SPARTA — ChoiceOne Financial Services Inc., the Sparta-based parent company of ChoiceOne Bank, reported lower earnings for the fourth quarter resulting from a one-time charge.
ChoiceOne (OTC: COFS) reported quarterly net income of $1.3 million, or 40 cents per diluted share, for the October-to-December period. The fourth quarter results included a $206,000 adjustment in income tax expenses on a deferred tax asset from the lower corporate tax rate Congress enacted in late 2017. The results compare to net income of $1.6 million, or 48 cents per diluted share, for the same period a year earlier.
For the full year, ChoiceOne reported 2017 net income of $6.1 million, or $1.79 per diluted share, versus $6 million, or $1.76 per diluted share, in 2016.
The corporation ended 2017 with total assets of $646.5 million, an increase of 6.4 percent from a year earlier.
ChoiceOne Bank has 12 offices in Kent, Ottawa, Muskegon and Newaygo counties, plus a loan office in Grand Rapids that will convert to a full-service branch in 2018 at a new location on the south end of downtown.
“ChoiceOne is in a season of growth,” President and CEO Kelly Potes said in a statement. “As we expand our community bank franchise, we continue to increase staff and introduce the latest technology to prepare for this exciting growth.”