ChoiceOne Financial Services Files Q2 2024 10-Q
Ticker: COFS · Form: 10-Q · Filed: Aug 14, 2024 · CIK: 803164
| Field | Detail |
|---|---|
| Company | Choiceone Financial Services Inc (COFS) |
| Form Type | 10-Q |
| Filed Date | Aug 14, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, banking
TL;DR
**CHOICEONE FINANCIAL SERVICES (COFS) FILES Q2 10-Q: LOOKING SOLID.**
AI Summary
ChoiceOne Financial Services, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial performance and position, including details on its assets, liabilities, and equity. Specific financial figures and operational highlights for the second quarter of 2024 are detailed within the filing.
Why It Matters
This filing provides investors and analysts with a detailed look at ChoiceOne Financial Services' financial health and operational performance during the second quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant negative developments indicated in the provided snippet.
Key Numbers
- 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
- 20240814 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
- 6022 — Standard Industrial Classification (Classifies the company as 'State Commercial Banks'.)
Key Players & Entities
- CHOICEONE FINANCIAL SERVICES INC (company) — Filer of the 10-Q
- 1ST COMMUNITY BANCORP INC (company) — Former company name
- MI (state) — State of incorporation
- SPARTA (city) — City of business and mailing address
FAQ
What were the key financial performance indicators for ChoiceOne Financial Services in Q2 2024?
The filing details the company's financial performance for the quarter ending June 30, 2024, including balance sheet and income statement data, though specific figures are not provided in this snippet.
What is the company's primary business activity?
ChoiceOne Financial Services Inc. is classified under Standard Industrial Classification code 6022, indicating its primary business is State Commercial Banks.
When was the company previously known by another name?
The company was formerly known as 1ST COMMUNITY BANCORP INC, with a date of name change on July 3, 1992.
Where is ChoiceOne Financial Services headquartered?
The company's business and mailing address is located at 109 E DIVISION STREET, SPARTA, MI 49345-0186.
What fiscal year end does the company observe?
ChoiceOne Financial Services Inc. observes a fiscal year end on December 31.
Filing Stats: 4,496 words · 18 min read · ~15 pages · Grade level 16.7 · Accepted 2024-08-14 09:05:46
Filing Documents
- ef20033987_10q.htm (10-Q) — 4352KB
- ef20033987_ex31-1.htm (EX-31.1) — 12KB
- ef20033987_ex31-2.htm (EX-31.2) — 12KB
- ef20033987_ex32-1.htm (EX-32.1) — 5KB
- 0001140361-24-037183.txt ( ) — 19249KB
- cofs-20240630.xsd (EX-101.SCH) — 65KB
- cofs-20240630_cal.xml (EX-101.CAL) — 121KB
- cofs-20240630_def.xml (EX-101.DEF) — 392KB
- cofs-20240630_lab.xml (EX-101.LAB) — 913KB
- cofs-20240630_pre.xml (EX-101.PRE) — 549KB
- ef20033987_10q_htm.xml (XML) — 5455KB
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 8 Notes To Interim Consolidated Financial Statements 9 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 35 Item 4.
Controls and Procedures
Controls and Procedures 46 PART II. OTHER INFORMATION 47 Item 1.
Legal Proceedings
Legal Proceedings 47 Item 1A.
Risk Factors
Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 5. Other Information 49 Item 6. Exhibits 50
Signatures
Signatures 51 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Fina ncial Statements
Item 1. Fina ncial Statements . ChoiceOne Financial Services, Inc. CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands, except share data) June 30, 2024 December 31, 2023 Assets Cash and due from banks $ 100,652 $ 55,083 Time deposits in other financial institutions 350 350 Cash and cash equivalents 101,002 55,433 Equity securities, at fair value (Note 2) 7,502 7,505 Securities available for sale, at fair value (Note 2) 491,670 514,598 Securities held to maturity, at amortized cost net of credit losses (Note 2) 392,699 407,959 Federal Home Loan Bank stock 4,449 4,449 Federal Reserve Bank stock 5,066 5,065 Loans held for sale 5,946 4,710 Loans to other financial institutions (Note 3) 36,569 19,400 Core loans (Note 3) 1,400,958 1,391,253 Total loans held for investment (Note 3) 1,437,527 1,410,653 Allowance for credit losses (Note 3) ( 16,152 ) ( 15,685 ) Loans, net 1,421,375 1,394,968 Premises and equipment, net 27,370 29,750 Other real estate owned, net 272 122 Cash value of life insurance policies 45,384 45,074 Goodwill 59,946 59,946 Core deposit intangible 1,448 1,854 Other assets 58,938 45,273 Total assets $ 2,623,067 $ 2,576,706 Liabilities Deposits – noninterest-bearing $ 517,137 $ 547,625 Deposits – interest-bearing 1,582,365 1,550,985 Brokered deposits 27,177 23,445 Total deposits 2,126,679 2,122,055 Borrowings 210,000 200,000 Subordinated debentures 35,630 35,507 Other liabilities 36,239 23,510 Total liabilities 2,408,548 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: 7,573,618 at June 30, 2024 and 7,548,217 at December 31, 2023 173,984 173,513 Retained earnings 81,836 73,699 Accumulated other comprehensive loss, n