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CHOICEONE FINANCIAL SERVICES INC
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Interchange Income brought in 41% of the revenue CHOICEONE FINANCIAL SERVICES INC broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| Interchange Income | $5.8M | $7.8M |
| Customer Service Charges | $4.8M | $6.0M |
| Trust Fee Income | $906.0K | $2.5M |
| Insurance and Investment Commission Income | $742.0K | $1.9M |
| Other Charges and Fees for Customer Services | $562.0K | $751.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs85¢$193.4M
- Income tax3¢$6.0M
- Profit12¢$28.2M
Out of $227.6M in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending21¢$6.6M
- Dividends paid53¢$16.9M
- Share buybacks8¢$2.7M
- Kept or used elsewhere17¢$5.6M
Out of $31.8M of cash from operations.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Loans, including fees | $172.9M | $89.6M | $68.4M |
| Taxable | $20.9M | $21.2M | $21.2M |
| Tax exempt | $5.6M | $5.6M | $5.6M |
| Other | $3.5M | $4.7M | $3.8M |
| Total interest income | $203.0M | $121.1M | $99.0M |
| Deposits | $54.0M | $34.2M | $24.0M |
| Advances from Federal Home Loan Bank | $8.2M | $2.0M | $1.8M |
| Other | $3.7M | $10.4M | $7.3M |
| Total interest expense | $65.9M | $46.7M | $33.1M |
| Net interest income | $137.1M | $74.4M | $65.9M |
| Provision for (reversal of) credit losses on loans (Note 3) | $15.1M | $1.3M | $1.3M |
| Provision for (reversal of) credit losses on unfunded commitments | -$300.0K | -$675.0K | -$1.1M |
| Net Provision for credit losses expense | $14.8M | $625.0K | $150.0K |
| Net interest income after provision for credit losses | $122.3M | $73.8M | $65.7M |
| Customer service charges | $6.0M | $4.8M | $4.6M |
| Interchange Income | $7.8M | $5.8M | $4.7M |
| Insurance and investment commissions | $1.9M | $742.0K | $698.0K |
| Gains on sales of loans and capital servicing rights (Note 4) | $2.0M | $2.4M | $2.0M |
| Net (losses) gains on sales of securities (Note 2) | $0 | $0 | -$71.0K |
| Net (losses) gains on sales and write-downs of other assets (Note 7) | -$226.0K | $198.0K | $147.0K |
| Earnings on life insurance policies | $2.4M | $1.9M | $1.1M |
| Trust income | $2.5M | $906.0K | $771.0K |
| Change in market value of equity securities (Note 2) | $607.0K | $195.0K | -$246.0K |
| Other | $1.7M | $1.0M | $1.2M |
| Total noninterest income | $24.7M | $18.0M | $14.9M |
| Salaries and benefits (Note 14 and 15) | $52.7M | $33.4M | $32.0M |
| Occupancy and equipment (Note 5) | $9.3M | $5.8M | $6.0M |
| Data processing | $9.3M | $5.9M | $5.3M |
| Communication | $2.0M | $1.3M | $1.3M |
| Professional fees | $3.3M | $2.5M | $2.2M |
| Supplies and postage | $1.1M | $699.0K | $780.0K |
| Advertising and promotional | $981.0K | $788.0K | $721.0K |
| Intangible amortization (Note 6) | $5.8M | $757.0K | $955.0K |
| FDIC insurance | $2.0M | $1.3M | $1.2M |
| Merger related expenses | $17.4M | $1.0M | $0 |
| Other | $8.8M | $5.2M | $4.6M |
| Total noninterest expense | $112.7M | $58.7M | $55.1M |
| Income before income tax expense | $34.2M | $33.1M | $25.6M |
| Income tax expense (Note 12) | $6.0M | $6.4M | $4.3M |
| Net income | $28.2M | $26.7M | $21.3M |
| Basic earnings per share (Note 16) | $2.02 | $3.27 | $2.82 |
