0000950170-24-007227.txt : 20240125 0000950170-24-007227.hdr.sgml : 20240125 20240125092731 ACCESSION NUMBER: 0000950170-24-007227 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20240124 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240125 DATE AS OF CHANGE: 20240125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHOICEONE FINANCIAL SERVICES INC CENTRAL INDEX KEY: 0000803164 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance 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: 24559157 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-20240124.htm 8-K 8-K
false000080316400008031642024-01-242024-01-24

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) January 24, 2024

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 January 24, 2024, 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 January 24, 2024. 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:

January 24, 2024

CHOICEONE FINANCIAL SERVICES, INC.
(Registrant)

By:

/s/ Adom J. Greenland

Adom J. Greenland
Its Chief Financial Officer and Treasurer

 

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

 

EXHIBIT 99.1

 

img110299532_0.jpg

News Release

ChoiceOne Reports Fourth Quarter 2023 Results

Sparta, Michigan – January 24, 2024 – ChoiceOne Financial Services, Inc. ("ChoiceOne", NASDAQ:COFS), the parent company for ChoiceOne Bank, reported financial results for the quarter ended December 31, 2023.

Financial Highlights

•
Founded in 1898, ChoiceOne Bank celebrated its 125th anniversary serving local Michigan communities. ChoiceOne celebrated this accomplishment by ringing the opening bell on the NASDAQ trading floor on October 30th, 2023.
•
ChoiceOne reported net income of $5,293,000 and $21,261,000 for the three and twelve months ended December 31, 2023, compared to $6,684,000 and $23,640,000 for the same periods in 2022.
•
Diluted earnings per share were $0.70 and $2.82 in the three and twelve months ended December 31, 2023, compared to $0.89 and $3.15 per share in the same periods in the prior year.
•
Core loans, which exclude held for sale loans, loans to other financial institutions, and Paycheck Protection Program ("PPP") loans, grew organically by $105.2 million or an annualized 32.7% during the fourth quarter of 2023 and $201.5 million or 16.9% since December 31, 2022. This represents the largest core loan growth by dollar amount in a single quarter in ChoiceOne's 125 years in business (excludes loan acquisitions due to mergers and PPP loans).
•
Deposits, excluding brokered deposits, increased by $14.7 million or an annualized 2.8% in the fourth quarter of 2023. The increase in deposits in the fourth quarter is a combination of new business, recapture of deposit losses from earlier in the year, and some seasonality of municipal balances. Deposits as of December 31, 2023, excluding brokered deposits, decreased $19.4 million or 0.9%, compared to deposits as of December 31, 2022.
•
Fully tax-equivalent net interest income increased to $16.9 million in the fourth quarter of 2023 compared to $16.6 million in the third quarter of 2023. Net interest margin (fully tax-equivalent) in the fourth quarter was 2.72% an increase from 2.70% in the third quarter of 2023.
•
Asset quality remains strong with only 0.1% of nonperforming loans to total loans (excluding held for sale) as of December 31, 2023.

 

 

"This quarter was a momentous occasion for ChoiceOne Bank as we marked 125 years of empowering our customers and communities. I am thrilled to share that we achieved the largest core loan growth by dollar amount in a single quarter in our entire history (excludes loan acquisitions due to mergers and PPP loans). This is proof of our entire team’s commitment to supporting our local communities. I am also very pleased with our full year 2023 results which showcase loan growth in a tough environment. Our results demonstrate the strong management of both credit and interest rate risk as we continue to prioritize mitigation of these risks. We appreciate our customers' trust and loyalty, and we look forward to many more years of success together." said Kelly Potes, Chief Executive Officer.

 

ChoiceOne reported net income of $5,293,000 and $21,261,000 for the three and twelve months ended December 31, 2023, compared to $6,684,000 and $23,640,000 for the same periods in 2022. Diluted earnings per share were $0.70 and $2.82 in the three and twelve months ended December 31, 2023, compared to $0.89 and $3.15 per share in the same periods in the prior year. During 2023, earnings were negatively affected by increased deposit costs, but this was partially offset by higher interest income from loans with higher interest rates and organic loan growth.

As of December 31, 2023, total assets remained stable compared to September 30, 2023. ChoiceOne used cash balances to fund loans and reduced the net balance of borrowings and brokered deposits by $5.8 million in the fourth quarter of 2023. In addition, core loans increased $105.2 million during the fourth quarter of 2023. Total assets increased by $190.8 million in the twelve months ended December 31, 2023. This increase was driven by core loan growth of $201.5 million or 16.9%, which was partially offset by a decrease in securities of $33.2 million. ChoiceOne management increased liquidity to fund organic loan growth and shifted lower yield assets into higher yield loans, as shown by the loan growth in the fourth quarter of 2023.

