Upcoming Dividend • Jun 08
Upcoming dividend of US$0.29 per share Eligible shareholders must have bought the stock before 15 June 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of American dividend payers (4.2%). Higher than average of industry peers (2.3%). Declared Dividend • May 25
First quarter dividend of US$0.29 announced Shareholders will receive a dividend of US$0.29. Ex-date: 15th June 2026 Payment date: 30th June 2026 Dividend yield will be 3.7%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 6.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Tillkännagivande • May 22
ChoiceOne Financial Services, Inc. Declares Cash Dividend on Common Stock for the Second Quarter of 2026, Payable on June 30, 2026 ChoiceOne Financial Services, Inc. announced that its Board of Directors has declared a cash dividend on the Corporation's common stock of $0.29 per share for the second quarter of 2026. The cash dividend is payable to shareholders of record as of June 15, 2026, and will be paid on June 30, 2026. Reported Earnings • Apr 26
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: US$0.91 (up from US$1.30 loss in 1Q 2025). Revenue: US$42.5m (up 135% from 1Q 2025). Net income: US$13.7m (up US$27.6m from 1Q 2025). Profit margin: 32% (up from net loss in 1Q 2025). The move to profitability was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.5%. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Tillkännagivande • Apr 26
ChoiceOne Financial Services, Inc. Announces Net Charge Offs Charges for the First Quarter Ended March 31, 2026 ChoiceOne Financial Services, Inc. announced net charge offs charges for the first quarter ended March 31, 2026. For the period, the company reported net charge-offs of $53,000. New Risk • Apr 25
New major risk - Revenue and earnings growth Earnings have declined by 0.09% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.09% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (19% net profit margin). Significant insider selling over the past 3 months (US$443k sold). Tillkännagivande • Apr 14
ChoiceOne Financial Services, Inc., Annual General Meeting, May 20, 2026 ChoiceOne Financial Services, Inc., Annual General Meeting, May 20, 2026. Reported Earnings • Mar 15
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$2.02. Revenue: US$146.6m (up 61% from FY 2024). Net income: US$28.2m (up 5.4% from FY 2024). Profit margin: 19% (down from 29% in FY 2024). Net interest margin (NIM): 3.65% (up from 3.01% in FY 2024). Non-performing loans: 0.90% (up from 0.24% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.2%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Banks industry in the US. Recent Insider Transactions • Mar 13
Independent Director recently bought US$138k worth of stock On the 11th of March, Eric Burrough bought around 5k shares on-market at roughly US$27.50 per share. This transaction amounted to 2.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold US$82k more in shares than they bought in the last 12 months. Declared Dividend • Mar 01
Fourth quarter dividend of US$0.29 announced Shareholders will receive a dividend of US$0.29. Ex-date: 13th March 2026 Payment date: 31st March 2026 Dividend yield will be 4.0%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (56% payout ratio) and is expected to be covered in 3 years' time (33% forecast payout ratio). The dividend has increased by an average of 7.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 61% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Feb 26
ChoiceOne Financial Services, Inc. Announces Cash Dividend for the First Quarter of 2026, Payable on March 31, 2026 ChoiceOne Financial Services, Inc. announced that its board of directors has declared a cash dividend on the Corporation's common stock of $0.29 per share. The cash dividend is payable to shareholders of record as of March 13, 2026, and will be paid on March 31, 2026. The dividend declared for the first quarter of 2026 is equal to the dividend paid in the fourth quarter of 2025 and $0.01 higher than the dividend paid in the first quarter of 2025. Recent Insider Transactions • Feb 13
Insider recently sold US$443k worth of stock On the 11th of February, Brian Petty sold around 15k shares on-market at roughly US$29.56 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$268k more than they bought in the last 12 months. Reported Earnings • Feb 01
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$2.02. Revenue: US$146.9m (up 61% from FY 2024). Net income: US$28.2m (up 5.4% from FY 2024). Profit margin: 19% (down from 29% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.2%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Banks industry in the US. New Risk • Jan 31
New major risk - Revenue and earnings growth Earnings have declined by 0.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 0.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (68% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (17% net profit margin). Tillkännagivande • Jan 30
