Company Quick10K Filing
ChoiceOne Financial Services
Price25.89 EPS2
Shares4 P/E16
MCap95 P/FCF17
Net Debt-17 EBIT10
TEV78 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-09
10-Q 2020-06-30 Filed 2020-08-14
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-16
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-14
10-Q 2018-06-30 Filed 2018-08-14
10-Q 2018-03-31 Filed 2018-05-15
10-K 2017-12-31 Filed 2018-03-29
10-Q 2017-09-30 Filed 2017-11-14
10-Q 2017-06-30 Filed 2017-08-10
10-Q 2017-03-31 Filed 2017-05-12
10-K 2016-12-31 Filed 2017-03-27
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-12
10-Q 2016-03-31 Filed 2016-05-13
10-K 2015-12-31 Filed 2016-03-28
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-12
10-Q 2015-03-31 Filed 2015-05-13
10-K 2014-12-31 Filed 2015-03-13
10-Q 2014-09-30 Filed 2014-11-12
10-Q 2014-06-30 Filed 2014-08-13
10-Q 2014-03-31 Filed 2014-05-13
10-K 2013-12-31 Filed 2014-03-31
10-Q 2013-09-30 Filed 2013-11-13
10-Q 2013-06-30 Filed 2013-08-14
10-K 2012-12-31 Filed 2013-03-29
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-14
10-K 2011-12-31 Filed 2012-03-28
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-12
10-Q 2011-03-31 Filed 2011-05-16
10-K 2010-12-31 Filed 2011-03-28
10-Q 2010-09-30 Filed 2010-11-15
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-31 Filed 2010-05-17
10-K 2009-12-31 Filed 2010-03-30
8-K 2021-01-29 Earnings
8-K 2020-12-16 Amend Bylaw, Exhibits
8-K 2020-10-28
8-K 2020-07-01
8-K 2020-06-30
8-K 2020-06-17
8-K 2020-05-29
8-K 2020-05-14
8-K 2020-04-27
8-K 2020-02-06
8-K 2020-02-04
8-K 2020-01-03
8-K 2019-10-25
8-K 2019-10-01
8-K 2019-09-18
8-K 2019-09-16
8-K 2019-08-28
8-K 2019-07-24
8-K 2019-07-02
8-K 2019-05-22
8-K 2019-05-20
8-K 2019-04-24
8-K 2019-03-22
8-K 2019-03-22
8-K 2019-03-04
8-K 2019-01-28
8-K 2019-01-23
8-K 2018-10-24
8-K 2018-10-24
8-K 2018-07-25
8-K 2018-06-27
8-K 2018-05-23
8-K 2018-05-21
8-K 2018-04-25
8-K 2018-01-24
8-K 2018-01-24

COFS 10Q Quarterly Report

Part I.  Financial Information
Item 1.  Financial Statements.
Note 1 – Summary of Significant Accounting Policies
Note 2 – Securities
Note 3 – Loans and Allowance for Loan Losses
Note 4 – Earnings per Share
Note 5 – Financial Instruments
Note 6 – Fair Value Measurements
Note 7 – Revenue From Contracts with Customers
Note 8 – Business Combination
Item 2.  Management’S Discussion and Analysis of Financial Condition and Results of Operations.
Item 4.  Controls and Procedures.
Part II.  Other Information
Item 1.  Legal Proceedings.
Item 1A.  Risk Factors.
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.
Item 5. Other Information
Item 6.  Exhibits
EX-31.1 ex_201533.htm
EX-31.2 ex_201534.htm
EX-32.1 ex_201535.htm

ChoiceOne Financial Services Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
67554040527013502012201420172020
Assets, Equity
2.11.71.30.80.40.02016201720182020
Rev, G Profit, Net Income
20112-7-16-252012201420172020
Ops, Inv, Fin