 

1

 

Deposits, excluding brokered deposits, increased by $14.7 million or an annualized 2.8% in the fourth quarter of 2023 and decreased $19.4 million or 0.9% as of December 31, 2023 compared to December 31, 2022. The decrease in deposits since December 31, 2022 was largely concentrated in the first quarter of 2023 as a result of a combination of customers using cash on hand for debt payoffs, seasonal tax and municipal bond payments, and customers seeking higher rates in money market securities or other investments. Deposits grew in the third and fourth quarters of 2023 due to new business, recapture of deposit losses, and some seasonality in municipal balances. ChoiceOne continues to be proactive in managing its liquidity position by using brokered deposits, the Bank Term Funding Program ("BTFP"), and FHLB advances to ensure ample liquidity. At December 31, 2023, total available borrowing capacity from all sources was $933.3 million. Uninsured deposits total $769.7 million or 36.7% of deposits at December 31, 2023.

 

The increase in short term interest rates has led to higher deposit costs, which rose to 1.57% in the last quarter of 2023, compared to 1.36% in the previous quarter and 0.47% in the fourth quarter of 2022. As deposits reprice and customers shift to CD and other interest bearing products, this trend is likely to persist. ChoiceOne is taking active measures to control these costs and expects to pay lower rates on deposits than the federal funds rate. Interest expense on borrowings for the three and twelve months ended December 31, 2023, increased $2.2 million and $7.2 million, respectively, compared to the same periods in the prior year, due to increases in borrowing amounts and interest rates. Borrowings include $170 million from the BTFP and $30 million of FHLB borrowings at a weighted average fixed rate of 4.7%. Total cost of funds increased to 1.91% in the fourth quarter of 2023 compared to 1.70% in the third quarter of 2023 and 0.59% in the fourth quarter of 2022.

The provision for credit losses expense on loans increased by $933,000 in the last quarter of 2023, due to the significant growth of core loans. Core loan growth was offset by certain payoffs of watch loans, which declined by $425,000 during the fourth quarter of 2023. Net provision for credit losses expense for the fourth quarter 2023 was $375,000. The ratio of the allowance for credit losses to total loans (excluding loans held for sale) was 1.11% on December 31, 2023 compared to 1.14% on September 30, 2023. Asset quality continues to remain strong, with annualized net loan charge-offs to average loans of 0.04% and nonperforming loans to total loans (excluding loans held for sale) of 0.13% as of December 31, 2023.

ChoiceOne uses interest rate swaps to manage interest rate exposure to certain fixed assets and variable rate liabilities. On December 31, 2023, ChoiceOne had pay-fixed interest rate swaps with a total notional value of $401.0 million, a weighted average coupon of 3.07%, a fair value of $8.9 million and an average contract length of 8 to 9 years. 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. Included in the total is $200.0 million of forward starting pay-fixed, receive floating interest rate swaps used to hedge interest bearing liabilities. These forward starting swaps will pay a fixed coupon of 2.75% while receiving SOFR starting in late April 2024. At the current SOFR rate of 5.38%, these forward starting swaps would contribute approximately $438,000 monthly starting in May 2024 which will partially offset interest expense. In addition, in March 2023, ChoiceOne eliminated all receive-fix, pay floating swap agreements for a cash payment of $4.2 million. The loss is being amortized in interest income with an expense of approximately $273,000 monthly through April 2024, which was the remaining period of the agreements.

 

Shareholders’ equity totaled $195.6 million as of December 31, 2023, up from $168.9 million as of December 31, 2022. This increase is due to increased retained earnings and an improvement in accumulated other compressive loss (AOCI) of $20.2 million compared to December 31, 2022. The improvement in AOCI despite the rise in interest rates is due to both the shortening duration and maturing (paydowns) of the securities portfolio, as well as an offsetting increase in unrealized gain of the pay-fixed swap derivatives. ChoiceOne Bank remains “well-capitalized” with a total risk-based capital ratio of 12.4% as of December 31, 2023, compared to 13.0% on December 31, 2022.

Noninterest income rose by $297,000 and $834,000 in the three and twelve months ended December 31, 2023, compared to the same periods in the prior year. The increase was largely due to gains in our securities portfolio during 2023 compared to losses in 2022. Gains on sales of loans increased by $255,000 in the fourth quarter of 2023 compared to the fourth quarter of 2022; however, overall volume remains somewhat depressed due to a competitive housing market and higher mortgage rates.

