Company: COFS
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000950170-25-036839
Chunk: 117

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 117
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 financial information on a consolidated basis, which includes actual and budgeted data, credit quality metrics, net income, earnings per share, loan originations, deposit growth, total non-interest income, and non-interest expense.Entity-Wide Disclosures  

 88

Products and Services: The Company's revenues are derived from a variety of financial products and services, including interest income from loans and investments, fees from deposit accounts, and income from mortgage banking activities.  Geographic Areas: The Company operates primarily in the state of Michigan, with a significant portion of its revenues generated from customers located in this region. The Company does not have any significant operations outside of the United States.  Major Customers: The Company does not have any single customer that accounts for 10% or more of its total revenues.  Reconciliations: The following table reconciles the Company's total revenues, profit or loss, and assets to the consolidated financial statements:

          Years Ended December 31,

          (Dollars in thousands)
           
          2024

          2023

          2022

          Total Revenues
           
          $
          139,099

          $
          113,886

          $
          89,132

          Net Income
           
          $
          26,727

          $
          21,261

          $
          23,640

          Total Assets
           
          $
          2,723,243

          $
          2,576,706

          $
          2,385,915

           Note 23 - Subsequent Events: Completion of Merger  On March 1, 2025, ChoiceOne Financial Services, Inc. ("ChoiceOne") completed its merger with Fentura Financial, Inc. ("Fentura"), with ChoiceOne continuing as the surviving corporation. The combined organization will be headquartered in Sparta, Michigan, and will operate under the ChoiceOne name and brand. The consolidation of The State Bank, a wholly-owned subsidiary of Fentura, with and into ChoiceOne Bank, a wholly-owned subsidiary of ChoiceOne, is expected to be completed on March 14, 2025.  Under the terms of the merger agreement, each share of Fentura common stock outstanding immediately prior to the completion of the merger was converted into the right to receive 1.35 shares of ChoiceOne common stock. At the time of completion of the merger, Fentura had approximately 4,497,069 shares of common