secwatch.observer — SEC 8-K summary
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Issuer:     CHOICEONE FINANCIAL SERVICES INC (COFS)
CIK:        0000803164
Form:       8-K
Filed at:   2023-07-26T23:59:59+00:00
Accession:  0000950170-23-034709
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/803164/000095017023034709/0000950170-23-034709-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/803164/000095017023034709/cofs-20230726.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-034709

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