CHOICEONE FINANCIAL SERVICES INC

Listed Company

COFSCIK 0000803164NasdaqAcceleratedState Commercial BanksMichiganFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$28.18M

Total Assets

$4.41B

Equity

$465.35M

Shares Out

14.98M

Op. Cash Flow

$31.81M

Business

CHOICEONE FINANCIAL SERVICES INC is a financial holding company that operates primarily in the banking industry through its wholly owned subsidiary, ChoiceOne Bank. It offers deposit, payment, credit and other financial services including time, savings and demand deposits, automated transaction services, commercial and consumer loans, trust and wealth management, and insurance services through its insurance agency. The company operates as a single banking segment with supplemental subsidiaries for insurance and fintech intellectual property. It serves communities in western and southeastern Michigan through branch offices and loan production offices, with no foreign operations.

Summary from filing dated 2025-03-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees	173	90	68	53	49
Taxable	21	21	21	16	10
Tax exempt	6	6	6	6	6
Other	4	5	4	491,000	84,000
Total interest income	203	121	99	75	65
Deposits	54	34	24	6	3
Advances from Federal Home Loan Bank	8	2	2	117,000	22,000
Other	4	10	7	2	650,000
Total interest expense	66	47	33	8	—
Net interest income	137	74	66	67	61
Provision for (reversal of) credit losses on loans (Note 3)	15	1	1	250,000	416,000
Provision for (reversal of) credit losses on unfunded commitments	−300,000	−675,000	−1	0	0
Net Provision for credit losses expense	15	625,000	150,000	250,000	416,000
Net interest income after provision for credit losses	122	74	66	67	60
Customer service charges	6	5	5	5	9
Interchange Income	8	6	5	—	—
Insurance and investment commissions	2	742,000	698,000	779,000	765,000
Gains on sales of loans and capital servicing rights (Note 4)	2	2	2	2	4
Net (losses) gains on sales of securities (Note 2)	0	0	−71,000	−809,000	−40,000
Net (losses) gains on sales and write-downs of other assets (Note 7)	−226,000	198,000	147,000	99,000	6,000
Earnings on life insurance policies	2	2	1	1	809,000
Trust income	3	906,000	771,000	734,000	790,000
Change in market value of equity securities (Note 2)	607,000	195,000	−246,000	−955,000	479,000
Other	2	1	1	1	981,000
Total noninterest income	25	18	15	14	19
Salaries and benefits (Note 14 and 15)	53	33	32	30	29
Occupancy and equipment (Note 5)	9	6	6	6	6
Data processing	9	6	5	5	6
Communication	2	1	1	1	—
Professional fees	3	2	2	2	3
Supplies and postage	1	699,000	780,000	719,000	614,000
Advertising and promotional	981,000	788,000	721,000	764,000	848,000
Intangible amortization (Note 6)	6	757,000	955,000	1	1
FDIC insurance	2	1	1	722,000	804,000
Merger related expenses	17	1	0	0	—
Other	9	5	5	5	5
Total noninterest expense	113	59	55	53	53
Income before income tax expense	34	33	26	28	26
Income tax expense (Note 12)	6	6	4	4	4
Net income	28	27	21	24	22
Basic earnings per share (Note 16)	2.02	3.27	2.82	3.15	2.87
Diluted earnings per share (Note 16)	2.01	3.25	2.82	3.15	2.86
Dividends declared per share	1.13	1.09	1.05	1.01	0.94