| Diluted earnings per share (Note 16) | $2.01 | $3.25 | $2.82 |
| Dividends declared per share | $1.13 | $1.09 | $1.05 |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and due from banks | $87.6M | $96.4M | |
| Time deposits in other financial institutions | $350.0K | $350.0K | |
| Cash and cash equivalents | $88.0M | $96.8M | |
| Equity securities, at fair value (Note 2) | $9.4M | $7.8M | |
| Securities available for sale, at fair value (Note 2) | $554.4M | $479.1M | |
| Securities held to maturity, at amortized cost (Note 2) | $385.2M | $394.5M | |
| Federal Home Loan Bank Stock | $18.6M | $9.4M | |
| Federal Reserve Bank Stock | $12.6M | $5.3M | |
| Loans held for sale | $7.2M | $7.3M | |
| Mortgage warehouse advances (Note 3) | $59.0M | $39.9M | |
| Core Loans (Note 3) | $3.0B | $1.5B | |
| Total loans held for investment (Note 3) | $3.0B | $1.5B | $1.4B |
| Allowance for loan losses (Note 3) | -$35.5M | -$16.6M | -$15.7M |
| Loans, net | $3.0B | $1.5B | |
| Premises and equipment, net (Note 5) | $48.1M | $27.1M | |
| Other real estate owned, net (Note 7) | $2.5M | $473.0K | $122.0K |
| Cash value of life insurance policies | $74.8M | $44.9M | |
| Goodwill (Note 6) | $129.9M | $59.9M | $59.9M |
| Intangible assets, net (Note 6) | $31.1M | $1.1M | |
| Other assets | $62.4M | $60.5M | |
| Total assets | $4.4B | $2.7B | $2.6B |
| Deposits - noninterest-bearing (Note 9) | $907.0M | $524.9M | |
| Deposits - interest-bearing demand deposits (Note 9) | $1.4B | $920.2M | |
| Savings deposits (Note 9) | $607.0M | $338.1M | |
| Certificates of deposit (Note 9) | $616.2M | $394.4M | |
| Brokered deposits (Note 9) | $104.9M | $36.5M | |
| Total deposits | $3.6B | $2.2B | |
| Borrowings (Note 10) | $264.8M | $175.0M | |
| Subordinated debentures (Note 11) | $48.5M | $35.8M | |
| Other liabilities (Notes 12) | $31.9M | $38.0M | |
| Total liabilities | $3.9B | $2.5B | |
| 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: 15,000,939 at December 31, 2025 and 8,965,483 at December 31, 2024 (Note 16) | $398.4M | $206.8M | |
| Retained earnings | $102.6M | $91.4M | |
| Accumulated other comprehensive income (loss), net | -$35.7M | -$37.8M | |
| Total shareholders equity | $465.4M | $260.4M | $195.6M |
| Total liabilities and shareholders equity | $4.4B | $2.7B | |
| Preferred stock, authorized (in shares) | 100.0K shares | 100.0K shares | |
| Preferred stock, outstanding (in shares) | 0 shares | 0 shares | |
| Common stock, par value (in dollars per share) | $0 | $0 | |
| Common stock, authorized (in shares) | 30.0M shares | 30.0M shares | |
| Common stock, outstanding (in shares) | 15.0M shares | 9.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $28.2M | $26.7M | $21.3M |
| Provision for credit losses | $14.8M | $625.0K | $150.0K |
| Depreciation | $3.6M | $2.5M | $2.5M |
| Amortization | $16.3M | $9.9M | $10.0M |
| Accretion on purchased loans | -$13.1M | -$1.2M | -$1.7M |
| Compensation expense on employee and director stock purchases, stock options, and restricted stock units | $883.0K | $720.0K | $1.0M |
| Net losses on sales of securities | $0 | $0 | $71.0K |
| Net change in market value of equity securities | -$607.0K | -$195.0K | $246.0K |
| Gains on sales of loans and capitalized servicing rights | -$2.0M | -$2.4M | -$2.0M |