cofs20200630_10q.htm
0000803164 ChoiceOne Financial Services, Inc. false --12-31 Q3 2020 100,000 100,000 0 0 0 0 12,000,000 12,000,000 7,791,060 7,245,088 616 149 2,346 1,022 7 4 275 5 0.60 0.60 0.60 0.60 0.20 0.20 0 0 0 0 The amount shown represents the number of shares issued in cashless transactions where some taxes are netted on a portion of the exercises. Includes nonaccrual loans. 00008031642020-01-012020-09-30 xbrli:shares 00008031642020-10-31 thunderdome:item iso4217:USD 00008031642020-09-30 00008031642019-12-31 iso4217:USDxbrli:shares 00008031642020-07-012020-09-30 00008031642019-07-012019-09-30 00008031642019-01-012019-09-30 0000803164us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2018-12-31 0000803164us-gaap:RetainedEarningsMember2018-12-31 0000803164us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-31 00008031642018-12-31 0000803164us-gaap:RetainedEarningsMember2019-01-012019-09-30 0000803164us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-09-30 0000803164us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2019-01-012019-09-30 0000803164cofs:SpecialCashDividendMember2019-01-012019-09-30 0000803164cofs:SpecialCashDividendMemberus-gaap:RetainedEarningsMember2019-01-012019-09-30 0000803164cofs:CashDividendMember2019-01-012019-09-30 0000803164cofs:CashDividendMemberus-gaap:RetainedEarningsMember2019-01-012019-09-30 0000803164us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2019-09-30 0000803164us-gaap:RetainedEarningsMember2019-09-30 0000803164us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-30 00008031642019-09-30 0000803164us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2019-12-31 0000803164us-gaap:RetainedEarningsMember2019-12-31 0000803164us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-31 0000803164us-gaap:RetainedEarningsMember2020-01-012020-09-30 0000803164us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-30 0000803164us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2020-01-012020-09-30 0000803164us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2020-09-30 0000803164us-gaap:RetainedEarningsMember2020-09-30 0000803164us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-30 0000803164us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2019-06-30 0000803164us-gaap:RetainedEarningsMember2019-06-30 0000803164us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-30 00008031642019-06-30 0000803164us-gaap:RetainedEarningsMember2019-07-012019-09-30 0000803164us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-30 0000803164us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2019-07-012019-09-30 0000803164cofs:SpecialCashDividendMember2019-07-012019-09-30 0000803164cofs:SpecialCashDividendMemberus-gaap:RetainedEarningsMember2019-07-012019-09-30 0000803164cofs:CashDividendMember2019-07-012019-09-30 0000803164cofs:CashDividendMemberus-gaap:RetainedEarningsMember2019-07-012019-09-30 0000803164us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2020-06-30 0000803164us-gaap:RetainedEarningsMember2020-06-30 0000803164us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-30 00008031642020-06-30 0000803164us-gaap:RetainedEarningsMember2020-07-012020-09-30 0000803164us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-30 0000803164us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2020-07-012020-09-30 xbrli:pure 0000803164cofs:ParticipatingInterestsInMortgageLoansMemberus-gaap:CreditConcentrationRiskMember2020-09-30 0000803164cofs:ParticipatingInterestsInMortgageLoansMemberus-gaap:CreditConcentrationRiskMember2020-01-012020-09-30 0000803164cofs:ParticipatingInterestsInMortgageLoansMemberus-gaap:CreditConcentrationRiskMember2019-12-31 0000803164cofs:DirectorsStockPurchasePlanMember2020-01-012020-09-30 0000803164cofs:EmployeeStockPurchasePlanMember2020-01-012020-09-30 00008031642019-01-012019-12-31 0000803164us-gaap:USTreasuryAndGovernmentMember2020-09-30 0000803164us-gaap:USTreasurySecuritiesMember2020-09-30 0000803164us-gaap:USStatesAndPoliticalSubdivisionsMember2020-09-30 0000803164us-gaap:MortgageBackedSecuritiesMember2020-09-30 0000803164us-gaap:CorporateDebtSecuritiesMember2020-09-30 0000803164cofs:TrustPreferredSecuritiesMember2020-09-30 0000803164us-gaap:USTreasuryAndGovernmentMember2019-12-31 0000803164us-gaap:USTreasurySecuritiesMember2019-12-31 0000803164us-gaap:USStatesAndPoliticalSubdivisionsMember2019-12-31 0000803164us-gaap:MortgageBackedSecuritiesMember2019-12-31 0000803164us-gaap:CorporateDebtSecuritiesMember2019-12-31 0000803164cofs:TrustPreferredSecuritiesMember2019-12-31 0000803164us-gaap:DebtMember2020-09-30 0000803164us-gaap:DebtMember2019-12-31 0000803164us-gaap:EquitySecuritiesMember2020-09-30 0000803164us-gaap:EquitySecuritiesMember2019-12-31 0000803164cofs:AgriculturalMember2020-06-30 0000803164cofs:CommercialAndIndustrialMember2020-06-30 0000803164us-gaap:ConsumerPortfolioSegmentMember2020-06-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMember2020-06-30 0000803164cofs:ConstructionRealEstateMember2020-06-30 0000803164us-gaap:ResidentialPortfolioSegmentMember2020-06-30 0000803164us-gaap:UnallocatedFinancingReceivablesMember2020-06-30 0000803164cofs:AgriculturalMember2020-07-012020-09-30 0000803164cofs:CommercialAndIndustrialMember2020-07-012020-09-30 0000803164us-gaap:ConsumerPortfolioSegmentMember2020-07-012020-09-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMember2020-07-012020-09-30 0000803164cofs:ConstructionRealEstateMember2020-07-012020-09-30 0000803164us-gaap:ResidentialPortfolioSegmentMember2020-07-012020-09-30 0000803164us-gaap:UnallocatedFinancingReceivablesMember2020-07-012020-09-30 0000803164cofs:AgriculturalMember2020-09-30 0000803164cofs:CommercialAndIndustrialMember2020-09-30 0000803164us-gaap:ConsumerPortfolioSegmentMember2020-09-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMember2020-09-30 0000803164cofs:ConstructionRealEstateMember2020-09-30 0000803164us-gaap:ResidentialPortfolioSegmentMember2020-09-30 0000803164us-gaap:UnallocatedFinancingReceivablesMember2020-09-30 0000803164cofs:AgriculturalMember2019-12-31 0000803164cofs:CommercialAndIndustrialMember2019-12-31 0000803164us-gaap:ConsumerPortfolioSegmentMember2019-12-31 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-31 0000803164cofs:ConstructionRealEstateMember2019-12-31 0000803164us-gaap:ResidentialPortfolioSegmentMember2019-12-31 0000803164us-gaap:UnallocatedFinancingReceivablesMember2019-12-31 0000803164cofs:AgriculturalMember2020-01-012020-09-30 0000803164cofs:CommercialAndIndustrialMember2020-01-012020-09-30 0000803164us-gaap:ConsumerPortfolioSegmentMember2020-01-012020-09-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMember2020-01-012020-09-30 