---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-014797"
form_type: "8-K"
ticker: "COFS"
cik: "0000803164"
company_name: "CHOICEONE FINANCIAL SERVICES INC"
filed_at: "2023-04-26T23:59:59+00:00"
generated_at: "2026-06-16T14:33:57.953167+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# ChoiceOne Q1 net income $5.63M ($0.75 EPS) down 15.7% sequentially; core loans grow 7% annualized

## Summary
- Net income $5.63M ($0.75 diluted EPS) vs $6.68M ($0.89) in Q4 2022 and $5.53M ($0.74) in Q1 2022.
- Core loans grew $20.8M (7.0% annualized) in Q1 and $191.7M (18.8%) YoY, driven by new Michigan relationships.
- Deposits ex-brokered fell $77.5M (3.6% YoY); $33.6M moved to ChoiceOne Wealth due to rate competition.
- Adopted CECL Jan 1, increasing allowance for credit losses by $7.2M and adding $3.3M liability for unfunded loans.
- Shareholders' equity dropped to $168.7M from $191.1M YoY; bank remains well-capitalized at 13.0% risk-based capital.

## SEC filing metadata
- accession: 0000950170-23-014797
- form_type: 8-K
- ticker: COFS
- cik: 0000803164
- company_name: CHOICEONE FINANCIAL SERVICES INC
- filed_at: 2023-04-26T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/803164/000095017023014797/0000950170-23-014797-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/803164/000095017023014797/cofs-20230426.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-014797
- JSON: https://secwatch.observer/filing/0000950170-23-014797.json
- Plain text: https://secwatch.observer/filing/0000950170-23-014797.txt

## Key facts
- Earnings Releases
  CHOICEONE FINANCIAL SERVICES INC reported the three months ended March 31, 2023 results: net income $5,633,000, EPS $0.75.
  - Period: the three months ended March 31, 2023
  - Net income: $5,633,000
  - EPS: $0.75
  - Result: reported results
  source text: ChoiceOne reported net income of $5,633,000 for the three months ended March 31, 2023, compared to $6,684,000 and $5,528,000 for the three months ended December 31, 2022 and March 31, 2022, respectively. Diluted earnings per share were $0.75 in the three months ended March 31, 2023, compared to $0.89 and $0.74 for the three months ended December 31, 2022 and March 31, 2022, respectively.
  evidence_url: https://www.sec.gov/Archives/edgar/data/803164/000095017023014797/0000950170-23-014797-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.