ChoiceOne Financial Services, Inc. Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2025 ChoiceOne Financial Services, Inc. reported net loan charge-offs for the fourth quarter ended December 31, 2025. For the period, the company reported net loan charge-offs of $305,000 compared to $138,000 a year ago. Declared Dividend • Dec 07
Third quarter dividend increased to US$0.29 Dividend of US$0.29 is 3.6% higher than last year. Ex-date: 15th December 2025 Payment date: 31st December 2025 Dividend yield will be 3.6%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (65% payout ratio) and is expected to be covered in 3 years' time (34% forecast payout ratio). The dividend has increased by an average of 7.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 86% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Dec 04
ChoiceOne Financial Services, Inc. Announces Cash Dividend for the Fourth Quarter of 2025, Payable on December 31, 2025 ChoiceOne Financial Services, Inc. announced that its Board of Directors has declared a cash dividend on the Corporation's common stock of $0.29 per share. The cash dividend is payable to shareholders of record as of December 15, 2025, and will be paid on December 31, 2025. The dividend declared for the fourth quarter of 2025 is $0.01 higher than the dividend paid in the third quarter of 2025. Recent Insider Transactions • Nov 20
Independent Director recently bought US$143k worth of stock On the 17th of November, Eric Burrough bought around 5k shares on-market at roughly US$28.50 per share. This transaction amounted to 2.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$175k more in shares than they have sold in the last 12 months. Reported Earnings • Oct 26
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.98 (up from US$0.86 in 3Q 2024). Revenue: US$44.5m (up 80% from 3Q 2024). Net income: US$14.7m (up 100% from 3Q 2024). Profit margin: 33% (up from 30% in 3Q 2024). Revenue exceeded analyst estimates by 6.1%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Tillkännagivande • Oct 24
ChoiceOne Financial Services, Inc. Reports Net Loan Charge-Offs for the Third Quarter Ended September 30, 2025 ChoiceOne Financial Services, Inc. reported net loan charge-offs for the third quarter ended September 30, 2025. For the period, the company reported net loan charge-offs of $244,000 compared to $87,000 a year ago. Declared Dividend • Aug 31
Second quarter dividend of US$0.28 announced Shareholders will receive a dividend of US$0.28. Ex-date: 15th September 2025 Payment date: 30th September 2025 Dividend yield will be 3.6%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 7.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 73% over the next year, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Aug 28
Choiceone Financial Services, Inc. Declares Cash Dividend for the Third Quarter of 2025, Payable on September 30, 2025 ChoiceOne Financial Services, Inc. announced that its Board of Directors has declared a cash dividend on the Corporation's common stock of $0.28 per share. The cash dividend is payable to shareholders of record as of September 15, 2025, and will be paid on September 30, 2025. The dividend declared for the third quarter of 2025 is equal to the dividend paid in the second quarter of 2025 and $0.01 higher than the dividend paid in the third quarter of 2024. Reported Earnings • Jul 27
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.90 (up from US$0.87 in 2Q 2024). Revenue: US$42.2m (up 88% from 2Q 2024). Net income: US$13.5m (up 106% from 2Q 2024). Profit margin: 32% (up from 29% in 2Q 2024). Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Tillkännagivande • Jul 25
ChoiceOne Financial Services, Inc. Reports Net Loan Charge-Offs for the Second Quarter Ended June 30, 2025 ChoiceOne Financial Services, Inc. reported Net loan charge-offs for the second quarter ended June 30, 2025. The company's net loan charge-offs were $418,000 against $157,000 a year ago. Tillkännagivande • Jun 30
ChoiceOne Financial Services, Inc.(NasdaqCM:COFS) dropped from Russell 2000 Dynamic Index ChoiceOne Financial Services, Inc.(NasdaqCM:COFS) dropped from Russell 2000 Dynamic Index Tillkännagivande • Jun 29
Choiceone Financial Services, Inc. Appoints Steven T. Krause as Director and Audit and Risk Committee, Effective July 5, 2025 ChoiceOne Financial Services, Inc. announced that on June 25, 2025, its Board of Directors appointed Steven T. Krause as director, effective July 5, 2025, to fill the vacancy left by Jack Hendon’s retirement. The Board determined that Mr. Krause is independent under the listing standards of the Nasdaq Stock Market. It is expected that Mr. Krause will serve on the Audit and Risk Committees of the Board. Upcoming Dividend • Jun 08
Upcoming dividend of US$0.28 per share Eligible shareholders must have bought the stock before 13 June 2025. Payment date: 30 June 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.8%. Lower than top quartile of American dividend payers (4.8%). Higher than average of industry peers (2.7%). Declared Dividend • May 25
First quarter dividend of US$0.28 announced Shareholders will receive a dividend of US$0.28. Ex-date: 13th June 2025 Payment date: 30th June 2025 Dividend yield will be 3.8%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 7.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 52% to bring the payout ratio under control. EPS is expected to grow by 85% over the next year, which is sufficient to bring the dividend into a sustainable range. Tillkännagivande • May 22
