CHOICEONE FINANCIAL SERVICES INC
For the period ended Jun 30, 2025. Filed Aug 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 8, 2025
COFS$36.74-1.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements Of Income
CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| (Dollars in thousands, except share data) | June 30, | June 30, | ||
| 2025 | 2024 | 2025 | 2024 | |
| Interest income | ||||
| Loans, including fees | $46,533 | $21,971 | $79,174 | $42,757 |
| Securities: | ||||
| Taxable | 5,264 | 5,471 | 9,994 | 10,819 |
| Tax exempt | 1,393 | 1,410 | 2,802 | 2,822 |
| Other | 735 | 1,092 | 1,914 | 1,978 |
| Total interest income | 53,925 | 29,944 | 93,884 | 58,376 |
| Interest expense | ||||
| Deposits | 14,840 | 8,325 | 25,556 | 17,102 |
| Advances from Federal Home Loan Bank | 1,659 | 463 | 3,711 | 904 |
| Other | 1,104 | 2,785 | 1,984 | 5,525 |
| Total interest expense | 17,603 | 11,573 | 31,251 | 23,531 |
| Net interest income | 36,322 | 18,371 | 62,633 | 34,845 |
| Provision for (reversal of) credit losses on loans | 650 | 272 | 13,813 | 675 |
| Provision for (reversal of) credit losses on unfunded commitments | - | (272) | - | (675) |
| Net Provision for (reversal of) credit losses expense | 650 | - | 13,813 | - |
| Net interest income after provision | 35,672 | 18,371 | 48,820 | 34,845 |
| Noninterest income | ||||
| Customer service charges | 1,401 | 1,146 | 2,582 | 2,289 |
| Credit and debit card fees | 2,083 | 1,516 | 3,592 | 2,778 |
| Insurance and investment commissions | 540 | 190 | 835 | 388 |
| Gains on sales of loans | 355 | 525 | 799 | 979 |
| Net gains on sales and write downs of other assets | 3 | 11 | 13 | 12 |
| Earnings on life insurance policies | 844 | 305 | 1,233 | 800 |
| Trust income | 596 | 220 | 1,102 | 433 |
| Change in market value of equity securities | 239 | (71) | 346 | (36) |
| Other | 442 | 241 | 923 | 491 |
| Total noninterest income | 6,503 | 4,083 | 11,425 | 8,134 |
| Noninterest expense | ||||
| Salaries and benefits | 13,731 | 8,264 | 24,051 | 16,095 |
| Occupancy and equipment | 2,432 | 1,477 | 4,151 | 2,939 |
| Data processing | 2,439 | 1,468 | 4,438 | 2,808 |
| Communications | 561 | 312 | 941 | 642 |
| Professional fees | 947 | 593 | 1,644 | 1,208 |
| Supplies and postage | 305 | 168 | 549 | 346 |
| Advertising and promotional | 260 | 199 | 516 | 349 |
| Intangible amortization | 1,732 | 203 | 2,412 | 406 |
| FDIC insurance | 550 | 390 | 1,005 | 765 |
| Merger related expenses | 166 | — | 17,369 | - |
| Other | 2,383 | 1,204 | 4,095 | 2,404 |
| Total noninterest expense | 25,506 | 14,278 | 61,171 | 27,962 |
| (Loss) income before income tax (benefit) expense | 16,669 | 8,176 | (926) | 15,017 |
| Income tax (benefit) expense | 3,135 | 1,590 | (554) | 2,797 |
| Net (loss) income | $13,534 | $6,586 | $(372) | $12,220 |
| Basic (loss) earnings per share (Note 4) | $0.90 | $0.87 | $(0.03) | $1.62 |
| Diluted (loss) earnings per share (Note 4) | $0.90 | $0.87 | $(0.03) | $1.61 |
| Dividends declared per share | $0.28 | $0.27 | $0.56 | $0.54 |
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