8-K
filed January 25, 2024, 6:59 PM ET
ticker COFS
CIK 0000803164
earnings
confidence high
sentiment neutral
materiality 0.65
ChoiceOne Q4 net income $5.3M ($0.70 EPS), core loans grow $105M
CHOICEONE FINANCIAL SERVICES INC
2023-FY EPS reported
$2.82
revenue$113,886,000
- Net income $5.293M ($0.70 diluted EPS) vs $6.684M ($0.89) a year ago; full-year $21.261M ($2.82) vs $23.640M ($3.15).
- Core loans grew organically $105.2M in Q4 (annualized 32.7%), largest single-quarter organic growth in 125 years.
- Net interest margin (FTE) 2.72%, up 2 bps from Q3; deposit cost rose to 1.57% from 1.36%.
- Nonperforming loans only 0.13% of total loans; provision for credit losses $375,000.
- Plans to consolidate two branches by March 2025, expecting ~$700K annual savings.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
CHOICEONE FINANCIAL SERVICES INC reported the twelve months ended December 31, 2023 results: net income $21,261,000, EPS $2.82.
- Period
- the twelve months ended December 31, 2023
- Net income
- $21,261,000
- EPS
- $2.82
- Result
- reported results
Exact text from the filing
ChoiceOne reported net income of $5,293,000 and $21,261,000 for the three and twelve months ended December 31, 2023, compared to $6,684,000 and $23,640,000 for the same periods in 2022. Diluted earnings per share were $0.70 and $2.82 in the three and twelve months ended December 31, 2023, compared to $0.89 and $3.15 per share in the same periods in the prior year.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
CHOICEONE FINANCIAL SERVICES INC reported the quarter ended December 31, 2023 results: net income $5,293,000, EPS $0.70.
- Period
- the quarter ended December 31, 2023
- Net income
- $5,293,000
- EPS
- $0.70
- Result
- reported results
Exact text from the filing
ChoiceOne reported net income of $5,293,000 and $21,261,000 for the three and twelve months ended December 31, 2023, compared to $6,684,000 and $23,640,000 for the same periods in 2022. Diluted earnings per share were $0.70 and $2.82 in the three and twelve months ended December 31, 2023, compared to $0.89 and $3.15 per share in the same periods in the prior year.
View on SEC.gov
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