CHOICEONE FINANCIAL SERVICES INC
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
COFS$36.74-1.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements Of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Nine Months Ended | ||
|---|---|---|
| (Dollars in thousands) | September 30, | |
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $19,568 | $15,968 |
| Adjustments to reconcile net income to net cash from operating activities: | ||
| (Reversal of) provision for credit losses | 425 | (225) |
| Depreciation | 1,907 | 1,854 |
| Amortization | 7,263 | 7,495 |
| Compensation expense on employee stock purchase plan, stock options, and restricted stock units | 541 | 741 |
| Net losses (gains) on sales of available for sale securities | - | 71 |
| Net change in market value of equity securities | (241) | 456 |
| Gains on sales of loans | (1,610) | (1,479) |
| Loans originated for sale | (48,171) | (37,845) |
| Proceeds from loan sales | 47,810 | 38,330 |
| Earnings on bank-owned life insurance | (919) | (810) |
| Earnings on death benefit from bank-owned life insurance | (196) | - |
| (Gains)/losses on sales of other real estate owned | (17) | - |
| Proceeds from sales of other real estate owned | 139 | 144 |
| Deferred federal income tax (benefit)/expense | 166 | 138 |
| Net change in: | ||
| Other assets | (3,534) | 4,443 |
| Other liabilities | 1,507 | 28,049 |
| Net cash provided by operating activities | 24,638 | 57,330 |
| Cash flows from investing activities: | ||
| Sales of equity securities | - | 887 |
| Maturities, prepayments and calls of securities available for sale | 25,109 | 21,981 |
| Maturities, prepayments and calls of securities held to maturity | 16,710 | 10,218 |
| Purchases of securities available for sale | (1,116) | (110) |
| Purchases of equity securities | (70) | - |
| Purchases of securities held to maturity | (2,000) | (597) |
| Purchase of Federal Home Loan Bank stock | (242) | (4,849) |
| Proceeds from redemption of Federal Home Loan Bank stock | - | 3,916 |
| Loan originations and payments, net | (94,121) | (120,271) |
| Proceeds from bank owned life insurance death benefits claim | 490 | - |
| Additions to premises and equipment | (1,047) | (3,454) |
| Payments for derivative contracts settlements | - | (4,191) |
| Proceeds from (payments for) derivative contracts, net | - | 382 |
| Net cash provided by (used in) investing activities | (56,287) | (96,088) |
| Cash flows from financing activities: | ||
| Net change in deposits | 86,173 | 15,192 |
| Net change in short term borrowings | 10,109 | 130,000 |
| Issuance of common stock | 500 | 168 |
| Share based compensation withholding obligation | (220) | - |
| Cash dividends | (6,502) | (5,872) |
| Cash related to common stock offering | 32,094 | - |
| Net cash provided by financing activities | 122,154 | 139,488 |
| Net change in cash and cash equivalents | 90,505 | 100,730 |
| Beginning cash and cash equivalents | 55,433 | 43,943 |
| Ending cash and cash equivalents | $145,938 | $144,673 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest | $34,358 | $18,393 |
| Cash paid for income taxes | 4,450 | 3,900 |
| Loans transferred to other real estate owned | 529 | 266 |
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