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Thursday, 26 October 2017 15:56

Organic growth drives quarterly results for ChoiceOne Financial

Written by  MiBiz Staff
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SPARTA — ChoiceOne Financial Services Inc. recorded higher earnings of $1.7 million, or 50 cents per share, for the third quarter. The quarterly result compares with $1.6 million, or 50 cents per share, during the same period a year earlier.

President and CEO Kelly Potes attributed what was a record quarter for the Sparta-based ChoiceOne (OTC: COFS) to continued organic growth for the bank.

“It is reassuring to see our business practices rewarded with growth,” Potes said.

Net income for the first nine months of the year totaled $4.8 million, or $1.39 per share, versus $4.4 million, or $1.28 per share, through three quarter of 2016.

ChoiceOne has 12 bank offices in Kent, Ottawa, Muskegon and Newaygo counties. The bank ended the third quarter with assets of $642.0 million, up 7 percent from a year earlier.

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