0000950170-23-014797.txt : 20230426 0000950170-23-014797.hdr.sgml : 20230426 20230426160844 ACCESSION NUMBER: 0000950170-23-014797 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230426 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230426 DATE AS OF CHANGE: 20230426 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHOICEONE FINANCIAL SERVICES INC CENTRAL INDEX KEY: 0000803164 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 382659066 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39209 FILM NUMBER: 23849778 BUSINESS ADDRESS: STREET 1: 109 E DIVISION STREET 2: P O BOX 186 CITY: SPARTA STATE: MI ZIP: 49345-0186 BUSINESS PHONE: 6168877366 MAIL ADDRESS: STREET 1: 109 EAST DIVISION STREET 2: P O BOX 186 CITY: SPARTA STATE: MI ZIP: 49345-0186 FORMER COMPANY: FORMER CONFORMED NAME: 1ST COMMUNITY BANCORP INC DATE OF NAME CHANGE: 19920703 8-K 1 cofs-20230426.htm 8-K 8-K
false000080316400008031642023-04-262023-04-26

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 26, 2023

ChoiceOne Financial Services, Inc.
(Exact Name of Registrant as
Specified in its Charter)

Michigan
(State or Other Jurisdiction
of Incorporation)

000-19202
(Commission
File Number)

38-2659066
(IRS Employer
Identification No.)

109 E. Division Street
Sparta, Michigan
(Address of Principal Executive Offices)


49345
(Zip Code)

Registrant's telephone number, including area code: (616) 887-7366

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock

COFS

NASDAQ Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

On April 26, 2023, ChoiceOne Financial Services, Inc. issued the press release attached as Exhibit 99.1 to this Form 8-K, which is here incorporated by reference. This Report and the Exhibit are furnished to, and not filed with, the Commission.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits:

99.1

Press Release dated April 26, 2023. This Exhibit is furnished to, and not filed with, the Commission.

104

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated:

April 26, 2023

CHOICEONE FINANCIAL SERVICES, INC.
(Registrant)

By:

/s/ Adom J. Greenland

Adom J. Greenland
Its Treasurer

 

 EX-99 2 cofs-ex99_1.htm EX-99.1 EX-99

 

EXHIBIT 99.1

 

img110299532_0.jpg

News Release

ChoiceOne Financial Reports First Quarter 2023 Results

Sparta, Michigan – April 26, 2023 – ChoiceOne Financial Services, Inc. ("ChoiceOne", NASDAQ:COFS), the parent company for ChoiceOne Bank, reported financial results for the quarter ended March 31, 2023.

Financial Highlights

•
ChoiceOne reported net income of $5,633,000 for the three months ended March 31, 2023, compared to $6,684,000 and $5,528,000 for the three months ended December 31, 2022 and March 31, 2022, respectively.
•
Diluted earnings per share were $0.75 in the three months ended March 31, 2023, compared to $0.89 and $0.74 for the three months ended December 31, 2022 and March 31, 2022, respectively.
•
Core loans, which exclude held for sale loans and Paycheck Protection Program loans ("PPP"), grew organically by $20.8 million or 7.0% on an annualized basis during the first quarter of 2023 and $191.7 million or 18.8% since March 31, 2022. Loan interest income increased $2.6 million in the first quarter of 2023 compared to the same period in 2022, despite the first quarter of 2022 being aided by $869,000 in PPP fees and an additional $347,000 in accretion income.
•
Deposits, excluding brokered deposits, decreased by $77.5 million or 3.6% as of March 31, 2023 compared to March 31, 2022. This decrease was attributed to a combination of customers using cash on hand for debt payoffs, seasonal tax and municipal bond payments, and customers seeking higher rates via money market securities with transfers to the ChoiceOne Wealth department or outside firms. In the last 12 months over $33.6 million or 43.4% of the trailing 12 month deposit runoff has been transferred from bank deposits to the ChoiceOne Wealth department.
•
ChoiceOne continues to be proactive in managing its liquidity position by using brokered deposits and FHLB advances to ensure ample liquidity to account for deposit fluctuations. At March 31, 2023, total available borrowing capacity from all sources was $405.7 million. ChoiceOne estimates that if additional collateral is pledged to the FHLB, the Federal Reserve Discount Window, or the new Bank Term Funding Program, we would increase available borrowing capacity from all sources to $819.2 million.