0000803164cofs:ConstructionRealEstateMember2020-01-012020-09-30 0000803164us-gaap:ResidentialPortfolioSegmentMember2020-01-012020-09-30 0000803164us-gaap:UnallocatedFinancingReceivablesMember2020-01-012020-09-30 0000803164cofs:AgriculturalMember2019-06-30 0000803164cofs:CommercialAndIndustrialMember2019-06-30 0000803164us-gaap:ConsumerPortfolioSegmentMember2019-06-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMember2019-06-30 0000803164cofs:ConstructionRealEstateMember2019-06-30 0000803164us-gaap:ResidentialPortfolioSegmentMember2019-06-30 0000803164us-gaap:UnallocatedFinancingReceivablesMember2019-06-30 0000803164cofs:AgriculturalMember2019-07-012019-09-30 0000803164cofs:CommercialAndIndustrialMember2019-07-012019-09-30 0000803164us-gaap:ConsumerPortfolioSegmentMember2019-07-012019-09-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMember2019-07-012019-09-30 0000803164cofs:ConstructionRealEstateMember2019-07-012019-09-30 0000803164us-gaap:ResidentialPortfolioSegmentMember2019-07-012019-09-30 0000803164us-gaap:UnallocatedFinancingReceivablesMember2019-07-012019-09-30 0000803164cofs:AgriculturalMember2019-09-30 0000803164cofs:CommercialAndIndustrialMember2019-09-30 0000803164us-gaap:ConsumerPortfolioSegmentMember2019-09-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMember2019-09-30 0000803164cofs:ConstructionRealEstateMember2019-09-30 0000803164us-gaap:ResidentialPortfolioSegmentMember2019-09-30 0000803164us-gaap:UnallocatedFinancingReceivablesMember2019-09-30 0000803164cofs:AgriculturalMember2018-12-31 0000803164cofs:CommercialAndIndustrialMember2018-12-31 0000803164us-gaap:ConsumerPortfolioSegmentMember2018-12-31 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMember2018-12-31 0000803164cofs:ConstructionRealEstateMember2018-12-31 0000803164us-gaap:ResidentialPortfolioSegmentMember2018-12-31 0000803164us-gaap:UnallocatedFinancingReceivablesMember2018-12-31 0000803164cofs:AgriculturalMember2019-01-012019-09-30 0000803164cofs:CommercialAndIndustrialMember2019-01-012019-09-30 0000803164us-gaap:ConsumerPortfolioSegmentMember2019-01-012019-09-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMember2019-01-012019-09-30 0000803164cofs:ConstructionRealEstateMember2019-01-012019-09-30 0000803164us-gaap:ResidentialPortfolioSegmentMember2019-01-012019-09-30 0000803164us-gaap:UnallocatedFinancingReceivablesMember2019-01-012019-09-30 0000803164cofs:AgriculturalMemberus-gaap:PassMember2020-09-30 0000803164cofs:AgriculturalMemberus-gaap:PassMember2019-12-31 0000803164cofs:CommercialAndIndustrialMemberus-gaap:PassMember2020-09-30 0000803164cofs:CommercialAndIndustrialMemberus-gaap:PassMember2019-12-31 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2020-09-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2019-12-31 0000803164cofs:AgriculturalMemberus-gaap:SpecialMentionMember2020-09-30 0000803164cofs:AgriculturalMemberus-gaap:SpecialMentionMember2019-12-31 0000803164cofs:CommercialAndIndustrialMemberus-gaap:SpecialMentionMember2020-09-30 0000803164cofs:CommercialAndIndustrialMemberus-gaap:SpecialMentionMember2019-12-31 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2020-09-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2019-12-31 0000803164cofs:AgriculturalMemberus-gaap:SubstandardMember2020-09-30 0000803164cofs:AgriculturalMemberus-gaap:SubstandardMember2019-12-31 0000803164cofs:CommercialAndIndustrialMemberus-gaap:SubstandardMember2020-09-30 0000803164cofs:CommercialAndIndustrialMemberus-gaap:SubstandardMember2019-12-31 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2020-09-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2019-12-31 0000803164cofs:AgriculturalMemberus-gaap:DoubtfulMember2020-09-30 0000803164cofs:AgriculturalMemberus-gaap:DoubtfulMember2019-12-31 0000803164cofs:CommercialAndIndustrialMemberus-gaap:DoubtfulMember2020-09-30 0000803164cofs:CommercialAndIndustrialMemberus-gaap:DoubtfulMember2019-12-31 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:DoubtfulMember2020-09-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:DoubtfulMember2019-12-31 0000803164us-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2020-09-30 0000803164us-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2019-12-31 0000803164us-gaap:PerformingFinancingReceivableMembercofs:ConstructionRealEstateMember2020-09-30 0000803164us-gaap:PerformingFinancingReceivableMembercofs:ConstructionRealEstateMember2019-12-31 0000803164us-gaap:PerformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2020-09-30 0000803164us-gaap:PerformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2019-12-31 0000803164us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2020-09-30 0000803164us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2019-12-31 0000803164us-gaap:NonperformingFinancingReceivableMembercofs:ConstructionRealEstateMember2020-09-30 0000803164us-gaap:NonperformingFinancingReceivableMembercofs:ConstructionRealEstateMember2019-12-31 0000803164us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2020-09-30 0000803164us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2019-12-31 0000803164cofs:AgriculturalMembercofs:FinancialAsset30DaysPastDueOrMoreMember2020-07-012020-09-30 0000803164cofs:AgriculturalMembercofs:FinancialAsset30DaysPastDueOrMoreMember2020-09-30 0000803164cofs:AgriculturalMembercofs:FinancialAsset30DaysPastDueOrMoreMember2020-01-012020-09-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMembercofs:FinancialAsset30DaysPastDueOrMoreMember2020-07-012020-09-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMembercofs:FinancialAsset30DaysPastDueOrMoreMember2020-09-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMembercofs:FinancialAsset30DaysPastDueOrMoreMember2020-01-012020-09-30 0000803164cofs:FinancialAsset30DaysPastDueOrMoreMember2020-07-012020-09-30 0000803164cofs:FinancialAsset30DaysPastDueOrMoreMember2020-09-30 0000803164cofs:FinancialAsset30DaysPastDueOrMoreMember2020-01-012020-09-30 0000803164srt:MaximumMember2020-09-30 0000803164cofs:AgriculturalMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-06-30 0000803164cofs:AgriculturalMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-09-30 0000803164cofs:AgriculturalMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-30 0000803164cofs:CommercialAndIndustrialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-30 0000803164cofs:CommercialAndIndustrialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-09-30 0000803164cofs:CommercialAndIndustrialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-30 