ChoiceOne Financial Services, Inc. Declares Cash Dividend, Payable on June 30, 2025 ChoiceOne Financial Services, Inc. announced that its Board of Directors has declared a cash dividend on the Corporation's common stock of $0.28 per share. The cash dividend is payable to shareholders of record as of June 13, 2025, and will be paid on June 30, 2025. The dividend declared for the second quarter of 2025 is equal to the dividend paid in the first quarter of 2025 and $0.01 higher than the dividend paid in the second quarter of 2024. Price Target Changed • May 02
Price target increased by 14% to US$36.00 Up from US$31.67, the current price target is an average from 3 analysts. New target price is 24% above last closing price of US$29.04. Stock is up 13% over the past year. The company is forecast to post earnings per share of US$1.23 for next year compared to US$3.27 last year. New Risk • May 01
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 102% Current dividend yield: 3.9% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (98% increase in shares outstanding). Minor Risks Dividend is not well covered by earnings (102% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.1% net profit margin). Reported Earnings • May 01
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: US$1.30 loss per share (down from US$0.75 profit in 1Q 2024). Revenue: US$18.1m (down 12% from 1Q 2024). Net loss: US$13.9m (down 347% from profit in 1Q 2024). Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. New Risk • Apr 25
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 98% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Tillkännagivande • Mar 13
ChoiceOne Financial Services, Inc., Annual General Meeting, May 21, 2025 ChoiceOne Financial Services, Inc., Annual General Meeting, May 21, 2025. Reported Earnings • Mar 12
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: US$3.27 (up from US$2.82 in FY 2023). Revenue: US$91.1m (up 13% from FY 2023). Net income: US$26.7m (up 26% from FY 2023). Profit margin: 29% (up from 26% in FY 2023). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.01% (up from 2.83% in FY 2023). Non-performing loans: 0.24% (up from 0.14% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 5% per year. Price Target Changed • Mar 11
Price target decreased by 8.9% to US$37.33 Down from US$41.00, the current price target is an average from 3 analysts. New target price is 28% above last closing price of US$29.07. Stock is up 11% over the past year. The company is forecast to post earnings per share of US$3.13 for next year compared to US$3.27 last year. Tillkännagivande • Mar 04
Choiceone Financial Services, Inc. Announces Board and Committee Changes Changes Pursuant to the Merger Agreement and effective as of the effective time of the Merger, ChoiceOne’s Board of Directors increased in size to 15 directors and the Board appointed Brian Petty and Randy Hicks, M.D., former directors of Fentura, as directors of ChoiceOne to fill the resulting vacancies. The Board determined that Mr. Petty and Dr. Hicks are each independent under the listing standards of the Nasdaq Stock Market. Pursuant to the Merger Agreement, ChoiceOne agreed to take all appropriate action, subject to and in accordance with its articles of incorporation and bylaws and corporate governance standards, to appoint two individuals serving on the Fentura board of directors to the Board, effective immediately following the effective time of the Merger, to serve until ChoiceOne’s next annual meeting of shareholders. Pursuant to the Merger Agreement, ChoiceOne shall endeavor to nominate Mr. Petty and Dr. Hicks for reelection to the Board for a subsequent term following their initial term. It is expected that Mr. Petty will serve on the Audit Committee and that Dr. Hicks will serve on the Personnel and Benefits and Governance and Nominating Committees of the Board. Declared Dividend • Mar 02
Fourth quarter dividend of US$0.28 announced Shareholders will receive a dividend of US$0.28. Ex-date: 14th March 2025 Payment date: 31st March 2025 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (33% payout ratio) and is expected to be well covered in 3 years' time (30% forecast payout ratio). The dividend has increased by an average of 8.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 18% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Feb 27
ChoiceOne Financial Services, Inc. Announces Cash Dividends, Payable on March 31, 2025 ChoiceOne Financial Services, Inc. announced that its Board of Directors has declared a cash dividend on the Corporation's common stock of $0.28 per share. The cash dividend is payable to shareholders of record as of March 14, 2025, and will be paid on March 31, 2025. The dividend declared for the first quarter of 2025 is equal to the dividend paid in the fourth quarter of 2024 and $0.01 higher than the dividend paid in the first quarter of 2024. Reported Earnings • Jan 23