 

"Growth in our loan portfolio is the result of us acquiring new relationships and reflects a strong local economy in Michigan. While deposits have drifted in this quarter, the ChoiceOne Wealth team has benefited and is expanding our services to key client relationships. Being proactive with our best customers has allowed us to deepen relationships and provide more value than just a higher interest rate," said Kelly Potes, Chief Executive Officer.

ChoiceOne reported net income of $5,633,000 for the three months ended March 31, 2023, compared to $6,684,000 and $5,528,000 for the three months ended December 31, 2022 and March 31, 2022, respectively. Diluted earnings per share were $0.75 in the three months ended March 31, 2023, compared to $0.89 and $0.74 for the three months ended December 31, 2022 and March 31, 2022, respectively. The increase in deposit costs during the first quarter of 2023 has negatively impacted earnings, offset by higher interest income from organic loan growth.

 

Total assets as of March 31, 2023, increased $24.0 million as compared to December 31, 2022 and $33.1 million compared to March 31, 2022. This increase is due to core loan growth of $20.8 million or 7.0% annualized during the first quarter of 2023. At the same time ChoiceOne saw deposits, excluding brokered deposits, decline $49.9 million in the first quarter of 2023 and $77.5 million compared to March 31, 2022. This decrease was attributed to a combination of customers using cash on hand for debt payoffs, seasonal tax and municipal bond payments, and customers seeking higher rates via money market securities with transfers to the ChoiceOne Wealth department or outside firms. In the last twelve months, over $33.6 million or 43.4% of the trailing twelve-month deposit runoff has been transferred from bank deposits to the ChoiceOne Wealth department.

 

 

1

 

The cost of deposits has increased to 0.62% during the three months ended March 31, 2023 compared to 0.47% and 0.15% for the three months ended December 31, 2022 and March 31, 2022, respectively, due to rising short term interest rates and is expected to continue to increase as deposits reprice. ChoiceOne is actively managing these costs and expects rates paid on deposits to continue to lag the federal fund rate. Uninsured deposits total $751,000 or 36% of deposits at March 31, 2023.

In order to ensure ample liquidity ChoiceOne increased borrowed funds from the FHLB to $85.0 million and also obtained $37.8 million in short term brokered deposits at March 31, 2023. Brokered deposits were locked in at below market rates prior to the latest increase by the Federal Reserve. Brokered deposits allow us to preserve borrowing capacity at more accessible funding options. Interest expense on borrowings for the three months ended March 31, 2023, increased $344,000 as compared to the fourth quarter of 2022 and $740,000 as compared to the same period in 2022 primarily due to the increase in rates on borrowings. Total cost of funds increased to 0.79% in the first quarter of 2023 compared to 0.59% in the fourth quarter of 2022 and 0.21% in the first quarter of 2022. This increase is the result of higher deposit costs and increased borrowings. ChoiceOne continues to be proactive in managing its liquidity position by using brokered deposits and FHLB advances to ensure ample liquidity to account for deposit fluctuations. At March 31, 2023, total available borrowing capacity from all sources was $405.7 million. ChoiceOne estimates that if additional collateral is pledged to the FHLB, the Federal Reserve Discount Window, or the new Bank Term Funding Program, we would increase available borrowing capacity from all sources to $819.2 million.

