCIAL stock.
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 $5.04 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.
ChoiceOne Financial Services, Inc. (Nasdaq: COFS) announced advancements in financial services and technology aimed at enhancing customer experience. Key improvements include mobile banking with 2FA security, an online PPP loan portal, and integrated card controls. The bank was recognized as one of America's Best Banks by Newsweek and emphasizes maintaining personal relationships while leveraging technology. With approximately $1.9 billion in assets and 34 branches across Michigan, ChoiceOne aims to provide superior service and high-quality financial solutions.
On November 11, 2020, ChoiceOne Bank announced the appointment of Paul Michon as Vice President and Market Manager for their new Macomb Loan Office. This expansion into Macomb County aims to enhance service offerings and customer convenience for local businesses and families. The new office is set to open in November 2020, with a grand opening celebration on November 12. Michon brings 14 years of banking experience and extensive expertise in commercial lending, positioning the bank for growth in the Michigan market.
ChoiceOne Financial Services, Inc. (Nasdaq: COFS) announced that its subsidiary, ChoiceOne Bank, was ranked as Michigan's Best Small Bank by Newsweek. This ranking was part of Newsweek's assessment of over 2,500 FDIC-insured institutions, focusing on customer service, mobile satisfaction, and interest rates. CEO Kelly J. Potes highlighted the bank's commitment to innovative financial technology and customer service during the pandemic. Banks considered had under $10 billion in assets and were among the top five by branches in the state.
ChoiceOne Financial Services (NASDAQ:COFS) reported a strong third-quarter performance for 2020, with net income of $3.8 million or $0.49 per diluted share, a significant rise from $1.0 million or $0.28 in Q3 2019. Adjusted for merger-related expenses, net income increased to $5.25 million or $0.67 per share. The bank's total assets grew to $1.8 billion, partly due to the County and Community Shores mergers, which bolstered its loan and deposit portfolios considerably.
Despite a provision for loan losses of $1.25 million in Q3, the overall financial health appears solid, demonstrating resilience amid the COVID-19 pandemic.
FAQ
What is the current stock price of CHOICEONE FINANCIAL (COFS)?
What is the market cap of CHOICEONE FINANCIAL (COFS)?
What services does ChoiceOne Financial Services Inc. offer?
Where is ChoiceOne Financial Services Inc. headquartered?
How long has ChoiceOne Financial Services Inc. been in business?
What recent financial performance has ChoiceOne reported?
How is ChoiceOne managing its liquidity and interest rate risk?
What are some of ChoiceOne's recent achievements?
What is the primary market area for ChoiceOne Bank?
What recent technological developments has ChoiceOne implemented?
How can I find more information about ChoiceOne Financial Services Inc.?
What is the ticker symbol for ChoiceOne Financial Services Inc.?
