C
CHOICEONE FINANCIAL SERVICES INC
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 bank holding company that owns ChoiceOne Bank, a full-service regional bank providing deposit, loan, payment, trust and wealth management services to customers across western, central, and southeastern Michigan. The Bank operates 47 full-service offices, drive-up locations, loan production offices, and a wealth management office, with principal revenue from interest and fees on loans and interest on securities. The Company also owns ChoiceOne Insurance Agencies, an independent insurance agency, and 109 Technologies, LLC, which licenses fintech intellectual property to third-party banks.
Summary from 10-K filed 2026-03-13
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | Trend | 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 | Trend | 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 | — | — |
Filings
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Frequently asked questions
What is CHOICEONE FINANCIAL SERVICES INC's CIK number?
CHOICEONE FINANCIAL SERVICES INC's SEC CIK number is 0000803164 (803164). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find CHOICEONE FINANCIAL SERVICES INC's SEC filings?
All of CHOICEONE FINANCIAL SERVICES INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did CHOICEONE FINANCIAL SERVICES INC last report earnings?
CHOICEONE FINANCIAL SERVICES INC (COFS) most recently filed an earnings 8-K with the SEC on Apr 24, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-175011). This is CHOICEONE FINANCIAL SERVICES INC's most recent earnings filing of record — not a forecast of its next earnings date.
What is CHOICEONE FINANCIAL SERVICES INC's most recent earnings 8-K?
CHOICEONE FINANCIAL SERVICES INC's latest earnings 8-K (Item 2.02) was filed Apr 24, 2026 under accession 0001193125-26-175011. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View CHOICEONE FINANCIAL SERVICES INC's latest earnings 8-K →
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