Interest income increased $763,000 in the three months ended March 31, 2023, compared to December 31, 2022, and $3.9 million compared to the same period in the prior year. Core loans grew organically by $20.8 million or 7.0% on an annualized basis during the first quarter of 2023 and $191.7 million or 18.8% since March 31, 2022. This led to an increase in loan interest income of $2.6 million in the first quarter of 2023 compared to the same period in 2022, despite the first quarter of 2022 being aided by $869,000 in PPP fees and an additional $347,000 in accretion income. Interest income from securities increased $1.3 million in the first three months of 2023 compared to the first three months of 2022, as a result of higher yield on securities offset by a $70.9 million decline in the average balance of securities. The decrease in average balance is due to the liquidation of $47.2 million in securities during 2022, with the remainder attributed to paydowns and a decline in the fair value of available for sale securities. Fully tax equivalent net interest margin decreased to 3.09% in the first quarter of 2023 from 3.15% in the fourth quarter in 2022 as the increase in cost of funds exceeded the increase in income.

On March 31, 2023, the ratio of the allowance for credit losses to total loans was 1.24% compared to 0.64% on December 31, 2022. The liability for expected credit losses on unfunded loans and other commitments was $3.0 million and did not exist on December 31, 2022. Both of these increases were attributable to ChoiceOne’s adoption of ASU 2016-13 current expected credit loss ("CECL"). On January 1, 2023, ChoiceOne adopted ASU 2016-13 CECL which caused an increase in the allowance for credit losses of $7.2 million. The large increase is partially due to the current economic environment and the nature of the CECL calculation. Approximately 20% of this increase is related to the migration of purchased loans into the portfolio assessed by the CECL calculation. ChoiceOne also booked a liability for expected credit losses on unfunded loans and other commitments of $3.3 million related to the adoption of CECL guidance. These unfunded loans are open credit lines with current customers and loans approved by ChoiceOne but not funded. The increase in the allowance and the cost of the liability resulted in a decrease in the retained earnings account on our Consolidated Balance Sheet equal to the after-tax impact, with the tax impact portion being recorded in deferred taxes in our Consolidated balance Sheet in accordance with FASB guidance.

 

Shareholders’ equity totaled $168.7 million as of March 31, 2023, down from $191.1 million as of March 31, 2022, primarily due to an increase in the after-tax net unrealized loss on securities available for sale resulting from higher market interest rates. ChoiceOne uses interest rate swaps to manage interest rate exposure to certain fixed assets and variable rate liabilities. On March 31, 2022 ChoiceOne has pay-fixed interest rate swaps with a total notional value of $401.0 million. These derivative instruments increase in value as long-term interest rates rise, which offsets the reduction in equity due to unrealized losses on securities available for sale. ChoiceOne Bank remains “well-capitalized” with a total risk-based capital ratio of 13.0% as of March 31, 2023, compared to 13.3% on March 31, 2022.

 

Total noninterest income declined $174,000 in the first three months of 2023 compared to the same period in the prior year. $401,000 of this decline is due to the change in the mortgage sales environment from the prior year. With the rapid rise in interest rates, refinancing activity has slowed, and demand has shifted towards adjustable-rate products. This decline was offset by the change in market value of equity securities, which saw an increase in the first quarter of 2023 compared to a large decline during the same period of the prior year. Equity investments include local community bank stocks and Community Reinvestment Act bond mutual funds. Customer service charges also increased by $78,000 in the first quarter of 2023 compared to the same period of 2022, as consumer and business activity improved.

 

 

2

 

Total noninterest expense increased $305,000, or 2.2%, in the first quarter of 2023 compared to the same period of 2022. The increase in total noninterest expense was related to an increase in FDIC insurance costs and inflationary pressures on employee wages and benefits. This increase was offset by decreases in other categories including data processing and fraud losses. ChoiceOne continues to monitor expenses and looks to improve our efficiency through automation and use of digital tools. ChoiceOne launched an enhanced treasury services online platform for business clients during the first quarter of 2023. This new platform targets mid-sized businesses and municipalities who require enhanced reporting, security, and payment capabilities. Management believes that continuing to invest in our technology and people is the right way to maintain sustainable growth.