0000803164us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-30 0000803164us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-09-30 0000803164us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-09-30 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-30 0000803164cofs:ConstructionRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-30 0000803164cofs:ConstructionRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-09-30 0000803164cofs:ConstructionRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-30 0000803164us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-30 0000803164us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-09-30 0000803164us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-30 0000803164us-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-30 0000803164us-gaap:FinancingReceivables60To89DaysPastDueMember2020-09-30 0000803164us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-30 0000803164cofs:AgriculturalMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-31 0000803164cofs:AgriculturalMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-31 0000803164cofs:AgriculturalMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-31 0000803164cofs:CommercialAndIndustrialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-31 0000803164cofs:CommercialAndIndustrialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-31 0000803164cofs:CommercialAndIndustrialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-31 0000803164us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-31 0000803164us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-31 0000803164us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-31 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-31 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-31 0000803164us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-31 0000803164cofs:ConstructionRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-31 0000803164cofs:ConstructionRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-31 0000803164cofs:ConstructionRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-31 0000803164us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-31 0000803164us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-31 0000803164us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-31 0000803164us-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-31 0000803164us-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-31 0000803164us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-31 0000803164cofs:CountyBankCorpCountyMembercofs:AcquiredImpairedMember2020-09-30 0000803164cofs:CountyBankCorpCountyMembercofs:AcquiredNonimpairedMember2020-09-30 0000803164cofs:CountyBankCorpCountyMember2020-09-30 0000803164cofs:CountyBankCorpCountyMembercofs:AcquiredImpairedMember2019-12-31 0000803164cofs:CountyBankCorpCountyMembercofs:AcquiredNonimpairedMember2019-12-31 0000803164cofs:CountyBankCorpCountyMember2019-12-31 0000803164cofs:CountyBankCorpCountyMembercofs:AcquiredImpairedMember2020-01-012020-06-30 0000803164cofs:CountyBankCorpCountyMembercofs:AcquiredNonimpairedMember2020-01-012020-06-30 0000803164cofs:CountyBankCorpCountyMember2020-01-012020-06-30 0000803164cofs:CountyBankCorpCountyMembercofs:AcquiredImpairedMember2020-06-30 0000803164cofs:CountyBankCorpCountyMembercofs:AcquiredNonimpairedMember2020-06-30 0000803164cofs:CountyBankCorpCountyMember2020-06-30 0000803164cofs:CountyBankCorpCountyMembercofs:AcquiredImpairedMember2020-07-012020-09-30 0000803164cofs:CountyBankCorpCountyMembercofs:AcquiredNonimpairedMember2020-07-012020-09-30 0000803164cofs:CountyBankCorpCountyMember2020-07-012020-09-30 0000803164cofs:CommunityShoresBankCorpCommunityShoresMembercofs:AcquiredImpairedMember2020-09-30 0000803164cofs:CommunityShoresBankCorpCommunityShoresMembercofs:AcquiredNonimpairedMember2020-09-30 0000803164cofs:CommunityShoresBankCorpCommunityShoresMember2020-09-30 0000803164cofs:CommunityShoresBankCorpCommunityShoresMembercofs:AcquiredImpairedMember2020-06-30 0000803164cofs:CommunityShoresBankCorpCommunityShoresMembercofs:AcquiredNonimpairedMember2020-06-30 0000803164cofs:CommunityShoresBankCorpCommunityShoresMember2020-06-30 0000803164cofs:CommunityShoresBankCorpCommunityShoresMembercofs:AcquiredImpairedMember2020-07-012020-09-30 0000803164cofs:CommunityShoresBankCorpCommunityShoresMembercofs:AcquiredNonimpairedMember2020-07-012020-09-30 0000803164cofs:CommunityShoresBankCorpCommunityShoresMember2020-07-012020-09-30 0000803164us-gaap:EmployeeStockOptionMember2020-07-012020-09-30 0000803164us-gaap:EmployeeStockOptionMember2020-01-012020-09-30 0000803164us-gaap:EmployeeStockOptionMember2019-07-012019-09-30 0000803164us-gaap:EmployeeStockOptionMember2019-01-012019-09-30 0000803164us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-09-30 0000803164us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-09-30 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-09-30 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-09-30 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-09-30 0000803164us-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-31 0000803164us-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-31 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-31 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-31 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-31 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2020-09-30 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2020-09-30 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2020-09-30 0000803164us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2020-09-30 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2020-09-30 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2020-09-30 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2020-09-30 0000803164us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2020-09-30 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2020-09-30 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2020-09-30 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2020-09-30 0000803164us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2020-09-30 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-09-30 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-09-30 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-09-30 0000803164us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-09-30 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-09-30 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-09-30 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-09-30 