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: US$3.27 (up from US$2.82 in FY 2023). Revenue: US$91.8m (up 14% from FY 2023). Net income: US$26.7m (up 26% from FY 2023). Profit margin: 29% (up from 26% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Jan 23
ChoiceOne Financial Services, Inc. Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2024 ChoiceOne Financial Services, Inc. reported Net loan charge-offs for the fourth quarter ended December 31, 2024. The company's net loan charge-offs were $138,000 against $120,000 a year ago. Declared Dividend • Dec 08
Third quarter dividend increased to US$0.28 Dividend of US$0.28 is 3.7% higher than last year. Ex-date: 13th December 2024 Payment date: 31st December 2024 Dividend yield will be 2.9%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (34% payout ratio) and is expected to be well covered in 3 years' time (29% forecast payout ratio). The dividend has increased by an average of 7.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 19% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Dec 05
ChoiceOne Financial Services, Inc. Declares Cash Dividend for the Fourth Quarter of 2024, Payable on December 31, 2024 ChoiceOne Financial Services, Inc. announced that its Board of Directors has declared a cash dividend on the Corporation's common stock of $0.28 per share. The cash dividend is payable to shareholders of record as of December 13, 2024, and will be paid on December 31, 2024. The dividend declared for the fourth quarter of 2024 is $0.01 higher than the dividend paid in the third quarter of 2024 and fourth quarter of 2023. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: US$0.86 (vs US$0.68 in 3Q 2023) Third quarter 2024 results: EPS: US$0.86 (up from US$0.68 in 3Q 2023). Revenue: US$24.7m (up 24% from 3Q 2023). Net income: US$7.35m (up 44% from 3Q 2023). Profit margin: 30% (up from 26% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Aug 28
Second quarter dividend of US$0.27 announced Shareholders will receive a dividend of US$0.27. Ex-date: 13th September 2024 Payment date: 30th September 2024 Dividend yield will be 3.6%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 7.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 20% over the next year, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Aug 24
ChoiceOne Financial Announces Cash Dividends, Payable on September 30, 2024 ChoiceOne Financial Services, Inc. announced that its Board of Directors has declared a cash dividend on the Corporation's common stock of $0.27 per share. The cash dividend is payable to shareholders of record as of September 13, 2024, and will be paid on September 30, 2024. The dividend declared for the third quarter of 2024 is equal to the dividend paid in the second quarter of 2024 and $0.01 higher than the dividend paid in the third quarter of 2023. Recent Insider Transactions • Aug 08
CEO & Director recently bought US$53k worth of stock On the 5th of August, Kelly Potes bought around 2k shares on-market at roughly US$26.73 per share. This transaction amounted to 5.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Kelly has been a net seller over the last 12 months, reducing personal holdings by US$16k. Tillkännagivande • Jul 27
ChoiceOne Financial Services, Inc. has completed a Follow-on Equity Offering in the amount of $30 million. ChoiceOne Financial Services, Inc. has completed a Follow-on Equity Offering in the amount of $30 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,200,000
Price\Range: $25
Discount Per Security: $1.5 Tillkännagivande • Jul 26
ChoiceOne Financial Services, Inc. (NasdaqCM:COFS) agreed to acquire Fentura Financial, Inc. (OTCPK:FETM) for approximately $180 million. ChoiceOne Financial Services, Inc. (NasdaqCM:COFS) agreed to acquire Fentura Financial, Inc. (OTCPK:FETM) for approximately $180 million on July 25, 2024. Under the terms of the merger agreement, each share of Fentura common stock outstanding immediately prior to completion of the merger will be converted into the right to receive 1.35 shares of ChoiceOne common stock. The proposed transaction is valued at $40.18 per share of Fentura common stock, or approximately $180.4 million in the aggregate. In case of termination of transaction, Fentura Financial will pay a termination fee of $7 million. Upon completion of the proposed transaction, ChoiceOne intends to appoint two members of Fentura's board to join the holding company board of ChoiceOne, which would be comprised of 15 total directors. Two additional members of Fentura's board will also be appointed to join the board of ChoiceOne Bank, which would be comprised of 17 total directors.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by Fentura Financial board, approval of offer by ChoiceOne Financial shareholders, approval of offer by ChoiceOne Financial board, approval of offer by Fentura Financial shareholders, listing / approval of new shares on stock exchange and registration statement effectiveness(S-4 / F-4). The deal has been unanimously approved by the board of director of both parties. The transaction is expected to close in the first quarter of 2025.