Noninterest expense increased $563,000 or 4.3% and $1.6 million or 3.0% in the three and twelve months ended December 31, 2023 compared to the same periods in 2022. The increase in total noninterest expense was largely related to inflationary pressures on employee wages and benefits and increases to FDIC insurance partially offset by lower occupancy and data processing costs. As part of its ongoing optimization strategy, ChoiceOne intends to consolidate two of its branches by March 2025. Customers who currently use these branches will be able to access nearby ChoiceOne locations that offer the same level of service and convenience. ChoiceOne anticipates a low impact on customer retention and expects to save around $700,000 annually from this decision. Management continues to seek out ways to manage costs, but also recognizes the value of investing in innovation and attracting the best talent in our industry to compete effectively in our markets.

 

2

 

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 37 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.bank.

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)

 

December 31, 2023

 

 

September 30, 2023

 

 

December 31, 2022

 

Cash and cash equivalents

 

$

55,433

 

 

$

144,673

 

 

$

43,943

 

Securities Held to Maturity

 

 

407,959

 

 

 

414,743

 

 

 

425,906

 

Securities Available for Sale

 

 

531,617

 

 

 

507,580

 

 

 

546,896

 

Loans held for sale

 

 

4,710

 

 

 

5,222

 

 

 

4,834

 

Loans to other financial institutions

 

 

19,400

 

 

 

23,763

 

 

 

-

 

Loans, net of allowance for loan losses

 

 

1,375,568

 

 

 

1,271,165

 

 

 

1,182,163

 

Premises and equipment

 

 

29,750

 

 

 

29,628

 

 

 

28,232

 

Cash surrender value of life insurance policies

 

 

45,074

 

 

 

44,788

 

 

 

43,978

 

Goodwill

 

 

59,946

 

 

 

59,946

 

 

 

59,946

 

Core deposit intangible

 

 

1,854

 

 

 

2,057

 

 

 

2,809

 

Other assets

 

 

45,395

 

 

 

70,631

 

 

 

47,208

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

2,576,706

 

 

$

2,574,196

 

 

$

2,385,915

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

547,625

 

 

$

531,962

 

 

$

599,579

 

Interest-bearing deposits

 

 

1,550,985

 

 

 

1,551,995

 

 

 

1,518,424

 

Brokered deposits

 

 

23,445

 

 

 

49,238

 

 

 

-

 

Borrowings

 

 

200,000

 

 

 

180,000

 

 

 

50,000

 

Subordinated debentures

 

 

35,507

 

 

 

35,446

 

 

 

35,262

 

Other liabilities

 

 

23,510

 

 

 

44,394

 

 

 

13,776

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

2,381,072

 

 

 

2,393,035

 

 

 

2,217,041

 

 

 

 

 

 

 

 

 

 

Common stock and paid-in capital, no par value; shares authorized: 15,000,000; shares outstanding: 7,548,217 at December 31, 2023, 7,541,187 at September 30, 2023, and 7,516,098 at December 31, 2022

 

 

173,513

 

 

 

173,187

 

 

 

172,277

 

Retained earnings

 

 

73,699

 

 

 

70,444

 

 

 

68,394

 

Accumulated other comprehensive income (loss), net

 

 

(51,578

)

 

 

(62,470

)

 

 

(71,797

)

Shareholders' Equity

 

 

195,634

 

 

 

181,161

 

 

 

168,874

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Shareholders’ Equity

 

$

2,576,706

 

 

$

2,574,196

 

 

$

2,385,915

 

 

 

4

 

Condensed Statements of Income
(Unaudited)

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

(Dollars in thousands, except per share data)

 

December 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

2022

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

19,759

 

 

$

14,391

 

 

$

68,384

 

$

52,823

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

5,532

 

 

 

4,582

 

 

 

21,169

 

 

15,583

 

Tax exempt

 

 

1,385

 

 

 

1,485

 

 

 

5,629

 

 

6,163

 

Other

 

 

1,286

 

 

 

177

 

 

 

3,798

 

 

491

 

Total interest income

 

 

27,962

 

 

 

20,635

 

 

 

98,980

 

 

75,060

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

8,421

 

 

 

2,503

 

 

 

23,990

 

 

5,845

 

Advances from Federal Home Loan Bank

 

 

273

 

 

 

109

 

 

 

1,771

 

 

117

 

Other

 

 

2,712

 

 

 

657

 

 

 

7,334

 

 

1,784

 

Total interest expense

 

 

11,406

 

 

 

3,269

 

 

 

33,095

 

 

7,746

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

16,556

 

 

 

17,366

 

 

 

65,885

 