0000803164us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-09-30 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-09-30 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-09-30 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-09-30 0000803164us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-09-30 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercofs:TrustPreferredSecuritiesMember2020-09-30 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercofs:TrustPreferredSecuritiesMember2020-09-30 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercofs:TrustPreferredSecuritiesMember2020-09-30 0000803164us-gaap:FairValueMeasurementsRecurringMembercofs:TrustPreferredSecuritiesMember2020-09-30 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-30 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-30 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-30 0000803164us-gaap:FairValueMeasurementsRecurringMember2020-09-30 0000803164us-gaap:FairValueInputsLevel1Member2020-09-30 0000803164us-gaap:FairValueInputsLevel2Member2020-09-30 0000803164us-gaap:FairValueInputsLevel3Member2020-09-30 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2019-12-31 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2019-12-31 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2019-12-31 0000803164us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2019-12-31 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2019-12-31 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2019-12-31 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2019-12-31 0000803164us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2019-12-31 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2019-12-31 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2019-12-31 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2019-12-31 0000803164us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2019-12-31 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2019-12-31 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2019-12-31 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2019-12-31 0000803164us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2019-12-31 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2019-12-31 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2019-12-31 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2019-12-31 0000803164us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2019-12-31 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2019-12-31 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2019-12-31 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2019-12-31 0000803164us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2019-12-31 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercofs:TrustPreferredSecuritiesMember2019-12-31 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercofs:TrustPreferredSecuritiesMember2019-12-31 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercofs:TrustPreferredSecuritiesMember2019-12-31 0000803164us-gaap:FairValueMeasurementsRecurringMembercofs:TrustPreferredSecuritiesMember2019-12-31 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-31 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-31 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-31 0000803164us-gaap:FairValueMeasurementsRecurringMember2019-12-31 0000803164us-gaap:FairValueInputsLevel1Member2019-12-31 0000803164us-gaap:FairValueInputsLevel2Member2019-12-31 0000803164us-gaap:FairValueInputsLevel3Member2019-12-31 0000803164us-gaap:EquitySecuritiesMember2019-12-31 0000803164us-gaap:EquitySecuritiesMember2018-12-31 0000803164us-gaap:EquitySecuritiesMember2020-01-012020-09-30 0000803164us-gaap:EquitySecuritiesMember2019-01-012019-09-30 0000803164us-gaap:EquitySecuritiesMember2020-09-30 0000803164us-gaap:EquitySecuritiesMember2019-09-30 0000803164us-gaap:AvailableforsaleSecuritiesMember2019-12-31 0000803164us-gaap:AvailableforsaleSecuritiesMember2018-12-31 0000803164us-gaap:AvailableforsaleSecuritiesMember2020-01-012020-09-30 0000803164us-gaap:AvailableforsaleSecuritiesMember2019-01-012019-09-30 0000803164us-gaap:AvailableforsaleSecuritiesMember2020-09-30 0000803164us-gaap:AvailableforsaleSecuritiesMember2019-09-30 0000803164us-gaap:FairValueMeasurementsNonrecurringMember2020-09-30 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-09-30 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-09-30 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-09-30 0000803164us-gaap:FairValueMeasurementsNonrecurringMember2019-12-31 0000803164us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-31 0000803164us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-31 0000803164us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-31 0000803164cofs:ServiceChargesAndFeesOnDepositAccountsMember2020-07-012020-09-30 0000803164cofs:ServiceChargesAndFeesOnDepositAccountsMember2019-07-012019-09-30 0000803164cofs:ServiceChargesAndFeesOnDepositAccountsMember2020-01-012020-09-30 0000803164cofs:ServiceChargesAndFeesOnDepositAccountsMember2019-01-012019-09-30 0000803164cofs:InterchangeIncomeMember2020-07-012020-09-30 0000803164cofs:InterchangeIncomeMember2019-07-012019-09-30 0000803164cofs:InterchangeIncomeMember2020-01-012020-09-30 0000803164cofs:InterchangeIncomeMember2019-01-012019-09-30 0000803164cofs:InvestmentCommissionIncomeMember2020-07-012020-09-30 0000803164cofs:InvestmentCommissionIncomeMember2019-07-012019-09-30 0000803164cofs:InvestmentCommissionIncomeMember2020-01-012020-09-30 0000803164cofs:InvestmentCommissionIncomeMember2019-01-012019-09-30 0000803164cofs:TrustFeeIncomeMember2020-07-012020-09-30 0000803164cofs:TrustFeeIncomeMember2019-07-012019-09-30 0000803164cofs:TrustFeeIncomeMember2020-01-012020-09-30 0000803164cofs:TrustFeeIncomeMember2019-01-012019-09-30 0000803164cofs:OtherChargesAndFeesForCustomerServicesMember2020-07-012020-09-30 0000803164cofs:OtherChargesAndFeesForCustomerServicesMember2019-07-012019-09-30 0000803164cofs:OtherChargesAndFeesForCustomerServicesMember2020-01-012020-09-30 0000803164cofs:OtherChargesAndFeesForCustomerServicesMember2019-01-012019-09-30 0000803164cofs:CommunityShoresBankCorpCommunityShoresMember2020-07-01 0000803164cofs:CommunityShoresBankCorpCommunityShoresMember2020-07-012020-07-01 0000803164cofs:CountyBankCorpCountyMember2019-10-01 0000803164cofs:CountyBankCorpCountyMember2019-10-01 0000803164cofs:CountyBankCorpCountyMemberus-gaap:CommonStockMember2019-10-012019-10-01 0000803164cofs:CountyBankCorpCountyMembercofs:FractionalStockMember2019-10-012019-10-01 0000803164cofs:CountyBankCorpCountyMember2019-10-012019-10-01
 