 

Potes further commented, “We have continued to grow our core loan portfolio and maintain excellent asset quality in the first quarter. The recent increase in short term interest rates has put pressure on our deposits, but we have taken this as an opportunity to reengage with our customer base and expand the reach of our Wealth Department. In addition, our yield on earning assets will continue to improve as our assets reprice over time which will help offset increased funding costs. Our experienced team and strong customer relationships are tremendous assets and will continue to pay dividends throughout 2023.”

About ChoiceOne

ChoiceOne Financial Services, Inc. is a financial holding company headquartered in Sparta, Michigan and the parent corporation of ChoiceOne Bank. Member FDIC. ChoiceOne Bank operates 36 offices in parts of Kent, Lapeer, Macomb, Muskegon, Newaygo, Ottawa, and St. Clair counties. ChoiceOne Bank offers insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies, Inc. For more information, please visit Investor Relations at ChoiceOne’s website at choiceone.com.

Forward-Looking Statements

This release may contain forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "is likely," "plans," "predicts," "projects," "may," "could," "look forward," "continue", "future", "will" and variations of such words and similar expressions are intended to identify such forward looking statements. These statements reflect current beliefs as to the expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed, implied or forecasted in such forward-looking statements. Furthermore, ChoiceOne undertakes no obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise. Risk factors include, but are not limited to, the risk factors described in Item 1A in ChoiceOne Financial Services, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2022.

For Further Information:

Adom Greenland

Executive Vice President & CFO

(616) 887 - 2334

IR@ChoiceOne.com

 

3

 

Condensed Balance Sheets
(Unaudited)

 

(In thousands)

 

March 31, 2023

 

 

December 31, 2022

 

 

March 31, 2022

 

Cash and cash equivalents

 

$

55,189

 

 

$

43,943

 

 

$

89,976

 

Securities Held to Maturity

 

 

422,876

 

 

 

425,906

 

 

 

429,918

 

Securities Available for Sale

 

 

554,306

 

 

 

546,896

 

 

 

657,887

 

Loans held for sale

 

 

3,603

 

 

 

4,834

 

 

 

13,450

 

Loans to other financial institutions

 

 

-

 

 

 

-

 

 

 

-

 

Loans, net of allowance for loan losses

 

 

1,195,518

 

 

 

1,182,163

 

 

 

1,019,805

 

Premises and equipment

 

 

28,633

 

 

 

28,232

 

 

 

29,678

 

Cash surrender value of life insurance policies

 

 

44,241

 

 

 

43,978

 

 

 

43,520

 

Goodwill

 

 

59,946

 

 

 

59,946

 

 

 

59,946

 

Core deposit intangible

 

 

2,557

 

 

 

2,809

 

 

 

3,660

 

Other assets

 

 

43,017

 

 

 

47,208

 

 

 

28,938

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

2,409,886

 

 

$

2,385,915

 

 

$

2,376,778

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

554,699

 

 

$

599,579

 

 

$

565,657

 

Interest-bearing deposits

 

 

1,513,429

 

 

 

1,518,424

 

 

 

1,579,944

 

Brokered deposits

 

 

37,773

 

 

 

-

 

 

 

-

 

Borrowings

 

 

85,000

 

 

 

50,000

 

 

 

-

 

Subordinated debentures

 

 

35,323

 

 

 

35,262

 

 

 

35,078

 

Other liabilities

 

 

14,950

 

 

 

13,776

 

 

 

4,981

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

2,241,174

 

 

 

2,217,041

 

 

 

2,185,660

 

 

 

 

 

 

 

 

 

 

Common stock and paid-in capital, no par value; shares authorized: 15,000,000; shares outstanding: 7,521,749 at March 31, 2023, 7,516,098 at December 31, 2022 and 7,489,812 at March 31, 2022

 

 

172,564

 

 

 

172,277

 

 

 