 

67,314

 

Provision for credit losses on loans

 

 

933

 

 

 

150

 

 

 

1,265

 

 

250

 

Provision for credit losses on unfunded commitments

 

 

(558

)

 

 

-

 

 

 

(1,115

)

 

-

 

Net Provision for credit losses expense

 

 

375

 

 

 

150

 

 

 

150

 

 

250

 

Net interest income after provision

 

 

16,181

 

 

 

17,216

 

 

 

65,735

 

 

67,064

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

Customer service charges

 

 

2,427

 

 

 

2,350

 

 

 

9,347

 

 

9,350

 

Insurance and investment commissions

 

 

157

 

 

 

183

 

 

 

698

 

 

779

 

Gains on sales of loans

 

 

475

 

 

 

220

 

 

 

1,954

 

 

2,343

 

Net gains (losses) on sales of securities

 

 

-

 

 

 

(4

)

 

 

(71

)

 

(809

)

Net gains (losses) on sales and write downs of other assets

 

 

(2

)

 

 

(73

)

 

 

147

 

 

99

 

Earnings on life insurance policies

 

 

286

 

 

 

519

 

 

 

1,096

 

 

1,312

 

Trust income

 

 

194

 

 

 

206

 

 

 

771

 

 

734

 

Change in market value of equity securities

 

 

210

 

 

 

51

 

 

 

(246

)

 

(955

)

Other

 

 

299

 

 

 

297

 

 

 

1,210

 

 

1,219

 

Total noninterest income

 

 

4,046

 

 

 

3,749

 

 

 

14,906

 

 

14,072

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

8,005

 

 

 

7,580

 

 

 

31,963

 

 

30,391

 

Occupancy and equipment

 

 

1,471

 

 

 

1,501

 

 

 

6,048

 

 

6,189

 

Data processing

 

 

1,531

 

 

 

1,673

 

 

 

6,618

 

 

6,729

 

Professional fees

 

 

523

 

 

 

547

 

 

 

2,198

 

 

2,175

 

Supplies and postage

 

 

200

 

 

 

178

 

 

 

780

 

 

719

 

Advertising and promotional

 

 

148

 

 

 

286

 

 

 

721

 

 

764

 

Intangible amortization

 

 

203

 

 

 

252

 

 

 

955

 

 

1,153

 

FDIC insurance

 

 

394

 

 

 

77

 

 

 

1,184

 

 

722

 

Other

 

 

1,303

 

 

 

1,121

 

 

 

4,607

 

 

4,636

 

Total noninterest expense

 

 

13,778

 

 

 

13,215

 

 

 

55,074

 

 

53,478

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax

 

 

6,449

 

 

 

7,750

 

 

 

25,567

 

 

27,658

 

Income tax expense

 

 

1,156

 

 

 

1,066

 

 

 

4,306

 

 

4,018

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

5,293

 

 

$

6,684

 

 

$

21,261

 

$

23,640

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.70

 

 

$

0.89

 

 

$

2.82

 

$

3.15

 

Diluted earnings per share

 

$

0.70

 

 

$

0.89

 

 

$

2.82

 

$

3.15

 

Dividends declared per share

 

$

0.27

 

 

$

0.26

 

 

$

1.05

 

$

1.01

 

 

 

5

 

Other Selected Financial Highlights

(Unaudited)

 

 

Quarterly

 

Earnings

 

2023 4th
Qtr.

 

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

(in thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

16,556

 

 

$

16,226

 

 

$

16,091

 

 

$

17,012

 

 

$

17,366

 

Net provision expense

 

 

375

 

 

 

-

 

 

 

(250

)

 

 

25

 

 

 

150

 

Noninterest income

 

 

4,046

 

 

 

3,704

 

 

 

3,485

 

 

 

3,671

 

 

 

3,749

 

Noninterest expense

 

 

13,778

 

 

 

13,728

 

 

 

13,573

 

 

 

13,995

 

 

 

13,215

 

Net income before federal income tax expense

 

 

6,449

 

 

 

6,202

 

 

 

6,253

 

 

 

6,663

 

 

 

7,750

 

Income tax expense

 

 

1,156

 

 

 

1,080

 

 

 

1,040

 

 

 

1,030

 

 

 

1,066

 

Net income

 

 

5,293

 

 

 

5,122

 

 

 

5,213

 

 

 

5,633

 

 

 

6,684

 

Basic earnings per share

 

 

0.70

 

 

 

0.68

 

 

 

0.69

 

 

 

0.75

 

 

 

0.89

 

Diluted earnings per share

 

 

0.70

 

 

 

0.68

 

 

 

0.69

 

 

 

0.75

 

 

 

0.89

 

 

End of period balances

 

2023 4th
Qtr.