Janney Montgomery Scott LLC acted as financial advisor and Charlie Goode and Malaina Weldy of Warner Norcross + Judd LLP acted as legal counsel to ChoiceOne. Hovde Group, LLC acted as financial advisor and Mark Ryerson of Dickinson Wright PLLC acted as legal counsel to Fentura. Reported Earnings • Jul 26
Second quarter 2024 earnings released: EPS: US$0.87 (vs US$0.69 in 2Q 2023) Second quarter 2024 results: EPS: US$0.87 (up from US$0.69 in 2Q 2023). Revenue: US$22.5m (up 13% from 2Q 2023). Net income: US$6.59m (up 26% from 2Q 2023). Profit margin: 29% (up from 26% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year and the company’s share price has also increased by 4% per year. Tillkännagivande • Jul 26
ChoiceOne Financial Services, Inc. has filed a Follow-on Equity Offering. ChoiceOne Financial Services, Inc. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to US$31.45, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Banks industry in the US. Total returns to shareholders of 45% over the past three years. Declared Dividend • Jun 02
First quarter dividend of US$0.27 announced Shareholders will receive a dividend of US$0.27. Ex-date: 14th June 2024 Payment date: 28th June 2024 Dividend yield will be 4.3%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 8.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 4.3% over the next year, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • May 30
ChoiceOne Financial Services, Inc. Announces Cash Dividend for the Second Quarter of 2024, Payable on June 28, 2024 ChoiceOne Financial Services, Inc. announced that its Board of Directors has declared a cash dividend on the Corporation's common stock of $0.27 per share. The cash dividend is payable to shareholders of record as of June 14, 2024, and will be paid on June 28, 2024. The dividend declared for the second quarter of 2024 is equal to the dividend paid in the first quarter of 2024 and $0.01 higher than the dividend paid in the second quarter of 2023. Tillkännagivande • Apr 27
ChoiceOne Financial Services, Inc. Announces Net Loan Charge-Offs for the First Quarter Ended March 31, 2024 ChoiceOne Financial Services, Inc. announced net loan charge-offs for the First quarter ended March 31, 2024. For the quarter, the company reported Net loan charge-offs of $51,000 against $28,000 a year ago. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: US$0.75 (vs US$0.75 in 1Q 2023) First quarter 2024 results: EPS: US$0.75 (up from US$0.75 in 1Q 2023). Revenue: US$20.5m (flat on 1Q 2023). Net income: US$5.63m (flat on 1Q 2023). Profit margin: 27% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Tillkännagivande • Apr 12
ChoiceOne Financial Services, Inc., Annual General Meeting, May 29, 2024 ChoiceOne Financial Services, Inc., Annual General Meeting, May 29, 2024, at 09:00 US Eastern Standard Time. Agenda: To consider election of directors; to consider approval of the company's executive compensation; and to consider ratification of the selection of Plante & Moran, PLLC as the registered independent public accounting firm for the year ending December31, 2024. Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: US$2.82 (vs US$3.15 in FY 2022) Full year 2023 results: EPS: US$2.82 (down from US$3.15 in FY 2022). Revenue: US$80.6m (flat on FY 2022). Net income: US$21.3m (down 10% from FY 2022). Profit margin: 26% (down from 29% in FY 2022). Net interest margin (NIM): 2.83% (down from 3.09% in FY 2022). Non-performing loans: 0.14% (down from 0.22% in FY 2022). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 07
Upcoming dividend of US$0.27 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 29 March 2024. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of American dividend payers (4.7%). Higher than average of industry peers (3.0%). Declared Dividend • Mar 03
Third quarter dividend of US$0.27 announced Shareholders will receive a dividend of US$0.27. Ex-date: 14th March 2024 Payment date: 29th March 2024 Dividend yield will be 4.1%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (35% payout ratio) and is expected to be well covered in 3 years' time (38% forecast payout ratio). The dividend has increased by an average of 8.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 2.3% over the next 2 years, which should provide support to the dividend and adequate earnings cover. New Risk • Feb 03
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$69k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Upcoming Dividend • Dec 07
Upcoming dividend of US$0.27 per share at 3.8% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 29 December 2023. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of American dividend payers (4.8%). In line with average of industry peers (3.5%). Tillkännagivande • Nov 30