171,492

 

Retained earnings

 

 

64,026

 

 

 

68,394

 

 

 

55,988

 

Accumulated other comprehensive income (loss), net

 

 

(67,878

)

 

 

(71,797

)

 

 

(36,362

)

Shareholders' Equity

 

 

168,712

 

 

 

168,874

 

 

 

191,118

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Shareholders’ Equity

 

$

2,409,886

 

 

$

2,385,915

 

 

$

2,376,778

 

 

 

4

 

Condensed Statements of Income
(Unaudited)

 

 

 

Three Months Ended

 

 

(In thousands, except per share data)

 

March 31, 2023

 

 

December 31, 2022

 

 

March 31, 2022

 

 

Interest income

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

14,873

 

 

$

14,391

 

 

$

12,298

 

 

Securities and other

 

 

6,525

 

 

 

6,244

 

 

 

5,176

 

 

Total Interest Income

 

 

21,398

 

 

 

20,635

 

 

 

17,474

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

3,276

 

 

 

2,503

 

 

 

783

 

 

Borrowings

 

 

1,110

 

 

 

766

 

 

 

370

 

 

Total Interest Expense

 

 

4,386

 

 

 

3,269

 

 

 

1,153

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

17,012

 

 

 

17,366

 

 

 

16,321

 

 

Provision for loan losses

 

 

25

 

 

 

150

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income After Provision for Loan Losses

 

 

16,987

 

 

 

17,216

 

 

 

16,321

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

Customer service charges

 

 

2,267

 

 

 

2,350

 

 

 

2,189

 

 

Insurance and investment commissions

 

 

196

 

 

 

183

 

 

 

205

 

 

Gains on sales of loans

 

 

403

 

 

 

220

 

 

 

804

 

 

Gains (loss) on sales of securities

 

 

-

 

 

 

(4

)

 

 

-

 

 

Gains (loss) on sales of other assets

 

 

3

 

 

 

(73

)

 

 

171

 

 

Trust income

 

 

184

 

 

 

206

 

 

 

178

 

 

Earnings on life insurance policies

 

 

263

 

 

 

519

 

 

 

280

 

 

Change in market value of equity securities

 

 

63

 

 

 

51

 

 

 

(356

)

 

Other income

 

 

292

 

 

 

297

 

 

 

374

 

 

Total Noninterest Income

 

 

3,671

 

 

 

3,749

 

 

 

3,845

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

8,083

 

 

 

7,580

 

 

 

7,606

 

 

Occupancy and equipment

 

 

1,643

 

 

 

1,501

 

 

 

1,625

 

 

Data processing

 

 

1,682

 

 

 

1,673

 

 

 

1,744

 

 

Professional fees

 

 

621

 

 

 

547

 

 

 

510

 

 

Core deposit intangible amortization

 

 

252

 

 

 

252

 

 

 

282

 

 

Other expenses

 

 

1,714

 

 

 

1,662

 

 

 

1,923

 

 

Total Noninterest Expense

 

 

13,995

 

 

 

13,215

 

 

 

13,690

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Tax

 

 

6,663

 

 

 

7,750

 

 

 

6,476

 

 

Income Tax Expense

 

 

1,030

 

 

 

1,066

 

 

 

948

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

5,633

 

 

$

6,684

 

 

$

5,528

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

 

$

0.75

 

 

$

0.89

 

 

$

0.74

 

 

Diluted Earnings Per Share

 

$

0.75

 

 

$

0.89

 

 

$

0.74

 

 

 

 

5

 

Other Selected Financial Highlights

(Unaudited)

 

 

Quarterly

 

Earnings

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

 

2022 3rd
Qtr.

 

 

2022 2nd
Qtr.

 

 

2022 1st
Qtr.