 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 10-Q

 

Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

 

 

For the quarterly period ended September 30, 2020

 

 

Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

 

 

For the transition period from                 to                

 

Commission File Number: 000-19202

 

ChoiceOne Financial Services, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

Michigan
(State or Other Jurisdiction of
Incorporation or Organization)

38-2659066
(I.R.S. Employer Identification No.)

 

 

109 East Division
Sparta, Michigan

(Address of Principal Executive Offices)


49345
(Zip Code)

 

 

(616) 887-7366
(Registrant’s Telephone Number, including Area Code)

 

Indicate by checkmark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  

Yes ☒        No ☐

 

Indicate by check mark whether the registrant has submitted electronically , every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 

Yes ☒        No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐

Accelerated filer ☒

 

 

Non-accelerated filer ☐

Smaller reporting company 

 

 

Emerging growth company 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes         No ☒

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock

COFS

NASDAQ Capital Market

 

As of October 31, 2020, the Registrant had outstanding 7,795,099 shares of common stock.

 



 

 

 

 

PART I.  FINANCIAL INFORMATION

 

Item 1.  Financial Statements.

 

ChoiceOne Financial Services, Inc.
CONSOLIDATED BALANCE SHEETS

 

  

September 30,

  

December 31,

 

(Dollars in thousands)

 

2020

  

2019

 
  

(Unaudited)

  

(Audited)

 

Assets

        

Cash and due from banks

 $117,533  $59,308 

Time deposits in other financial institutions

  350   250 

Cash and cash equivalents

  117,883   59,558 
         

Equity securities at fair value (Note 2)

  2,667   2,851 

Securities available for sale (Note 2)

  393,338   339,579 

Federal Home Loan Bank stock

  3,824   3,524 

Federal Reserve Bank stock

  2,947   2,934 

Loans held for sale

  35,826   3,095 

Loans to other financial institutions

  55,064   51,048 

Loans (Note 3)

  1,078,796   802,048 

Allowance for loan losses (Note 3)

  (6,685)  (4,057)

Loans, net

  1,072,111   797,991 
         

Premises and equipment, net

  29,927   24,265 

Other real estate owned, net

  676   929 

Cash value of life insurance policies

  32,556   31,979 

Goodwill

  60,506   52,870 

Core deposit intangible

  5,664   6,006 

Other assets

  15,994   9,499 

Total assets

 $1,828,984  $1,386,128 
         

Liabilities

        

Deposits – noninterest-bearing

 $447,548  $287,460 

Deposits – interest-bearing

  1,138,822   867,142 

Total deposits

  1,586,370   1,154,602 
         

Borrowings

  13,234   33,198 

Other liabilities

  6,454   6,189 

Total liabilities

  1,606,058   1,193,989 
         

Shareholders' Equity

        

Preferred stock; shares authorized: 100,000; shares outstanding: none

  -   - 

Common stock and paid-in capital, no par value; shares authorized: 12,000,000; shares outstanding: 7,791,060 at September 30, 2020 and 7,245,088 at December 31, 2019

  178,551   162,610 

Retained earnings

  35,106   28,051 

Accumulated other comprehensive income, net

  9,269   1,478 

Total shareholders’ equity

  222,926   192,139 

Total liabilities and shareholders’ equity

 $1,828,984  $1,386,128 

 

 

See accompanying notes to interim consolidated financial statements. 

