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) is a financial holding company and the parent of ChoiceOne Bank, a community-focused commercial bank headquartered in Sparta, Michigan. The COFS news page brings together the company’s official announcements, quarterly and annual financial results, merger updates, dividend declarations, and governance changes.
Recent news has highlighted the completion of the merger of Fentura Financial, Inc., the former parent company of The State Bank, with and into ChoiceOne, and the subsequent consolidation of The State Bank into ChoiceOne Bank. These developments expanded the organization to assets over $4 billion and 56 offices in West, Central and Southeast Michigan. News releases also provide detail on net interest margin trends, core loan growth, deposit mix changes, asset quality metrics, and the impact of merger-related expenses and accretion income from acquired loans.
Investors and observers can use this page to follow updates on ChoiceOne’s capital position, including references to the bank’s well-capitalized status, as well as announcements about cash dividends on the corporation’s common stock. Governance and leadership items, such as board retirements, new director appointments, and changes in board chair roles, are also reported through company news.
Because many of these announcements are also furnished to the U.S. Securities and Exchange Commission via Form 8-K, the news feed offers a convenient way to review ChoiceOne’s public communications in one place. Users interested in COFS can monitor this page for ongoing information about the company’s financial performance, strategic transactions, and community banking footprint in Michigan.
ChoiceOne Financial Services (NASDAQ:COFS) reported net income of $5.81 million for Q3 2022, showing a slight increase from $5.75 million in Q3 2021. Diluted earnings per share rose to $0.77 from $0.75 year-over-year.
Core loans increased 19.6% annually, with total assets up $86.3 million since Q3 2021. Deposits grew by 7.2%. The bank plans to launch a new treasury services platform in 2023 and open a loan production office in Oakland County.
ChoiceOne Financial Services announces the retirement of Patrick A. Cronin from its Board of Directors, effective September 21, 2022. Cronin has served for nearly 30 years, contributing significantly to the organization. In his place, Michelle M. Wendling and Dr. Curt E. Coulter have been appointed to the board. Wendling is a Senior Director at PepsiCo, while Coulter is a physician with ties to community healthcare. ChoiceOne operates as a $2.4 billion asset bank holding company based in Sparta, Michigan, with 35 locations across various counties.
ChoiceOne Financial Services declared a cash dividend of $0.25 per share on its common stock. This cash dividend is payable on September 30, 2022 for shareholders of record as of September 15, 2022. The dividend remains consistent with the second quarter and third quarter dividends of 2021, showcasing the company’s stability in returning value to shareholders.
ChoiceOne Financial Services (NASDAQ: COFS) reported a net income of $5.615 million for Q2 2022, up from $5.043 million in Q2 2021. Diluted earnings per share increased to $0.75 from $0.65. Core loans grew by 23.8% annually, totaling $60.7 million, while total deposits rose 13.7% to $257.8 million year-over-year. However, total assets declined by $16.6 million from Q1 2022. The company plans to open a loan production office in Oakland County, MI, expanding its customer base.
ChoiceOne Financial Services, Inc. has declared a cash dividend of $0.25 per share on its common stock. This dividend is payable to shareholders on record as of June 15, 2022, with payments made on June 30, 2022. The dividend for Q2 2022 remains the same as Q1 2022, yet is $0.03 higher than the same period in 2021. Headquartered in Sparta, Michigan, ChoiceOne operates through its subsidiary, ChoiceOne Bank, and its common stock is traded on the NASDAQ under the symbol COFS.
ChoiceOne Financial Services, Inc. (COFS) reported a net income of $5.5 million, or $0.74 per diluted share for Q1 2022, down from $6.2 million or $0.80 per diluted share in Q1 2021. Total assets grew by $10.1 million quarterly and $306.7 million year-over-year. Core deposits increased by $93.3 million (18.2% annualized growth) and core loans by $35.2 million (14.3% annualized growth). However, total noninterest income declined $299,000 from the previous quarter. Shareholders' equity fell to $191.1 million primarily due to unrealized losses from securities.
ChoiceOne Financial Services has declared a cash dividend of $0.25 per share, which is payable to shareholders on March 31, 2022. Shareholders must be on record by March 15, 2022 to qualify for this dividend. This payment is consistent with the previous quarter's dividend and reflects a $0.03 increase compared to the same period last year. The company, based in Sparta, Michigan, operates through its subsidiary, ChoiceOne Bank, and provides various financial services.
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.