Choiceone Finl Svcs Inc Stock Price, News & Analysis

ChoiceOne Financial Services, Inc. (NASDAQ: COFS) reported net income of $5.63 million for Q1 2023, down from $6.68 million in Q4 2022 and $5.53 million in Q1 2022. Diluted earnings per share decreased to $0.75, compared to $0.89 and $0.74 in the previous quarters. Core loans grew 7.0% annually, while total deposits saw a decline of 3.6% year-over-year, attributed to clients utilizing cash for debt and seeking better rates. The cost of deposits rose to 0.62%, impacting earnings despite an increase in interest income from loans. Total assets improved by $24 million since December 2022. The adoption of CECL led to an increase in the allowance for credit losses, reflecting heightened economic uncertainty. ChoiceOne maintains adequate liquidity with $405.7 million available borrowing capacity.

ChoiceOne Financial Services has declared a cash dividend of $0.26 per share for its common stock. This dividend is payable to shareholders of record as of March 15, 2023, with payment set for March 31, 2023. Notably, this amount remains consistent with the fourth quarter of 2022 and represents a $0.01 increase from the first quarter of 2022. Headquartered in Sparta, Michigan, the company operates ChoiceOne Bank across various counties, providing financial services while remaining committed to shareholder value.

ChoiceOne Bank (NASDAQ: COFS) has launched its Annual ChoiceOne Scholarship Program, offering twelve $1,000 scholarships to graduating seniors in Michigan aiming for higher education. Applications opened on January 16 and will close on March 18. The program encourages students to engage in community service, with applicants required to submit a 500-word essay detailing their experiences. Eligible candidates include high school seniors and GED recipients in areas such as Kent, Ottawa, Muskegon, and others. ChoiceOne aims to support local youth, fostering future community leaders while enhancing educational access.

ChoiceOne Financial Services, Inc. (NASDAQ:COFS) reported significant financial growth for the quarter and year ending December 31, 2022. Net income rose to $6.68 million for Q4 and $23.64 million for the year, compared to $5.01 million and $22.04 million in 2021. Diluted earnings per share increased to $0.89 and $3.15 respectively. Core loans grew by 20.3% quarterly and 21.0% annually, while deposits increased by $65.7 million year-over-year. However, deposits fell by $38.7 million in Q4 due to seasonality and competition. The company plans to enhance its treasury services platform for business clients in 2023.

ChoiceOne Financial Services, Inc. (NASDAQ: COFS) has enhanced its digital banking security by transitioning its website domain from choiceone.com to choiceone.bank on January 23, 2023. This move aims to reduce cyber threats by providing a more secure environment for customer interactions. The .bank domain offers visual authentication cues, ensuring that customers can easily verify the legitimacy of emails and websites, thus helping to prevent potential phishing attacks. ChoiceOne emphasizes customer security in every decision, aiming to deliver reliable digital banking services while prioritizing protection against identity theft and financial fraud.

ChoiceOne Financial Services, Inc. and ChoiceOne Bank (NASDAQ: COFS) announced a transition to the domain choiceone.bank on January 23, 2023, enhancing digital banking security. This move aims to mitigate cyber threats and ensure stronger verification processes for customer interactions. The transition underscores the bank's commitment to protecting customer information against phishing and fraud, as the '.bank' domain is exclusive to verified banks, offering additional security features. Customers are encouraged to update their bookmarks and email contacts to the new domain.