 

2

 

 

ChoiceOne Financial Services, Inc.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

 

   

Three Months Ended

   

Nine Months Ended

 

(Dollars in thousands, except per share data)

 

September 30,

   

September 30,

 
   

2020

   

2019

   

2020

   

2019

 

Interest income

                               

Loans, including fees

  $ 13,047     $ 5,394     $ 34,110     $ 16,064  

Securities:

                               

Taxable

    1,150       728       4,564       2,255  

Tax exempt

    914       352       1,760       1,079  

Other

    40       87       241       194  

Total interest income

    15,151       6,561       40,675       19,592  
                                 

Interest expense

                               

Deposits

    946       973       3,229       2,748  

Advances from Federal Home Loan Bank

    1       8       218       238  

Other

    142       10       149       39  

Total interest expense

    1,089       991       3,596       3,025  
                                 

Net interest income

    14,062       5,570       37,079       16,567  

Provision for loan losses

    1,225       -       3,000       -  

Net interest income after provision for loan losses

    12,837       5,570       34,079       16,567  
                                 

Noninterest income

                               

Customer service charges

    2,059       1,094       5,306       3,275  

Insurance and investment commissions

    137       88       416       225  

Gains on sales of loans

    3,617       638       8,356       1,373  

Net gains (losses) on sales of securities

    (35 )     19       1,308       22  

Earnings on life insurance policies

    193       99       577       290  

Trust income

    197       -       569       -  

Change in market value of equity securities

    (238 )     (146 )     (184 )     119  

Other

    396       143       661       417  

Total noninterest income

    6,326       1,935       17,009       5,721  
                                 

Noninterest expense

                               

Salaries and benefits

    8,058       3,268       19,545       8,915  

Occupancy and equipment

    1,556       755       4,185       2,267  

Data processing

    1,585       676       4,637       1,814  

Professional fees

    1,221       836       2,897       2,031  

Supplies and postage

    178       91       685       266  

Advertising and promotional

    148       145       440       297  

Intangible amortization

    395       -       1,102       -  

FDIC insurance

    154       5       291       93  

Other

    1,254       601       3,333       1,790  

Total noninterest expense

    14,549       6,377       37,115       17,473  
                                 

Income before income tax

    4,614       1,127       13,973       4,815  

Income tax expense

    785       106       2,460       671  
                                 

Net income

  $ 3,829     $ 1,021     $ 11,513     $ 4,144  
                                 

Basic earnings per share (Note 4)

  $ 0.49     $ 0.28     $ 1.55     $ 1.14  

Diluted earnings per share (Note 4)

  $ 0.49     $ 0.28     $ 1.55     $ 1.14  

Dividends declared per share

  $ 0.20     $ 0.80     $ 0.60     $ 1.20  

 

See accompanying notes to interim consolidated financial statements. 

 

3

 

 

ChoiceOne Financial Services, Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

 

  

Three Months Ended

  

Nine Months Ended

 

(Dollars in thousands)

 

September 30,

  

September 30,

 
  

2020

  

2019

  

2020

  

2019

 

Net income

 $3,829  $1,021  $11,513  $4,144 
                 

Other comprehensive income:

                

Changes in net unrealized gains on investment securities available for sale, net of tax expense of $616 and $149 for the three months ended September 30, 2020 and September 30, 2019, respectively. Changes in net unrealized gains (losses) on investment securities available for sale, net of tax expense of $2,346 and $1,022 for the nine months ended September 30, 2020 and September 30, 2019, respectively

  2,316   561   8,825   3,844 
                 

Reclassification adjustment for realized (gain) loss on sale of investment securities available for sale included in net income, net of tax expense (benefit) of $(7) and $4 for the three months ended September 30, 2020 and September 30, 2019, respectively. Reclassification adjustment for realized gain on sale of investment securities available for sale included in net income, net of tax expense of $275 and $5 for the nine months ended September 30, 2020 and September 30, 2019, respectively

  28   (15)  (1,033)  (18)
                 

Other comprehensive income, net of tax

  2,343   546   7,791   3,826 
                 

Comprehensive income

 $6,173  $1,567  $19,305  $7,970 

 

See accompanying notes to interim consolidated financial statements. 