 

(in thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

17,012

 

 

$

17,366

 

 

$

17,338

 

 

$

16,289

 

 

$

16,321

 

Provision for loan losses

 

 

25

 

 

 

150

 

 

 

100

 

 

 

-

 

 

 

-

 

Noninterest income

 

 

3,671

 

 

 

3,749

 

 

 

3,047

 

 

 

3,430

 

 

 

3,845

 

Noninterest expense

 

 

13,995

 

 

 

13,215

 

 

 

13,416

 

 

 

13,157

 

 

 

13,690

 

Net income before federal income tax expense

 

 

6,663

 

 

 

7,750

 

 

 

6,869

 

 

 

6,562

 

 

 

6,476

 

Income tax expense

 

 

1,030

 

 

 

1,066

 

 

 

1,056

 

 

 

947

 

 

 

948

 

Net income

 

 

5,633

 

 

 

6,684

 

 

 

5,813

 

 

 

5,615

 

 

 

5,528

 

Basic earnings per share

 

 

0.75

 

 

 

0.89

 

 

 

0.77

 

 

 

0.75

 

 

 

0.74

 

Diluted earnings per share

 

 

0.75

 

 

 

0.89

 

 

 

0.77

 

 

 

0.75

 

 

 

0.74

 

 

End of period balances

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

 

2022 3rd
Qtr.

 

 

2022 2nd
Qtr.

 

 

2022 1st
Qtr.

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross loans

 

$

1,214,186

 

 

$

1,194,616

 

 

$

1,141,319

 

 

$

1,129,439

 

 

$

1,040,856

 

Loans held for sale (1)

 

 

3,603

 

 

 

4,834

 

 

 

8,848

 

 

 

10,628

 

 

 

13,450

 

Loans to other financial institutions (2)

 

 

-

 

 

 

-

 

 

 

70

 

 

 

37,422

 

 

 

-

 

PPP loans (3)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,758

 

 

 

8,476

 

Core loans (gross loans excluding 1, 2, and 3 above)

 

 

1,210,583

 

 

 

1,189,782

 

 

 

1,132,401

 

 

 

1,079,631

 

 

 

1,018,930

 

Allowance for loan losses

 

 

15,065

 

 

 

7,619

 

 

 

7,457

 

 

 

7,416

 

 

 

7,601

 

Securities available for sale

 

 

554,306

 

 

 

546,896

 

 

 

546,627

 

 

 

582,987

 

 

 

657,887

 

Securities held to maturity

 

 

422,876

 

 

 

425,906

 

 

 

428,205

 

 

 

429,675

 

 

 

429,918

 

Other interest-earning assets

 

 

30,999

 

 

 

15,447

 

 

 

21,744

 

 

 

9,532

 

 

 

62,945

 

Total earning assets (before allowance)

 

 

2,222,367

 

 

 

2,182,866

 

 

 

2,137,895

 

 

 

2,151,633

 

 

 

2,191,606

 

Total assets

 

 

2,409,886

 

 

 

2,385,915

 

 

 

2,363,529

 

 

 

2,360,205

 

 

 

2,376,778

 

Noninterest-bearing deposits

 

 

554,699

 

 

 

599,579

 

 

 

599,360

 

 

 

578,927

 

 

 

565,657

 

Interest-bearing deposits

 

 

1,513,429

 

 

 

1,518,424

 

 

 

1,557,294

 

 

 

1,559,577

 

 

 

1,579,944

 

Brokered deposits

 

 

37,773

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total deposits

 

 

2,105,901

 

 

 

2,118,003

 

 

 

2,156,654

 

 

 

2,138,504

 

 

 

2,145,601

 

Total subordinated debt

 

 

35,323

 

 

 

35,262

 

 

 

35,201

 

 

 

35,140

 

 

 

35,078

 

Total borrowed funds

 

 

85,000

 

 

 

50,000

 

 

 

-

 

 

 

7,000

 

 

 

-

 

Total interest-bearing liabilities

 

 

1,671,525

 

 

 

1,603,686

 

 

 

1,592,495

 

 

 

1,601,717

 

 

 

1,615,022

 

Shareholders' equity

 

 

168,712

 

 

 

168,874

 

 

 

156,657

 

 

 

166,460

 

 

 

191,118

 

 

Average Balances

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

 

2022 3rd
Qtr.

