8-K
filed July 26, 2023, 7:59 PM ET
ticker COFS
CIK 0000803164
earnings
confidence high
sentiment negative
materiality 0.65
ChoiceOne Q2 net income falls to $5.21M; diluted EPS $0.69, core loans grow 4.9%
CHOICEONE FINANCIAL SERVICES INC
2023-Q2 EPS reported
$1.44
revenue$5,578,000
- Q2 2023 net income $5.21M ($0.69 diluted EPS) vs $5.62M ($0.75 EPS) in Q2 2022.
- Core loans grew $14.8M organically (4.9% annualized) during Q2; up 13.5% YoY.
- Deposits (ex-brokered) fell $103.5M (-4.8%) YoY; outflows stabilized in May/June; $39M moved to Wealth dept.
- Borrowed $160M from Fed BTFP at 4.71% fixed; expects $1.4M savings vs FHLB alternative.
- Cost of deposits rose to 0.98% from 0.19% prior year; net charge-offs low at 0.02% annualized.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
CHOICEONE FINANCIAL SERVICES INC reported the six months ended June 30, 2023 results: net income $10,846,000, EPS $1.44.
- Period
- the six months ended June 30, 2023
- Net income
- $10,846,000
- EPS
- $1.44
- Result
- reported results
Exact text from the filing
ChoiceOne reported net income of $5,213,000 and $10,846,000 for the three and six months ended June 30, 2023, compared to $5,615,000 and $11,143,000 for the same periods in 2022. Diluted earnings per share were $0.69 and $1.44 in the three and six months ended June 30, 2023, compared to $0.75 and $1.49 per share in the same periods in the prior year.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
CHOICEONE FINANCIAL SERVICES INC reported the three months ended June 30, 2023 results: net income $5,213,000, EPS $0.69.
- Period
- the three months ended June 30, 2023
- Net income
- $5,213,000
- EPS
- $0.69
- Result
- reported results
Exact text from the filing
ChoiceOne reported net income of $5,213,000 and $10,846,000 for the three and six months ended June 30, 2023, compared to $5,615,000 and $11,143,000 for the same periods in 2022. Diluted earnings per share were $0.69 and $1.44 in the three and six months ended June 30, 2023, compared to $0.75 and $1.49 per share in the same periods in the prior year.
View on SEC.gov
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