| Loans originated for sale | -$61.5M | -$74.3M | -$56.1M |
| Proceeds from loan sales | $62.8M | $73.1M | $57.3M |
| Earnings on bank-owned life insurance | -$2.1M | -$1.2M | -$1.1M |
| Earnings on death benefit from bank-owned life insurance | -$303.0K | -$700.0K | $0 |
| (Gains) on sales of other real estate owned | $61.0K | -$46.0K | -$12.0K |
| Write downs of other real estate owned | $78.0K | $0 | $0 |
| Deferred federal income tax (expense) benefit | -$113.0K | -$271.0K | -$24.0K |
| Other assets | $3.4M | -$817.0K | $7.1M |
| Other liabilities | -$18.6M | $14.8M | $7.6M |
| Net cash provided by operating activities | $31.8M | $47.1M | $46.3M |
| Sales of securities available for sale | $78.9M | $0 | $0 |
| Sales of equity securities | $648.0K | $0 | $887.0K |
| Proceeds from Federal Home Loan Bank stock redemption | $0 | $0 | $3.9M |
| Maturities, prepayments and calls of securities available for sale | $24.4M | $33.8M | $32.3M |
| Maturities, prepayments and calls of securities held to maturity | $15.6M | $26.0M | $16.6M |
| Purchases of securities available for sale | -$83.6M | -$2.5M | -$1.6M |
| Purchases of securities held to maturity | -$4.5M | -$14.3M | -$597.0K |
| Purchases of equity securities | -$248.0K | -$82.0K | $0 |
| Purchases of Federal Home Loan Bank stock | -$7.2M | -$4.9M | -$4.8M |
| Purchase of Federal Reserve Bank stock | $0 | -$242.0K | $0 |
| Loan originations and payments, net | -$89.3M | -$134.8M | -$219.5M |
| Proceeds from sales of other real estate owned | $1.1M | $345.0K | $157.0K |
| Proceeds from bank owned life insurance death benefits claim | $940.0K | $2.1M | |
| Additions to premises and equipment | -$6.6M | -$1.7M | -$4.2M |
| Payments from (payments for) derivative contracts | $3.6M | $0 | -$4.2M |
| Issuance costs from Merger | -$8.0K | $0 | $0 |
| Cash received from merger with Fentura Financial, Inc. | $173.1M | $0 | $0 |
| Net cash (used in)/provided by investing activities | $106.7M | -$96.3M | -$181.2M |
| Net change in deposits | -$48.0M | $92.0M | $4.1M |
| Net change in short term borrowings | -$80.2M | -$25.0M | $150.0M |
| Issuance of common stock | $892.0K | $674.0K | $231.0K |
| Repurchase of common stock | -$2.7M | $0 | $0 |
| Share based compensation withholding obligation | -$327.0K | -$220.0K | $0 |
| Cash dividends | -$16.9M | -$9.0M | -$7.9M |
| Cash proceeds from common stock offering | $0 | $32.1M | $0 |
| Net cash provided by/(used in) financing activities | -$147.3M | $90.6M | $146.4M |
| Net change in cash and cash equivalents | -$8.8M | $41.3M | $11.5M |
| Cash paid for interest | $65.1M | $49.9M | $27.5M |
| Cash paid for federal income taxes | $7.3M | $6.3M | $4.5M |
| Loans transferred to other real estate owned | $1.5M | $650.0K | $267.0K |
| Acquisition of assets from merger, net of cash | $1.6B | $0 | $0 |
| Acquisition of liabilities from merger | $1.6B | $0 | $0 |
| Issuance of common stock as consideration for merger | $192.8M | $0 | $0 |
Compare CHOICEONE FINANCIAL SERVICES INC with another company
Former names
- 1ST COMMUNITY BANCORP INCMay 12, 1995 to Apr 9, 19982
Recent filings
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Aug 10, 202610-Q
- Jul 24, 20268-K
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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