---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-047566"
form_type: "8-K"
ticker: "COFS"
cik: "0000803164"
company_name: "CHOICEONE FINANCIAL SERVICES INC"
filed_at: "2024-04-24T23:59:59+00:00"
generated_at: "2026-06-03T10:34:08.637866+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# ChoiceOne Q1 EPS $0.74 (flat YoY); forward swaps add $732K/mo to NII starting May

## Summary
- Net income $5.6M, essentially flat; diluted EPS $0.74 vs $0.75 in Q1 2023.
- Core loan balances up 14.7% YoY to $1.41B; deposits ex-brokered up 3.7% YoY to $2.1B.
- Net interest margin (FTE) 2.74%, down from 3.09% YoY but up from 2.72% QoQ.
- Noninterest expense down $311K YoY to $13.7M; expects ~$700K annual savings from branch closures.
- $200M forward starting pay-fixed swaps (2.75% fixed, receive SOFR) start late Apr; add $432K/mo to NII, plus $300K/mo amortization ends in May.

## SEC filing metadata
- accession: 0000950170-24-047566
- form_type: 8-K
- ticker: COFS
- cik: 0000803164
- company_name: CHOICEONE FINANCIAL SERVICES INC
- filed_at: 2024-04-24T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/803164/000095017024047566/0000950170-24-047566-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/803164/000095017024047566/cofs-20240424.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-047566
- JSON: https://secwatch.observer/filing/0000950170-24-047566.json
- Plain text: https://secwatch.observer/filing/0000950170-24-047566.txt

## Key facts
- Earnings Releases
  CHOICEONE FINANCIAL SERVICES INC reported the quarter ended March 31, 2024 results: net income $5,634,000, EPS $0.74.
  - Period: the quarter ended March 31, 2024
  - Net income: $5,634,000
  - EPS: $0.74
  - Result: reported results
  source text: ChoiceOne reported net income of $5,634,000 for the three months ended March 31, 2024, compared to $5,633,000 for the same period in 2023. Diluted earnings per share were $0.74 in the three months ended March 31, 2024, compared to $0.75 per share in the same period in the prior year.
  evidence_url: https://www.sec.gov/Archives/edgar/data/803164/000095017024047566/0000950170-24-047566-index.htm

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