 

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross loans

 

$

1,415,363

 

 

$

1,315,022

 

 

$

1,273,152

 

 

$

1,214,186

 

 

$

1,194,616

 

Loans held for sale (1)

 

 

4,710

 

 

 

5,222

 

 

 

8,924

 

 

 

3,603

 

 

 

4,834

 

Loans to other financial institutions (2)

 

 

19,400

 

 

 

23,763

 

 

 

38,838

 

 

 

-

 

 

 

-

 

PPP loans (3)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

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

 

 

1,391,253

 

 

 

1,286,037

 

 

 

1,225,390

 

 

 

1,210,583

 

 

 

1,189,782

 

Allowance for loan losses

 

 

15,685

 

 

 

14,872

 

 

 

14,582

 

 

 

15,065

 

 

 

7,619

 

Securities available for sale

 

 

531,617

 

 

 

507,580

 

 

 

542,932

 

 

 

554,306

 

 

 

546,896

 

Securities held to maturity

 

 

407,959

 

 

 

414,743

 

 

 

420,549

 

 

 

422,876

 

 

 

425,906

 

Other interest-earning assets

 

 

22,392

 

 

 

113,402

 

 

 

41,032

 

 

 

30,999

 

 

 

15,447

 

Total earning assets (before allowance)

 

 

2,377,331

 

 

 

2,350,747

 

 

 

2,277,665

 

 

 

2,222,367

 

 

 

2,182,866

 

Total assets

 

 

2,576,706

 

 

 

2,574,196

 

 

 

2,483,726

 

 

 

2,409,886

 

 

 

2,385,915

 

Noninterest-bearing deposits

 

 

547,625

 

 

 

531,962

 

 

 

544,925

 

 

 

554,699

 

 

 

599,579

 

Interest-bearing deposits

 

 

1,550,985

 

 

 

1,551,995

 

 

 

1,490,093

 

 

 

1,513,429

 

 

 

1,518,424

 

Brokered deposits

 

 

23,445

 

 

 

49,238

 

 

 

51,370

 

 

 

37,773

 

 

 

-

 

Total deposits

 

 

2,122,055

 

 

 

2,133,195

 

 

 

2,086,388

 

 

 

2,105,901

 

 

 

2,118,003

 

Deposits excluding brokered

 

 

2,098,610

 

 

 

2,083,957

 

 

 

2,035,018

 

 

 

2,068,128

 

 

 

2,118,003

 

Total subordinated debt

 

 

35,507

 

 

 

35,446

 

 

 

35,385

 

 

 

35,323

 

 

 

35,262

 

Total borrowed funds

 

 

200,000

 

 

 

180,000

 

 

 

160,000

 

 

 

85,000

 

 

 

50,000

 

Other interest-bearing liabilities

 

 

8,060

 

 

 

32,204

 

 

 

11,985

 

 

 

-

 

 

 

-

 

Total interest-bearing liabilities

 

 

1,817,997

 

 

 

1,848,883

 

 

 

1,748,833

 

 

 

1,671,525

 

 

 

1,603,686

 

Shareholders' equity

 

 

195,634

 

 

 

181,161

 

 

 

179,240

 

 

 

168,712

 

 

 

168,874

 

 

Average Balances

 

2023 4th
Qtr.

 

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

1,359,643

 

 

$

1,278,421

 

 

$

1,218,860

 

 

$

1,202,268

 

 

$

1,169,605

 

Securities

 

 

1,019,218

 

 

 

1,035,785

 

 

 

1,053,191

 

 

 

1,059,747

 

 

 

1,072,594

 

Other interest-earning assets

 

 

92,635

 

 

 

128,704

 

 

 

41,075

 

 

 

19,452

 

 

 

14,809

 

Total earning assets (before allowance)

 

 

2,471,496

 

 

 

2,442,910

 

 

 

2,313,126

 

 

 

2,281,467

 

 

 

2,257,008

 

Total assets

 

 

2,589,541

 

 

 

2,568,240

 

 

 

2,422,567

 

 

 

2,391,344

 

 

 

2,373,851

 

Noninterest-bearing deposits

 

 

546,778

 

 

 

540,497

 

 

 

534,106

 

 

 

566,628

 

 

 

605,318

 

Interest-bearing deposits

 

 

1,565,493

 

 

 

1,550,591

 

 

 

1,472,990

 

 

 

1,530,313

 

 

 

1,522,510

 

Brokered deposits

 

 

32,541

 

 

 

