CHOICEONE FINANCIAL SERVICES INC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CHOICEONE FINANCIAL SERVICES INC filed its Q1 2024 10-Q, detailing financial instruments and loan portfolio performance.</b>

AI Summary

CHOICEONE FINANCIAL SERVICES INC (COFS) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. CHOICEONE FINANCIAL SERVICES INC filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial instruments and loan portfolios. Specific mentions include USTreasurySecurities, LoanSwaps, and ConstructionRealEstate. Fair value measurements and inputs (Level 1, Level 2, Level 3) are detailed for several asset types. The report covers interest income and expense for the first quarter of 2024 and 2023.

Why It Matters

For investors and stakeholders tracking CHOICEONE FINANCIAL SERVICES INC, this filing contains several important signals. This 10-Q provides a detailed look into the company's financial health and risk exposure through its holdings and liabilities. Understanding the fair value measurements and loan delinquency data is crucial for assessing the company's stability and future performance.

Risk Assessment

Risk Level: low — CHOICEONE FINANCIAL SERVICES INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags, indicating a low level of immediate risk.

Analyst Insight

Monitor the company's loan portfolio performance and fair value adjustments in subsequent filings for potential shifts in financial health.

Key Numbers

• 2024-03-31 — Reporting Date (Conformed Period of Report)
• 2024-05-07 — Filing Date (Filed as of Date)
• 6022 — SIC Code (Standard Industrial Classification)
• MI — State of Incorporation (State of Incorporation)

Key Players & Entities

• CHOICEONE FINANCIAL SERVICES INC (company) — Filer
• 0000950170-24-054451 (filing_id) — Accession Number
• 20240331 (date) — Conformed Period of Report
• 20240507 (date) — Filed as of Date
• 6022 (sic_code) — Standard Industrial Classification
• MI (state) — State of Incorporation
• 109 E DIVISION STREET (address) — Business Address
• SPARTA (city) — Business Address City

FAQ

Key Dates

• 2024-03-31: Quarter End — Period covered by the 10-Q filing
• 2024-05-07: Filing Date — Date the 10-Q was officially filed with the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during a specific quarter.)

Fair Value Measurements

The process of determining the market value of an asset or liability. (Crucial for understanding the current valuation of financial instruments and potential gains or losses.)

USTreasurySecurities

Debt obligations issued by the U.S. Department of the Treasury. (Represents a significant portion of a financial institution's investment portfolio, indicating risk and return characteristics.)

Filing Documents

• cofs-20240331.htm (10-Q) — 4898KB
• cofs-ex31_1.htm (EX-31.1) — 14KB
• cofs-ex31_2.htm (EX-31.2) — 14KB
• cofs-ex32_1.htm (EX-32.1) — 8KB
• 0000950170-24-054451.txt (&nbsp;) — 23091KB
• cofs-20240331.xsd (EX-101.SCH) — 1598KB
• cofs-20240331_htm.xml (XML) — 7424KB

Financial Statements

Financial Statements 3 Consolidated Balance Sheets 3 Consolidated Statements Of Income 4 Consolidated Statements Of Comprehensive Income (Loss) 5 Consolidated Statements Of Changes In Shareholders' Equity 6 Consolidated Statements Of Cash Flows 7 Notes To Interim Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 4.

Controls and Procedures

Controls and Procedures 45 PART II. OTHER INFORMATION 46 Item 1.

Legal Proceedings

Legal Proceedings 46 Item 1A.

Risk Factors

Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 5. Other Information 46 Item 6. Exhibits 47

FINAN CIAL INFORMATION

PART I. FINAN CIAL INFORMATION

Fina ncial Statements

Item 1. Fina ncial Statements . ChoiceOne Financial Services, Inc. CONSOLIDAT ED BALANCE SHEETS (Unaudited) March 31, December 31, (Dollars in thousands, except share data) 2024 2023 Assets Cash and due from banks $ 149,779 $ 55,083 Time deposits in other financial institutions 350 350 Cash and cash equivalents 150,129 55,433 Equity securities, at fair value (Note 2) 7,560 7,505 Securities available for sale, at fair value (Note 2) 504,636 514,598 Securities held to maturity, at amortized cost net of credit losses (Note 2) 397,981 407,959 Federal Home Loan Bank stock 4,449 4,449 Federal Reserve Bank stock 5,066 5,065 Loans held for sale 6,035 4,710 Loans to other financial institutions (Note 3) 30,032 19,400 Core loans (Note 3) 1,388,558 1,391,253 Total loans held for investment (Note 3) 1,418,590 1,410,653 Allowance for credit losses (Note 3) ( 16,037 ) ( 15,685 ) Loans, net 1,402,553 1,394,968 Premises and equipment, net 28,268 29,750 Other real estate owned, net 122 122 Cash value of life insurance policies 45,079 45,074 Goodwill 59,946 59,946 Core deposit intangible 1,651 1,854 Other assets 57,224 45,273 Total assets $ 2,670,699 $ 2,576,706 Liabilities Deposits – noninterest-bearing $ 502,685 $ 547,625 Deposits – interest-bearing 1,641,193 1,550,985 Brokered deposits 41,970 23,445 Total deposits 2,185,848 2,122,055 Borrowings 210,000 200,000 Subordinated debentures 35,568 35,507 Other liabilities 32,527 23,510 Total liabilities 2,463,943 2,381,072 Shareholders' Equity Preferred stock; shares authorized: 100,000 ; shares outstanding: none - - Common stock and paid-in capital, no par value; shares authorized: 15,000,000 ; shares outstanding: 7,556,137 at March 31, 2024 and 7,548,217 at December 31, 2023 173,786 173,513 Retained earnings 77,294

View Full Filing

View this 10-Q filing on SEC EDGAR