CHOICEONE FINANCIAL SERVICES INC
For the period ended Sep 30, 2025. Filed Nov 10, 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.
Sep 30, 2025 · Filed Nov 10, 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 · Nine Months Ended | ||||
|---|---|---|---|---|
| (Dollars in thousands, except share data) | September 30, | September 30, | ||
| 2025 | 2024 | 2025 | 2024 | |
| Interest income | ||||
| Loans, including fees | $47,123 | $23,252 | $126,297 | $66,009 |
| Securities: | ||||
| Taxable | 5,249 | 5,563 | 15,243 | 16,382 |
| Tax exempt | 1,418 | 1,402 | 4,220 | 4,224 |
| Other | 908 | 1,473 | 2,822 | 3,451 |
| Total interest income | 54,698 | 31,690 | 148,582 | 90,066 |
| Interest expense | ||||
| Deposits | 14,287 | 8,362 | 39,843 | 25,464 |
| Advances from Federal Home Loan Bank | 1,926 | 468 | 5,637 | 1,372 |
| Other | 888 | 2,612 | 2,872 | 8,137 |
| Total interest expense | 17,101 | 11,442 | 48,352 | 34,973 |
| Net interest income | 37,597 | 20,248 | 100,230 | 55,093 |
| Provision for (reversal of) credit losses on loans | 200 | 425 | 14,013 | 1,100 |
| Provision for (reversal of) credit losses on unfunded commitments | - | — | - | (675) |
| Net Provision for (reversal of) credit losses expense | 200 | 425 | 14,013 | 425 |
| Net interest income after provision | 37,397 | 19,823 | 86,217 | 54,668 |
| Noninterest income | ||||
| Customer service charges | 1,729 | 1,249 | 4,311 | 3,537 |
| Interchange income | 2,133 | 1,524 | 5,725 | 4,303 |
| Insurance and investment commissions | 485 | 184 | 1,320 | 572 |
| Gains on sales of loans | 671 | 631 | 1,470 | 1,610 |
| Net (losses) gains on sales and write downs of other assets | (39) | 191 | (26) | 203 |
| Earnings on life insurance policies | 558 | 315 | 1,791 | 1,115 |
| Trust income | 734 | 232 | 1,836 | 665 |
| Change in market value of equity securities | 458 | 277 | 804 | 241 |
| Other | 415 | 264 | 1,338 | 755 |
| Total noninterest income | 7,144 | 4,867 | 18,569 | 13,001 |
| Noninterest expense | ||||
| Salaries and benefits | 14,127 | 8,372 | 38,178 | 24,467 |
| Occupancy and equipment | 2,694 | 1,475 | 6,845 | 4,414 |
| Data processing | 2,499 | 1,598 | 6,937 | 4,406 |
| Communications | 517 | 334 | 1,458 | 976 |
| Professional fees | 834 | 610 | 2,478 | 1,818 |
| Supplies and postage | 267 | 174 | 816 | 520 |
| Advertising and promotional | 207 | 168 | 723 | 517 |
| Intangible amortization | 1,728 | 198 | 4,140 | 604 |
| FDIC insurance | 530 | 390 | 1,535 | 1,155 |
| Merger related expenses | - | 645 | 17,369 | 645 |
| Other | 2,812 | 1,453 | 6,907 | 3,857 |
| Total noninterest expense | 26,215 | 15,417 | 87,386 | 43,379 |
| Income before income tax | 18,326 | 9,273 | 17,400 | 24,290 |
| Income tax expense | 3,645 | 1,925 | 3,091 | 4,722 |
| Net income | $14,681 | $7,348 | $14,309 | $19,568 |
| Basic earnings per share (Note 4) | $0.98 | $0.86 | $1.05 | $2.48 |
| Diluted earnings per share (Note 4) | $0.97 | $0.85 | $1.05 | $2.46 |
| Dividends declared per share | $0.28 | $0.27 | $0.84 | $0.81 |
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