---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-034709"
form_type: "8-K"
ticker: "COFS"
cik: "0000803164"
company_name: "CHOICEONE FINANCIAL SERVICES INC"
filed_at: "2023-07-26T23:59:59+00:00"
generated_at: "2026-06-13T02:33:58.355694+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# ChoiceOne Q2 net income falls to $5.21M; diluted EPS $0.69, core loans grow 4.9%

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-23-034709
- form_type: 8-K
- ticker: COFS
- cik: 0000803164
- company_name: CHOICEONE FINANCIAL SERVICES INC
- filed_at: 2023-07-26T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- 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/803164/000095017023034709/0000950170-23-034709-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/803164/000095017023034709/cofs-20230726.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-034709
- JSON: https://secwatch.observer/filing/0000950170-23-034709.json
- Plain text: https://secwatch.observer/filing/0000950170-23-034709.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/803164/000095017023034709/0000950170-23-034709-index.htm
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/803164/000095017023034709/0000950170-23-034709-index.htm

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