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	88	96	55	44	32
Time deposits in other financial institutions	350,000	350,000	350,000	350,000	350,000
Cash and cash equivalents	88	97	55	44	32
Equity securities, at fair value (Note 2)	9	8	8	9	8
Securities available for sale, at fair value (Note 2)	554	479	515	530	1,099
Securities held to maturity, at amortized cost (Note 2)	385	395	408	426	0
Federal Home Loan Bank Stock	19	9	4	4	4
Federal Reserve Bank Stock	13	5	5	5	5
Loans held for sale	7	7	5	5	9
Mortgage warehouse advances (Note 3)	59	40	—	—	—
Core Loans (Note 3)	2,963	1,506	1,391	1,190	—
Total loans held for investment (Note 3)	3,022	1,546	1,411	1,190	—
Allowance for loan losses (Note 3)	−36	−17	−16	−8	−8
Loans, net	2,986	1,529	1,395	—	—
Premises and equipment, net (Note 5)	48	27	30	28	30
Other real estate owned, net (Note 7)	3	473,000	122,000	0	194,000
Cash value of life insurance policies	75	45	45	44	43
Goodwill (Note 6)	130	60	60	60	60
Intangible assets, net (Note 6)	31	1	—	—	—
Other assets	62	60	45	47	20
Total assets	4,411	2,723	2,577	2,386	2,367
Deposits - noninterest-bearing (Note 9)	907	525	548	600	561
Deposits - interest-bearing demand deposits (Note 9)	1,365	920	1,551	1,517	1,491
Savings deposits (Note 9)	607	338	—	—	—
Certificates of deposit (Note 9)	616	394	—	—	—
Brokered deposits (Note 9)	105	37	23	2	—
Total deposits	3,600	2,214	2,122	2,118	2,052
Borrowings (Note 10)	265	175	200	50	50
Subordinated debentures (Note 11)	48	36	36	35	35
Other liabilities (Notes 12)	32	38	24	14	8
Total liabilities	3,945	2,463	2,381	2,217	2,145
Preferred stock; shares authorized: 100,000; shares outstanding: none	0	0	0	0	0
Common stock and paid-in capital, no par value; shares authorized: 30,000,000; shares outstanding: 15,000,939 at December 31, 2025 and 8,965,483 at December 31, 2024 (Note 16)	398	207	174	172	172
Retained earnings	103	91	74	68	52
Accumulated other comprehensive income (loss), net	−36	−38	−52	−72	−3
Total shareholders equity	465	260	196	161	222
Total liabilities and shareholders equity	4,411	2,723	2,577	2,386	2,367

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	4	3	3	3	3
Amortization	16	10	10	11	10
Accretion on purchased loans	−13	−1	−2	—	—
Compensation expense on employee and director stock purchases, stock options, and restricted stock units	883,000	720,000	1	958,000	812,000
Gains on sales of loans and capitalized servicing rights	−2	−2	−2	−2	−7
Loans originated for sale	−62	−74	−56	−72	−197
Proceeds from loan sales	63	73	57	78	205
Earnings on bank-owned life insurance	−2	−1	−1	−1	−778,000
Earnings on death benefit from bank-owned life insurance	−303,000	−700,000	0	−274,000	−31,000
(Gains) on sales of other real estate owned	61,000	−46,000	−12,000	−41,000	−19,000
Write downs of other real estate owned	78,000	0	0	—	—
Deferred federal income tax (expense) benefit	−113,000	−271,000	−24,000	−15,000	924,000
Other assets	3	−817,000	7	−4	−5
Other liabilities	−19	15	8	6	6
Net cash provided by operating activities	32	47	46	44	38
Sales of securities available for sale	79	0	0	47	30
Sales of equity securities	648,000	0	887,000	0	0
Proceeds from Federal Home Loan Bank stock redemption	0	0	4	0	0
Maturities, prepayments and calls of securities available for sale	24	34	32	52	54
Maturities, prepayments and calls of securities held to maturity	16	26	17	8	0
Purchases of securities available for sale	−84	−2	−2	−55	−633
Purchases of securities held to maturity	−5	−14	−597,000	−8	0
Purchases of equity securities	−248,000	−82,000	0	−1	−5
Purchases of Federal Home Loan Bank stock	−7	−5	−5	0	0
Purchase of Federal Reserve Bank stock	0	−242,000	0	0	—
Loan originations and payments, net	−89	−135	−220	−131	45
Proceeds from sales of other real estate owned	1	345,000	157,000	—	—
Proceeds from bank owned life insurance death benefits claim	940,000	2	—	690,000	—
Additions to premises and equipment	−7	−2	−4	−1	−3
Payments from (payments for) derivative contracts	4	0	−4	0	0
Issuance costs from Merger	−8,000	0	0	—	—
Cash received from merger with Fentura Financial, Inc.	173	0	0	—	—
Net cash (used in)/provided by investing activities	107	−96	−181	−90	−521
Net change in deposits	−48	92	4	66	378
Net change in short term borrowings	−80	−25	150	—	—
Issuance of common stock	892,000	674,000	231,000	172,000	139,000
Repurchase of common stock	−3	0	0	−682,000	−8
Share based compensation withholding obligation	−327,000	−220,000	0	−85,000	0
Cash dividends	−17	−9	−8	−8	−7
Cash proceeds from common stock offering	0	32	0	0	—
Net cash provided by/(used in) financing activities	−147	91	146	58	436
Net change in cash and cash equivalents	−9	41	11	12	−48
Cash paid for interest	65	50	27	8	4
Cash paid for federal income taxes	7	6	4	2	3
Loans transferred to other real estate owned	2	650,000	267,000	0	520,000
Acquisition of assets from merger, net of cash	1,579	0	0	—	—
Acquisition of liabilities from merger	1,625	0	0	—	—
Issuance of common stock as consideration for merger	193	0	0	—	—

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