44,868

 

 

 

49,679

 

 

 

12,762

 

 

 

-

 

Total deposits

 

 

2,144,812

 

 

 

2,129,565

 

 

 

2,056,775

 

 

 

2,109,703

 

 

 

2,127,828

 

Total subordinated debt

 

 

35,474

 

 

 

35,413

 

 

 

35,352

 

 

 

35,290

 

 

 

35,230

 

Total borrowed funds

 

 

185,707

 

 

 

181,739

 

 

 

144,231

 

 

 

63,122

 

 

 

36,773

 

Other interest-bearing liabilities

 

 

25,729

 

 

 

20,480

 

 

 

3,763

 

 

 

-

 

 

 

-

 

Total interest-bearing liabilities

 

 

1,844,944

 

 

 

1,833,091

 

 

 

1,706,015

 

 

 

1,641,487

 

 

 

1,594,513

 

Shareholders' equity

 

 

187,099

 

 

 

181,219

 

 

 

171,912

 

 

 

167,952

 

 

 

160,284

 

 

 

6

 

Loan Breakout (in thousands)

 

2023 4th
Qtr.

 

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

Agricultural

 

$

49,211

 

 

$

43,290

 

 

$

40,684

 

 

$

55,995

 

 

$

64,159

 

Commercial and Industrial

 

 

229,915

 

 

 

222,357

 

 

 

224,191

 

 

 

217,063

 

 

 

210,210

 

Commercial Real Estate

 

 

786,921

 

 

 

709,960

 

 

 

657,549

 

 

 

648,202

 

 

 

630,953

 

Consumer

 

 

36,540

 

 

 

37,605

 

 

 

38,614

 

 

 

38,891

 

 

 

39,808

 

Construction Real Estate

 

 

20,936

 

 

 

16,477

 

 

 

16,734

 

 

 

13,939

 

 

 

14,736

 

Residential Real Estate

 

 

267,730

 

 

 

256,348

 

 

 

247,618

 

 

 

236,493

 

 

 

229,916

 

Loans to Other Financial Institutions

 

 

19,400

 

 

 

23,763

 

 

 

38,838

 

 

 

-

 

 

 

-

 

Gross Loans (excluding held for sale)

 

$

1,410,653

 

 

$

1,309,800

 

 

$

1,264,228

 

 

$

1,210,583

 

 

$

1,189,782

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

 

15,685

 

 

 

14,872

 

 

 

14,582

 

 

 

15,065

 

 

 

7,619

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loans

 

$

1,394,968

 

 

$

1,294,928

 

 

$

1,249,646

 

 

$

1,195,518

 

 

$

1,182,163

 

 

Performance Ratios

 

2023 4th
Qtr.

 

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

Annualized return on average assets

 

 

0.82

%

 

 

0.80

%

 

 

0.86

%

 

 

0.94

%

 

 

1.13

%

Annualized return on average equity

 

 

11.32

%

 

 

11.31

%

 

 

12.13

%

 

 

13.42

%

 

 

16.68

%

Annualized return on average tangible common equity

 

 

16.40

%

 

 

16.55

%

 

 

18.31

%

 

 

20.64

%

 

 

26.63

%

Net interest margin (fully tax-equivalent)

 

 

2.72

%

 

 

2.70

%

 

 

2.86

%

 

 

3.09

%

 

 

3.15

%

Efficiency ratio

 

 

65.31

%

 

 

65.74

%

 

 

65.92

%

 

 

65.40

%

 

 

60.15

%

Annualized cost of funds

 

 

1.91

%

 

 

1.70

%

 

 

1.29

%

 

 

0.79

%

 

 

0.59

%

Annualized cost of deposits

 

 

1.57

%

 

 

1.36

%

 

 

0.98

%

 

 

0.62

%

 

 

0.47

%

Cost of interest bearing liabilities

 

 

2.45

%

 

 

2.18

%

 

 

1.70

%

 

 

1.08

%

 

 

0.81

%

Shareholders' equity to total assets

 

 

7.59

%

 

 

7.04

%

 

 

7.22

%

 

 

7.00

%

 

 

7.08

%

Tangible common equity to tangible assets

 

 

5.32

%

 

 

4.74

%

 

 

4.83

%

 

 

4.52

%

 

 

4.57

%

Annualized noninterest expense to average assets

 

 

2.13

%

 

 

2.14

%

 

 

2.24

%

 

 

2.34

%

 

 

2.23

%

Loan to deposit

 

 

66.70

%

 

 

61.65

%

 

 

61.02

%

 

 

57.66

%

 

 

56.40

%

Full-time equivalent employees

 

 

369

 

 

 

376

 

 

 

380

 

 

 

376

 

 

 

376

 

 

Capital Ratios ChoiceOne Financial Services Inc.