ChoiceOne Financial Services, Inc. Announces Cash Dividends, Payable on December 29, 2023 ChoiceOne Financial Services, Inc. announced that its Board of Directors has declared a cash dividend on the Corporation's common stock of $0.27 per share. The cash dividend is payable to shareholders of record as of December 15, 2023 and will be paid on December 29, 2023. The dividend declared for the fourth quarter of 2023 is $0.01 higher than the dividend paid in the third quarter of 2023 and fourth quarter of 2022. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$21.97, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Banks industry in the US. Total loss to shareholders of 15% over the past three years. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: US$0.68 (vs US$0.77 in 3Q 2022) Third quarter 2023 results: EPS: US$0.68 (down from US$0.77 in 3Q 2022). Revenue: US$19.9m (down 1.8% from 3Q 2022). Net income: US$5.12m (down 12% from 3Q 2022). Profit margin: 26% (down from 29% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Tillkännagivande • Oct 25
ChoiceOne Financial Services, Inc. and ChoiceOne Bank Announces Resignation of David J. Churchill from the Board of Directors David J. Churchill tendered his resignation from the Board of Directors of ChoiceOne Financial Services, Inc. and ChoiceOne Bank ("ChoiceOne"), effective October 22, 2023, in accordance with ChoiceOne's mandatory retirement requirement for Directors. The Board of Directors resolved not to fill the vacancy created by the retirement of Mr. Churchill, and resolved to decrease the number of directors constituting the Board of Directors from 14 directors to 13 directors, effective October 22, 2023. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$18.96, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Banks industry in the US. Total loss to shareholders of 30% over the past three years. New Risk • Sep 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Upcoming Dividend • Sep 07
Upcoming dividend of US$0.26 per share at 4.6% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 29 September 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of American dividend payers (4.9%). Higher than average of industry peers (3.7%). Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: US$0.69 (vs US$0.75 in 2Q 2022) Second quarter 2023 results: EPS: US$0.69 (down from US$0.75 in 2Q 2022). Revenue: US$19.8m (flat on 2Q 2022). Net income: US$5.21m (down 7.2% from 2Q 2022). Profit margin: 26% (down from 28% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Tillkännagivande • Jul 01
ChoiceOne Financial Services, Inc. Announces Resignation of Nels W. Nyblad from the Board of Directors ChoiceOne Financial Services, Inc. announced that on June 28, 2023, Nels W. Nyblad tendered his resignation from the Board of Directors, effective June 28, 2023, in accordance with ChoiceOne's mandatory retirement requirement for members of the Board of Directors. There is no disagreement between ChoiceOne and Mr. Nyblad known to an executive officer of ChoiceOne, as defined in 17 CFR 240.3b-7, on any matter relating to ChoiceOne's operations, policies or practices. On June 28, 2023, the Board resolved not to fill the vacancy created by the retirement of Mr. Nyblad, and resolved to decrease the number of directors constituting the Board of Directors from 15 directors to 14 directors, effective June 28, 2023. Upcoming Dividend • Jun 07
Upcoming dividend of US$0.26 per share at 4.8% yield Eligible shareholders must have bought the stock before 14 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of American dividend payers (5.1%). Higher than average of industry peers (3.7%). Recent Insider Transactions • May 07
Insider recently bought US$194k worth of stock On the 4th of May, Bruce Essex bought around 9k shares on-market at roughly US$21.53 per share. This transaction amounted to 4.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$781k more in shares than they have sold in the last 12 months. Reported Earnings • Mar 27
Full year 2022 earnings released: EPS: US$3.15 (vs US$2.87 in FY 2021) Full year 2022 results: EPS: US$3.15 (up from US$2.87 in FY 2021). Revenue: US$81.1m (up 2.2% from FY 2021). Net income: US$23.6m (up 7.2% from FY 2021). Profit margin: 29% (up from 28% in FY 2021). Net interest margin (NIM): 3.09% (down from 3.14% in FY 2021). Non-performing loans: 0.22% (down from 0.55% in FY 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 07
Upcoming dividend of US$0.26 per share at 3.7% yield Eligible shareholders must have bought the stock before 14 March 2023. Payment date: 31 March 2023. Trailing yield: 3.7%. Lower than top quartile of American dividend payers (4.3%). Higher than average of industry peers (3.0%). Reported Earnings • Jan 26