 

 

2022 2nd
Qtr.

 

 

2022 1st
Qtr.

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

1,202,268

 

 

$

1,169,605

 

 

$

1,128,679

 

 

$

1,076,934

 

 

$

1,037,646

 

Securities

 

 

1,059,747

 

 

 

1,072,594

 

 

 

1,079,584

 

 

 

1,098,419

 

 

 

1,130,681

 

Other interest-earning assets

 

 

19,452

 

 

 

14,809

 

 

 

45,210

 

 

 

40,728

 

 

 

36,460

 

Total earning assets (before allowance)

 

 

2,281,467

 

 

 

2,257,008

 

 

 

2,253,473

 

 

 

2,216,081

 

 

 

2,204,787

 

Total assets

 

 

2,391,344

 

 

 

2,373,851

 

 

 

2,389,550

 

 

 

2,361,479

 

 

 

2,375,864

 

Noninterest-bearing deposits

 

 

566,628

 

 

 

605,318

 

 

 

593,793

 

 

 

578,943

 

 

 

553,267

 

Interest-bearing deposits

 

 

1,530,313

 

 

 

1,522,510

 

 

 

1,576,240

 

 

 

1,555,721

 

 

 

1,548,685

 

Brokered deposits

 

 

12,762

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total deposits

 

 

2,109,703

 

 

 

2,127,828

 

 

 

2,170,033

 

 

 

2,134,664

 

 

 

2,101,952

 

Total subordinated debt

 

 

35,290

 

 

 

35,230

 

 

 

35,168

 

 

 

35,095

 

 

 

35,342

 

Total borrowed funds

 

 

63,122

 

 

 

36,773

 

 

 

2,414

 

 

 

5,765

 

 

 

10,239

 

Total interest-bearing liabilities

 

 

1,641,487

 

 

 

1,594,513

 

 

 

1,613,822

 

 

 

1,596,581

 

 

 

1,594,266

 

Shareholders' equity

 

 

167,952

 

 

 

160,284

 

 

 

164,758

 

 

 

177,085

 

 

 

206,280

 

 

 

6

 

Performance Ratios

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

 

2022 3rd
Qtr.

 

 

2022 2nd
Qtr.

 

 

2022 1st
Qtr.

 

Return on average assets

 

 

0.94

%

 

 

1.13

%

 

 

0.97

%

 

 

0.95

%

 

 

0.93

%

Return on average equity

 

 

13.42

%

 

 

16.68

%

 

 

14.11

%

 

 

12.68

%

 

 

10.72

%

Return on average tangible common equity

 

 

20.64

%

 

 

26.63

%

 

 

21.96

%

 

 

18.87

%

 

 

14.85

%

Net interest margin (fully tax-equivalent)

 

 

3.09

%

 

 

3.15

%

 

 

3.15

%

 

 

3.02

%

 

 

3.04

%

Efficiency ratio

 

 

65.40

%

 

 

60.15

%

 

 

61.06

%

 

 

61.43

%

 

 

64.37

%

Cost of funds

 

 

0.79

%

 

 

0.59

%

 

 

0.35

%

 

 

0.25

%

 

 

0.21

%

Cost of deposits

 

 

0.62

%

 

 

0.47

%

 

 

0.29

%

 

 

0.19

%

 

 

0.15

%

Shareholders' equity to total assets

 

 

7.00

%

 

 

7.08

%

 

 

6.63

%

 

 

7.05

%

 

 

8.04

%

Tangible common equity to tangible assets

 

 

4.52

%

 

 

4.57

%

 

 

4.07

%

 

 

4.49

%

 

 

5.51

%

Full-time equivalent employees

 

 

376

 

 

 

376

 

 

 

383

 

 

 

380

 

 

 

376

 

 

Capital Ratios ChoiceOne Financial Services Inc.

