Welcome to our dedicated page for Choiceone Finl Svcs news (Ticker: COFS), a resource for investors and traders seeking the latest updates and insights on Choiceone Finl Svcs stock.
ChoiceOne Financial Services Inc. (NASDAQ: COFS) delivers community-focused banking solutions across Michigan through its subsidiary ChoiceOne Bank. This news hub provides investors and stakeholders with timely updates on financial developments, strategic initiatives, and market positioning for this established regional institution.
Access official press releases and curated analysis covering earnings reports, merger activities, and operational updates. Our collection includes details on COFS's lending practices, interest rate management strategies, and expansion efforts like the pending Fentura Financial merger that will significantly enhance its Michigan footprint.
Key coverage areas include quarterly financial results, leadership changes, product launches, and community impact initiatives. The page serves as a centralized resource for tracking COFS's performance in commercial lending, treasury services, and insurance offerings while maintaining compliance with financial disclosure standards.
Bookmark this page for ongoing access to verified information about ChoiceOne's market position, risk management approaches, and growth strategies. Check back regularly for updates that matter to informed investment decisions and regional economic analysis.
ChoiceOne Financial Services (NASDAQ: COFS) reported strong financial results for the fourth quarter and year ended December 31, 2021. Net income reached $5.01 million for Q4 and $22.04 million for the year, up from $4.10 million and $15.61 million in 2020. Diluted earnings per share (EPS) also increased to $0.66 for Q4 and $2.86 for the year. Total deposits grew by $40.1 million in Q4 and $377.7 million for 2021, while loans increased organically by $56.6 million in Q4. The company maintained low deposit costs, resulting in strong capital positions and continued shareholder value potential.
On January 1, 2022, ChoiceOne Financial Services appointed Adom J. Greenland as Secretary, Chief Financial Officer, and Treasurer, replacing Thomas L. Lampen, who retired after 29 years. Greenland, previously the COO and a CPA, brings valuable experience from his tenure as Senior Vice President since 2015 and his background at PricewaterhouseCoopers. ChoiceOne, headquartered in Sparta, Michigan, has approximately $2.1 billion in assets and operates 35 branches, making it Michigan's 10th largest bank holding company.
ChoiceOne Bank (NASDAQ: COFS) announces that Senior Vice President Heather Brolick has been recognized as a 2021 Award Honoree in Crain's Detroit Business Notable Women in Banking. This accolade honors her over 30 years of leadership in banking and her significant contributions to the community. Brolick previously led the merger of Community Shores Bank into ChoiceOne, enhancing resource capabilities for the Muskegon area. ChoiceOne Bank operates with over $2.1 billion in assets and is the 10th largest holding company in Michigan.
ChoiceOne Financial Services, Inc. (NASDAQ: COFS) announced the retirement of Chairman Paul L. Johnson effective December 25, 2021. Jack G. Hendon will succeed him as Chairman, while Bradley F. McGinnis has been appointed to the Board. Johnson, who led the company since 2013, is recognized for guiding ChoiceOne through significant growth. Hendon, a CPA and partner at H&S Companies, and McGinnis, president of Mega Wall Corporation, are expected to drive further expansion in 2022. ChoiceOne operates 35 branches across Michigan and is a top 10 bank holding company in the state.
ChoiceOne Financial Services, Inc. declared a $0.25 cash dividend per share on its common stock. Shareholders of record by December 15, 2021 will receive the dividend on December 31, 2021. This amount matches the third quarter dividend and is $0.03 higher than the fourth quarter 2020 dividend. ChoiceOne Financial, based in Sparta, Michigan, operates 34 bank offices and offers various financial products.
ChoiceOne Financial Services, Inc. (NASDAQ:COFS) reported a strong financial performance for Q3 2021, achieving a net income of $5.75 million and $17.03 million for the quarter and year-to-date, respectively. This represents a significant increase compared to $3.83 million and $11.51 million in the same periods in 2020. Diluted earnings per share rose to $0.75 and $2.20, up from $0.49 and $1.55. The company experienced $131.4 million in deposit growth in Q3. However, total noninterest income declined by $1.6 million for the quarter due to lower mortgage refinancing activity.
ChoiceOne Financial Services, Inc. (Nasdaq: COFS) has been recognized as Michigan's Best Small Bank by Newsweek for 2022, marking the second consecutive year for this accolade. This ranking is part of Newsweek's evaluation of over 2,500 banks, considering factors like customer service, digital presence, and loan options. ChoiceOne Bank, with around $2.1 billion in assets, operates 35 offices in Michigan. CEO Kelly J. Potes emphasized the bank's commitment to innovative financial technology and community support amid the pandemic, enhancing its reputation in the state.
ChoiceOne Financial Services, Inc. (Nasdaq: COFS) has successfully completed a private placement of $32.5 million in subordinated notes with a 3.25% interest rate, maturing in 2031. The net proceeds will support general corporate purposes, including organic growth, potential senior debt redemption, and capital ratios. These notes will transition to a floating rate post September 3, 2026. CEO Kelly Potes expressed optimism about the favorable terms, which strengthen the company's strategy for long-term shareholder value.
ChoiceOne Financial Services, Inc. (NASDAQ:COFS) reported net income of $5.04 million in Q2 2021, compared to $4.43 million in Q2 2020. Diluted earnings per share rose to $0.65 from $0.61. Assets grew by $50.8 million in Q2 2021, with total deposits up $40.8 million for the quarter and $556.4 million year-over-year. PPP loan forgiveness generated $756,000 in fees for the quarter. Share repurchases totaled 116,000 shares for $2.9 million. Noninterest income decreased to $4.7 million, primarily due to reduced gains on loan sales.
ChoiceOne Financial Services has declared a cash dividend of $0.22 per share on its common stock. Shareholders of record as of June 15, 2021 will receive the dividend, payable on June 30, 2021. This dividend matches the first quarter of 2021 and is $0.02 higher than the second quarter of 2020. ChoiceOne, headquartered in Sparta, Michigan, operates 34 bank offices in several counties and its stock trades under the symbol COFS.
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