Full year 2022 earnings released: EPS: US$3.15 (vs US$2.87 in FY 2021) Full year 2022 results: EPS: US$3.15 (up from US$2.87 in FY 2021). Revenue: US$81.1m (up 2.2% from FY 2021). Net income: US$23.6m (up 7.2% from FY 2021). Profit margin: 29% (up from 28% in FY 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 07
Upcoming dividend of US$0.26 per share Eligible shareholders must have bought the stock before 14 December 2022. Payment date: 30 December 2022. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 4.3%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (3.1%). Recent Insider Transactions • Dec 06
Insider recently bought US$168k worth of stock On the 1st of December, Bruce Essex bought around 7k shares on-market at roughly US$22.69 per share. This transaction amounted to 3.4% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth US$225k. Insiders have collectively bought US$650k more in shares than they have sold in the last 12 months. Tillkännagivande • Dec 01
ChoiceOne Financial Services, Inc Declares Cash Dividend on the Common Stock, Payable on December 30, 2022 ChoiceOne Financial Services, Inc. announced that its Board of Directors has declared a cash dividend on the Corporation's common stock of $0.26 per share. The cash dividend is payable to shareholders of record as of December 15, 2022 and will be paid on December 30, 2022. The dividend declared for the fourth quarter of 2022 is $0.01 higher than the dividend paid in the third quarter of 2022 and fourth quarter of 2021. Recent Insider Transactions • Nov 17
Independent Director recently bought US$225k worth of stock On the 15th of November, Eric Burrough bought around 10k shares on-market at roughly US$22.53 per share. This transaction amounted to 7.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$416k more in shares than they have sold in the last 12 months. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: US$0.77 (vs US$0.75 in 3Q 2021) Third quarter 2022 results: EPS: US$0.77 (up from US$0.75 in 3Q 2021). Revenue: US$20.3m (flat on 3Q 2021). Net income: US$5.81m (up 1.1% from 3Q 2021). Profit margin: 29% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Tillkännagivande • Sep 23
ChoiceOne Financial Services, Inc. Announces Board Changes The Boards of Directors of ChoiceOne Financial Services, Inc. announced the retirement of Patrick A. Cronin from the Boards of Directors of ChoiceOne effective September 21. Michelle Wendling and Dr. Curt Coulter were appointed to the ChoiceOne Board, effective upon Cronin's retirement on September 21. Patrick A. Cronin was appointed as a director of ChoiceOne in 2019 in connection with the merger of County Bank Corp. with and into ChoiceOne. He has been a State Farm Insurance Agent in Lapeer since 1974. He previously served as director of County Bank Corp., parent company of Lakestone Bank & Trust, since 1993. Cronin has served as past President and Chairman of numerous organizations in Lapeer County, including the Mayfield Township Airport Board, City of Lapeer Downtown Development Authority, Big Brothers Big Sisters of Lapeer County, Lapeer County Hockey Association, Lapeer Optimist Club and the Gus Macker Basketball Lapeer. Cronin received his Marketing and Business degree from Mott Community College. Michelle M. Wendling is a Senior Director of Sales of PepsiCo. Wendling was appointed as a director of ChoiceOne Bank in 2019 in connection with the merger of County Bank Corp. with and into ChoiceOne. Prior to the merger, Wendling served as Director of Lakestone Bank & Trust and its holding company, County Bank Corp. since November 2016. Prior to that, she served as director of Capac Bancorp Inc. Wendling is an Executive Sponsor for PepsiCo's Women's Inclusion Network and a Network of Executive Women member. Wendling has served on the Memphis Community School Board from 2006-2019, serving as Vice President and President. She previously served as Treasurer for the Emmett Little League. Wendling was a Top Women in Grocery winner in 2020 and has received numerous performance and leadership awards from PepsiCo. Wendling is a graduate of Oakland University with a Master of Business Administration (MBA) and a graduate of Western Michigan University with a Bachelor of Business Administration in Food Marketing. Curt E. Coulter, D.O. is a Physician and Partner of Lapeer Medical Associates and is Board Certified in Family Medicine. Coulter was appointed as a director of ChoiceOne in 2019 in connection with the merger of County Bank Corp. with and into ChoiceOne. Prior to the merger, Coulter served as director of Lakestone Bank & Trust and its holding company, County Bank Corp. since November 2016. Coulter received his Bachelor of Science from the University