ChoiceOne Financial Services Inc. Files Q3 2024 10-Q

TL;DR

COFS 10-Q filed for Q3 2024. Financials look solid.

AI Summary

ChoiceOne Financial Services Inc. (COFS) filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and disclosures relevant to investors and stakeholders are provided.

Why It Matters

This filing provides investors with a detailed look at ChoiceOne Financial Services' financial health and operational performance for the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024-09-30 — Period End Date (Financial reporting period)
• 2024-01-01 to 2024-09-30 — Reporting Period (Year-to-date financial activity)
• 2023-12-31 — Prior Year End Date (Comparison point for financial statements)

Key Players & Entities

• CHOICEONE FINANCIAL SERVICES INC (company) — Filer
• 0000950170-24-124039 (filing_id) — Accession Number
• 20240930 (date) — Period of Report
• 20241108 (date) — Filing Date
• SPARTA (location) — City
• MI (location) — State

FAQ

Filing Documents

• cofs-20240930.htm (10-Q) — 6101KB
• cofs-ex31_1.htm (EX-31.1) — 15KB
• cofs-ex31_2.htm (EX-31.2) — 14KB
• cofs-ex32_1.htm (EX-32.1) — 8KB
• 0000950170-24-124039.txt ( ) — 26736KB
• cofs-20240930.xsd (EX-101.SCH) — 1693KB
• cofs-20240930_htm.xml (XML) — 8455KB

Financial Statements

Financial Statements 3 Consolidated Balance Sheets 3 Consolidated Statements Of Income 4 Consolidated Statements Of Comprehensive Income (Loss) 6 Consolidated Statements Of Changes In Shareholders' Equity 7 Consolidated Statements Of Cash Flows 10 Notes To Interim Consolidated Financial Statements 11 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 41 Item 4.

Controls and Procedures

Controls and Procedures 55 PART II. OTHER INFORMATION 56 Item 1.

Legal Proceedings

Legal Proceedings 56 Item 1A.

Risk Factors

Risk Factors 56 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 5. Other Information 56 Item 6. Exhibits 57

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) September 30, December 31, (Dollars in thousands, except share data) 2024 2023 Assets Cash and due from banks $ 145,588 $ 55,083 Time deposits in other financial institutions 350 350 Cash and cash equivalents 145,938 55,433 Equity securities, at fair value (Note 2) 7,816 7,505 Securities available for sale, at fair value (Note 2) 497,552 514,598 Securities held to maturity, at amortized cost net of credit losses (Note 2) 391,954 407,959 Federal Home Loan Bank stock 4,449 4,449 Federal Reserve Bank stock 5,307 5,065 Loans held for sale 5,994 4,710 Loans to other financial institutions (Note 3) 38,492 19,400 Core loans (Note 3) 1,465,458 1,391,253 Total loans held for investment (Note 3) 1,503,950 1,410,653 Allowance for credit losses (Note 3) ( 16,490 ) ( 15,685 ) Loans, net 1,487,460 1,394,968 Premises and equipment, net 27,135 29,750 Other real estate owned, net 529 122 Cash value of life insurance policies 45,699 45,074 Goodwill 59,946 59,946 Core deposit intangible 1,250 1,854 Other assets 44,974 45,273 Total assets $ 2,726,003 $ 2,576,706 Liabilities Deposits – noninterest-bearing $ 521,055 $ 547,625 Deposits – interest-bearing 1,680,546 1,550,985 Brokered deposits 6,627 23,445 Total deposits 2,208,228 2,122,055 Borrowings 210,000 200,000 Subordinated debentures 35,691 35,507 Other liabilities 24,338 23,510 Total liabilities 2,478,257 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: 8,959,664 at September 30, 2024 and 7,548,217 at December 31, 2023 206,427 173,513 Retained earnings

View Full Filing

View this 10-Q filing on SEC EDGAR