 

4

 

 

ChoiceOne Financial Services, Inc.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

For the nine months ended September 30

 

              

Accumulated

     
      

Common

      

Other

     
      

Stock and

      

Comprehensive

     
  

Number of

  

Paid in

  

Retained

  

Income/(Loss),

     

(Dollars in thousands, except per share data)

 

Shares

  

Capital

  

Earnings

  

Net

  

Total

 
                     

Balance, January 1, 2019

  3,616,483  $54,523  $26,686  $(732) $80,477 
                     

Net income

          4,144       4,144 

Other comprehensive income

              3,826   3,826 

Shares issued

  6,728   99           99 

Effect of employee stock purchases

      11           11 
Stock options exercised and issued (1)  3,390   46           46 

Stock-based compensation expense

      379           379 

Restricted stock units issued

  7,787               - 
Special cash dividend declared ($0.60 per share)          (2,180)      (2,180)

Cash dividends declared ($0.60 per share)

          (2,176)      (2,176)
                     

Balance, September 30, 2019

  3,634,388  $55,058  $26,474  $3,094  $84,626 
                     
                     

Balance, January 1, 2020

  7,245,088  $162,610  $28,051  $1,478  $192,139 
                     

Net income

          11,513       11,513 

Other comprehensive income

              7,791   7,791 

Shares issued

  14,291   304           304 

Effect of employee stock purchases

      11           11 
Stock options exercised and issued (1)  7,261   9           9 

Stock-based compensation expense

      123           123 
Restricted stock units issued  365                 

Merger with Community Shores Bank Corporation

  524,055   15,494           15,494 

Cash dividends declared ($0.60 per share)

          (4,459)      (4,459)
                     

Balance, September 30, 2020

  7,791,060  $178,551  $35,106  $9,269  $222,926 

 

 

ChoiceOne Financial Services, Inc.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

For the three months ended September 30

 

              

Accumulated

     
      

Common

      

Other

     
      

Stock and

      

Comprehensive

     
  

Number of

  

Paid in

  

Retained

  

Income/(Loss),

     

(Dollars in thousands, except per share data)

 

Shares

  

Capital

  

Earnings

  

Net

  

Total

 
                     

Balance, July 1, 2019

  3,632,917  $54,756  $28,359  $2,548  $85,663 
                     

Net income

          1,021       1,021 

Other comprehensive income

              546   546 

Shares issued

  1,471   40           40 

Effect of employee stock purchases

      4           4 

Stock options exercised and issued (1)

                  - 
Stock-based compensation expense      258           258 
Restricted stock units issued                  - 
Special cash dividend declared ($0.60 per share)          (2,180)      (2,180)

Cash dividends declared ($0.20 per share)

          (726)      (726)
                     

Balance, September 30, 2019

  3,634,388  $55,058  $26,474  $3,094  $84,626 
                     
                     

Balance, July 1, 2020

  7,261,605  $162,862  $32,835  $6,926  $202,623 
                     

Net income

          3,829       3,829 

Other comprehensive income

              2,343   2,343 

Shares issued

  5,169   143           143 

Effect of employee stock purchases

      4           4 
Stock options exercised and issued (1)  231               - 

Stock-based compensation expense

      48           48 
Merger with Community Shores Bank Corporation  524,055   15,494           15,494 

Cash dividends declared ($0.20 per share)

          (1,558)      (1,558)
                     

Balance, September 30, 2020

  7,791,060  $178,551  $35,106  $9,269  $222,926 

 

(1) The amount shown represents the number of shares issued in cashless transactions where some taxes are netted on a portion of the exercises. 

 

See accompanying notes to interim consolidated financial statements. 

 

5

 

 

ChoiceOne Financial Services, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 

   

Nine Months Ended

 

(Dollars in thousands)

 

September 30,

 
   

2020

   

2019

 

Cash flows from operating activities:

               

Net income

  $ 11,513     $ 4,144  

Adjustments to reconcile net income to net cash from operating activities:

               

Provision for loan losses

    3,000       -  

Depreciation

    2,026       1,054  

Amortization

    3,377       672  

Compensation expense on employee and director stock purchases, stock options, and restricted stock units

    337       428  

Net gains on sales of securities

    (1,308 )     (22 )

Net change in market value of equity securities

    184       (119 )

Gains on sales of loans

    (8,356 )     (1,373 )

Loans originated for sale

    (277,281 )     (40,215 )

Proceeds from loan sales

    251,554       40,527  

Earnings on bank-owned life insurance

    (577 )     (290 )

(Gains)/losses on sales of other real estate owned

    7       (22 )

Proceeds from sales of other real estate owned

    983       187  
Costs capitalized to other real estate     (19 )     -  

Deferred federal income tax (benefit)/expense

    (1,257 )     94  

Net change in:

               

Other assets

    (4,323 )     (290 )

Other liabilities

    (116 )     645  

Net cash (used in)/provided by operating activities

    (20,256 )     5,420  
                 

Cash flows from investing activities:

               

Sales of securities available for sale

    121,944       1,233  

Maturities, prepayments and calls of securities available for sale

    37,587       29,478  

Purchases of securities available for sale

    (183,109 )     (13,904 )

Purchase of Federal Reserve Bank stock

    -       (1 )

Loan originations and payments, net

    (108,485 )     (7,870 )

Additions to premises and equipment

    (1,552 )