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

 

2022 3rd
Qtr.

 

 

2022 2nd
Qtr.

 

 

2022 1st
Qtr.

 

Total capital (to risk weighted assets)

 

 

13.5

%

 

 

13.8

%

 

 

13.7

%

 

 

13.8

%

 

 

14.6

%

Common equity Tier 1 capital (to risk weighted assets)

 

 

10.7

%

 

 

11.1

%

 

 

10.9

%

 

 

11.0

%

 

 

11.5

%

Tier 1 capital (to risk weighted assets)

 

 

11.0

%

 

 

11.4

%

 

 

11.2

%

 

 

11.3

%

 

 

11.9

%

Tier 1 capital (to average assets)

 

 

7.7

%

 

 

7.9

%

 

 

7.6

%

 

 

7.5

%

 

 

7.3

%

 

Capital Ratios ChoiceOne Bank

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

 

2022 3rd
Qtr.

 

 

2022 2nd
Qtr.

 

 

2022 1st
Qtr.

 

Total capital (to risk weighted assets)

 

 

13.0

%

 

 

13.0

%

 

 

12.8

%

 

 

12.7

%

 

 

13.3

%

Common equity Tier 1 capital (to risk weighted assets)

 

 

12.5

%

 

 

12.5

%

 

 

12.3

%

 

 

12.2

%

 

 

12.8

%

Tier 1 capital (to risk weighted assets)

 

 

12.5

%

 

 

12.5

%

 

 

12.3

%

 

 

12.2

%

 

 

12.8

%

Tier 1 capital (to average assets)

 

 

8.7

%

 

 

8.7

%

 

 

8.3

%

 

 

8.1

%

 

 

7.9

%

 

Asset Quality

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

 

2022 3rd
Qtr.

 

 

2022 2nd
Qtr.

 

 

2022 1st
Qtr.

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan charge-offs (recoveries)

 

$

28

 

 

$

(12

)

 

$

59

 

 

$

185

 

 

$

87

 

Annualized net loan charge-offs (recoveries) to average loans

 

 

0.01

%

 

 

0.00

%

 

 

0.02

%

 

 

0.07

%

 

 

0.03

%

Allowance for loan losses

 

$

15,065

 

 

$

7,619

 

 

$

7,457

 

 

$

7,416

 

 

$

7,601

 

Unfunded commitment liability

 

 

2,991

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Allowance to loans (excludes held for sale)

 

 

1.24

%

 

 

0.64

%

 

 

0.66

%

 

 

0.66

%

 

 

0.74

%

Non-Accruing loans

 

$

1,596

 

 

$

1,263

 

 

$

1,197

 

 

$

1,242

 

 

$

1,167

 

Non performing loans (includes OREO)

 

 

1,726

 

 

 

2,666

 

 

 

2,628

 

 

 

2,714

 

 

 

4,852

 

Nonperforming loans to total loans (excludes held for sale)

 

 

0.14

%

 

 

0.22

%

 

 

0.23

%

 

 

0.24

%

 

 

0.47

%

Nonperforming assets to total assets

 

 

0.07

%

 

 

0.11

%

 

 

0.11

%

 

 

0.11

%

 

 

0.20

%

 

 

7

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Document and Entity Information
Apr. 26, 2023
Cover [Abstract]  
Entity Registrant Name ChoiceOne Financial Services, Inc.
Document Type 8-K
Document Period End Date Apr. 26, 2023
Entity Incorporation, State or Country Code MI
Entity File Number 000-19202
Entity Tax Identification Number 38-2659066
Entity Address, Address Line One 109 E. Division Street
Entity Address, City or Town Sparta
Entity Address, State or Province MI
Entity Address, Postal Zip Code 49345
City Area Code 616
Local Phone Number 887-7366
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock
Trading Symbol COFS
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000803164
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