 

2023 4th
Qtr.

 

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

Total capital (to risk weighted assets)

 

 

13.0

%

 

 

13.2

%

 

 

13.2

%

 

 

13.5

%

 

 

13.8

%

Common equity Tier 1 capital (to risk weighted assets)

 

 

10.3

%

 

 

10.4

%

 

 

10.5

%

 

 

10.7

%

 

 

11.1

%

Tier 1 capital (to risk weighted assets)

 

 

10.5

%

 

 

10.7

%

 

 

10.8

%

 

 

11.0

%

 

 

11.4

%

Tier 1 capital (to average assets)

 

 

7.5

%

 

 

7.4

%

 

 

7.7

%

 

 

7.7

%

 

 

7.9

%

 

Capital Ratios ChoiceOne Bank

 

2023 4th
Qtr.

 

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

Total capital (to risk weighted assets)

 

 

12.4

%

 

 

12.7

%

 

 

12.7

%

 

 

13.0

%

 

 

13.0

%

Common equity Tier 1 capital (to risk weighted assets)

 

 

11.8

%

 

 

12.0

%

 

 

12.2

%

 

 

12.5

%

 

 

12.5

%

Tier 1 capital (to risk weighted assets)

 

 

11.8

%

 

 

12.0

%

 

 

12.2

%

 

 

12.5

%

 

 

12.5

%

Tier 1 capital (to average assets)

 

 

8.4

%

 

 

8.3

%

 

 

8.7

%

 

 

8.7

%

 

 

8.7

%

 

 

 

 

7

 

Asset Quality

 

2023 4th
Qtr.

 

 

2023 3rd
Qtr.

 

 

2023 2nd
Qtr.

 

 

2023 1st
Qtr.

 

 

2022 4th
Qtr.

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan charge-offs (recoveries)

 

$

120

 

 

$

148

 

 

$

67

 

 

$

28

 

 

$

(12

)

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

 

 

0.04

%

 

 

0.05

%

 

 

0.02

%

 

 

0.01

%

 

 

0.00

%

Allowance for loan losses

 

$

15,685

 

 

$

14,872

 

 

$

14,582

 

 

$

15,065

 

 

$

7,619

 

Unfunded commitment liability

 

$

2,160

 

 

$

2,718

 

 

$

3,156

 

 

$

2,991

 

 

$

-

 

Allowance to loans (excludes held for sale)

 

 

1.11

%

 

 

1.14

%

 

 

1.15

%

 

 

1.24

%

 

 

0.64

%

Total funds reserved to pay for loans (includes liability for unfunded commitments and excludes held for sale)

 

 

1.27

%

 

 

1.34

%

 

 

1.40

%

 

 

1.49

%

 

 

0.64

%

Non-Accruing loans

 

$

1,723

 

 

$

1,670

 

 

$

1,581

 

 

$

1,596

 

 

$

1,263

 

Nonperforming loans (includes OREO)

 

$

1,845

 

 

$

1,792

 

 

$

1,847

 

 

$

1,726

 

 

$

2,666

 

Nonperforming loans to total loans (excludes held for sale)

 

 

0.13

%

 

 

0.14

%

 

 

0.15

%

 

 

0.14

%

 

 

0.22

%

Nonperforming assets to total assets

 

 

0.07

%

 

 

0.07

%

 

 

0.07

%

 

 

0.07

%

 

 

0.11

%

 

 

 

8

 

 

Three Months Ended December 31,

 

 

 

2023

 

 

2022

 

 

(Dollars in thousands)

Average

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

Balance

 

 

Interest

 

 

Rate

 

 

Balance

 

 

Interest

 

 

Rate

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans (1)(3)(4)(5)(6)

$

1,359,643

 

 

$

19,782

 

 

 

5.77

 

%

$

1,169,605

 

 

$

14,407

 

 

 

4.89

 

%

Taxable securities (2)(6)

 

726,335

 

 

 

5,532

 

 

 

3.02

 

 

 

771,878

 

 

 

4,582

 

 

 

2.36

 

 

Nontaxable securities (1)

 

292,883

 

 

 

1,753

 

 

 

2.37

 

 

 

300,716

 

 

 

1,880

 

 

 

2.48

 

 

Other

 

92,635

 

 

 

1,284

 

 

 

5.50

 

 

 

14,809

 

 

 

177

 

 

 

4.73

 

 

Interest-earning assets

 

2,471,496

 

 

 

