Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 39

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 7
Chunk 39
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The following discussion is designed to provide a review of the consolidated financial condition and results of operations of ChoiceOne Financial Services, Inc. (“ChoiceOne” or the “Company”), and its wholly-owned subsidiaries. This discussion should be read in conjunction with the consolidated financial statements and related footnotes.

We have omitted discussion of 2023 results where it would be redundant to the discussion previously included in Part II, Item 7 of our 2023 Annual Report on Form 10-K.

Selected Financial Data

    (Dollars in thousands, except per share data)

    2024

    2023

    2022

    For the year

    Net interest income
     
    $
    74,442

    $
    65,885

    $
    67,314

    Provision for credit losses, net

    625

    150

    250

    Noninterest income

    17,995

    14,906

    14,072

    Noninterest expense

    58,723

    55,074

    53,478

    Income before income taxes

    33,089

    25,567

    27,658

    Income tax expense

    6,362

    4,306

    4,018

    Net income

    26,727

    21,261

    23,640

    Cash dividends declared

    9,012

    7,910

    7,578

    Per share

    Basic earnings
     
    $
    3.27

    $
    2.82

    $
    3.15

    Diluted earnings

    3.25

    2.82

    3.15

    Cash dividends declared

    1.09

    1.05

    1.01

    Shareholders' equity (at year end)

    29.05

    25.92

    22.47

    Average for the year

    Securities
     
    $
    981,454

    $
    1,042,559

    $
    1,094,559

    Gross loans

    1,456,434

    1,265,261

    1,104,030

    Deposits

    2,165,705