of Michigan and his Medical Degree from Michigan State University. He completed his internship at Flint Osteopathic Hospital and residency at Genesys Regional Medical Center. Coulter is an Associate Professor of Clinical Medicine at Michigan State University-COM, and an Associate Professor of Clinical Medicine at Michigan State University-CHM. Coulter is also a member of the American Osteopathic Association, Michigan Osteopathic Association, and the American Association of Family Practitioners. He is partner in PBSC Properties. He has served on the North Branch Township Planning Commission and has a 300-acre farm where he raises cattle, and produces corn, soybeans, wheat, and maple syrup. Upcoming Dividend • Sep 07
Upcoming dividend of US$0.25 per share Eligible shareholders must have bought the stock before 14 September 2022. Payment date: 30 September 2022. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 4.5%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (3.2%). Tillkännagivande • Aug 25
Choiceone Financial Services, Inc. Declares Cash Dividend on the Common Stock, Payable on September 30, 2022 ChoiceOne Financial Services, Inc. announced that its Board of Directors has declared a cash dividend on the Corporation's common stock of $0.25 per share. The cash dividend is payable to shareholders of record as of September 15, 2022 and will be paid on September 30, 2022. The dividend declared for the third quarter of 2022 is equal to the dividend paid in the second quarter of 2022 and third quarter of 2021. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: US$0.75 (vs US$0.65 in 2Q 2021) Second quarter 2022 results: EPS: US$0.75 (up from US$0.65 in 2Q 2021). Revenue: US$19.7m (up 3.4% from 2Q 2021). Net income: US$5.62m (up 11% from 2Q 2021). Profit margin: 28% (up from 26% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Tillkännagivande • Jul 07
Choiceone Financial Services, Inc. Announces Board Changes On June 29, 2022, David H. Bush tendered his resignation from the Board of Directors of ChoiceOne Financial Services, Inc., effective July 25, 2022, in accordance with ChoiceOne's mandatory retirement requirement for members of the Board of Directors. There is no disagreement between ChoiceOne and Mr. Bush known to an executive officer of ChoiceOne, as defined in 17 CFR 240.3b-7, on any matter relating to ChoiceOne's operations, policies or practices. On June 29, 2022, Bruce John Essex, Jr. was appointed to the Board of Directors of ChoiceOne, effective July 25, 2022, to fill the vacancy created by the retirement of Mr. Bush, for a term that will expire at ChoiceOne's 2023 annual meeting of shareholders. Mr. Essex currently serves as a member of the Board of Directors of ChoiceOne Bank. Upcoming Dividend • Jun 07
Upcoming dividend of US$0.25 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 4.6%. Within top quartile of American dividend payers (3.9%). Higher than average of industry peers (2.9%). Tillkännagivande • May 27
ChoiceOne Financial Services, Inc. Declares Cash Dividend, Payable on June 30, 2022 ChoiceOne Financial Services, Inc. declared cash dividend on the corporation's common stock of $0.25 per share. The cash dividend is payable to shareholders of record as of June 15, 2022 and will be paid on June 30, 2022. The dividend declared for the second quarter of 2022 is equal to the dividend paid in the first quarter of 2022 and $0.03 higher than the dividend paid in the second quarter of 2021. Tillkännagivande • May 26
ChoiceOne Financial Services, Inc. Announces Board Changes Bruce J. Cady retired from the Board of Directors of ChoiceOne Financial Services, Inc. ("ChoiceOne") effective May 7, 2022 in accordance with ChoiceOne's mandatory retirement requirement for members of the Board of Directors. There is no disagreement between ChoiceOne and Mr. Cady known to an executive officer of ChoiceOne. Effective upon Mr. Cady's retirement, David J. Churchill was appointed to the Board of Directors of ChoiceOne to fill the vacancy created by the retirement of Mr. Cady, for a term that will expire at ChoiceOne's 2022 annual meeting of shareholders. Recent Insider Transactions • May 18
Independent Director recently bought US$105k worth of stock On the 16th of May, Gregory McConnell bought around 5k shares on-market at roughly US$21.07 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$196k more in shares than they have sold in the last 12 months. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: US$0.74 (vs US$0.80 in 1Q 2021) First quarter 2022 results: EPS: US$0.74 (down from US$0.80 in 1Q 2021). Revenue: US$20.2m (flat on 1Q 2021). Net income: US$5.53m (down 11% from 1Q 2021). Profit margin: 27% (down from 31% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.