28,350

 

 

 

4.55

 

 

 

2,257,008

 

 

 

21,045

 

 

 

3.70

 

 

Noninterest-earning assets

 

118,045

 

 

 

 

 

 

 

 

 

116,843

 

 

 

 

 

 

 

 

Total assets

$

2,589,541

 

 

 

 

 

 

 

 

$

2,373,851

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

$

864,689

 

 

$

3,667

 

 

 

1.68

 

%

$

852,886

 

 

$

1,480

 

 

 

0.69

 

%

Savings deposits

 

343,766

 

 

 

530

 

 

 

0.61

 

 

 

442,861

 

 

 

226

 

 

 

0.20

 

 

Certificates of deposit

 

357,038

 

 

 

3,812

 

 

 

4.24

 

 

 

226,359

 

 

 

795

 

 

 

1.39

 

 

Brokered deposit

 

32,541

 

 

 

413

 

 

 

5.03

 

 

 

404

 

 

 

3

 

 

 

2.51

 

 

Borrowings

 

185,707

 

 

 

2,221

 

 

 

4.75

 

 

 

36,773

 

 

 

374

 

 

 

4.03

 

 

Subordinated debentures

 

35,474

 

 

 

414

 

 

 

4.63

 

 

 

35,230

 

 

 

391

 

 

 

4.41

 

 

Other

 

25,729

 

 

 

349

 

 

 

5.38

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Interest-bearing liabilities

 

1,844,944

 

 

 

11,405

 

 

 

2.45

 

 

 

1,594,513

 

 

 

3,268

 

 

 

0.81

 

 

Demand deposits

 

546,778

 

 

 

 

 

 

 

 

 

605,318

 

 

 

 

 

 

 

 

Other noninterest-bearing liabilities

 

10,720

 

 

 

 

 

 

 

 

 

13,736

 

 

 

 

 

 

 

 

Total liabilities

 

2,402,442

 

 

 

 

 

 

 

 

 

2,213,567

 

 

 

 

 

 

 

 

Shareholders' equity

 

187,099

 

 

 

 

 

 

 

 

 

160,284

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

2,589,541

 

 

 

 

 

 

 

 

$

2,373,851

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income (tax-equivalent basis) (Non-GAAP) (1)

 

 

 

$

16,945

 

 

 

 

 

 

 

 

$

17,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin (tax-equivalent basis) (Non-GAAP) (1)

 

 

 

 

 

 

 

2.72

 

%

 

 

 

 

 

 

 

3.12

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation to Reported Net Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income (tax-equivalent basis) (Non-GAAP) (1)

 

 

 

$

16,945

 

 

 

 

 

 

 

 

$

17,777

 

 

 

 

 

Adjustment for taxable equivalent interest

 

 

 

 

(390

)

 

 

 

 

 

 

 

 

(411

)

 

 

 

 

Net interest income (GAAP)

 

 

 

$

16,555

 

 

 

 

 

 

 

 

$

17,366

 

 

 

 

 

Net interest margin (GAAP)

 

 

 

 

 

 

 

2.66

 

%

 

 

 

 

 

 

 

3.05

 

%

 

(1)
Adjusted to a fully tax-equivalent basis to facilitate comparison to the taxable interest-earning assets. The adjustment uses an incremental tax rate of 21%. The presentation of these measures on a tax-equivalent basis is not in accordance with GAAP, but is customary in the banking industry. These non-GAAP measures ensure comparability with respect to both taxable and tax-exempt loans and securities.
(2)
Taxable securities include dividend income from Federal Home Loan Bank and Federal Reserve Bank stock.
(3)
Loans include both loans to other financial institutions and loans held for sale.
(4)
Non-accruing loan balances are included in the balances of average loans. Non-accruing loan average balances were $1.7 million and $1.2 million in the fourth quarter of 2023 and 2022, respectively.
(5)
Interest on loans included net origination fees and accretion income. Accretion income was $447,000 and $378,000 in the fourth quarter of 2023 and 2022, respectively.
(6)
Interest on loans and securities included derivative income and expense. Derivative income in securities was $916,000 and derivative expense in securities was $9,000 in the fourth quarter of 2023 and 2022, respectively. Derivative expense in loan interest income was $673,000 and $459,000 in the fourth quarter of 2023 and 2022, respectively.

 

 

9

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Cover
Jan. 24, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jan. 24, 2024
Entity File Number 000-19202
Entity Registrant Name ChoiceOne Financial Services, Inc.
Entity Central Index Key 0000803164
Entity Tax Identification Number 38-2659066
Entity Incorporation, State or Country Code MI
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
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