$COFS

CHOICEONE FINANCIAL SERVICES INC

CIK:0000803164|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income
Loans, including fees	$ 46,346	$ 46,533	$ 91,988	$ 79,174
Securities:
Taxable	5,633	5,264	11,125	9,994
Tax exempt	1,430	1,393	2,881	2,802
Other	532	735	1,222	1,914
Total interest income	53,941	53,925	107,216	93,884
Interest expense
Deposits	14,341	14,840	28,086	25,556
Advances from Federal Home Loan Bank	2,102	1,659	4,284	3,711
Other	801	1,104	1,507	1,984
Total interest expense	17,244	17,603	33,877	31,251
Net interest income	36,697	36,322	73,339	62,633
Provision for (reversal of) credit losses on loans	550	650	550	13,813
Net interest income after provision	36,147	35,672	72,789	48,820
Noninterest income
Customer service charges	1,745	1,401	3,401	2,582
Interchange income	2,139	2,083	4,031	3,592
Insurance and investment commissions	720	540	1,271	835
Gains on sales of loans	466	355	874	799
Net gains (losses) on sales of securities	(1,933)	0	(2,136)	0
Net gains on sales and write downs of other assets	97	3	106	13
Earnings on life insurance policies	706	844	1,290	1,233
Trust income	671	596	1,363	1,102
Change in market value of equity securities	59	239	85	346
Other	269	442	469	923
Total noninterest income	4,939	6,503	10,754	11,425
Noninterest expense
Salaries and benefits	14,463	13,731	28,525	24,051
Occupancy and equipment	2,433	2,432	5,024	4,151
Data processing	2,450	2,439	4,740	4,438
Communications	531	561	1,086	941
Professional fees	1,018	947	2,000	1,644
Supplies and postage	294	305	629	549
Advertising and promotional	279	260	543	516
Intangible amortization	1,577	1,732	3,262	2,412
FDIC insurance	543	550	1,113	1,005
Merger related expenses	0	166	0	17,369
Other	2,463	2,383	4,905	4,095
Total noninterest expense	26,051	25,506	51,827	61,171
Income (Loss) before income tax expense (benefit)	15,035	16,669	31,716	(926)
Income tax expense (benefit)	2,572	3,135	5,549	(554)
Net income (loss)	$ 12,463	$ 13,534	$ 26,167	$ (372)
Basic earnings (loss) per share (Note 4)	$ 0.83	$ 0.9	$ 1.75	$ (0.03)
Diluted earnings (loss) per share (Note 4)	0.83	0.9	1.74	(0.03)
Dividends declared per share	$ 0.29	$ 0.28	$ 0.58	$ 0.56

Derivative and Hedging Activities - Location and Amount of Gain (Loss) in Income on Fair Value and Cash Flow Hedging Relationships (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Location, Statement of Income, Balance [Axis]: us-gaap:InterestAndDividendIncomeOperating
Derivative Instruments, Gain (Loss) [Line Items]
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded	$ 8	$ 536	$ 51	$ 1,086
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Operating	Interest Income (Expense), Operating	Interest Income (Expense), Operating	Interest Income (Expense), Operating
Location, Statement of Income, Balance [Axis]: us-gaap:InterestAndDividendIncomeOperating \| Interest Rate Contract, Hedged Items [Member]
Derivative Instruments, Gain (Loss) [Line Items]
The effects of fair value and cash flow hedging:	$ (284)	$ 2,118	$ (412)	$ 6,696
Location, Statement of Income, Balance [Axis]: us-gaap:InterestAndDividendIncomeOperating \| Interest Rate Contract [Member] \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
The effects of fair value and cash flow hedging:	284	(2,054)	412	(6,588)
Location, Statement of Income, Balance [Axis]: us-gaap:InterestAndDividendIncomeOperating \| Interest Rate Contract [Member] \| Designated as Hedging Instrument [Member] \| Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	0	0	0	0
Location, Statement of Income, Balance [Axis]: us-gaap:InterestAndDividendIncomeOperating \| Interest Rate Contract [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income	0	(0)	(0)	(0)
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	0	0	0	0
Location, Statement of Income, Balance [Axis]: us-gaap:InterestExpenseOperating
Derivative Instruments, Gain (Loss) [Line Items]
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded	$ 311	$ 723	$ 721	$ 1,473
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Operating	Interest Income (Expense), Operating	Interest Income (Expense), Operating	Interest Income (Expense), Operating
Location, Statement of Income, Balance [Axis]: us-gaap:InterestExpenseOperating \| Interest Rate Contract, Hedged Items [Member]
Derivative Instruments, Gain (Loss) [Line Items]
The effects of fair value and cash flow hedging:	$ 0	$ 0	$ 0	$ 0
Location, Statement of Income, Balance [Axis]: us-gaap:InterestExpenseOperating \| Interest Rate Contract [Member] \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
The effects of fair value and cash flow hedging:	0	0	0	0
Location, Statement of Income, Balance [Axis]: us-gaap:InterestExpenseOperating \| Interest Rate Contract [Member] \| Designated as Hedging Instrument [Member] \| Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	0	0	0	0
Location, Statement of Income, Balance [Axis]: us-gaap:InterestExpenseOperating \| Interest Rate Contract [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income	310	124	501	211
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	$ 0	$ 0	$ 0	$ 0

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 88,299	$ 87,638
Time deposits in other financial institutions	350	350
Cash and cash equivalents	88,649	87,988
Equity securities, at fair value (Note 2)	9,497	9,353
Securities available for sale, at fair value (Note 2)	555,571	554,420
Securities held to maturity, at amortized cost (Note 2)	383,345	385,193
Federal Home Loan Bank stock	15,823	18,562
Federal Reserve Bank stock	12,554	12,554
Loans held for sale	3,833	7,185
Mortgage warehouse advances (Note 3)	53,535	58,987
Core loans (Note 3)	3,019,246	2,963,047
Total loans held for investment (Note 3)	3,072,781	3,022,034
Allowance for credit losses (Note 3)	(35,738)	(35,550)
Loans, net	3,037,043	2,986,484
Premises and equipment, net	50,383	48,110
Other real estate owned, net	1,869	2,524
Cash value of life insurance policies	87,011	74,798
Goodwill	129,854	129,854
Intangible assets	27,888	31,149
Other assets	53,569	62,377
Total assets	4,456,889	4,410,551
Liabilities
Deposits - noninterest - bearing	943,943	907,007
Deposits -- interest-bearing	1,356,540	1,364,887
Savings deposits (Note 9)	620,525	607,045
Certificates of deposit (Note 9)	587,596	616,180
Brokered deposits	93,228	104,906
Total deposits	3,601,832	3,600,025
Borrowings	294,850	264,788
Subordinated debentures	48,646	48,460
Other liabilities	28,882	31,925
Total liabilities	3,974,210	3,945,198
Shareholders' Equity
Preferred stock; shares authorized: 100,000; shares outstanding: none	0	0
Common stock and paid-in capital, no par value; shares authorized: 30,000,000; shares outstanding: 14,950,472 at June 30, 2026 and 15,000,939 at December 31, 2025	396,681	398,386
Retained earnings	120,135	102,641
Accumulated other comprehensive loss, net	(34,137)	(35,674)
Total shareholders’ equity	482,679	465,353
Total liabilities and shareholders’ equity	$ 4,456,889	$ 4,410,551